Richard and Joe are joined in studio by Paul Spitzer, founding partener of Advanced Practice Advisors. LISTEN TO PODCAST Listen to a podcast of Paul Spitzer’s interview!

COMMENT BY RICH MUSCIO: “Bill Lerach, ‘king’ of the class action lawsuit, wrote this article in 2002, which not only serves as a fascinating historical perspective, it also portends the financial events of 2008-present.” Text of Article: The Chickens Have Come Home to Roost How Wall Street, the Big Accounting Firms and Corporate Interests Chloroformed Congress and ...

Every family enterprise is supported by a network of friends and financial advisors who influence the family’s financial decisions. The goals of the family should determine the advisors who are active in the ecosystem.

FAMILY GOVERNANCE is how High-Net Worth Families (“HNWF”) and Family Offices (“FO”) converse, communicate and decide, and take collective responsibility and accountability for financial decisions regarding a Family’s wealth. What Family Governance looks like depends on what stage/generation of wealth accumulation/maintenance/transfer a Family is at. The roles of financial advisors are ever-changing in this regard as ...

Focus on what your customer wants, as opposed to what your customer needs. Explain the benefits of your service as opposed to the features. EXTERNALIZE content (transparency). When preparing a quote, price needs separately from wants. Offer a 100% customer satisfaction money-back guarantee. When telling your story, be specific, don’t settle for generalities. Include context, history, and intent. Be careful ...

The concept of “command and control” is dead. It has been replaced by “connect and collaborate.” Your best currency in business is your relationships. Your knowledge is a distant second. Listen, respond, and express gratitude. Think of it as a loop; initiate communication; make connections. Make sure to close the loop and serve as the ...

A Professional’s Guide to Collaboration (and how we use it in the Family Office World) The marketplace is driven by the consumer. The days are gone when the client goes to a professional for his vast technical expertise. Therefore, effective marketing is focused on the consumer, not the service provider. What are major preconceived stereotypes about your ...

Vast knowledge (broad not technical) Vast network of resources (not insular) Able to translate “technical speak” Likes and promotes (orderly) change Focuses on governance (success of which is reflected in family behavior) Ask questions and listens (versus answers questions and talks) Functions as communications hub for all complimentary resource providers Facilitates objective clearance and oversight of all recommendations collaboratively and openly (but ...

There are three themes that consistently challenge high-net-worth families and the people that advise them. The challenges arise from the evolution of the family’s wealth and the governance of that wealth such as growth, liquidity events, succession, inheritance, in trust, legacy, etc. Advisors must evolve with the family through these wealth stages, or they are ...

Listen to Podcast of the Show “It’s Your Money and Your Life!” will be featuring an interview with class-action attorney Bill Lerach. For over 30 years, Lerach was a securities lawyer. He led the prosecution of securities class and stockholder derivative actions which resulted in over $45 billion dollars of recoveries for defrauded shareholders of Wall ...