Wealth management is often misconstrued as a mere accumulation of assets, but the essence of true wealth building runs much deeper than that. It positions financial planning as an essential ingredient to past, present, and future success, with growing significance over the longer term. Wealth building is a also process that can be both fun and meaningful when done correctly. With that in mind, this final chapter begins with a poignant personal story demonstrating the real-life consequences of inadequate financial planning. Bryan Ballentine’s mother, facing severe health issues, suffered financially due to the absence of proper financial guidance. This sets the stage for a broader discussion on the often-harsh realities we face and the necessity of strategic wealth management.
The Role of Financial Advisors
In the world of sports, coaches are pivotal for an athlete’s success. Similarly, financial advisors are unsung heroes in the journey of wealth management. Advisors serve a critical role in finance by capturing what is called “Advisor’s Alpha.” This refers to the advisor’s ability to add value beyond just investment returns. Studies suggest that the cumulative benefits of working with a financial advisor may result in as much as 3% annual increase in investment value through sound financial planning, disciplined investment behavior, and strategic decisions. The Advisor Alpha can vary and may be based on factors such as the specific strategies used by the advisor, the investor’s individual circumstances, and market conditions.
Strategic Planning and Investment Behavior
“Turbocharged Action Lists” are presented in this chapter as a series of actionable steps. The first list emphasizes the importance of crafting a purposeful financial plan with certified professionals. These plans should encompass Social Security filing strategies and a holistic approach to wealth that aligns with one’s life purpose. Behavior, more than any market timing or smart investment selection, plays a pivotal role in financial success. Proper investment behavior, aligned with a purposeful plan and structured to harness market premiums, is key to wealth accumulation. Investors should discard efforts to time the market, as it’s a strategy doomed to failure. Instead, they should stress the value of consistent, strategic long-term investments.
Risk Management and the Art of Defense
Risk management is a meticulous art form where strategic defense mechanisms are put in place to shield against potential financial downturns. Just as a sports team prioritizes a robust defense to protect its standings, an individual must prioritize insurance and emergency funds to safeguard their fiscal health. Life’s inherent unpredictability, unfortunately, makes insurance an indispensable safety net. Cash reserves, akin to an athlete’s stamina in the earlier metaphor, allow individuals to withstand financial blows without compromising their investment strategies. Financial advisors are the masterminds behind this defense, continually assessing risk and tailoring protections to fit the evolving needs of their clients, ensuring that one’s financial goals remain intact in the face of adversity.
Tax Planning: The Stealth Wealth Factor
Tax planning is portrayed not as a once-a-year ordeal but as a regular component of wealth management. It is the unseen engine that drives long-term wealth preservation. For that reason, tax planning should be a proactive and ongoing conversation with a financial planner, aimed at reducing the cumulative tax burden over a lifetime. This sophisticated approach goes beyond basic tax preparation; it involves understanding the interplay between various types of taxes, from income to investment, and estate taxes. For retirees, the complexity increases, with considerations around Required Minimum Distributions (RMDs), Medicare premiums, and Social Security benefits taxation. The right financial planner can navigate these waters, ensuring that tax strategies are not only compliant but also astutely aligned with the individual’s broader financial goals.
Estate Planning: Controlling Your Legacy
Estate planning should be viewed as much more than the simple distribution of assets upon death; it is an essential chapter in the narrative of one’s life, encapsulating values, wishes, and legacy. It may sound trite, but estate planning is an act of control over one’s posthumous narrative. A comprehensive estate plan includes a will but also trusts, powers of attorney, and healthcare directives; all pivotal in dictating how one’s wealth and healthcare decisions are managed in the event of incapacitation or death. This underscores the necessity of periodic reviews and updates to these documents, as personal circumstances evolve. Gifting and charity are also highlighted in these documents, which should certainly be a consideration to strategically minimize tax impacts, ensuring one’s generosity aligns with fiscal prudence.
The Path from Planning to Action
The journey from devising a financial plan to actualizing it is fraught with challenges, which is exactly why it requires meticulous oversight. This path to financial fulfillment is not a set-it-and-forget-it affair; it demands continuous engagement and responsiveness to life’s changing dynamics. It’s essential for every investor to adopt a proactive stance in implementing their financial plan, akin to a captain guiding a ship through ever-changing seas. Monitoring progress, making informed adjustments, and staying committed to the plan’s core principles are indispensable tasks to ensure financial success. However, it’s equally important to protect against the fragmentation that can arise from employing multiple financial advisors, rather than a singular, cohesive advisory relationship. This unified strategy ensures that the financial plan is not just a document but a living, breathing, and personalized roadmap to wealth building and preservation.
Wealth on Purpose
In closing, author Bryan Ballentine reiterates the chapter’s (and the book’s) central thesis: The importance of finding the right financial advisor who can guide one’s journey toward “Wealth on Purpose.” This kind of wealth is described as enduring, purposeful, and impactful across generations. The final takeaway, “Turbocharged Wealth Rule #7,” encapsulates the core message: Partner with the right financial advisor. Wealth on Purpose can be in your family for generations to come.
Ultimately, Wealth on Purpose provides a blueprint for readers to transform their approach to wealth management. It presents a wealth management philosophy that goes beyond profits, encompassing a holistic view of wealth as a vehicle for achieving long-term goals and impacting future generations positively. The actionable steps and strategic insights offered guide individuals in creating a wealth management plan that is not only robust and resilient but also aligned with their deepest values and life’s purpose.
If you have any questions or want to know how to get your hands on a copy of “Wealth on Purpose” by Bryan Ballentine, give us a call!
Have a great weekend!
Sources: “Wealth on Purpose” by Bryan Ballentine
Golf Tip of the Week
Low Handicaps: These 4 Tips Will Help You Play Well Even When You’re Nervous
Mental coaches and tour pros preach that pressure is a privilege, but when you’re faced with a 5-foot slider to extend your best-ball match at your club, you might not agree. Without the right approach, pressure can be a barrier to great golf, but channel the energy in the right way, and you can learn how to play your best golf when it matters most.
To help you play well under pressure, we asked a couple low handicaps on the Golf Digest staff, Drew Powell and Luke Kerr-Dineen to share the strategies they use.
1. “Well, you’ve never done ___ before”
Expectations will kill your score, but it is very difficult to convince yourself that an important round is not, well, important. One strategy I have learned to use to relieve expectations is to trick myself into thinking that I have nothing to lose. I do this by telling myself, “Well, you’ve never done ___ before, so at the end of the day, the worst thing that will happen is you still will not have done it.”
Let’s say you’re in the finals of your club’s net match-play tournament. If you’ve never won it before, the worst thing that can happen is that after the match, you still have not won it. The match cannot take anything from you. You only have something to gain. Approach the match with this mindset, and you’ll turn fear into excitement.
Even if I’m about to play a crucial round where a lot is on the line, I will find a way to convince myself that I have nothing to lose. Have you won your club’s tournament three times? Well, you’ve never won it four times, and the worst thing that could happen after this year’s event is you still have only won it three times.
Try it out, and you’ll be amazed at how freely you will play when you realize that the round only presents an opportunity. Nothing can be taken from you.
2. Show off!
The best players in the world are excited by pressure because it gives them an opportunity to show off their skills. This is the approach my assistant coach and former PGA Tour player, Bob Heintz, taught me in college. When you are under pressure, he said, approach the shot as if you are telling people, “Hey watch what I’m about to do.”
It takes a ton of confidence to embrace this mentality, but the funny thing is, you don’t even need to fully believe it. Even if you aren’t entirely sure you will pull off a shot, say this mantra right before you hit the shot. You’ll be surprised how often you pull off the shot. And each time you perform well under pressure, your confidence will grow. You will start to see yourself as a player who thrives in big moments.
Pressure often leads people to play with fear—fear of hitting a terrible shot, fear of judgement, fear of failure. But this strategy channels the pressure into an opportunity to show off your skills. Internally, you need to get a little cocky before you hit a pressure shot, even if it’s not entirely warranted.
Luke Kerr-Dineen, 0.6
3. Fight or Flight
Golf Digest Top 50 Teacher Todd Anderson once shared some great advice: That under pressure, golfers fall into two buckets. Some tend to swing faster, harder, and more aggressively when they’re nervous; others tend to swing slower and softer.
If you’re a swing-for-the-fences type, that means learning to dial it back and swing slower. If you’re a guider, it means you may need to force yourself to give it a little extra. A small adjustment that can bring your swing right into the sweetspot.
4. Strong swings to safe targets
When you’re trying to get a good round to the house, or close out a tough match, playing a little safer may be the smart play. Boring golf is winning golf, after all. But even when you’re aiming away from hazards and into the fat part of the green, commit to making an aggressive golf swing to that safe target. Playing to the percentages isn’t an excuse to make an uncommitted golf swing.
Tip adapted from golfdigest.comi
Recipe of the Week
Banana Pudding Poke Cake
12-16 Servings
Ingredients
Banana Sheet Cake:
- Vegetable shortening, for greasing the pan
- 2 1/4 cups cake flour
- 2 1/2 teaspoons baking powder
- 1/2 teaspoon kosher salt (see Cook’s Note)
- 1/4 teaspoon baking soda
- 3/4 cup (1 1/2 sticks) unsalted butter, at room temperature
- 1 3/4 cups granulated sugar
- 3 large eggs, at room temperature
- 1 tablespoon vanilla extract
- 1 1/2 cups whole milk, at room temperature
- 1 cup mashed very ripe bananas (from about 3 large)
- Nonstick cooking spray, for the wooden spoon
Pudding:
- 2 cups whole milk
- 2 tablespoons cornstarch
- ½ cup granulated sugar
- ¼ teaspoon kosher salt
- 2 large egg yolks
- 1 tablespoon unsalted butter
- 2 teaspoons vanilla extract
To Assemble:
- 2 large bananas, peeled and sliced, plus more for garnish
- 2 cups heavy cream
- 1/3 cup powdered sugar
- 1 teaspoon vanilla extract
- 25 vanilla wafers, coarsely crushed, optional
Instructions
- For the banana sheet cake: Preheat the oven to 350 degrees F. Grease a 9-by-13-inch baking pan.
- Whisk together the cake flour, baking powder, salt and baking soda in a medium bowl. Beat the butter and granulated sugar at medium speed with a heavy-duty stand mixer until light and fluffy. Add the eggs, one at a time, beating just until the yellow disappears after each addition. Add the vanilla.
- Add the flour mixture alternately with the milk in three additions, beginning and ending with the flour. Add the bananas and beat just until combined.
- Pour the batter into the prepared pan and smooth the top. Bake until a toothpick inserted in the center comes out clean, 35 to 38 minutes. Let the cake cool in the pan for 10 minutes. Use the handle of wooden spoon (coated with cooking spray) or a straw to poke holes halfway through the cake in 1-inch intervals. Set aside.
- For the the pudding: Whisk together 1/4 cup milk with the cornstarch in a small bowl. Set aside. Combine the granulated sugar and salt with the remaining 1 3/4 cups milk in a medium saucepan over medium heat. Bring to a simmer and stir just until the sugar dissolves.
- Whisk the egg yolks in a medium bowl, then slowly add a little of the warm milk to the egg yolks, whisking constantly, until all the warm milk is incorporated. Whisk in the cornstarch mixture and return to the saucepan. Continue to cook over medium heat, whisking constantly, until the pudding thickens, about 10 minutes. Remove the pan from the heat and whisk in the butter and vanilla.
- To assemble: Pour the pudding over the cake, spreading evenly. Layer the banana slices over the pudding. Place plastic wrap directly over the surface of the bananas and pudding. Cover and refrigerate until the pudding is chilled, about 1 hour.
- Meanwhile, make the whipped cream. Combine the heavy cream, powdered sugar and vanilla in a large bowl. Beat with a handheld mixer until stiff peaks form. Spread the whipped cream over the cooled pudding and bananas. Garnish with more banana slices and crushed vanilla wafers, if desired.
- Cook’s Note: We use Diamond Crystal kosher salt, which is less dense than Morton. If you use Morton, just use a little less.
Recipe adapted from Foodnetwork.comii
Travel Tip of the Week
How to Plan a Ski Trip to Aspen, According to a Local
Here’s a look at the best places to stay, eat, drink, and play at this Colorado haven for experienced skiers and snowboarders.
On June 1, 2020, amid the Covid-19 pandemic, my fiancée and I decided to pick up our lives and travel the 1,971 miles from New York City to Aspen, Colorado. We packed just enough things to go for a month-long trip. Eventually, that month turned into two, into six, into eight, and so on, until today. Because, my friends, we’ve never left. It was a game-time decision that I’m still grateful for every day.
Getting to call Aspen home during this unprecedented time has been such a blessing. Not only have we been able to explore its gorgeous landscapes and dine in world-class restaurants, we’ve also gotten to know and understand the tangible juxtaposition between the town’s past and present.
Just steps away from shiny art galleries filled with chrome sculptures and neon lights, you’ll find a century-old western-wear shop selling locally sourced leather goods and Indigenous fabrics. Venture a few hundred yards further, and you’ll stumble upon one of the best ski-in, ski-out après-ski bars serving champagne and caviar to Hollywood starlets. A couple of steps more, and you could find yourself in a historic hotel bar drinking beer next to someone who looks vaguely like Kurt Russell — and who most likely is Kurt Russell.
Aspen may be best known as a world-class ski town, but it’s also a culinary center featuring some of the hottest chefs around. It is both living history and future-forward utopian living at its best. In recent years, travelers have come for a taste of what Aspen has to offer, and a shiny new crop of hotels, restaurants, and bars — along with a long list of old favorites — await them.
Ready to experience Aspen like a local? Here’s everything you need to know to plan the perfect getaway this winter.
When to Go
Ski season at Aspen Mountain runs between late November and late April. The best time to visit largely depends on your budget and tolerance for crowds. According to its website, the mountain typically offers good conditions early in the season, when you can take advantage of lower prices and less crowded runs. Spring is also a nice time to visit Aspen, as you’ll experience warmer temperatures, longer daylight hours, and fewer crowds. Winter storms can bring heavy snow to the region, so check the snow and trail report on Aspen’s website for current conditions.
Since it’s part of a four-mountain resort that also includes Aspen Highlands, Buttermilk, and Snowmass, you’ll never run out of things to see and do. You might want to time your trip with popular annual events like Wintersköl (at Aspen Mountain in early January), the Winter X Games (at Buttermilk in late January), or the Audi Power of Four Race Series (with events on all four mountains in early February).
The crowds tend to show up during school breaks and major holidays, especially on Martin Luther King Jr. weekend in January, Presidents’ Day weekend in February, and over spring break in March.
Where to Stay
Limelight Hotel
Originally a dinner theater and nightclub in the 1950s, Limelight Hotel Aspen is now a popular 126-room property with a cozy, contemporary aesthetic. For extra space, book a Terrace Room with private outdoor seating or a suite with a kitchenette. The sprawling two-bedroom penthouse suite offers a full kitchen, a fireplace in the living room, and mountain views from its large balcony. Whatever accommodations you choose, you’ll have access to amenities like complimentary shuttle service (to and from the airport as well as around town), a hearty complimentary breakfast buffet, an outdoor heated pool and hot tubs, and a state-of-the-art fitness center with Therabody recovery products, perfect for soothing sore muscles.
Aspen Street Lodge
For a more personalized experience, consider Aspen Street Lodge, an all-suite boutique hotel on the quiet eponymous street, steps from downtown Aspen’s Restaurant Row. Amenities include a movie room, a game room, a full bar, rental bikes, a heated boot room, and oversized gear lockers. Guests can also sign up for a guided ski session with the in-house expert, World Extreme Skiing Champion Chris Davenport.
The Little Nell
Sooner or later, every frequent visitor to Aspen ends up at The Little Nell, and for a good reason. The lobby has acted as the de facto living room for the entire town since its inception in 1989. Following a series of full renovations in 2009 and 2012, it became the area’s first and only five-star, five-diamond property. Accommodation options range from “town side” or “mountain side” guest rooms to multiroom suites and residences. Guests enjoy a heated outdoor pool, a luxurious on-site spa, two restaurants, and three bars. Among the many perks are free nonalcoholic mini-bar drinks and snacks and complimentary transportation to and from the airport, around Aspen, and to all four mountains.
Where to Eat
Chica
With a menu of elevated appetizers and global-inspired comfort foods, Chica is the perfect place to refuel during a big day on the mountain. Cocktails include refreshing spins on an Old-Fashioned and a soul-warming hot toddy.
Casa D’Angelo
Looking to carbo-load? Savor a bite at Casa D’Angelo, which delivers the best Italian cuisine in town. The restaurant sits in a light-filled, indoor/outdoor second-floor space just off Main Street, offering guests sweeping panoramic views of Aspen Mountain. Nosh on specialties like risotto with mushrooms and black truffle butter or opt for classics including fettuccine bolognese and veal parmigiana. You really can’t go wrong here.
Cache Cache
For a romantic evening for two, snag a reservation at Cache Cache, a long-standing restaurant in the heart of downtown Aspen that sources ingredients from local farms. The award-winning French-inflected menu is lengthy, but locals gravitate to three popular standbys: the oversized pork chop, the rotisserie chicken and fries, and the onion soup.
Where to Après-ski
J-Bar
For a laid-back scene, head to J-Bar at Hotel Jerome, which offers a perfect combination of world-class luxury and cozy mountain style. Expect cold-weather staples like burgers and soups, complemented by beers on draught and bespoke cocktails. Try the Aspen Crud, a boozy milkshake that dates back to Prohibition days.
The Wine Bar at The Little Nell
Featuring a rotating selection of rare wines from its on-site cellar, The Wine Bar at The Little Nell is a sophisticated spot to unwind after a day on the slopes. Stop by one of its two daily happy hours so you can snack on complimentary truffle popcorn as you listen to a DJ spinning tunes on vinyl. There’s also a food menu with nibbles like caviar or cheese and charcuterie.
Aspen Brewing Company
Craft beer lovers can sip everything from German-style pilsners to creative IPAs while taking in mountain views from this brewery’s downtown tap room. Aspen Brewing Company also serves wine, cocktails, and light bites, and sometimes features local bands.
Off-Mountain Activities
Ride the alpine coaster or go snow tubing
Adrenaline junkies, rejoice! Not only can you take on the Breathtaker Alpine Coaster, which reaches speeds up to 28 miles per hour, Aspen Snowmass also offers opportunities to go snow tubing, a fun wintertime activity for kids and young-at-heart adults alike. For a unique experience, time your trip to coincide with the resort’s Ullr Night events — held on select nights in December, February, and March to honor the eponymous Norse god of snow — when both tracks are kept open after dark.
Explore the resort’s Nordic Trail System
Cross-country skiing and snowshoeing enthusiasts can take advantage of the Aspen Snowmass Nordic Trail System, which stretches roughly 60 miles across Aspen, Snowmass, and Basalt mountains. Check the website for maps of the tracks and up-to-date grooming reports before you head out. Note that while several trails are considered to be beginner-friendly, some are recommended for intermediate or advanced cross-country skiers. The North Star Nature Preserve Loop and Bernese Boulevard are good ones to start with, providing scenic views and manageable trails under two miles.
Indulge in some retail therapy
Downtown Aspen is home to more than 50 stores, whether you’re looking to upgrade your ski and snowboard gear, pick up some new outerwear, or hunt for secondhand treasures at a local consignment shop. You can also browse luxury designer labels like Valentino, Gucci, and Prada, or discover local boutiques selling high-end jewelry, home decor, art, and other souvenirs.
How to Ride
Tickets
Several types of passes are available, with daily lift tickets offering access to each of the resort’s four mountains. In general, the earlier you buy your ticket (aim for at least a week ahead if possible) and the more time you spend on the mountain, the better the value will be.
Pricing varies by date, but in general, full-day tickets start at $189 per adult, while partial-day passes start at $124 on weekdays or $139 on weekends. Those who enjoy the additional challenge of skiing their way up the mountain can purchase a $69 uphill pass to experience Aspen Mountain before 9 a.m. If you’re traveling with someone who doesn’t ski, sightseeing passes are available for $49 so they can check out the view from the top via a scenic gondola ride.
Aspen Snowmass belongs to two international ski pass programs, The Mountain Collective and the Ikon Pass, each offering additional perks and savings when purchased early in the season. The former, for instance, gives you two days’ entry at 24 participating ski resorts in the U.S., Canada, New Zealand, and France, while the latter allows seven days of admission to over 50 resorts worldwide if you have the full Ikon Pass (or five days if you have an Ikon Base Plus Pass).
Rentals
Instead of hauling all your heavy ski and snowboard equipment to Aspen, consider renting skis, poles, ski boots, snowboards, and boots from a local retailer. Packages and discounts are often available if you reserve your gear early enough, though helmets and other accessories must be rented separately in most cases.
Wherever you’re staying in Aspen, you’ll never be too far from a pro shop. Reliable spots include Four Mountain Sports, Christy Sports, and Incline Ski & Board Shop.
Skiing and Snowboarding Info
With an 11,212-foot summit and a vertical drop of 3,267 feet, Aspen Mountain is made for experienced skiers and snowboarders. In December 2023, the resort opened Hero’s, a new section near its eastern side that’s accessible only by high-speed quad lift, expanding its skiable terrain to 828 acres.
Beginner-level skiers and snowboarders are better off learning the ropes at the resort’s Buttermilk or Snowmass mountains, as there is no easy terrain here. A whopping 48 percent of it is considered to be intermediate, while another 26 percent makes up the most difficult terrain and another 26 percent counts as expert level.
Programming
At Aspen Mountain, the most challenging of the resort’s four mountains, lessons are available for those wishing to hone their turning skills on the blue runs or master the mountain’s tricker, more advanced sections. While beginner ski and snowboard lessons are not available here, nearby Buttermilk and Snowmass offer private or group lessons for adults and children over two and a half years old.
Childcare services are provided by the Treehouse Kids’ Adventure Center, located in Snowmass Village, so you can hit the slopes knowing your little ones (between the ages of one and four) are in a safe, fun environment. The Hideout at Buttermilk is another play area offering childcare and kids’ lessons to help those ages two and a half to four build confidence on their skis and snowboards.
Additional family-friendly resort activities include free s’mores-making sessions, snow tubing, snowshoeing, ice skating, and snowmobile tours.
Tip adapted from travelandleisure.comiii
Copyright (C) 2021. Ballentine Capital Advisors. All rights reserved.
Our mailing address is:
Ballentine Capital Advisors
15 Halton Green Way
Greenville, SC 29607
Disclosure:
Ballentine Capital Advisors is a registered investment adviser. The advisory services of Ballentine Capital Advisors are not made available in any jurisdiction in which Ballentine Capital Advisors is not registered or is otherwise exempt from registration.
Please review Ballentine Capital Advisors Disclosure Brochure for a complete explanation of fees. Investing involves risks. Investments are not guaranteed and may lose value.
This material is prepared by Ballentine Capital Advisors for informational purposes only. It is not intended to serve as a substitute for personalized investment advice or as a recommendation or solicitation or any particular security, strategy, or investment product.
No representation is being made that any account will or is likely to achieve future profits or losses similar to those shown. You should not assume that investment decisions we make in the future will be profitable or equal the investment performance of the past. Past performance does not indicate future results.
Advisory services through Ballentine Capital Advisors, Inc.
i https://www.golfdigest.com/story/how-to-play-well-under-pressure-golf-low-handicaps
ii https://www.foodnetwork.com/recipes/banana-pudding-poke-cake-14137880
iii https://www.travelandleisure.com/trip-ideas/skiing-trips/aspen-mountain-monday
