@davidlin_TV is a financial journalist and has his own show, The David Lin Report. David reports on some of the most important market-moving events that impact everyone, as well as interviewing experts in finance, economics, politics, science, and technology.
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Sponsored by: Strand Life Wealth Management
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Foundations seem appealing, but the intricate rules can trap even the wealthiest. Donor-advised funds offer a simpler path for most, unless you specifically want your name on the door or have unique giving needs. #Philanthropy#WealthManagement
Founders often get lost in building, missing crucial wealth planning moments. Liquidity events are rare chances to shift assets into trusts, saving generations from estate taxes.
If you ever get an offer for your business that makes you post economic, you take it. Even if you sell a tad early or you could have gotten a bit more, it does not matter
If you're post economic you can start another biz (everyone does) and lady luck doesn't like greedy people
Just had a newer (18 month relationship) client, who has a net worth of over $200m, tell me to not do what he did. Worked all through his kids childhood and ended up missing most of it. Told me to make money, but to also know that after a certain amount, it doesn’t matter.
The biggest threat to big wealth firms is not another big firm
It’s a solo advisor with better tools
Solo financial planners are using AI to turn the scale story against the giants
The wealth management bigs built their edge on size:
↳ More people
↳ Better tech
↳ Deeper expertise
Now solo RIAs:
↳ Deploy AI to replace layers of staff
↳ Choose best-in-class tech
↳ Handpick outside tax, estate & niche experts for the client
Scale used to mean resources
Has it become the constraint?
One of the major (hidden) benefits of managing the wealth to some of the most successful people in the world, is that I get a front row seat to see what it really takes to get to the top.
The stress, the hardships, the failures, the grit, the luck.
Early on in my career, I thought I could handle it all, but my realization is that I can’t (and frankly, have no desire to), and now I have tremendous pride and gratitude for what I have achieved.
Some may call it lack of ambition, but I know that I am more ambitious than most. I’m just more honest with myself than many others.
A guy emailed me:
"Financial advising seems like the perfect prey for AI to take over almost immediately."
Here's my take:
AI will help DIY investors
AI will also help financial advisors & their clients
Everyone will be better off
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