Modern Wealth Management Darrick Hutchens and Ray Kramer

As we draw closer and closer to another Presidential election in 2024, many investors are wondering how their portfolio will perform based on who is ultimately elected President of the United States. And throughout history, investors often make investment mistakes because of their perception of the election results.
On the latest episode of Modern Wealth Management, Darrick analyzes the market's patterns during election years, as well as whether a Republican or Democrat are in office.
This episode is packed with helpful takeaways for your own financial world. Enjoy!
Chapters:
0:00 - Introduction and overview on the topic of the day
1:03 - Elections cause stress and anxiety among many investors
4:03 - The three key conversation points of today's episode
5:44 - Looking back at the market's performance throughout the many election years
8:02 - How the market responds based on which President was in the office
13:40 - George W. Bush's presidency and why returns were down during his time in office
16:04 - Stock pricing is made up of a multitude of factors
20:04 - Two different client stories that arrived at the same result
24:22 - "This is the most important election"
26:42 - How to get in touch with Darrick and his team
27:53 - Closing remarks
Connect with Darrick:
Website
Facebook
LinkedIn

The reality of the situation is that most business owners aren't adequately prepared for passing on their business and executing a well-designed succession plan. Oftentimes, these efforts and conversations are happening too late.
On the latest episode of Modern Wealth Management, Darrick covers the most important considerations that business owners should be thinking about when it comes to their succession plan. Ultimately, the balance of benefitting you, the business owner, and your family, can be achieved. It just takes proper planning.
Chapters:
0:00 - Introduction and overview on the topic
1:08 - Many entrepreneurs will encounter the need for succession planning
3:00 - The four big considerations for successful succession planning
6:04 - Addressing your goals for the business when you're no longer in charge
9:56 - The financial succession plan
13:31 - Statistics showcasing the impact of proper succession planning
16:24 - An overview on the operational succession plan
19:47 - Incorporating flexibility and transparency in your succession plan
23:09 - The story of family farms not properly preparing their succession efforts
26:38 - A story on the success that can happen when proper succession planning is in effect
29:22 - The key takeaways from today's episode
30:46 - How to get in touch with Darrick and his team
32:37 - Closing remarks
Connect with Darrick and Ray:
Website
Facebook
LinkedIn

Welcome back to Modern Wealth Management! We're excited to kickoff Season Two of our show, where we'll explore the various sectors of wealth management, as well as community conversations and personal development topics.
To launch our second season of the show, we're diving into the overall importance of establishing, and sticking to, an investment strategy. Join Darrick Hutchens, Co-Founder of Monon Wealth Management, as he shares some key insights into investment management and offers strategies for growing your money in 2024 and beyond!
Sit back, relax and enjoy the launch of our all-new season of Modern Wealth Management!
Chapters:
0:00 - Welcome back to Season Two!
1:12 - Designing an investment portfolio for 2024 and beyond
2:27 - Why thorough discussions on your investment portfolio is so important
6:31 - You can't bend with the ebbs and flows of the market
8:27 - The three things you need to consider with regard to growing your money in 2024
9:44 - Develop and understand your long-term investment objectives
12:33 - Time reduces risk
16:38 - Building your asset allocation plan
20:22 - The idea of a 60/40 portfolio and comparing stocks vs. bonds
25:43 - Considering foreign markets for your investment plan
29:30 - Picking the specific securities you're interested in
32:27 - Staying invested over a long period of time
34:20 - Investor behaviors in response to the technology sector in the 90's
39:38 - Warren Buffet's approach
42:50 - The key takeaways from today's episode
44:50 - How to get in touch with Darrick and his team
46:02 - Closing remarks

Connect with Darrick and Ray:
Website
Facebook
LinkedIn

Optimism is typically the best bet for most people because their lives tend to get better, for most people, most of the time. But pessimism seems to hold a special place within our hearts because it sounds smarter and it's more intellectually captivating.
On the latest installment of Modern Wealth Management, Darrick sits down to discuss the differences between these two concepts and how they've crept not only into our personal lives, but our financial lives as well. Listen, as we explore the fickle friend that is pessimism and how it's playing a role in our financial decision making these days.
This episode is packed with beneficial information and takeaways that you don't want to miss. Enjoy!
Timecodes:
0:06 - Introduction and overview on the topic of the day
1:25 - "The Psychology of Money" by Morgan Housel
2:30 - How pessimism creeps into our lives
11:58 - Where pessimism comes into play within our financial well-being
15:07 - How education and qualification can play a role within optimistic and pessimistic mindsets
19:00 - Pessimism examines present trends without factoring in the future
26:12 - Stephen Hawking's rationale on why we become so pessimistic
30:37 - How you can get in touch with Darrick and his team to take advantage of optimistic wealth planning
32:09 - Closing remarks
Connect with Darrick and Ray:
Website
Facebook
LinkedIn

Running a successful family business takes a tremendous amount of both working hard and working smart, as well as navigating family dynamics along the way!
On the latest installment of Modern Wealth Management, Darrick explores some of the key mistakes that too many successful family businesses make and how to best avoid them.
Given Darrick's extensive experience working with family businesses over the last two decades, he has plenty of stories to share! Sit back, relax, and enjoy another thought-provoking episode that's bound to leave you with some considerations for your own family business.
Timecodes:
0:06 - Introduction and overview on the topic of the day
1:15 - The overall need for wealth planning within a family business
6:18 - The risks that arise within family businesses
7:31 - What family businesses should be looking for in their wealth manager
11:56 - Pick out a wealth manager that isn't product-oriented
15:37 - How Darrick's clients react to his wealth planning process
17:05 - The mistake of hyper-focusing on mitigating taxes
22:35 - Don't be secretive about your wealth
29:40 - The importance of ongoing maintenance with your wealth plan
32:20 - What a family should do if their wealth plan is out of date
35:51 - You don't need to view the sale of the family business as a failure
42:04 - How you can get in touch with Darrick and his team for further discussions
44:02 - Closing remarks
Connect with Darrick and Ray:
Website
Facebook
LinkedIn

In the latest installment of Modern Wealth Management, we welcome Dr. Rob Bell, Author and Mental Toughness Coach, to the show to discuss how mental toughness can play a vital role within wealth management overall.
Listen, as Darrick and Dr. Rob share details on their personal and professional relationship, which led Darrick to understand the importance of having emotional strength in the face of adversity.
This episode is packed with helpful information that's universally applicable to us all. You're not going to want to miss this one! So sit back, relax, and enjoy a thought-provoking episode!
Timecodes:
0:06 - Introduction and overview on today's guest
0:56 - Darrick's personal relationship with Dr. Rob Bell
5:51 - Dr. Rob stresses the importance of teachable moments in our lives
9:42 - Where mental toughness has its place within the lives of non-athletes
13:03 - "Process versus outcome"
17:48 - We shouldn't be deviating from our processes
22:40 - Know what game you're playing
23:22 - People have been damaged by the pandemic
28:37 - How you can refill your tank
31:50 - Is it possible to come out of the pandemic stronger?
37:00 - Running from market volatility is counterintuitive
39:24 - "We don't have to be smarter than the rest. We have to be more disciplined than the rest."
43:00 - With Russia's invasion into the Ukraine, it's not the time to take action in your portfolio
46:11 - What does "ice in your veins" mean and how do you develop that toughness?
49:19 - How to find Dr. Rob Bell online and connect with him
49:52 - Closing remarks
Connect with Dr. Rob Bell:
Website

Connect with Darrick and Ray:
Website
Facebook
LinkedIn