0 (0s):
Hello everybody and welcome back again to the reformulated, uh, formatted Radio Entrepreneurs my name is Jeffrey Davis and I'm the host of Radio Entrepreneurs. And, uh, I don't think it's hard to, uh, believe that our listenership is way up in this new economy. And I like to think of this as a new economy. I don't like to think of anything as a, uh, I never liked to think of myself as a victim. I always like to think that I'm a fighter and many of us are, many of us are fighting back against what's been going on in these trends.

0 (31s):
And we're succeeding, we're fighting, we're succeeding. Uh, many people are still working and employing people and keeping this economy going in a very American way. Very grassroots. And you know, I say this, I think in an unbiased way. One of the greatest fighters I've known over the last few years and great leaders is Jennifer Wolfsberg managing principal of centerpointadvisors. Welcome. Jennifer

1 (54s):
thank you so much Jeffrey. Thanks for having me today.

0 (57s):
Thank you. You know, Jennifer I bet you've been working and you always work hard. So, uh, it's, and I've seen it, you must be working harder now than ever. I mean, people are really concerned about their portfolio, their investments, what to do, how to adjust, how to build stability in this market. You know, most people don't know how to handle these things. And I was wondering if you could give us some insight into what you're dealing with, with, uh, the average person on a daily basis.

1 (1m 25s):
Yeah, no, great question. Um, you know, we take a lot of great pride and a lot of communications and a lot of in depth planning with families, but nobody can plan for something like this. Um, but as that results, you know, we have been talking to clients nonstop, as you said, working, you know, every day of the week. Um, we have an amazing team that we pride ourselves on our families and clients. So as much as you know, with up to do market updates and email distributions and tax relief acts of information, et cetera, we are doing that for a broad distribution of communication.

1 (2m 3s):
But really what families need and clients need now as a one-on-one discussion about that. And how does this affect them? They're looking at the media, they're scared. They're looking at the issues surrounding the health crisis, which is affecting obviously the financial crisis. You know, we are in our, we're built in our industry to have an economic crisis that creates a financial crisis. This is one of those times that we are any analysts out there, they're modeling all day long. Can't say, Oh, this is what happens. You know, this is, don't worry next month, a year.

1 (2m 34s):
So this is what's going to transition over time. This has been unprecedented in VR and it's a different level of stress on my 2008 because it's, it's feeding every insecurity on a health level as well as a family level on a very intimate level. So what we've been doing is, yes, the broad based outreach, but really chasing clients down for those that of saying, well, let's have a communicate. Let's talk. Let's talk about how this is affecting you. How does this affect your, hopefully your planning, your vision for the future.

1 (3m 7s):
And that's been really thoughtful. We joke about it. It's like, well, we're in the office. Obviously if river we're safe and you know, taking precautions, however, um, I can get to work with no traffic. And the good news is I can find clients because I know where they are. So we've had a lot of in depth, probably very personal discussions and video chats like this for four weeks upon weeks now and just checking in to make sure that they're, they're okay and that their families are okay.

0 (3m 35s):
You know, I, again, I don't want to steal the agenda, but I have a question and maybe if it's not relevant you'll tell me. I'm sure you will. This really could be the perfect storm in terms of trusts and transfer of assets where assets, values are down. Uh, Transfer, uh, Transfer amounts are at a record high. We have an administration for at least another year and we don't know if that's going to stay so high. So this really is a good time also to be looking at transferring assets to families, isn't it?

1 (4m 4s):
Yes. Yeah, definitely different term for it. There's a whole level of estate planning and that's a good point. Those people. Um, we have clients that are very open to financial planning, estate planning, tax planning, and some that like to keep it off to the wayside. Right? This kind of environment has only triggered people enough to say, I really need to think about the next generation. Think about Transfer, think about tasks and come up with my estate plan. I can't tell you how many Estate attorneys right now who have we speak to that they're have clients that are coming to them saying, I know the documents ready.

1 (4m 34s):
They, I never signed them, but what can I do? And they're literally sending, sending out, you know, emails and saying, let's meet outside at a picnic table, you know, For questionnaire versus the sign and execute through the window of a car. These are, you know, I, I talked to class a lot about this. We prefer not to do in depth planning during the state of chaos, right? This is not good planning. It's a very emotional, and this is a big thing we get into the heart and emotions of financial behavior. Okay. So people come into any kind of market condition like this with a predisposition of their life, with their own money in their families.

1 (5m 11s):
Okay. So for example, you know, if you were brought up very poor, this can trigger other, other issues of feeling like I need to sell and put all my money in the mattress. I want to pay off my mortgage. You know, I, this is a big trigger backing into is this a good financial decision or is this something that's being led by financial behavior? And that's something that we have. We get really deep. And one of the questions I asked for new clients that come on, what's your relationship with money? How, how, what's your spouse's relationship with money? What is your kids list with money?

1 (5m 40s):
Um, what does it mean to them? Money is fluid up and down. Wealth is forever, you know? And so building that timeline of good in depth planning about transfers and trust, some plan because of that is really important. So it gets pretty deep with Planning. But Transfer is an important element of that.

0 (5m 59s):
You know, with my background, I really appreciate what you're saying. This whole sort of trying to connect with people emotionally first and try to separate the decisions from the emotions and understand the emotions. But I also like how you define, uh, money from wealth. And I think that's also very important. Uh, you know, but you know, you're, uh, you're very fortunate for your type of firm. You have a business partner who's a family member who's, and who is an expert before he joined your firm at bond trading. Now I would think that bonds, the balance between it and the looking at bonds is also trained in the change in this economy.

0 (6m 33s):
Is that true?

1 (6m 34s):
Yeah. I gotta tell you, we are on the phone nonstop about that because what ends up happening is with the equity market volatility, people want to transition to cash or something more secure like fixed income. But now that that has had its own issues, you know, we're looking at obviously some with industry rates dropping thanks to the fed, which is great. Um, unfortunately people now that are migrating to cash have issues surrounded like, okay, because now they're, they're sitting in money markets earning nothing all over again like we did several years ago. Now after sitting in cash for so long, they're seeing the volatility, the market going up and down.

1 (7m 7s):
So maybe I should have some fixed income, but not all fixed income bonds are the same. And you know, the attraction, human nature getting back again, the attraction of that is how can I get better yields than when you know I'm getting under 1% for a 10 year bond. And that's obviously not that sexy. So they start looking at things like high yield and high yield in these environments can be fun because you know, you're looking at different companies that are happy to have to promote high yield and lower credits to attract investors.

1 (7m 38s):
So there's a big component of the market that John has to deal with and a large amount we'll get back to this education that we do was investors that is just not buy a bond and that's a secure thing. They bought high yield bonds will, will act like equities and a volatile environment.

0 (7m 55s):
So my last question, I think really, uh, with flipping the, the shoe on the other foot, you're also an employer, but you're in an unusual situation. Uh, for the most part, the majority of the vast majority of your staff are millennials. And what I'm seeing on a curve is that people who sort of lived through the second world war or the Holocaust, uh, you know, right through the Korean war, the Vietnam war, the more people are older and have been through these crises, the calmer they sort of are. And they have this in perspective, the MoMA for millennials, this is their first big crisis, really big, big crisis.

0 (8m 31s):
And you've got a staff. And I would think, you know, how you dealing and keeping everybody focused in your firm. Because again, you have a great staff of millennials, but this is their first crisis perspective.

1 (8m 42s):
They've had no health crisis in their life and they've had no real financial hardship in their life. Right? I mean, so some of them have been through 2008 a few of the team members. Um, but like it just like clients 2008 you were in a different element at that age. That was, you know, this is a different age, right? So what, where do you experience in 2008 even for an ambassador, it's very different when you're experiencing now because that was 12 years ago, right? So of course you people are changing, you're older, your family is getting bigger.

1 (9m 13s):
So this as another element of it, very emotional component to it. So obviously our, our biggest strength is our team. Our biggest strength is our communication and collaboration. And we put a tremendous amount of teamwork into this, right? We have a very diverse group of people that everything from operations to analyst, marketing to legal, everything on it. And they, as you know, they're, they're tremendous and they work really well together. And this environment though, we want to make sure that they're safe. We want to respect their wishes.

1 (9m 44s):
We have fortunately thanks to new England, we already had technology and everything's set up in place. So our business plan was pretty fluid, phone systems, computers, everything. No problem. We think it's important that the leaders are always here and on staff. But the bigger thing is communication with them. And that's been probably the thing that we miss the most, the most being like not having each other in the office of popping in and say hello. But what we're doing is we have team meetings, calls or zoom or conference calls twice a week, go over everything together and everybody is doing really well.

1 (10m 18s):
And the, of course, the other challenges that they have kids running around and things like that. But we've been really, you know, acclimating very well with that in communication. So the amount of communication with teams are not invisible site and off sites. Um, it has to be to keep them, um, feel as engaged and keep communication on behalf of the clients really strong. It is probably quadrupled, right? So because it's a constant outreach, but with technology and everything else, it's been tremendously helpful. But they, we talked through these issues because this is scary for that.

1 (10m 52s):
And on a financial level that with jobs lost unemployment, you know, we just obviously what's past five weeks, last 10 years of job growth in our country, these are some really relevant issues that Is, you know, health finance, their own finance, their own health and, you know, the, and the stress of helping, helping families. But we take that very seriously. Then there's also, there's always Jennifer Wolfsberg are you working more with the dogs lately?

1 (11m 22s):
I know my little guy, Spencer, he's been my business partner for the last six weeks right beside me. Every minute. He's so funny. So my daughter and her husband are working remotely telemedicine and I'm a school at home full time. Darby is home with her two buddies next door who over every day. Um, and you know, we, it's funny, all of us in the office at animals, and I think it's a, I think it's an understatement when you say they're extremely helpful for therapeutic, you know, uh, use and being around them. And we've been really fortunate about that. But taking Darby to work habits, she's been home loving, having my family home.

1 (11m 56s):
I get home, she's exhausted. John has a new puppy, so B, that's Brett rest, tremendous joy. But me, I've had, um, it's been, you know, long hours. We're working seven days a week. Uh, you're in the midst of not just talking to clients and reaching out, but it's tax season. It's constant information from the government coming out and the really fact and adjustments. It's, you know, it's funny, you're reading research warrant, economic calls all time. However, just wait five minutes. And that's old news, right? You can read all day. So we're in a very fast changing environment that I think that communication is key and sometimes you have to step back.

1 (12m 31s):
And that communication, that includes family, sometimes they want to go offline and they need to.

0 (12m 35s):
Well, and you know, I've always found that in a crisis you want Jennifer Wolfsberg near you. You always stay calm and focused. Your low like a laser. When somebody else wants to talk with you about how to deal with this, get an opinion, get a second opinion, a first opinion. I would they find you at centerpointadvisors.

1 (12m 52s):
Yeah. So if you go to centerpointadvisors.net we are located in Needham, Massachusetts. That's our, our contact information is right there. And we would love to obviously speak with anybody that has the w for a consult with regards to investment management, wealth management, family office services or financial thing.

0 (13m 10s):
Great. Well you look very healthy and we hope you stay that way. And uh, the good news with this crisis is you'll never have to hug me again.

1 (13m 18s):
Yeah. Now I'm, I'm waiting for that day. I promise. There's a lot of hugs in the, in the, uh, inventory for you.

0 (13m 25s):
Yeah, I got a lot of hugs that I haven't been giving, but Spencer has been getting all my hugs. So

1 (13m 30s):
grab your chair.

0 (13m 32s):
Well. Nice talking to you and we know you're going to come back again and keep us informed as to what's going on in your, in your part of the economy.

1 (13m 38s):
Yeah. They pretty much stay safe and a lot of course. Talk to you soon. Take care. Jennifer

0 (13m 42s):
everybody. This is Radio Entrepreneurs and that was Jennifer Wolfsberg of CenterPoint Advisors we'll be right back with more stories.