YouSaid · the spoken record

Steven L. Fradkin

lines on the record: 55
first: 2021-11-24
most recent: 2021-11-24
sittings or episodes: 1
sources: podcast

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“That is a long list, Barry, but I think what I would say is you don't have to be right on everything and sometimes being right is more about luck and timing than it is about specific analytical acumen. Uninspiring choices in a bull market can turn out just fine and well-reasoned ideas in a down market can turn out to be not so good. Get the direction right more often than not, and you'll be just fine.”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“And your degrees, and all that sort of stuff, but those are what you did two years ago, five years ago, ten years ago, whatever it happens to be, keep pushing forward to be the best you can be, so persevere beyond your accomplishments”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think a couple of the other themes that would come to me would be in the same vein, we see this at Northern Trust all the time. Excellence is not a part-time job. For people who want to be excellent, who want to do the best job for our clients and our shareholders, you can't be excellent only when it's convenient, only when you want to do it, or only when you feel like it. You've got to excellence is an all-in phenomenon. And then probably the last theme that comes to my mind is persevere beyond your accomplishments. It's not what you did yesterday. You can be proud of what you've accomplished. But again, you want to be better going forward. And so be proud of who you are, be proud of your grades and your school.”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think, Barry, I'd offer a couple of themes on this. And I don't know that I'd narrow these themes to an interest in investments or finance, although I think they do overlap. I'd start by saying probably the easiest place to get my view there would be to go to YouTube, and I gave a commencement address at the University of Illinois, Chicago, and tried to formulate those themes for young people, but a few that come to mind, at least through my lens, are comfort is the enemy of accomplishment. If you want to be the best you can be, you can never be satisfied with where you are. You've got to push, push, push and make yourself better each and every day and everything you touch.”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think in keeping with that theme of mentors or periods of time that interest me I've really enjoyed the splendid and the vial by Eric Larson, which is about Churchill and the Blitz of World War II. And again, it... It helps you to see just how dire the circumstances were and what he and others had to navigate through. The other book that I've dusted off recently, I read some time ago, but I think in view of the pandemic, it seemed interesting to me was the hot zone by Richard Preston, which has nothing to do with the pandemic, but there are parallels to what we're dealing with and it was sort of a gripping book if you have time for a good read.”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, I've had a lot of mentors at Northern Trust over the years, people who were senior to me and people who weren't. But I learned from everyone. I think when I think about mentors for me, it's less about people with whom I work. And maybe it's my interest in history. I try and learn from people who have overcome insurmountable odds the Mahatma Gandhis, the Martin Luther Kings, the Winston Churchills, the Vosovils, the Abraham Lincoln, and there's so much wisdom that I see in people like that because they really faced incredible circumstances and worked through them generally to good outcomes. Those great thinkers are probably the people I've learned the most from is I wouldn't call them mentors to me, but I've certainly read about all of them and learned a lot from each of them.”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I've been working hard, so I can't say I've made great use of Netflix. But what I have just started, and this will show you, Barry, how far behind I am, is I've just started Ted Lasso. So I'm behind the rest of the world, but that's what I'm on right now.”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Scenarios and bring agility to your process because we don't know whether the stock market's going up or down. We don't know whether inflation will be higher or lower. We have a view we can have probabilities, but as we've seen whether it was with 2008 or COVID We everyone can be wrong, and so you have to plan and adapt and leave yourself a buffer for when you are wrong, and hopefully it's not catastrophic”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, well, we use multi-scenario modeling. The reality is no one knows, and so you have to the prognosticators will have a view. Some believe inflation is here and is going to continue. Others argue it's so-called transitory. And the truth is we don't know. We'll find that out tomorrow, so to speak. And so as we work through planning with our clients, we generally are running multiple scenarios, low inflation, medium inflation, high inflation. And we're trying as we help clients make decisions, we're trying to make the best judgment we can at a given point in time. But that's why you really have to plan for multiple”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“The lower rates make the yield on those bonds lower. And so that's bad from how much cash will I have to fulfill my needs. The flip side to that is that when rates are very low, if you want to, if it's appropriate, if it's thoughtfully done, you can use credit rather than liquidating stocks to, you know, if you want to buy a new toy, so to speak, a boat, whatever it happens to be, one way to do that is to self-stocks in your portfolio and buy the whatever it is you want to buy. Another way is to let those stocks keep working on your behalf. And because rates are so low, take advantage of credit, take a loan by that boat or whatever it happens to be. And pay it back over time. So low interest rates can have different conflicting phenomenon. Opportunities on the credit side and headwinds on the bond investment side.”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think low rates create, low interest rates create Challenges and opportunities, and maybe two simple ways to think about it are one on the challenge side, if you're living on a fixed income as assets repriced and you're reliant on bonds, your bonds, to provide income.”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Trying to play. And for most clients, it's trying to play a role of stability and reliability and consistency. And that's the paramount feature. And in providing that consistency and stability and predictability, they give up a little bit of return on that asset class, but they're trying to get that elsewhere with their equities, private equity, and so forth.”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think our response is really you have to remember what you're trying to do with that Munibhond portfolio. No one is saying it's a great high returning asset class, but that's not its role. Its role is, I'm making this up, Barry, but generally the role of that Muni bond portfolio is to provide you with certainty, security, confidence, and not have to worry about the other part of your portfolio. Let's just call that equities, gyrating up and down. So of course people want their Muni bonds or their high quality fixed income to return as much as it can. And it's our job to try and help people achieve that. But I think you always have to come back to what role is this?”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“It absolutely works its way into the planning process because our starting point is what needs does a client have over the near term for financial resources? We got to make sure they can buy their groceries and pay their mortgage and we have to deploy assets against those goals. In working with a client, we figured out the right mix of assets to enable them to afford those goals over a reasonable period of time, we then have to deploy the rest of the portfolio towards so-called risk assets, equities, private equity, hedge funds, venture capital cap, whatever.”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Bonds are still fine. You can still pay your mortgage. Life is good. You can wait until the market goes up or returns to normal. So the one thing we know on behalf of our clients is markets go up and down, and so you have to plan and prepare for that. And so it's very difficult to know again using the COVID-19 example, I think there are a lot of people who might have argued the markets are going to crash. Everyone's working from home and we can't get essentials and people don't want to go to the grocery store. And yet the market went up dramatically. So we try and take a long stewarded view and help our clients plan and prepare themselves so that when the market does go down, they can get through and not have to take adverse steps and sell in direct. Circumstance, and that's been very helpful for our clients”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, look, I think for many of our clients, the market does go up, the market does go down, and one of the great features of the goals-driven methodology that we use for clients is that we build a portfolio such that after a lot of analytical work to evaluate their goals and so forth that enables them to endure and not have to sell in a down market. We create something that's called a portfolio reserve. I would liken it to the mode around your castle. Some people like a wide deep moat. Some people need a narrower and less deep moat. But think of that as high quality fixed income. If the stock market goes down, you're”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“More as a roll of the dice than a rational analytical view of what crypto is trading at today and what it's going to trade at tomorrow. They view it as a bit of a roll-the dice. They may jump in a little bit, but they understand that what goes up can also go down. So I would say amongst our clientele overall crypto is still not widely in use.”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I would say the demand for crypto is more muted amongst our clientele than some of what you read in the public press. And that doesn't mean we have examples of clients who have invested in crypto and done exceptionally well, you know, right time. But I would say in general, if I had to Caricature it, I would say that crypto is still an evolving asset class that is misunderstood by many, and I think most are treating it carefully. And the ones that are making crypto investments are viewing it more as a”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Demand exists for venture capital and for hedge funds as well. Again, the devil is in the detail. Not all hedge funds are created equally. The fees that they charge, the performance that they've delivered can differ substantially, but there is again this same notion of I want to diversify my portfolio. I want a range of options and so-called alternative investments, whether you call it private equity, venture capital, hedge funds, seem to continue to be growing in appeal to our clientele.”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“It definitely can play an important role in a client's portfolio. And increasingly, we're seeing more use of private equity today than we did, say, 10 years ago.”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“In the quest for optimizing returns, clients and their professional money managers, Northern Trust included, have searched for different asset classes to combine together to give people the best chance to achieve their objectives. Private equity clearly has been in the aggregate there are winners and losers in private equity, but has been a asset class that has done well for many. There are trade-offs with private equity, particularly in terms of liquidity. But I would say amongst our clientele, the appetite for private equity and private equity as a more normalized asset class continues to grow. It's not the right asset class for every client, but for clients who have the capacity, the risk tolerance, and so forth.”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Sure look investment has become much more granular over the decades. And again, just to be facetious, large cap stocks versus high quality bonds forty years ago. Today, clients think in terms of small cap, mid cap, large cap, value international, emerging markets, private equity, and thousands of flavors of private equity, hedge funds, same thing.”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“What's their financial circumstance? What do they want to do? Do they want to make the gift? And by the way, this tax law change may or may not happen. So people have to make a choice without knowing for sure whether it's going to happen. I think the bottom line, though, is people are looking at this carefully. They're studying it. and they're trying to prepare and make judgments about what might happen and what's best for their individual circumstance. But tax law changes matter and we are in the business of helping our clients figure out what's the best choice for them with the information that we have.”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“The financial impact here. If you have enough capacity to do that and you choose to do it, you can take $11.7 million out of your estate today, get it to your kids, grandkids, whoever it happens to be tax-free, as opposed to on January 1st, if the law goes forward only as offered, you can only do $5 million. What that means is the difference between, sorry to get numbers all over, but the difference between 11, 7, and 5, which is $6.7 million, will be taxed when you die at a high rate. And so we have literally thousands of clients all across the country, and each one we're working with individually to eventually”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think our starting point on behalf of our clients is to prepare rather than predict. So let me give you an example that you referred to. The newly proposed tax law change would change the lifetime gift in a state tax exemption amount from $11.7 million down to $5 million. And what this means for people who have built up substantial wealth is that if the proposal goes forward as offered, you have until the end of this year if you want to make a gift to your heirs of if you can afford to and if you want to make a gift of $11.7 million and again I can't tell you whether this will happen but if we just think about”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Better environments in the wintertime. So they may want to be in Florida or Arizona or Texas or California. So one phenomenon we've always seen is migration from state to state. That phenomenon is also impacted by state tax rates, by estate tax considerations. both because of the pandemic and for tax reasons and lifestyle reasons we're continuing to see movement across state lines and so you know I think the the message to urban planners is taxes do matter to people it's not necessarily the only factor but Even affluent people will think through where do they want to be, where do they want to live, what environment do they want to be in, and what's the tax impact for their clients. And that phenomenon is alive and well. It's always been there, but it does seem to be important as different states consider different policies, if you will.”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, it's an interesting question. Look, clients relocating has always been with us. If you look at Northern Trust's history, we are headquartered in Chicago in the middle of the United States. It's cold here in the winter. Lovely city, but it does get rather cold at winter time. And oftentimes as people age and their kids finish school and so forth, they opt for”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
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2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Generations and so forth. And so the process is the same, but as you accumulate more money in general, you have more flexibility. The ultra i net worth also have more investment optionality. They have the ability to invest in asset classes like private equity hedge funds and so forth where they may have to trade off some liquidity for a period of time. Those of us who are lower on the spectrum may not be able to endure that in a down market. Those who have more wealth can oftentimes weather that storm more. The process is the same, but you get more flexibility as your wealth grows. You've heard the chaos.”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Under reasonable scenarios do I have enough if I steward it effectively, to live my life the way I want to live it over time. And that happens whether you have, again, whatever the number is, $500,000 or $10 million. The difference, Barry, comes in with the flexibility and options that you have as you create more wealth. So the starting point is the same. Understand your goals, understand your needs, and let's figure out an asset allocation to give you the best chance to get there. What becomes different for people in the ultra-high net worth space relative to the rest of us is that they can take advantage of more planning techniques. They can take advantage of more techniques to optimize philanthropy. They can take advantage of gifting to future”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“The process is really the same no matter where you are on the wealth spectrum. You and your family have goals and whether you have a million dollars, a hundred million, a billion, ten billion, or whatever the number is, you have something you want to achieve over time, you plan to live to age 90 or 100, this is what you need to live in the style to which you want to be accustomed, and we do a variety of work to figure out first of all our UAS sufficient meaning.”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“The starting point is not so much our call on the markets, though that will be important at some point. Our starting point in goals driven is what are you and your family trying to accomplish? Once we understand what you're trying to accomplish and the assets you need to accomplish it, we can in effect back into how to deploy those assets in stocks, bonds, other asset classes to give you the best probability of achieving your life goals over time. So it's really just a different starting point for how to think about creating an asset allocation that is most effective for you and your family.”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Sure. Goals driven wealth management at Northern Trust is the framework that we've devised to build personalized wealth plans for clients. And it focuses on helping them achieve their individual goals with confidence. It provides a big picture of their wealth and transparent steps on how to manage and optimize wealth over time. So Barry, one way to think about it is And I'm being a little bit facetious, but just to make the point, it used to be in this industry that the starting point for how money might be managed was a function of your outlook on the markets. You think equities are going to go up, et cetera, so you allocate more to equities. Goals driven wealth management comes at investing through a different lens.”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“They tend to get better outcomes than the rest of us. It's a very raising kids and money are too challenging vectors, but we see some great examples of people stewarding wealth through multiple generations, not just the founder, so to speak.”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“There is definitely an art to optimizing wealth through the generations. And of course it starts in the home and how you raise kids and values and what you demand of them or not. But a lot of our clients do a great job of trying to steward their wealth, trying to educate their kids, trying to make use of family governance to help everyone understand how things work for the family. Each client is different, but as with most things, the more you put into it, the more you're likely to get out of it. And for those who believe it's an important responsibility to steward that wealth, pass it to future generations, educate those generations, make them, or try and help them be important members of society.”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“The comparison point is often to someone who did the extraordinary. So if I started from nothing and created a billion dollar of wealth, it's a little unfair to say my kids or my grandkids, you know, they're not as smart as I am because they didn't do it too. People who have created extraordinary wealth have done so by definition. extraordinary and it's not reasonable even if you have bright talented high functioning kids it's not reasonable to assume that each generation is just going to you know mom made a billion mom's kid made two billion and and mom's grandkid made it made four billion you know it's mathematically that's not a reasonable probability that said”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, all the time. Again every family is different, every client is different, but you know one thing that I think is a little bit unfair not by you, but in the characterization that you refer to is this notion, well, you know, by the third generation it is frittered away. I think you have to remember a couple things. First, When we say it's frittered away”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“A continuum. What I would say is people in the ultranet worth space, at least from my point of view, it's not so much about their more defensive or more offensive. They have more flexibility for choice. They can be defensive because they've got more than enough, or they can lean in and be more aggressive because they have a bigger cushion than the rest of us. And our clientele is all ends of that spectrum. There's no, the notion that some people have that, well, once someone's made a certain amount of money, they're just trying to preserve it. There are certainly clients that exhibit that behavior, but there are an equal number who Want to optimize it and aren't in a completely defensive mindset. So it depends on the personality type.”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think, look, wherever one sits on the spectrum of wealth, They generally want to optimize their returns over time, and people have different risk preferences as you would expect. So to caricature it, if you come from nothing and you've done exceptionally well financially, you may, not always, but you may have a predisposition to have a stronger defensive component to your portfolio because you don't want to end up back where you were. You know what it's like not to have money, you have it, and you want to be defensive. On the other hand, there are people who, whether they came from nothing or not, they've had tremendous success, they've seen the power of capitalism, and they want to not only do as well as they can, but keep going. So we see things through the eyes of our clients across the world.”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Happen a lot, and so we have to think about our approach to business, our approach to research, our approach to preparing for the unanticipatable. As I say, each of your examples, September 11th and COVID and 2008, are different, but they were all They all featured substantial disruption substantial unanticipable disruption and Northern Trust and every other company around the world, you have to be prepared to be agile and adapt quickly. And that's what we've been able to do pretty consistently over our 130 plus years of experience.”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Paradigm to COVID nineteen, it's very similar. If we had been talking to our board the year before and put forward our plan, I think our board would have said, well, okay, you know, that sounds like a great plan. What happens if there's a global pandemic and every office from which we operate is going to be shut down or substantially shut down? Everyone's got to work from home on the same day globally. And by the way, it's going to be for a year and a half or more. I'm quite confident you or we would have said, well, that's just not, you know, I don't know what we'll do. That's not going to happen. But it did. And so I think the lesson from these crises is that while they're different every time,”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“And you're presenting the 2008 plan for Northern Trust to our board. And you go to the board and you say, look, we expect our revenues to do this and our expenses to do that and so forth and so on. And one of the board members raises his or her hand and he says, he or she says, Barry, that's terrific. Sounds like a great plan for 2008, but I just want to get your perspective. What happens if Bear Sterns collapses, Freddie, Fanny, Washington Mutual, Wacovia, Merrill Lynch, you know, et cetera, et cetera? Lehman, you know, the whole thing collapses in 2008. How will we perform? I think if you had been CFO at that time, you would have said, well, that's just never going to happen. But it did. And Northern Trust navigated through that exceptionally well. Not unscarred, but exceptionally well. If you take you fast forward from that”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a great question. And I think, barry, my perspective would be that we often call events like the COVID-19 pandemic tail events or once in a lifetime events. And in some ways they are and in some ways they aren't. If I think about it through the prism of my career experience, we had the crash of October 1987. We've seen the collapses of things like Enron and WorldCom. We've seen September 11th. We've seen Bear Stearns go down. We had the global financial crisis of 2008. And of course, the pandemic. And each time we call it a tail event, but at some point we have to admit that there are a lot of tails. So I want to take you back just to compare and contrast COVID-19 with 2008. I'll give you this example. I want you to imagine it's The end of 2007.”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Are different, and so I think we will be in a hybrid, you know, what we think of today as a hybrid model will be a normal model tomorrow. And that doesn't mean everyone will work from home, but it certainly means a lot more flexibility for employees to inevitably juggle the conflicting needs of family and work life. And we're well prepared for that.”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Our offices are open and really two different extents in different geographies, which makes sense. The infection rates, hospitalization rates, all the metrics that we track are very different in different cities and countries around the globe. In terms of where it goes in the future, I think the future of work and how people work is forever changed. You know, we always had a pretty flexible workforce and the ability to work from home and people's lives, personal lives and business lives had crossed over long ago that as an employer, we had to be flexible. I think that's going to be even more so coming out of the pandemic. People have gotten used to it. The technology has gotten better. Client expectations.”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Enable them to function effectively from home, still be able to serve our clients and all the family and other issues that people were wrestling with. So I would say the beginning of the pandemic was stressful. We were working 24-7 trying to make sure that technology worked and people could still get cash and all those things. It has gotten to a much better, I'll call it normalcy in a strange sort of way. But the early days of the pandemic were challenging. We navigated through well, but it's certainly not something that anyone had anticipated.”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a great question, Barry. Well, we started, like many other institutions, with the safety of our clients and the safety of our employees. And it all happened relatively quickly in terms of shutting down offices to the bare minimum, getting people home, and making sure that they could function effectively from home. And if you go back to, and by the way, we have 20,000 employees worldwide, so we were doing the same thing in Manila in the Philippines as we were doing in London, as we were doing in Dublin, as we were doing in Houston, as we were doing in Las Vegas. And so I want you to think about the operational and logistical and infrastructural needs of pretty much all at the same time trying to get people out of the office.”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Companies in some industries can grow and accelerate has really multiplied. So wealth creation in some instances is still a slow, laborious, step-by-step process, but in others. I don't want to say it's overnight, but it happens a lot faster with digitalization and the pace at which the world moves today. So we see both phenomena. And that's part of the fun and excitement of the American economy. And this certainly happens elsewhere in the world as well.”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think the fascinating thing that I think we see is that Wealth can be created in a lot of different ways. And I think you're right. As the world has sped up, the wealth creation has sped up too, to caricature it. It used to be you would start a business in your garage in Louisiana, and over time you would build a vacuum cleaner or whatever it happened to be, and you would start selling it from a store. You'd have a second store. And the next thing you know, you have a big business that you never envisioned having. And you could sell that company and create a tremendous amount of wealth. Today, that phenomenon still absolutely happens, but it also happens with the power of the internet that the pace at which”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, today we serve a little over 30% of the Forbes 400 wealthiest Americans and obviously many other affluent families. And interestingly, Barry, you know, sometimes People think of Northern Trust in its wealth management business as focusing on or serving multi-generational, well-heeled families. And that's true. We certainly serve many of those. But there are many entrepreneurs in Silicon Valley, in New York, in Miami, in Dallas, all over the country and all over the world. And if there's one thing I've learned in being here, it's that wealth is created in a lot of mysterious ways. And so your reference to Instagram and so forth, I would say our clients are definitely low profile. But where they create their wealth emanates from”
2021-11-24 · Masters in Business · Steven L. Fradkin on the Creation of Wealth (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source