YouSaid · the spoken record

Lisa Shalett

lines on the record: 65
first: 2025-04-03
most recent: 2025-04-03
sittings or episodes: 1
sources: podcast

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“As I say to my team, I know the likelihood I'm going to be right on any given decision is at best 50-50. What matters is do we have a good plan and are we being disciplined and consistent about it because compounding is your friend?”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“On that. Being right is not what matters. What matters in the long run is what Einstein said decades ago. Remember the power of compounding. If you save, if you're disciplined, if you just have a consistent plan, you will highly, likely compound your wealth at least seven and a half to eight percent per year, which means you will double your wealth every decade, double your savings, whatever that is. For most of us, if we're lucky enough, we have, you know, three, four doublings in us. Just do that. And it's not to say that what I do all day doesn't matter or what you do all day doesn't matter. It's just at the end of the day, we're trying to guide people.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. So, and people hate when I say this because it belies the path that I took. But I'm a big believer in liberal arts education. I don't think that to work on Wall Street to be a great portfolio manager, to be a great economist, to be a great strategist that you have to study finance or business administration or go to the Wharton School of Business. I do not believe that. I believe we live in a world where if you know how to read books, if you know how to teach yourself things, if you know how to learn how to learn, you can have a phenomenal career. And it's exactly to your point, Barry, that you and I, you know, entered the business 25, 30 years ago, nothing's the same. It's all about adapting. And so I tell folks study. What you love, study what you're passionate about, learn how to learn, and never lose that hunger for knowledge.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, but very isolationist. That was one dimension of it. And then you had, you know, kind of the anti-communist and the anti-immigrant sides of the party and some other dimensions to it. But it's a fascinating book, prequel, Rachel Mattow, really recommend it.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“Interestingly, coalitions of people who ended up being a political bloc who came at things from very different points of view. So you had kind of the father Coglin part of the movement, Father Coglin for those who know was a very, very famous Sunday radio show Catholic preacher and”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, and it was in a way that's similar to our current political dynamic, it ended up bringing in some very different factions, right, where you had”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“It's fantastic. That's what she said. It's captivating and it's fantastic. And it's captivating and fantastic not for good reasons, but it lays out some of the dynamics of American history and American political dynamics between the wars, between World War I and World War II.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“What am I reading? So now this is going to reveal my politics. The last book I finished was a book called Prequel by Rachel Maddow. And it's a very...”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“Worked side by side through the nine eleven crisis, I learned a lot from her in terms of what people need from leaders when things are tough. They look to leaders to say the right things and do the right things and be strong people and not get bogged into headlines or theories, but just to say, remember what we're here to do.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“Bernstein was that seminal place. So the two I would speak to one Lu Sanders. Lu Sanders was the CEO at Sanford Bernstein. In my humble opinion, one of the greatest value investors certainly that I ever met in my career. Just brilliant numbers person, very, very high integrity taught me how to be objective to get the emotions out of it, to build the model and have the discipline to build the model. Sally Krachek, we talked about one of my best friends in the business, someone that I care a lot about, someone who showed me how to lead, although we were peers. She has a natural charisma, natural instinct for leading people. She and I kind of work.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“So surface is a show also on Apple TV. It's in its second season. It's about a woman who kind of fakes her death as a way of leaving behind her life and going back to England. She'd been living in the United States. She was married in a marriage that wasn't great. And she fakes her death to go back to England to investigate what she thinks was her mother's murder. When she was a kid”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“So prime target is a show about a mathematician who's working in Oxford who is working on a thesis to generate prime number combinations and permutations that supposedly if he's able to develop this algorithm as part of his PhD thesis would unlock or give folks the ability to hack almost any system. And so of course it becomes a scenario where there's the bad guys are chasing him to try to get his thing and of course the national security agencies are trying are chasing him and it's kind of a spy versus spy kind of thing and it's a poor innocent nerd guy in the middle. And what is surface?”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“Private credit products being contemplated for 401k plans and being packaged in these structures to give folks periodic liquidity. So democratization of sophisticated alpha and beta that once upon a time I think when I started in the industry people would say well there's the market and then there's the extra stuff and that's and you got to figure it out and if you don't like that own some bonds I think now it's it's the the democratization of very sophisticated access Of access to sophisticated products.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“Wow, that's a fantastic question. Look, I think if there was one theme that I would say over my thirty year career that has characterized everything, it has been the democratization of reasonably sophisticated product, right? So whether, you know, you talk about, you know, first coming into the business and the advent of first mutual funds was about democratization of diversified stock investing. And then passive investing as a way to get access to an index in a more technology efficient way. You talk about the original rollout of quote unquote liquid alternatives or evergreen type products. And now we're at the point where we're talking about very sophisticated private equity.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“No two days are the same. But Barry, let me just tell you, I wake up. At 507 every day, and the very first thing I say is, I am blessed that I have the career that I have, that I have the seat that I have at this point in my life. Because I am learning every day, no two days are the same. I get to hang out with the most amazing people like you, you know, like my colleagues at Morgan Stanley, like my clients, all of whom are so, so interesting and successful in different ways, going to meetings where you get to hear Scott Visant speak at the New York Economics Club. And, you know, you're just really feel alive. You feel plugged into the world and what's going on. So I feel blessed every day and no two days are the same.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“Which is pretty charming. But I believe in it. Odd numbers. Odd number seven is really specific. So it's an odd number. So look, with something, you know, back in the day, one of my jobs was I was a director of research. And so I always had to be at my desk right at 6.30. So I got into the routine of, you know, up 507, you know, do the quick 20 minutes on the treadmill, grab the coffee shower, out the door. And so that's still me, you know, old dogs new tricks. It's been really hard.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“Screamed experience is that I always say to people, hey, it's an odd number year. We're good. Really? Oh my God. I'm very, I'm very.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“The way we think about weaponry, the way we think about defense will be humanless, not unlike some of what you see in the sci-fi movies and Star Wars, unmanned vehicles doing the very surgical games of war, if you will. So I think that's something we're super excited about some of the innovations in the energy space, not so much purely around clean tech or powering data center, but really thinking about how do we more creatively use and reduce dependency on some of these rare earth materials to create battery autonomous vehicles, another one. All of these areas, the very, very fascinating time to be an investor in new tech.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“So, right now, you know, healthcare is one of the sectors that we have moved overweightly the healthcare sector over the last, you know, decade and much of this bull market, in large part's been left behind. And valuations have been, you know, with the exception of some of the obesity drugs. The pharmaceutical industry has been squashed by worries about regulation, squashed by the power of the insurance companies, squashed by patent expiry, you know, squashed by a lot, a lot of things. But we think that valuations are there. We think that that's a great place to invest in the public markets. Other themes that we're super, super excited about are defense and space and the conjoint between those two. This idea that ultimately...”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“Experience with the internet validates that. So what are we super excited about right now? We're super excited about some of these AI adopters. We're looking at areas, whether it's document recognition, voice recognition, all these various applications that agents, you know, how we're going to deploy AI into learning agents to help human beings do things almost become the white-collar robot, if you will. I think that's all very interesting. But where AI is likely to have some of its most profound impacts is in healthcare and the extent to which we're going to be able to use large language models just to process data and personalize medicine and personalize diagnostics and solutions. treatment plans so much faster.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so we're looking at a lot of things, but look, clearly generative AI is transformative. There's no doubt about it. I think the conundrum for investors is how do you stay ahead? Innovation tends to follow very clear scripts over history. And by that I mean you tend to get the big infrastructure build, then you get the software applications, and then you get mass economy-wide deployment. And in that sequence, you get new killer apps and the quote unquote, the winners of that era. I'm not entirely sure that all the winners have been identified with regard to generative AI. And while the magnificent seven are magnificent on many, many, many financial attributes on many innovation attributes, you know, I think the market is telling you that maybe they are not the only winners here and that maybe the growth in the infrastructure build doesn't go on forever. And certainly our”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“Are selling off off of a fifteen multiple. Where do you think they're going to land at 13? We're going to buy here. But we're not there. Markets hate uncertainty and they really hate uncertainty when things are priced for perfection.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“And the way I always frame things is I say to people, look, what kind of risk premiums are there in the markets? When stocks are very expensive as they have been for a while here, it tells you risk premiums are tight, right? Things are quote unquote price for perfection. When credit spreads are tight, it tells you people are not requiring a premium for fear or default or uncertainty, right? When there are no term premiums in the United States Treasury curve, it's telling you the same thing. So look, if this were all happening against a backdrop where stocks were selling at 15 times, where we had 800 basis points spreads in high yield, all this kind of stuff, you and I might be saying, hey, guys, yes, there's uncertainty, but this is a buying opportunity. Look,”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, how long? How much? Where? How's it going? You know, I think that's the big question is the inconsistency of it and the questions of is this a negotiating tactic? What are we negotiating for? How do I model it? That kind of thing.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“Being political, pure economists will tell you that tariffs, particularly if implemented over long periods of time and to the extent that they cause trade war or reciprocity tend to be destructive to total global trade in aggregate, tend to be a one-time inflationary problem, and tend to really kind of hurt the efficiency of markets. And so I think we're seeing some of that. I think it's very hard for CEOs and CFOs today to be making decisions, not knowing what the policy duration is going to be. It's one thing to have a policy and say, okay, we're deregulating X or here's the new tax policy for the next four years. I can work with that. When you tell me we're having 25% tariffs on lumber.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“and in many cases quote unquote in parallel, right? I think that coming off of the election, coming off of the campaign season, a lot of us were trying to build models based on, well, they're going to sequence things, right? They're going to deliver some of the bad news early and then the candy will come at the end. I think what we're experiencing, especially after the last 15 years of this kind of one or two note market, right, where it's been, what is the Fed saying? Oh, generative AI looks like good headlines to seventeen headlines a day of policy. Flood the zone. So clients are asking for certainty. They're asking for clarity and it's hard. I'm going to be honest with you. So look, we're in the camp, and this is a pure economic view. I hope I'm not going to be accused of”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, obviously, we would love to spend the bulk of our time talking about asset allocation as it corresponds to growth and inflation. Unfortunately, exactly to your point, Barry, we're spending a disproportionate amount of time out of our comfort zone being asked to respond to our understanding and our expectations for the economic impacts of policy. And what has complicated things, as you know, is that this administration has chosen to implement policy fast and furious.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“So, this is the art, right? This is the art of all of it is separating the noise and the signal. For us, the signal is always operates ultimately on just two axes is what's really going on in terms of the rate of change in growth and what is going on in terms of the rate of change of inflation because the rate of change of inflation is going to give you an indication of policy bias of rate bias. And if you can focus on those two things and every single piece of data you get, you say, what does this mean for growth? What does this mean for inflation? You can try to keep yourself sane at night.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“Is that what we're saying here? Yes, exactly. So, you know, what comes out of this idea of the great normalization is it's also an era where we can't just passively close our eyes by the S&P 500 market cap weighted index and go to bed. It was a great 15-year run. But our view is that as cost of capital readjusts, as it's actually a positive number, this is where the skill of corporate management starts to differentiate winners and losers and we move back to a world, right? And you and I grew up in this world, that fun world where you're actually stock picking, where the research that individual fundamental analysts were doing mattered and you had to say, hey, these guys are going to win because these management teams are taking strategies that can work and these management Teams are dropping the ball.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“Folks on the team, and I say, okay, real growth, inflation, term premium. See this thing? It's been zero or negative for the last 15 years. That's not normal.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“No, exactly. And I think one of the things that has the market having to adjust is this idea of a data-driven Fed, right? In a world where the Fed's the only headline and the Fed is giving forward guidance, it's really easy to have low vaal and for everyone to just ride momentum. But in a normal world where the Fed has to respond to economic data, you and I know economic data is a manifestation of human behavior. It's volatile, right? So the Fed is going to be more volatile. Policy is going to be more volatile. It means your interest rate curve, your yield curve, needs to have some term premium in it. Remember that? And that's part of the great normalization. I do the math when I do some of my chats with the young.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“inflation of two and a half to three, which is what we've had for the last eighty years, right? Not 2% target that the Fed says, right? What that tells you is that long-term rates used to be normal at five to six percent, right? That's not crazy. And yet the market continued to sell it at a 22 times forward multiple. So what we've been saying is part of the great normalization is over the next couple of years, we think long rates start to move towards five to six percent like they were in the oughts in the 2000s and in the 90s, right? And multiples start mean reverting a little bit to seventeen, and that's the great normalization. Your earnings actually start growing into those multiples.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“Historically, right Exactly, exactly. Corporations that still have an extraordinarily relative low locked in cost of capital. And what's become related is the federal balance sheet and the government balance sheet. And now here we are. And every couple of decades, we have to go through these periods where there's heat in the economy and inflation is one manifestation of the heat, real growth and investment is another manifestation of the heat. But the other manifestation is you probably have overdone it on the stimulus and you got to pull it back and there's going to be some pain. So when we talk about normalization, we say, look, we're not going back to 2% interest rates. Normal cost of capital in an economy like America's that has real fundamental growth of 2% and real inflation or experience.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“Just extreme. And so what we were starting to talk to clients about is look, this is an extraordinary amount of larges, and a lot of it has come from Fed accommodation, from stimulus. Now we're on the other side of that. We have a very robust economy. We've relevered the economy, if you will, where the leverage of the private sector, the household sector, the corporate sector that got us into the great financial crisis, that's been healed, right? We have households that can still carry. For the most part, their interest burdens. Very, very.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“The devil's bottom. And look at where we are now, even though we're all. Back to back very long business cycles. Not normal. What was also not normal is during that time the degree to which U.S. exceptionalism and the US outperformed the rest of the world. I mean, we were outperforming every year, year in, year out, by 600, 700 basis points per year. And so when we, you know, kind of came into January of 2025, we were starting to talk to folks about look at where the dollar is versus virtually every other currency. Super strong. Look at the share of US equities versus the rest of the world, where 10% of the world's population, where 25% of the world's GDP, we're thirty three percent of global corporate profits, but we were sixty-seven percent of all stock market cap.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“For So, you know, we've been trying to remind clients how extraordinary in financial history the past fifteen years have been. Since the great financial crisis, we've had an unprecedented level of federal reserve involvement. We've had markets that have been buttressed by the Federal Reserve balance sheet that have been buttressed by a disproportionate amount of time having financial repression or low rates rates being held down. We've had gone through the COVID crisis, which stimulated unprecedented fiscal stimulus as a share of GDP. Performance, what clients have actually experienced? If you go back to March of 2009, right, and you and I remember March. March of two thousand nine the bottom, we were probably looking at an S&P 500 that was trading in the mid 600. 666. I remember the devil?”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“And fear, as we know, just the same way when things are running hard and you feel like you've got the FOMO and the missing out, it's greed when there's a lot of red on the screen people are, you know, your stomach's, you know, totally seizing up and it's about fear. I don't want to experience loss. I don't want to have to make a decision of what do I do here.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“So there's the emotions, and then there's the math, right? So what I always say is that, you know, what the Nobel Prize winners in behavioral economics will tell you is that emotionally losses hurt four to five times more than gains satisfy. And that's actually intuitively appropriate because typically our wealth, we feel, has taken blood, sweat, and tears to acquire or accumulate. And when we experience a loss, right, a 50% loss can happen, right, in a very short period of time, but to round trip and recover our high water mark, we've got to be up a hundred percent, which may take us twice to three times as long. And so the math is asymmetric, the emotions.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes. So, yeah. So fantastic memory, Barry, because that has been transformational. As you know, indexing, tax management, direct indexing, or the ability to customize are, you know, all demands. And it's a very tech heavy business. So parametric was buried inside of VT and Vance. It is, you know, definitely diamonds in the rough that we got and now is a key capability offering within the suite of products.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“100%. And I think if, again, if you go back and look at it, where are the Morgan Stanley stock bottomed and where we are today? Like I said, I think the history books are going to be quite kind to Mr. Gorman”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“That is a fair assessment, Barry. I think I look at it in a very particular way. A host of our competitors were forced, quote unquote, into the arms of the big banks, right? So the B of A Merrill situation. Right. You had Bear Stone.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“Absolutely. And I think one of the things that a lot of folks don't know about us is we're the 800-pound gorilla in actually offering alternatives to private wealth clients. You know, we are larger than some of our well-known competitors by a factor. And so what that means is we're now in a position where literally about 80% of the alternatives that I would show you as a client are either first look, meaning we're getting the first look or best price by a lot.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“Clients at the early stages of their life cycle allow them to be self-directed and ultimately graduate to advice so that your financial advisors actually constantly have a source of new clients, of new wealth clients, that they don't have to be at the country club every single weekend.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“And get physical scale, right? Just the physical scale of a large number of advisors. Let's invest aggressively in technology to support those advisors. I think the second part of that growth was to say let's transform how we serve our clients and the client segments that we serve. And they started to explore these other acquisitions. First, the acquisitions of these stock plan businesses, which are essentially tech businesses, tech platform businesses, but would allow us to go from acquiring clients one at a time to in groups. And then the last piece of the strategy was really, you know, let's go after e-trade and eat advance and acquire those. And then we'll have the machinery so that you can, you know,”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“Sure. So look, I think this is, I think history is going to be extraordinarily kind to James Gorman. I think James, I feel so extraordinarily lucky to have served in the firm while he was the CEO. I think strategically back during the financial crisis, he developed a vision. And that vision was, I believe that the wealth management business is a growth-oriented business. I believe it needs scale. And I believe that when combined with a more cyclical markets-based businesses or the banking-based businesses can add ballast and create shareholder value. And I think that he embraced that vision. And that vision had kind of three chapters to it. The first was, you know, let's buy Smith Barney.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“The past six months, and that's what the determiner. And so working through the behavioral pieces, the getting to know your client, working through a plan with them, really getting into what are their hopes, wishes, dreams, what does money mean to them? Why have they accumulated it? How have they accumulated it? What do they hope their legacy will be? Does it have to do with a charity, you know, a cause, a family member or members, and build a plan from there?”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so Barry, for us asset allocation, all asset allocation starts with financial planning and all financial planning starts with the client. But you can't do a financial plan without having what we call capital market assumptions. You know, what do we think every asset class is going to do over the next three, five, ten, twenty years? Our customization of asset allocation really starts with financial planning. That is the linchpin. We fundamentally believe that you've got to understand a client's cash flow, that the client has to understand their own cash flows. You know, one of the things that I know you know, having worked with a lot of clients, is very often clients don't know themselves, right? The good old fashion, hey, I'm kind of aggressive. I'm kind of conservative. Those are such non-normative terms.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“And he said, Look, you know, I have a lot of contacts over there at Merrill Lynch, the financial advisors really love you. You know, come on in and meet our team. And so I did. And, you know, I had a very similar feeling to that feeling I had when I first went into Bernstein of, you know, these are just great people. And I would enjoy working with the people. And before I knew it, there I was, you know, sitting next to Mike Wilson, who I know you know, Mike was taking a stint, a rotation through wealth management. And, you know, I joined.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“So I had, when, as I noted, I had gone to work at Merrill very much to partner with my very good friend, Sally Kracek. And after she had left, I made the decision that without her there, I kind of felt among the thundering herd without a rabbi, if you will. And I left. And at that point, I really thought I was going to do my own thing. I thought I was going to do something entrepreneurial. I thought I might join an RIA or form my own RIA at that point. And I just, I got a call from Greg Fleming. Greg Fleming was one of the co-presidents at Morgan Stanley at the time.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“Of having a financial advisor going to the country club on Saturday, acquiring a client Monoi Mano one at a time, we're now walking into a C suite and saying to that CFO or that chief talent officer, hey, can we provide all of your employees with a financial wellness program? Can we give every single one of your employees a free financial plan? Can we give every single one of your employees an account or advice to their first purchase in a 529 account? Things like that where suddenly you're acquiring clients at scale.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source