151 episodes

Interviews with the Next Generation of Experts, Commentators, Entrepreneurs and Creatives in and around wealth and the wealth management industry. From Frazer Rice, noted fiduciary expert, operator of frazerrice.com and author of "Wealth Actually".

Wealth Actually Frazer Rice

    • Entrepreneurship

Interviews with the Next Generation of Experts, Commentators, Entrepreneurs and Creatives in and around wealth and the wealth management industry. From Frazer Rice, noted fiduciary expert, operator of frazerrice.com and author of "Wealth Actually".

    FLORIDA AND CALIFORNIA PROPERTY INSURANCE

    FLORIDA AND CALIFORNIA PROPERTY INSURANCE

    Episode 148: Aon's Latanya Simmons











    Aon's LaTanya Simmons on Florida and California Property Insurance







    The challenging Florida and California property insurance environment is a huge topic of conversation. Anyone looking to insure a property knows that this has become tricky business in the last five years. Floods, hurricanes, wildfires and mold have are major problems for successful families' homes. These and other conditions have driven up premiums if you can find insurance at all. Add into the mix the complexity around the liability and the long term viability of the insurers. It becomes obvious that you need an expert to help navigate these risks.







    LATANYA SIMMONS is an Atlanta native and 2nd generation risk management professional. As the National Sports Practice Director and Private Risk Advisor with AON Private Risk Management, LaTanya provides expert personal property and casualty insurance advice and advocacy for successful individuals. executives, entrepreneurs, athletes, entertainers and family offices nationwide count among the people that she serves.







    We discuss the Florida and California phenomenon and what she sees as the future of the property and casualty insurance market in the high net worth space.







    The Florida and California Property Insurance Challenge







    Tell us what is going on in the Florida and California property insurance markets? What is the impact on customers?







    Are Florida and California (and New York) just the beginning for the risk markets?







    What strategies should those and others contemplating moves or purchases in other states consider beforehand?







    How has the insurance market changed over the last 5 years (and specifically in the last 2)? Where do you see it going?







    Will states like Texas, Colorado and Georgia feel this?







    Where do you identify the biggest insurance risks for highly successful individuals?







    How often should insurance policies and programs be reviewed, including the health of their insurer?







    Many clients are high profile due to their or their family’s success and involvement in the community. This puts them in the spotlight often – in the news, on social media, front page of their company website.







    What risks do higher profile people need to be thinking about?







    What other guidance you can share for successful individuals and families when it comes to managing the risk around their homes, autos, collections, and other property?







    Contact LaTanya







    LaTanya Simmons LINKEDIN







    AON







    Other "Wealth Actually" insurance discussions:









    https://frazerrice.com/ep-106-ahmet-bidav/

    For More . . .









    https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

    The new audio version is out now!

    • 20 min
    “SAFEGUARDING & OPTIMIZING SUPPLY CHAINS IN A CHAOTIC WORLD” with LALIT PANDA

    “SAFEGUARDING & OPTIMIZING SUPPLY CHAINS IN A CHAOTIC WORLD” with LALIT PANDA

    EP-148







    LALIT PANDA, Supply Chain and Digital Transformation Expert, on the Complexity of Global Supply Chains and the Steps to Protect and Improve Company Operations







    Defining the term "supply chain" and understanding what a company should control and what to outsource has never been more important to a business. Strategists at the executive and board level face:









    Major global flare ups that threaten inputs







    Huge pools of data to analyze, and







    Increased complexity of logistics as customer preferences develop (almost to the point of irrationality).









    LALIT PANDA has spent his career safeguarding, managing, de-risking and optimizing supply chains. He has worked with major companies like Sony and Altria on these problems and joins us today to discuss the challenges and opportunities of in today's supply chain framework.







    Lalit Panda is an Operations and Technology executive with leadership experience across 7 different industries at companies of all sizes that were Public, PE and VC backed. As a Chief Operations Officer or a Chief Information/Digital Officer in global companies he has led digital and operational transformations at scale. Companies where he had roles range from large public companies like Sony and Altria to mid-size firms like Harman, Denon, Tronox etc. and has also been in late stage startups, ranging from consumer products to industrial chemicals and medical devices. He is a blogger and thought leader on supply chain and digital transformation topics which are increasingly becoming important in a world of rapidly changing technology and geopolitical risks. He holds degrees from Massachusetts Institute of Technology, Indian Institute of Management, Ahmedabad and the National Institute of Technology. He co-chairs the programs committee of the Private Directors Association NY/NJ and also of the Technology and Industrial SIGs of The Executive Forum. He lives in Princeton, NJ.







    Intro







    Background







    Supply Chain Definition







    Development







    Planning, Sourcing, Delivery







    Execution







    Making of the Product







    Delivery of the Product







    Traditional Notions and Recent Shocks







    Impact of recent geopolitical







    Impact of transportation advances







    Impact of recent information technology / logistics management (last mile)







    Impact of Covid / Work From Home







    What do companies traditionally get wrong?







    Strategic Perspective (and Oversight)







    Lack of Board Representation







    Looking into your crystal ball







    How do listeners find you?







    LALIT PANDA LINKEDIN







    LALIT PANDA TWITTER - @latitpanda







    PRIVATE DIRECTOR ASSOCIATION









    https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

    • 30 min
    ANALYZING THE CRAZY 2024 ELECTIONS with DAVID WASSERMAN

    ANALYZING THE CRAZY 2024 ELECTIONS with DAVID WASSERMAN

    Episode 147







    DAVID WASSERMAN of the COOK POLITICAL REPORT on the Landscape of the 2024 Elections







    How should we be analyzing the crazy 2024 elections? Coming off of the Iowa Caucuses and with almost a week before the New Hampshire Primary, the United States is in full swing for one of the zaniest election cycles in memory. With histrionics coming from both sides, it's hard to separate the signal from the noise. The stakes for the 2024 election cycle couldn't be higher, but the confusion and distrust around the process is at its all-time highs.







    Enter David Wasserman.







    David is Senior Editor & Elections Analyst for The Cook Political Report with Amy Walter.







    Recognized as one of the nation's top election forecasters, David leads the development of key data visualizations and new product development.







    He manages CPR’s coverage of the US House of Representatives and redistricting developments.







    Founded in 1984, The Cook Political Report provides analyses of Presidential, U.S. Senate, House and gubernatorial races. The New York Times has called the Report "a newsletter both parties regard as authoritative."







    Polling- ANALYZING THE CRAZY 2024 ELECTIONS







    Polling is an intimate look at the mindset of the population (or at least a certain part of it). However, it is far from a perfect science. What is involved in polling and what are the common poll limitations? Are there significant changes with technology in the way polling has been conducted or are the questions different?







    The current state for the presidential candidates, congress and major state races







    What are the things we should look for during primary season?







    With that in mind, what are the battle ground states and counties?







    How much does Gerrymandering fit into the outcome this cycle (NY case- especially with Congress)







    What are the Six States We Should Focus on?







    Arizona







    Georgia







    Nevada







    Michigan







    Pennsylvania







    Wisconsin







    Who are some of the Dark Horses?







    Against this backdrop, do you have any Crazy Predictions?







    To stay on top of this, where do we find David Wasserman?







    COOK REPORT WEBSITE







    TWITTER (@redistrict)









    https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

    NEW Audiobook version out now!

    • 26 min
    “WHAT IF I AM NAMED IN A WILL OR TRUST?” with JENNY ROZELLE, INDIANA TRUST AND ESTATES ATTORNEY

    “WHAT IF I AM NAMED IN A WILL OR TRUST?” with JENNY ROZELLE, INDIANA TRUST AND ESTATES ATTORNEY

    Episode 145 - Roles and Responsibilities in Trust and Estate Documents with Jenny Rozelle







    "What you should know if you are named in an estate planning document."







    In the world of estate planning, many people who are written into important roles don't know they are mentioned in documents or what is expected of them. These roles can be a lot of work, thankless and carry significant liability.







    What happens if you are part of someone's estate plan? JENNY ROZELLE helps us get a handle on the roles and responsibilities that are out there. Jenny is the founder and owner of the Indiana Estate and Elder Law. We talk about the role of executor, trustee and beneficiary and the pluses and minuses of each.







    Jenny's Background







    Terms







    Executor 







    -What does executing a will mean? How long does it take?-What do executors have to do? Do I have to accept the role?-What type of people are good with this?-Are you paid? -Are there risks (can people sue me)?-Whom do you hire to help with this? (lawyer, accountant valuation expert)







    Trustee







    -What does a trustee do? Administer/safeguard assets, invest assets, distribute assets-What type of people are good with this?-Are you paid? Are there risks (can people sue me)?-Whom do you hire to help with this? (lawyer, accountant valuation expert)







    Beneficiary







    -If I'm a beneficiary, what should I ask from the trustee?-What provisions should I focus on?  (Distributions (mandatory vs discretionary etc . . )-When asking for something from the trust, what is a good process for that?-Do I have recourse if I think things are being managed poorly?







    Summary of other roles







    -Successor Executor-Successor Trustee-Trust Protector







    How do we find Jenny?







    Firm: INDIANA ESTATE AND ELDER LAW







    Twitter: JENNY ROZELLE (@jennyrozelle)









    https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

    • 25 min
    EP-145 MUNICIPAL BONDS 101 with STEPHEN WINTERSTEIN (*AND THE ADVENT OF FINTECH IN THE MUNI SPACE)

    EP-145 MUNICIPAL BONDS 101 with STEPHEN WINTERSTEIN (*AND THE ADVENT OF FINTECH IN THE MUNI SPACE)

    The municipal bond market has been long-prized as a stable, tax advantaged income generator for individuals,







    After years of a low interest rate environment, the asset class is getting renewed attention . . . And it’s not just from investors! Tech disruptors are eyeing the space and they see a massive, disjointed uncoordinated market in need of modernization.







    I spoke with STEPHEN WINTERSTEIN on the state of the municipal bond market. He has a 360 degree view of the muni bond space.







    Steve is the Founder of SP Winterstein and Associates which advises dealers and buy-side firms on municipal fixed income data and technology procurement, vendor engagement, workflow, and market structure.







    He has over 35 years experience in municipal SMA and mutual fund management, electronic trading, fintech. Most recently, he was head of municipal fixed income at MarketAxess and head of Capital Markets at Alphaledger.







    We’ll tackle his view of thoughtful municipal fixed income management, the size, delivery and fractionalization of the market and the technological challenges faced.







    Finally, we’ll get some input on where Steve thinks AI, Blockchain, LLM's and some of the other buzzy words out there may have some real world impact on the asset class.







    Background







    Take us through your career . . . and your start in the Municipal Bond space









    Portfolio Manager - Meridian Asset Management







    Managing Director & Senior Vice President, Head of Municipal Fixed Income - PNC







    Head of Municipal Fixed Income Strategy & Research - Wilmington Trust







    Head of Municipal Fixed Income - MarketAxess







    Head of Capital Markets - Alphaledger







    Managing Partner - SP Winterstein & Associates, LLC









    Investing Process









    Discussing the two pillars of Muni Investing - Credit and Duration







    Fallacy of being able to predict interest rates







    Spending Calories on Credit Research







    "Bus Map"- incorporating client input in the design/choice of investment constraints









    The Municipal Bond Market









    The Size of the Muni Market and the challenges that causes







    The fractionalized nature of muni market







    Typical means tf transacting







    Brokerage vs SMA vs fund







    Problems with indexing









    Where can technology help?









    Pipe-building, blockchain, AI review of docs, what else?







    Where are the initiatives of improvement?  What is holding things back?







    In your mind What is the solvable low-hanging fruit?  What isn't?









    Where does this help the municipality?







    Where does this help the market participant?







    Where does this help the investor?







    Going Forward







    With interest rates normalizing- any glimpses into Steve's crystal ball?







    Getting rid of tax exemption solves the paradox of the heterogenous borrowing base (institutions of all flavors and sizes) and the homogenous lending base (individuals) by broadening the lending base. While removing the tax favored status would raise borrowing costs, it would improve liquidity - which problem do you want to solve in a world where infrastructure so desperately needs funding?

    • 45 min
    EP-144 “THE CORPORATE TRANSPARENCY ACT: WHO SHOULD MANAGE THESE REQUIREMENTS (AND HOW)?” WITH INCNOW.COM’s JOHN WILLIAMS

    EP-144 “THE CORPORATE TRANSPARENCY ACT: WHO SHOULD MANAGE THESE REQUIREMENTS (AND HOW)?” WITH INCNOW.COM’s JOHN WILLIAMS

    The CORPORATE TRANSPARENCY ACT is less than a month away from going live and the wealth management industry doesn't seem to be too worried about it. That worries me because it affects at least 32 million entities according to FinCen- including most small businesses in this country. States like New York may be enacting laws to mirror the disclosure requirements at the state level. Non-compliance is expensive and could lead to jail. How to manage these reporting responsibilities is going to be a big issue in the wealth space.







    I covered the general framework in June with attorney Stephen Liss here: EPISODE 134.







    Today, we're going to speak with friend of the podcast, JOHN WILLIAMS on the CTA and 2024. He is the President of the Williams Law Firm in Delaware and President of INCNOW.COM, a corporate formation firm.







    We're going to talk about taking on this responsibility as an advisor and what businesses (big and small) might expect in 2024 and beyond with this new mandate.







    Corporate Transparency Act- A Quick Review







    1) Whom does it apply to and how big is this lift? 2) What needs to be reported? Do we know how at this point?3) By whom exactly?  Client?  Advisor? Paralegal?4) What is the timing for reporting? How long do you have to report changes? Can you correct mistakes?5) What are the penalties for getting this wrong?







    For Advisers, RIA's, Lawyers, CPA's and MFO's







    6) How much time should compliance take? 









    Who is responsible?







    Simple ownership (90min) vs complex ownership







    Change in ownership







    If something goes wrong, who is liable (i.e. who goes to jail)?







    Paralegal liability









    7) What are best practices for compliance?









    For clients?







    For advisors suggesting entities?







    For Administrators?









    8) Who should be in this business? 









    Headcount?







    Is there liability insurance for advisors/admins?







    Are Law firms ready for this?  







    RIA's and MFO's? CPA's looking to "help"?









    9) What is a realistic cost for this? 









    Especially given ongoing service and liability? 







    Will clients understand what they are paying for and why?







    Can this be AI'ed away?









    10) How are you thinking about it (for your business)?









    Is it a profit center?







    Is this for the "Faint of heart" or the tourist?







    Is there a danger in treating this as an accommodation?









    11) Practical questions-









    Who is a control officer?  senior officers / directors / others (trustees)? An incorporator?







    Series LLC's = multiple reports?







    Information sharing between FINCEN, IRS, DOJ others? 







    Is Privacy over?







    Should everyone get a FINCEN number?







    Are we entering a new era of corporate governance and record keeping for clients and their businesses? (I.e. is corporate governance going to be a "real thing" going forward?)









    How to Find John Williams and his firm.







    INCNOW.COM TWITTER







    THE WILLIAMS LAW FIRM









    https://www.amazon.

    • 38 min

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