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Learn more by logging on to surround Sandiego dot com surrounds San Diego dot com connecting you with new customers. In London 7 the it's your business sponsored by Richard Museo. Good Sunday morning everybody. It's your business from Richard you see us here on am 117 f.m. 96.13 Answer hope everybody had a great week out there in San Diego had a great Easter last Sunday of course we were on the air for Easter not Sunday and now are moving into spring and into summer time and I was laid Easter this year and I thought I can remember actually late April anyway I've got a great cast Anson in Bharti How are you wonderful how you Richard can you hear Me Ok I can he find good we're able to get to the parking lot because I don't know what's going on with this construction and I came in and I said can I park here can in fact I like the radio and they're like Ok and they put me in the corner little in the corner yeah I had like 5 people directly me and I'm like I'm not that bad of a driver. Yeah well they saw my jeep and they said well this is the corner you're fire every else is in there beamers and I say that the Jeep in the corner by the construction trucks. You know I'm winding down this parking garage and it's a guy standing here and another guy over there and I'm like Is this one way is a safe anywhere we made it. To the party or one of our shows a steam sponsors you know really appreciate that. It's a great show and I'm glad to be a part of it. But we've got a lot of lot to talk about. I know you've got a big event coming up that we're going to be talking about. Want to twice or 3 times. Really interesting about that happens twice a year but I know you've been on the show before but just briefly just sort of listeners who didn't hear that show know a little bit about you just a quick background who you are where you come from how did you make your way out to San Diego and what are you doing these days that's so interesting and why some passionate about well I. Originally from New York I was born in Queens and then my family decided around 2nd grade they're going to head out west and what happened I think we made a little They got off the freeway the minute a little exit a little soon and we ended up in Albuquerque for 5 years almost right. Years to find the honor I have to get back to get back out here and then. We came out here and went to school it. Said in a state. Went to law school here played a little baseball with the Astra as you said ashes and then finally had to go to work found myself doing restaurant stuff because my family was in the restaurant business and one day. Buddy of mine from school I ran into him from high school actually he was he was in one of our restaurants and I looked I was doing payroll and I saw the numbers if they don't have a good year because that's a month that's ready to get in finance this is a good business and so got into the finance business ended up selling securities and insurance for years and it kind of morphed into. Relationship development with C.P.A.'s and that evolved into the family office we have today I've got a beautiful daughter an amazing family that raises race horses my daughter goes to a small private school here and she's a. Beautiful Girl heavily involved in our church she's 14 going to cure cancer someday she says and it's. Johnny. And. So here I am and so now I'm here with you and talking about. What we do today the family office and John if you're John if you listen we said if your father comes in some time over the summer when you're out of school you can come out into the studio into the show with so many right that she'd love that kids have a blast and there were no doubt Yeah and I think once the most kids I had here doing the show want to for. A lot of fun. I'm sure Richard to take care. Richard day care on radio but it actually was a lot of fun so let's talk about before we talk about the event coming up known as the advanced Tax Planning Institute. Let's talk about the work that you do just in general really general you do work with both certified public accountants as well as wealth advisors right I do and. I mean the main issue our main focus is family office type work for c.p.s. They want to deliver family office type experience to their most accomplished families and we have advisors that are affiliated with the family office that we've mentor and trained they are the facilitators of the family all of us in across the country they go out and meet and develop relationships with qualified either c.p.s. Or family officer already in place and and gauge them with the Liberty family office out here where where what we call we I think we kind of coined the phrase and we're a professional family. This is where a family office that is the back office for the professionals that are managing interacting family offices. And family office is a term that we've talked about on the air before but it's still so somewhat new to some people from the office just sort of means the general description of bringing under one roof whether it's actually physical or virtual the best and round of all of the resources. The more affluent families the wealthier families of c.p.a. Firms of wealth advisors and so on would need someone like a traditional an investment firm or c.p.a. Firm or law firm for example that just specializes in one thing the family office has all of these resources whether it's wealth advisory whether it's accounting services or tax legal asset management specialist services like cost segregation alternative investments family governance all of these things under $1.00 roof and I'm going to use that term one roof not literally given or technology set right a lot of this is just bringing in the best resources in from all across the country into one coherent and cohesive cohesive place right. Exactly it's that it's that leverage that that the director the family others can bring you get all of that with only one point of contact and what's been hard in the past for the family office was that when someone is hired to be the director of an affluent families family office they then have to go out and hire all the team members have to hire all the people that do all the things that need to be done and they're kind of the general manager of it so what we did 20 years ago now is we put together that that team that those those those experts specialists and do all those things under one roof and now instead of having to go out and hire all of those people and vet them and do all your due diligence all they need to do is engage with us and we've got everything they need and let's back up a little one of the challenges historically for professionals has been when one of the very best clients need something done that they don't specifically do they historically to this day still heavily rely on what we call the referral model right exactly which I've never been a fan of and I know you're not a fan of for a variety of reasons but under the referral model that's you know let's assume you're a c.p.a. And one of your clients says I need the very best cost segregation expert we've done shows here about cost segregation how to get more rapid depreciation out of your real estate assets who do you know. I mean the c.p.a. Has to think gee you know I know anybody who does this how do I find somebody if I don't just send them one person advice and 3 I mean it's a real nightmare as opposed to saying yes we have that resource they're part of my team. It's my opinion that the referral model doesn't work you agree yeah this is a lot of risk that's just riddle that is buried in that referral model and 9 times out of 10 what they're doing is they're referring out to people that they can trust with their relationships instead of the family getting the very best answer they get the very what they're really doing is again the very best answer that the c.p.a. Can trust being for the family another to not embarrassing themselves or the c.p.a. Right exactly so they're not really getting the very best that is getting you know they're trying to preserve the integrity relationship mostly verses putting the best in front of you so if you could find the best in someone you could trust at the same time that's like the holy grail that's a win win yeah frequently the other big challenge with the referral model is in professional services referrals tend to be made on the basis of who recently referred your business so. If somebody says I need whatever resource it happens to be the 1st thought as well who sent me business that's in the squad that this person needs because I need to send somebody back to them. Inherently on health issues. One hand washes the other works yeah but it's. You know obviously you're not dealing with the best and brand resource at that point you're just somebody repairing a favor to somebody and again if you're referring to somebody who's competent or whatever you're going to probably get a decent result but it's much better if the wealth advisor the c.p.a. Or any professional who gets asked these questions can say you know I am the answer to everything you know we have all of that. And it just works better no doubt and on top of that what people don't really realize is when you refer that to that let's say that cost expert now you've got one of your best clients that you've put together with one of the best people you could find and then when that best client of yours is out with 4 other people playing golf that you don't have as clients that you'd like to have as clients your best client is saying you know my family office director and I C.P.A.'s amazing what they're saying is that this costs a guy's amazing and so you're not even getting even talking about you they're talking about your referrals said this is this nothing good about the referral model no and if things don't go well you get the blame it's like how could you refer me to that clown Exactly it's a no win scenario and so yeah so this is a much much much better model for financial professionals whether your family off a c.p.a. Attorney wealth advisor trustee you know the beat goes on much better if you can just say you know what I mean answer I have all of this all of this at my fingertips you can get anything that you need done. To sort of talk about that when I when I list my sponsors at the middle part of the show I think a lot of my list are sort of get the idea it's a really short list of some of our best and brightest the list goes on and on and on but we never make referrals we just get things done for people using the amazing people on our team. And I know we've got to take a break shortly but we're going to be highlighting some of the amazing people on your team. Advanced Tax Planning Institute here in after when you hear me say I that's what I'm referring to because that's a that's a mouthful to be saying on air over and over again so the a.t.p. I but after the break we're going to talk about that coming up. It's a really cool event that happens twice a year where you get to listen to the best and brightest in a multitude of disciplines talk about what they do and how it can provide value for you to really advance so after the break I want to. Take the opportunity to talk about the a.p.i. Again Richard new c.e.o. It's your business with. Bharti party family office we're here on a moment 70 an f.m. 96 point one v answer going to answer all your questions about family offices Everybody sit tight. 0. 96 point one and 11 somebody the answer John here is the new kid on the block around here at the answer San Diego and host of eliminate financial variety show heard Saturday 70. 1 of these mornings Here's what we serve for breakfast meaningful stock market insight investor mistakes consumer tips avoiding scams and in-depth interviews with highly successful people no investment products sold here only wisdom common sense and fun to financial variety show designed to put a smile on your investment style Saturdays 7 am and the coffee is on me. I am 1170. Headed to. The. City surf's up. For me. So walk in here to the studios like a friend Craig like you who works there he's an avid surf what you are too right Anthony. To surf. Just about more than anything else except by faith in my daughter but I know you are North County boy yet see out there surfing. And. It's different than it used to be a lot more bodies out there in the water. A lot of there's a lot more everything out there in the water a lot more of a lot going on but you know what we get our spots we get our time in and you know an hour in the water makes the rest of the day so amazing Yeah yeah it's. Warming up it's going to be well every summer the water seems to get warmer to a little bit little bit concerning our disconcerting I was reading an article this morning has nothing to do with what we're talking about but it said that the Iceland ice cap is melting so fast that Waikiki Beach might be under water within 20 year I thought wow that's crazy could that even I mean it's almost inconceivable you're right it's crazy. Because we love Waikiki in Waikiki beach but . You think you could it happen that fast so anyway this global warming thing is serious business but more on that on some other show. Where I try been referencing this really need a bet coming up on May Well there's a really to it on May 5th but on May 6th 7th and 8th at Koster right. On the attendees tend to be advisors and Certified Public Accountants ya'll family office c.p.a. And wealth advisors and wealth advisors all members of the. Are going forward and. Say my name over and over again for the. This is an invitation only and it's all members of the family office from across the country watch if somebody wants an invitation they can't just show up just because they heard you on the show who they contact to ask to get down on their knees and plead to be invited because it's it's not valuable folks trust me they can they can reach out to us at the family office and speak with one of our team members and they'll have a brief conversation with you and you probably would be approved as an invited guest and then we get a chance to speak with you when you're there it's a lot of fun but I want to talk about continuing education for financial professional because this is to me is the most unique event in the country every year what happens twice a year the challenge with most Continuing Education is this follows all professional advisors have to take continuing education to renew their licenses to maintain you know the current status of their license I don't care what the Algerian legal wealth advisory c.p.a. . Most continuing education wouldn't you agree is technical so I as an example I'm a c.p.a. So it's really easy for me to find courses on for example of bio. The latest technical pronouncements from the f a s b the Financial Accounting Standards Board or courses about how to prepare income tax returns for nonresident aliens who own us real estate the technical skills are important but that's that's basically the gist of what's out there and then secondarily the market what we call leadership education it tends to sort of be based on this thing that we talked about before the break which is how to build a network and how to do referrals. So teaching everybody all the wrong things don't you agree yeah it's unfortunate that's exactly what's out there and and we've got clients of ours that have been that have been C.P.A.'s that say for 35 years and they come to the t.p.i. For the 1st time they're like This is way better 24 c. Credits for these 3 days is pretty amazing and this is like we don't have the technical but the way we mix it all together blending up and deliver it makes an experience it's very impactful Yeah so on the non-technical I know we talk about concepts like. The virtual family office the c.p.a. Firm of the future the most trusted advisor I think that concept is sort of the same thing. Most really good clients wealthy families wealthy individuals they want one point person right to go to or really everything they need yeah because the one thing that every wealthy individual has in common is a lack of to write the most precious 4 letter word. In existence they say. And I know I mentioned there's a prelude to the 3 day which I think is that we should have my own May 5th at. Oh it's at the hotel right by where you surf caper a right yeah I just can't give away my break but yeah right there the Cape Ray Ok. And yeah that thun thun they beforehand but I heard you talking about everybody's most precious asset time is Sister Yeah the. Title for the message you're giving that day is called Down where is the significance in your success what happened what now and what's next and it's all about addressing you know basically having their ladder leaning up against their own building their whole life and they've been going up and down the wrong ladder looking for something that's not there and helping them refocus you know reset put the ladder on the right building and then in the in the in the byproduct of doing that is more time for what's most important and so no that's an invitation only event as well I call it the prelude because it's not part of the regular curriculum so that's a can't miss but then the next 3 days let's talk briefly about the nontechnical continuing education I know you and I both sort of have a similar interest when it relates to financial professionals it's centered around what I would describe as the leadership role that we believe financial professional should take in the lives of their most significant clients Oh yeah I mean everybody says they're a center of influence I'm always said if your set of employees what should be one act like a yeah exactly and I. For example if somebody ask you for some particular resource don't say Well here's 3 people I know go check them out yourself. It doesn't work well it doesn't work really well it works in a matter of speaking in terms of things that really screwed up or inertia sets in and nothing gets done. But you're right it doesn't accomplish anything of significance several So the leadership part is really interesting but then one of the other cool things is you know the best and brightest minds in the country come in to talk about things right yeah we'll have you know we'll have 14 different speakers come in that are part of. The family office's team of experts that are you know they go through an incredible vetting process and when the due diligence is done and we've given the thumbs up you know those people get to be part of our team the family office team an officer can bring them all then but we bring a small amount of those guys in every every year twice a year and they'll come in and they'll do a 45 minutes or an hour of what it is they do where it fits for you in your most accomplished families how it works and they'll give some case studies and this is a chance to actually meet these people and they're from all of the country and you normally wouldn't get to you get a virtual meeting with them you might have a a conference call over the phone but there in person and it's really powerful for these days in these family office directors to actually see and press the flesh and say Wow I've heard about this now that you've explained it and showed it to me how it works it's this is really great and then they come back with an idea of some things they can do I mean kind of like your radio. He says your radio is the answer they they leave those 3 days instead of you know they come in looking for answers and they leave becoming the answer right they are the answer in other words a wealthy family or an individual they have something significant that they need to accomplish in the old fashion world with or used to do if they had to make about 12 different phone calls to ask the same question it called their c.p.a. Their attorney their trustee their banker their insurance specialist did ask their barber when they were getting their hair cut the same queston you know on and on it would go and then it then they would get. 12 different opinions about what to do almost all of which are centered to whatever that particular person does for a living you know buy life insurance because it's all for all problems or give all your money to charity instead of to the government or you know whatever that be on tour is always centered to what somebody did nobody wants to spend their life doing their I mean one thing nobody has time to do that anymore. Actually But the problem in that old fashion model is inertia would set in somebody would get 10 or 11 different pieces of feedback and they'd be like I can't even sit through this and they tell they don't know time. But that's the real ironic thing is nobody has time to do it you have to go to the person who is the answer and the really really thing I think the neatest thing about the people who present the other challenge of continuing education festivals the people who present a really good but they tend to do it for a living until they're not the best and brightest in their particular discipline in the country they're just somebody who's good at present in continuing education the people who speak at the 80 p. I can say from experience. There are leaders in the particular industry or profession if they're in a room you don't with a specialized thing that they do they don't go out on a continuing education turn right you don't get to see them at a calcified c.p.a. Even do you know most the c.p.s. Never see anything like what they see in our place because. This is not out there they're they're not on the sea they're not in the sea circuit these are guys that do what they do really well they do it for very accomplished families the this is famously affluent and there they don't have to market themselves it's in down I mean everybody knows who they are it's a very small world at the top of the very best people and these are those guys and because we have a not just guys by the way you know you're right and I use guys I did. Some very very powerful women as well that I'll be speaking but they come in and they know that we have a very select group of people that are part of the family office and they know they're going to be working with the people that really need what they have these accomplished so they they're looking for we I mean we get so many offers of people that want to be services solution provided for the family office and we vet and we vet so when you come and you sit down at this event the people in front of you are the very best the cream of the crop and they're excited to have you there to really intimate situation and in the conversations are wonderful. The cost up and cost a great location. Great facilities. Theater in the activity center for the conference center whatever they call it now it's a great place to. Hold any special one for 3 days because I know bunches also provided the food at low cost so you just you can't leave. The beautiful golf course for 3 days but. Change the clocks that you. Have got to take a quick break we're halfway through the show Richard. Family Office 70 and f.m. 96 point one. Talking about how you as a professional can become the. Second base to the rest of the show right when we come back. The answer. In almost 4 years of being a financial advisor hundreds of highly successful people it always wondered. And Smile in your. Investment style Saturday 7 am don't be late. 96 point one and. The answer. Planet's biggest Get Smart fans are every show you have to listen to talk about Get Smart. Becomes the Cone of Silence time. But you know that show was so precious and in terms of predicting the future member they had shoe phones of course some actual smart this is in the 1960 s. Had to make a phone call they'd pull off a share when dialing make a phone call from a shootout and now we have cell phones which aren't much different except you can't wear them on the bottom of your feet and we have the wrist phones to go for get. Rid of all those cool stuff but it's like used to laugh at that and who ever thought it would actually become a reality hit can't do this great show without a great sponsors of course at the top of the list Lombardi family office won't describe them in much detail here because they're a subject of the entire show but again everybody who has an interest in May 6th 7th and 8th get in touch and see if you can be extended an invitation and best 24 hours of continuing education on the planet we're talking about c.p.s. You've got Plato apic c.p.s. Up in San Marcos did a great job this tax season with all the changes in tax reform great c.p.a. Firm up there in San Marcos and then for those of you who prefer paperless out based approach to give them tax returns have a Happy Tax dot com. I hate paper hated a lot because it takes up all my time Happy Tax is a great solution. If you don't like the old fashioned way of getting tax returns done also recent guest Joel Gresham cost segregation initiatives helping real estate owners improve the cash flows job presenting at the a.p.i. I think you just maybe want to he's probably one of us oldest he's been presenting longer than I think anybody else who's one of the 1st presented is here where you talk about a. View on real estate and you don't know about costs to get a new team of advisors he's one of the best he's one of the best Paul Heinz hearthstone Private Wealth Management Paul is also the catalyst behind Sr safe and sound out or here in San Diego helping to prevent financial abuse of the elderly also there's a lot of scams going on people calling individuals up saying I'm of the i.r.s. Are now saying on the so Security Administration those are scam calls are not allowed to call you directly if you get one of those hang up Ok those are ways to try to scam you your assets your money also at least lifestyle management Michelle St Clair you speak about that precious 4 letter word time great concierge service will help you save time from simple things like travel arrangements to more complicated things like getting movie tickets to Hamilton on 6 hours notice not movie tickets play tickets to Helton on 6 hours notice you get what I'm trying to say they could get things done for you tremendous concierge service run to God or God or law office asset protection estate planning Brandon or team of attorneys in Carlsbad do tremendous work and I think she's got a great event coming up a few weeks after the a.t.p. Eyes so I will promote that one had a couple of weeks and it's a great See event the attorney centric in the estate planning and asset protection world and then last but not least many of you skip breakfast are so loyal to the show now that you're hungry when the show's over head out to slaughter beach coffee company on my niece Melissa Sutherland of the beach walk center and beautiful salon to be teaching be Adela in love with Santa Fe great coffee. Breakfast items pastries and so on come on out to slaughter beach coffee company to get a big thank you to Courtney Holst with pop acts graphics for the great job she does on the website I want Money dot com and you get a big Thank You to all our sponsors and as well to our producer the funniest man in San Diego Jeffrey buildout he was voted the funniest man in San Diego for good reason and that's because there is no one funnier Ok no one Jeffrey is funnier than you trust me I've seen you in action. So. It was actually an award he won it I'm not making this up Anthony So how do they gauge the funniest they have seen there you've got a flat half if you can break it if you actually got to go on stage and do this right yeah I mean he wanted he wanted all that. You know anyway but you know this radio show has been voted best radio show in San Diego by the center Press Club 3 years in a row so everything around here is the best you've got the best family office I've got the best radio show Jeffers got the best sense of humor you get the best host Yeah I mean everything's the best it's all. So how long have you been doing the a.p.i. How many years I think this is going to be and you know you quote me on this and I should know it's either number 19 or 20 you know it's been a lot yeah yeah yeah so I'm curious what was the genesis of I mean what. I mean what do you remember I do actually the very 1st the t.p.i. Was held in our conference room with one of our very 1st family office clients out of Orange County phenomenal c.p.a. Named Jim Katherine and I knew Jim Yeah sure and he came down the conversation and we literally shuffled people into that covers who so one person would go and sit with Jim tell them what they did they'd come out the next person the day he did this for an entire day that was the genesis and so from there to where we are now is crazy how big it's gotten and how powerful so so speaking of family offices and why c.p.a. Should become a family office or virtual family office everyone aware that. If you talk to many C.P.A.'s post taxes because I sure have you know I don't prepare income tax returns per se I am a more specialized c.p.a. Than most I basically manage relationships with C.P.A.'s and other financial professionals for a multi-family office so I don't I don't get buried in income tax returns but I do get buried in trying to keep c.p.a. Saying during the tax season and from my perspective it was really interesting combination of things the government shutdown of 5 weeks with the Tax Reform Act of course coming into play for the 1st time ever and then it seemed like everything came in late in terms of k. 11099 didn't seem like everything that came in late got corrected and I was basically just trying to help C.P.A.'s maintain their sanity through April 15th are you seeing out there well I mean my job is to develop their relationships with all of the C.P.A.'s and family office directors and and I see them no matter what they know that even during tax season you don't get to go underwater we're going to continue to stand touch and I will tell you from experience like I said this is how many years ago in 20. This was the worst. I mean they were like to me they're losing they're going to be more precise I said he was and you're right Kay was relate everything with everybody there was so they doubled the number of their extensions and and and I mean talk about running for the hills I never saw . The last time there was this type of Exodus and we were they were leaving Egypt Ok right in the sixty's never see days left we don't know where they went but their god they're coming back with. Me They're all over and it was bad it's been really really bad and and just you what you didn't put into that is take all of what you just said and then put into the fact that the act the profession is actually changing transforming itself because of the needs of the clients in the future I think all of that added together and it's a disaster well to the word change is hard I read Getting ready for the show that by 2025. If you define retirement age 65 which it really isn't for c.p.s. Or hardly anybody more but if you define retirement age at the age of $65.00 Either you're 202575 percent of the c.p.a. Profession will be at age 65 and almost 70 percent of the wealth advisory professional be at age 65 that the 2 demographics are very much an overlap and I agree with you the expectations and even if you want to use the word demands the demands of the very best clients family offices and financial professionals the demands are greater than they've ever been because it's become a much more specialized focused world than it's ever been. And yet it's a very aging population. And so a lot of the people. And these professions simply don't want to change because they're getting near the finish line yeah they don't and unless they're really concerned about their their own practice their firm existing in the future or leading in the future they're just going to try to ride out this last wave. And what's happening is the the transfer of wealth the largest transfer of wealth ever is happening on top of all of that and they can and the problem is that today's c.p.a. Most of them have a problem with speaking to the generation that's getting all the wealth right they really can't communicate I mean a year and a half ago the a.c.p. a President wrote an article that was right in front of one of the articles that I wrote for accounting today and he said that in 5 years you will not be able to recognize the c.p.a. Profession it's going to change dramatically 70 percent of the things that c.p.s. Do today that they think are important will be obsolete yet in part that's due to technology artificial intelligence things like that but it's also in part because of what consumers want the lay person might say well what consumers want are financial statements and income tax returns or assets and amount but but the truly savvy consumer wants so much more than that now we talk about time the truly savvy consumer wants more time that they're concerned about cyber security for example they're concerned about having the answer in one place not having to go up all over the place to get it they're they're concerned about family governance they're concerned about their children or grandchildren not becoming trust funder's none of this has to do with preparing an income tax return for. Not a bit not a bit but they are very valid needs and wants and concerns of. The consumer and that's what we built the family office on we built family Alyson directing. Helping the c.b.s. Deliver tomorrow's generation will need today and instead of being you know we had we had them go beyond the balance sheet and by doing that now they're actually attractive they actually have a purpose they actually. Are in demand and at least our clients are and that helps everybody going forward because if if you don't understand that the generation that's getting the money the generation that's going to have all the while the generation is going to get you're going to be serving the future is the generation that grew up in the arms of Google Amazon and Apple and if you just think about Amazon one stop one shop you get everything Google one stop one shop to get everything they want all the answers from that one person that they're going to look at and that c.p.s. Become the answer and the family office model what we call the progressive and modern family of a small chili is the answer and after this break I'm going to talk about what that model looks like I have some interesting ideas on it as well that I will be presenting at the a.t.p. I bet it's Richard Marosi you know it your business Anthony Lombardi the elephant the family office we're here on Am Alive in 70 f. I'm 96 point one the answer and I love the name of the radio station the answer because we are talking about how you as a financial professional can be the answer to your very best clients. Will be right back after the short break. With you and. Investors seeking income often choose to invest in individual. Maturities ranging from one year to 10 years but instead of choosing just one which. 96 point one. Green Acres. And he do some writing but so do I but this is been the most amazing late spring in terms of going out and running if you do much now not but because of all the rain we had never seen so many beautiful flowers in so many places right never used to really you know purple and yellow and white it's just gorgeous out there because we had such a well people who listen in other parts of the country describe. It as normal and they couldn't wear shorts because it got down to. People like we would kill to have this weather it was horrible but the point is it's gorgeous out there right now. Supervillain remember we got to see them this year Bloom exactly it's really neat stuff so I want to talk about family offices because you are the Lombardi family office telephone. The history of family offices fascinates me back in the 1900 centuries all sort of started with the Rockefeller family. One of the Robber Barons you know you hear his name along with Carney Carnegie and you know these these famous people that sort of built the country for lack of a better scription and Rockefeller. Didn't have much time either even though there was no technology back then so he said I need to consolidate a lot of these really high end resources into one place so that so I can have more coherence and cohesive cohesiveness over my business life and my life in general and so that sort of was the birth of the original family office and for many many many decades we had were known today as single family office as a family one wealthy family putting under one roof it used to be bricks and mortar really really bright resources and all these different disciplines to take care of the family's business. And then some families realized that maybe they could combine resources or have other families come in and join them to maybe save costs get some economies of scale and that was what we call the evolution of the end I thought the multifamily office where you had more than one family being served by the same resources and there were some challenges with that insofar as many of the n.f.l. Sort of took on the leanings of investment firms so they were really just focused on what's kind of assets to own. They were caused by big banks I call them. They were really focused on the more soft needs of the families family governance and succession planning and so on. But they became more institutionalized and more efficient. You know by having more scale more leverage but in the old fashion model this was all sort of pretext Knology you know you couldn't really have access to the best resources in the world or in the country because you didn't happen to have all the best resources in the world or in the country right in Pittsburgh or right in Kansas City or wherever your family was so the evolution now is with the combination of technology the ability to basically draw on the very best resources no matter where they are situated no matter where you're situated and to me that's the evolution of what I call the multifamily office model it's Virtual I mean you have an office but you don't have 80 people sitting in it yet you have access to hundreds and hundreds of the best resources in the country and technology makes that possible that's really the evolution and so it's a fascinating evolution because many many financial professionals whether they're attorney C.P.A.'s or wealth advisors their very best clients sort of look like the clients that decided to become family offices they just haven't made that move yet. And I would say to any financial professional you're at risk for losing your top 5 or 10 clients some day if you don't move into the 21st century what do you think about that yeah I agree it's the evolution is interesting as you stated and we. Took it a step further where the it evolved from the Rockefeller's into that v.f.o. That virtual family office and what we felt with the problem with that was. That in the v.f.l. Model it's this technology that makes the link right it's it's here I'm a c.p.a. But now I like you said I don't have 80 people in my office but I'm going to Philly someone who does have 80 people in there in their you know in their in their group or their team and that I have access to them and through technology I can present and deliver to my clients and what we did is we said you know what let's take it a step further. And we said really we want to stay with the relationship because what was really good don't throw the baby out with the bathwater what was really good about the n.f.l. The multiple family all of us in the single family it was a relationship right between the family and the director and so and what we didn't want to do is the c.p. Wants to be a c.p.a. They came in and they wanted to be a c.p.a. So we say you continue to be a c.p.a. And by a strategic partnership with us as a professional family office instead of technology it'll be your relationship with your biggest families your relationship with me is the director of our family office those relationships are what brings all of the teamwork to the table to help you with your most accomplished family so we kept the relationship right there for primary and foremost we develop we help them with developing those relationships we increase the intimacy we increase the trust and then through that relationship that trust relationship all the access to the professionals that are in our you know wheel house in the family office now the director or the c.p.a. That family office for their best clients has access to it so yes we use technology in in helping to deliver solutions and we have the we don't let technology become the solution it's still a family delivering answers to a family we didn't take the family out of the family office you know and that was one of the challenges in the evolution from the single family model to the. Model. Very strong personal relationships and to sing in a family office as multifamily offices grew larger and more institutionalized that relationship piece is the thing that started to be missing because everything became institutionalized and you rightly did throw out the baby with the bathwater that was the relationship that got thrown out that's why I say they started a lot of multifamily offices started looking like cause I big banks. Don't know if you've been into a big bank lately but it's hard to get any personal service or. Relationship driven kind of service. Look for it they're looking at their. Bank of America did I just say your name I mean it's just you don't get you don't get relationships there but you know you great products and services but the relationship part not there and that's why I think that was that became the challenge of the multifamily office to institutionalize not enough relationship but I love about the virtual concept is that it's combining the best of both worlds and then you turn want to dash a technology so you can interact with anybody anywhere on the planet any time you know real time model it's really neat I love the real time piece. Yeah we've made it important that we keep the people in the people business and and that's where like you were saying earlier about the t.p.i. That it's not just technical. Half a day of all 3 days is basically you and I teaching and mentor and then the people that are clients on how to develop more interrelationships with their most important clients because if you think about it if the family office that we have is like Lake Mead and then we're the Hoover Dam all these C.P.A.'s are when they 1st thing gauge with us is the little pipe that goes in the Hoover Dam how much water is going to come out of a little pipe not a lot but as they develop the relationship that pipe becomes bigger and bigger and bigger and we become the gate and now when they need something for their family officers all nuff sized to the pipe with the to the relationship that enough water can actually flow through and get to them and without a relationship it doesn't happen it's like going to Home Depot and someone gives you you know a shopping spree and you go buy the very best equipment you could find and you go home and you don't know what to do or how to use this sack I can't even read the instructions. So I put the lot in a watt and turn the while. You need the relationship doesn't care how great or how big or how advanced we get there's nothing more powerful than a relationship it's a question to remember the last article you wrote for counting today I don't mean to put you on the spot Yeah I think it was called. The virtual reality of tomorrow c.p.a. Firms today that's correct I looked it up. Had a regular got another one coming out. But I've had more C.P.A.'s post April 15th said to me Richard I need to find a better way because this did not work and it's funny because I was trying to towards not working you could sort of see it coming in last 3 or 4 years for c.b.s. . And I think the lightbulb went on went on over so many people's heads whether they do anything about it remains to be seen because you talk about change you talk about not having time but the catalyst is always the action right I agree I think that this is an opportunity for the c.p.a. To finally be the c.p.a. He got in the or she got in the business to be to finally be the answer to I mean something's the best thing that could happen is that I've got is that it broke and yet it is broken. I got a lot of those are yeah my tax returns. Have still an extension of my c.p.a. He's gone for to do it what did he or she do. But hey like I said it was a confluence of many different factors beyond the family office I think will only continue to evolve and grow I mentioned I just want to sort of finish on this thought it so much more than just financial the new generations that are inheriting money they have a lot of other interest right how to get involved in the community how to make the world a better place like I said don't want their kids to become trust funders security cyber security so many different things that are on people's minds that aren't just money or taxes Yeah green we. We always tell everybody we're not teaching you had to manage their wealth we're teaching you how to manage their affluence Ok it's their life it's the journey of their affluence that the c.p.a. Now gets to play a significant role in through being a director of a family office it's powerful. You are nuts we have 60 seconds that's when we use the word significance that's what we mean we don't just mean having significant assets right now we mean mean making a significant impact we mean your your value to the family is in the category of significant you've you've brought them someplace they couldn't get without you and the life because of you their life because of you it's better you know and then what closer now to not only the family having a more significant life but their community maybe having you know more resources more significance I mean on it goes to all of the things that interest people the world being a better place maybe Waikiki Beach won't be underwater 20 years from now maybe people can contribute money to these think tanks that solve these problems that seem unsolvable you don't want to go the cause and effect of all of out of being significant hey we are out of time boy Time flies are having fun the a.t.p. I coming up at Ahmed Acosta Richard Micio it's your business here with Anthony Lombardi. Family Office again maybe 6 7th and 8th that the Costa with the prelude on Sunday May 5th the afternoon at Cape Ray hotel in Carlsbad again Richard museum at your business here in 1170 f.m. 96 point one The answer. You need to be the answer to. Thanks for listening everybody have a great week out there in San Diego is back same time same place next Sunday. It's your business sponsored by Richard the midnight madness mega used card 10 sailors back at s.t.c. Stadium now through Sunday family friendly atmosphere kids own big screens and great food ridiculously lower prices on our new inventory of pre-owned S.U.V.s and trucks many price below $15000.00 buy with complete confidence with a 3 day exchange policy bring in your trade ins paid for not bad credit bankruptcy 1st time buyers are Ok we can finance anyone come see for yourself Good to see you stadium now through Sunday 9 am to midnight this is the weekend for you imagine doing one thing that gives you an entirely different perspective about your place in the world would be worth it Dennis Prager here inviting you to join me for a 10 day stand with Israel tour a tour through the land of Israel in December 29th seen with me to get firsthand insight into Israel's fascinating past and promising future walked the ancient temple steps sail on the Sea of Galilee and so many more unforgettable moments for turning home inspired renewed and empowered if you've ever dreamed of seeing Israel Bush is your opportunity with experts it's an important lectures of key sites we'll be together in the comfort and safety of luxurious accommodations the whole time join me for a life changing adventure to give you a renewed sense of purpose and extraordinary adventure to Israel can be your join the stand with Israel tour with Dennis Prager and Mike Gallagher happening December 2nd through the 11th 2019. 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Phone I'm Michael Eric former Indiana Senator Richard Lugar a Republican foreign policy sage known for leading efforts to help former Soviet states dismantle and secure much of their nuclear arsenal as done he was 87 years old Luger passed away in Virginia from complications related to a rare neurological disorder this morning time is embassador to London says tech giant one way should be allowed to help upgrade Britain's communications but work urging the government to resist protectionism writing in The Sunday Telegraph newspaper and thus that the O'Shaughnessy Augie's button should act independently and in accordance with national interests he says the last thing China expects from a truly open and fed will Britain is a playing field that is not level the u.s. Has lobbied allies to exclude While way from circle to find Jean. Networks and it concerns the company could provide a backdoor the Chinese security officials to access critical infrastructure but While way officials have denied any security risks Charles to the. House where Senator Marsha Blackburn says the law is not keeping up with the risks of life in the Internet era who owns you that's a question Blackburn raised on the Senate floor while conceding the obvious that broadband is one of the greatest innovations in history she says a major legal question arises as Internet data together is compiled details about everybody's online persona who own the virtual you Blackburn's browser x. Seeks to create one set of rules for the entire internet administered by one federal regulator by new report safety under consideration in Seattle after the crash of a crane 4 people killed yesterday when that construction crane fell from a building on Google's new Seattle campus more on these stories at townhall dot com . Hell one of San Diego dot com presents the world's worst boss the one who pulls jobs on huge vessel Jobs likes looking for anyone with a pulse we'll just call him do you own Lindsay come in looks like little Nathan is fitting right into the office he loves Bring Your Child to Work Day how he feel about a more long term position of the company money well there's an opening in senior management I think Nathan would be a perfect fit he's. Wants me to find better candidates than those huge on line job sites and Nathan is locals know what do you say something in accounting then you think he's going to do it for numbers in the 1st grade he literally gets lines of tracks have good enough for me I'll see you both here on Monday at 9 am sharp but he has school in the day I was school's overate I'm offering on the job training Don't be a Dave find your perfect local employees Help Wanted San Diego dot com local jobs that work we don't discriminate against people named Dave's a common name fundis And so we're using it as a catch all for lackluster bosses everywhere they closed jobs in the big national board because they really don't care these are not writers to tell us you're a Dave was insulted by this ad that would be a real Dave move day. Am 1172 yet or voices of courage just muttered by candyfloss to. Change your mind your current printer your Linux Mr You're just in time for the fosters this is a jury brings you some of the most courageous people on the planet that will inspire greatness with you and change your life for the better it's time to see and see you know. What he says about courage here's your host. Welcome everybody hey listen I have a question you know shows all about courage So what do you think you think everybody possesses courage or is it in only a few brave hearts Well listen I shall and that only those that can be vulnerable can express courage if we can. Our weaknesses we can't bring forth our courage to know our strengths this is candyfloss during our show today is called a curse to be a hero and transcend your limitations Wow Welcome welcome everybody you know right now we just got on another 40 stations or so so we have 102 stations out there so if you're new to our show I want to welcome you this show is all about helping you to look at yourself a little better look at your life look at how you're showing up and and improve it you know that's something that's important to you may be important your family may be important to your community. Then you're in the right place so today again we're talking about courage. You know here's the thing you know in today's society we have a lot of people expressing themselves on social media advance on t.v. And radio and at 1st glance it might even look to be courageous acts but as I take a closer look at least courage a lot of people don't meet the criteria for Curry.