Wealth Actually

Frazer Rice
  • 4.8 (24)
  • ENTREPRENEURSHIP
  • UPDATED BIWEEKLY
Wealth Actually

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".

  1. FEB 24

    CONGESTION PRICING

    For those of us who live in New York, mass transit is the norm and traffic is a minor form of apocalypse. In response to this persistent issue, New York City implemented a new congestion pricing plan. https://youtu.be/TeObZEnjmv4?si=fQTxzRCe6b-sGH5F Besides the increased funds for badly-needed infrastructure improvements, the plan made other promises. These also include reduced commute times, better air-quality, and improved safety for all road users. https://www.amazon.com/Movement-Yorks-Long-Take-Streets-ebook/dp/B0CV9FNFWV/ Because the sample size is small, it is an open question of whether congestion pricing has delivered? Can it deliver? And how did we get from the horse and buggy, to the street car, to the train and automobile-based system we have now? Will it apply to other cities in the U.S.? Nicole Gelinas and I took some time to trace New York's transportation history in her new book and analyze the prospects for congestion pricing's effectiveness going forward. (*UPDATE: 20 minutes after we stopped recording on 2/19/25, President Trump announced that the U.S. Department of Transportation was pulling its approval of New York City's congestion pricing plan. Governor Holchul has met, apparently unsuccessfully, with President Trump on the topic. Litigation has already started. STAY TUNED.) NICOLE GELINAS, a Chartered Financial Analyst (CFA) charterholder, is a Manhattan Institute senior fellow and contributing editor to City Journal. She lives in New York City. She is the author of the recent book, Movement: New York's Long War to Take Back Its Streets From the Car. Outline How did you get interested in congestion pricing and the development of transportation in NYC? New York City's Transit History What are some of the "tragedies" (Cross Bronx Expressway / death of streetcar) and "near misses" (The Saving of Washington Square Park and Grand Central Terminal) that we don't know about? How much credit or blame should we give Robert Moses? Congestion pricing- what is it trying to do (and is it trying to do too much)? As a revenue raiser To reduce congestion Help environment Quality of Life What are the early returns on its effectiveness?  (Anecdotally, to me it seems like it is having a positive congestion effect in Manhattan)  Uber/Taxis?  Notwithstanding these initiatives, what about these often empty cars? E-Bikes? Now that the city has addressed cars, what about the safety concerns of motorized bikes? How is the program affecting Westchester, Long Island, New Jersey and Connecticut?   As a result of these changes, has the air quality shown any improvement? Meanwhile, is London a Success?  Because of its heady reputation of being one of the most forward cities on congestion control, urban planners trot out London as an example for others. Is this warranted? (However, having been there in November, I thought the traffic was insane! ) Did they do other things to screw up a good initiative? Congestion Pricing's Future (*Before Trump's Involvement) I never met an automatic tax that a politician didn't see to expand and the tax is automatically going up by law,

    31 min

  2. FEB 22

    Podcast Trailer

    https://youtu.be/xNeFuqsU7A4 Podcast Trailer Welcome to the "Wealth Actually" podcast trailer. I'm FRAZER RICE. After 170 episodes, I thought I'd check in to make sure that everyone understood what to expect from the show going forward, especially if you're new to it. For those newcomers, it was time for a quick podcast trailer. Ultimately, I'll be talking to a lot of different experts in their various fields. By day, I'm a chief operating officer / wealth strategist for large complicated families. This involves wealth management, tax, trustee issues, family dynamics, and the odd business succession story. I'm also a lawyer which means I'm interested in legal issues that surround these concepts. Finally, I enjoy politics and public policy. I grew up in it, and so I like to think about it and its interaction with my day job. Ultimately, this show is paired with a book called Wealth Actually, and the best way to reach me is via www.wealthactually.com. I hope this podcast trailer was helpful. I'm always looking to get it better. If you have guest ideas, topics to explore or or other ways to increase its reach, I'm happy to listen. Finally, if you have other shows that I think are worth experiencing, send them along. (For those repeat listeners, you will notice I changed the theme music too. It's a little more thunder, a lot less synthesizer. Let me know what you think of it.) Enjoy the show and be sure to like, subscribe, and share with your friends. More Episodes Find more episodes in the podcast section HERE Book To buy a copy of the book "Wealth, Actually", see the link below. (There is a great audiobook version that I just produced and is accessible on Amazon too) https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ Social Media Linkedin Twitter IG BlueSky (NEW!) Podcast Trailer

    1 min

  3. FEB 12

    THE IRS

    The Internal Revenue Service is a massive "Three Letter Agency." It's a bureau of the Department of the Treasury and (believe it or not) one of the world's most efficient tax administrators. In fiscal year 2020, the IRS collected almost $3.5 trillion in revenue and processed more than 240 million tax returns. It has over 90,000 employees. It is also about as popular as Communism and Dog Catchers with most people! This makes running this most public of organizations a challenge for garnering resources and maintaining safety, stability and confidence in the revenue collection that makes this country go. https://youtu.be/mXxwh0IR3Ig Charles “Chuck” Rettig is a Shareholder at Chamberlain Hrdlicka in the Firm's Tax Controversy & Litigation practice and served as Commissioner of the Internal Revenue Service (IRS) from 2018 through 2022. He shares his experience with us and some pointers in dealing with the Service. How the IRS operates and its priorities: The volume of work and responsibility of the Internal Revenue Service The structure of the agency Data Science is the Future What it does that people may not be aware of Other parts of the Treasury opine on tax policy, but the agency provides guidance on workability Chuck as the Commissioner appeared before Congressional Committees 37 times in 4 years. Personality matters both internally and externally The Commissioner has an 11 person security detail and receives 3 credible death threats / week. What to expect in the next years: Legislative Uncertainty Administrative Challenges The Service has almost 400 Million "clients" with huge disparities in sophistication Resources are always a struggle- getting bang for the buck Personnel departures from the Service Prediction: Increased aggressiveness at the state level What best practices in front of the IRS look like. Setting up your affairs with a ling term strategy in mind Interacting with an Examiner Speed and Humanity The 3 headed approach to family office planning High end advisory work with the T&E group The overall context in working with the structure and culture of the IRS - having a backdoor channel Litigation support for those situations that need it. Links With Kelley Miller: The IRS Audits You- What's Next?" Transcript of the Show https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ Frazer Rice (00:01)The IRS and taxation in general is in all sorts of tumult with the new administration. How to deal with the IRS, how to file your taxes, how to plan for things going forward. It's something to think about. We have Chuck Redig on and he is a terrific resource for all of our listeners. He's a shareholder at Chamberlain Herdlica. It is in the firm's tax controversy and litigation department. Frazer Rice (00:26)Most importantly, he served as commissioner of the IRS from 2018 through 2022. So we have a little inside baseball here on how the commission works and things to think about in your own practice. So Chuck, welcome aboard.

    40 min

  4. JAN 29

    PRESERVING LEGACIES

    https://youtu.be/h1yo6l7V0Yw Preserving legacies is about more than cataloging "stuff" and keeping a spreadsheet. Done well, it can provide the grounding for intergenerational communication, engagement with outside constituencies and, in certain cases, monetization. This involves a organized process: Preserving Legacies and Cataloging With the horrible recent storm damage in North Carolina and Florida and the horrible Los Angeles wildfires, the cataloging process is on the forefront of many families' minds. Storytelling Development The artifacts of a family can be the keystone of family narrative building and next-generation education. Fan/Constituency Engagement The building of physical digital museums can be the centerpiece of engagement for internal and external constituencies. From extended families, to customers and extended fan-bases, advanced legacy preservation is more than just "stuff." Monetization In certain situations, these efforts can lead to new forms of business and monetization. For artists, authors and musicians, these museum efforts can add value to IP revenue streams and transactions. Preserving Legacies We talk about case studies with stars like Def Leppard, Chris Paul and Jon Bon Jovi. However, we also go through the importance of preserving legacies with families that aren't filling 50,000 person stadiums. We distinguish "Preserving Legacies" from Estate Settlement (where many families first begin this process). That said, this show pairs well with the Estate Settlement episode with Joel Schoenmeyer. Background BRAD MINDICH is the Founder/CEO of Inveniem which is the leading archiving/fan engagement company that works directly with artists, estates, athletes, brands, and individual celebrities on finding, organizing, preserving, and monetizing their artifacts and history. INVENIUM, and its fan-facing brand Definitive Authentic’s, overarching message to its clients is Your Past Is Your Future® and this philosophy sets the tone for how the company holistically and strategically partners with its clients to both preserve and extend legacies and connect clients deeper with their fans. The company’s client list is confidential, but it includes some of the world’s most iconic creators. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ https://bsky.app/profile/frazerrice.bsky.social/post/3lgul3z7nrs2a https://open.spotify.com/episode/0C9Bost6uihR1Pj8MnsppE?si=cbf4a554b9f04cfa

    26 min

  5. JAN 3

    ESTATE SETTLEMENT

    Estate Settlement is one of the most feared parts of wealth transition. It is where trust and estate planning meet their first real test- usually when a will is put in front of the probate court system. JOEL SCHOENMEYER, Head of the Family Wealth Group at a Major Regional Bank joins us to discuss the ins and outs. https://youtu.be/OwepMwX0uao?si=YKevHbmDrtrRv12b What is Joel's background? I spent the first 15+ years of my career as a trusts and estates attorney. First at a few different law firms, including Sidley Austin – back when they had a T&E group. Then as a solo practitioner for more than a decade. In 2012 I made the transition to working for financial institutions, where I have held a number of roles: Legal department, in the trust counsel group Senior Trust Advisor on an ultra-high net worth team National Head of Estate Settlement Senior Wealth Strategist in a multi-family office group I’m now in charge of the Family Wealth group at Fifth Third, which is an offering for ultra-high net worth clients and families. Just broadly, can you explain what happens from a legal perspective when someone dies? Sure. First, a little terminology: “Estate settlement” is the overall process of wrapping up a deceased person’s affairs, a job that’s usually handled by an “executor”. That settlement process can include lots of different things, but it can be broken down into a few broad topics: Inventorying and collecting all assets; Identifying and then paying debts and expenses, including taxes (both final income taxes and, if the estate is large enough, estate taxes); and Distributing what remains according to the decedent’s estate plan (or if they didn’t have one, according to state law). “Probate” can be a part of estate settlement, and involves court supervision of the above process, to make sure that it is handled correctly. I spent some of my time as an attorney drafting Wills and Trusts. However, I spent even more time in court, dealing with probate issues (including litigation). We are going to be talking about messy estate settlement issues and how to avoid them. Why is this important? I will say that, throughout my career, I have met clients (or potential clients) who say, “I don’t care what happens when I die – that’s someone else’s problem.” However, most people do NOT want to cause problems for their loved ones. The death of a parent or spouse or sibling is difficult enough without having to figure out where their stuff is, or what they wanted to do with it.There’s also the positive aspect. You have family and friends – and possibly charities – that you hope will thrive after your passing. Why wouldn’t you want to set things up so that they actually get your hard- earned money? Do you want to have that money go to the IRS or some probate litigators? How should people start to think about their estate? I break the issues to consider down into four interconnected categories: Assets Debts and expenses (including taxes) Personal Relationships Estate Plan (Will, Trust, etc.) One thing you will notice is that your estate plan is only one category here. A lot of people think that having a Will and/or Trust in place means that they are “done” with planning for their death. That’s just not true.

    36 min

  6. 12/02/2024

    THE SOUL OF WEALTH

    This week, "Wealth Actually" meets "THE SOUL OF WEALTH" as I speak with DR. DANIEL CROSBY, Ph.D. about his new book. https://www.amazon.com/Soul-Wealth-reflections-money-meaning-ebook/dp/B0CP625K99 https://youtu.be/Y6dUcW_eQW4 Outline (Soul of Wealth) -Behavioral Finance-Issues with the "research"-Building consensus around money decisions-How our brains trick us into faulty wealth processes-Teaching people to stretch the time horizon of their planning Biography Educated at Brigham Young and Emory Universities, Dr. Daniel Crosby is a psychologist and behavioral finance expert who helps organizations understand the intersection of mind and markets. As a leading voice on the impact of behavioral finance, "The Soul of Wealth" isn't Daniel's only writing. Dr. Crosby's first book, Personal Benchmark: Integrating Behavioral Finance and Investment Management, was a New York Times bestseller. His second book, The Laws of Wealth, was named the best investment book of 2017 by the Axiom Business Book Awards and has been translated into Japanese, Chinese, Vietnamese and German. His latest work, The Behavioral Investor, is an in-depth look at how sociology, psychology and neurology all impact investment decision-making.  Finally, Daniel publishes the highly respected Standard Deviations podcast- where you can find his personal thoughts on financial psychology and interviews with experts in the wealth management and psychology fields. Money - The Soul of Wealth Daniel's book presents 50 short essays which explore what wealth really is and provides practical suggestions for how to change your thinking and your actions in small, powerful ways, for a wealthier life. Soul of Wealth Topics: How you spend your money reveals your values. That money can buy happiness if spent well. What makes a good financial plan. Why willpower is overrated. How to master delayed gratification for the ultimate wealth hack. Why anything worth doing carries some risk. Contacts: @DANIELCROSBY TWITTER STANDARD DEVIATIONS PODCAST Behavioral Scientist, Brian Portnoy on the 100th Episode of "Wealth Actually" https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

    30 min

  7. 11/23/2024

    NIGHT MOVES

    Author and investment expert, JARED DILLIAN, joins the podcast for the second time to discuss his new collection of short stories, NIGHT MOVES. We talk about his talent for moving across formats and between fiction and non fiction. We go into the need for story-telling and the importance of holding an audience. Finally, we look for crossovers in his writing from his personal history, his move to South Carolina and his experiences in the Coast Guard and Lehman Brothers. https://www.amazon.com/Night-Moves-stories-Jared-Dillian-ebook/dp/B0DDLB49X1/ "Night Moves" by Jared Dillian From his military experience and investment experience to his DJ'ing prowess and obvious for multi-faceted talent for writing, Jared is a creator and a Renaissance Man- and a terrific, no nonsense person to speak with about the ins and outs of publishing. https://www.youtube.com/watch?v=c7pratxa3EY Writing across formats and how that led to NIGHT MOVES?  Non fiction  Novel  Short story - is the format a challenge or an opportunity? Newsletter - The daily grind of the Daily Dirtnap How to move between the daily pressure of writing a newsletter to the longer form content in non-fiction? Then, how do you move to the character development and world-building involved with fiction? Themes in NIGHT MOVES Sex, desperation, wistfullness Writing in a women's voice (how do you get into that headspace?) What does research consist of for short stories? Genre Favorites? Where you end the story determines whether it’s a comedy or tragedy Do you start knowing where you want to end up? What does the format of a writing day look like?  Ie do the newsletters get in the way or help with other projects? Do you get stuck?  (Is there where it’s convenient to have the newsletters) Music and Writing- The Crossover into NIGHT MOVES DJ’ing composing - what are the similarities in that process? Any crossover to investing? Where do we find the book and how else can people keep track of JARED? JARED'S SUBSTACK DAILY DIRTNAP Jared on "Wealth Actually" talking about his previous book, "NO WORRIES" https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ "Wealth Actually" by Frazer Rice

    29 min

  8. 11/15/2024

    HOW TO RETIRE

    "How to Retire" (by Christine Benz) deals with a concept full of fear, emotion, math and uncertainty: retirement. Even the wealthiest, who have a margin of safety, run into issues of purpose, time management and legacy. Layer onto that the risks of longevity, dementia, divorce, managing cash and investments in inflationary times, and navigating the byzantine health and elder care systems. No wonder "retirement" is a scary topic. Christine Benz' new book "How to Retire" is here to help get our arms around this topic. With 20 interviews with experts in the field, Christine has written a terrific reference for retirees to get their arms around this stage in life. Her book covers the numbers, the emotion and the structure for people entering the golden years. CHRISTINE BENZ is director of personal finance and retirement planning for Morningstar and senior columnist for Morningstar.com. In that role, she focuses on retirement and portfolio planning for individual investors. She also co-hosts a podcast for Morningstar, "The Long View", which features in-depth interviews with thought leaders in investing and personal finance. https://www.amazon.com/How-Retire-lessons-successful-retirement-ebook/dp/B0CP5X3TYK/ How to Retire How to Retire with Christine Benz The Numbers (Funding Retirement and Resilient Investing) The Transition to Retirement (AKA "The Countdown") With a plan in mind, what is the role a Dry Run with Retirement? The Buy-In: Getting consensus from spouses and family on what life will look like The First 2 years: The Importance of a Detailed Calendar How Are You Going to Use the Time? Having entered the role of caregiving, retirement may be more of a "job" than you think "End of Life": When Should you Give up the Keys and Long Term Care with CAROLYN MCCLANAHAN Estate Planning (with past "Wealth Actually" guest JENNY ROZELLE) With all of this frre time, how do spouses adjust to spending so much time together? https://www.youtube.com/watch?v=IN5C7Ko6XBY https://open.spotify.com/episode/50ZO3JLl4bAdf95b64UQIZ?si=XJEYU2h4ToG8rL_Qkou6eA https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ Frazer Rice's "Wealth Actually"

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4.8
out of 5
24 Ratings

About

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".

Information

  • Creator
    Frazer Rice
  • Years Active
    2015 - 2025
  • Episodes
    173
  • Rating
    Clean
  • Copyright
    © 2023 Wealth Actually LLC
  • Show Website
    Wealth Actually

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