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Long Story Short
Burney Wealth Management
27 episodes
4 days ago
Long Story Short is a weekly financial planning and investing podcast from Burney Wealth Management. Each week, your hosts Andy Pratt, CFA, CAIA and Adam Newman, CFA, CFP®, discuss the biggest questions they’re hearing from clients. They’ll occasionally bring in team members and interesting guests to discuss specialized topics like estate planning, business succession, and retirement income strategies. Founded in 1974, The Burney Company is a fee-only investment advisory firm that manages $3 billion in assets. Learn more about comprehensive financial planning at burneywealth.com.
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Investing
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All content for Long Story Short is the property of Burney Wealth Management and is served directly from their servers with no modification, redirects, or rehosting. The podcast is not affiliated with or endorsed by Podjoint in any way.
Long Story Short is a weekly financial planning and investing podcast from Burney Wealth Management. Each week, your hosts Andy Pratt, CFA, CAIA and Adam Newman, CFA, CFP®, discuss the biggest questions they’re hearing from clients. They’ll occasionally bring in team members and interesting guests to discuss specialized topics like estate planning, business succession, and retirement income strategies. Founded in 1974, The Burney Company is a fee-only investment advisory firm that manages $3 billion in assets. Learn more about comprehensive financial planning at burneywealth.com.
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Investing
Business
Episodes (20/27)
Long Story Short
2026 Market Outlook: Tax Changes, Bull Market History & What We're Watching

Welcome to 2026. In this episode, Adam and Andy kick off the new year by breaking down the financial housekeeping tasks you should tackle in January, plus key tax law changes taking effect this year.

They also address the question everyone's asking: Can this bull market keep going? Adam walks through historical data showing that the current 38-month, 90% rally is actually quite average compared to past bull markets that lasted 130+ months with gains exceeding 500%.

We cover:

  • Financial housekeeping for the new year (savings, spending, risk assessment)

  • New charitable giving deductions for non-itemizers

  • Changes to itemized charitable deductions based on AGI

  • Affordable Care Act subsidy uncertainty heading into 2026

  • Estate tax exemption increase to $15 million per person

  • Historical bull market data and what it tells us about 2026

  • Key trends to watch: International stocks, AI development, growth vs. value rotation

  • Why midterm elections shouldn't drive your investment decisions

⏱️ Timestamps: 

  • (01:30) Happy New Year and financial housekeeping tips

  • (06:47) Changes to charitable giving deductions in 2026

  • (09:50) Affordable Care Act tax subsidy uncertainty

  • (11:28) Estate tax exemption increases to $15 million

  • (13:10) Can the stock market keep going higher?

  • (18:07) Historical bull market data puts 2026 in perspective

  • (20:33) Themes for 2026: AI, international stocks, and value rotation

  • (25:05) How the new Fed chair and midterm elections factor in

  • (28:12) Podcast disclosures

Resources:

Follow Burney Wealth Management on LinkedIn | www.linkedin.com/company/burneywealthmanagement 

Follow Adam Newman on Linkedin | www.linkedin.com/in/adam-newman-cfa-cfp%C2%AE-mst-ricp%C2%AE-cepa-48853916/ 

Follow Andy Pratt on LinkedIn | www.linkedin.com/in/andyjpratt/ 

#2026Outlook #MarketOutlook #TaxPlanning #BullMarket #WealthManagement

The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

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6 days ago
29 minutes 23 seconds

Long Story Short
Protecting Your Wealth: A Cybersecurity Guide with Max Alles


































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2 weeks ago
20 minutes 56 seconds

Long Story Short
Asset Allocation 101: Cash, Bonds, Stocks & Alternatives

Adam and Andy tackle an important investment decision: how to divide your portfolio across cash, bonds, stocks, and alternatives.

They start by explaining the two factors that actually matter for determining asset allocation: your personal risk tolerance and how much income you need from the portfolio. Age-based rules like "subtract your age from 100" completely miss these critical inputs.

Then they walk through each building block. Cash is great for emergencies but terrible for long-term investing because of inflation. Bonds offer stability and income but come with credit risk and interest rate risk that many investors don't fully understand. Stocks provide the best long-term inflation protection but require stomaching significant volatility along the way.

They finish with alternatives, cutting through the hype to explain when private equity, private credit, and managed futures actually make sense as diversifiers rather than home run swings.


We cover:

  • Why your age doesn't determine your appropriate risk level
  • How to think about risk tolerance when markets are calm versus during selloffs
  • Cash as an emergency fund versus portfolio holding
  • Why inflation is the silent wealth killer
  • Credit risk versus interest rate risk in bonds
  • The inverse relationship between interest rates and bond prices
  • Stock market volatility: what to actually expect each year
  • How volatility decreases over longer time horizons
  • Alternatives as diversifiers, not performance enhancers
  • Which alternative strategies we use and why


⏱️ Timestamps:

  • (01:05) Introducing asset allocation and why it’s important
  • (03:31) The two inputs that determine your allocation
  • (08:10) Should older individuals avoid risk?
  • (09:58) Pros & cons: Cash
  • (16:07) Pros & cons: Bonds
  • (25:53) Pros & cons: Stocks
  • (32:31) Pros & cons: Alternatives
  • (40:19) Podcast disclosures


Resources:

Follow Burney Wealth Management on LinkedIn

Follow Adam Newman on Linkedin

Follow Andy Pratt on LinkedIn

Ep. #16: The Psychology of Investing: Why We Make Bad Money Decisions

Ep. #24: Required Minimum Distributions, The Fear & Greed Index, and Private Equity


#AssetAllocation #InvestmentStrategy #PortfolioConstruction #RetirementPlanning #WealthManagement #FinancialPlanning

The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

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3 weeks ago
41 minutes 35 seconds

Long Story Short
Required Minimum Distributions, The Fear & Greed Index, and Private Equity

Adam and Andy explain required minimum distributions (RMDs) after fielding countless year-end questions from clients. If you've ever been confused about when RMDs start, how they're calculated, or what happens if you mess them up, this episode covers everything you need to know.

The conversation shifts to CNN's Fear & Greed Index hitting "extreme fear" after just a 5% market pullback. They explain why this type of overreaction is exactly why market timing rarely works and how retail investors might actually be getting smarter.

They wrap up with a deep dive into private equity: the dispersion between top and bottom managers, why access matters more than most people realize, and when it makes sense as a portfolio diversifier versus a home run swing.

We cover:

  • RMD basics: when they start, how to calculate them, and common mistakes to avoid

  • Why you should consider Roth conversions in the window before RMDs begin

  • Qualified charitable distributions as a tax-efficient RMD strategy

  • The Fear & Greed Index overreacting to normal market volatility

  • How Bitcoin's decline is drawing more questions than its rally to $100k

  • Private equity's growing accessibility and what that actually means

  • The massive performance gap between best and worst PE managers

  • Why private equity works better as diversification than speculation

  • Understanding liquidity constraints in private investments

⏱️ Timestamps: 

  • (00:57) Andy's Thanksgiving carnitas tradition

  • (02:13) CNN's Fear & Greed Index hits extreme fear on a 5% dip

  • (08:44) RMD mechanics: age requirements and calculation methods

  • (14:21) The spouse age factor and special IRS tables

  • (16:30) Flexibility in RMD timing and withholding strategies

  • (20:22) Qualified charitable distributions explained

  • (21:26) Roth accounts and the pre-RMD conversion window

  • (25:57) Private equity and its role in asset allocation strategies

  • (28:59) The critical importance of manager selection in PE

  • (32:23) Private equity as diversification, not home runs

  • (37:35) Liquidity considerations in private investments

  • (39:15) Podcast disclosures

Resources:

Follow Burney Wealth Management on LinkedIn | www.linkedin.com/company/burneywealthmanagement 

Follow Adam Newman on Linkedin | www.linkedin.com/in/adam-newman-cfa-cfp%C2%AE-mst-ricp%C2%AE-cepa-48853916/ 

Follow Andy Pratt on LinkedIn | www.linkedin.com/in/andyjpratt/ 

CNN Fear & Greed Index | ​​https://www.cnn.com/markets/fear-and-greed 

#RetirementPlanning #TaxPlanning #PrivateEquity #RMDs #PortfolioDiversification #WealthManagement

The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

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1 month ago
40 minutes 31 seconds

Long Story Short
Wall Street Fear-Mongering, Bitcoin's Slide & The Bond Market Comebac

Adam and Andy dissect a Wall Street Journal article calling for a prolonged bear market to "fix" investor behavior. Spoiler: the argument falls apart under scrutiny, considering we've had five bear markets since 2008.

The conversation shifts to Bitcoin's recent decline from all-time highs and why retail investors might actually be getting smarter about crypto volatility. Then they explore bonds' quiet comeback after the painful 2022 selloff, including why the inverted yield curve finally unwinding is good news for balanced portfolios.

They wrap up with 2026 retirement contribution limits and a critical change coming for high earners making catch-up contributions.

We cover:

  • Why the "we need a long bear market" narrative is irresponsible financial journalism

  • The difference between normal bear markets and once-in-a-century crises like 2008

  • Bitcoin dropping from recent highs as investors wait to buy the dip

  • Why bonds are finally playing their traditional portfolio role again

  • The inverted yield curve unwinding and what it means for duration strategy

  • 2026 retirement contribution limits across 401(k)s, IRAs, and QCDs

  • New Roth requirement for catch-up contributions if you earn over $150,000

  • Why diversification is making a comeback in 2025

⏱️ Timestamps: 

  • (01:00) Wall Street Journal's irresponsible bear market article

  • (02:45) The reality of bear market frequency since 2008

  • (07:05) Bitcoin falling after hitting $100,000

  • (11:18) Understanding Bitcoin's value proposition (or lack thereof)

  • (12:30) Bonds making a quiet comeback after 2022's pain

  • (16:44) The inverted yield curve and duration strategy

  • (19:50) Why diversification is back in 2025

  • (22:57) 2026 retirement contribution limits

  • (26:17) New Roth catch-up requirement for high earners

  • (28:07) Thanksgiving plans

  • (29:47) Podcast disclosures

Resources:

Follow Burney Wealth Management on LinkedIn | www.linkedin.com/company/burneywealthmanagement 

Follow Adam Newman on Linkedin | www.linkedin.com/in/adam-newman-cfa-cfp%C2%AE-mst-ricp%C2%AE-cepa-48853916/ 

Follow Andy Pratt on LinkedIn | www.linkedin.com/in/andyjpratt/ 

Book mention: “1929” by Andrew Ross Sorkin | https://www.amazon.com/1929-Inside-Greatest-History-Shattered-ebook/dp/B0DXMZWTYM?ref_=ast_author_mpb 

Sample Financial Plan | https://burneywealth.com/sample-financial-plan?hsLang=en 

Performance Matters: 7 Steps Toward More Effective Investing | https://burneywealth.com/hubfs/lead-magnets/performance-matters-ebook/Performance%20Matters%20-%207%20Steps%20Toward%20More%20Effective%20Investing%20BWM.pdf?hsLang=en 

Retirement Readiness Checklist | https://burneywealth.com/retirement-checklist?hsLang=en 

#RetirementPlanning #Bitcoin #BondInvesting #PortfolioDiversification #WealthManagement

The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

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1 month ago
31 minutes 1 second

Long Story Short
Teaching Kids About Money, Social Security Strategies & Year-End Giving

As Thanksgiving approaches, Andy and Adam tackle money conversations at every life stage. From teaching kindergarteners about spending, saving, and giving to helping retirees navigate Social Security claiming decisions.

Andy shares his new allowance system for his 5-year-old, designed to build lifelong financial habits through three buckets: give, save, and spend. The conversation then shifts to creative giving strategies from grandparents, including 401(k)-style matching programs that encourage adult children to save.

The second half digs into Social Security strategy, covering the three biggest claiming mistakes and why delaying benefits often makes sense when you view them as longevity insurance rather than a game to win.

We cover:

  • How to introduce money concepts to young children using allowances

  • The three-bucket system: give, save, and spend

  • Creative multigenerational wealth transfer strategies

  • Why taking Social Security at 62 usually costs you (a lot)

  • The importance of viewing Social Security decisions within your overall financial plan

  • Social Security as longevity insurance, not an investment to beat

  • How spousal benefits work and planning for survivor benefits

  • Whether Social Security will actually be there when you need it

⏱️ Timestamps: 

  • (00:55) Teaching kids about money with allowances

  • (04:00) When to start financial education for children

  • (07:40) Creative giving strategies for adult children

  • (14:23) Top three Social Security claiming mistakes

  • (16:38) The steep cost of claiming at 62

  • (21:14) Looking at Social Security within your full financial picture

  • (24:04) Will Social Security be there when you retire?

  • (28:08) Social Security as longevity insurance

  • (33:19) Planning Social Security for couples and survivor benefits

  • (35:45) Podcast disclosures

Resources:

Follow Burney Wealth Management on LinkedIn | www.linkedin.com/company/burneywealthmanagement 

Follow Adam Newman on Linkedin | www.linkedin.com/in/adam-newman-cfa-cfp%C2%AE-mst-ricp%C2%AE-cepa-48853916/ 

Follow Andy Pratt on LinkedIn | www.linkedin.com/in/andyjpratt/ 

#RetirementPlanning #FinancialLiteracy #SocialSecurity #TaxPlanning #WealthManagement

The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

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1 month ago
36 minutes 59 seconds

Long Story Short
Term vs. Permanent Life Insurance and Why We're Not in a Bubble

Post-Halloween candy rankings lead into two big topics: life insurance strategies and bubble fears.

Adam discusses term versus permanent life insurance, explaining why term policies make sense for most people and when permanent policies might actually fit. He covers laddering strategies, the investment component of permanent policies, and why most people just need pure coverage at the lowest cost.

Then Andy takes on the bubble question everyone keeps asking. Using charts on market recoveries, earnings growth, and profitability, he explains why current valuations actually make sense and why the current environment doesn't look like the dot-com era.

We cover:

  • Why term life insurance is simpler and cheaper than permanent life insurance

  • Laddering policies to match different financial obligations

  • The investment component of permanent life insurance

  • When permanent policies might make sense (special needs planning, estate taxes)

  • Why people keep asking if we're in a bubble

  • How this market recovery compares to past corrections

  • Nvidia versus Cisco - profitability changes everything

  • Why analyst expectations track with stock prices today

  • Magnificent Seven earnings and profitability trends

  • Seasonality patterns and the Santa Rally effect

⏱️ Timestamps: 

  • (00:00) Halloween candy power rankings (100 Grand wins)

  • (03:15) Life insurance: term versus permanent explained

  • (04:20) Why term insurance makes sense for most people

  • (06:00) Laddering policies to control costs

  • (09:00) Permanent life insurance and the investment component

  • (14:10) Buy term and invest the difference strategy

  • (15:44) Bubble concerns and cognitive dissonance

  • (18:19) Market recovery comparison charts

  • (21:00) Cisco in 2000 versus Nvidia today

  • (23:00) Earnings growth across all sectors

  • (24:10) Magnificent Seven profitability trends

  • (26:00) Sentiment check - fear versus euphoria

  • (29:22) Seasonality and the Santa Rally

  • (34:00) International diversification finally working

  • (36:00) Podcast disclosures

Resources:

Follow Burney Wealth Management on LinkedIn | www.linkedin.com/company/burneywealthmanagement 

Follow Adam Newman on Linkedin | https://www.linkedin.com/in/adam-newman-cfa-cfp%C2%AE-mst-ricp%C2%AE-cepa-48853916/ 

Follow Andy Pratt on LinkedIn | https://www.linkedin.com/in/andyjpratt/ 

#LifeInsurance #MarketBubble #InvestingStrategy #RetirementPlanning #WealthManagement

The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

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2 months ago
37 minutes 1 second

Long Story Short
Index Funds and Retirement Spending Strategies

Andy dresses up as an index fund for Halloween (yes, really). The costume sparks a conversation about what index funds actually are, why they've dominated recent returns, and what happens when mega-cap stocks stop outperforming.

Plus, Adam breaks down three approaches to retirement spending - from detailed spreadsheets to the famous 4% rule to a more flexible guardrails method. They also discuss what rising bear market experience means for different generations of investors.

We cover:

  • Why index funds are mostly just the biggest stocks in different sizes

  • The performance chasing problem with yesterday's winners

  • Small cap and value stocks historically outperforming over long periods

  • Three ways to figure out retirement spending (and why flexibility matters)

  • What the 4% rule actually assumes (and what it misses)

  • The guardrails approach to retirement withdrawals

  • How many bear markets different generations have experienced

  • Gifting Roth IRA contributions to young family members

⏱️ Timestamps: 

  • (00:00) Andy's index fund Halloween costume

  • (02:38) Why index funds have been such a big win for investors

  • (04:45) The concentration problem - when the biggest stocks dominate

  • (06:09) Performance chasing and what happens when mega caps slow down

  • (08:08) Small cap and value premiums over the long run

  • (14:20) Three approaches to retirement spending budgets

  • (16:50) Why detailed budgets never play out exactly as planned

  • (18:50) The 4% rule and what it misses

  • (22:00) The guardrails approach to retirement spending

  • (28:30) Bear markets by generation - experience shapes perspective

  • (33:40) Gifting Roth IRA contributions to kids and grandkids

  • (36:05) Podcast disclosures

Resources:

Follow Burney Wealth Management on LinkedIn | www.linkedin.com/company/burneywealthmanagement 

Follow Adam Newman on Linkedin | https://www.linkedin.com/in/adam-newman-cfa-cfp%C2%AE-mst-ricp%C2%AE-cepa-48853916/ 

Follow Andy Pratt on LinkedIn | https://www.linkedin.com/in/andyjpratt/ 

#IndexFunds #RetirementPlanning #RetirementSpending #WealthManagement #InvestingStrategy

The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

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2 months ago
37 minutes 56 seconds

Long Story Short
Medicare Open Enrollment, RMD Strategies & the Mortgage Payoff Debate

Open enrollment season is here, which means it's time to review your Medicare coverage. Adam walks through the ABCs of Medicare, explains the difference between original Medicare and Medicare Advantage, and shares why even if you're happy with your plan, an annual review matters.

Plus, Andy and Adam tackle two common retirement questions: how to reduce those dreaded required minimum distributions, and whether you should pay off your mortgage before retirement (spoiler: the math answer and the peace of mind answer might be different).

We cover:

  • Why you should review your Medicare plan every year

  • Original Medicare vs. Medicare Advantage: pros, cons, and who each works best for

  • The actual costs of Parts A, B, D, and Medigap plans

  • Tax diversification strategies to reduce future RMDs

  • Roth conversions and the retirement window of opportunity

  • Qualified charitable distributions as an RMD strategy

  • The mortgage payoff question: when the numbers say one thing but your gut says another

  • Why 2-3% mortgage rates change the math entirely

⏱️ Timestamps: 

  • (00:34) Episode 19 and keeping track of topics

  • (01:52) Medicare open enrollment: why annual reviews matter

  • (02:58) Status quo bias and Medicare plan reviews

  • (04:27) Original Medicare: Parts A, B, D, and Medigap explained

  • (07:22) Medicare Advantage: lower premiums, more perks, less flexibility

  • (11:05) Who should consider each type of plan

  • (12:19) Healthcare costs in retirement

  • (13:27) RMDs: the required minimum distribution problem

  • (15:02) When RMDs exceed your peak earning years

  • (16:21) Tax diversification: planning ahead to reduce RMDs

  • (20:40) The retirement window for Roth conversions

  • (23:00) Qualified charitable distributions (QCDs)

  • (27:27) The mortgage payoff debate begins

  • (29:44) When debt feels divisive

  • (32:33) The math vs. peace of mind calculation

  • (35:05) Risk tolerance and generational perspectives on debt

  • (37:41) Maintaining flexibility even after payoff

  • (39:15) Don't over-optimize your life

  • (39:00) Podcast disclosures

Resources:

Follow Burney Wealth Management on LinkedIn | www.linkedin.com/company/burneywealthmanagement 

Follow Adam Newman on Linkedin | www.linkedin.com/in/adam-newman-cfa-cfp%C2%AE-mst-ricp%C2%AE-cepa-48853916/ 

Follow Andy Pratt on LinkedIn | www.linkedin.com/in/andyjpratt/ 

Move Health: Medicare plan review partner | https://movehealth.io/ 

Ep. #16: The Psychology of Investing | burneywealth.com/blog/behavioral-biases-investing-psychology-episode-16 

#Medicare #OpenEnrollment #RMDs #RetirementPlanning #MortgagePayoff #TaxPlanning

The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

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2 months ago
41 minutes 39 seconds

Long Story Short
Market Volatility, the Truth About Stock Picking, and Retirement Spending

Markets dropped 1% and the headlines went wild. Andy and Adam cut through the noise to explain why this is completely normal, what the recent data tells us about stock picking versus index investing, and why all-time highs aren't something to fear.

They also tackle a critical retirement question: how do you know when you've saved enough to actually spend your money? Plus, Adam shares why a simple calendar exercise can show more about retirement readiness than most financial calculations.

We cover:

  • Why 31 down days per year is totally normal for markets

  • The surprising data on stock pickers beating the S&P 500

  • Why market concentration doesn't mean what you think it means

  • The psychology behind fearing all-time highs

  • How to know when you've accumulated enough wealth

  • The retirement planning exercise most people skip

  • Why spending decisions are art, not science

⏱️ Timestamps: 

  • (00:32) Welcome

  • (02:14) Market volatility: what's actually normal?

  • (04:43) The surprising frequency of 1% down days

  • (06:22) Stock picker performance versus the S&P 500

  • (09:00) Why "stock picking" is too broad a category

  • (11:47) Understanding market concentration

  • (14:40) The psychology of fearing market tops

  • (18:22) Recency bias and the "Big Long" versus the "Big Short"

  • (20:43) When is the market ever calm enough?

  • (22:47) Book recommendation: The Art of Spending

  • (24:14) Retirement planning: the calendar exercise

  • (26:39) Next week: Medicare and ACA tax credits

  • (27:21) Podcast disclosures

Resources:

Follow Burney Wealth Management on LinkedIn | www.linkedin.com/company/burneywealthmanagement 

Follow Adam Newman on Linkedin | https://www.linkedin.com/in/adam-newman-cfa-cfp%C2%AE-mst-ricp%C2%AE-cepa-48853916/ 

Follow Andy Pratt on LinkedIn | https://www.linkedin.com/in/andyjpratt/ 

Episode #16: The Psychology of Investing: Why We Make Bad Money Decisions | https://burneywealth.com/blog/behavioral-biases-investing-psychology-episode-16 

Book recommendation: The Art of Spending Money: Simple Choices for a Richer Life by Morgan Housel | https://www.amazon.com/Art-Spending-Money-Simple-Choices/dp/0593716620 

#MarketVolatility #StockPicking #RetirementPlanning #WealthManagement #InvestingPsychology

The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation. 

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2 months ago
28 minutes 41 seconds

Long Story Short
Government Shutdowns, 401(k) Catch-Up Changes, and When Trusts Actually Make Sense

Andy lives right outside DC, where government shutdowns actually matter. For the rest of the country? Not so much.

Markets barely react to these political theatrics anymore. Seven out of ten shutdowns since 1980 saw positive stock returns. The worst decline was 2% back in 1990.

But there's a tax change coming in 2026 that does matter: if you make over $145,000 and contribute catch-up dollars to your 401(k), those contributions will now have to be made through a Roth account, rather than a 401(k). No more deferring taxes on that extra $7,500.

Adam and Andy discuss what this means, why it's confusing, and whether it might actually be good for you long-term. Plus, they tackle the perennial question: do I need a trust?


We cover:

  • Why government shutdowns don't move markets (even 35-day ones)
  • Markets expecting dysfunction as the new normal
  • The 2026 catch-up contribution rule change explained
  • Income thresholds, look-back periods, and per-employer limits
  • Why forced Roth contributions might help you despite the tax hit
  • Revocable vs. irrevocable trusts
  • When trusts make sense beyond estate tax planning
  • The probate problem nobody thinks about
  • How wills and trusts work together (not against each other)


⏱️ Timestamps:

  • (00:32) Living in the DC shutdown zone
  • (01:55) Government shutdown history and market returns
  • (03:51) Debt ceiling vs. shutdown drama
  • (06:46) Markets pricing in permanent dysfunction
  • (09:22) The 2026 401(k) catch-up contribution change
  • (11:48) Those oddly specific age brackets (60-63)
  • (13:38) Roth catch-up requirements starting 2026
  • (16:41) Per-employer loopholes
  • (18:49) Silver lining: forced tax diversification
  • (22:39) Trust fundamentals: revocable vs. irrevocable
  • (26:13) Control beyond the grave
  • (29:25) The probate nightmare
  • (33:25) Wills complement trusts, don't replace them
  • (38:01) Podcast disclosures


Resources:

Follow Burney Wealth Management on LinkedIn

Follow Adam Newman on Linkedin

Follow Andy Pratt on LinkedIn


#RetirementPlanning #401k #EstatePlanning #Trusts #TaxPlanning #WealthManagement

The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

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3 months ago
39 minutes 11 seconds

Long Story Short
The Psychology of Investing: Why We Make Bad Money Decisions

Andy opens with a confession: industrial psychology taught him that job interviews are terrible predictors of success. That same human irrationality shows up everywhere, especially in investing.

The hosts walk through seven behavioral biases that trip up even professional investors. From overconfidence after hitting it big on Nvidia to confirmation bias keeping us stuck in echo chambers, these mental shortcuts cost real money.

Plus, they tease next week's estate planning episode on trusts.


We cover:

  • Why overconfidence peaks when you know just enough to be dangerous
  • How confirmation bias creates cognitive dissonance with market realities
  • Loss aversion and why losses hurt 2.5x more than gains feel good
  • Recency bias making inflation feel scarier than it actually is
  • The anchoring trap of waiting for stocks to "get back" to your purchase price
  • FOMO and herd mentality driving meme stock mania
  • Home country bias leaving 35% of global opportunities on the table
  • Practical strategies to counteract each bias


⏱️ Timestamps:

  • (00:32) Why interviews predict job success poorly
  • (05:02) Behavioral finance 1.0 vs 2.0
  • (07:48) Overconfidence bias and the knowledge curve
  • (12:22) Confirmation bias and political echo chambers
  • (17:00) Loss aversion: why losses hurt 2.5x more
  • (19:56) The Yellowstone bear attack and recency bias
  • (24:07) Anchoring to purchase prices
  • (26:25) FOMO and meme stock mania
  • (29:03) Home country bias: missing 35% of opportunities
  • (33:52) Next week: When should you open a trust?
  • (34:20) Podcast disclosures


Resources:

Follow Burney Wealth Management on LinkedIn

Follow Adam Newman on Linkedin

Follow Andy Pratt on LinkedIn


#BehavioralFinance #InvestmentPsychology #InvestorBiases #WealthManagement #FinancialPlanning

The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

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3 months ago
35 minutes 43 seconds

Long Story Short
Cash on the Sidelines Myth and Tax-Efficient ETF Conversions

Halloween decorations are acceptable, but $7 trillion in "cash on the sidelines"? Andy explains why this bullish talking point might be overblown when you examine the actual numbers relative to market size.

Plus, Andy & Adam discuss the complex world of 351 conversions - a 100+ year old tax code provision that's suddenly relevant for modern ETF launches. From charitable remainder trust optimization to why your Halloween costume might be more strategic than your investment allocation.


We cover:

  • Why $7 trillion in cash sounds scary until you do the math per person
  • The real story behind "cash on the sidelines" market predictions
  • Fed rate cuts already dropping money market yields in real time
  • 351 conversions: turning individual stock portfolios into tax-efficient ETFs
  • How ETF structures avoid capital gains through creative rebalancing
  • Charitable remainder trust investing: why asset location matters more than allocation
  • The distribution hierarchy that determines your tax bill
  • Golden Girls Halloween costume coordination (non-financial advice)


⏱️ Timestamps:

  • (00:34) Halloween decoration timing and market forecast season
  • (03:05) $7 trillion cash myth: sounds big until you see the context
  • (04:44) Why cash builds during downturns and what it really signals
  • (05:49) Price makers vs. price takers in market dynamics
  • (06:54) Cash as percentage of market cap tells the real story
  • (10:00) Fed cuts already dropping money market rates
  • (12:20) Why staying invested beat chasing 5% cash in 2022
  • (15:55) 351 conversions: 100-year-old tax law meets modern ETFs
  • (19:20) ETF tax efficiency: swapping Apple for Exxon without capital gains
  • (28:40) CRT listener feedback: why two trusts performed so differently
  • (29:25) Asset location vs. asset allocation in tax planning
  • (37:50) Halloween Golden Girls costume reveal
  • (39:00) Podcast disclosures

Resources:

Follow Burney Wealth Management on LinkedIn

Follow Adam Newman on Linkedin

Follow Andy Pratt on LinkedIn


#cash #etfs #charitabletrust #taxplanning #assetallocation #moneymarketrates

The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

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3 months ago
40 minutes 48 seconds

Long Story Short
Fed Rate Cuts and Separating Headlines from Reality

Adam and Andy record live from Jackson Lake Lodge in Wyoming. It’s the same scenic backdrop where the Federal Reserve holds its annual retreat. Fitting timing, as they're discussing the Fed rate cut happening that very day and what it really means for your money.

They tackle a listener question about cutting through financial media noise to find the truth beneath the headlines. From Paul Volcker's fly fishing habits to practical retirement paycheck automation, this episode discusses how to navigate information overload in today's algorithmic news cycle.


We cover:

  • Why the Fed holds meetings at Jackson Lake Lodge (spoiler: Paul Volcker liked to fish)
  • What Fed rate cuts actually mean and why they don't always work as expected
  • How to separate fear-mongering headlines from market reality
  • Why advisors have evolved from information gatekeepers to reality interpreters
  • The stock market as the ultimate “put your money where your mouth is” truth test
  • Practical retirement tip: automating your paycheck in retirement
  • Bulls vs. bears in the wild (literally)


⏱️ Timestamps:

  • (00:32) Live from Jackson Lake Lodge where the Fed meets
  • (01:15) Paul Volcker's fly fishing legacy and Fed rate cut expectations
  • (02:50) Why rate cuts don't always lower mortgage rates
  • (04:32) The Fed's dual mandate: inflation vs. employment
  • (06:05) Reader question: How to see past the headlines
  • (07:00) Fear sells: algorithmic news and click-driven content
  • (08:00) Stock market as the ultimate truth arbiter
  • (08:40) How advisors evolved from gatekeepers to interpreters
  • (10:10) COVID market bottom as reality check example
  • (12:00) Practical retirement tip: automate your distributions
  • (14:15) Wildlife report: Bulls vs. bears (market metaphor intended)
  • (15:23) Podcast disclosures


Resources:

Follow Burney Wealth Management on LinkedIn

Follow Adam Newman on Linkedin

Follow Andy Pratt on LinkedIn


#FedRateCuts #MediaLiteracy #RetirementPlanning #MarketReality #WealthManagement

The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

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3 months ago
16 minutes 37 seconds

Long Story Short
Over-Optimization Fatigue and Why the Buffett Indicator Might Be Wrong

Andy's elaborate NFL betting model, designed to win a family football pool, always loses to his aunt who watches three games a year. This perfectly illustrates the over-optimization trap that plagues everything from fantasy football to financial planning.

Adam and Andy explore why the pursuit of perfection in long-term planning often backfires, from clients demanding 12.3% returns to the fatigue that comes with trying to control every variable. Plus, they break down the Warren Buffett often-repeated market indicator that has investors spooked at its current number - 215%, and explain why four major changes since 2001 might make this “best measure” obsolete.


We cover:

  • Why over-optimization leads to fatigue and self-destructive decisions
  • The analogy of advisors as referees, not perfectionists
  • When 12.3% return requirements lead to dangerous portfolio moves
  • The Warren Buffett market indicator hitting 215% and why clients are worried
  • Four reasons why this “best measure” might be outdated in 2025
  • Globalization: 40% of S&P 500 sales occur outside the US
  • Intangible assets and intellectual property not captured by GDP
  • Why momentum beats valuations in the short term


⏱️ Timestamps:

  • (00:34) Andy's NFL betting models vs. his aunt's three-game strategy
  • (02:56) The over-optimization trap in financial planning
  • (04:49) When precise return requirements drive bad decisions
  • (08:57) The playground analogy: staying within the guardrails
  • (11:29) Conservative planning assumptions vs. perfectionist forecasting
  • (16:15) AI tools making over-optimization worse
  • (19:00) Market indicators and the Eagles Super Bowl curse
  • (24:41) The Warren Buffett indicator at 215%: should we panic?
  • (27:44) Four reasons why the indicator might be wrong today
  • (31:09) Magnificent Seven concentration and international alternatives
  • (37:12) Why momentum matters more than valuations
  • (39:32) Podcast disclosures


Resources:

Follow Burney Wealth Management on LinkedIn

Follow Adam Newman on Linkedin

Follow Andy Pratt on LinkedIn


#OverOptimization #BuffettIndicator #MarketValuations #FinancialPlanning #InvestmentStrategy #WealthManagement

The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

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3 months ago
40 minutes 46 seconds

Long Story Short
International Markets Surprise, Advanced Charitable Giving & HSA Strategies

Bill Belichick coaching UNC proves retirement needs purpose, but the real surprise this year has been international markets. Andy and Adam break down why overseas stocks are quietly crushing US returns, plus advanced strategies for charitable giving and health savings accounts.

From Germany leading global markets to donor-advised funds and charitable remainder trusts, this episode covers the sophisticated planning tools that make the biggest impact during income transitions.


We cover:

  • Why international stocks are up 20%+ while US markets lag
  • Bill Belichick as a cautionary tale about retirement purpose
  • Advanced charitable giving: donor-advised funds vs. charitable trusts
  • The HSA strategy most people get wrong (hint: stop using it as a piggy bank)
  • Why you can reimburse yourself from your HSA decades later
  • How to front-load charitable tax deductions in high-income years


⏱️ Timestamps:

  • (00:00) Bill Belichick's retirement cautionary tale
  • (02:42) International markets crushing US returns in 2025
  • (08:19) Why diversification finally paid off
  • (15:49) Advanced charitable giving strategies
  • (17:12) Donor-advised funds for tax planning transitions
  • (21:09) Charitable remainder trusts for concentrated positions
  • (28:44) The HSA strategy everyone gets wrong
  • (33:12) Why you should treat your HSA like a Roth IRA
  • (36:47) T-ball coaching advice and walkup music
  • (41:11) Podcast disclosures


Resources:

Follow Burney Wealth Management on LinkedIn

Follow Adam Newman on Linkedin

Follow Andy Pratt on LinkedIn


#InternationalInvesting #CharitablePlanning #HSAStrategy #RetirementPlanning #TaxPlanning #WealthManagement

The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

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4 months ago
42 minutes 27 seconds

Long Story Short
Why Annuities Usually Don't Make Sense and Market Reality Check

College football season is starting, but Adam and Andy are more excited to tackle annuities (sort of). They explain why these "guaranteed income" products usually don't make sense, from hidden costs to lost flexibility to expensive fees.

Plus, they address recession fears while markets sit at all-time highs, discuss whether the AI trade is really dead, and debate the government's controversial stake in Intel.


We cover:

  • Why annuities are complex, confusing, and expensive
  • The hidden opportunity cost of "guaranteed" income
  • When annuities might actually make sense (spoiler: rarely)
  • Why recession predictions keep missing the mark
  • The stock market as collective wisdom of millions of investors
  • Whether the AI trade is really losing steam
  • US government taking a 10% stake in Intel - socialism or smart policy?


⏱️ Timestamps:

  • (00:34) College football season and annuities vs. madness
  • (02:21) What annuities actually are and the guaranteed income pitch
  • (06:28) The flexibility problem with handing over your money
  • (08:08) Hidden opportunity costs that annuity salespeople won't mention
  • (12:52) Variable annuities and the "no free lunch" principle
  • (14:40) When annuities might actually make sense
  • (15:50) Recession fears and why betting against the US keeps failing
  • (18:06) What the stock market really represents
  • (24:00) Is the AI trade dead after one week of declines?
  • (29:03) US government takes 10% stake in Intel - good or bad?
  • (36:20) College football stadium bucket lists
  • (38:30) Podcast disclosures


Resources:

Follow Burney Wealth Management on LinkedIn

Follow Adam Newman on Linkedin

Follow Andy Pratt on LinkedIn

AI Episode


#Annuities #RetirementPlanning #RecessionFears #AIInvesting #MarketOutlook #WealthManagement

The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

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4 months ago
39 minutes 46 seconds

Long Story Short
YieldStreet Lessons and Retirement Withdrawal Strategies

A major alternative investment platform just made headlines for all the wrong reasons. Andy and Adam discuss what went wrong with YieldStreet and why “investing like the 1%” isn't as simple as it sounds.

Plus, they tackle a listener question about withdrawal strategies during market downturns. When you need money from your portfolio during bear markets, how do you avoid selling stocks at fire-sale prices?


We cover:

  • Why YieldStreet's “invest like the 1%” marketing was problematic
  • The difference between investing in asset classes vs. specific managers
  • How sophisticated investors lost hundreds of thousands on just two deals
  • The bucket strategy for retirement withdrawals
  • Why sequence of return risk matters most in early retirement
  • How to balance inflation protection with downside protection
  • Why stocks are actually great long-term inflation hedges


⏱️ Timestamps:

  • (00:34) Adam Newman vs. Adam Neumann name confusion
  • (01:38) YieldStreet alternative investment platform failures
  • (08:36) Asset class first, manager second principle
  • (12:50) Listener question on withdrawal strategies during downturns
  • (17:30) Sequence of return risk and the retirement red zone
  • (20:30) Bucket strategy for managing portfolio distributions
  • (28:15) Inflation factors in retirement portfolio allocation
  • (31:50) Why stocks perform well during inflationary periods
  • (36:40) Maintaining optimism about US market outlook
  • (39:50) Podcast disclosures


Resources:

Follow Burney Wealth Management on LinkedIn

Follow Adam Newman on Linkedin

Follow Andy Pratt on LinkedIn


#AlternativeInvestments #RetirementPlanning #WithdrawalStrategies #YieldStreet #WealthManagement #SequenceOfReturnRisk


The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

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4 months ago
41 minutes 1 second

Long Story Short
AI Investing Themes and Smart Gifting Strategies

The AI trade is back in full swing, but should you chase it? Andy and Adam discuss why investment themes can be exciting but dangerous, and how to think about hot trends like AI, data centers, and nuclear energy.

Plus, Adam walks through the basics of family gifting strategies. From annual exclusions to gifting appreciated stock, they cover practical ways to help family members while potentially saving on taxes.


We cover:

  • Why vacation home ownership often disappoints (return on hassle)
  • The AI investment theme and its downstream effects
  • Why thematic investing usually ends in disappointment
  • How most people already have AI exposure through diversified portfolios
  • Annual gift exclusions and lifetime exemptions
  • Cash vs. stock gifting strategies
  • Direct payments to medical and educational institutions
  • How to gift without spoiling younger recipients


⏱️ Timestamps:

  • (00:00) Beach vacation and vacation home ownership reality
  • (06:45) The AI trade resurrection and investment themes
  • (10:30) Why 3D printing and innovation stocks crashed
  • (16:00) The risk of overallocating to themes
  • (19:15) Federal gift tax basics and annual exclusions
  • (22:30) Cash vs. appreciated stock gifting strategies
  • (28:10) Direct payments to medical and educational institutions
  • (32:30) Addressing concerns about gifting to younger people
  • (36:30) Balancing gifting with your own retirement planning
  • (39:30) Podcast disclosures


Resources:

Follow Burney Wealth Management on LinkedIn

Follow Adam Newman on Linkedin

Follow Andy Pratt on LinkedIn


#AIInvesting #GiftTax #EstatePlanning #WealthManagement #FamilyGifting


The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

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4 months ago
40 minutes 48 seconds

Long Story Short
Alternative Investments Hit 401(k)s and Retirement Tax Planning

Alternative investments are coming to 401(k) plans for the first time. Is this great news for regular investors or a recipe for disaster?

Andy and Adam debate whether Main Street should get excited about accessing private equity and private credit, or whether these investments will just be expensive versions of what people already have.

Plus, Adam walks through why retirement completely changes your tax situation. When paychecks stop, the entire tax burden shifts back to you. But that actually creates some incredible planning opportunities.

We cover:

  • Why alternative investments in 401(k)s could be great or terrible
  • The quality problem with mainstream alternative investments
  • How retirement shifts your entire tax burden back to you
  • The different tax treatments of your retirement account buckets
  • Roth conversion strategies when your income drops
  • Pairing charitable giving with tax planning moves
  • Why the AI trade is back and tariff fatigue has set in


⏱️ Timestamps:

  • (00:00) Alternative investments coming to 401(k) plans
  • (02:50) The exclusivity problem and quality concerns
  • (05:50) Lack of transparency and guardrails in private investments
  • (08:30) How retirement changes your entire tax situation
  • (10:00) The three buckets of retirement money and tax treatment
  • (13:40) Why most people's tax rates drop in retirement
  • (15:55) 3 surprises in the tax and retirement planning process
  • (17:30) Roth conversion arbitrage in low-income years
  • (22:00) Pairing charitable giving with tax moves
  • (23:30) What's exciting about the second half of 2025
  • (25:30) Why the market didn't react to final tariff announcement
  • (28:10) Podcast disclosures


Resources:

Follow Burney Wealth Management on LinkedIn

Follow Adam Newman on Linkedin

Follow Andy Pratt on LinkedIn


#RetirementPlanning #AlternativeInvestments #TaxPlanning #401k #WealthManagement

The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

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5 months ago
29 minutes 25 seconds

Long Story Short
Long Story Short is a weekly financial planning and investing podcast from Burney Wealth Management. Each week, your hosts Andy Pratt, CFA, CAIA and Adam Newman, CFA, CFP®, discuss the biggest questions they’re hearing from clients. They’ll occasionally bring in team members and interesting guests to discuss specialized topics like estate planning, business succession, and retirement income strategies. Founded in 1974, The Burney Company is a fee-only investment advisory firm that manages $3 billion in assets. Learn more about comprehensive financial planning at burneywealth.com.