Wit, Wisdom, & What Matters Most

What if the biggest financial mistake high earners make isn’t what they invest in, but when they start paying attention? What if the habits you build early quietly shape everything about your future freedom?

In this episode, Danton Troyer and Kyle Luetters sit down with Ciaran Brady, Vice President of Manufacturing, Science, and Technology at Vertex Pharmaceuticals, a biotechnology leader with decades of experience across both startup and global pharmaceutical environments, to explore what it really means to prepare for retirement while you’re still in your peak earning years.

Ciaran shares a real-world perspective on how mindset, career evolution, and small financial decisions compound over time. From navigating equity compensation and career transitions to managing risk, removing emotion from investing, and aligning money with life priorities, this conversation goes beyond numbers.

They unpack how high earners can avoid common pitfalls, build sustainable habits, and start thinking more intentionally about what “enough” really means, both financially and personally.

Key Takeaways:

Why earning more doesn’t automatically lead to better financial outcomes

The power of starting early, even with small, consistent savings habits

How to think about risk, diversification, and equity compensation

Why emotional decision-making can quietly derail long-term plans

How your mindset shifts as retirement moves from a general idea to a real horizon

And more!

Connect With Danton Troyer:

GFT page

Moneta Group

LinkedIn: Danton Troyer

[email protected]

(314) 735-9087

Connect With Kyle Luetters:

GFT page

Moneta Group

LinkedIn: Kyle Luetters

[email protected]

(314) 536-8297

Connect With Ciaran Brady:

Vertex Pharmaceuticals

LinkedIn: Ciaran Brady

LinkedIn: Vertex Pharmaceuticals

About Our Guest:

Ciaran Brady is a biotechnology executive with a background in science and engineering, currently working at Vertex Pharmaceuticals in Boston. Originally from Ireland, he has spent over two decades building a career across emerging biotech firms and large pharmaceutical companies, including Eli Lilly and Bristol Myers Squibb.

His expertise spans product development and manufacturing, where he helps bring life-changing therapies to patients facing serious diseases. Throughout his career, Ciaran has navigated the complexities of compensation structures, career transitions, and long-term financial planning, offering a thoughtful perspective on how professionals can balance growth, risk, and future security.

Family conversations about money are rarely just about money. They’re about expectations, relationships, and decisions that can shape generations.

In this episode, Danton Troyer and Kyle Luetters share real stories from guiding families navigating complex financial and emotional dynamics. They explore what separates families who move through these situations with clarity from those who struggle, and why communication, flexibility, and respect often matter more than any strategy.

Key Takeaways:

Clear, early communication helps avoid confusion and family conflict later

Family meetings create space for alignment, not just decision-making

How wealth is built often shapes how decisions are made

Flexibility is essential; plans should evolve as life changes

Respect and shared understanding are critical in multi-generational planning

And more!

Connect With Danton Troyer:

Moneta Group

LinkedIn: Danton Troyer

[email protected]

(314) 735-9087

Connect with Kyle Luetters:

Moneta Group

LinkedIn: Kyle Luetters

[email protected]

(314) 536-8297

What happens to your mindset about money after you’ve achieved career success? In this conversation, retired global biotech executive Tony Bower, PhD, shares how ambition, family, and financial clarity reshape the way we think about spending and purpose in retirement.

This episode explores the psychology of spending after success. Tony reflects on growing up in a family shaped by Depression-era frugality, building a career in economics and the pharmaceutical industry, and navigating the transition into retirement. Together, Tony, Danton, and Kyle discuss how early money beliefs shape our financial habits, why retirement requires emotional preparation as well as financial planning, and how parents can pass meaningful financial lessons to the next generation. The conversation highlights the balance between enjoying financial success today and remaining thoughtful about long-term goals, family, and what truly matters most.

Key Takeaways:

Early money habits often reflect family history and can shape how we spend and save throughout life.

Retirement decisions involve both numbers and emotions, and financial planning tools can help bring clarity and confidence.

Teaching children about money early, through jobs, responsibility, and transparency about costs, builds long-term financial awareness.

Ambition can be a powerful tool early in life, but purpose and relationships often take center stage later.

Financial success creates opportunities to focus on what truly matters most, including family, faith, relationships, and meaningful experiences.

And more!

Resources:

Monte Carlo financial planning simulations

Connect With Danton Troyer:

GFT Team

Moneta Group

LinkedIn: Danton Troyer

[email protected]

(314) 735-9087

Connect with Kyle Luetters:

GFT Team

Moneta Group

LinkedIn: Kyle Luetters

[email protected]

(314) 536-8297

Connect with Tony Bower, PhD:

LinkedIn: Tony Bower

 

About Our Guest:

Tony Bower, PhD, is a retired global biotech executive with a background in applied mathematics and economics from Stanford University. Over the course of his career, Tony worked in consulting, research economics at the RAND Corporation, and held leadership roles in the global pharmaceutical industry, including work in market access, health economics, and pricing for rare disease treatments. After decades of professional success, Tony now focuses on family, mentorship, and thoughtful financial decision-making in retirement. His perspective blends academic insight, real-world leadership experience, and a reflective approach to what matters most in life after a demanding career.

What does it really mean for a financial advisor to act as a “Family CFO?”

In this episode of Wit, Wisdom, and What Matters Most, Danton Troyer and Kyle Luetters explain how financial planning goes far beyond investments and into the real decisions that shape a person’s life. Danton and Kyle discuss their “Family CFO” approach to financial planning and how it helps clients navigate complex financial decisions throughout different stages of life. 

They explore how financial complexity often grows gradually as careers advance and compensation structures evolve. What begins as simple retirement savings can eventually include stock compensation, deferred compensation plans, tax planning strategies, and legacy considerations. Without coordination, these pieces can quickly become overwhelming. 

Danton and Kyle also explain why effective financial planning begins with understanding a client’s personal goals and values. Through stories and real client experiences, they share how meaningful conversations, thoughtful questions, and long-term accountability can help clients align their financial decisions with what truly matters most.

Key Takeaways:

The “Family CFO” approach to financial planning

How financial complexity grows as careers advance

Why planning starts with understanding personal goals

The long-term ripple effects of financial decisions

The value of accountability and guidance in financial planning

And more!

Resources:

Visit us at witwisdomandwhatmattersmost.com

Connect With Danton Troyer:

GFT Team

Moneta Group

LinkedIn: Danton Troyer

[email protected]

(314) 735-9087

Connect with Kyle Luetters:

GFT Team

Moneta Group

LinkedIn: Kyle Luetters

[email protected]

(314) 536-8297

About The Hosts:

Danton Troyer brought his individual practice to Moneta in 2018, after more than a decade on his own. Adding the support of our team, backed by an Enterprise Service Team, to Danton’s personal expertise and care for his clients created quite the dynamic combination. As your Family CFO, Danton and our team deliver high-level service and advice while giving you and your personal financial circumstances the individual attention you deserve. You can trust our team to help you navigate life’s many major financial transitions while protecting your savings and assets. He excels in developing sophisticated solutions for complex tax challenges, education expenses, business ventures, philanthropy, retirement, and multigenerational legacies. 

Danton earned his bachelor’s degree from Missouri State University in 2005 before moving back to St. Louis to start his career as a Financial Advisor. He then went on to earn his CFP® credentials in 2010. Danton and his wife have two children who keep them busy with all their activities, from volleyball to BMX racing. Outside the office, Danton enjoys golfing, traveling, and hunting.

Throughout his adult life, Kyle Luetters has had a passion for financial literacy and complex problem solving. Kyle has experience in investment model management, alternative investments, insurance strategies, and tax planning. He lends this expertise to a diverse client base, which includes multigenerational families, business owners, and farmers and ranchers. Kyle joined Moneta’s GFT team as an Advisor in 2022. Prior to that, Kyle was involved in financial planning and investment management at Northwestern Mutual and Stifel Nicolaus. In 2019, Kyle obtained the CERTIFIED FINANCIAL PLANNER® (CFP®) certification. Kyle earned his CFP® because of his deep love of working with people and the knowledge gained in comprehensive financial planning, ensuring he is able to deliver world-class solutions to his clients and prospects. The ongoing continuing education keeps him sharp and on top of changes in the industry. The high ethical standards set forth by the CFP® Board provides great reassurance to his clients and prospects. Kyle became an Enrolled Agent (EA) in 2024. The highest credential awarded by the Internal Revenue Service, EAs earn the privilege of representing taxpayers by passing a three-part, comprehensive test covering individual and business tax returns, as well as IRS procedures and rulings. Kyle became an EA to further his knowledge and understanding of taxes while helping people navigate their financial life as tax-efficiently as possible. 

Kyle graduated from Cameron University with a Bachelor of Arts degree in communications. Kyle and his wife have two children. He is active in his local church, participates in a men’s organization called F3, and is an active do-it-yourselfer. He also enjoys craft beer, motorsports, wood-fired BBQ, and is a proud Kansas City Chiefs fan.

The most powerful lessons in wealth and leadership rarely come from spreadsheets or market charts. They come from real experiences, difficult decisions, and the stories people carry with them along the way.

In this episode, Danton Troyer and Kyle Luetters share the story behind Wit, Wisdom, and What Matters Most and the reason they chose to create a podcast focused on the human side of financial planning. Together with producer RJ Malyk, they discuss how their partnership began, why storytelling matters in wealth conversations, and what executives often face behind the scenes while navigating career, family, and financial decisions. Drawing from years of experience working with business leaders and corporate executives, Danton and Kyle explore the emotional realities that come with success, responsibility, and major life transitions. From the “weight of wealth” to pivotal moments that change everything, they highlight the importance of perspective, community, and thoughtful guidance. The goal of the podcast is simple: create a space where listeners can hear authentic stories, learn from shared experiences, and realize they are not alone in the challenges or opportunities they face.

Key Takeaways:

Why real-life stories often resonate more deeply than financial charts or technical explanations

How Danton and Kyle’s partnership began over a simple Starbucks coffee conversation

The role perspective and diverse backgrounds play in stronger financial planning conversations

What many executives quietly experience as they navigate responsibility, career pressure, and wealth

How shared experiences and community help leaders feel less isolated in major life decisions

The powerful impact financial guidance can have during life’s most meaningful moments

And more!

Connect With Danton Troyer:

GFT Team

Moneta Group

LinkedIn: Danton Troyer

[email protected]

(314) 735-9087

Connect with Kyle Luetters:

GFT Team

Moneta Group

LinkedIn: Kyle Luetters

[email protected]

(314) 536-8297

Welcome to Wit, Wisdom, and What Matters Most with Danton Troyer and Kyle Luetters from Moneta. In this podcast, we help corporate executives and business leaders navigate uncertainty around various life stages, including complex benefits, career transitions, and planning for what comes next.

Join us for this journey as we explore the moments that shape careers, leadership, retirement, and legacy. Drawing from years of experience and conversations with guest experts, Danton and Kyle help listeners gain clarity, confidence, and perspective during pivotal transitions, allowing them to focus on what matters most.

Wit, Wisdom, and What Matters Most Beyond on peanut butter method of philanthropy Podcast Episode 17 with guest Dub Dubin Kyle: And welcome to another edition of Wit, Wisdom, and What Matters Most. It's a podcast with Moneta's Gast Freeman Troyer Racen Team. My name is Kyle Luetters. I'm joined by Danton Troyer, Danton talking a lot about very honorable, amazing, exciting gifting today with a very unique resource that we happen to have right here at the firm. Danton: Yeah, I think Deb's going to provide some insights, maybe just another way of thinking and maybe more in-depth thinking as far as just the philosophy around giving away money. Kyle: It was a far-ranging conversation. You're going to hear quite a bit about who Deb is, Deb Dubin, Chief Philanthropy Officer here at Moneta, who she is, what she does, and some of the ways that you start to really begin to think beyond just the dollar sign when it comes to giving. So with that being said, here's our conversation with Deb Dubin. And we're back with Deb Dubin here on Wit, Wisdom, and What Matters Most. Deb, you are our Chief Philanthropy Officer here at Moneta. And first and foremost, that's a really cool title, if I think about it, but how did you get to Moneta? I want to start at the very beginning. How did you get here before we get into the nitty gritty of what you do? Deb: Sure. Sure. Well, I mean, there's personal and professional reasons why I'm here, but yes, Chief Philanthropy Officer, super unique to Moneta, which of course we know is an RIA. Most investment firms don't have an in-house person who's an expert on philanthropy. So I feel very privileged and lucky that the folks at Moneta decided we needed to have someone who could talk to clients about their interests and aspirations around philanthropy. So how I got here was I was running the Regional Association of Grantmakers in Missouri. Very glamorous title of Philanthropy Missouri. Danton: That was an upgrade, I think, from the title, at least. Deb: Yeah. Yeah, Philanthropy Missouri. I was the CEO for eight years, and that was a collection of funders around the state. We started in St. Louis 50 years ago, and I grew it across the state. And we had about 70 members who were corporations here in town and in Springfield and in Kansas City - foundations, high net worth families, tax-supported foundations…all giving money away and wanting to do it in ways that were impactful. Sometimes they want to collaborate, sometimes they don't, but they all have a hunger for connection. So I ran that organization for eight years here in town, and during that time had the opportunity to interact with some of the partners here at Moneta when folks had questions and really kind of came to an obvious point, which is you guys could use someone in-house to work with clients on these things. So one thing led to another. I can name off partners who deserve the most credit, I've already taken them all to lunch. But the idea is really thinking through how we help our clients. We know from studies that have been done nationwide that clients want to talk about philanthropy, and that advisors like you are the most trusted source of information about philanthropy after spouse, which puts pressure on you and also creates an opportunity for you. Moneta also recognizes that multi-generational wealth, we have a lot of families who we steward their wealth, we help them navigate life's path, that are multi-generational in nature. And one of the things that really works well when teaching stewardship to families is to have a conversation about philanthropy. Even when families aren't ready to sort of open the kimono on inheritance, you guys talk about retirement, you guys talk about sort of thinking through what the future looks like and what legacy looks like. Some families aren't ready to talk strictly about finances. Philanthropy can be a really nice entree into talking about stewardship, using language around we're grateful, we're thankful, we're lucky, we've worked hard, and here's your opportunity to help us do some really amazing things. Danton: Yeah, I think you touched on a couple of things that I want to certainly dive into. Sure. But why philanthropy? How did you... Deb: Yeah, how did I get to philanthropy? Well, you know, again, personal and professional. I've had a lot of opportunities. I'm a lawyer by training and practiced law in a big law firm for years in San Francisco. And I also worked in government there. When we moved to St. Louis 20 years ago to raise our family, I made the segue to work…taught a little bit at Wash U. And I also worked on some political campaigns, but the bulk of my work was really working with an investment firm that invested in low-income communities through tax credits. Then went into philanthropy because it seemed like a really neat way to merge knowledge of finance with impact in a broad way. And to help families to do so, I did some training. I have a CAP, which is a Chartered Advisor in Philanthropy degree. And I also did some other training. One course in particular is called 2164, working with multi-generational families. So I pivoted from working with organizations in my previous role that were giving money away to now working with families. It was a really nice progression. So why philanthropy? That's on a professional level. On a personal level, I was a young widow. I lost my husband seven years ago to cancer. And think a lot about legacy and think a lot about stewardship and how you memorialize people and how you keep them alive through impact. So one of the things we did when my husband passed away was set up a donor-advised fund in his memory. Folks contributed. And then I have two boys now in their 20s and we are able to say to ourselves, you know, what do you want to do this year that reflects dad's values and interests and beliefs and reflects our family's interest in impacting the world and telling stories, right? Because we always want to tell stories. So on a personal level, philanthropy feels like a great fit because I've spent a lot of time thinking about legacy. Kyle: No doubt. And what a powerful personal story as well, too, to really drive that. And that's what we hear a lot of from folks. You have brought, and folks are listening to this, they won't be able to see it. You brought something with you. Deb: Oh, today for those at home and the home audience as opposed to the studio audience today. I did, I did. Kyle: Can you go through what you brought here? Because it's a very unique piece. Deb: Well, thank you. Yes. Well, thank you. It's a big ampersand. It's made out of wood. If you think about that character on the keyboard that we're all not sure what to use it for except for it represents the word "and," right? The ampersand represents something really big for me with respect to philanthropy. And so I lug this wooden ampersand, here's what it sounds like, around, it's heavy. I lug it around with me and I have smaller ones that I give to clients when I think they're going to be fidgety in a meeting so they can take it home. I have a stack of them I got at Michael's. The idea of the ampersand is something that I actually learned from improv. I don't know if either of you have done improv comedy, but you learn to say "yes, and…" In other words, you take a situation that's been given to you and you make it better. And you try to keep it funny and warm and keep the motion moving forward, but you're not allowed to say no or pretend that that's not what they just told you. You have to keep it going. It's "yes, and." Kyle: Okay. Deb: You're elaborating on and you're making better a situation. It's the same with philanthropy. We're acknowledging that there's abundance in the world. Those of us who are lucky enough to be clients at Moneta and are lucky enough to talk about philanthropy generally have, if not assets to give, we have time and we have talent. Right? Time, talent, and treasure. The idea is "yes and." It's yes, I can be well stewarded by my wealth advisors at Moneta and I can also be a generous person. And it will be different for every family. Some families that's a couple hundred dollars or a couple thousand dollars a year. Other families it's larger increments. Really, every family is different when they think about how they're going to prioritize and we'll get deeper into values alignment and how families think about their strategy around philanthropy. There is abundance in the world. I do believe that. So, the idea is "yes, and...how can I be generous?" "Yes and…how can I do things that are both purposeful and purpose filled?" When I meet with clients I tell them I really want you to walk out of here feeling purposeful, deliberate, thoughtful, tax-incentivized giving. Your financial advisor's here because they're hearing different things. They need to know what needs to be available and when, right? When the assets need to be available. So purposeful, thoughtfull, and purpose-filled to me means meaningful. The idea is that what we're doing is meaningful for you, for your family, for your legacy. It's also meaningful for the nonprofits that you want to work with. Some folks come to us and want to impose things on nonprofits that aren't ready or don't have a mission that aligns with what they want to do, and we take a deep breath and we say I love your enthusiasm and… let's go talk to the experts because the nonprofit leaders are the ones in proximity to the problems and they know best what needs, what's needed. So. we have a conversation. We really view our grantees, the folks we're giving those dollars to, as funded partners and when you can have a conversation with an executive director and say, for example, "What can't you get funded? I'd love to help you with something." It's a whole new conversation and their heads explode

Episode 16 with guest Sarah Renieri Kyle: Investment advisory services offered by Moneta Group Investment Advisors, LLC, an investment adviser registered with the Securities and Exchange Commission. Registration does not imply a certain level of skill or training. The information discussed in this podcast is for informational and educational purposes only and any endorsements were those of the hosts and not a guarantee of employment. No compensation was provided. You should consult with an appropriately credentialed professional before making any financial, investment, tax, or legal decisions. And welcome to another edition of Wit, Wisdom, and What Matters Most. It's a podcast by Moneta's Gast Freeman Troyer Racen Team. My name is Kyle Luetters, an advisor on the team, joined by Danton Troyer, one of the partners. Uh, Danton, it is a new year. Everything's bright, shiny, fresh, new, and today's guest I think is someone that many folks, as they've gotten through the holiday season and have contemplated a full 12-months slate in front of them, potentially a job change is on the horizon and Sarah Renieri, who is the manager of talent acquisition here at Moneta, joins us today for a very far reaching conversation. Danton: Yeah. We'll talk about everything from how to use AI on your job search to how not to use AI on your job search, as well. Then everything again, from internship programs to a C-suite and what's the best steps to really lock down a job there. And, starting the new year, a lot of people will be either looking to hire and fill out a team and also maybe some RC suite clients might be, you know, looking to make a change as well into the new year. Kyle: And with that being said, here's our conversation with Sarah Renieri. And we are now joined by Sarah Ranieri here on Wit, Wisdom. and What Matters Most. Sarah, first off, welcome to the podcast and thank you so much for sitting down with us today. Sarah: Yeah, thank you so much, Kyle and Danton. I'm so happy to be here. I'm very excited to be here today. Kyle: Oh, perfect. We're going to cover a lot of topics today, but, but really before we get started, we like to dig into the backstory and the personal side of things. So, you are in talent acquisition here at Moneta. So how did you get into that? Because I don't necessarily remember going to orientation at college and that being one of the choices there. You know in all transparency, there was a guy that I knew that tested the windshields of airplanes by like firing chickens at them. That also wasn't on those, but how did you get into talent acquisition? Kind of give us the arc of your career. Sarah: Yeah, absolutely. So it's interesting. I listened to a podcast called the talent acquisition leaders podcast. Every person that they interview are experts, senior level in talent acquisition, and they all fell into it. That's always their story. And I would say mine is similar. However, something that's unique about my story is that when I decided I wanted to be in talent acquisition, I was very intentional. I knew that that was game changing for me. I wanted to go into that, that arena. So my story, I actually started within accounting. So I got an accounting degree out of college and I worked for a couple of different internal corporations. So I actually did work for a nonprofit organization; I did work for a large commercial real estate company, all within accounting. So, at the time I was really able to start articulating the type of company I wanted to work for. I got a really good exposure of all different arenas. And so that's what really brought me to Moneta. It checked all of the boxes for me in terms of the size of the company, culture, the structure that it provided, the training, and long-term career opportunities. So when I started at Moneta, I started as a client service manager. So I was helping to support financial advisors, such as yourselves on client-facing teams, managing existing client relationships and really becoming an expert at the foundational business of what we do. After doing that for about six years, I was actually given the opportunity, for my team specifically, to help with our recruiting efforts. And I loved that opportunity. I kind of volunteered. I raised my hand. I said, I'll be the one to vet the resumes. I'll be on the side Googling what are appropriate interview questions to ask these people. And the advisors on my team loved it. They really wanted nothing to do with the process; it's tedious, it's not their expertise, and they had better things to do. Their priority was the clients. And from that, an opportunity arose within the firm to help lead and develop our internal recruiting team. So I happily took that opportunity. It was a unique career path as most client service managers proceed into that financial advising path. But for me, I really knew that this was a really strong fit for me, given my skillset, what I enjoy doing, coupled with the expertise that I had grown up within the firm. I knew the culture, I knew the skillsets we needed to do all of the roles across the organization. This was also a time when Moneta was expanding outside of St. Louis for the first time. So this was about 2018, when we made that transition. So that was also really wonderful time and where I got to make an impact, not only for our hiring needs in St. Louis, but across the nation. So our first office in Denver is when I got a taste of how to, how to recruit for a company where no one really knew who we were, what we did. Kyle: Wow. And how long at Moneta now? Sarah: So it'll be 13 years this month. Kyle: Holy moly. Danton: Yeah. Well, I think one of the things that I found maybe a little unique and interesting was you're certified in the Workplace Big Five. And so maybe talk a little about that. And first off, you know, why that one? And then how do you really see personality fit and developing a team, and how does that really play a role? Sarah: Yeah, absolutely. So the Workplace Big Five is a personality assessment and it's one of those assessments that Moneta has used for a long, long time. It itself has evolved over the years. I actually - this was pre-COVID, I had just, I was celebrating my daughter's first birthday and I was actually, on her birthday I was traveling to North Carolina for a three-day seminar certification training to get this certification. So that was very memorable. It's something people aren't really doing that much of anymore, that kind of travel. And yeah, so it was very involved, very rigorous learning more about personality types and more importantly about people's motivations and competencies. So we all have kind of these natural tendencies, natural personality types, such as introversion versus extroversion, your ability to be curious, or maybe you're more narrow-minded and these all are just what come natural to you. But it doesn't necessarily mean that that's what you want or that's your motivation. It doesn't always correlate to the things that you want to be doing where you'll find fulfillment. So, the Big Five assessment is something that we do administer to all of our senior-level advisors, any kind of executive-level hiring needs. So we do use that to really dive into a candidate's motivation and skill set. For all of our candidates across the board, we do use the Wunderlich assessment. And that's another one that Moneta has always kind of consistently used over the years. And it takes it one step further. It's like a high level Big Five, but it also measures a candidate's cognitive ability. And we do, as a firm, we've always placed a lot of emphasis on the cognitive piece in terms of best fit and how long-term success you'll have in the role, given the challenges that we face on the day-to-day in terms of our analytical, critical thinking skill set. Kyle: I remember taking that test on the way in here going, wow, this is the same test they give the NFL quarterbacks at the Combine. Sarah: It is exactly the same one. Kyle: Perfect. I did reasonably well on it, but I don't have the physical attributes that they do. So that's why we do this. Danton: We didn't test your 40-yard dash. Kyle: Oh, gosh. Danton: I mean, we got the hallway going, though, right? Kyle: Yeah, we could do that. I just got to change my shoes. No, I mean, that's a fascinating way to peek behind the curtain, because one thing I will say, candidly, it is tough to get in here as a job seeker. So, you know, talk about how you go about recruiting for this firm, knowing that you're really looking for a very specific skill set. And that's got to be a challenge. I mean, there's a lot of people out there, but finding the right people to basically bring in through the door…walk us through the challenge of that. Sarah: Yeah, absolutely. And to give you more context on that, as a company, every year we typically receive about 4,800 applications to the firm. We typically hire about 100 people year after year. And so our acceptance rate, if you will, is right about 2.9 percent, which is lower than Harvard's. So we have a higher standard than an Ivy League school when it comes to the talent that we hire here at the firm. So, yes, it is an extreme challenge, probably one of the more challenging things about my job. And a lot of it is the partnerships we develop with our hiring team. So I've learned so much from our hiring managers in terms of what they look for and what's going to really make a successful hiring decision. So their feedback is integral into what I do. So I compile that feedback and I'm learning and growing with every candidate that I talk to, kind of hearing from the hiring managers what they're needing right now - and that market kind of shifts and changes as well; that evolves. Maybe they have several people on their team that have

Wit, Wisdom, and What Matters Most Episode 15 Year-end tips & pitfalls Kyle: Investment advisory services offered by Moneta Group Investment Advisors, LLC, an investment adviser registered with the Securities and Exchange Commission. Registration does not imply a certain level of skill or training. The information discussed in this podcast is for informational and educational purposes only. You should consult with an appropriately credentialed professional before making any financial, investment, tax, or legal decision And welcome to another edition of Wit, Wisdom, and What Matters Most. It's a podcast by Moneta's Gast Freeman Troyer Racen Team. My name is Kyle Luetters, an advisor on the team. I am joined by Danton Troyer, one of the partners. And Danton, it is very, very difficult to believe, and I know we say this every year, but it's very difficult to believe we are at the end of another year; 2025 is coming to an end. And what a year it was, especially in Q1 and Q2. Danton: Yeah, it's kind of crazy to think about all the different things we've kind of seen and gone through. From tariff talk to, obviously, leading into a presidential term, and we're at the end of it. So it'll be interesting to see. But we want to talk about some of the year-end planning tips that we typically talk through with clients, but also some of the pitfalls we see in trying to implement those. Kyle: 100%. And to add a caveat into that, tariffs, Liberation Day trades, and then, by the way, we just really overhauled large bits of the tax code, literally on the 4th of July. I remember reading the summary of what they passed at the pool this summer going, this is going to make for some unique year-end planning opportunities. And we're going to kind of go through some of those. So first and foremost, I think we should talk about why it's crucial to have a plan, why it is crucial to be organized going into this time of year. Danton: Yeah, we've seen lots of mistakes made, especially heading into year-end because there is a very definite deadline to a lot of these things and it's December 31st. And so if we're not getting these things done by that date, they don't count, they don't happen. So there is a hard stop in a lot of these. So being organized to your point and getting started earlier than later are all things that can help not run past that deadline. And once you're passed, you're passed. Kyle: And I think another thing, too, to back that up as well in this line of thought is 12-31 is the deadline for a lot of this. And if you've ever been to the DMV on the last day of the month, you know that it is not the most opportune time to try to get something done. In fact, many of our custodial partners will actually tell us that by about mid-December, anything submitted after a certain date is on a best- efforts basis. They will do their best, but they only have, there's only so much manpower. There's only so many hours left in the year in order to get these things done. And then also too, if you think about it from like our perspective as well too, it's the holiday season and taking a look at the holiday schedule this year, Christmas is on a Thursday. You're probably going to be reduced manpower the day after and probably the following week. So it really starts to back up when some of these things need to be done into late November, early December. And that's why the timing and having a plan around this is crucial. We actually, several members on our team, started this work right after Labor Day of pulling together spreadsheets, figuring out what needed to be done, making sure that we talked to clients well enough in advance because there's not a lot of people that really want to talk numbers with their financial planner at the Thanksgiving table. They want to talk about it with their brother-in-law. That was a joke. But anyway, so going through the why and the importance of it a little bit, but we're just going to go through and break down some things that you should probably be considering. And I'm going to be unashamed and say that this is prime time for tax planning. I mean, it's year end. Uh, we harvested, uh, hopefully some losses earlier this year when the markets were down. Uh, one of the things - do we need to offset some gains? Danton: Yeah. I remember the 2018, we had a market correction right there at year end. And it's not like you can go place those trades on January 1st and say, I want those losses back for me. You got to get it done by December 31st. So, that was a fun holiday, uh, surprise. Kyle: I was late to church on Christmas Eve that day because of that. My wife will never forget that. Danton: Yeah, I think it's burned in everybody's mind. It was at least around here. We're all hands on deck trying to get clients that loss, that no one saw it coming. And then all of a sudden the market was down significantly. Um, and then I guess to pour salt on it, it did it again and went down again. So we were in here like two different days were significant losses in the stock market. So you don't know when that's going to come, but you need to be prepared to take advantage, potentially, the tax loss harvesting even at year end. But to your point, that deadline is December 31st. Kyle: It has to happen in that year, has to be timestamped as happening in that year to help you out. Now, if you have more losses than you do gains - so basically if you have unused losses - they can roll forward into future years to be able to use. And that's why in years such as 2025, the tax loss harvesting that we do is so valuable. We may not utilize the full extent of those losses this year, but they'll carry forward. And we may need to use them in 2026, 2027, so on and so forth until we use them up. Speaking of taxes, this is another area that we've been spending a lot of time on here recently. It is making sure that withholding - if you're a W2 employee - is fairly accurate. Or if you're self-employed or retired, kind of getting some hands around an estimated payment that's due January 15th, by the way. And, really trying to make sure the tax picture is as true as what we can make it. Danton: Yeah, at least here you get, well, two weeks of reprieve. It's not December 31st, but the reality is, again, you need to be on this almost right now to make sure that you are in; a lot of our clients it's not as simple as, I'm just getting a salary. There's other income sources, maybe there's some executive compensation that was under-withheld as far as taxes go - that's very common, and just maybe a year-end bonus. I mean, whatever it is, making sure accounting for all these different sources of income, how they're taxed, and then that you paid enough taxes on those because a lot of times, the payroll is only going to do so much. Kyle: Uh, I will say as an employee, I love a year-end bonus. As a tax planner, I love a year-end bonus that's paid in March of the next year, right? It gives us just a little more flexibility of time, but please don't hear. I am a huge fan of the year-end bonus, but to Danton's point, it does bring in an additional element. And if you've been laying the framework, if you've been laying the foundation for a lot of this work well in advance, then we get to these pivotal moments of the year and it's small tweaks. Basically, the entire projections built out and we can go and we can tweak numbers and do a little true up. And sometimes with the withholding or the estimated tax payments, especially on withholding, we can go in and, and kind of mitigate if we need to maybe withhold more, or if we need to send some more back to the paycheck, we can, we have more payroll periods to break that up across because nobody really wants to go into December, realize that they're going to owe a lot in tax and their last paycheck for the year is dramatically reduced. I will tell you, that is like a hard candy Christmas if I've ever seen one. Other tax moves to consider - using up HSA or not HSA, but FSA funds. So Danton, you kind of want to go through like the difference between HSAs and FSAs as far as it comes to a year-end planning. Danton: Yeah, the biggest thing there is that the HSA, we can roll forward and definitely you don't need to worry about that. And in fact, we'd probably advise you not to spend those dollars. The FSA is, you know, a whole different animal. You have to get those dollars. I know there's a little bit of reprieve on that, but for right now, you basically, you do have a deadline to spend those dollars as well. So if you're not, if you don't have a handle on that and you didn't get those dollars out, hopefully we're not waiting until December 31st to try and get those dollars out, but that would be something you need to be creative with potentially and trying to figure out how we can get those dollars out before year-end, at least to the extent that we can't roll over. Kyle: Yeah. You bring up a very important part about the year-end deadline, and we've done some talking on charitable giving. Go check out another episode here in the podcast that discusses that more in depth. But walk us through just a little bit some of the pitfalls that can occur if you do some gifting, specifically like directly to charities, if you don't get it done soon enough before year-end. Danton: Yeah, I was, I guess, shocked myself one year. A client, we were going through their year-end giving and we were assisting them and sending out the checks directly from their account, and they just sent them out probably November. We were shocked to find out come January, some of those checks weren't cashed. You would think that with some of these charities, they're, especially a year in, they're needing money, which is definitely true. But they also, especially some of these smaller charities, just, they may have the same issues....

Wit, Wisdom, and What Matters Most Podcast Episode 14 Giving Thanks Kyle: Investment advisory services offered by Moneta Group Investment Advisors, LLC, an investment adviser registered with the Securities and Exchange Commission. Registration does not imply a certain level of skill or training. The information discussed in this podcast is for informational and educational purposes only. You should consult with an appropriately credentialed professional before making any financial, investment, tax, or legal decision. Past performance is not indicative of future returns. All investments are subject to risk of loss. And welcome to another edition of Wit to Wisdom and What Matters Most. It is a podcast by Moneta's Gast Freeman Troyer Racen Team. My name is Kyle Luetters, an advisor on the team, joined by Danton Troyer, one of the partners. Danton, we are literally falling into the back half of this year and really the back two months. It is holiday season, and we wanted to take this edition of the podcast to talk about things that we're thankful for. Thankful for you, thankful for this podcast, but in addition to that, it also really causes us to think about maybe giving, especially this time of year, you'll start to see maybe some more requests for giving. And we wanted to touch on a couple of things as we get to this part of the year about maybe some ways that folks could do some gifting and giving, so we'll just kind of dive on into that. But as clients continue to grow, charitable giving really seems like it's one of the most fun and most rewarding things that clients get to do with their money. Danton: Yeah, and I think we're seeing more people put more thought into it than we ever have in the past. You know, churches are always a big recipient of donations, and that's certainly not the easy button, but I mean, people are affiliated with the church, they kind of know where to go. But then beyond that, they want to have an impact, and it's not just, you know, donate to United Way; they do great things, but they want to have their own personal impact, and how are they evaluating that? I think it's changed more so, especially over the last several years, I've seen more and more people want to be more involved. Kyle: They want to be more involved, and then giving really speaks to causes or even stories that are deeply personal. You know, if you're a cancer survivor, there may be an organization that targets the type of cancer that you survived, or there may be an organization that really did a lot of good for your children. There's one couple that I'm aware of that they love Shriners Children's Hospital because of what Shriners has done for their child, and they tell all of their friends, this is what this organization did for us. But you know, there's obviously the emotional side of giving, but then there's also, too, a mechanical tax-efficiency side, a financial side to giving, if you will. And we wanted to go over a few of those ideas and those topics today, so really, you know, the place for anyone to start with charitable giving is as a cause that speaks to them. You know, first and foremost, there's got to be a desire because you are parting with these dollars, and the intention, your hope, is these dollars go to further that cause's mission and their goals. Beyond that, then we start to get into the weeds and start to get more to the technical side of how all this works. And so one of the things I wanted to bring up first and foremost is donor-advised funds. So up until maybe a handful of years ago, there was this thought that if we were going to do maybe some large gifting or some ongoing gifting that maybe like a family foundation or something like that would be the thing that we have to have. But really, donor-advised funds have kind of come onto the scene here lately, and they've really opened up a lot of opportunity for a lot of folks. Before we get any deeper in the weeds, do you want to kind of go over what the concept of a donor-advised fund is, kind of what it is and how it works? Danton: Yeah, I think just to keep it at a high level, it allows folks, I think historically everyone thought you needed to be millions upon millions of dollars to start, quote-unquote, your trust to potentially help these charities. But now they simplified that process and administration, especially the administration, so you're able to contribute dollars into this account, and you still get to direct those dollars to the charity that means the most to you, or charities as well, but it doesn't have to be given right then. So you're allowed to take those dollars, invest them, and let that grow and basically create a fund to support the charities that mean the most to you and have a greater impact for a longer period of time, potentially. Kyle: These are fantastic vehicles. There's a number of conversations we're having with clients right now, clients really that are at all stages of their giving, they're either just starting out, or they've been gifting for a long time through other methods, and now they've found this vehicle, that to your point, does allow them to contribute dollars or appreciated securities into the donor-advised fund, have those funds be invested and carry over year after year until you're ready to make the gift. And then by the way, as long as it's a 501c3 organization, you direct the funds back out of the donor-advised fund to the charities to make the impact. Danton: Yeah, we've seen a lot. This has become more popular obviously just with the increase in the standard deductions, so you're not getting as much benefit just from donating the $1,000 gift anymore, but if you're able to lump these all together, you get a little bit more benefit at least in your tax return. So it's just we're never really advocating to obviously donate money to increase your net worth, but if you're going to donate money, let's do it in the most efficient way possible. And then how you use specifically this type of tool is different for everybody, and that's kind of why we like it, is it is fairly flexible in how it is used. So it's become probably one of the easiest ways to manage your donations in a tax-efficient way. Kyle: 100%, and there's a story that rattles around in the back of my mind where prior to the last handful of years, we had a client that sold his business and had a very large capital gain in that year. He went ahead and contributed a portion of those proceeds into a donor advised fund to help offset his tax liability that year. I won't give the exact number that he contributed, yet I will say it was a healthy six-figure sum, and this was in 2019. And he went ahead and he invested those funds inside the donor advised fund, and 2020, 2021 are very robust years in the equities markets, and he remained aggressive with those funds. He was able to give away the amount that he had put in, but he still had that original principal left over. So if you think about that, the leveraging power of growth with those investments, and he was able to basically double the amount that he gave, and he got his tax write-off and all these other things, but it brought him and his wife so much joy, so much joy, and what he shared with us was it is so fulfilling to be able to say yes. When they would meet someone out at a function or they would see something either in the news or this or that, think of any time a natural disaster strikes and the Red Cross or someone's organizing relief efforts, to be able to say yes in those times of needs because you already, by the way, with the donor advised fund, have a set-aside bucket. You don't really necessarily have to think about, oh, well, do I give this out of checking or my investments? No, there is a dedicated bucket that is set aside for these types of things. It makes giving, it almost gives you permission to give. Danton: Yeah, in that case too, if you're able to put in a large enough dollar amount where the growth on that alone is going to be a substantial donation, it's kind of paying for itself and creating that income stream, if you will, within the donor advised fund to fund these charities. So, especially in that type of situation, it makes it pretty easy to continue to give those dollars and feel good about it and know also it's not really even pulling from your assets that you're using for just day-to-day life. Kyle: Yeah, so donor advised funds, I think that's a very good starting place and that's accessible to just nearly anybody. Now let's talk about something that is pretty effective as well too, the scope, the population that can utilize it is a bit smaller, and that is the Qualified Charitable Distribution or QCD for short. This really kicks in when you get to age 70 and a half. That is the minimum age on it. And it basically allows you to gift directly from your IRA to a charity and not have that income come to your tax return as taxable income. Danton: Yeah, I remember when I think I started my career, I used to always tell people, once it's in that IRA, there's no way to get it out without paying taxes. So, I kind of got to eat my words now because there is a way to get it out of your IRA and not pay taxes. We always say eventually you got to pay tax on those, but I guess it's not entirely true. But the caveat is you don't get to use those dollars necessarily, they do need to be directed. But if you're already going to be directing dollars to that charity, again, let's do it more officially with pre-tax dollars that you would have had to pay taxes on. Kyle: And there is a cap on this one as well to the amount of money you can direct out of it. It's $108,000 per taxpayer in 2025. So if you're a married couple, that's $216,000. But we do anticipate now with some recent legislation passed that that will inflate over time. It used to just be for the longest time that I was doing this,...