Wealth Actually cover art

Wealth Actually

Wealth Actually

Written by: Frazer Rice
Listen for free

About this listen

 Covering the issues that affect business, entrepreneurship, wealth, trusteeship and culture.© 2025 Wealth Actually LLC Economics Leadership Management & Leadership Personal Finance
Episodes
  • FOREIGN OPTIONS for US CITIZENS

    FOREIGN OPTIONS for US CITIZENS
    Jan 25 2026
    Foreign Options for US Citizens Summary: In this conversation, Frazer Rice of Next Vantage and Judy Galst of Henley and Partners discuss the increasing interest among U.S. citizens in exploring global mobility options amidst geopolitical chaos. They delve into the distinctions between residency and citizenship, the implications of U.S. taxation, and the motivations driving individuals to seek alternative living arrangements. The discussion also covers the potential for citizenship through ancestry, popular destinations for relocation, and investment opportunities in countries like New Zealand and Australia. Judy emphasizes the importance of understanding the legal and practical aspects of relocating, as well as the need for personal exploration before making significant decisions. Takeaways Interest in global mobility has surged among U.S. citizens.Many seek residency as an insurance policy rather than leaving the U.S.Understanding residency vs. citizenship is crucial for potential expatriates.Residency can lead to citizenship but often requires time and investment.Tax implications are complex; relocating should not be primarily for tax benefits.Ancestry can provide a pathway to citizenship in several countries.Popular destinations for U.S. citizens include Europe, the Caribbean, and New Zealand.Investment opportunities exist in countries like New Zealand and Australia.Emerging markets in South America and Asia are gaining attention.Practical steps include consulting experts and visiting potential countries. Chapters 00:00 Navigating Geopolitical Chaos: The Rise of Global Mobility 02:55 Understanding Residency vs. Citizenship: Key Differences 06:06 Tax Implications and Motivations for Seeking Alternatives 08:48 Exploring Ancestry-Based Citizenship: Opportunities and Challenges 11:54 Popular Destinations for U.S. Citizens: Europe, Caribbean, and Beyond 15:10 Investment Opportunities: New Zealand and Australia 17:59 Emerging Trends in South America and Asia 20:50 Practical Steps for U.S. Citizens Considering Relocation Transcript I’m Frazer Rice. We’re certainly living in crazy political times right now, and a lot of US citizens are worried about what’s happening here and abroad. And they’re starting to think about other residencies and citizenship options. I talked to Judy Gost at Henley and Partners about what is and isn’t possible on that front. By the end of this, you’re going to understand the locations that are interesting, the difference between residency and citizenship, and why that may matter as you make choices for your retirement and your location long-term, both for yourself and for your kids. Frazer Rice (00:00.874)Welcome aboard, Judy. Judi Galst (00:03.022)Thanks for having me. Frazer Rice (00:04.244)Well, we’re in the midst of a lot of geopolitical chaos, and I think you have seen and I’ve seen a lot of interest in United States citizens looking abroad for either places to live or other situations to either get away from the chaos or try to address some other needs in their lives. What is the state of the union? assume interest has ticked up. Judi Galst (00:27.874)Yes, I’ve seen more business than I could have ever predicted, but it’s not necessarily people that are leaving the United States. For the most part, most of the clients that I’m working with are doing it as an insurance policy. A lot of the conversations I have with a client start out with them saying, I don’t want to leave the United States, but I’m feeling unsettled and the way to mitigate the way that I’m feeling is to have options. So they want to understand what if I did want to have a guaranteed right to go live in another part of the world? What is available to me? How do I pursue this? How long will it take? Frazer Rice (01:08.434)And we’ll get into some of the technical aspects here, but one of the concepts is understanding the difference between being able to reside somewhere else and being a citizen of another country, and then how that interacts with being a citizen of the United States. Maybe take us through the comparison of residents versus citizenship. Judi Galst (01:28.748)Yeah, that’s actually a really important distinction. And it doesn’t mean that one is better than the other, but they do have different benefits. And so it’s important to understand the difference. So let’s start with residents. Residents doesn’t mean the ability to have a house in another country. It means the ability to reside legally in another country. So the US passport is very strong. You can go into a lot of different countries even without having a visa. But we can’t stay there forever. We have limits, for example, in Europe. We can go in for 90 days, but then we have to leave for 90 days before we can go back in for another 90 days. So if you become a legal resident of another country, you have the ability to live there unlimited for a certain period of time. Residency is not permanent ...
    Show More Show Less
    29 mins
  • 10 FAMILY OFFICE MYTHS EXPOSED

    10 FAMILY OFFICE MYTHS EXPOSED
    Jan 12 2026
    In this episode, 10 Family Office Myths exposed (and debunked). https://youtu.be/j1cgcZZcRBM Welcome back and Happy New Year on the Wealth Actually podcast. I’m Frazer Rice. We have a fun show today where we talk about 10 myths in the family office space. Mark Tepsich, who runs the family office governance practice at UBS is here as we dish into the ideas and concepts that are misunderstood in the family office world. Summary This conversation delves into the complexities and myths surrounding family offices, exploring their structure, governance, and the unique challenges they face in wealth management. The discussion highlights the importance of understanding the specific needs of families and the role of family offices in managing complexity and preserving wealth across generations. It also addresses common misconceptions about family offices, including their necessity, governance, and their relationship with institutional investors. Takeaways Family offices are established to manage complexity in wealth.Not all family offices are the same; each has unique needs.Governance frameworks are essential for effective family office management.Many family offices outsource functions rather than internalizing them.The myth that 85-90% of family offices shouldn’t exist is false.Shirt sleeves to shirt sleeves is a debated concept in wealth preservation.Family offices need to adapt to the evolving needs of families.Investment functions in family offices are often secondary to administrative roles.Family offices are driven by complexity rather than just size.The future of family offices may involve more direct investment opportunities. Chapters: Family Office Confidential 00:00 Understanding Family Offices: Myths and Realities02:02 The Complexity of Family Office Structures04:37 Debunking Common Myths About Family Offices06:17 The Role of Outsourcing in Family Offices07:54 Generational Wealth: The Shirt Sleeves Myth10:51 Flexibility vs. Permanence in Family Offices12:48 Governance and Decision-Making in Family Offices15:49 Investment Functions in Family Offices18:05 Size vs. Complexity in Family Offices20:09 Family Offices vs. Institutional Capital21:19 The Aspirational Nature of Family Offices23:30 The Relationship Between Family Offices and Institutions25:36 Technology in Family Offices: Current Trends29:03 Family Offices and Private Equity: A Comparative Analysis Myths 85-95% of FO’s should not exist vs. “there is no such thing as a family office’ Family office internalize everything A Family Office Anchored by an operating business is the same that is one funded solely by liquidity event Shirtsleeves to Shirtsleeves is myth Family offices are designed to be permanent’ Family Offices don’t need high end (almost SOX) like governance Family Offices are driven by net worth (no, by complexity) Family Offices are built on a robust investment function (no, it”s complexity management- often rooted in bookkeeping and accounting) Family Offices are like institutional Capital (no, many more motivations than pure returns- including whimsy and the knee-jerk ability to override the IPS) Family Offices are the right result for a career (they could be, but it is extremely unlikely- a lot of things have to be “just right” and there is little to know patience for development Family Offices make great wealth clients (very much depends on the function and the product- they can be difficult consumers) Family office tech is best – in – breed (No and it probably never will be) Family offices shun Large institutions (Surprisingly, no- needed for deals, expertise, and most importnatly financing and introductions) Keywords family offices, wealth management, governance, investment strategies, family dynamics, myths, financial planning, family wealth, complexity management, family governance Transcript: Family Office Myths Busted Frazer Rice (00:04.462): Welcome board, Mark. Mark Tepsich: Hey, Frazer, good to see you again. Appreciate the opportunity. Frazer Rice: Likewise. So let’s get started first. We’re going to go into some of the myths around family offices. But you really participate in kind of an interesting subset of that in terms of helping families design and govern them. What exactly does that mean on a day-to-day basis for you? Mark Tepsich: Yeah, good question. So, you know, it means a couple of things, right? So if you think about a family office, you have families that are at the inception point, right? Where things are getting too complex for them. They need to set up some sort of infrastructure. And it’s really like, what is a family office? What can it do for me? What are the pros, cons, and trade-offs? Where do I start? What’s the infrastructure, the systems? Who do I hire? How do I structure a compensation? So you’ve got families maybe coming at it. From post liquidity event, maybe coming at it from, we need to lift up, lift out this embedded family office out of the business ...
    Show More Show Less
    32 mins
  • THE BIRTH OF AN ETF

    THE BIRTH OF AN ETF
    Dec 19 2025
    We have Mike Monaghan on the show today and covering the “Birth of an ETF.” He’s going to talk about the Founders ETF and its new launch. We’re also going to talk a little bit about what it takes to get an ETF up and running. From a compliance perspective, remember, there’s no guarantee of future performance. https://youtu.be/o-m3PYHKXqk?si=qBaHkJpUt7xgdpjG Transcript of “The Birth of an ETF” 00:00 The Founders ETF Frazer Rice (00:00.986)Welcome back, Mike. Michael Monaghan (00:02.616)Frazer, it’s great to be back. Frazer Rice (00:04.4)You are at an interesting point in time right now. You’re about to start up Founders ETF and I think you’re about to get trading authorization to get going. Maybe tell us a little bit about the process to set up an ETF. Then we’ll dive into the strategy a little bit. Michael (00:21.25)Yeah, absolutely right. We should start trading on the SIBO Thursday, so two days from now. And we’ve launched our first fund, the Founders 100, that owns the 100 best founder-led companies. I’d be happy to go through some of the process that it takes to set up an ETF. Frazer Rice (00:40.014)Love it. ETFs are the main way to go now in terms of getting an inveestment cvhicle up and running. What has your experience been around? The Popularity of the ETF Structure Michael (00:52.014)Yeah, so ETFs have become the primary investment vehicle for a few reasons. Let’s outline those reasons. Then we can go through some of the steps that it takes to set up an ETF. So on the advantage side of an ETF, they’re typically a bit lower cost than traditional mutual fund products. Importantly, they’re tax advantaged. So there’s no gains or losses that occur during the normal ETF growth phase. Everything that happens within the ETF is done with what’s called an authorized participant. So you do exchanges. And so there’s no capital gains that are assigned to the investors. As long as they hold the ETF, a tax trigger only occurs when they actually sell the ETF. Finally, it’s a great way to get exposure to the market. So whether you want to own a broad market index, one of the legacy indexes, or a vehicle like ours. That gives you in one single trade, rather than having to guess who’s going to win. Is Nvidia going to win or Palantir who’s going to win? You can own a hundred of the best winners in the market in one single stock ticker. In our case, FFF. Frazer Rice (02:07.364)So let’s dive into that theme a little bit. As you said, it’s the top hundred founder led companies. First and foremost, public I assume, private, you’re not diving in those waters. Public vs Private Michael (02:20.59)Correct. So these are the hundred best publicly traded founder led stocks. And we generally fish from the 200 largest founder led publicly traded stocks. So a lot of these are names and founders that are very well recognized. Whether it’s Elon at Tesla or a Mark at Metta, Larry at Oracle, Rich Fairbanks at Capital One. These are all very well known founders. They’re great entrepreneurs who are leading highly scalable, very high performing publicly traded stocks. 02:53 Understanding Founder-Led Companies Frazer Rice (02:53.914)So let’s define founder a little bit. Obviously we have sort of the cult of personality around high-end CEOs. It sounds like you’re identifying companies that have been founded. The people who are running them not only founded them, but they scaled them. They have now gotten them to a level of maturity. That’s different from the typical public company that we find in the S &P 500. Definition of Founder Michael (03:19.104)Yeah. So first let’s define a founder. Then let’s talk about why we think the founder led companies outperform a traditional S&P company. We define the founder as being a chief executive leader. It could be chief executive officer, could be chief technology officer. Sometimes that say a scientific or medical company, would be the chief scientific or chief medical officer. And that person conceived and founded the company, took it from zero to one. It’s their imprint that has guided it over its 10 or 20 or 30 year period. That’s taken it from a small private company to a venture backed company to a large publicly traded company. And so the idea being the person that founded it continues to run it to this day. We talk about the fact that we own an Nvidia that Jensen still runs. But we don’t own Intel. We own Meta because Mark still runs it, but we don’t own Google. We own Dell computer because Michael Dell still runs it. But we don’t own Apple. We own Capital One because Rich Fairbank still runs it, but we don’t own American Express. Investment Process Frazer Rice (04:25.86)Got it. So lots of things to get into here. How does it a company get on your radar screen? And then ultimately, how does it get off of it? Michael (04:35.806)Great question. the getting on the screen is fairly mechanical. We look at the 200...
    Show More Show Less
    24 mins
No reviews yet