Modern Wealth Management

Darrick Hutchens and Ray Kramer
Modern Wealth Management

Welcome to Modern Wealth Management by Monon Wealth, where we tackle pertinent financial topics to help better position you and your business for success. Listen as Darrick Hutchens and Ray Kramer, Managing Partners of Monon Wealth Management, tap into four decades worth of experience in the financial sector and unpack their strategies for today's level of modern wealth management. So, sit back, relax, and enjoy enlightening conversations that highlight an array of financial questions and topics.

  1. 06/10/2024

    How I Secure My Family's Success

    On the latest episode of our podcast, Darrick opens up about the comprehensive financial plan he's built to ensure his family's long-term stability and prosperity. Darrick shares the inner-workings of the comprehensive financial plan he built to ensure his family's long-term stability and prosperity. Discover how he balances risk and maximizes growth through savvy investment strategies, secures his family's legacy with meticulous estate planning, optimizes tax efficiency, and incorporates meaningful charitable contributions. Whether you're looking to refine your own financial plan or a specific area of it, this episode is packed with valuable insights and actionable advice to help you secure your family's future. Chapters: 0:00 - Introduction and overview on the day's conversation 1:34 - Why Darrick wanted to allow the audience to 'peek behind the curtain' of his financial plan 3:10 - Wealth management is a formula 6:31 - Darrick's investment planning efforts 7:35 - Darrick's 'why' and the impact his children has on his financial world 11:17 - Cash flow strategy for accumulation 13:15 - Leveraging Flourish as a helpful tool to earn interest on cash 19:40 - "Invest within a program I can live with" 24:40 - Leveraging a strategy with real-world results through good and bad times 26:22 - Darrick's traditional investment partners 28:28 - How Darrick's financial world combats taxes 33:25 - Real estate investment opportunities and using them to lower his tax bill 36:53 - Wrapping your arms around your wealth using a thorough wealth protection plan 44:29 - Where to begin when addressing your estate plan 49:39 - Darrick's scary moment surrounding his older estate planning efforts 53:15 - Darrick's key takeaways 55:50 - How to get in touch with Darrick and his team 57:15 - Closing remarks Connect with Darrick: Website Facebook LinkedIn

    58 min
  2. 02/13/2024

    The Most Important Considerations for Passing on Your Family Business

    The reality of the situation is that most business owners aren't adequately prepared for passing on their business and executing a well-designed succession plan. Oftentimes, these efforts and conversations are happening too late. On the latest episode of Modern Wealth Management, Darrick covers the most important considerations that business owners should be thinking about when it comes to their succession plan. Ultimately, the balance of benefitting you, the business owner, and your family, can be achieved. It just takes proper planning. Chapters: 0:00 - Introduction and overview on the topic 1:08 - Many entrepreneurs will encounter the need for succession planning 3:00 - The four big considerations for successful succession planning 6:04 - Addressing your goals for the business when you're no longer in charge 9:56 - The financial succession plan 13:31 - Statistics showcasing the impact of proper succession planning 16:24 - An overview on the operational succession plan 19:47 - Incorporating flexibility and transparency in your succession plan 23:09 - The story of family farms not properly preparing their succession efforts 26:38 - A story on the success that can happen when proper succession planning is in effect 29:22 - The key takeaways from today's episode 30:46 - How to get in touch with Darrick and his team 32:37 - Closing remarks Connect with Darrick and Ray: Website Facebook LinkedIn

    34 min
  3. 01/23/2024

    Grow Your Money in 2024 and Beyond!

    Welcome back to Modern Wealth Management! We're excited to kickoff Season Two of our show, where we'll explore the various sectors of wealth management, as well as community conversations and personal development topics. To launch our second season of the show, we're diving into the overall importance of establishing, and sticking to, an investment strategy. Join Darrick Hutchens, Co-Founder of Monon Wealth Management, as he shares some key insights into investment management and offers strategies for growing your money in 2024 and beyond! Sit back, relax and enjoy the launch of our all-new season of Modern Wealth Management! Chapters: 0:00 - Welcome back to Season Two! 1:12 - Designing an investment portfolio for 2024 and beyond 2:27 - Why thorough discussions on your investment portfolio is so important 6:31 - You can't bend with the ebbs and flows of the market 8:27 - The three things you need to consider with regard to growing your money in 2024 9:44 - Develop and understand your long-term investment objectives 12:33 - Time reduces risk 16:38 - Building your asset allocation plan 20:22 - The idea of a 60/40 portfolio and comparing stocks vs. bonds 25:43 - Considering foreign markets for your investment plan 29:30 - Picking the specific securities you're interested in 32:27 - Staying invested over a long period of time 34:20 - Investor behaviors in response to the technology sector in the 90's 39:38 - Warren Buffet's approach 42:50 - The key takeaways from today's episode 44:50 - How to get in touch with Darrick and his team 46:02 - Closing remarks Connect with Darrick and Ray: Website Facebook LinkedIn

    47 min
  4. 03/28/2022

    Five Critical Wealth Planning Mistakes of Successful Family Businesses

    Running a successful family business takes a tremendous amount of both working hard and working smart, as well as navigating family dynamics along the way! On the latest installment of Modern Wealth Management, Darrick explores some of the key mistakes that too many successful family businesses make and how to best avoid them. Given Darrick's extensive experience working with family businesses over the last two decades, he has plenty of stories to share! Sit back, relax, and enjoy another thought-provoking episode that's bound to leave you with some considerations for your own family business. Timecodes: 0:06 - Introduction and overview on the topic of the day 1:15 - The overall need for wealth planning within a family business 6:18 - The risks that arise within family businesses 7:31 - What family businesses should be looking for in their wealth manager 11:56 - Pick out a wealth manager that isn't product-oriented 15:37 - How Darrick's clients react to his wealth planning process 17:05 - The mistake of hyper-focusing on mitigating taxes 22:35 - Don't be secretive about your wealth 29:40 - The importance of ongoing maintenance with your wealth plan 32:20 - What a family should do if their wealth plan is out of date 35:51 - You don't need to view the sale of the family business as a failure 42:04 - How you can get in touch with Darrick and his team for further discussions 44:02 - Closing remarks Connect with Darrick and Ray: Website Facebook LinkedIn

    45 min

About

Welcome to Modern Wealth Management by Monon Wealth, where we tackle pertinent financial topics to help better position you and your business for success. Listen as Darrick Hutchens and Ray Kramer, Managing Partners of Monon Wealth Management, tap into four decades worth of experience in the financial sector and unpack their strategies for today's level of modern wealth management. So, sit back, relax, and enjoy enlightening conversations that highlight an array of financial questions and topics.

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