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Success That Lasts

Success That Lasts

Auteur(s): Jared Siegel
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 Success doesn’t always feel like success, and when it looks like you’ve ‘made it’ to the rest of the world, you can be left feeling like there’s still so much to do – but without a clear direction or plan. On the Success that Lasts podcast, hosted by Jared Siegel, we're going behind the scenes with business owners, real estate investors, and industry consultants to deconstruct the complicated topic of success. We'll be exploring questions, strategies and experiences that help create clarity and confidence surrounding your financial decisions. The content of this podcast is published in the United States of America and persons who access it agree to do so in accordance with applicable U.S. law. Delap Wealth Advisory LLC is wholly-owned subsidiary of Delap LLP. Jared Siegel is a partner in Delap LLP and is hosting the show in his capacity as a partner in Delap LLP. All opinions expressed by Jared Siegel on this podcast and on the show are solely Siegel's opinions and do not reflect the opinions of Delap LLP or its affiliates, and may have been previously disseminated by Siegel or the firm on another medium. You should not treat any opinion expressed by Siegel as a specific inducement to make a particular investment, decision or follow a particular strategy, but only as an expression of his opinion. Siegel’s opinions are based upon information he considers reliable, but neither Delap LLP nor its affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Siegel, Delap LLP, its affiliates and/or subsidiaries are not under any obligation to update or correct any information provided on this podcast. Siegel’s statements and opinions are subject to change without notice. No part of Siegel’s compensation from Delap LLP is related to the specific opinions he expresses.2019 Finances personnelles Économie
Épisodes
  • Skill vs. Luck

    Skill vs. Luck
    Oct 6 2022
    In this solo episode of Success That Lasts, Jared Siegel discusses the power narratives hold over us when making financial decisions, and how to think more empirically. He talks about the roles that skill and luck have in various aspects of life. “After a career of helping people make financial decisions, one thing is overwhelmingly clear to me: people are not calculators, they’re storytellers,” Jared claims. Humans are biologically wired to connect cause and effect, even if it may be incorrect. The more you want something to be true, he adds, the more likely you are to believe the story that overestimates the odds of it being true. If we learn how to second guess ‘easy’ narratives and learn to think more empirically, we can gain an advantage.  According to a study done in collaboration with Dartmouth College, University of Chicago, California Institute of Technology and UCLA, less than 2% of people attempting to add value to the portfolio through predictions actually possess skill. Over a shorter time frame, the influence that luck plays, both good and bad, is greater. However, as you expand the sample size, the influence that luck plays is diminished, and outcomes become much more predictable. Resources Jared Siegel on LinkedIn | Twitter Email: jsiegel@delapwa.com  DelapCPA.com The Success Equation by Michael Mauboussin Luck versus Skill Research Paper Memo from Howard Mark
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    12 min
  • Vanguard: What's the Value of an Advisor? with Michael DiJoseph, CFA

    Vanguard: What's the Value of an Advisor? with Michael DiJoseph, CFA
    Sep 22 2022
    Michael DiJoseph is Senior Strategist in the Investment Advisory Research Center at Vanguard. He is a Certified Financial Analyst and volunteers as a member and secretary on the Board of Trustees at the Province of St. Thomas of Villanova Support Fund. Michael joins Jared Siegel to discuss the value of an advisor.  Here are a few highlights from their conversation: Vanguard Advisor’s Alpha found that advisors adhering to a holistic wealth management framework could add about 3% per year in annualized returns relative to the average experience.  “We’re bad at forecasting the future because the future is simply not forecastable,” Michael claims. Vanguard keeps updating its study about quantifying the value of an advisor because they “want to start talking to people in their language.” They aim to help both advisors and customers understand the value of this service. Warren Buffet was a stock picker and active manager, but he looked at the numbers and drew the conclusion that most managers don't earn their fee, and much significant wealth is dissipated as a result of chasing a prediction-based approach to performance. Being as proactive as possible is always an advantage, but there are times when that’s not the case - there is a time and a place to respond to anticipated things, Jared shares. Michael describes the reactive model within the Advisor Alpha framework. “Staying the course doesn’t mean standing still,” Michael tells Jared. Staying the course actually requires an enormous amount of minor course corrections along the way. You don't just get on a boat and suddenly arrive at your destination by doing nothing. Roth conversion effectively means you can accelerate the taxes on your tax-deferred money and convert it into tax-free money so that you won't have to pay it later, Michael explains. In an economic downturn, “the account value might be down; an individual's income might be down… Take advantage of that and accelerate taxes when the rate is lower - it might be higher in the future; use those losses to get a little creative.” “There’s a lot of noise out there around millennials and Gen Z not being as good as investors…  I actually think it's the opposite. I think they've had a huge head start, and I think we're going to start seeing the benefits of better advice all around,” Michael says.  Resources Michael DiJoseph on LinkedIn
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    39 min
  • Borrowed From Your Grandchildren with Dennis T. Jaffe, Ph.D

    Borrowed From Your Grandchildren with Dennis T. Jaffe, Ph.D
    Aug 18 2022
    Dennis Jaffe is Senior Research Fellow at BanyanGlobal Family Business Advisors. As both an organizational consultant and clinical psychologist with over 40 years of experience, he is one of the architects of the emerging field of family enterprise consulting. He is also a frequent contributor to periodicals such as Family Business Journal of Financial Planning, Private Wealth Journal of Wealth management, and Worth magazine. Dennis joins Jared Siegel to share insights from his book Borrowed from Your Grandchildren about how large, long-lasting business families succeed across generations. Here are a few highlights from their conversation: Generative families are those with business that have gone past the third generation in terms of ownership and control; have an identity as both a family and a business; and were large and thriving, though not necessarily in the legacy business. It’s fairly common that family businesses don’t last past the third generation, but that has less to do with wealth itself and more to do with the type of people in the business. Successful business families make a commitment to the future, Dennis shares. “They developed all kinds of ways in which the family was creating non-financial wealth - they were creating value by educating the next generation, giving to the community, and having wonderful, thoughtful people get together.”  In generative families, the wealth creator creates the wealth, but they do not create the generative idea - this is typically done by the second or third generation. Jared asks Dennis to describe the roles of the first three generations of a business family. “The shift from the first generation where it's all about one person with no need to collaborate with anybody to the next generation comes when the family begins to have a single family meeting and they talk about their wealth,” Dennis explains. “Is this the business that they want to be in, or do they want to be in another business? Do they want to have a foundation? And they start to have conversations and out of the conversations the family says, ‘We have so much wealth, we have so many issues to talk about - we have to meet regularly.’” Self-reliant wealth creators must get over the idea that because they've been so successful, they know how to do it better than anyone else. Older generations have to understand that things are different, and should respect those differences rather than try to make things be the way they were before. They’d only be setting themselves up for failure by taking the latter route. Resources Dennis Jaffe on LinkedIn Borrowed from Your Grandchildren: The Evolution of 100-Year Family Enterprises Dear Younger Me: Wisdom for Family Enterprise Successors
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    30 min

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