Wisdom and Wealth: Recent Episodes
Frank Astorino
Welcome to Wisdom and Wealth, where we explore a variety of wealth management topics! Featuring Frank Astorino, President of the Astorino Financial Group, Inc., we're highlighting the very strategies, solutions, and conversations that Frank is having with his clients on a regular basis.
Our reasons for becoming financial professionals are deeply personal. We repeatedly saw many friends and family struggling to find the help they needed to map out their financial future. We are confident that with our understanding of personal finance, coupled with our training as financial professionals, we can help people better prepare for the future. After years in the business, we have developed a reputation for educating individuals in an easy-to-understand manner so they can grasp personal finance and use those concepts to pursue their financial objectives. We feel a commitment to our community.
We hope you find this show to be insightful and beneficial to your financial well being. Thanks for joining us and enjoy the show!
In this episode of Wisdom and Wealth, we delve into the intricacies of family dynamics and the critical need for enhanced financial literacy. Our guest, Dr. Teri Rouse, an Early & Behavior Interventionist Consultant & Speaker, joins us to shed light on the challenges that families encounter in today's complex financial landscape.
Dr. Rouse brings a wealth of experience and insight into the discussion, highlighting the various dynamics at play within families and how they intersect with financial decision-making. From differing attitudes towards money to the impact of upbringing and cultural influences, Dr. Rouse offers valuable perspectives on navigating these complexities.
Moreover, we explore the pervasive gaps in financial literacy that persist across generations and socioeconomic backgrounds. Listen, as Frank and Dr. Rouse shares strategies for addressing these gaps, including proactive education and communication within families.
Chapters:
0:00 - Introduction and overview on the topic of the show
3:04 - The challenges facing a family unit in today's day and age
5:48 - Vast innovations has changed the way a family operates
9:47 - Our financial independence was cultivated through hard work
12:13 - The gaps in financial literacy throughout our country
17:43 - How financial literacy is addressed through the public education system
23:45 - Ryan's personal story of saving to purchase an experience, not an object
30:54 - Parents need to instill values at an early age
34:52 - Exciting endeavors Dr. Teri is working on to help parents resolve conflict
36:33 - How to get in touch with Frank and his team
37:20 - Closing remarks
Financial surprises can creep up on even the most organized people, causing everything from minor annoyances to major issues.
On the latest episode of Wisdom and Wealth, we’re diving into some common financial surprises and how you can take steps to avoid them. We'll provide you with some key takeaways to help optimize your financial world!
Chapters:
0:00 - Introduction and overview on the topic of the day
1:14 - There are a variety of negative financial surprises that can arise
3:33 - The transition into retirement and some surprises that can occur
5:56 - How living longer can create financial surprises
7:58 - How prepared are you with your liquidity and insurances?
10:05 - The financial surprises associated with home ownership
12:05 - Asset protection planning and how it can help avoid financial surprises
14:22 - Working with a team of professionals to assist in financial planning efforts
16:57 - How to get in touch with Frank and his team
18:36 - Closing remarks
Each and every wealth plan should be a customized approach to addressing your personal and financial goals in life. Our team at the Astorino Financial Group works with clients to develop a systematized approach to conquering their financial challenges, so they can live a life of significance.
In today's episode of Wisdom and Wealth, we're exploring the process of developing a custom wealth plan.
On the latest episode of Wisdom and Wealth, we take a deep dive into the world of wealth management as a whole and what it means to the modern day investor.
Each and every individual/family should be leveraging a wealth plan that's catered towards their goals for the future. But what does their plan look like and how do they develop it? That's where we come in.
On the latest episode of Wisdom and Wealth, we sit down with hosts Ryan Ruff and Frank Astorino as they discuss succession planning for business owners.
The team is hosting a special guest, Edward A. Gramigna, Jr. from #faegredrinker who advises high net worth individuals on structuring, managing and preparing for the transfer of assets with the goal of minimizing estate and income taxes.
Learn more about #successionplanning with us today!
Welcome back to our #WisdomandWealthPodcast with host Ryan Ruff!
We are proud to introduce our newest team member, Kevin Astorino as he discusses his background, his motivation and how he plans to better serve our #AstorinoFinancial clientele.
On the latest episode of Wisdom and Wealth, we're joined by Mary-Ellen Salamone, of Write on Sports, to discuss charitable giving and its impact on our finances.
Mary-Ellen's work through the charitable organization Write on Sports is providing fantastic opportunities to kids and young adults. Join us for a great conversation!
On the latest episode of Wisdom and Wealth, we venture into the dynamic and multifaceted world of a CEO, exploring the challenges, triumphs, and secrets behind effective leadership at the top of the corporate ladder.
We're joined by David Astorino, Senior Partner at RHR International, as we dissect the complexities of the CEO role and gain invaluable insights from seasoned executives and management experts. For more than 20 years, he has been applying his expertise to complex client engagements, helping CEOs and boards of directors successfully drive the human side of transformational change within their organizations.
This episode is packed with helpful considerations for our audience, including worthwhile insights from industry experts!
Timecodes:
0:06 - Introduction and overview on the topic of the day
1:40 - Why Frank wanted to invite David (his brother) onto the podcast
3:01 - What issues tend to keep CEOs awake at night?
6:25 - The wealth management concerns that CEOs are focused on
7:52 - How CEOs need to navigate a work-life balance and the complexities of running their business simultaneously
12:14 - Frank's work with business owners to discuss life beyond their business
15:55 - The new generation of CEOs and the differing management styles
19:08 - Having values-driven conversations with younger generations
22:52 - CEOs need to become an expert at listening
28:01 - Control what you can control
33:49 - Fees vs. value
37:18 - How CEOs should analyze the cost of improving their business
41:27 - How to get in touch with Frank and David to discuss your concerns as a CEO
42:16 - Closing remarks
Connect with Frank Astorino:
Website
Here’s a question: How well do you and your spouse, or partner, work together when figuring out issues around saving, spending and investing? The answer could have a big impact on your future as individuals and as a couple.
On the latest episode of Wisdom and Wealth, we’re taking a closer look at how you can build a better financial partnership to go along with your marital one and navigate some more challenging conversations along the way!
Timecodes:
0:06 - Introduction and overview on the topic of the day
1:25 - Roughly 75% of marriages have one person that is more financially savvy and they take control of finances
4:17 - Having open financial discussions can help build a stronger marriage
5:45 - The advantages of discussing your finances openly with your spouse
7:47 - Steps for being more effective in your financial planning as a couple
10:07 - Every relationship has compromises
12:37 - What if you and your spouse have different wealth personalities?
15:18 - How a wealth manager can be a mediator between a couple's financial discussions
17:20 - How to get in touch with Frank's team and open up a dialogue
18:27 - Closing remarks
Connect with Frank Astorino:
Website
We can be blindsided at any time by bad news—a death, a job loss, a natural disaster—that makes it hard to know whether we’re still on solid financial ground.
On the latest episode of Wisdom and Wealth, we’re taking a closer look at smart ways to regain much-needed clarity if you’re faced with major uncertainty and steps you can take if you need to get back on track.
Timecodes:
0:06 - Introduction and overview on the topic of the day
1:34 - Uncertainty can sneak up on us and impact our financial world
3:42 - The first step you can take when you're surprised by a life event
5:32 - What is a financial stress test?
7:12 - How a stress test can be leveraged in these moments
9:00 - Most people have gaps in the foundation of their financial plan
10:58 - Advice for navigating the emotions tied to a life event
13:40 - How Frank's team addresses gaps in the financial plan
16:00 - How to get in touch with Frank and his team to discuss further
18:02 - Closing remarks
Connect with Frank Astorino:
Website
As families’ wealth increases and as that wealth gets passed on to heirs, the issue of philanthropy often becomes more and more important to wealthy families. T
On the latest episode of Wisdom and Wealth, we’re looking at a specific resource that these families should know about and should consider—a professional known as a philanthropic advisor, who is deeply focused on the area of charitable giving.
Let's get started!
Timecodes:
0:06 - Introduction and overview on the topic of the day
2:00 - The appeal of working with a philanthropic advisor
3:25 - How a philanthropic advisor works with their client
4:45 - Getting involved on a more granular level
6:17 - Providing guidance on the strongest charitable tools and vehicles available
8:23 - Surprising factors within the realm of charitable giving
10:04 - How to decide if you need to work with a philanthropic advisor
12:45 - The characteristics of a skilled philanthropic advisor
16:00 - How you can get in touch with Frank's team to discuss this further
17:43 - Closing remarks
Connect with Frank Astorino:
Website
If you are like many business owners, you’re looking out for more than just the financial health of your company. You also want to take care of your family and loved ones by providing for them and setting them up for rewarding lives of their own.
On the latest episode of Wisdom and Wealth, we’re exploring how proactive estate planning can help you pursue those goals.
Timecodes:
0:06 - Introduction and overview on the topic of the day
1:39 - The role estate planning plays for a business owner
2:47 - Most entrepreneurs aren't adequately addressing the need for estate planning
5:22 - Many estate plans are outdated
6:30 - How an outdated estate plan can negatively impact a business owner and their family
8:27 - The first step in updating your estate plan
10:09 - You need to consider how your children will receive assets
13:42 - Building your estate plan
15:23 - The mistakes that can be made during estate planning efforts
17:09 - How to get in touch with Frank and his team
18:34 - Closing remarks
Connect with Frank Astorino:
Website
Family conflicts can wreak havoc on a family-run business, especially when it comes time to transfer ownership of the company from one generation to the next.
On the latest episode of Wisdom and Wealth, we’re taking a look at how a well-designed succession plan can reduce that risk and help facilitate a transfer that leaves everyone in the family satisfied.
Timecodes:
0:06 - Introduction and overview on the topic of the day
3:00 - How can a business owner assess their need for succession planning?
5:56 - Where to begin with succession planning efforts
8:02 - A succession plan can help avoid family conflict
10:20 - A succession plan can also address the technical issues inside a business
13:28 - The process of getting your thoughts formulated into an active succession plan
15:30 - The issues that can arise during succession planning efforts
18:05 - How to get in touch with Frank's team
21:00 - Closing remarks
Connect with Frank Astorino:
Website
Believe it or not, it’s not always easy to inherit significant wealth. Many inheritors feel tremendous pressure to prove that they deserve the money. That pressure can lead to great things or big problems, depending on how well they navigate the situation.
On the latest episode of Wisdom and Wealth, we’ll explore ways that inheritors can feel more validated and comfortable with wealth.
Timecodes:
0:06 - Introduction and overview on the topic of the day
1:30 - Inheriting significant wealth can be a double-edged sword
2:55 - There are a lot of considerations for the matriarchs and patriarchs
4:22 - Inheritances can mentally impact anyone
6:16 - The longing for legitimacy that enters the picture
7:40 - Wealth can motivate or it can damage
9:56 - Smart ways that inheritors can go out and get the validation they seek
11:54 - How someone can achieve validation if they don't wish to continue the family business
13:46 - It's all about living a meaningful life
16:00 - How to get in touch with Frank and his team
17:50 - Closing remarks
Connect with Frank Astorino:
Website
None of us want to think about losing our mental edge later in life, but it's something you need to consider. Commonly, people experience a degradation of financial decision-making abilities and "mental sharpness" beginning in their 60s or 70s. On the latest installment of Wisdom and Wealth, we're addressing strategies to safeguard your assets from any wealth-destroying mental money mistakes before that time comes! This is such an important conversation and we hope you leave with some key takeaways for your own financial well-being! Timecodes: 0:06 - Introduction and overview on the topic of the day 1:28 - Let's face it...we're getting older 2:37 - How a loss of mental sharpness can inhibit your financial decision-making abilities 5:02 - Start planning as early as you can 6:17 - The steps people should be considering at this point in life 8:06 - How family members and trusted advisors should be utilized in this moment 11:02 - The legal documents and formal steps that need to be considered 13:22 - The mistakes people make during this time in our lives 15:53 - Final thoughts and considerations from Frank 17:14 - How you can get in touch with Frank and his team 18:10 - Closing remarks
Connect with Frank Astorino: https://www.astorinofinancialgroup.com/ (Website) https://www.facebook.com/astorinofinancialgroup (Facebook) https://www.linkedin.com/in/francis-astorino-9301a3211/ (LinkedIn)
We’re living longer than ever these days. That means our wealth may need to see us through what could be an extremely lengthy retirement. On the latest installment of Wisdom and Wealth, Frank and Ryan are exploring how an increasingly important aspect of wealth management, called longevity planning, can potentially help position our finances for the long haul. Timecodes: 0:06 - Introduction and overview on the topic of the day 1:50 - Living longer can be a bit of a double-edged sword for us 3:40 - A wealth management strategy popping up within longevity planning 5:35 - An example of how wealth management can support concierge medicine 7:38 - An additional concern we should examine within longevity planning 10:08 - The ripple effect of not implementing proper longevity planning 11:50 - Questions you should be asking yourself and discussing with trusted advisors 13:10 - Utilize the second opinion service 14:30 - How to get in touch with Frank and his team 15:00 - Closing remarks Connect with Frank Astorino: https://www.astorinofinancialgroup.com/ (Website) https://www.facebook.com/astorinofinancialgroup (Facebook) https://www.linkedin.com/in/francis-astorino-9301a3211/ (LinkedIn)
Planned giving can help your financial portfolio, while doing good for others in the world. When you provide meaningful financial support to the causes you care about, you have the potential for tax breaks. On the latest installment of Wisdom and Wealth, Frank and Ryan explore the various charitable giving strategies and vehicles that can help get you started, as well as those strategies to enhance your existing philanthropic efforts to be more impactful. We have another great episode that's packed with beneficial information! Enjoy! Timecodes: 0:06 - Introduction and overview on the topic of the day 1:52 - Is there an interest in charitable giving these days? 3:28 - How wealth planning fits into charitable giving 5:01 - Where to begin if you're interested in charitable giving strategies 6:57 - The foundational methods that exist within charitable giving 12:51 - How private foundations work and who should be looking into this strategy 14:59 - Who you should turn to for guidance and support on charitable giving efforts 16:45 - The most important aspect within charitable giving 18:15 - How you can get in touch with Frank's team 19:22 - Closing remarks
Connect with Frank Astorino: https://www.astorinofinancialgroup.com/ (Website) https://www.facebook.com/astorinofinancialgroup (Facebook) https://www.linkedin.com/in/francis-astorino-9301a3211/ (LinkedIn)
In the latest installment of Wisdom and Wealth, Frank steps outside of the typical wealth management conversation to address how wealth is ultimately generated in the first place. Listen as he discusses the benefits, as well as challenges, associated with entrepreneurship. Despite being the single fastest and most effective means of generating significant wealth, there are plenty of strategies and essential best practices to consider before attaining significant wealth. So sit back, relax, and enjoy this unique conversation featuring the other side of the wealth management equation. Timecodes: 0:06 - Overview on the topic of the day 2:08 - The power of entrepreneurship in today's day and age 4:58 - The commitment to achieve 8:02 - You have to take action and begin implementing your plan 9:40 - You need a high-quality business plan 11:26 - The ability to build powerful relationships 13:00 - Building and maintaining a high-quality team over time 15:00 - Aligning with a team of professionals 17:30 - How you can get in touch with Frank and his team 18:58 - Closing remarks Connect with Frank Astorino: https://www.astorinofinancialgroup.com/ (Website) https://www.facebook.com/astorinofinancialgroup (Facebook) https://www.linkedin.com/in/francis-astorino-9301a3211/ (LinkedIn)
One of the biggest concerns facing affluent families is how to manage their wealth so that it achieves many goals. Their focus could be continuing to grow their wealth as it is transferred to younger generations, or aligning the use of that wealth with the values and ideals the family holds dear, or even protecting that wealth from creditors and others who might seek to take it unjustly. Often the best place to start, is to ensure that your family members are aligned when it comes to key issues. A family constitution can be a great way to get that process going. In the latest installment of the show, Frank explores the benefits of establishing a family constitution to ultimately promote clarity and harmony when it comes to managing family wealth. Timecodes: 0:06 - Introduction and overview on the topic of the day 2:13 - The challenges arising when families attempt to work together to manage their wealth 3:11 - The wealth-related issues among affluent families 4:15 - Overview on the family constitution 5:49 - How the family constitution works to promote more harmonious relationships among the family 8:29 - How a family can get started in generating a family constitution 11:09 - Your current wealth manager is a great resource for this process 12:46 - Is this a legal document? 16:50 - The key reasons someone should consider a family constitution 19:51 - Closing remarks
Connect with Frank Astorino: https://www.astorinofinancialgroup.com/ (Website) https://www.facebook.com/astorinofinancialgroup (Facebook) https://www.linkedin.com/in/francis-astorino-9301a3211/ (LinkedIn)
Are your heirs ready to deal with the wealth you may be planning to pass on to them someday? It's an unfortunate fact that inheritors often struggle with their windfalls in ways that can be hazardous to their wealth. On the latest installment of Wisdom and Wealth, Frank unpacks the complex world of inheritances and the variety of internal and external conflicts that arise throughout this process. Listen as Frank outlines how his affluent clients prepare their heirs for the inheritance and why we can all take a page out of their playbook on this topic. Timecodes: 0:06 - Introduction and overview on the topic of the day 1:36 - Why inheritances can be a double-edged sword 3:30 - The internal and external conflicts heirs can face 5:43 - Where to begin helping heirs to address these conflicts 6:56 - What affluent families are doing when it comes to passing on their wealth 8:20 - Where to begin fostering financial intelligence among your heirs 12:47 - An approach that's more appealing to educating heirs on an inheritance 16:20 - Additional considerations for matriarchs and patriarchs 20:00 - Who should families turn to for help with this process? 22:00 - Closing remarks
Connect with Frank Astorino: https://www.astorinofinancialgroup.com/ (Website) https://www.facebook.com/astorinofinancialgroup (Facebook) https://www.linkedin.com/in/francis-astorino-9301a3211/ (LinkedIn)
Given so much uncertainty in the world, with the Covid-19 pandemic, as well as political and economic turmoil, there are plenty of people wondering what they can be doing to sleep better at night. Especially with regard to their finances! Join us for the latest installment of Wisdom and Wealth! Allow Frank to help put your mind at ease and explain the benefits of the stress testing process. Through a robust and in-depth analysis, Frank's team reviews your entire portfolio, as well as your personal goals and aspirations, to help calculate strategic financial maneuvers for the future. Timecodes: 0:06 - Introduction and overview on the topic of the day 2:29 - What is a stress test? 6:57 - The key factors at play within a stress test 9:00 - What prompts people to see Frank's team for a stress test 11:35 - An example of someone who saw Frank's team for a stress test 14:35 - The keys to having a stress test done well 17:56 - Where the human element plays a role within stress testing 21:06 - Your personal goals are factored into your stress test 23:52 - What a client experiences within the stress testing process 26:00 - How you can get in touch with Frank's team for a stress test 28:08 - Closing remarks
Connect with Frank Astorino: https://www.astorinofinancialgroup.com/ (Website) https://www.facebook.com/astorinofinancialgroup (Facebook) https://www.linkedin.com/in/francis-astorino-9301a3211/ (LinkedIn)
In the inaugural episode of Wisdom and Wealth, Frank and Ryan explore the key ingredient missing from most wealth managers and why affluent individuals should be demanding this ingredient when working with their financial professional. It's no secret that affluent individuals, families, and business owners have access to financial professionals who possess the highest level of financial acumen. However, in most cases today, that isn't enough to develop a comprehensive and customized wealth plan. Wealth managers need to be incorporating the human element into their dealings with clients. Only by understanding a client's core values and personal goals, will a wealth manager be able to develop the most effective plan. So sit back, relax, and enjoy another great conversation surrounding you, the client. Timecodes: 0:06 - Introduction and overview on the purpose of the podcast 1:52 - Who is Frank Astorino? 3:49 - Why you should be demanding more from your wealth manager today 5:09 - What is the human element within wealth management? 6:26 - How the Astorino Financial Group incorporates the human element 10:41 - How the human element is incorporated within a stress test 12:30 - Instances where a stress test doesn't reveal issues with their current wealth plan 16:00 - How can you know if an advisor incorporates the human element? 17:40 - What a thorough discovery process should look like 19:53 - How you can get in touch with Frank and his team 22:00 - Closing remarks Connect with Frank Astorino: https://www.astorinofinancialgroup.com/ (Website) https://www.facebook.com/astorinofinancialgroup (Facebook) https://www.linkedin.com/in/francis-astorino-9301a3211/ (LinkedIn)