Wicked Pissah Podcast

The Case for International Investing with Nick Paul, MFS – Nicholas J. Paul, CFA who serves as the Equity Portfolio Manager for MFS joins Chris Boyd and Jeff Perry for an in-depth discussion about using mutual funds for international investing. Related topics covered include the potential impacts from the recent election, the growing national debt, tariffs, deglobalization, emerging markets, and currency risk. During the episode Chris and Nick also discuss the benefits of active management for international investing.

Nicholas A. Papakyrikos, CPA, P.C Host Michael Connaughton is joined by Nick Papakyrikos, CPA, P.C. Nick is the founder of Nicholas Papakyrikos CPA. He began his professional career with the international accounting and consulting firm currently known as PriceWaterhouseCoopers, where his clients included financial services, manufacturers and communication companies. He has been in private practice continuously since 1987, working with small businesses owners and high net worth individuals. For more than 36 years he has proactively worked with small business owners to help them identify, clarify and strategize to reach their financial goals. Nick develops and sustains long lasting relationships with clients because they know he truly cares about them. Nick has been invited to speak to various personal and professional organizations, and to instruct other tax, legal and financial professionals. He is a past president and current director of the Brighton Board of Trade, and was inducted into its Hall of Fame. His past associations have included the Kiwanis Club, whose purpose is to improve the lives of children. He is also a member of the American Institute of Certified Public Accountants and the Massachusetts Society of Certified Public Accountants. They discuss: -Tax Policy Impacts and the Upcoming Election -Tax Strategies -Secure Act 2.0

More on Nick Papakyrikos, CPA, P.C. https://www.papakyrikoscpa.com/

Contact Nick Phone: 617 415 5016 Email: nick@papakyrikoscpa.com

Nick’s podcast: GPS to your Business Success https://gps-to-your-business.captivate.fm

Spotify (audio only) https://open.spotify.com/episode/6r4qigujMcx0dQiBMXcWQb?si=6be471e0f48e4772

  Apple (audio only)

GPS to your Business Success Podcast Series - Apple Podcasts

  You Tube (video) GPS to your Business Success Podcast - YouTube

Nicole Wallace and Christopher Jensen – Franklin Templeton Investments Host Michael Connaughton is joined by Nicole Wallace and Christopher Jensen of Franklin Templeton Investments. Nicole is Vice President and Private Wealth Director covering the New England States for Franklin Templeton Investments. Christopher Jensen is the Director of Digital Asset Research for Franklin Templeton. With over 15 years of technology investing experience spanning venture capital, private equity, and private credit, Christopher’s focus is on developing and leading the fundamental research efforts for Franklin’s Listed Token strategies. Prior to joining Franklin Templeton in 2015, Christopher was a principal with SLR Capital Partners, an alternative asset manager in NYC focused on cash flow and asset-based lending as well as specialty finance. He holds a Bachelor of Arts in philosophy from Princeton University, an MBA from the Yale School of Management, and a Certificate in Data Science from Stanford University. They discuss: -Franklin Templeton’s resources -The Cryptocurrency landscape -Digital asset product offerings -How advisors can incorporate Alternatives into their strategy

More on Franklin Templeton https://www.franklintempleton.com/

Contact Nicole: https://www.linkedin.com/in/nicole-wallace-mba-80147aab/Nicole.Wallace@franklintempleton.com

Jack Heintzelman – FPA National Board of Directors Hosts Brad Wright and Kathleen Kenealy are joined by Jack Heintzelman. Jack is a financial planner with Boston Wealth Strategies, where he has been since 2018. Jack has been serving on the FPA NexGen National Leadership Committee, for the past two years, and has just been elected to the FPA National Board of Directors for a three-year term, beginning in 2025. Jack has his B.A. in Finance from Saint Anselm College, where he was also captain of the varsity soccer team. They discuss: - Things a NexGen advisor should value when looking to join a firm -What the FPA NexGen National Leadership Committee is, and what they do -The agenda for the FPA National Board of Directors

More on Jack: https://www.linkedin.com/in/jackheintzelman/

Crystal Lee Butler- Crystal Marketing Solutions. Host Michael Connaughton is joined by Crystal Lee Butler of Crystal Marketing Solutions. Crystal is founder of Crystal Marketing Solutions, LLC also known as CMS. CMS specializes in offering comprehensive marketing strategy and services for independent financial advisors. Crystal and CMS have been featured in Kitces.com, Investor’s Business Daily, and The Financial Planning Association to name a few for their work and thought leadership on advisor marketing. Crystal has over two decades of entrepreneurial and marketing experience. She founded CMS in 2011 and ever since has been seamlessly integrating digital and traditional marketing methods, empowering advisors to strengthen client and referral relationships while feeing up valuable time for strategic growth initiatives. They discuss: -Traditional and Digital Marketing Strategies -SEO -Client Events -Social Media and Branding Ideas

More on CMS: https://crystalmarketingsolutions.com/ Contact Crystal: https://www.linkedin.com/in/crystallbutler/ crystal@crystalmarketingsolutions.com

Julie Casey - Definiti Hosts Brad Wright and Mike Connaughton are joined by Julie Casey of Definiti. Julie is Regional Sales Director - New England Territory, for Definiti, which is a national retirement services firm that helps workplace organizations with retirement plan expertise, actuarial consulting, pension outsourcing and recordkeeping. Definiti partners with financial advisors to provide third-party administration services on clients retirement plans. Julie has 25 years of experience helping financial advisors create new retirement plans, win existing retirement plans, and clean up messy situations. They discuss:  What a Third-Party Administrator (TPA) is and when they’re needed  How advisors can begin working with retirement plans  The process for correcting plan errors  SECURE 2.0

More on Definiti: https://definiti.com/

Contact Julie: https://www.linkedin.com/in/julie-casey-mba/

julie.casey@definiti.com

In this episode our guest is Donna McKeown of Movement Mortgage. The discussion starts by considering the recent change in the Fed Funds Rate and what impact it has had on the current interest rate environment.  We discuss what moves Mortgage rates. Donna shared the benefit is the Pre-Approval process along with some personal anecdotes.  She also shared some best practices for advisors to consider, and how she works with financial planners.  Finally, Donna shared some thoughts around things to consider with the new National Association of Realtors compensation changes. 

Movement Mortgage

Donna B. McKeown Senior Loan Officer | NMLS 20377 781-775-7172 donna.mckeown@movement.com mortgagesbydonna.com

http://linkedin.com/in/donna-b-mckeown-b0248233

http://linkedin.com/in/michael-p-connaughton-cfp®-clu®-chfc®-5601535

http://linkedin.com/in/j-christopher-boyd-b932169

Chuck Failla: Sovereign Advisor Solutions + goRIA

Hosts Brad Wright and Mike Connaughton are joined by Chuck Failla. Chuck is Founder + CEO of Sovereign Financial Group in Stamford, CT. as well as Director of Sovereign Advisor Solutions. Chuck moved from the independent broker-dealer side of the business to the independent side and has since taken many other advisors with him, causing Investment News to label him Broker-Dealers’ Public Enemy #1! In addition to working with other financial advisors and clients, he's also a regular speaker and commentator on financial topics and has been featured in Forbes, The New York Daily News, Reuters, CBS Market Watch and hosts his own goRIA podcast.

They discuss: How and why advisors choose to go independent Why tucking in under a smaller RIA might be a better fit than joining a large aggregator How to begin the process and how long it takes What makes Chuck Broker-dealers’ Public Enemy #1

Learn more at: https://www.sovereignadvisorsolutions.com/

Reach out to Chuck: https://www.linkedin.com/in/charlesfailla/

goRIA Podcast: https://www.investmentnews.com/goria/podcasts

Investment News Article: https://www.investmentnews.com/goria/practice-management/revealed-broker-dealers-public-enemy-1/256613

Navigating the College Selection Process with Todd Weaver

On this episode of the Wicked Pissah Podcast Kathleen speaks with Todd Weaver, President of Strategies for College, to talk about the work Todd does helping students and their families navigate the important yet often confusing college selection process. Todd describes the process he uses to determine what schools might be the best fit for students, why families should always start with figuring out a budget, as well as the factors schools take into consideration when choosing among their applicants. 

https://www.linkedin.com/in/toddcweaver/ www.strategiesforcollege.com

Stephanie Aliaga – J.P. Morgan

Hosts Brad Wright and Kathleen Kenealy are joined by Stephanie Aliaga, Global Market Strategist on the JP Morgan Asset Management Market Insights Team, based out of New York. Stephanie helps formulate and communicate economic views, deliver timely commentary and maintain forecasting models for weekly submissions to Bloomberg and the Wall Street Journal. She’s also responsible for publications such as the Guide to the Markets, On the Minds of Investors blog, and serves on the committee that produces the Long-Term Capital Market Assumptions underpinning J.P. Morgan’s strategic asset allocation process.

They discuss:

Learn more at: https://am.jpmorgan.com/us/en/asset-management/adv/

·       Market Insights resources from J.P. Morgan:

o   Guide to the Markets distribution.

o   Election Hub

Richard LeFauve – Client Edge Host Brad Wright along with Guest Co-Host Mike Connaughton are joined by performance coach Richard “Rick” LeFauve. Rick founded Client Edge for performance coaching after compiling extensive experience in management, recruiting, training, business development, and coaching at Morgan Stanley and American Express Financial Advisors (Ameriprise). He began his career as a high school teacher and coach. Rick is also a bestselling author and has written five books addressing the roles of financial advisors, accountants and CPA’s, and leaders of financial advisors and their teams. They discuss: - Being “Brilliant with the Basics” - Launching successful client advisory boards - Creating team meetings that are worth attending

More on Rick: Richard LeFauve, CWS®️ Certified Wealth Strategist Coaching and Consulting To Sales and Leadership Professionals M 845-499-1665 rlefauve63@gmail.com clientedgecorp@gmail.com https://www.linkedin.com/in/clientedgecorp

www.amazon.com/author/richardlefauve

This week we’re talking about Difficult Conversations.  Whether telling clients they don’t have enough and need to get back to work, talking clients through market down turns, or speaking with clients at times of loss, some conversation are more challenging than others.  We discuss challenging financial planning conversations with clients, employees/employers, or other professionals. Perhaps you can relate, or will gain insights from our panel’s experiences.   Listen as we compare notes and share insights for how to deal with these Difficult Conversations on this episode of the Wicked Pissah Podcast.

https://www.linkedin.com/in/j-christopher-boyd-b932169/

https://www.linkedin.com/in/kathleenkenealy/

https://www.linkedin.com/in/bradleyonair/

Vanguard Hosts Brad Wright and Chris Boyd are joined by Ted Dinucci, an investment strategist with Vanguard’s Investment Advisory Research Center, the team tasked with creating thought leadership for their intermediary advisory partners across a range of investment, wealth management, and financial planning topics. They discuss: -Individual bonds vs bond funds - How to utilize each for income during retirement -Which is better during a falling interest rate environment

Learn more at: https://advisors.vanguard.com/advisors-home

Join Vanguard at the following New England locations:

-Vanguard RIA Social:  Envio on the Rooftop – Portsmouth, NH:  Wed Aug 21 st   4:30pm –7:30pm   PLEASE RSVP -Vanguard RIA Social:  Granary Tavern – Boston (Financial), MA:  Thurs Aug 22 nd 4:30pm-7:30pm   PLEASE RSVP -Vanguard RIA Meet & Connect Luncheon – Riverbend (Marriott) Newton, MA:  Thurs Aug 22 nd  12pm-2pm PLEASE RSVP - Vanguard Symposium - Marriott Long Wharf – Boston, MA:  Thurs, Oct 24 th  9:30am–3pm:   RESERVE A SPOT NOW and you’ll receive an email invite. Additional details to follow.

Or at the FPA-NE NexGen event:

- FPA NE NexGen Presents Build Your Client Service Team (formally Cross Industry Networking): Lily’s Boston (Financial) Thus, Aug 8 th  5pm – 7pm - one of FPA’s most popular events of the season!

https://lp.constantcontactpages.com/ev/reg/t3jvpz5

[lp.constantcontactpages.com]

Investment Advisory Research Center

OCTOBER 2022 Individual bonds versus bond funds: Our thoughts on the advisory practice and client outcomes

Key takeaways • Forecasting markets accurately is difficult. A much more reliable prediction to make: What questions clients will ask during periods of rising interest rates. Inevitably, rising rates environments prompt a flood of inquiries about whether advisors and their clients are better off purchasing individual bonds or pooled products, such as mutual funds and exchange-traded funds (ETFs). These questions stem directly from the “principal at maturity” myth, which argues that bond funds will sell bonds at a loss when rates rise, while portfolios of individual bonds can be held to maturity and avoid losses. • Ultimately, bond funds operate the same way as portfolios of individual bonds when cash flows are being reinvested. However, the former generally offer greater return opportunities, lower transaction costs, and higher liquidity—as well as time savings for your practice—than comparable portfolios of individual bonds. Thus, advisors pursuing portfolios of individual bonds should expect to pay greater direct and indirect costs for maintaining complete control of client bond portfolios. The price tag for this control is higher for buyers of municipal and corporate bonds than for buyers of U.S. Treasuries. • Given the higher risks and costs associated with portfolios of individual bonds, and the time they take to manage, most advisors are better served by low-cost mutual funds and ETFs. Particularly in the case of municipal and corporate bonds, it is likely that only clients with enough resources to build a portfolio of comparable scale to a mutual fund (or ETF) can afford to pay the costs for these control advantages. • Consider this report as a resource to inform your client discussions—either for proactive conversations about fixed income portfolio decisions, or to satisfy questions and concerns clients bring to you. For clients who may be partial to holding individual bonds for emotional reasons, the following analysis provides you with empirical data points that could guide them to a more beneficial approach. We also believe the strategies outlined herein can ultimately empower you with more time for higher-value activities, such as deepening client relationships.

Authors: Ted Dinucci, CFA | Chris Tidmore, CFA, CPA | Chris Pettit, CFA Acknowledgments: The authors extend our thanks to Elizabeth Muirhead, CFA, and Edward Saracino for their contributions to this report, and to Donald G. Bennyhoff, CFA, and Scott J. Donaldson, CFA, for their prior research, which greatly informed this paper.

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Introduction The market and economic backdrop today appear highly uncertain, with the highest inflation in 40 years, a series of large rate hikes from the Federal Reserve, and Russia’s war in Ukraine, to name a few factors. Understandably, the confluence of these events has led to significant market volatility. It’s also led some investors to question the merits of pooled bond vehicles and to ask whether they may be better served by directly owning a portfolio of individual bonds. In some cases, there can be benefits to owning individual bonds, for instance, a nominal immunization strategy where the goal is matching portfolio cash flows to liabilities. However, for the vast majority of advisors and the investors they serve, the likely appeal of individual bonds is largely based on the principal at maturity myth, and embracing it is likely to diminish returns, diversification, and return on your time.

This paper offers our perspective on the primary advantages bond funds have over portfolios of individual bonds in the three key regards of returns, diversification, and return on your time (in exchange for less control over individual securities).1

More important,

for the vast majority, accessing fixed income via low- cost active or passive funds is likely to provide better

outcomes than the direct ownership of individual bonds—even with the hurdle of ongoing management fees. However, we’ll first address the flaws in the principal at maturity myth, since this misconception is what generates so much interest in the topic.

FIGURE 1. Benefits of choosing either a bond fund or individual bond

BOND FUNDS INDIVIDUAL BONDS INCREASED CONTROL ✓ INCREASED DIVERSIFICATION ✓ INCREASED RETURN OPPORTUNITIES ✓ LOWER TRANSACTION COSTS ✓

1 Vanguard 2017.

3

FIGURE 1. Benefits of choosing either a bond fund or individual bond

BOND FUNDS INDIVIDUAL BONDS INCREASED CONTROL ✓ INCREASED DIVERSIFICATION ✓ INCREASED RETURN OPPORTUNITIES ✓ LOWER TRANSACTION COSTS ✓

The principal at maturity myth Holding an individual bond to maturity offers little to no financial benefit to you or your clients versus a pooled product when cash flows are reinvested, as often occurs in laddered individual bond strategies.2

Both portfolios operate in a similar way, but the laddered portfolio is likely to incur greater trading costs and have less diversification. The way that advisors account for laddered bonds in their client statements—by not marking the bonds to their current value, in order to avoid recognizing a paper loss—helps to reinforce the behavioral bias and may mitigate business risk for the advisor. Ultimately, bond prices are inversely related to changes in interest rates: When interest rates rise, the bond’s price falls, and vice versa. This is because a bond’s coupon payments are typically fixed at issuance, leaving price as the only variable that can be adjusted to make the bond’s yield competitive with that of newly issued bonds of similar risk and maturity. This is illustrated in Figure 2. If 10-year bonds are currently yielding 4%, the price of a 2% coupon bond—to be competitive—must decline to a level that results in a 4% yield-to-maturity. In this example, that price is 83.65% of the face value (or $836.50 per $1,000 face value). The 2% bond would provide the same return as the 4% coupon bond trading at par, but some of the return would come from the bond’s appreciation from $836.50 to its $1,000 value at maturity, as opposed to the coupon payments. This price adjustment punctures the common myth that holding an individual bond to maturity will provide a financial benefit to your clients. Absent transaction costs, when interest rates change, prices adjust so that total returns will be equal from that point forward, regardless of whether the bond is held to maturity or sold at the prevailing market price with the proceeds reinvested.

FIGURE 2. How bond prices adjust to keep yields-to-maturity the same A comparison of hypothetical bonds with 10 years to maturity Coupon (annual interest payment) 6% 4% 2% Market price as a percentage of face value 116.35% 100% 83.65% Yield to maturity 4% 4% 4% Source: Vanguard. This hypothetical illustration does not represent any particular investment and the rate is not guaranteed.

FIGURE 3. Total returns closely match starting yields, regardless of whether prices are above (or below) par 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 Forward annualized return versus starting yield

Starting yield Forward annualized return when starting price is above par Forward annualized return when starting price is below par

Figure 3 demonstrates this point by comparing the forward annualized return for the Bloomberg U.S. Aggregate Bond Index, adjusted for duration, with its starting yield. Here, it is readily apparent that future returns closely track starting yields. Moreover, the narrative doesn’t change whether the index is trading above or below par. Therefore, when evaluating bonds with the same characteristics but with different coupon payments, it is always best to compare their yields to maturity.3 Notes: Returns represent the annualized return on the Bloomberg U.S. Aggregate Bond Index using monthly data for the period that aligns with the index’s starting modified adjusted duration, rounded to the nearest month. For instance, if on December 31, 2005, the duration on the index was 5 years, the forward annualized return would be from January 1, 2006, to December 31, 2010. Yields represent the index’s yield to worst (YTW) at the start of each calculation period. YTW is a measure for the lowest possible yield that may be earned on a bond absent the issuer defaulting. The last observation in the figure is September 30, 2015, because after that date the index’s starting duration is longer than the time series. Past performance is no guarantee of future returns. The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index. Sources: Vanguard analysis of Bloomberg data, as of March 2022. 2 Laddering refers to building a portfolio of bonds with a range of maturities. 3 Yield-to-maturity is the percentage rate of return on a bond, assuming that the bond is held to maturity. For bonds that may be called prior to their stated maturity, yield-to-worst is a preferable measure, as it accounts for the bond’s call feature and represents the lowest possible yield that may be earned assuming no default.

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As mentioned, this principal at maturity myth typically surfaces only when interest rates rise or are expected to rise. If rising rates mean there is a financial benefit to holding bonds to maturity, then falling rates should mean there is a benefit to selling them and reinvesting the proceeds in new bonds. Thus, an active trading strategy would be preferred over a simple buy-and-hold, laddered bond portfolio to take advantage of the market inefficiency. Ironically, this environment has been the norm for the past 20-plus years, yet the trading concept has not been endorsed by the investment community. One doesn’t hear that when interest rates are falling, an open-end mutual fund or ETF with no set maturity date is the preferred structure. Thus, the appeal of holding a bond to maturity is likely emotional, as by not selling a bond at a discount to par, your clients are able to avoid the mental roadblock of “recognizing” a loss. Rather than let this behavioral bias win, advisors can seize this as an opportunity to flex their coaching muscles and leverage the trust they’ve built with clients to help produce better outcomes. Consider this analogy: Just because you chose not to sell your house when prices dipped does not mean it’s worth more than the home of your neighbors, who did sell. The same logic applies to fixed income—whether the bonds are held individually, in a bond fund, or in a separately managed account (SMA).4 Diversification can mean higher returns for similar levels of risk In fixed income investing, diversification among issuers, credit qualities, and term structures is a primary consideration for municipal and corporate bonds. For laddered bond portfolios, issuance calendars do not offer consistent access to all types of bonds. On the contrary, with bond funds, greater diversification is possible because of the larger pool of investable assets and the continuous investment in new offerings. This, coupled with the professional staff needed to conduct risk, trade, and credit analysis allows funds to seek return opportunities farther out on the credit quality spectrum than is possible for an advisor. In the case of the latter, their clients may be seriously affected if even one issuer in their (much smaller) portfolio encounters problems.

In the case of corporate bonds (and munis), the dynamic nature of credit risk makes it essential to diversify issuer- specific risk. The price volatility that results from a change in an issuer’s credit rating is typically asymmetrical:

When a credit downgrade occurs, a bond usually will drop much further in price than it would rise on news of an upgrade. This means that for holders of individual corporate bonds, the penalty for choosing a bond that is downgraded is usually greater than the reward for choosing one that gets upgraded. Professional fund managers who are fully focused on credit analysis may be better suited to spot these trends sooner and avoid the negative effects of downgrades and defaults.

FIGURE 4. Incremental pickups in yields available relative to AA rated corporates Average option-adjusted spread

Average cumulative defaults

0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% 1.6%

0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0%

AA rated Broad investment-grade Credit quality 0.98%

0.55%

As a result, many individual bond portfolios exhibit a higher-quality bias relative to bond funds because of the inability to fully benefit from diversification. As shown in Figure 4, higher return opportunities, in terms of incremental yield, are available beyond AA rated corporates to compensate for the low, but always possible, risk of default—even when staying within the corporate investment-grade universe. A more diversified approach that spans the spectrum of investment-grade corporates can translate into a meaningful increase in yield without sacrificing the primary role of high-quality fixed income in a portfolio—acting as a ballast to risk assets. It should be noted that diversification of credit quality can also be achieved through passive exposure.

Notes: Average option-adjusted spreads (OAS) cover the period of January 1997 to April 2022. AA rated as represented by ICE BofA US Corporate Index Option-Adjusted Spread; and broad investment-grade as represented by ICE BofA US Corporate Index Option-Adjusted Spread. OAS is a measure of the difference in yield of a bond and the comparable risk-free rate, adjusted to account for any embedded option. Analysis begins with AA rated corporates, as there are only two AAA rated corporate issuers. Average cumulative defaults are calculated by FitchRatings and represent the 10-year average cumulative defaults for the period of January 1990 to December 2021. Default rates are calculated on an issuer or security basis as opposed to dollar amounts. Sources: Federal Reserve Bank of St. Louis, FitchRatings, and Vanguard analysis, as of April 2022. 4 Separately managed accounts are investment portfolios that are directly owned by an investor and managed by a professional investment firm.

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FIGURE 5. Growth of hypothetical $1 million initial investment from January 1997 Ending wealth in (million USD) $3.2 $3.3 $3.4 $3.5 $3.6 $3.7 $3.8 $3.9 $4.0

AA corporates

Broad I-G corporates

$4.1 $4.2

Ending wealth with AA corporates Excess wealth with lower quality

Figure 5 translates the lost return opportunities in Figure 3 into actual excess wealth created by expanding the investment opportunity set beyond AA rated bonds.5 For a long-term investor, being broadly invested in investment-grade corporates would have produced an additional $400,000 of nominal wealth, given a hypothetical, initial $1 million investment in 1997, relative to the same investment in AA rated corporates. Moreover, through broad diversification, as an advisor, you would be able to increase your client’s long-term expected returns for their fixed income holdings, while significantly reducing single-issuer risk and still maintain high overall credit quality.

Notes: Figure assumes a hypothetical initial $1 million investment on January 1, 1997, and held until April 30, 2022. AA corporates as represented by ICE BofA 5–10 Year AA US Corporate Index; and broad I-G corporates as represented by ICE BofA 5–10 Year US Corporate Index. Sources: Vanguard analysis of Morningstar data, as of April 2022. Past performance is no guarantee of future returns. The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index. Transaction costs are real, but often go overlooked All bond portfolios incur costs. Though the management cost component often receives the lion’s share of attention because it is readily apparent and known in advance, it also represents only one part of the equation. Less scrutinized, but similarly detrimental to long-term financial outcomes are transaction costs (e.g., bid-ask spreads). Ultimately, bid-ask spreads tend to vary by trade size and bond sector, and the size of the spread is typically larger for small transactions. Bond mutual funds and ETFs buy and sell large quantities of bonds, and these large transactions can command higher prices for sales and lower prices for buys. So long as the size of the spreads paid or received are inversely related to purchase lot size, bond funds have a transaction cost advantage over individual bond portfolios. The benefits of scale are most significant in the municipal bond market, but still relevant and tell a similar story to that of corporates. Figure 6 illustrates this point. It shows that in the municipal bond market, the spread for a retail trade (less than $100,000 per bond) on average has been consistently higher than that for an institutional trade. Specifically, between January 2019 and April 2021 the effective spread for transactions with a par value between $25,001 and $100,000 averaged 56.4 basis points (bps), while transactions with a par value of over $1 million averaged 20.2 bps. This differential translates to lower total return for clients who are not able to transact at scale.6 Additionally, large firms, such as Vanguard, are able to get the broadest access to bonds in the primary market, so it’s not only about the size of the trade and lower costs, but also what bonds one gets to purchase. This is especially important as there tends to be a drop-off in liquidity as time passes from issuance.

FIGURE 6. Spreads are significantly wider for retail trades relative to institutional trades (bps)

$10,000 or less $10,001- $25,000 $25,001- $100,000 $100,001- $1 million $1 million+ 20.2

56.4 35.5

63.6 81.9

In the end, higher spreads translate into lower returns. Whether creating a taxable or tax-exempt bond portfolio for a client, the basic decision comes down to this: Does the fund expense ratio detract less from the portfolio’s total return than (1) the return surrendered by a higher credit-quality bias, if one exists, (2) the default risk, if there is no quality bias, or (3) the additional transaction costs? It would be rare for the fund expense ratio (particularly in the case of a lower-cost bond fund) to be larger than the other costs. Notes: The above figure shows the average effective spread for municipal bond transactions of various sizes from January 2019 to April 2021. Effective spread is a measure of customer transaction costs and is computed daily for each bond as the difference between the volume-weighted average dealer-to-customer buy and sell price, and is then averaged across bonds using equal weighting. Sources: MSRB data and Vanguard analysis. 5 Though an advised client’s fixed income portfolio is unlikely to be comprised of only intermediate-term (5- to 10-year maturity) U.S. corporate bonds. 6 As a simple example, if constructing an initial bond portfolio with an average duration of five years and transaction costs of 50 bps, it would translate to 10 bps per year.

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Control of the portfolio One, or perhaps the only, advantage of self-directed individual bond portfolios and, to some extent, SMAs over pooled vehicles is the owner’s ability to influence portfolio decisions. The motivation for maintaining control generally falls into three camps: strict portfolio guidelines that place firm restrictions on portfolio characteristics, such as credit-quality (e.g., all-AA portfolio) or limits on derivatives usage; matching portfolio cash-flows with specific liabilities (e.g., cash-flow matching); and tax concerns. Given the inflexibility of the first, and presumably, high-level of certainty of the second, we’ll focus on the potential tax considerations, as certain common beliefs may be overstated and therefore warrant a discussion. Regarding taxes: Because clients directly own the bonds in an SMA or a laddered bond portfolio, as their advisor you can use any net losses from individual bond positions for tax purposes to partially offset your client’s earned income or to offset realized capital gain liabilities from other investments. A mutual fund or ETF, on the other hand, cannot pass through realized losses to its shareholders. Instead, the fund uses realized losses against realized gains, and carries forward any excess losses to be used against future gains. Although this may defer the pass-through of losses, it provides long-term tax efficiency to the pooled structure. In addition, as the advisor, you have a further option: You can sell your clients’ fund shares to realize a loss where applicable. Regarding individual bond portfolios or SMAs, another factor to consider is that to take advantage of losses in these accounts, you will incur transaction costs for

your clients on both the sale of the current bond and the purchase of the new bond.

Though all the above applies to both taxable and tax- exempt bonds, in terms of the latter, there is often the

additional consideration of alternative minimum taxes (AMT). With an individual bond portfolio or SMA, the portfolio can be tailored to bonds that are exempt from AMT or specific to issues from your client’s home state. While this is true, it is important to acknowledge that there are currently a number of state-specific vehicles available for your clients—particularly in states with high tax rates. Also, though it’s sometimes forgotten, the key point that advisors should be concerned with is seeking to maximize client after-tax returns, rather than with minimizing taxes. Bonds issued outside a client’s home state and bonds subject to AMT often carry higher yields to maturity.

As a result, your clients may well get higher after- tax returns from a portfolio including such bonds. In

addition, clients gain from increased diversification—an important benefit. With the preceding considerations in mind, it may be impractical to transition clients from their existing SMA solutions or portfolios of individual bonds into a primarily fund-aligned strategy. For advisors that already utilize an SMA or construct their own bond sleeves, a bond fund can serve as a strong complement—by providing some additional liquidity to the portfolio and a solution for reinvesting periodic cash flows from their individual bond holdings (or SMAs) to reduce potential cash drag.

Conclusion For the reasons described in this paper, the vast majority of advisors who invest for their clients are best served through low-cost bond funds. Only those advised clients with the resources to achieve scale comparable to that of a mutual fund should consider putting certain control features ahead of the benefits that a pooled investment vehicle offers. Funds generally provide better diversification, greater return opportunities, lower transaction costs, and higher liquidity for your clients. For advisors, the time savings from outsourcing the day-to-day portfolio management can be reinvested in higher returning opportunities, such as deepening client relationships and growing your practice. Although bonds that are held directly can provide certain advantages over bond mutual funds—primarily related to control over security-specific decisions—such control comes at a cost. To construct an individual bond portfolio, an advisor must assign a very high value to the control benefits to justify the higher costs and additional risks involved.

6

7

References Bennyhoff, Donald, Scott Donaldson, Jamese Dunlap, and Daren Roberts, 2017. A topic of current interest: Bonds or bond funds? Valley Forge, Pa.: The Vanguard Group. Bennyhoff, Donald G., 2009. Municipal bond funds and individual bonds. Valley Forge, Pa.: The Vanguard Group. Donaldson, Scott J., 2009. Taxable bond investing: bond funds or individual bonds? Valley Forge, Pa.: The Vanguard Group. Li, David, Charlotte L. Needham, and Jake Han, 2022. 2021 Transition and Default Studies. FitchRatings. Wu, Simon Z., and Nicholas J. Ostroy, 2021. Transaction Costs During the COVID-19 Crisis: A Comparison between Municipal Securities and Corporate Bond Markets. Washington, D.C., Municipal Securities Rulemaking Board.

Connect with Vanguard® advisors.vanguard.com • 800-997-2798

All investing is subject to risk, including the possible loss of the money you invest. Be aware that fluctuations in the financial markets and other factors may cause declines in the value of your account. There is no guarantee that any particular asset allocation or mix of funds will meet your investment objectives or provide you with a given level of income. Bond funds are subject to the risk that an issuer will fail to make payments on time and that bond prices will decline because of rising interest rates or negative perceptions of an issuer’s ability to make payments. Investments in bonds are subject to interest rate, credit, and inflation risk. Although the income from municipal bonds held by a fund is exempt from federal tax, you may owe taxes on any capital gains realized through the fund’s trading or through your own redemption of shares. For some investors, a portion of the fund’s income may be subject to state and local taxes, as well as to the federal Alternative Minimum Tax. Diversification does not ensure a profit or protect against a loss. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. We recommend that you consult a tax or financial advisor about your individual situation. Vanguard is investor-owned, meaning the fund shareholders own the funds, which in turn own Vanguard.

© 2022 The Vanguard Group, Inc. All rights reserved. U.S. Patent No. 6,879,964. FAIBVBF 112022

In this week’s episode of the Wicked Pissah Podcast, Kim Furnald, CLU returns to the program.  Using a holistic approach after a career in financial services, Kim for the past decade has been working with advisors on Estate and Business applications of insurance.  In this episode, Kim brings to life some helpful scenarios that help to illustrate different business insurance concepts – like buy-sell funding (whether cross purchase or entity plans), executive bonus, split-dollar funding, and discussion of disability cases as well as for life coverage for these needs.  Kim shares recent case law that impact these issues as well.  Listen in to a familiar topic, but learn more or get a refresher on how to approach business owners’ needs surrounding insurance concerns and opportunities. 

https://www.linkedin.com/in/kimberlyahrendtfurnald/

https://www.linkedin.com/in/bradleyonair/

https://www.linkedin.com/in/j-christopher-boyd-b932169/

Valuing Your Life’s Work with Aaron Wells of FP Transitions

Hosts Kathleen Kenealy and Chris Boyd are joined by Aaron Wells, Director of Financial Analysis at FP Transitions, to discuss how Aaron and the team at FP Transitions help advisors measure and assess the value of their life’s work. Aaron explains why it’s so important to “start with why,” what metrics help drive the value of a business, how different size practices should think about approaching valuation, the process FP Transitions uses to collect data to run a valuation on a firm, and the difference between value and price. 

https://www.fptransitions.com/

https://www.fptransitions.com/our-team/member/aaron-wells?hsLang=en

https://www.linkedin.com/in/aaronwells747/

Xtrackers Hosts Brad Wright and Chris Boyd are joined by John O’Connor and C. Allen Parker of JH Whitney Investment management who together with Xtrackers have created the “Geostrategic Risk Rating” system. John is CEO of JH Whitney and was previously Chairman of JP Morgan Alternative Asset Management. He’s a Senior Fellow at USMA West Point, has served as a member of the US Department of Defense Business Board, a Civilian Aide to the Secretary of the Army for New York, and has received awards from the Secretary of Defense, the Air Force, and the Navy. Allen is President of JH Whitney and previously served as Interim CEO as well as General Counsel for Wells Fargo & Company. They discuss: -What a Global Geostrategic Risk Rating system means for companies -How this may affect our investments in these companies -How the US government is responding to these risks -Possible paths the US-China relationship could take

Learn more about our current geopolitical landscape and the Xtrackers US Critical Technologies ETF (CRTC) that could potentially provide a solution for investors looking to mitigate these risks in their portfolios at www.Xtrackers.com

For more information on JH Whitney, DWS the Geostrategic Risk Rating or CRTC  please contact Paul Berard, Xtrackers New England ETF Specialist @ paul.berard@dws.com , 203- 364-9426 or visit their website at Xtrackers US National Critical Technologies ETF| Xtrackers by DWS

Kathleen speaks with FPA of New England chapter President Marybeth Breed and Massachusetts State Treasurer Deborah Goldberg about the various initiatives Treasurer Goldberg has worked on to promote financial education across the Commonwealth of Massachusetts. We learn about the task force she convened to determine the best approaches to developing financial education in our communities, the work of the Office of Economic Empowerment and the Baby Steps savings program, and why the Treasurer believes that financial education is a proactive medicine that can be used to address other problems. We also discuss why educating kids about finances as part of the school curriculum is such an important objective, the bi-partisan bill she put forth requiring financial education in our schools, and the challenges of getting new topics added to school curriculum. 

Massachusetts State Treasurer Deborah Goldberg

Office of Economic Empowerment

Office of Economic Empowerment - YouTube

Worth in Wealth Program

Operation Money Wise

7Michael Connaughton – Lead Advisor Hosts Brad Wright and Kathleen Kenealy are joined by Michael Connaughton. Mike is co- founder of Lead Advisor, a wealth management collective that specializes in building firms, practices and careers. They provide creative perspective, time leverage and industry insights for growth focused businesses and professionals. With a niche in talent acquisition and development, Lead Advisor partners with firms and practices to help solve for service, scalability and succession planning. They also empower professionals in the field through career strategy coaching, leadership development and study groups.  Michael is a CFP who went to Providence College, lives in the Boston area, and yet somehow finds himself a Milwaukee Bucks fan?! Find out why… They discuss: -What goes into a talent search and whether candidates are difficult to find - What candidates are searching for in a new firm -Coaching both firms and candidates -Lead Advisor’s app for vetted candidates

Learn more about Michael and Lead Advisors: https://www.lead-advisor.com/

Newsletter: 

https://mailchi.mp/1f81a3c34ca4/lead-advisors-talent-market-insights-for-september-17380127

Web based app for several core employee roles for hiring firms: 

https://app.careers.lead-advisor.com/login/start

Setting Charitable Intentions with Erinn Andrews of The Give Team

Education, food insecurity, climate change, humanitarian and disaster relief… There are countless  causes and more than a million and a half charities in the US looking for support. We all have limited time and resources, so how do you possibly decide which organizations to donate to?

On this episode we are joined by Erinn Andrews, founder and CEO of the Give Team, to talk about how she helps clients be more strategic and intentional in their charitable giving. We talk with Erinn about how and why advisors should bring up philanthropy in conversations with their clients, the process she uses with clients to develop a charitable mission statement, how she identifies and selects charities that are in line with her clients’ giving missions, and why she prefers stay local when recommending charities to clients. 

For more information or to contact Erinn:

erinn@thegiveteam.com

https://www.thegiveteam.com/

https://www.linkedin.com/in/erinn-andrews/

Incorporating Long Term Care Into Your Long-Term Planning

There are some grim statistics out there regarding long term care:

70% of adults who live until age 65 will develop a need for long term care services in their lifetime The average annual cost of a private room in a nursing home facility runs more than $100,000 a year. 

How can you help your clients prepare for what can be catastrophic costs of care during their lifetimes? On this episode, we speak with Linda Thalheimer, an independent expert in long term care planning. Tune in to hear our conversation about who should consider buying long term care insurance, how certain policies can protect against Medicaid liens, new trends in the long term care industry, and how her parents have used over a million dollars in long term care benefits so far. 

For more information: https://www.linkedin.com/in/longtermcareadvisor/

https://www.longlifeplanning.com/

https://www.genworth.com/aging-and-you/finances/cost-of-care

In this episode, Chris Boyd CFP®, CASL, CEPS catches up with Bob Powell CFP®, RMA® to discuss the pressing issue of financial exploitation, focusing on scams and schemes.

Bob Powell highlights the prevalence of financial scams, particularly those targeting elderly individuals, with statistics showing significant financial losses and many cases going unreported.

-Common ScamsThe discussion covers various scams such as AI-generated deep fakes, phishing emails, romance scams, and "pig butchering" investment scams, illustrating the sophistication and creativity of modern scammers.

-Risk FactorsIdentifying factors that increase vulnerability to scams, including cognitive decline, social isolation, low financial literacy, and lack of a financial advisor.

-Protective Measures-Emphasis on education, awareness, and proactive planning. Recommendations for using tools like olderadultnestegg.com for regular assessments and creating a trusted contact to help safeguard clients.

https://www.thestreet.com/retirement-daily/

https://www.linkedin.com/in/powellrobert/

https://www.linkedin.com/in/j-christopher-boyd-b932169/

As an advisor, you may have a considerable part of your personal wealth connected to your business. How and when will you obtain that wealth by selling your business? Will you sell internally or to another firm? Will that firm be larger and backed by private equity? How soon do you want to exit or how long do you want to stay active and what restrictive covenants will impact you? Is it important to you to keep your brand … technology … control of portfolio management? These and many other considerations are discussed in this episode as co-hosts Chris Boyd & Brad Wright speak with today’s guest, Jessica Polito (http://linkedin.com/in/jessica-polito-thm) of Turkey Hill Management (https://turkeyhillmanagement.com/). Jess is one of the several upcoming presenter at the Wicked Good Succession Summit on June 5, 2024. Register and join us! 

FPA NE - Wicked Good Succession Summit | June 5th, 2024 

Location: The Artisan at Tuscan Village, Salem, a Tribute Portfolio Hotel, 17 Via Toscana, Salem, NH 03079 

Date and time: Wed, Jun 5, 2024 8:00 AM - 6:30 PM 

Organizer: Kristin Beane, (508) 320-1685, admin@fpama.org 

Price: $150 (member)/$200 (non-member) 

https://www.fpanewengland.org/2024/05/june-5-wicked-good-succession-summit/ 

http://linkedin.com/in/j-christopher-boyd-b932169

http://linkedin.com/in/bradleyonair

Mike Arone – State Street Global Advisors Hosts Brad Wright and Kathleen Kenealy are joined by Mike Arone. Mike is Managing Director and Chief Investment Strategist for State Street Global Advisors US Intermediary Business Group. Michael is a highly regarded speaker at industry conferences and is the author of several articles related to investment management practices. He is a member of the firm's Senior Leadership Team and has worked extensively with the firm's global institutional and intermediary clients to help them identify investment solutions that enable them to meet their long-term financial goals. Michael holds a BS in Finance from Bentley College. He has earned the Chartered Financial Analyst designation and is a member of the Boston Security Analysts Society and CFA Institute. They discuss: - The strength of the US economy and whether we’re headed towards a recession - Why gold, silver and other commodities have been doing so well lately - The US deficit - A bit about politics… without getting political

Learn more about State Street Global Advisors: www.ssga.com

1) SPDR Exchange Traded Funds (ETFs) | SSGA 2) Uncommon Sense (ssga.com) 3) Insights (ssga.com) – save as a favorite and check back often 4) Practice Management (ssga.com)

Jim Sinai - Vanilla Host Brad Wright is joined by Jim Sinai. Jim is Chief Marketing Officer at Vanilla, The Estate Advisory Platform, designed to transform how wealth advisors help their clients manage their estate and build their legacy. Jim is a seasoned cloud executive and experienced marketer, with a background in sales, business development, and a passion for new technology, telling the story and helping make complex software easy to understand. Jim is also a former college rugby player, at Brown. They discuss: -Adding estate planning software to an advisor’s arsenal -How it integrates with performance and tax planning software, as well as insurance -To what degree it can help with prospecting -And why Vanilla is NOT boring

Learn more about Vanilla:  www.justvanilla.com

Follow them on LinkedIn: https://www.linkedin.com/company/justvanilla/

For our 200th episode, we are joined by the legendary George Kinder, best known for creating the Registered Life Planner designation and curriculum through the Kinder Institute of Life Planning.  George is a pioneer who helped to shape what has become the financial planning industry.  Join past chapter president, Chris Boyd of Wealth Enhancement Group & Kathleen Kenealy, current chapter board member & founder of Katapult Financial Planning, for an uplifting and inspiring discussion about financial planning in the context of Life Planning.

Harvard-educated George Kinder started as a tax planner and a personal financial advisor (1973 - 2004) and subsequently became the founder and president of The Kinder Institute of Life Planning (2000—present), which has trained more than 5,000 professionals worldwide.  

He is the author of numerous books (https://www.amazon.com/George-Kinder/e/B001JRXW6M). George Kinder was the first winner of the Financial Planning Association's Heart of Financial Planning Award, recognizing "individuals who demonstrate commitment and passion in doing extraordinary work to contribute or give back to the financial planning community and the public." 

In this episode, George shares insights about life planning - considering how we communicate in client meetings - listening empathetically - and being careful not to direct clients & their priorities.  George elaborates on the 3 Questions for which he has become famous, common themes of responses, and how the Kinder Institutes helps advisors as Registered Life Planners become more & better advisors by assisting clients on their journey to fulfillment.  Even as the conversation concludes, George's enthusiasm & passion remain evident, considering the virtues of mindfulness & the fiduciary standard.  

Join us as we meet George Kinder & consider Life Planning on the Wicked Pissah Podcast!

Tiffany Markarian – Advantus Marketing Host Brad Wright is joined by Managing Director of Advantus Marketing, Tiffany Markarian. Tiffany has coached hundreds of wealth advisors, broker/dealers, brokerage and insurance firms in driving productivity, practice equity and overall growth. She draws from her deep field experience as a Director of Marketing for Allmerica Financial, Senior Consultant at New England Financial/MetLife, and Director of Marketing for John Hancock/Signator Investors, Inc. She additionally served as Director of Business Development for a Massachusetts wealth management firm for seven years prior to forming Advantus Marketing.

They discuss: -Branding and how to utilize it to develop profitable markets - How to develop your marketing team – Because Hope is not a plan - How many 45s fit in a Jukebox – hint: more than 50! Plus, you’ll learn how to run everything by JAMES

Contact Tiffany: tiffany@advantusmarketing.com

Website: www.advantusmarketing.com

"Clutter is nothing more than unmade decisions." - Patty Kreamer. Organization and efficiency expert Patty Kreamer of Productivity Uncorked joins us to share how to see between the steps and pull out the things that really don't matter and how you can use DiSC behavioral styles as a resource to enhance your daily relationships.

https://productivityuncorked.com/

https://www.facebook.com/ProductivityUncorked

https://www.linkedin.com/in/pattykreamer

https://wickedpissahpodcast.libsyn.com/episode-124-patty-kreamer-cpo-productivity-uncorked

https://discsimple.com/discsimple-usa/

Sharing a Passion for Personal Finance Through Writing with Kate Dore, CFP®

On this episode Kathleen and Jeff are joined by personal finance reporter Kate Dore, CFP®. We hear from Kate about how a career in music publishing led Kate to discover a passion for personal finance and eventually pursuing the Certified Financial Planner™ designation. We talk to Kate about how she gets her ideas for her articles, why she likes to collaborate with advisors, and how she incorporates aspects of the financial planning process into writing her stories.

https://www.linkedin.com/in/katedore/

https://www.cnbc.com/kate-dore/

On this episode of the Wicked Pissah Podcast we are joined by long time industry veteran, Kate Healy. You may know Kate from her long tenure at TD Ameritrade or perhaps you recognize her from one of the many industry awards she has been honored with over the years, but you may not know about what she’s up to now. Listen in as we talk with Kate about her career, why it’s so important to develop the next generation of talent in this industry, and what she’s doing now that she’s launched her own consulting firm, AdvoKate IQ. 

https://www.linkedin.com/in/kateehealy/

"Do what you do best and outsource the rest." - Peter Drucker. Michelle Wong, CEO of Nifty Advisor Support, joins us to discuss how she strives to close the talent gap between advisors and non-advisors through inclusive communication and effective remote team management. Their virtual assistance, collective coaching, and on-demand recruiting solutions help advisory firms deliver a better client experience.

https://www.niftyadvisorsupport.com/

https://www.linkedin.com/in/woahitsmiwo/

https://www.linkedin.com/company/nifty-advisor-support/

https://www.linkedin.com/newsletters/wong-not-white-7049713992860131328/

https://www.facebook.com/meetnifty

https://twitter.com/meetnifty

Saving Money on Prescription Drug Costs with Patricia Prewitt

According to a 2022 study, Americans pay higher prices for prescription drugs than any other country in the world, with prescription drug prices here in the U.S. more than 2.5 times as high as those in other high-income nations. As a result, 1 out of every 3 adults on prescription drugs say they are unable to take them as prescribed due to the cost. 

On this episode of the Wicked Pissah Podcast, we speak with Patricia Prewitt, a woman who is trying to help individuals and families find the best ways to reduce their prescription medication costs. Tune in to hear suggestions from Tricia on how to find discounts, apply for patient assistance programs, and why a consultation with her could be the perfect birthday or holiday gift you can give to that hard-to-shop-for person in your life. 

https://mypersonalrxadvisor.com/

https://www.linkedin.com/in/triciaprewitt/

https://www.goodrx.com/

https://www.singlecare.com/

https://www.needymeds.org/

AJ Boury Hosts Brad Wright and Chris Boyd are joined by TIFIN Wealth COO AJ Boury. They discuss: * The AI and innovation platform for wealth that was founded by former Wharton Professor and successful entrepreneur Dr. Vinay Nair * How FPA members who manage under $100M in AUM can access the TIFIN Wealth platform for free *Scientific personality assessment (Risk Capacity, Risk Preference, and Portfolio Risk) and how they play into creating personalized investment proposals Plus, you’ll hear AJ’s (former college football player) predictions on next season’s NY Giants.

TIFIN Wealth:

www.TIFINWealth.com

www.TIFINWealth.com/fpa

Erika Wasserman, CEO of Your Financial Therapist, joins us to discuss how she addresses #financial #anxiety and #stress #management, #money and #relationshps, #mindset, and #behavior #change with her #FinancialTherapy clients and how she trains #FinancialPlanners to integrate these topics into their #client #conversations.

https://yourfinancialtherapist.com/

https://www.linkedin.com/in/erikawasserman/

https://www.linkedin.com/company/your-financial-therapist/

https://www.facebook.com/yourfinancialtherapy/

https://twitter.com/Fin_Therapist

https://www.instagram.com/yourfinancialtherapist/

https://www.youtube.com/@yourfinancialtherapist

On today’s episode, Brad Wright and Jeff Tomaneng are joined by Cozy Wittman. Cozy is an education and partnership leader at College Inside Track. Cozy speaks nationally about college search, educating families and training financial advisors and other professionals who work with families with high schoolers. She is passionate about dispelling myths around how colleges accept students and how they price their product. She has been featured in The Journal of Financial Planning on the subject of college planning. And she’s a mom to 5 kids, all with different goals for college!

We discuss:

Contact Cozy at www.collegeinsidetrack.com     

This week, we are joined by #FinancialPlanner, continuous #learner, #aspiring #teacher, and 2023 FPA Heart of Financial Planning Award winner Virginia Asher. Virginia practices financial planning at Chichester Financial Group and TrustBank Wealth Management and provides #financial #coaching, financial #literacy #education, #curriculum design, and #mentoring at Whealthy Living. Tune in to hear about her #career progression to align her practice with her #values.

https://www.linkedin.com/in/virginiaasher/

https://www.chichesterfinancial.com/team/virginia-asher-cfp

https://www.financialplanningassociation.org/press-room/releases-announcements/2023-fpa-heart-of-financial-planning-award

Nurturing a More Diverse Profession – with Rene Jarquin and JonPaul McBride

According to data recently released by the CFP Board, less than 10% of the nearly 100,000 CFP® professionals report as Black, Hispanic, Latino, Asian or Pacific Islander. Only 24% are female. It’s not news that we have much work to do to encourage individuals from underrepresented communities to join our ranks. 

On this episode, Kathleen is joined by her fellow FPA of New England chapter members, Rene Jarquin and JonPaul McBride, to talk about their involvement with the New England chapter’s Diversity, Equity & Inclusion committee and the work they are doing to advance diversity within our profession. Tune in to learn more about the various initiatives the DE&I committee is pursuing to attract more candidates from diverse backgrounds into the industry, what their experience was like attending the CFP Board’s Diversity Summit, and how they continually adjust and improve their outreach efforts by listening to feedback they have gotten from the students they are trying to reach. 

https://www.linkedin.com/in/jonpaulmcbride/

https://www.linkedin.com/in/rene-jarquin-66016/

https://www.mentimeter.com/

https://www.cfp.net/knowledge/reports-and-statistics/diversity-and-womens-research/racial-diversity-in-financial-planning-where-we-are-and-where-we-must-go

https://wickedpissahpodcast.libsyn.com/episode-132-blx-internship-program-with-chloe-moore-and-luis-rosa

This week, we are joined by #technology #innovator, #author, and 2023 FPA Heart of Financial Planning Award winner Greg Friedman. Greg was at the forefront of the industry's shift to #transparent, non-hierarchical #leadership, and his candid approach to #communication within the advisory community has established him as a highly influential thought leader.  Tune in to hear about his journey and thoughts on technology and the profession of #financial #planning.

https://www.linkedin.com/in/greg-friedman-ms/

https://www.wealthspire.com/our-team/greg-friedman-ms/

https://twitter.com/GregFriedmanCEO

Kathleen and Jeff speak with Guy Ziriak and Mike Costello. Guy is a Vice President, and Mike is a Senior Partner with FPA New England partner Northeast Brokerage, an employee-owned insurance brokerage general agency dedicated to providing relationship-based sales assistance in the areas of Life, Disability, Annuity, and LTC insurance. We'll hear their best practices for working with financial planners to address their clients' risk management needs.

https://www.linkedin.com/in/mike-costello-375790a/

https://www.linkedin.com/in/guy-w-ziriak/

https://www.linkedin.com/company/northeast-brokerage/

https://nb-bga.com/

This week, we are joined by personal financial advisor, author, and thought leader, 2023 FPA P. Kemp Fain, Jr., Award winner Ross Levin. Ross is the Founder and a Shareholder of Accredited Investors Wealth Management. Long an industry leader, Ross translates his expertise into meaningful conversations with clients about integrating their money and values. Stay tuned to hear about his journey and thoughts on the profession of financial planning. 

https://www.accredited.com/be-our-guest

https://www.linkedin.com/in/ross-levin-b818885/

https://twitter.com/spendyourlifewi

https://www.accredited.com/ross-levin

https://www.financialplanningassociation.org/press-room/releases-announcements/2023-pkf-award-ross-levin

#FinancialPlanning #PersonalFinance, #WealthManagement, #FinancePodcast #RossLevin, #FPAAwardWinner #MoneyValues #FinancialAdv #FPA2024 #KempFainAward #FinancialTalk

Jeff and Kathleen are joined by 2024 FPA National President Claudia Kane of Beacon Wealth Strategies. We'll hear about her journey overcoming personal struggles early in life to build a financial advisory practice from wirehouse to independent broker-dealer and her plans to lead FPA and advance the financial planning profession.

Stay tuned to hear our conversation. 

 https://www.linkedin.com/in/claudiacypherkane/

 https://www.raymondjames.com/claudiacypherkane

 https://www.financialplanningassociation.org/about/board/claudia-cypher-kane

#FinancialFrontiers

#ClaudiaKaneJourney

#FPA2024

#IndependentBrokerDealer

#BeaconWealth

Financial Planning Association (FPA)

Claudia Kane

Beacon Wealth Strategies

Personal Struggles

Financial Advisory Practice

Wirehouse to Independent Broker-Dealer

Leadership in Financial Planning

2024 National President

Career Journey

Financial Industry Insights

As a financial advisor, would you sell your business if you found out it might be worth nearly twice what you thought?  That might be true.  In this episode, host Brad Wright is joined by guest, Scott DiGiammarino of JPTD Partners, and WPP co-host, Chris Boyd, who is selling his practice, to talk about the potential environment for investment advisors thinking of selling. There are no shortage of worries in the world - the impact of AI, fee compression, market disruptions, and more.  As a financial advisor, we often urge clients to diversify and not keep too much of a single holding, yet for many of us, our business interests represent our largest asset and source of income.  In this episode, Scott ("DiGi") DiGiammarino provides tips as to which firms can fetch top dollar and how to make improvements when necessary.  Having a consultant's help can enable you to look at your business in a way that will attract buyers and find firms offering higher deal structures.  What are the questions you should consider to determine which buyer might be the best fit for you?  Listen in.  We hope this episode will provide you helpful considerations as you might be planning for yourself as we transition from one year to the next.   Reach Scott ("DiGi") DiGiammarino and JPTD Partners at: Web: https://www.jptdpartners.com/ Email:  ScottDiGi@JPTDPartners.com Cell:  703-851-1244   . .

#DiversifyYourAssets #TopDollarAdvisoryFirms #ConsultantAdvantage #AdvisoryBusinessSale #MaximizeBusinessValue #PlanningForTransition

Alex Fratila, CFA speaks with host Chris Boyd about Managed Futures.  Learn what are the benefits of use of futures in designing an investment portfolio.  How they work, what asset classes can be represented, and how inclusion of a managed futures strategy into clients' portfolios has the potential to help reduce volatility and produce more appealing risk-adjusted returns, particularly in the most volatile of times.

Fratila & Company is an alternative investment firm, seeking to generate uncorrelated returns with public market-like liquidity. The firm is headed by ex-CSS trader, Alex Fratila. Fratila & Company attempts to further the concepts utilized at CSS, which was founded by the original UBS O’Connor team after Swiss Bank purchased O’Connor in 1992.

Join us for an interesting discussion as you contemplate how you might manage risk in your client accounts as we round out 2023 and move toward a new year. 

email: Alex@fratilaco.com

website: www.fratilaco.com

LinkedIn: https://www.linkedin.com/in/afratila/

#InvestmentStrategies #ManagedFutures #FinancialInsights #RiskManagement #AlternativeInvestments #AlexFratilaCFA #FratilaAndCompany #VolatilityReduction #PortfolioDesign #UncorrelatedReturns #2023Investments #FinancialTalk

Collaborating with a Daily Money Manager to Enhance Client Relationships

We all have clients that don’t always know where their money goes each month, who struggle to find important documents when they need them, who hate opening their mail and paying their bills, and who stress around tax time trying to get information to their accountant. As advisors, we love helping our clients plan for the future, but we often don’t want to get into the weeds of managing their day-to-day finances. Luckily, there are other people out there that do! On this episode of the Wicked Pissah Podcast, host Kathleen Kenealy speaks with Jeremy Zizmor, founder of Assurance Family Partners, a firm that provides Daily Money Management services to clients who don’t have the time or desire to manage their day-to-day financial matters. We talk about how Jeremy works with his clients to provide bill pay, mail management and bookkeeping services; how collaborating with a daily money manager can enhance the services that planners offer to their clients; as well as questions to ask if you are considering using a daily money manager to help relieve the day-to-day money management stress that your clients face. Learn more: https://assurancefamilypartners.com/

Book time with Jeremy: https://assurancefamilypartners.com/consult

Take the Assessment: https://assurancefamilypartners.com/fpane

Connect with Jeremy: https://www.linkedin.com/in/jeremyzizmor/details/experience/

#MoneyManagement #ClientRelationships #DailyMoneyManager #FinancialSupport #FinancialPlanning #WickedPissahPodcast #FinancialServices #BillPay #MailManagement #FinancialMatters #ClientCare #FinancialAdvisor #FinancialAssistance  #FinancialOrganization #FinancialWellness #FinancialRelief #ClientNeeds #FinancialHelp #FinancialStress 

Sometimes it can be hard finding a CPA or tax professional that actually does tax planning for clients, not just tax preparation. This challenge has only grown over the last few years as more and more accountants have retired or left the industry and is likely to only get worse seeing as 70% of CPAs reached retirement age in 2020!

On this episode of the Wicked Pissah Podcast we speak with Katrina Kowalski, a CPA who believes so firmly in the value of tax planning that she doesn’t bill it as a separate service. Join us as we nerd out on taxes with Katrina – we revisit some of the lesser-known aspects of SECURE 2.0, we discuss tax and retirement planning opportunities that small business owners should consider, and we hear how Katrina uses the “Rule of 3” to help her clients focus on accomplishing meaningful tasks that will help advance their businesses without getting overwhelmed.

More Information:

https://onpointnh.com/

https://www.linkedin.com/in/katrina-kowalski-cpa-a269011/

#TaxPlanningPros #CPAInsights #TaxPreparationVsTaxPlanning #FinancialAdvisors #TaxStrategies #RetirementPlanning #SmallBusinessOwners #SECURE2.0 #TaxNerds #FinancialStrategies #WickedPissahPodcast #TaxTips #CPAExpertise #BusinessGrowth

On this episode of the Wicked Pissah Podcast we speak with licensed professional counselor Jennifer Gray. Jennifer focuses her counseling work on helping financial advisors find balance and authenticity between their personal and professional selves; manage and overcome burnout and overwhelm; and celebrate the success of building a fulfilling life and business. 

Keep listening to hear Jennifer’s tips for setting boundaries with your clients and your business, using your values to build a life and practice that you love, and how to slowly start loosening your grip on the reins of control to create more space in your life to take care of yourself, not just your clients.

For more information:

https://www.linkedin.com/in/jennifergraylpc/

https://www.jennifergraycounseling.com/therapy-for-financial-professionals

Learn how to help your clients utilize various tax benefits from real estate investments - including benefits of depreciation, capital gains deferrals, & more.  Energetic and entertaining guest, Jay Frank, Pres. & COO of Cantor Fitzgerald Asset Management, joins co-hosts Chris Boyd & Brad Wright.  It may not be for CE, but you will learn important resources to help your clients.  'Like-kind" 1031 Exchanges of real estate transactions can seem to have complex rules, but Jay explains with ease.  Learn more about things like:  721 exchanges, what is a DST or a TIC.  You've probably heard of a Qualified Opportunity Zone, but did you know clients can defer capital gains from real estate, stocks, or other investments by investing in one? Whet your appetite to learn more and help your clients.

Cantor Fitzgerald Asset Management

https://www.cantor.com/our-business/asset-management/

Jay Frank

President & Chief Operating Officer 

Cantor Fitzgerald Asset Management

jfrank@cantor.com

https://www.linkedin.com/in/jay-frank-b52b624/

Allan Sheahan, CFP®

Senior Vice President - Regional Director

Cantor Fitzgerald Asset Management

Allan.sheahan@cantor.com

(mobile) 785-221-1202 / (text) 617-371-8303

https://www.linkedin.com/in/allan-sheahan-cfp%C2%AE-06b895158/

Beyond Finance: Planning for Your Life In Retirement

Host Chris Boyd, CFP® is joined by Jennifer Simes, CFP®, long time FPA member who suggested today’s topic and guests.  Nan Ives & Lisa Stornaielo share the challenges of retirement beyond finances.  In the course of navigating challenges of identity and purpose, Nan & Lisa have found and developed resources for those in or near retirement to consider the next chapter of life and find fulfillment.  Learn more about “The Future of You” in this episode of the Wicked Pissah Podcast.

Jennifer Simes:

Email: JSimes@CarlPSherr.com

https://www.linkedin.com/in/jennifer-simes-cfp%C2%AE-a5246911/

https://carlpsherr.com/ 

Nan Ives:

Email: Nan@TheFutureOfYou.com 

https://www.linkedin.com/in/nanives/

https://www.thefutureofyou.com/ 

Lisa Stornaielo:

Email: Lisa@TheFutureOfYou.com 

https://www.linkedin.com/in/lisa-stornaielo/

https://www.thefutureofyou.com/ 

Chris Boyd:

Email: Chris@amrfinancial.com 

https://linkedin.com/in/chris-boyd-562504299/

Hosts Brad Wright and Jeff Tomaneng are joined by Income Lab co-founder Johnny Poulsen, CFP®. They discuss:

Whether or not advisors have been looking at retirement distributions the wrong way

What Guardrails are and how they can help a retiree remain on track

How uncertainty can be less stressful than the certainty of a negative event.

You’ll also learn how Monte-Carlo analysis can work during a client’s accumulation phase, but adjustment-based income planning, during retirement, may be better understood and provide more certainty. 

For more info on Income Lab, visit www.incomelab.io

Kathleen and Jeff speak with advisor marketing thought leader and author Kristen Luke of Kaleido Creative Studio. Kaleido Creative Studio is a marketing agency that helps Registered Investment Advisors market themselves to a niche, making it easier for them to stand out from the competition and attract ideal clients. Stay tuned for a Wicked Pissah! (recorded 9/14/23)

https://www.linkedin.com/in/kristenluke/

https://www.linkedin.com/company/kaleido-creative-studio/

https://www.kaleidocreative.com/

https://www.OnNiche.com/

https://www.fpanewengland.org/wicked-good-half-day-talks/

Hosts Brad Wright and Kathleen Kenealy are joined by Purse Strings founders Dr. Barb Provost and her daughter Maggie Nielsen, MBA. They discuss:

What led Barb and Maggie to found a financial services organization for women

How the gender wealth pay gap impacts women’s financial security, and how women can become more financially confident

How you, as an advisor, can potentially team up with this organization

You’ll also learn how to become comfortable working with female clients and the skills required.

For more info on Purse Strings, visit www.pursestrings.co   

Reach Barb and Maggie, info@pursestrings.co 

Become a Purse Strings Approved Professional, https://pursestrings.co/be-purse-strings-approved-2023/

Purse Strings Podcast, https://pursestrings.co/podcast/

According to studentaid.gov, there are a whopping 45 million borrowers in the US who have Federal student loan debt – that’s almost 15% of the country’s population. Pretty soon those borrowers are going to need to start making loan payments again as the student loan payment pause is coming to an end after providing borrowers with payment relief for the last 3 plus years. 

To talk about what this means and the options that student loan borrowers currently face, we are joined by Certified Financial Planner™ practitioner and Certified Student Loan Professional™, Dan Rooker. Dan will give us an overview of the new SAVE plan and how it differs from prior repayment plans, actions that borrowers can take today to prepare for their payments to start up again, and resources that advisors can leverage to learn more about planning for clients with student loans.

For more information:

https://www.linkedin.com/in/danrooker/

https://www.studentloanplanner.com/

https://slpwealth.com/

Double Consolidation Guide

Double Consolidation - PSLF

As part of this journey we call life, all of us will experience and grieve a loss or know someone who has. What do you say? How do you say it? Acknolwedging the loss and grief of another person can be uncomfortable and awkward, but it doesn’t have to be. Kathi Balasek is on a mission to help financial advisors relate to a person who is a grieving. As an educator and grief literacy communication coach, Kathi works with advisors to help them understand language around grief, how to better communicate with empathy, and how to create a safe space and better connect with those who are grieving. This episode may help you be a better advisor, but it likely will help you be a better human, too.

For more information about Kathi:

https://www.kathibalasek.com/

The Well Widow Podcast: https://www.kathibalasek.com/podcast

https://www.linkedin.com/in/kathibalasek/

From Planning to Publishing: Educating Others by Writing from the Heart  Have you ever thought about writing a book but you’re not sure where to start? How do you figure out what to write about? How do you go about getting published? How do you get people to buy and read your book? On this episode, Cassandra Smalley and Nycole Freer join us to help answer some of these questions. Cassandra and Nycole are two FPA members who each took the leap to write a book while also starting their own financial advisory practices. Cassandra and Nycole share with us what inspired them to become authors, what the writing process was like for each of them, things they learned along their publishing journey and words of wisdom they have for other aspiring advisors-turned-authors.

"Haisley's Birthday Money"

"The Why of Wealth"

Contact / Follow Cassandra and Nycole:

Nycole Freer - Eden Financial

You can find Nycole on LinkedIn, Instagram, YouTube and Facebook.

Cassandra Smalley - Cassandra Smalley Wealth Management

You can find Cassandra on LinkedIn, Instagram, YouTube and Facebook.

Resources Mentioned During the Conversation

Reedsy

Children's Book Authors and Illustrations Facebook Group 

Purple Diamond Press

Manuscripts

New Degree Press

"The Why of Wealth" Book Club Discussion Guide 

Ben Lewis, Chief Communications Officer of the Financial Planning Association joins the podcast to share new member resources and remind us about many more.  

We discuss:

… and much more.  

Kathleen and Jeff speak with Diane Pappas of Solutions for Divorce. Solutions for Divorce is a boutique fee-only Divorce Financial Planning firm on the North Shore of Boston dedicated to improving the divorce process for individuals and couples going through this challenging time in their lives. 

https://www.linkedin.com/in/dianecpappas/

https://www.linkedin.com/company/solutions-for-divorce-llc/

https://solutionsfordivorce.com/

https://www.fpanewengland.org/2023/07/september-13-wicked-good-half-day-talks-boston-ma/

Did you know that before Dr. Sarah Newcomb became an applied scientist in behavioral economics she was an aspiring opera singer? No? Then tune in to this episode of the Wicked Pissah Podcast to find out what else you might not know about Sarah!

We will hear how Sarah’s effort to get her financial situation in order led her to realize she needed to first heal her own attitudes and unhealthy thinking about money. She’ll give us some tips on how advisors can use psychological frameworks to help coach their clients into healthier financial behavior. We’ll also get a sneak-peek into her “Financial Life Modes” presentation to the FPA of New England coming up on October 5th in York, Maine. https://www.linkedin.com/in/sarahcnewcomb/

https://www.thrive-financial.net/

Loaded: Money, Psychology, and How to Get Ahead without Leaving Your Values Behind

Register for Wicked Good Talks: October 5, 2023 in York, Maine

Chris and Jeff speak with Bob Hanney and Phil Colmar of MRB, The Macro Research Board.

MRB is an independent research firm providing integrated global multi-asset investment strategy as well as actionable, absolute-return ideas. We hear their thoughts on the current equity and fixed income environment and how they help financial advisors with their research. (recorded 8/24/23)

https://www.linkedin.com/company/mrb-partners/

https://www.linkedin.com/in/phillip-colmar-b3a82514/

https://www.linkedin.com/in/robert-hanney-448b3ab8/

https://www.mrbpartners.com/

https://www.fpanewengland.org/2023/07/september-13-wicked-good-half-day-talks-boston-ma/

Protecting your clients’ property and wealth with Personal Risk Advisor Holly Gately

When was the last time you took your clients through a comprehensive risk assessment? Can’t remember? Then tune into this episode of the Wicked Pissah Podcast and hear from Personal Risk Advisor Holly Gately. 

Holly is a risk management specialist with USI Insurance Services who focuses on personal property and casualty insurance for successful individuals and families.

We’ll learn about the holistic approach Holly takes to make sure clients are properly insured, how advisors can make the insurance review experience better for clients, why you might want to think twice about buying that condo in Florida, and more. HOLLY GATELY Personal Risk Advisor

CA Individual License No. 4106472

USI Insurance Services, LLC

CA Agency License No. 0G11911 

holly.gately@usi.com | www.usi.com 

https://www.linkedin.com/in/hollyoconnor/ https://www.linkedin.com/company/usi-insurance-services/ https://www.usi.com/property-casualty/ https://www.usi.com/personal-risk/

Host Brad Wright is joined by Holistiplan’s Chief Growth Officer, Chris Field. They’ll walk you through Holistiplan's tax planning software (even if you’re not a CPA or an EA). 

You’ll learn how the software can help you:

scale

gain clients

justify your fees

You’ll also learn about two books Chris has written on becoming a “Disruptor” and the non-profit Mercy Project, which he founded to use sustainability and empowerment to help rescue children out of slavery in Ghana.

For more info on Holistiplan: www.Holistiplan.com 

To reach Chris: Chris@Holistiplan.com

Are you an advisor working with baby boomer business owner clients? According to the US Small Business Administration, there are 33.2 million small businesses in America representing 99.9% of all US businesses.  Obviously small businesses are a critical part of our local, state, and national economies. But what happens when someone who has spent their life building and growing their business decides they are finally ready to let go of the reins and do something different? How do privately held business owners prepare to eventually sell or exit their company?

On this episode of the Wicked Pissah Podcast, we are joined by speaker, author and exit planning expert John Leonetti, Founder and CEO of Beacon Hill Equity Group and the International Exit Planning Association.

We’ll hear from John about what exit planning is and why business owners need it, why demand for exit planning continues to increase amongst baby boomer business owners, and how advisors can better engage with business owners to help them through what is both a financial and emotional process. You’ll also hear a story from John about a recent transaction he facilitated that gave me goosebumps and helps support his claim that exit planning is the greatest work there is.

https://www.linkedin.com/in/john-leonetti-421b83a/

https://theiepa.com/

https://beaconhillequitygroup.com/

https://www.amazon.com/Exiting-Your-Business-Protecting-Wealth/dp/0692016228

In this episode, our esteemed guest is Jeffrey Kleintop, CFA, Chief Global Investment Strategist and Managing Director of Charles Schwab & Company, Inc. Listen in as Jeff reminds advisors of the virtues of international exposure, not just from the perspective of company domicile or sales exposure. Jeff will share their perspective on the state of the global economy, including the potential opportunities (attractive multiples or recovery from recession) and risks (whether climate, geopolitical concerns, or others), We’ll be reminded that even domestic investors may not be exempt from many of these same concerns, but are we entering a period of foreign markets outpacing US markets?  

Let’s talk about Global Markets and International Investing! 

To connect further with Jeffrey you can find him below:

https://www.linkedin.com/in/jeffrey-kleintop-36427a9/

https://www.schwab.com/learn/author/jeffrey-kleintop

https://twitter.com/jeffreykleintop

To find out about the educational opportunities we discussed in this episode and more:

https://www.fpanewengland.org/

Returning guest, Kristin Beane of Endeavor Consulting, LLC and FPA of New England's executive director joins the podcast for an update on what's been happening in the chapter the first half of the year and for a preview of things to come.  Whether for the Free CE Day for members (on 8/1 & 8/2), upcoming half-day educational programs, community building, or pro bono offerings, the FPA of New England has loads to offer members. Hear how Kristin and her team have grown from serving one chapter to some of the largest chapters along the east coast.

https://www.fpanewengland.org/

Admin@FPAMA.org

https://www.linkedin.com/company/financial-planning-association-of-massachusetts?trk=company_logo

http://www.facebook.com/pages/Financial-Planning-Association-of-Massachusetts/180236272033414

Brad Wright CFP® and Jeff Tomaneng CFP® speak with Joe Messinger CFP®, ChFC®, CLU®, CCFC. Joe is a trusted authority in the areas of college planning and funding. He’s on a mission to "Change the way America shops for college." He created the innovative College Pre-Approval™ system to seamlessly guide families through the college funding maze and ensure that every student graduates with manageable student loan debt without robbing retirement.

We discuss:

The rising costs of college tuition

How to calculate net costs at over 3,000 schools across the country

How late is too late to begin planning for college

Joe’s “College Planning Made Easy Certificate Program for Advisors” 

Contact Joe:

https://www.joethemessinger.com/ 

https://www.linkedin.com/in/joemessinger/

https://capstonewealthpartners.com/

https://twitter.com/capstonewealth

https://www.facebook.com/mycapstoneplan/

As a financial professional, are you working in your business, or are you working on your business? 

Today we are joined again by renowned professional coach and author, Duncan McPherson.  Chapter Past Presidents Brad Wright & Chris Boyd discuss with Duncan some of the powerful insights from the book, The Blue Square Method, which he co-authored with Chris Jeppesen.  The Blue Square Method is about building a business and a life … finding that balance and developing a business that serves clients effectively, efficiently, and compellingly so that they become raving fans with branded processes, all while building a business that serves your life well.  Additionally, Duncan shares about the virtues of professional coaching services for financial advisors and his team at Pareto Systems. 

Okay, let’s get started and learn more about the Blue Square Method!

https://www.linkedin.com/in/duncanmacpherson/

https://www.thebluesquaremethod.com/

https://www.paretosystems.com/

This week, we talk with Ric Edelman about Cryptocurrency & Digital Assets.

The questions abound: 

Join chapter past-presidents Chris Boyd & Jeff Tomaneng as we hear about Ric's journey from journalist to national radio show host, to best selling author, to building the nation’s largest RIA firm.  We’ll also hear about Ric’s latest endeavor to educate financial professionals about digital assets.  Whether you agree or disagree about the uses of cryptocurrency, you’ll enjoy Ric Edelman’s passion and enthusiasm for this emerging asset class.  Let us know what you think?  Let’s talk about Cryptocurrency! 

https://www.linkedin.com/in/ricedelman/

https://dacfp.com/

https://www.amazon.com/Truth-About-Crypto-Easy-Understand/dp/1668002329

With more than $47M American retirees, and 10,000 BabyBoomers reaching retirement age every day … let’s talk RETIREMENT.

Join our guest, Bob Powell, renowned Retirement columnist for USA Today & MarketWatch, publisher/editor of The Street's Retirement Daily, host of Exceptional Advisor, Co-Founder of FinStream.TV, Curriculum Director of the Elder Plan Specialist certification program, & Director of Retirement Education for Sensible Money.

Whether about spending in retirement, the risks retirees face, or the needs for an elder plan, Bob provides insights for advisors consideration when working with clients in retirement based on his extensive expertise from a career of financial reporting as well as having conversations with many today’s great financial minds.

Listen for the end of the podcast as Bob indicates how advisors can get published, and benefit from credentials aimed at helping advisors work with retirees.

https://www.linkedin.com/in/powellrobert/

https://www.thestreet.com/retirement-daily/

http://finstream.tv/

Kathleen and Jeff speak with Dr. Sarah Fallaw. Sarah is a psychologist, researcher, and founder-president of DataPoints, the first behavioral assessment company for financial services. DataPoints uses tools that pinpoint financial attitudes, wealth-building behaviors, and investor risk tolerance to uncover client money mindset. She co-authored The Next Millionaire Next Door, continuing the study of wealth in America started by Thomas J. Stanley, Ph.D. https://datapoints.com/ https://www.linkedin.com/in/sarahfallaw/ https://twitter.com/sarahfallaw https://www.facebook.com/datapoints

On this episode of the Wicked Pissah Podcast we are joined by representatives from Dimensional Fund Advisors, Althea Trevor and Dillon Hewitt-Castillo. During our conversation with Althea and Dillon we learn about Dimensional’s investment philosophy, strategy, and the process they use when building portfolios. We also learn about the numerous resources that Dimensional provides to advisors to help support their practices and client work.

https://www.dimensional.com/us-en/financial-professionals

dillon.hewitt-castillo@dimensional.com

We are joined by Ginnie Baker, CFP®, Partner of Beaird Harris Wealth Management and head of the FPA® Advisory Council, to discuss what the role of the Advisory Council is, its importance, and how it’s impacting the Financial Planning Association® going forward.

On this episode we are joined by our fellow FPA of New England member, Rick Fingerman, CFP®, CDFA®, CCPS™. Rick is the Managing Partner and Co-Founder of Financial Planning Solutions where he helps create Financial Wellness for Widowed or Divorced Women™ and works to empower clients that are seeking a more secure financial life. Rick was awarded the 2014 Heart of Financial Planning Award for the work he does overseeing our chapter’s pro bono financial coaching program with the Dana Farber Cancer Institute (DFCI). Tune in to hear about how Rick became involved with the DFCI coaching program and why he gives so much of his time back through volunteering. We also talk about the June 2nd training session for those that are interested in becoming a pro-bono coach for Dana Farber patients, what it is like working with patients and the many resources that are available to support you in your coaching efforts.

https://www.linkedin.com/in/rickfingerman/

https://planwithfps.com/who-we-are/meet-the-team

https://www.fpanewengland.org

David Marra of Markin Asset Management speaks with us not only about quantitative asset management but also about the recession worry, changing long-term economic & market conditions, recency bias, building portfolios that act as clients expect, this quarter’s earnings, and recent banking insecurity.  Benefit from David’s insights and perspective, and learn more about Markin’s approach & offerings.

https://markinfunds.com/

https://www.linkedin.com/in/david-marra-8693b44

We are joined by body language expert, keynote speaker, and author Traci Brown. She uses her body language expertise to help banks, credit unions and financial, insurance and safety groups stop fraud losses by detecting deception that happens right before their eyes. She also shares with us some tips to better understand and communicate with others and facilitate better relationships.

https://www.bodylanguagetrainer.com/

https://www.linkedin.com/in/bodylanguageexpert1/

We are joined by 2022 Heart of Financial Planning Award winner Celeste Revelli. She is the director of digital planning within planning advice services at Fidelity Investments. She will share her thoughts on how democratizing financial wellness and closing wealth gaps via technology can lead to greater financial peace of mind and a society that operates at its optimal potential.

https://www.linkedin.com/in/celestehernandezrevelli

https://www.fidelity.com/go/youth-account/

On this episode, host Kathleen Kenealy speaks with two of the FPA New England chapter’s board members: Membership Director Karen Van Voorhis, CFP® and Kayla Holland, CFP®, head of the Next Gen Committee. We hear from Kayla and Karen about the different paths they each almost took before pursuing a career in financial planning. We talk about the value of starting a career in a small firm that provides you with an opportunity to experience many different aspects of running a wealth management firm. Karen shares her tips for finding a position as a planner without ever actually applying for a job and Kayla tells us about all the great events the Next Gen committee is planning for this year. We also hear about their experiences being involved with the FPA, the benefits that the FPA provides to its members, and how the FPA as an organization can benefit from welcoming Next Gen members to our community.

https://www.linkedin.com/in/karenvanvoorhis/

https://www.linkedin.com/in/kayla-holland-cfp%C2%AE-031a0435/

https://www.fpanewengland.org/

We are joined by award-winning financial advisor, educator, and thought leader Robert Glovsky. Robert is Vice Chair and a Principal of The Colony Group. Stay tuned to hear about his professional journey and thoughts on CFP education and the profession of financial planning.

https://www.linkedin.com/in/robert-glovsky-265a205a/

https://www.thecolonygroup.com/your-team/robert-j-glovsky-jd-llm-cfp/

We are joined by CFP Board CEO Kevin Keller and CFP Board Chair and CFP Professional Dan Moisand. We'll hear about CFP Board's strategic priorities, the relationship between FPA and CFP Board, and Dan and Kevin's thoughts on the evolution of the financial planning profession. Stay tuned to hear our conversation.

We are joined by 2022 FPA Heart of Financial Planning Award winner Shawn Jacobson. Shawn is an Advisor at Northrock Partners where he leverages over 20 years of impactful and meaningful client relationships, Shawn continues to deliver extensive education and advice in retirement, estate planning, insurance and investments to affluent clients.

https://www.linkedin.com/in/shawn-jacobson/

https://www.northrockpartners.com/

Matthew Jarvis, Co-Founder of The Perfect RIA and author of Delivering Massive Value, joins host Brad Wright to discuss helping financial advisors create hyper-efficient and profitable practices. Learn how you can become more efficient and increase your firm’s capacity, how to “graduate” clients who are no longer a fit, and how to achieve all of this while charging a premium.

You’ll also find out who Matt turns to for advice, what he’s reading, and how he spends all of his time off.

Contact Matt:

 https://theperfectria.com/

Buy the book:

Amazon

Other References:

https://theperfectria.com/podcasts/

https://www.kitces.com/blog/matthew-jarvis-financial-podcast-building-profitable-lifestyle-practice-by-age-35/

We are joined by writer and financial planning industry commentator Bob Veres. Bob is the owner, editor, and publisher of Inside Information, a newsletter of relevant curated content for the financial advisory profession and co-producer of the Insiders Forum. Bob is a frequent industry speaker, delivering insightful and entertainment keynote sessions that explore the features and trends of the financial advisory profession. In addition to winning several national awards as a journalist, Bob has been named as one of the most influential people in the financial planning profession by Investment Advisor Magazine and Financial Planning Magazine. We learn about how he got to where he is today and hear about the evolution of the financial planning profession.

https://bobveres.com/

https://www.linkedin.com/in/bob-veres-b4813611

This week, we are joined by financial behavior expert, and storyteller Dr. Mary Bell Carlson, CFP®, AFC®. Mary is the president of Financial Behavior Keynote Group, a source for keynote speakers centered on financial behavior, and the author of the newly released book, Anchors, Ostriches, and a Hot Pair of Scissors: Navigating Human Behavior as a Financial Professional. We'll hear about her diverse professional experiences, working with financial planning firms, professional associations, government organizations, human resources firms, and higher education institutions.

Her contact info:

Email: Mary@keynote.financial

LinkedIn: https://www.linkedin.com/in/marybellcarlson

Twitter: @MaryBellConsult

Website: https://keynote.financial/

Host and past FPA MA President, Jeff Tomaneng, CFP®, is joined by author, consultant, and Financial Services FinTech Expert Joel Bruckenstein. Joel is the founder and president of T3 Technology Tools for Today, the premier practice management and consulting firm for the financial planning profession and the financial services industry. Stay tuned to hear about his journey and the evolution of financial technology.

T3 Advisor Conference: March 13-16, 2023

Conference discount code: T3Z200

Register for Conference here: https://www.t3conferences.com/

Joel's LinkedIn: https://www.linkedin.com/in/joelbruckenstein/

In this episode, hosts Kathleen Kenealy and Jeff Tomaneng are joined by 2022 FPA Heart of Financial Planning Award winner Mark Prendergast. Mark talks to us about his career over the years, how he works with clients in his role as Director of Tax Strategies at Inspired Financial, and how he’s developing the next generation of planners and leaders at his firm. We also learn about what he’s looking forward to in retirement, what inspires him to tirelessly give back through volunteering and pro bono efforts, and how he found love through the FPA.

Mark's links:

https://www.financialplanningassociation.org/lead/awards-scholarships/heart-of-financial-planning-award

https://www.linkedin.com/in/mark-prendergast-6974aa9/

https://www.inspiredfinancial.biz/

https://www.savvyladies.org/about-us/helpline-volunteers/

Host Jeff Tomaneng, CFP®, is joined by 2021 FPA Montgomery-Warschauer Award winner Julie Fortin, CFP®, FBS®, CeFT®. Julie is a partner and wealth advisor with Northstar Financial Planning, a financial life planning and wealth management firm dedicated to helping women and couples successfully navigate life transitions while cultivating financial security and well-being. She specializes in wealth psychology and the neuroscience of financial decision making. Stay tuned to hear about her journey and how interpersonal neurobiology integrates with the profession of financial planning.

Her Award Winning Paper:

https://www.financialplanningassociation.org/article/integrating-interpersonal-neurobiology-financial-planning-practical-applications-facilitate

Her LinkedIn:

https://www.linkedin.com/in/julie-fortin-cfp/

Host Jeff Tomaneng, CFP®, is joined by 2022 FPA P. Kemp Fain, Jr., Award winner Scott Kahan, CFP®. Scott is the owner and founder of Financial Asset Management Corporation, a financial planning and advisory firm he started in 1986 with the vision to provide individuals, families, and small businesses with the tools and resources to make and implement informed financial decisions in a fee-only model. Hear about his journey and thoughts on the evolution of the financial planning profession, the importance of pro-bono work and giving back, being client-centric, financial planning not being about a product sale, and financial life planning.

Scott's info:

https://www.famcorporation.com/

https://www.linkedin.com/in/scottkahancfp/

https://www.famcorporation.com/

https://www.facebook.com/FinancialAssetManagementCorp

FPA Massachusetts Past President Jeff Tomaneng is joined by educator, entrepreneur, writer, and investor, Brian Portnoy, CFA®. Brian is the founder of Shaping Wealth, a learning technology platform transforming the human experience of money, combining science and story to show people how to underwrite a meaningful life through "Funded Contentment."

https://www.shapingwealth.com/

https://www.linkedin.com/in/brianportnoy/

https://twitter.com/brianportnoy

Hosts Kathleen Kenealy and Brad Wright are joined by members of the FPA 2023 incoming executive committee leadership team, Shaun Erickson, Kevin Williams and Marybeth Breed. We ask them about their experiences as members of the FPA, how they found themselves in leadership positions, and what they find most valuable about the FPA community. We take a look back at 2022 as the year comes to a close and reminisce about being back in person again for Wicked Good Talks and Gala for a Goal. We hear from them about what it is like serving on the board and what the chapter has in store for 2023.

We are joined by Vice President of Fidelity's Asset Allocation Research Team, Jake Weinstein. Host Chris Boyd, CFP®, has a wide range conversation with Jake about issues that face investors today in regard to Asset Allocation. They discuss themes and the implications of inflation, debt, geopolitics and globalization, foreign exchange, aging demographics and more. If you’re thinking about portfolio construction for the next year and the years ahead, listen to this episode for great insight.

To see the Fidelity “Quarterly Market Update” research from Fidelity's Asset Allocation Research Team for the particular quarter, please visit this link: Quarterly Market Update.

Jake Weinstein LinkedIn: https://www.linkedin.com/in/jacob-weinstein-cfa-ab5b4a5

We are joined by FPA Board Members, Karen McDade, CFP®, AIR®, CDFA®, and Dan Galli, CFP®, to discuss OneFPA and a culture of a Board, the meaning of being a FPA board member, what the Board's focus has been, Financial Planner title protection, challenges and opportunities facing the profession today, and much more. Karen and Dan both share with us their journey of how they got to where they are today and what led them to want to serve as a FPA Board member.

We are joined by Senior Advisor of the American Heart Association’s Charitable Estate Planning Team in the eastern states region, Ed Rodbro, CAP®. Ed shares with us his perspective on philanthropy and gift planing. You’ll learn about the why behind his career in planned giving, the life saving work of the AHA, and how advisors can help their clients make an impact with philanthropic giving as we head into giving season. 

heart.org/waystogive

heart.org/lifes8

FPA Massachusetts Past Presidents Brad Wright and Jeff Tomaneng are joined by their fellow FPA New England chapter member Bruce Brumberg. Bruce is an expert on equity compensation, a contributor to Forbes, and Co-Founder and Editor-in-Chief of myStockOptions.com - the website devoted to equity compensation topics including basics, taxation, and financial planning. The website covers all types of stock grants: stock options, restricted stock/RSUs, performance shares, SARs, and ESPPs. He shares basics on stock options and non-qualified deferred compensation.

https://www.mystockoptions.com/

https://www.linkedin.com/in/bruce-brumberg-89345111/

https://www.forbes.com/sites/brucebrumberg/?sh=70e10dc526f7

In this episode, Kathleen Kenealy and Rene Jarquin, Director of the FPA of New England’s Diversity, Equity & Inclusion Committee, are joined by Chloe Moore, CFP® and Luis Rosa, CFP®, EA, two of the co-founders of the BLX Internship program. According to recent data published by the CFP Board, less than 5% of CFP® Professionals are Black, Hispanic or Latino. The mission of the BLX Internship Program is to make the demographics of the financial planning profession more representative of the population of the country by providing an entry point into financial planning for Black and LatinX individuals. Join us to learn more about the program, its goals over the next year, and how advisory firms can benefit from hiring an intern in their practice.

Co-hosts Jeff Tomaneng, CFP®, CDFA® and Kathleen Kenealy, CFP®, CPWA® are joined by Alexandria Dunn, CFP®, CTFA, Cynthia Haddad, CFP®, ChSNC®, and John Nadworny, CFP®, CTFA of Affinia Financial Group to discuss their expertise in Special Needs Planning. You’ll learn how Alex, Cynthia and John are uniquely qualified to guide families who have a loved one with a disability; how they work with their clients to keep them motivated and engaged in the planning process; how their practice and this type of planning has evolved over the years; and their suggestions for other advisors who are, or are considering, focusing their practices on families in this niche.

Please visit SpecialNeedsPlanning.com to learn more about Affinia Financial Group and to access their Knowledge Bank of free, downloadable publications and learning resources.

Use the discount code “SNP15” to get 15% off when you buy the 2nd edition of their book, “The Special Needs Planning Guide: How to Prepare for Every Stage of Your Child’s Life” from Brooke’s Publishing.   

Brad speaks with Massachusetts Deputy Treasurer and Director of the Office of Economic Empowerment, Alayna Van Tassel.

Alayna discusses her path into state politics. She delves into the status of Bill H.578 An Act establishing a personal financial literacy curriculum in schools and introduces us to the possibility of Baby Bonds (an at-birth publicly funded trust fund program for Massachusetts residents). Alayna also reflects on her tenure at the Office of Economic Empowerment; their accomplishments, how they measure success, and what happens to the office when eventually there is an administration change.

Listen to the end when Alayna divulges three things people don’t know about her, including her favorite quote and her dog’s name.

To find out more about the Office of Economic Empowerment visit: www.mass.gov/treasury/empowerment (links to all programs and social media).

For upcoming events visit: www.bit.ly/OEEevents    

Ana Limon and Jamie Hopkins from Carson Group join us to discuss the future of the financial planning profession, their partnership with FPA, and how they're coaching financial planners, financial advisors, and investment advisory firms to better serve their clients and advance the profession.

LinkedIn

Ana Limon - https://www.linkedin.com/in/anatlimon/

Jamie Hopkins - https://www.linkedin.com/in/jamie-hopkins-esq-llm-cfp%C2%AE-chfc%C2%AE-clu%C2%AE-ricp%C2%AE-022a502a

Carson Group - https://www.linkedin.com/company/carsongroupllc/

Twitter

Ana Limon - https://twitter.com/AnaT_Edits

Jamie Hopkins - https://twitter.com/RetirementRisks

Carson Group's Podcast:

https://www.carsongroup.com/framework/

The Financial Planning Association® is examining a multi year effort to have title protection for Financial Planners. Considering the merits and challenges in this discussion with 2022 FPA President, Dennis Moore, CFP®, and CEO and Secretary of the FPA, Patrick Mahoney, on this episode of the Wicked Pissah Podcast hosted by Chris Boyd, CFP® and Kathleen Kenealy, CFP®.

In this episode of the Wicked Pissah Podcast, we'll hear from Melody Ramsey of Heifer Foundation. She shares with us the work and mission of Heifer International and how she works with corporations, individuals, and their financial and legal advisors to educate them on Heifer's work and philanthropic efforts.

Websites: Heiferfoundation.org  &  Heifer.org

LinkedIn: https://www.linkedin.com/in/melody-ramsey-401b6413

Email:

Melody.Ramsey@heiferfoundation.org

Host, Chris Boyd, CFP®, and colleague and co-host, Jeff Perry, JD, are joined by Certified Student Loan Professional, Belle Osvath, CFP®, CSLP®, to discuss and explain the proposed plans and implications of President Biden's student debt forgiveness plan: who it affects, what it means for those who qualify, what Pell Grants are, and more.

Belle's LinkedIn: https://www.linkedin.com/in/jenniferbelleschneider/