FPO&G: Financial Planning for Oil & Gas Professionals Brownlee Wealth Management

For more information and show notes visit: https://www.bwmplanning.com/post/82
In this episode of Financial Planning for Oil & Gas Professionals, we had the pleasure of hosting Terry Nixon, a seasoned veteran in the oil and gas industry with a career spanning over four decades. Terry, who is also my neighbor in Fort Worth, shared his incredible journey and the pivotal moments that shaped the modern-day Texas oil and gas landscape.
Key Highlights
✅ Early Career: Terry started his career at Northern Natural Gas in Tulsa, working in the gas purchase department. He later moved to Houston to work for Lone Star Gas and then Tennessee Gas Pipeline.
✅ Entrepreneurial Leap: In 1979, Terry and his colleague Chester Clute decided to form their own consulting company, Tulsan Energy, which later evolved into Transstate Gas Service Company. They capitalized on regulatory changes and market opportunities to build a successful business.
✅ Major Deals and Partnerships: Terry recounted his experiences working with industry giants like Kelsey Warren, Ray Davis, and Bob Phillips. He shared fascinating stories about the formation and growth of companies like Energy Transfer and Cornerstone.
Notable Investments and Successes:
✅ Energy Transfer: Terry discussed his early investment in Energy Transfer, which turned out to be a monumental success, yielding over 100x returns. He highlighted the importance of relationships and trust in making investment decisions.
✅ Strategic Decisions: Terry reflected on some of the pivotal decisions he made, including turning down an early offer from Kelsey Warren to join Energy Transfer's marketing team, a decision he later had mixed feelings about.
Industry Insights and Future Outlook:
✅ Energy Transition: Terry emphasized the ongoing transition in the energy sector, noting that while natural gas will remain crucial, there will be a significant shift towards renewable energy and cleaner technologies.
✅ Advice for Young Professionals: Terry advises to take calculated risks and consider entrepreneurial ventures, as the skills and experiences gained can be invaluable. Terry's story is a testament to the power of perseverance, strategic thinking, and the importance of building strong professional relationships. His journey from a gas buyer to a successful entrepreneur and investor offers valuable lessons for anyone in the oil and gas industry.
We're grateful to Terry Nixon for sharing his remarkable journey and insights with us. His experiences provide a unique perspective on the evolution of the oil and gas industry and the opportunities that lie ahead.
As always, we encourage our listeners to reach out with any questions or ideas for future episodes at podcast@brownleewealthmanagement.com.
Thank you for tuning in, and we look forward to bringing you more insightful episodes in the future.
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Disclosure: This information is for informational purposes only. Nothing discussed during this video should be interpreted as tax, legal, or investment advice. If you have questions pertaining to your specific situation, please consult the appropriate qualified professional.

For more information and show notes visit: https://bwmplanning.com/post/81
In this episode, we discuss an interesting situation forming in the financial advisor industry: while client retention rates are high, trust and satisfaction levels are not as impressive. This discrepancy suggests that many clients stay with their advisors despite feeling underserved 📝
We explore several reasons why clients might hesitate to switch advisors, including relational ties, pride, and the pure inconvenience of finding a new advisor. We also share personal anecdotes from our experiences, illustrating how some clients remain in subpar relationships due to these factors.
To help our listeners navigate this challenging process, we offer practical advice on how to break up with an advisor. Key points include:
✅ Adopt the Right Mindset: Remember, it's your money, not your advisor's. You have every right to seek the best possible service for your financial needs.
✅ Let the Transfer of Assets (TOAs) Do the Talking: You don't need to inform your advisor before initiating the transfer. This can help avoid uncomfortable conversations and potential guilt-tripping.
✅ Communicate Clearly: If you choose to inform your advisor, do so after the transfer has been initiated. Clearly articulate your reasons for the change, whether it's seeking a fiduciary, reducing fees, or finding an advisor with specific expertise.
We also dispel the myth that switching advisors will necessarily result in significant tax impacts. Transfers are typically done in-kind, meaning your securities move to the new custodian without immediate tax consequences.
Finally, we emphasize the importance of regularly evaluating your advisory relationship to ensure you're receiving the best possible service for the fees you're paying. The stakes are too high to remain in a subpar situation.
✅ We hope this episode empowers those of you who feel underserved by your current advisor to take action.
As always, we welcome your feedback and ideas for future episodes.
Thank you for tuning in, and we'll see you next time!
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Disclosure: This information is for informational purposes only. Nothing discussed during this video should be interpreted as tax, legal, or investment advice. If you have questions pertaining to your specific situation, please consult the appropriate qualified professional.

In this episode of FPO&G, Justin and Jared dissect how retirement planning is impacted by executive compensation.
Should my investment allocation be changed due to the nonqualified stock options, deferred comp, and restricted stock that vest after retirement?
Do Roth conversions still make sense as a retiree in light of my post retirement income?
How do I balance optimizing for taxes while managing the concentrated stock risk of this equity compensation on my balance sheet?
For more information and show notes visit: https://www.bwmplanning.com/post/80

For more information and show notes visit: www.bwmplanning.com/post/79
In this episode of FPOG, Justin and Jared dissect JP Morgan's 2024 Global Family Office Report.
What can research from the biggest bank in America on some of its wealthiest clients teach us?
We discuss our favorite parts of the report, takeaways for Oil & Gas professionals, and a few key points:
1) Wealth Management Team for Families: The episode explains how a family office serves as a private wealth management team for one or a few families. While typically associated with ultra-high-net-worth individuals, the principles of financial planning and wealth management are applicable to individuals at all wealth levels.
2) Complexity and Planning Needs: Complexity of financial planning is influenced by assets, trust entities, liquidity, and family dynamics. This complexity is not exclusive to ultra-wealthy families but can also be present in families with lower net worth, albeit in different forms.
3) Education and Stewardship: The episode stresses the importance of educating the next generation about financial matters. Ensuring that children are prepared to be good stewards of wealth is a critical aspect of comprehensive financial planning, regardless of the family's net worth.
4) Return Targets and Investment Complexity: The discussion on return targets and investment decisions reveals that even families with substantial assets may struggle with setting clear financial goals. The complexity of investment decisions and the pursuit of higher returns can sometimes lead to unnecessary complexity and cost.
5) Simplicity and Empowerment: Simplicity in financial planning can often be more effective than complexity. Empowering individuals, especially the next generation, with financial knowledge and a clear strategy can lead to better outcomes than relying solely on complex investment structures.
6) Financial Education and Empowerment: The episode underscores that financial education and empowerment are key components of comprehensive financial planning. Ensuring that individuals understand their financial situation, have clear goals, and are equipped to make informed decisions is crucial for long-term financial success.
By focusing on education, simplicity, and clear financial goals, you can effectively navigate your financial journey and secure your financial future.
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Disclosure: This information is for informational purposes only. Nothing discussed during this video should be interpreted as tax, legal, or investment advice. If you have questions pertaining to your specific situation, please consult the appropriate qualified professional.

In this episode of FPOG, Justin and Jared discuss the most common mistakes they see related to constructing an investment allocation. They also talk through best practices when it comes to thinking through how to construct your mix of investments.
For more information and show notes visit: https://bwmplanning.com/post/78
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Disclosure: This information is for informational purposes only. Nothing discussed during this video should be interpreted as tax, legal, or investment advice. If you have questions pertaining to your specific situation, please consult the appropriate qualified professional.

For more information and show notes visit: https://bwmplanning.com/post/77
In this episode of FPOG, we're excited to bring back our lightning round format and it's been a while since it's just been the two of us—Justin and Jared—diving into your questions and our thoughts on various financial planning strategies and investment insights.
Key Topics Discussed:Roth IRA Utilization: We kicked off the episode with a deep dive into when to use a Roth IRA. Despite our strong advocacy for Roth IRAs due to their tax-free growth and benefits as a legacy asset, we explored the nuanced decisions about when it might actually make sense to spend from a Roth IRA. Scenarios like managing Medicare premiums or specific high-tax situations were discussed as potential exceptions to the general rule of preserving Roth IRA funds.Financial Planners Having Financial Planners: Next, we tackled a meta-question—do financial planners have their own financial planners? We shared our personal experiences and the benefits of having a sounding board, even as experts. The discussion highlighted the importance of objectivity and the different perspectives a financial planner can offer, even to those who are themselves in the profession.Chipotle's Stock Analysis: Lastly, we spiced things up with a discussion about Chipotle's stock performance. Despite some perceived declines in product quality, Chipotle's stock has seen impressive gains, which led us to explore the complexities of stock valuation, market expectations, and the sometimes tenuous link between a company's stock performance and its operational realities.
This episode was packed with insights from listener questions and our ongoing observations of the financial space. Whether discussing investment vehicles like Roth IRAs, the dynamics of financial planning within our profession, or analyzing individual stock performances, our goal is to provide you with thoughtful and actionable financial advice tailored to the unique needs of oil and gas professionals.
Remember, if you have questions or topics you'd like us to explore in future episodes, don't hesitate to reach out at podcast@brownleewealthmanagement.com. Thanks for tuning in, and we look forward to bringing you more insights in our next episode!
For more episodes and financial planning resources, visit us at brownleewealthmanagement.comConnect With Us:
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Disclosure: This information is for informational purposes only. Nothing discussed during this video should be interpreted as tax, legal, or investment advice. If you have questions pertaining to your specific situation, please consult the appropriate qualified professional.