//podcastplus.net/feed/success-that-lasts~eec4f79c Success doesn’t always feel like success, and when it looks like you’ve ‘made it’ to the rest of the world, you can be left feeling like there’s still so much to do – but without a clear direction or plan. On the Success that Lasts podcast, hosted by Jared Siegel, we're going behind the scenes with business owners, real estate investors, and industry consultants to deconstruct the complicated topic of success. We'll be exploring questions, strategies and experiences that help create clarity and confidence surrounding your financial decisions.The content of this podcast is published in the United States of America and persons who access it agree to do so in accordance with applicable U.S. law. Delap Wealth Advisory LLC is wholly-owned subsidiary of Delap LLP. Jared Siegel is a partner in Delap LLP and is hosting the show in his capacity as a partner in Delap LLP. All opinions expressed by Jared Siegel on this podcast and on the show are solely Siegel's opinions and do not reflect the opinions of Delap LLP or its affiliates, and may have been previously disseminated by Siegel or the firm on another medium. You should not treat any opinion expressed by Siegel as a specific inducement to make a particular investment, decision or follow a particular strategy, but only as an expression of his opinion. Siegel’s opinions are based upon information he considers reliable, but neither Delap LLP nor its affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Siegel, Delap LLP, its affiliates and/or subsidiaries are not under any obligation to update or correct any information provided on this podcast. Siegel’s statements and opinions are subject to change without notice. No part of Siegel’s compensation from Delap LLP is related to the specific opinions he expresses. Wed, 10 Jun 2026 05:23:11 +0000 https://traffic.megaphone.fm/OSC3711495243.mp3?updated=1664960188 In this solo episode of Success That Lasts, Jared Siegel discusses the power narratives hold over us when making financial decisions, and how to think more empirically. He talks about the roles that skill and luck have in various aspects of life.“After a career of helping people make financial decisions, one thing is overwhelmingly clear to me: people are not calculators, they’re storytellers,” Jared claims. Humans are biologically wired to connect cause and effect, even if it may be incorrect. The more you want something to be true, he adds, the more likely you are to believe the story that overestimates the odds of it being true.If we learn how to second guess ‘easy’ narratives and learn to think more empirically, we can gain an advantage. According to a study done in collaboration with Dartmouth College, University of Chicago, California Institute of Technology and UCLA, less than 2% of people attempting to add value to the portfolio through predictions actually possess skill.Over a shorter time... Thu, 06 Oct 2022 04:01:00 +0000 https://traffic.megaphone.fm/OSC3711495243.mp3?updated=1664960188 https://traffic.megaphone.fm/OSC7218619497.mp3?updated=1663803287 Michael DiJoseph is Senior Strategist in the Investment Advisory Research Center at Vanguard. He is a Certified Financial Analyst and volunteers as a member and secretary on the Board of Trustees at the Province of St. Thomas of Villanova Support Fund. Michael joins Jared Siegel to discuss the value of an advisor. Here are a few highlights from their conversation:Vanguard Advisor’s Alpha found that advisors adhering to a holistic wealth management framework could add about 3% per year in annualized returns relative to the average experience. “We’re bad at forecasting the future because the future is simply not forecastable,” Michael claims.Vanguard keeps updating its study about quantifying the value of an advisor because they “want to start talking to people in their language.” They aim to help both advisors and customers understand the value of this service.Warren Buffet was a stock picker and active manager, but he looked at the numbers and drew the conclusion that most managers don't earn th... Thu, 22 Sep 2022 04:01:00 +0000 https://traffic.megaphone.fm/OSC7218619497.mp3?updated=1663803287 https://traffic.megaphone.fm/OSC1952767664.mp3?updated=1660759264 Dennis Jaffe is Senior Research Fellow at BanyanGlobal Family Business Advisors. As both an organizational consultant and clinical psychologist with over 40 years of experience, he is one of the architects of the emerging field of family enterprise consulting. He is also a frequent contributor to periodicals such as Family Business Journal of Financial Planning, Private Wealth Journal of Wealth management, and Worth magazine. Dennis joins Jared Siegel to share insights from his book Borrowed from Your Grandchildren about how large, long-lasting business families succeed across generations.Here are a few highlights from their conversation:Generative families are those with business that have gone past the third generation in terms of ownership and control; have an identity as both a family and a business; and were large and thriving, though not necessarily in the legacy business.It’s fairly common that family businesses don’t last past the third generation, but that has less to do with wealth itself and mo... Thu, 18 Aug 2022 04:01:00 +0000 https://traffic.megaphone.fm/OSC1952767664.mp3?updated=1660759264 https://traffic.megaphone.fm/OSC4817396924.mp3?updated=1658442695 Nathan Sosner is a national thought leader and Principal at AQR Capital Management, where he specializes in sophisticated investment programs for high-net-worth clients. His research on tax-aware investing has been published in the Journal of Wealth Management and the Financial Analyst Journal, who awarded him the Graham and Dodd Award for the best paper of the year in 2020. Nathan joins Jared Siegel to discuss the importance of tax efficiency.Here are a few highlights from their conversation: The main difference between tax-agnostic and tax-aware strategies at AQR, Nathan shares, is that tax-aware funds think not only about investment styles but also about tax results of individual trades.Jared asks Nathan how AQR quantifies the economic benefits of integrating income tax and estate tax planning in a portfolio design. “[We] approach management of that portfolio in tax-efficient ways,” Nathan responds “For example, if you started a program at the age of 40 and continued until 80, the after-tax wealth t... Thu, 21 Jul 2022 04:01:00 +0000 https://traffic.megaphone.fm/OSC4817396924.mp3?updated=1658442695 https://traffic.megaphone.fm/OSC9805662621.mp3?updated=1653482977 In this solo episode of Success That Lasts, Jared Siegel unpacks structural capital and related topics. He shares insights about wealth succession and how families can ensure their heirs are fully equipped to inherit wealth.“Families with significant wealth or family businesses often operate within a network of trust - partnerships, contracts, and other kinds of legal and business entity relationships,” Jared says. “In this context, structural capital represents the family’s cumulative understanding of this network and ability to navigate it efficiently.”It’s human nature to value things based on how much they cost us. Therefore, you value wealth you are given differently than if you had suffered, sacrificed, and risked for it.The key to efficiency is making a checklist - one of the most simple and humble techniques, according to author, surgeon, and public health researcher Atul Gawande. Even the Air Force and leading hospitals use checklists to manage their everyday tasks.“The single most impo... Thu, 26 May 2022 04:01:00 +0000 https://traffic.megaphone.fm/OSC9805662621.mp3?updated=1653482977 https://traffic.megaphone.fm/OSC3564289071.mp3?updated=1652309253 In this solo episode of Success That Lasts, Jared Siegel discusses the concepts of harmony and balance. He defines different types of capital and how they intersect to create real wealth. Harmony is nuanced, Jared shares, requiring some level of skillful and simultaneous execution. To be well-coordinated, harmony needs balance and complexity. Jared explores what that looks like in wealth planning.A family’s human capital includes its individual family members’ physical and emotional health, as well as their resilience - their ability to learn, grow and adapt. Their relational capital reflects each member’s ability to discuss difficult topics together or to collaborate in complex efforts.Prior to the Industrial Revolution, wealth transfer was more about the transfer of wisdom and opportunities, not necessarily money. “If you inherited your family’s land, you were still required to work. You had to [put in the] effort, sacrifice and grind… to actually generate income that you and your family could ... Thu, 12 May 2022 04:01:00 +0000 https://traffic.megaphone.fm/OSC3564289071.mp3?updated=1652309253 https://traffic.megaphone.fm/OSC5387624434.mp3?updated=1651019353 In this solo episode of Success That Lasts, Jared Siegel discusses the normal path for progress in economics and markets. “Human beings have a strong and dramatic instinct towards binary thinking - a basic urge to divide things into two distinct groups with nothing but an empty gap in between,” he cites. However, progress in economics exists outside this binary - growth actually persists among loss. Though we are frequently reminded that, from a regulatory perspective, past financial performance doesn’t guarantee future results, there is wisdom to be gained in examining the past and extracting its actionable insights. “We must simultaneously hold both our optimism and pessimism; just like we can only learn from the mistakes in life that we actually survive,” he adds. ResourcesJared Siegel on LinkedIn | TwitterDelapCPA.com Thu, 28 Apr 2022 04:01:00 +0000 https://traffic.megaphone.fm/OSC5387624434.mp3?updated=1651019353 https://traffic.megaphone.fm/OSC7485225244.mp3?updated=1649894206 In this solo episode of Success that Lasts, Jared Siegel explores status games. He shares insights on how they can detract us from our goals and tips for choosing your status game wisely.By definition, news is something that doesn’t last, Jared claims. It exists for a moment and then it changes. “As news has become easier to distribute and cheaper to produce, the quality and quantity have respectively decreased and increased, making it nearly impossible to delineate the signal from the noise,” he says.“The word status implies a social stratification on a vertical scale,” Jared explains. Hierarchies have existed in society for thousands of years, and new research suggests that humans are actually biologically wired to seek status.Gaining clarity about your own purpose informs you of the status games that actually matter. Picking the wrong one lures you into a trap of allocating your time to whatever screams the loudest, and your talent to whatever gives you the fastest reward.In The Happiness Hypothe... Thu, 14 Apr 2022 04:01:00 +0000 https://traffic.megaphone.fm/OSC7485225244.mp3?updated=1649894206 https://traffic.megaphone.fm/OSC1103057793.mp3?updated=1648596000 In this solo episode of Success That Lasts, Jared Siegel discusses why outcome bias works against us. He defines “resulting” and shares tips for getting comfortable with uncertainty and making better decisions.Doing well with money isn’t about what you know; it’s about how you behave. You stand a greater chance of making smarter decisions about wealth if you change the way you think, which affects how you behave.“Resulting” is a term coined by poker players that defines the tendency to confuse the quality of a decision with the quality of its outcome. In cognitive science, this is called outcome bias, and it’s a dangerous tendency that we’re all susceptible to.“Diversification enables us to increase the near-term predictability that many of us need and desire,” Jared shares, “because we can't entirely eliminate uncertainty over shorter periods of time.” According to researcher Jonathan Haidt, we have two ways of thinking that work simultaneously at all times: our gut, which is quick, ... Thu, 31 Mar 2022 04:01:00 +0000 https://traffic.megaphone.fm/OSC1103057793.mp3?updated=1648596000 https://traffic.megaphone.fm/OSC5194501896.mp3?updated=1646852685 In this solo episode of Success That Lasts, Jared Siegel discusses why diversification is the key to reducing investment risks. He shares empirical evidence why relying on predictions is ineffective.“Pessimism is not only more common than optimism, but also sounds smarter, is more intellectually engaging, and is promoted significantly more by financial media than an optimist, who is often viewed as oblivious and ignorant of risks,” Jared shares.A 15-year study published by the Wall Street Journal found that 92% of active stock-picking managers that make investment decisions based upon their conclusions after looking at the economic predictors, actually underperform their benchmark.The probability of being able to predict good performance in advance consistently is minuscule, just like the probability of continually and consistently making accurate predictions is impossible. Diversification is the very best way to reduce your investment risk.“When it comes to your wealth, don't pursue a coin-flipping app... Thu, 10 Mar 2022 05:01:00 +0000 https://traffic.megaphone.fm/OSC5194501896.mp3?updated=1646852685