Your Money & A Cup of Joe: Recent Episodes
Joe Calao
Welcome to Your Money & A Cup of Joe, where we pursue what matters most: Your life, your wealth, and your future!
Starring Joe Calao, Senior Vice President-Wealth Management of the Calao Wealth Management Group, we'll explore unique wealth management discussions, strategies, and solutions on every episode. We're bringing the same conversations that Joe is having with his clients right to this show!
Our mission is to provide quality strategies customized to your needs. Our goal is to be your primary source of financial advice. To this end, we concentrate our efforts on developing long-term relationships through a commitment to quality client service.
So come and join us for some informative and intriguing discussions surrounding a variety of wealth planning topics. Enjoy!
We’re examining a really interesting topic that is so relevant to so many people. How often do distractions pull you away from your quest to reach major meaningful goals—in your life, your work or both?
On the latest episode of Your Money & A Cup of Joe, we’re exploring a process often called monk mode that can empower you to ignore life’s annoyances and do the work needed to achieve big breakthroughs.
Chapters:
0:00 - Introduction and overview on the topic of the show
1:20 - Why you should be assessing your level of focus
2:39 - Monk mode's approach to regain time and space in their activities
4:36 - The benefits of monk mode in a high-performing work environment
5:43 - How someone can begin implementing monk mode into their life
7:18 - Blocking off time for the highest-value work
9:10 - Steps you can take to mitigate distractions
11:06 - The importance of taking breaks throughout your day
13:17 - Final advice for cutting through life's distractions
14:25 - How you can get in touch with Joe and his team
15:17 - Closing remarks
If you’re an entrepreneur, the idea of selling your business may have crossed your mind more than once.
If you ultimately decide to sell your business, you’ll likely encounter two main types of buyers: financial and strategic. It’s critically important to consider which type of buyer is the right one for you and your company.
On the latest episode of Your Money & A Cup of Joe, we’re exploring how these two categories of buyers could play an important part in how much you get for your company.
Chapters:
0:00 - Introduction and overview on the topic of the show
1:29 - What entrepreneurs can expect when encountering a financial buyer
3:02 - Where the seller fits into a financial buyer's vision for the company
4:37 - How are entrepreneurs most likely to encounter financial buyers
5:40 - The difference between strategic buyers and financial buyers
7:10 - How a strategic buyer sees greater value being created
8:37 - The various types of strategic buyers out there
9:21 - How you can decide which type of buyer is best for your company
10:32 - Joe's guidelines for working with strategic buyers
11:43 - How to get in touch with Joe and his team
14:20 - Closing remarks
On the latest episode of Your Money & A Cup of Joe, we're diving into Q2 of 2024 for another Market Review.
Stick around for Joe's take on Q3 and where the market trends are heading.
Chapters:
0:00 - Introduction and overview on the topic of the day
1:00 - Gains and Clear Winners
2:20 - Losers for Q2
3:08 - Rail Shipments and What They Mean
4:40 - The U.S Election and It's Impact on the Markets
7:05 - Bonds and the Influence on Rates
9:10 - Cash Holding and Joe's Take
11:10 - Real Estate and Future Outlook
12:25 - Too Late to Invest in AI?
16:50 - How to get in touch with Joe and his team
17:25 - Closing remarks
On the latest episode of Your Money & A Cup of Joe, we're exploring how artificial intelligence will continue to influence the market.
With improving visibility for AI infrastructure spending that should extend beyond the initial training and inferencing boom and amid broadening demand for AI applications and models, we have raised our revenue estimate for the industry by 40%.
Chapters:
0:00 - Introduction and overview on the topic of the day
1:32 - Joe's outlook on AI and the opportunities surrounding it
5:28 - The basics of AI infrastructure
9:21 - Will the AI boom continue?
12:15 - Where the majority of AI spending will occur
17:21 - The App Store moment for AI has arrived
22:10 - Artificial General Intelligence and the conversations surrounding this hot topic
25:01 - Regulations on AI and the concerns surrounding them
27:09 - Advice on a strategic approach for investors interested in AI
29:50 - How to get in touch with Joe and his team
30:50 - Closing remarks
Our latest installment of Your Money & A Cup of Joe examines some key planning considerations surrounding retirement in 2024, as well as the impacts the Secure 2.0 Act will have on everyone's retirement planning efforts and timeline.
Additionally, Joe analyzes updated information on Social Security and Medicare, as well as higher income taxes in the event Congress does not extend 2017 tax cuts that were made.
Enjoy a deep dive into some key strategies, with a holistic approach, which is bound to leave you with considerations for your own financial world!
Chapters:
0:00 - Introduction and overview on the topic of the day
1:32 - How retirees have been impacted lately given rising interest rates
4:17 - Secure 2.0 Act revisions and how it'll change things for retirees
6:40 - Giving money to a charity instead of taking your RMD
8:42 - College 529 plans and how they can be leveraged towards retirement
11:31 - Why you should be revisiting your estate planning efforts right now
14:36 - What employers can be doing to help employees with retirement planning efforts
18:44 - How to get in touch with Joe and his team
19:34 - Closing remarks
Our topic for the latest installment of Your Money & A Cup of Joe is how to respond to a lawsuit if you’re sued, which is an area of concern for many affluent individuals and families with significant wealth.
In this conversation, we’re looking at asset protection planning, what to do if you’re sued, and the types of professionals you may want on your team.
This episode is packed with some helpful takeaways, so get your notepad ready!
Chapters:
0:00 - Introduction and overview on the topic of the show
1:18 - The U.S. is one of the most litigious nations in the world
2:28 - People aren't necessarily as prepared for a lawsuit as they could be
4:08 - Steps you can be taking to defuse any litigious situations
5:10 - What you should look for in a litigation problem-solver
6:42 - How might a team of professionals should operate if you are sued
8:40 - Working out a favorable deal
9:58 - How asset protection plans can keep people from suing you in the first place
12:31 - The best way to find a team of trusted professionals should they need them
14:09 - How to get in touch with Joe and his team
14:56 - Closing remarks
Selling a business that you’ve worked to build for years or decades comes with an enormous number of considerations—not the least of which is easing the tax burden that accompanies a big sale.
On the latest episode of Your Money & a Cup of Joe, we’re looking at four ways business owners who sell their companies might mitigate taxes.
Let’s dive in!
Chapters:
0:00 - Introduction and overview on the topic of the day
1:15 - Tax-related issues are top-of-mind concerns for business owners and entrepreneurs
2:27 - Transferring assets regularly over time
3:28 - Utilizing an installment sale approach
4:19 - The risks associated with selling your business in a spread-out nature
6:26 - Opportunity zones and how entrepreneurs are utilizing them
8:35 - Leveraging charitable remainder trusts
9:57 - Analyzing the income component within a charitable remainder trust
11:08 - How can a business owner decide which strategy makes the most sense for them?
12:14 - How to get in touch with Joe and his team
13:09 - Closing remarks
Connect with Joe Calao:
Website
Building wealth through hard work can feel tougher than ever these days!
On the latest episode of Your Money & A Cup of Joe, we’re looking at the wealth creation strategy of building a personal brand and how it can potentially be instrumental to the success of professionals, entrepreneurs and others.
This episode is bound to leave you with some key takeaways for your own personal brand and how you can leverage it to enhance your ongoing business strategies.
Chapters:
0:00 - Introduction and overview on the topic of the day
1:32 - What is a personal brand?
2:39 - The benefits of leveraging a great personal brand
3:43 - Is a personal brand a necessity or simply 'nice to have'
4:50 - Where to begin when creating a personal brand
6:20 - The three components of a powerful personal brand
8:08 - The experience of your personal brand
9:04 - The results associated with leveraging your personal brand
10:21 - Developing a personal brand is an ongoing process
12:04 - How to get in touch with Joe and his team
13:01 - Closing remarks
Connect with Joe Calao:
Website
Family banks are a tool that some very wealthy families use for a number of reasons, and they’re increasingly being adopted by more and more families across the net worth spectrum.
On the latest episode of Your Money & A Cup of Joe, we’re looking at whether family banks could be a smart move for you and your family's financial world.
Chapters:
0:00 - Introduction and overview on the topic of the day
1:05 - What is a family bank?
1:51 - The types of initiatives that family banks can fund
2:53 - How a family bank can support a family member and build up financial responsibility
3:47 - How a family bank can help a family member with a business-building desire
5:08 - Why family banks are such formal entities
6:46 - Family banks are meant to be customized to fit the needs of the family
8:23 - Family banks are not exclusive to the extremely wealthy
9:28 - How to set up and 'run' a family bank
11:11 - How to get in touch with Joe and his team to discuss this topic further
12:15 - Closing remarks
Connect with Joe Calao:
Website
Selling a business that you’ve worked to build for years or decades comes with an enormous number of considerations—not the least of which is easing the tax burden that accompanies a big sale.
On the latest episode of Your Money & A Cup of Joe, we’re looking at four ways business owners who sell their companies might mitigate taxes. Let’s dive in!
Chapters:
0:00 - Introduction and overview on the topic of the day
1:20 - Numerous strategies exist for mitigating taxes for business owners
2:28 - Transfer assets regularly over time
3:30 - Taking an installment approach to selling your business
4:28 - The risk associated with the installment approach
6:27 - Opportunity zones and how to leverage these
8:30 - Leveraging charitable remainder trusts to reduce your tax bill
11:01 - How can a business owner decide which strategy makes the most sense for them?
12:32 - How to get in touch with Joe and his team to discuss you and your business
13:08 - Closing remarks
Connect with Joe Calao:
Website
Simply having significant wealth doesn’t guarantee a great life. For example, inheritors often face a number of significant challenges at various points in their lives, including the years before they receive their inheritance as well as after wealth is transferred to them.
On the latest episode of Your Money & A Cup of Joe, we’re looking at some of the issues and hurdles that inheritors of significant wealth may need to overcome along with strategies aimed at addressing them successfully.
Chapters:
0:00 - Introduction and overview on the topic of the day
1:35 - Those who inherit family wealth face particular challenges
2:52 - Some of the pitfalls of dealing with family wealth
3:51 - Where to begin in navigating the challenges in wealth transferring
5:34 - Addressing bad spending habits or feelings of guilt alongside family wealth
7:10 - Begin developing your financial decision-making skills
9:12 - The emotionally challenging issues facing heirs during the wealth transfer process
11:31 - Becoming a good steward of family wealth
13:12 - Work with professionals you trust!
14:53 - How to get in touch with Joe and his team
17:06 - Closing remarks
Connect with Joe Calao:
Website
As we move into 2024, there are countless learnings we can draw from how the market finished up in Q4 of 2023.
On this episode of Your Money & A Cup of Joe, we're analyzing the key highlights from Q4, as well as providing an outlook on how the market will continue to move in the new year.
Chapters:
0:00 - Introduction and overview on the topic of the day
1:46 - A strong finish to 2023
3:53 - The large events worth recapping from 2023
5:33 - Portfolios recovering as a result of rising interest rates
6:58 - The market's forecast on where interest rates could go in 2024
9:22 - Considerations from the international markets
10:49 - Could there be a pullback?
12:09 - How the labor market and economy as a whole operated in Q4 of 2023
14:29 - Real estate and the notable conversations coming out of this sector
18:19 - Semiconductors and their influence on the tech market
20:20 - How home improvement and home furnishings have changed
21:14 - How cruise ships and the leisure sector has improved
23:27 - The outlook on energy in 2024 and their rates of change
26:31 - How to get in touch with Joe and his team
26:58 - Closing remarks
Connect with Joe Calao:
Website
To be financially successful at any age, it’s important to be financially literate and know how to navigate foundational concepts and ideas about money. The earlier we can instill that knowledge in our kids, the better off they potentially could be.
On this episode of Your Money & A Cup of Joe, we’re examining how parents and grandparents can help their heirs, and maybe even themselves, become more financially literate.
Chapters:
0:00 - Introduction and overview on the topic of the day
1:28 - Where we stand in terms of understanding core financial concepts
2:23 - The state of financial literacy in the United States
3:34 - What's causing these low levels of financial literacy
4:26 - What parents can be doing to boost financial literacy among younger generations
5:19 - What children should be focusing on to build financial literacy levels
8:13 - Some next-level financial concepts to focus on
11:31 - How parents can make these topics and conversations more engaging for kids
15:10 - We all could stand to boost our own financial literacy
16:30 - How to get in touch with Joe and his team
17:41 - Closing remarks
Connect with Joe Calao:
Website
One mistake that can be so easy to make is to focus on just one aspect of our financial life. In doing so, we can miss opportunities as well as take on unnecessary levels of risk.
On the latest episode of Your Money & A Cup of Joe, we’re going to explore a way to avoid that problem and address the full range of financial concerns using wealth planning.
Chapters:
0:00 - Introduction and overview on the topic of the day
1:20 - How Joe defines wealth planning and what it does for people
2:28 - One critical tool that is common among wealth planning
4:00 - The types of trusts that exist within wealth planning
5:12 - How Life Insurance has become such a common tool within wealth planning
7:37 - How wealth planning addresses the concerns of business owners and their families
8:46 - Aspects of wealth planning beyond the technical components
9:34 - Flexibility, discretion, transparency
11:49 - Cohesiveness, risk adversity and cost-effectiveness
14:04 - How to get in touch with Joe's team to discuss wealth planning
15:22 - Closing remarks
Connect with Joe Calao:
Website
Even if you’ve done excellent planning for your golden years, it’s possible to make mistakes once you’re in retirement that can prove to be costly.
On the latest episode of Your Money & A Cup of Joe, we’re examining some of the big mistakes that retirees tend to make—along with potential solutions and, even better, ways to avoid making them in the first place.
Chapters:
0:00 - Introduction and overview on the topic of the episode
1:22 - People don't pay enough attention to the financial risks faced after they retire
2:55 - The common mistakes that can derail retirement plans
5:34 - The idea of "avoiding" money talks with family members
7:20 - Mistakes surrounding your retirement income
9:50 - Don't make investing your new part-time hobby
11:28 - Concerns popping up in the last 15-20 years
14:09 - How to combat scammers
16:10 - Retirement should be enjoyed, but you shouldn't go into auto-pilot with your finances
17:20 - How to get in touch with Joe and his team
17:40 - Closing remarks
Connect with Joe Calao:
Website
A stress test is a process that can help you decide if one or more of your wealth planning strategies needs to be revised or even replaced. It can also help you assess new solutions you’re considering implementing.
On the latest episode of Your Money & A Cup of Joe, we’re examining everything that goes into a stress test and how you can leverage one to achieve your financial goals.
Chapters:
0:00 - Introduction and overview on the topic of the day
1:40 - The need to regularly assess the financial advice you receive
3:00 - The two reasons people conduct stress tests
4:56 - The best practices of leveraging a stress test
5:58 - Advice on how to make sure a stress test is conducted well
8:04 - The technical characteristics you should be looking for in your wealth manager
11:21 - Areas that can be overlooked when conducting a stress test
14:44 - Is stress testing only reserved for the Super Rich
15:50 - How to connect with Joe and his team
16:15 - Closing remarks
Connect with Joe Calao:
Website
Simply having significant wealth doesn’t guarantee a great life. For example, inheritors often face a number of significant challenges at various points in their lives—including the years before they receive their inheritance as well as after wealth is transferred to them.
On the latest episode of the podcast, we’re looking at some of the issues and hurdles that inheritors of significant wealth may need to overcome along with strategies aimed at addressing them successfully.
Timecodes:
0:06 - Introduction and overview on the topic of the day
1:29 - Those who inherit wealth face challenges that need to be addressed
3:51 - Where to begin with helping families navigating wealth transfer?
5:38 - You need to avoid poor spending habits!
7:20 - Action steps families can take to mitigate any wealth transfer challenges
9:10 - The emotionally challenging issues that face inheritors
11:19 - Smart methods for people becoming good stewards of their wealth
13:20 - Work with professionals you trust!
15:15 - How to get in touch with Joe and his team
17:07 - Closing remarks
Connect with Joe Calao:
Website
Today's episode is packed with a variety of topics, all of which centered around the market's performance across numerous sectors.
Joe and his team have been keeping a close eye on the market's performance throughout Q3, drawing conclusions on where they believe the market will continue to head as 2023 draws to a close.
Let's dive into the details!
Timecodes:
0:06 - Introduction and overview on the topic of the day
1:03 - The five key points surrounding consumer spending and real income growth
4:19 - How the market has reacted during Q3 and how Q4 is shaping up
6:05 - E-Commerce penetration rising in the United States
8:53 - How E-Commerce penetration will impact retail overall
12:49 - Cruise lines have seen smooth sailing
17:28 - The labor market isn't slowing down as rapidly as we thought
19:20 - How the market has changed since Q2
21:46 - The Covid re-opening trend
24:13 - Commercial and residential real estate trends changing
27:47 - How to get in touch with Joe and his team
28:54 - Closing remarks
Connect with Joe Calao:
Website
Any wealth manager you consider working with, or currently work with, should possess three key characteristics to address your key concerns.
On today's episode of Your Money & A Cup of Joe, we’re going to explore those three characteristics, and offer ways that you can assess a wealth manager and other financial professionals in all three areas.
Timecodes:
0:06 - Introduction and overview on the topic of the day
1:12 - How to evaluate the experience and expertise of a given wealth manager
2:20 - Issues that often go unnoticed
3:45 - The characteristics a wealth manager should bring to the table
4:13 - What it means for a wealth manager to have integrity in their work
6:20 - Your wealth manager should possess a strong level of competence
8:10 - An elite wealth manager leverages their astute level of technical competence
10:26 - Your wealth manager should have a team of strong relationships around them
12:15 - What does it mean for a wealth manager to have experience?
14:10 - How you can get in touch with Joe and his team for a stress test
16:20 - Closing remarks
Connect with Joe Calao:
Website
The people you know can play a big part in the amount of success you achieve in business and in life. But for contacts to be important and valuable to that success, you need to develop powerful relationships with them that get results for all involved.
On today's episode of Your Money & A Cup of Joe, we’re exploring some key ways to make that happen.
Timecodes:
0:06 - Introduction and overview on the topic of the day
1:22 - Relationships are vital to someone's success
2:22 - How you can motivate the others around you
3:36 - Taking your passion and conveying it to others around you
5:21 - You need to walk-the-walk
6:34 - Giving something of value to get something in return
7:51 - The softer elements of developing powerful relationships
9:26 - How to build trust a little quicker
12:10 - Developing powerful professional relationships isn't a complex process
13:35 - How to get connect with Joe and his team
14:33 - Closing remarks
Connect with Joe Calao:
Website
If you’re a business owner, do you have key person insurance or a buy-sell agreement in place? If so, when was the last time you updated it? If your solutions are more than a few years old, you could be setting yourself up for financial disaster.
On this episode of Your Money & A Cup of Joe, we’re examining why this is the case and what entrepreneurs can do about it right now!
Timecodes:
0:06 - Introduction and overview on the topic of the show
1:23 - There are two big solutions for addressing unexpected issues for your business
2:49 - Business owners tend to neglect the planning efforts for these circumstances
3:47 - The advantages of leveraging a buy-sell agreement or key person insurance policy
5:17 - Business owners tend to set up their plan, but don't monitor it over time
6:15 - The appeal of a buy-sell agreement
7:38 - A large number of business owners don't have a buy-sell agreement in place
8:54 - Why you shouldn't let your buy-sell agreement become outdated
10:56 - The steps you can take to address these solutions for your business
12:42 - How to get in touch with Joe and his team
13:40 - Closing remarks
Connect with Joe Calao:
Website
As an entrepreneur, are you doing what it takes to help your employees, freelancers and other team members engage fully with both your company and the specific tasks they need to accomplish to generate success?
On the latest episode of Your Money & A Cup of Joe, we’re examining three key moves that can help you get the most from your people!
Timecodes:
0:06 - Introduction and overview on the topic of the show
1:23 - One of the biggest topics business owners are discussing today
2:58 - Changing the dynamic in the workplace to truly motivate employees
3:45 - Engaging your employees and inspiring motivation is paramount
5:07 - Action steps business owners can be taking to spark employee engagement
7:09 - Creating an environment that allows for workplace flexibility
8:31 - Does your business absolutely need to be conducted from an office environment
10:32 - Addressing wellness programs that businesses incorporate for employees
12:27 - Smart decision making and planning will get the best work from your employees
14:49 - Closing remarks
Connect with Joe Calao:
Website
We all have financial concerns of some sort or another!
On the latest episode of Your Money & A Cup of Joe, we’re taking a closer look at some of the key concerns shared by many affluent individuals and families today. How many of these concerns are on your own list of issues to address?
Let's dive into them and offer strategies to mitigate these concerns.
Timecodes:
0:06 - Introduction and overview on the topic of the day
1:08 - The issue of preserving wealth
3:20 - Maintaining your current financial position is the top concern among investors
4:25 - The issue of enhancing wealth through tax mitigation strategies
5:48 - You shouldn't ignore your tax planning efforts
9:12 - The issue of protecting wealth from being unjustly taken
10:39 - The conversations surrounding charitable giving
12:15 - Make a list of what's important to you
13:39 - How to get in touch with Joe's team to discuss this topic further
14:41 - Closing remarks
Connect with Joe Calao:
Website
Coming into 2023, there were many unknowns about the economy and how the markets would react. This speculation has left countless people contemplating smart decisions with their investment portfolio.
On the latest episode of Your Money & A Cup of Joe, we're recapping how the economy has operated, so far in 2023, and what the market's reaction has been. Joe will also provide some insights on where the market may go as we progress deeper into the year.
Timecodes:
0:06 - Introduction and overview on the topic of the day
1:08 - How inflation has been viewed throughout the year
5:04 - The markets reaction to inflation thus far this year
6:44 - The catalyst that's driving the market to a higher level overall
10:58 - Communication services and their place within the market
13:35 - How AI companies are going to impact the economy overall
18:17 - Consumer staples are down so far this year
24:04 - Supply chain issues are beginning to improve
29:05 - How to get in touch with Joe and his team
30:01 - Closing remarks
Connect with Joe Calao:
Website
There are approximately 8 million private companies that will change hands in the US over the next 15 years. And some business owners will need and/or want help doing it. As we have discussed before on the podcast, there are 8 ways to exit a business, 4 internally and 4 externally.
On the latest episode of Your Money & A Cup of Joe, we wanted to discuss how business owners can exit in the method that's most appropriate for them.
We're joined on this episode by Larry Starks, the Senior Managing Director with Waterview Investment Banking, who has helped hundreds of companies and corporate leaders transition into the next generation.
Timecodes:
0:06 - Introduction and overview on the topic of the show
2:11 - How Joe and Larry became acquainted on a professional level
3:23 - Why business owners sell their companies in the first place
7:05 - The key mistakes business owners should avoid when selling their companies
15:05 - The characteristics that make a company attractive for a sale
19:51 - The areas of a business that need "housekeeping" before sale
24:23 - Evaluating the different types of buyers
28:37 - When is the right time to sell a company?
32:30 - How to maximize the value of your company within the transaction
36:57 - How to get in touch with Joe and Larry to discuss this topic further
38:40 - Closing remarks
Connect with Joe Calao:
Website
If you’re a business owner who decides to sell or transition the ownership of your business, do you know what your next move will be? For some entrepreneurs who want to stay part of the business world they know so well, becoming an independent consultant can be a new stage in their entrepreneurial lives.
On the latest episode of Your Money & A Cup of Joe, we’re taking a look at some key issues involved in transitioning from being a business owner to being a business consultant.
Timecodes:
0:06 - Introduction and overview on the topic of the show
1:28 - The trend of business owners shifting towards consulting
2:40 - The motivators of becoming a consultant
3:53 - Becoming a consultant can smooth out the transition from business ownership to retirement
5:42 - The opportunities associated with becoming a consultant
7:20 - You need a plan in place to transition from your business to consulting
9:18 - The three types of business owners
11:33 - Advice for making important connections and landing consulting gigs
13:18 - The mistakes to avoid when becoming a consultant
16:20 - There are many ways you can provide value to businesses
18:03 - How to get in touch with Joe and his team
19:01 - Closing remarks
Connect with Joe Calao:
Website
In Joe's work with high-net-worth clients, he is seeing a troubling trend: Too many successful, wealthy people and families are not getting the financial guidance that’s most appropriate to help them achieve their key financial goals.
On the latest episode of Your Money & A Cup of Joe, we’re going to examine why that’s happening and what individuals and families can do about it.
Timecodes:
0:06 - Introduction and overview on the topic of the day
1:21 - The troubling trend Joe is seeing with financial advisors
2:37 - People are likely working with the wrong wealth managers
3:13 - What does high-quality financial advice look like?
4:33 - The different types of wealth managers out there
5:53 - Be on the lookout for the exploiting advisors
7:22 - You need to completely avoid the "predator" financial advisors
8:46 - What a top-tier wealth manager looks like and how can I tell they are a consummate professional
11:44 - How to understand if you're getting the right wealth management advise for you
13:51 - How you can get in touch with Joe and his team for a stress test
15:12 - Closing remarks
Connect with Joe Calao:
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 today's episode of Your Money & A Cup of Joe, we’re going to explore how proactive estate planning can help you pursue those goals.
Timecodes:
0:06 - Introduction and overview on the topic of the day
1:29 - The role estate planning plays in the life of an entrepreneur
2:33 - Do entrepreneurs recognize the need for smart estate planning?
3:27 - Many entrepreneurs aren't taking the necessary steps to update their estate plans
6:46 - An outdated estate plan can put your family's financial future at risk
9:33 - The first step in getting your estate planning efforts back on track
11:56 - Steps to consider when updating your estate plan
14:03 - The mistakes to avoid within estate planning efforts
16:01 - How to get in touch with Joe and his team
17:35 - Closing remarks
Connect with Joe Calao:
Website
For all of us, there may come a day when we are asked to be the executor of an estate. It’s a task that comes with some serious responsibilities as well as some important risks if you mismanage your duties.
On this episode of Your Money & A Cup of Joe, we’re going to look at what being an executor is all about and how to decide if you should take on the role if asked.
Timecodes:
0:06 - Introduction and overview on the topic of the day
1:22 - What is an executor and what is their role?
3:00 - Before saying yes to this responsibility, you need to deeply consider this role
5:58 - Identifying and finding assets of the deceased individual
8:15 - Advice for identifying and finding assets
9:58 - Addressing the debt, taxes and additional liabilities
11:38 - The common misconception with being an executor
13:48 - The personal level of risk that's assumed by an executor
17:12 - How you can get in touch with Joe and his team
18:56 - Closing remarks
Connect with Joe Calao:
Website
As 2022 drew to a close, Congress passed new legislation that is going to impact and entice employers to put in place and/or tweak their current retirement plan.
We're continuing with our two-part series featuring the notable changes that Secure Act 2.0 has introduced. Joined by Josh Sutin, of Chamberlain Hrdlicka, we're exploring the considerations that impact employers.
Timecodes:
0:06 - Introduction and overview on the topic of the day
2:15 - What Secure Act 2.0 is trying to accomplish with retirement provisions
8:07 - Auto-enrollment and the success many business owners find
9:46 - How Secure Act 2.0 is impacting part-time workers
12:33 - How Roth contributions have been addressed
14:45 - The hardship provision and what it entails
23:23 - Retirement plan notices need to go out by employers each year
35:30 - Secure Act 2.0 is trying to get businesses back on track following hard times
39:30 - How you can get in touch with Josh and get your questions answered
45:50 - It's important to stay on top of these types of changes
47:37 - Closing remarks
Connect with Joe Calao:
Website
As 2022 drew to a close, Congress passed new legislation that is going to impact and entice employers to put in place and/or tweak their current retirement plan.
In the next two episodes of Your Money & A Cup of Joe, we're examining some of the provisions that individuals, employers and company leaders will want to know more about in Secure Act 2.0. And in today's episode, we're focusing particularly on the considerations that impact employees.
Timecodes:
0:06 - Introduction and overview on the topic of the day
1:12 - Introducing Josh Sutin of Chamberlain Hrdlicka
2:51 - Why Congress enacted Secure Act 2.0
5:02 - It's important to look consider how employees factor into these changes
7:59 - Raising the age for Required Minimum Distributions and the penalties associated with them
10:59 - What the RMD penalties looked like in the past
12:22 - How Congress addressed the qualified charitable distributions
16:55 - How Secure Act 2.0 is increasing contribution limits to retirement funds
24:30 - Student loans are being impacted by Secure Act 2.0 as well
28:45 - Secure Act 2.0's impact on 529 plans and Roth IRAs
31:37 - Closing remarks
Connect with Joe Calao:
Website
Many business owners are always looking to motivate their employees, generate better results and save themselves some taxes.
On the latest episode of Your Money & A Cup of Joe, we’re looking at one tool that can potentially do that and more for some businesses. It’s a retirement plan and succession tool called an employee stock option plan, or ESOP.
Tune in for another great dialogue that's bound to leave you with some helpful considerations for your own business and financial world.
Timecodes:
0:06 - Introduction and overview on the topic of the day
1:15 - Why this type of retirement plan is one that business owners should be considering
2:47 - An overview on how an ESOP works
4:29 - The key ways an ESOP differs from other retirement plans
5:30 - How an ESOP can benefit a business owner specifically
7:56 - How your business specifically benefits from utilizing an ESOP
9:36 - An ESOP can help facilitate business succession as well
11:30 - Should you be considering an ESOP for your company?
13:26 - The first step into developing an ESOP for your organization
14:18 - How you can get in touch with Joe and his team to discuss this topic
14:57 - Closing remarks
Connect with Joe Calao:
Website
With so many changes happening in the world, perhaps even in your own family, a trust you've set up to achieve your financial goals could be outdated!
On the latest episode of Your Money & A Cup of Joe, we're examining how to size up the current status of your trust to see whether it's still on track, so you can decide if any changes are appropriate.
Timecodes:
0:06 - Introduction and overview on the topic of the day
1:25 - Setting up a trust is only the first step!
2:28 - How might your trust not be positioned to achieve what you intended it to accomplish
3:20 - Where to begin when reviewing your current trust
5:10 - Issues that get overlooked when revisiting your trust
6:11 - A big mistake people should be avoiding
9:16 - How a stress test can uncover issues within the trust review process
10:56 - Who you can turn to for assistance with revisiting your trust
12:50 - How you can get in touch with Joe and his team
13:43 - Closing remarks
Connect with Joe Calao:
Website
Running a successful family business takes a tremendous amount of both working hard and working smart. You also need to navigate family dynamics along the way, which adds its own layer of complex challenges to the mix.
On the latest installment of Your Money & A Cup of Joe, we’re examining some of the key mistakes that too many successful family businesses make and how to best avoid them.
Timecodes:
0:06 - Introduction and overview on the topic of the day
1:30 - There is a massive need for wealth planning when a family business is involved
2:50 - The apparent risk for mistakes that arise with family businesses
4:50 - What families should be looking for in a wealth manager
6:01 - Don't over focus on minimizing taxes for your family business
7:58 - What happens when families are secretive about their wealth planning
10:01 - You need to keep your wealth planning efforts accurate and up-to-date
11:31 - What families should be doing if their plan is outdated
13:04 - Viewing the sale of a family business as "failing" in some way
14:55 - How you can get in touch with Joe and his team
16:39 - Closing remarks
Connect with Joe Calao:
Website
When it comes to managing wealth, it’s pretty rare to just stumble into success. We find the most successful individuals and families employ a specific process that is designed to anticipate the challenges they’ll face and achieve the outcomes they most want.
On the latest installment of Your Money & A Cup of Joe, we're exploring the "Virtuous Cycle" and how you can use it to power the pursuit of better results in your own financial life!
Timecodes:
0:06 - Introduction and overview on the topic of the day
1:32 - Investors should be focusing their attention towards implementing a process
2:58 - The particular approach that Joe's team utilizes
4:08 - A deep understanding on who you are
6:08 - Working with a network of other professionals and experts
7:04 - The scenario-thinking involved in the Virtuous Cycle
9:45 - How to hone in on a path that's right for you
11:25 - The world is changing and your process needs to be monitored and refined
13:18 - How to know if a wealth manager is implementing a similar approach or process
14:50 - How you can get in touch with Joe's team
15:40 - Closing remarks
Connect with Joe Calao:
Website
Your company's good name is a key driver of your future success!
In the latest installment of Your Money & A Cup of Joe, we're examining the right steps to nurture your reputation among clients, prospects, partners and the public at large. Also, we'll explore how to respond quickly in the event your reputation takes a big hit.
This episode is packed with some helpful takeaways for you and your organization!
Timecodes:
0:06 - Introduction and overview on the topic of the day
1:11 - It's vitally important to track and manage your company's reputation
2:30 - How the digital age plays a role in maintaining your company's reputation
4:20 - What's happening online that's shaping people's opinions on a given entity?
5:45 - Do some digging on your own business
6:56 - Additional action steps to reinforce your reputation online
8:37 - Smart ways that a business can engage with customers
10:31 - How you should be responding to a reputation crisis
12:25 - Should you be getting involved in the online discussions around your reputation?
14:30 - How you can get in touch with Joe and his team
15:38 - Closing remarks
Connect with Joe Calao:
Website
Great success in life and business is often fueled by deep connections and productive relationships! On the latest installment of Your Money & A Cup of Joe, we're examining the importance of relationships, as well as a four-step process for helping you build and enhance connections to help you reach your goals. Sit back, relax, and enjoy yet another thought-provoking conversation on the show! Timecodes: 0:06 - Introduction and overview on the topic of the day 1:15 - Having strong connections can fuel success for you 3:35 - How the disconnection among people can lead to negative results 5:05 - Where to begin in terms of connecting with practically anyone 7:02 - What to do when someone isn't as forthcoming with information as you'd prefer 8:54 - Appeal to others' self-interests and goals in life 10:51 - Track the results of your impactful conversations and actions together 13:51 - How to connect with Joe and his team 15:50 - Closing remarks
Connect with Joe Calao: https://advisors.ubs.com/calaowealthmgmtgroup/ (Website) https://www.linkedin.com/in/joe-calao/ (LinkedIn)
How confident are you that your business planning efforts are on track to get you the results you want and need? Unfortunately, many business and wealth plans aren't fully aligned with their owners' goals. On the latest installment of Your Money & A Cup of Joe, we're examining how a business stress test can help entrepreneurs, determine where they stand and what changes they may need to make to keep their companies on track. Enjoy! Timecodes: 0:06 - Introduction and overview on the topic of the day 1:30 - What does a stress test entail? 2:44 - Stress testing is focused on results 3:40 - Where the data comes into play within a stress test 4:45 - Specific areas where entrepreneurs benefit most from a stress test 5:40 - How a stress test can help with exit planning strategies 7:15 - Where asset protection planning comes into play with a stress test 8:23 - How retirement planning fits into stress testing 10:32 - How can business owners decide whether they should do a stress test 12:52 - How you can get in touch with Joe and his team 13:54 - Closing remarks
Connect with Joe Calao: https://advisors.ubs.com/calaowealthmgmtgroup/ (Website) https://www.linkedin.com/in/joe-calao/ (LinkedIn)
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 Your Money & A Cup of Joe, 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 1:23 - We need to confront this tough issue 2:24 - How a loss of mental awareness can lead to poor wealth-related decisions 3:55 - What people can do to potentially mitigate the risk of making mental errors 5:25 - The steps you should be considering 6:30 - It's important to be open with your advisors about your financial situation 9:00 - The legal steps and formal documents you need to consider 11:53 - Steps that get overlooked during this process 15:06 - There are options out there! 16:00 - Closing remarks
Connect with Joe Calao: https://advisors.ubs.com/calaowealthmgmtgroup/ (Website) https://www.linkedin.com/in/joe-calao/ (LinkedIn)
Planned giving can help you do well financially, while also making an impact on others. When you provide meaningful financial support to the causes you care about, the potential for tax breaks arises. On the latest installment of Your Money & A Cup of Joe, we're exploring the various charitable giving strategies and vehicles that can help you get started, as well as reinforce your existing philanthropic efforts. Join us for another great conversation that's sure to leave you with some key takeaways for your own portfolio. Timecodes: 0:06 - Introduction and overview on the topic of the day 1:45 - Is there a general interest among the affluent with charitable giving 2:58 - How wealth planning fits into charitable giving efforts 3:48 - The first step into smart and effective charitable giving 4:53 - The foundational charitable giving strategies 6:06 - The next-level charitable giving strategies and vehicles that exist 8:05 - The advanced options that philanthropists are pursuing 10:05 - Who you can discuss charitable giving strategies with 11:46 - Despite tax breaks, you need to have charitable intent 13:03 - How you can get in touch with Joe and his team to discuss charitable giving further 14:12 - Closing remarks
Connect with Joe Calao: https://advisors.ubs.com/calaowealthmgmtgroup/ (Website) https://www.linkedin.com/in/joe-calao/ (LinkedIn)
Many of us have thought about how to best transfer our wealth to our heirs someday. Unfortunately, parents and grandparents with significant assets don't always spend enough time on passing along the values that helped the build, grow, and maintain that wealth. On the latest installment of Your Money & A Cup of Joe, we're examining the importance of transferring values to our kids, as well as how to go about this process. There's plenty of beneficial information packed into this episode! So sit back, relax, and enjoy another informative conversation. Timecodes: 0:06 - Introduction and overview on the topic of the day 1:35 - The issues that arise when values aren't incorporated in conversations with heirs 2:34 - The types of people that inherit wealth and do a better job 3:20 - How to begin this process of instilling values within your heirs 5:26 - Communicating values naturally 7:02 - Ideal times and moments to have these values-based conversations 8:40 - Action steps you can take to start this process 11:15 - Advice for family business owners on this front 13:15 - Final thoughts to consider from Joe 14:30 - How you can connect with Joe and his team for advice on this topic 15:40 - Closing remarks
Connect with Joe Calao: https://advisors.ubs.com/calaowealthmgmtgroup/ (Website) https://www.linkedin.com/in/joe-calao/ (LinkedIn)
In the latest installment of Your Money & A Cup of Joe, Joe and Ryan step 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 - Introduction and overview on the topic of the show 1:30 - Entrepreneurship is a key generator of wealth in today's day and age 2:17 - The best practices of successful entrepreneurs 3:27 - The commitment to achieve 5:29 -You need a high-quality business model 6:16 - The importance of building powerful relationships 7:45 - How to build and maintain a high-quality team over time 9:03 - The willingness to engage with the right professionals 11:30 - How can you get in touch with Joe's team to discuss your businesses' challenges 13:30 - Closing remarks
Connect with Joe Calao: https://advisors.ubs.com/calaowealthmgmtgroup/ (Website) https://www.linkedin.com/in/joe-calao/ (LinkedIn)
One of the biggest concerns facing affluent families today is how to manage their wealth, so that it achieves a few different goals. They want to continue to grow their wealth, they hope to transfer their wealth to younger generations, to align the use of their wealth with the values and ideals the family holds dear, and to protect the wealth from creditors. Often the best place to start is to ensure your family members are aligned and "on the same page" when it comes to the key issues facing the wealth! On the latest installment of Your Money & A Cup of Joe, we're diving into the benefits associated with a Family Constitution and why you should be considering this for your unique circumstances! Timecodes: 0:06 - Introduction and overview on the topic of the day 1:45 - What families can be doing to ensure they're on the same page 3:20 - The wealth-related issues that affluent families are dealing with 3:59 - What families can do to create and maintain more harmonious relations around wealth 5:18 - How a family constitution works 7:18 - How a family would go about drafting a family constitution 9:22 - Who from a given family should be involved in developing the family constitution 11:10 - How formal of a document is a family constitution? 12:00 - You need to revisit and refine the family constitution over time 14:41 - How you can get in touch with Joe and his team to discuss a family constitution 16:30 - Closing remarks
Connect with Joe Calao: https://advisors.ubs.com/calaowealthmgmtgroup/ (Website) https://www.linkedin.com/in/joe-calao/ (LinkedIn)
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 installment of Your Money & A Cup of Joe, we're exploring ways that inheritors can feel more validated and comfortable with wealth overall. Timecodes: 0:06 - Introduction and overview on the topic of the day 1:31 - The pressures and challenges inheritors face today 2:26 - Issues that should be considered by a matriarch and patriarch 3:30 - Where self-doubt or guilt comes into the picture 5:27 - It's the "worthy" heirs who struggle the most 6:40 - Wealth can be a double-edged sword 8:20 - A smart approach for heirs to go achieve the validation they're seeking 9:47 - Suggestions for heirs that aren't interested in carrying on the family business 11:20 - Find meaning behind what you're doing in life 13:10 - How to get in touch with Joe's team for guidance on this issue 14:50 - Closing remarks
Connect with Joe Calao: https://advisors.ubs.com/calaowealthmgmtgroup/ (Website) https://www.linkedin.com/in/joe-calao/ (LinkedIn)
Being wealthy and successful is great in many ways, but it can put a target on your back for frivolous lawsuits. Asset protection planning can be a great tool to help safeguard your wealth overall. On the latest installment of Your Money & A Cup of Joe, we're taking a deep dive into various asset protection strategies to help you build a wall around your wealth. Joe will describe specific solutions that his team has been implementing with their clients and why they can be so beneficial in the first place. Timecodes: 0:06 - Introduction and an overview on the topic of the show 1:11 - What is asset protection planning and who needs it? 4:38 - How should someone start the process of asset protection planning? 6:55 - Some next-level strategies of asset protection that should be considered 10:21 - You need to tap into the right expertise in order to establish a great plan 11:54 - The mistakes people are making within their asset protection plans 13:50 - How to get in touch with Joe's team for further discussion on asset protection 14:55 - Closing remarks
Connect with Joe Calao: https://advisors.ubs.com/calaowealthmgmtgroup/ (Website) https://www.linkedin.com/in/joe-calao/ (LinkedIn)
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 Your Money & A Cup of Joe, we're taking a look at how a well-designed succession plan can reduce this risk altogether and help facilitate a transfer that leaves every family member satisfied. This is a regular conversation that Joe is having with his family business owner clients and it's packed with some helpful takeaways for your own unique scenario. Timecodes: 0:06 - Introduction and an overview on the topic of the day 1:22 - The importance of a succession plan when a family business is in the picture 3:01 - How to assess whether or not you have a need for succession planning 4:24 - How should a family business owner start the succession planning process 6:08 - Why family conflicts can enter the picture 8:00 - A well-crafted succession plan can help address issues within the family business 11:50 - What to be on the lookout for when developing a succession plan 13:40 - Why the succession plan should be regularly adhered to over time 15:43 - How you can get in touch with Joe and his team 16:51 - Closing remarks on succession planning
Connect with Joe Calao: https://advisors.ubs.com/calaowealthmgmtgroup/ (Website) https://www.linkedin.com/in/joe-calao/ (LinkedIn)
On the latest episode of Your Money & A Cup of Joe, we're diving head first into a topic that doesn't get too much attention these days! Life insurance is a topic that doesn't often get people excited in the same way that other financial solutions, like investments, do. However, it's actually one of the most flexible and versatile tools you can have within your wealth planning toolkit. So join us for a great conversation surrounding the various reasons behind incorporating life insurance into your overall wealth plan! Timecodes: 0:06 - Introduction and overview on the topic of the day 1:35 - Why Joe believes life insurance should be a key part of people's wealth plans 2:20 - The overall importance of wealth planning in the first place 4:00 - Signs that can point you towards the need for wealth planning 6:00 - Why life insurance can be viewed as a Swiss Army Knife of financial tools 6:59 - Why life insurance is so versatile within a wealth plan 8:58 - The goals that life insurance can help someone achieve 10:34 - How can life insurance be used to address a business concern 12:47 - Conversations with clients on leveraging life insurance policies 15:15 - How you can get in touch with Joe's team for a conversation about your wealth plan 16:34 - Closing remarks
Connect with Joe Calao: https://advisors.ubs.com/calaowealthmgmtgroup/ (Website) https://www.linkedin.com/in/joe-calao/ (LinkedIn)
In the latest installment of Your Money & A Cup of Joe, we explore the complex nature surrounding inheritances. The big question surrounding this topic is: 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 a way that can be hazardous to the overall wealth. It takes proper planning and clear communication to alleviate any potential problems that could occur with the inheritance itself, as well as the beneficiaries' spending habits afterwards. We all understand the general process behind inheritances, but this episode unveils the intangible elements that come into play, especially when a significant level of wealth is being transferred. So sit back, relax, and enjoy another enlightening conversation that sheds light on a topic we all thought we knew. Timecodes: 0:06 - Introduction and overview on the topic of the day 1:08 - Inheritances can be a double-edged sword these days 3:03 - The internal and external conflicts that arise for heirs 5:06 - What successful families are doing to educate their heirs 6:24 - Where to begin with fostering a level of financial intelligence among heirs 9:00 - A more appealing approach to educating heirs on finances 9:52 - What family matriarchs and patriarchs should be considering 11:18 - You don't need to have $500 million or more for these educational efforts to take place 14:22 - Prepare early! 15:04 - Closing remarks
Connect with Joe Calao: https://advisors.ubs.com/calaowealthmgmtgroup/ (Website) https://www.linkedin.com/in/joe-calao/ (LinkedIn)
We all have various personality traits. Some of us can be introverts while others are extroverts. But did you know that you also have a wealth personality type, which can have a big impact on your decisions as you pursue your financial goals? On the latest installment of Your Money & A Cup of Joe, we're diving into the various high-net-worth personality types that exist in today's day and age. Additionally, Joe will shed some light on how you can identify your own high-net-worth personality, as well as how you can put it to work as you develop your financial roadmap for the future. This episode is packed with some unique insights into the world of wealth that you don't want to miss! Timecodes: 0:06 - Introduction and overview on the topic of the day 1:36 - What is a high-net-worth personality in the first place? 2:28 - Your personality should align with the wealth manager you choose to work with 3:23 - The various high-net-worth personality types that exist today 4:35 - Additional personality types that are more nuanced 6:37 - Why it makes sense to work with a wealth manager who understands your HNWP type 8:25 - Questions you can ask yourself to determine which personality type you fall into 10:37 - What if you're not any of these personality types? 13:00 - Is it possible to have a mixture of HNWP types? 14:42 - How you can get in touch with Joe and his team to discuss your unique situation 16:10 - Closing remarks
Connect with Joe Calao: https://advisors.ubs.com/calaowealthmgmtgroup/ (Website) https://www.linkedin.com/in/joe-calao/ (LinkedIn)
On the latest installment of Your Money & A Cup of Joe, we're exploring the topic of being a savvy negotiator, which is a skill that comes in handy both professionally and personally! Highly successful self-made multimillionaires, high-caliber professionals, and other high achievers are typically extremely successful negotiators throughout their day-to-day interactions. Listen as Joe highlights the various strategies within negotiating and how we can take a page out of the playbook of those who have mastered this art. Timecodes: 0:06 - Introduction and overview on the topic of the day 1:38 - The habits of highly-effective negotiators 2:41 - How mindset comes into play when negotiating 4:15 - Is the win-win negotiation always possible? 5:28 - Have a deep understanding of the content and subject matter 6:17 - People smarts play a massive role within negotiations as well 7:31 - Focus on the people across the table and understand what they need 10:26 - Negotiations aren't meant to be war 12:17 - Putting all three negotiation tools together 13:19 - How you can practice your negotiation skills 14:17 - Closing remarks
Connect with Joe Calao: https://advisors.ubs.com/calaowealthmgmtgroup/ (Website) https://www.linkedin.com/in/joe-calao/ (LinkedIn)
Affluent individuals, families, and business owners want to make the best decisions regarding their wealth and the first decision usually deals with selecting a particular wealth manager. They want to make sure they are working with the best of the best, but how can you tell if a wealth manager truly is elite? In the latest installment of Your Money & A Cup of Joe, we explore an array of skills and characteristics of an elite wealth manager. Not only do they possess the highest level of financial acumen, but they understand the importance behind connecting with their clients on a human level. So sit back, relax, and enjoy another enlightening conversation that will leave you wondering if your current wealth manager is at the elite level! Timecodes: 0:06 - Introduction and overview on the topic of the day 1:01 - Examining your options to choose the right wealth manager 2:02 - Investment management 3:49 - The various areas beyond investment management that a wealth manager considers 5:21 - The two components of an elite wealth manager 7:46 - The human element is paramount 8:36 - What an elite wealth manager's discovery process looks like 10:55 - Additional areas that elite wealth managers can leverage to assist their clients 12:26 - Closing remarks Connect with Joe Calao: https://advisors.ubs.com/calaowealthmgmtgroup/ (Website) https://www.linkedin.com/in/joe-calao/ (LinkedIn)
Affluent families and individuals want to make smart decisions about their wealth, which is exactly why so many of them seek out top financial professionals for advice and guidance. But, it turns out that superior technical expertise in investments and other areas of finance isn’t enough. Those advisors who are truly elite and who can best help their clients, possess an additional quality that’s just as important as their financial acumen. In the latest installment of Your Money & A Cup of Joe, Joe and Ryan explore the "human element" and the importance it brings to the wealth management process. Listen as Joe defines the human element as the personal and emotional components of wealth management. Only by understanding everyone and everything that is personally important to the client, can you develop a customized wealth management strategy suited for them. This episode is packed with some great information that's bound to leave you with some considerations for your own wealth manager! Timecodes: 0:06 - Introduction and overview on the topic of the day 1:15 - Why people should be demanding more from their wealth manager 3:12 - The human element tends to be the missing link 4:15 - The human element's specific role within wealth management overall 5:12 - Where the human element shows up during a stress test 7:15 - To connect with a family, you need to understand their personal goals and aspirations 8:55 - Instances where a stress test unveils no issues 10:05 - How to know if your wealth manager is incorporating the human element 11:55 - What would tell Joe that a wealth manager is factoring in the human element 13:10 - Where the human element arises within Joe's discovery process 15:20 - The need for technical expertise and human expertise 16:25 - Closing remarks Connect with Joe Calao: https://advisors.ubs.com/calaowealthmgmtgroup/ (Website) https://www.linkedin.com/in/joe-calao/ (LinkedIn)
Welcome to Your Money & A Cup of Joe! This is the show where we break down complex wealth management strategies into understandable terms to help you on your path to living an amazing life of significance. In our inaugural episode, we introduce you to Joe Calao, Senior Vice President-Wealth Management at the Calao Wealth Management Group, who is working with his clients to discuss their visions for the future and help them confidently pursue their life goals. To start our show on the right note, Joe provides a detailed overview on the benefits of stress testing your current financial plan. Given the tremendous amount of uncertainty in our world right now, there's never a better time to consider a stress test to evaluate the current and future performance of your established wealth plan. So sit back, relax, and enjoy this thought-provoking episode that's sure to leave you considering this strategy within your own wealth plan. Timecodes: 0:06 - Introduction and welcome to the show 1:09 - Welcoming Joe Calao to the show 1:54 - Given the uncertainty in our world, people should be considering a stress test 3:01 - Stress testing is a regular practice of the affluent 4:02 - The three main elements that stress tests can analyze 5:35 - Why someone would have been prompted to see Joe and his team for a stress test 7:01 - An example of how a stress test helped someone address an issue 9:08 - The keys to making sure a stress test is done well 11:08 - How the human element comes into play within the stress testing process 14:30 - A lesson that can be learned from the ultra affluent 17:36 - The assessment people leave with after conducting a stress test 19:15 - Closing remarks Connect with Joe Calao: https://advisors.ubs.com/calaowealthmgmtgroup/ (Website) https://www.linkedin.com/in/joe-calao/ (LinkedIn)