Wealthyist

Annex Wealth Management

Wealthyist, the podcast that discusses the lifestyles, choices, and strategies of the wealthy. Each week, the Annex Private Client team talks to experts in a variety of areas to discuss trends and paths visited by people who have built or are in the process of building significant wealth.

  1. 22h ago

    Wealthyist Replay| Passion Assets: Turning Your Treasures (and Pets!) into Lasting Legacies – Don't Let Love Become a Burden

    The episode of Wealthyist (the podcast exploring the lifestyles, choices, and strategies of the wealthy, produced by Annex Wealth Management) features host Tom Parks, Director of Retirement Plan Services, interviewing his colleague Deanne Phillips, Managing Director of Client and Community Engagement. The focus is on "passion assets"—personal items acquired out of genuine love and passion rather than primarily as investments, which often lack formal beneficiary designations unlike financial accounts.  Key Points from the Discussion: Definition: Passion assets include art, classic cars, wine collections, musical instruments, rare books, watches, sports memorabilia, jewelry, and even pets (highlighted as America's favorite, with Americans spending over $140 billion annually on them). These can represent significant value (hundreds of thousands of dollars) in high-net-worth households but are frequently overlooked in estate planning. Why They're Overlooked: Unlike retirement or brokerage accounts with built-in beneficiary forms and professional management, passion assets are often stored informally (basements, attics, wine cellars). Heirs may not know their worth, leading to hasty disposal ("haul it all away") or emotional oversights.Real-World Examples: Deanne shares a personal story of inheriting a hoarded family home filled with hidden treasures like over 100 pieces of Cristal d'Arques and Orrefors crystal, vintage fabrics concealing a pristine 1940s Deanna Durbin doll, old slides, and more. Surprises can include vintage electronics (e.g., original Apple computers or iPods), comic books, first-edition books, mid-century furniture, early Rolex watches, or even flip phones amid modern trends.Planning Importance — Three main reasons for valuation and documentation: Insurance: Standard homeowners policies often fall short; specialized riders or coverage are needed, especially for older/antique items. Estate Planning: Prevents family disputes over unequal values (e.g., one child getting a high-value painting) and ensures fair division. Taxes: Collectibles face higher capital gains rates upon sale; appraisals help with accurate reporting. Preservation Tips: Protect items from damage (e.g., temperature-controlled wine storage, UV/humidity control for art, regular servicing for watches/cars, archival methods for paper ephemera like Civil War letters). Before donating or discarding anything 30–40+ years old, consult appraisers or experts—markets are cyclical and surprising.Pets as Passion Assets: A major focus, given generational pet ownership trends (e.g., 76% of millennials). If a pet outlives the owner (e.g., parrots or tortoises), plan for care. Pet trusts (recognized in all states, though provisions vary) allocate funds for a designated caregiver, specify care standards/vet/groomer, and name a contingent beneficiary (e.g., charity) for remaining funds after the pet's life. Famous example: Leona Helmsley's trust for her dog (reduced by courts but spotlighted the concept).Actionable Steps (Deanne's five key recommendations): Take inventory (use video for ease). Photograph/document everything. Get appraisals (update every few years as markets shift). Ensure proper insurance coverage. Communicate with heirs (e.g., confirm they're willing/able to care for a pet or want specific items). Final Takeaway: Passion assets enrich life, but without planning, they can burden the next generation. Proactive steps turn them into meaningful legacies rather than problems.

    23 min

  2. Jun 19

    Wealthyist E68 | Roots of Wealth: Mastering Tree Care for Luxury Estates with Third-Gen Arborist Freddie Hoppe

    In this episode of Wealthyist, host Kent Halleen sits down with Freddie Hoppe, co-owner and sales manager of Hoppe Tree Service and a third-generation arborist whose family business dates back to 1972. They explore how professional tree care and landscape management serve as essential services for high-net-worth properties and estates, where owners often invest six figures annually in maintenance to preserve beauty, safety, and value. Freddie explains that successful tree care begins with clients who genuinely care about their trees—whether a single specimen in a modest yard or hundreds on sprawling estates. The conversation covers: Customized maintenance programs — Starting with detailed inventories, assessing tree species, site conditions, insect/disease risks, and client priorities. Services include targeted treatments (insecticides, fungicides), soil amendments, root invigoration, and precise pruning—often treating legacy trees (like a 200+ year-old burr oak) with “full-size bonsai” attention.The science and benefits of trees — Ecological advantages, boosted property values, reduced crime, and improved human health in greener areas. Trees become assets rather than liabilities when properly managed.Practical estate strategies — Balancing manicured lawns with tree health through mulch rings, soil injection, and mimicking natural forest floors. Freddie emphasizes prevention over reaction, noting that healthy trees better withstand storms, climate fluctuations, and pests like emerald ash borer.Trends and future outlook — Shifting toward planting “better” (larger, longer-lived) trees, adapting to climate change and moving hardiness zones, and managing invasives like buckthorn. He highlights the resilience of underappreciated species like box elders and willows.Risk management and business advice — Annual inspections are crucial. For listeners seeking similar premium service, he recommends companies with certified arborists on staff and Tree Care Industry Association (TCIA) accreditation.The episode blends practical arboriculture insights with a philosophical appreciation for trees as living legacies. Freddie stresses Hoppe Tree Service’s mission: caring for people first, then their trees—turning potential burdens into long-term assets through proactive, tailored programs.

    30 min

  3. Jun 12

    Wealthyist E67 | Your Business's 401(k): A Strategic Tool To Attract & Retain Employees

    In this episode of Wealthyist, host Greg Batiansila sits down with Tom Parks, Director of Retirement Plan Services at Annex Wealth Management. Tom leads Annex’s 401(k) advisory team and brings over 25 years of experience helping business owners optimize their retirement plans. The conversation challenges the common view of 401(k) plans as just another compliance checkbox or “fine for now” employee benefit. Instead, Tom reframes them as a strategic tool that can reduce employee financial stress, improve company culture, boost productivity, aid retention, and even support long-term business value. Key points discussed include: What Annex’s 401(k) team actually does: They act as advisors and consultants (not recordkeepers). They work with both business owners/plan fiduciaries and employees to make plans more effective.The shift in employee expectations: Today’s workforce looks at total compensation — including benefits and financial wellness — not just salary. An effective 401(k) is now part of what attracts and keeps talent.Common problems Tom sees when reviewing existing plans: Outdated investment lineups, high or inefficient fees, low participation rates, lack of automatic enrollment features, and employees who don’t even know who their plan advisor is.Modern solutions: Greater use of lower-cost Collective Investment Trusts (CITs), automatic enrollment, and better plan design — changes that many advisors are (or should be) recommending.The bigger picture — financial wellness: Annex goes beyond investments by providing ongoing education through videos, webinars, one-on-one meetings, and creative communications. This helps reduce the real financial stress employees feel (a major driver of burnout and lost productivity).Impact on business owners: While there isn’t always a direct line item on a balance sheet, improving a 401(k) plan can positively affect company culture, employee engagement, and even the intrinsic value of the business over time.Practical next steps: Business owners don’t always need to move their entire plan. Often, the first step is simply having Annex review the current plan to see what can be improved where it already sits.Tom emphasizes that a well-run 401(k) isn’t just good for employees — it’s good for the business owner who wants a more focused, less financially stressed, and more aligned team. Overall takeaway: If your 401(k) plan was set up years ago and hasn’t been reviewed since, you’re likely leaving both money and morale on the table. A thoughtful, well-communicated retirement plan can become a genuine competitive advantage.

    24 min

  4. Jun 5

    Wealthyist E66 | Tax Prep vs. Tax Planning: Why High-Net-Worth Families Might Need Both Under One Roof

    In this episode of Wealthyist, hosts Tom Berkholtz (CFP®, EA, ECA) and Eric Strom (CFP®, EA) break down the critical difference between tax preparation and tax planning — and why the distinction matters more than ever for high-net-worth individuals in 2026. Tax preparation is the annual filing process: gathering documents, accurately completing your return, and avoiding penalties. Tax planning, by contrast, is proactive, year-round, and lifetime-focused — zooming out to minimize taxes over decades, especially since taxes are often the largest single expense in retirement for affluent clients. Key Trends Discussed: Integration is the new standard: Top firms are combining tax preparation, year-round tax planning, investment management, and comprehensive financial planning under one roof for seamless, better outcomes.Team of specialists matters: Complex needs (equity compensation, real estate, international tax, AMT, K-1s, IRS representation) require experts like Enrolled Agents (who have unlimited representation rights before the IRS) and niche credentials.Technology revolution: Client portals, advanced modeling, and AI are transforming tax prep (making basic returns more commoditized), but sophisticated planning still demands human expertise.Major pain points for the wealthy: Fragmented accounts, multiple custodians, missed opportunities from new legislation (like the One Big Beautiful Bill Act), SALT deduction phaseouts, Alternative Minimum Tax (AMT) creeping back, and the risk of future tax increases due to national debt.Actionable advice: Consolidate assets for visibility and better planning, get projected “mock” tax returns (especially after law changes), use extensions strategically, and ensure your advisor actively reviews your actual tax returns and handles IRS notices.The episode emphasizes that in today’s complex environment, settling for a once-a-year preparer separate from your advisor often leaves significant money on the table. The hosts encourage listeners to seek firms offering true 360-degree tax and wealth integration.

    33 min

  5. May 29

    Wealthyist E65 | Are Beneficiary Designations Undermining Your Estate Plan?

    Are Beneficiary Designations Undermining Your Estate Plan? Beneficiary designations are contractual instructions you give to financial institutions about who receives assets in accounts like: IRAs, Roth IRAs, 401(k)sChecking and savings accounts (often called Payable on Death - POD or Transfer on Death - TOD)These are legally binding contracts between you and the financial institution. They generally override whatever is written in your will or trust. Why They Matter So Much Even a perfectly drafted estate plan can fail if beneficiary designations don’t match it. The episode highlights numerous real-world “horror stories” where: Assets went to ex-spouses, disowned children, or unintended relatives because designations were never updated.A child predeceased the parent, causing their share to go through the deceased child’s estate instead of directly to grandchildren or the surviving child.Someone opened a new account after creating their estate plan and never added beneficiaries, triggering unnecessary probate.What Happens If You Don’t Name Beneficiaries? It depends on the financial institution’s default rules (some default to spouse → children; others send everything to probate). This can force assets through court-supervised probate even if the rest of the estate plan avoids it, creating extra costs, delays, and complexity. Key Risks & Common Mistakes Failure to update — Life changes (divorce, remarriage, death of a beneficiary, reconciled relationships, disowning someone) require updates.New accounts / account rollovers — Beneficiary designations often don’t automatically transfer.Inconsistent planning — Will says “everything to kids,” but beneficiary form still says “nieces and nephews.”Not funding the trust — Signing a trust document is not enough; assets must actually be titled to it or properly designated.When to Name a Trust as Beneficiary Especially relevant for pre-tax retirement accounts (traditional IRAs, 401(k)s): Direct to individuals is usually simpler (better tax treatment and easier administration) if the beneficiary is responsible and has no major risks.Name the trust when you need:Asset protection (divorce, lawsuits, creditors)Spendthrift protectionProfessional management for beneficiaries who can’t handle money wellThis decision is highly personal and should be coordinated with an attorney. Disclaiming (Refusing) an Inheritance You can disclaim a beneficiary designation, but you lose control. It treats you as if you predeceased the account owner, so the asset follows the next default beneficiary (often not where you want it to go). In the episode’s example, this created major complications in a step-family situation. Best Practices Ensure beneficiary designations are consistent with your overall estate plan.Review designations annually or every other year (more frequently than the full estate plan).Check every new account and every rollover.Work with your advisor — many wealth firms (like Annex) will help review and align everything.Ultra-high-net-worth individuals may use family offices to handle this administratively.Bottom Line Brian and Alec emphasize that there is no shortcut. You must go account-by-account to set and maintain proper designations. Signing estate documents is only the first step — proper execution and ongoing maintenance are what actually make the plan work. The episode stresses that this issue affects everyone regardless of wealth level, but the consequences (and potential costs of mistakes) grow with larger account balances.

    17 min

  6. May 15

    Wealthyist E64 | Luxury Isn't a Price Tag: Redefining the 'Biggest Day' with Wedding Pros Ashley Kuehnel & Koryn Bennett

    In this episode, host Austin Grandinetti sits down with Ashley Kuehnel of Midwestern Bride and Koryn Bennett  of Ivy Lane Photo Company . The conversation dives into the evolving world of luxury and premium weddings, particularly in the Midwest. Key highlights include: What "luxury" really means: It varies wildly by couple—some prioritize an intimate experience with 10 guests and heavy investment in florals or photography, while others focus on hosting a large crowd. True luxury often boils down to how the day feels: seamless, stress-free, personal, and emotionally supportive. It's less about a fixed dollar amount and more about priorities, vendor treatment, attention to detail (like fetching Birkenstocks for a bride's sore feet), and peace of mind.The role of key vendors: Ashley explains her consultative, relationship-driven approach at Midwestern Bride. With nearly 15 years in the industry (drawing from hospitality, floral, dress shops, and catering), she acts as a "quarterback," curating vendors, aligning budgets and timelines, and handling the behind-the-scenes logistics so couples can actually enjoy their day. Koryn shares how her photography emphasizes collaboration, extended shoots, backup security for images (including long-term hard drive storage), and treating couples as individuals rather than assembly-line clients. Both stress the value of experienced vendors who understand the full ecosystem—preventing disasters like no-shows or lost photos that cheaper or less reliable options can cause.Budgets and realities: Full-planning clients with Ashley often land at six figures or more (one standout reached over $500K for a multi-day, highly intentional event on private property with custom tents, flooring, multiple floral teams, and army-truck loads of flowers). "Average" weddings (without full planning) trend toward $60K–$70K in their markets, far above outdated Google averages due to rising venue costs, inflation, and demand for experiential elements. Backyard or DIY options can ironically cost more than venues because of hidden logistics (electricity, staffing, etc.).Generational shifts and trends: Gen Z couples lean toward smaller, more intentional weddings, questioning traditions (e.g., skipping long ceremony-to-reception gaps), and valuing vendor friendliness and honesty about family dynamics. They're prioritizing presence over pomp. Parents' involvement varies—some provide gifts with full autonomy, others buffer budgets thoughtfully. Experiential details shine: sentimental surprises (like restoring a late father's car for photos), personalized guestbooks (e.g., a surfboard with embedded flowers), interactive elements (Polaroid walls with real-time seating integration), and guest-focused flow (quick bar service, props to energize the dance floor).Why hire pros? Peace of mind is the ultimate luxury. Planners and photographers prevent chaos, anticipate needs, foster smooth vendor teamwork, and create space for couples (and families) to be fully present. The guests' experience—hospitality from the first moment, no downtime, entertainment that keeps energy high—often separates memorable events from standard ones.The discussion ties back to wealth strategies: Spending on a wedding reflects values around experiences, relationships, and intentionality, much like financial planning. It's not about mindless extravagance but curating what matters most while trusting experts to handle the rest. Ashley and Koryn emphasize building trust, open communication (especially across generations), and delivering feelings of care and joy that last far beyond the photos. Overall, the episode offers practical insights for anyone planning (or paying for) a high-end wedding: Focus on alignment with vendors who "get" you, invest in expertise for security and smoothness, and remember that luxury is ultimately about emotion and execution, not just the bottom line. Great listen for couples, parents, or anyone curious about how the wealthy approach life's milestone celebrations.

    48 min

  7. May 8

    Wealthyist E63: Dream Machines & Detroit Steel: Corvette Joy, Classic Car Investing, and Reviving Milwaukee Concours

    In this engaging Wealthyist episode, host Kent Haleen and co-host David Panitzke (both proud new owners of the same-year manual-transmission Corvettes) welcome Jay Shiek, aka Jay the Car Guy — a passionate collector, appraiser, broker, and key figure reviving the Milwaukee Concours d’Elegance. Jay shares his origin story: a lifelong car enthusiast who turned his passion into a business helping clients buy, sell, and appraise vintage and collector cars. His favorite part? The priceless look on someone’s face when they finally get behind the wheel of a car tied to childhood memories or long-held dreams — whether it’s a nostalgic Sunday driver, a race-pedigree machine, or a serious investment piece. Key Highlights & Advice Why classics hit different: Modern cars lack the emotional history; older ones reconnect people with their past (e.g., “My uncle had one”).Jay’s personal passion: Unrestored, original “survivor” cars like his beloved Packard (bought new in Wisconsin, passed through careful owners, now a family wedding chariot). He’s a caretaker, not a modifier — no power steering/brakes, original everything.Common mistakes for wealthy newcomers:Impulse/heartstring buys or auction bidding wars (set a hard budget).Skipping professional appraisals (leads to overpaying, under-insuring, or missing provenance value).Sentimental restorations that don’t make financial sense.Market insights: Values fluctuate dramatically (muscle cars, limited-production models like Charger Daytonas or GNX). Japanese 90s icons (Supra, RX-7) are heating up. Rarity, provenance, and condition drive big premiums — but buy what you love and will actually enjoy.Car collections: Get them appraised, properly insured, stored (especially Wisconsin winters with battery tenders), and driven. Enjoy them, show them, share them. Don’t let them sit and degrade out of fear or sentiment.Driving vintage cars: Requires extra care — they’re not modern in braking/handling, and other drivers don’t always respect them.Milwaukee Concours d’Elegance: J is leading the revival (post-COVID) with plans for next year at the zoo in partnership with Autism United. It aims to be “Middle America’s Pebble Beach” — competitive, invitation-only, judged classes celebrating original/unrestored excellence. They need deep-pocket sponsors and ~450 volunteers. Get involved via carguymke.com or “Jay the Car Guy” on social media. Final advice for successful retirees entering the hobby: Buy what tugs at your heartstrings, not what others think is cool. Work with experts to avoid pitfalls, and drive/enjoy your collection. The episode blends lifestyle passion, practical wealth strategies for automotive assets, and community-building around classic cars. It’s motivational for enthusiasts and informative for those treating them as investments. Perfect listen for anyone with (or eyeing) a garage full of steel dreams.

    29 min

  8. May 1

    Wealthyist E61 | From Navy SEAL to Building Impact-Driven Businesses: Leadership Lessons from the Battlefield to the Boardroom with John Choate

    In this episode of The Wealthyist, Kent Halleen sits down with John Choate — former Navy SEAL officer, successful entrepreneur, and founder of Apogee Travel, a transparent hotel booking platform that supports veteran causes and charities like St. Jude. John shares hard-earned leadership lessons from the SEAL teams that translate directly to building high-performing businesses and living a wealthy, purposeful life. Key topics include: Anticipating the “adversary’s vote” and stress-testing plans (the military “murder board” approach)The power of decentralized command and building a culture that allows smart failureWhy the right people always matter more than perfect processesThe challenge high-achievers face when transitioning out of high-intensity careers — and how the drive never really turns offCurrent trends in physical security for ultra-high-net-worth individuals (the shift to low-visibility, concierge-style protection)Blending battlefield discipline with entrepreneurial wisdom, John delivers practical, no-nonsense insights on leadership, legacy, risk, and staying grounded while chasing meaningful success. A must-listen for executives, founders, and anyone building wealth with impact.

    23 min
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About

Wealthyist, the podcast that discusses the lifestyles, choices, and strategies of the wealthy. Each week, the Annex Private Client team talks to experts in a variety of areas to discuss trends and paths visited by people who have built or are in the process of building significant wealth.

Information

  • Creator
    Annex Wealth Management
  • Years Active
    2025 - 2026
  • Episodes
    69
  • Rating
    Clean
  • Copyright
    © 2026 Annex Wealth Management