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Secrets investors need to know

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2 years ago

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Josh Brown

Photo: Duncan Hill

Josh Brown once had this idea that in order to be a financial advisor, you needed to be buttoned up and fit a particular mold.

Brown, a CNBC contributor who often takes a casual and accessible tack with investors for his commentary, has since learned that there’s more than meets the eye to a lot of things in the world of money.

Throughout his new book, “You Weren’t Supposed To See That: Secrets Every Investor Should Know,” Brown encourages investors to look beyond the surface level of financial advice you see in traditional and social media. Take the American Dream, for example:

“We all grow up being taught about the American Dream and why it can work for everyone,” said Brown, who is the CEO of Ritholtz Wealth Management, a New York City-based investment advisory firm. “I still believe that’s true, but what we learned in the pandemic is it can’t work for everyone all at once. That’s the thing that you weren’t supposed to see.

“The hidden truth about American-style capitalism is that if everybody is good all at once, the whole thing breaks down. We need people to be successful, but we also need people who are still striving to get there, who are willing to take jobs and do things that others won’t do.”

What we learned in the pandemic is it can’t work for everyone all at once.

Joshua Brown

CEO of Ritholtz Wealth Management, a New York City-based advisory firm

CNBC spoke with Brown in early October about his experience in the field as a financial advisor and some of his top takeaways for investors across generations.

This interview has been edited and condensed for clarity.

‘One of the biggest lies on Wall Street’

Ana Teresa Solá: What led you to write this book? 

Joshua Brown: I had been writing a blog [The Reformed Broker] for about 15 years, and I was writing seven days a week at one point. Then the momentum started to slow down as my career took over. 

At the end of last year, I decided to put an end to it and just say, “This is as far as I could take this.” But I didn’t want to not give it the proper send off, because it was a huge part of my life.

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When you put your heart and soul into that much writing over that length of time, you kind of want to say, “All right … these are the most important insights, and these are the things that I think were important at the time. And let me do something that recognizes that.” 

I wanted to collect all those insights in a book, revisit some of the greatest hits, and then bring them up to the present so that there is a value to the reader today. 

ATS: You echo this idea throughout the book, that you can’t reap the rewards of the stock market without some impact.

JB: One of the biggest lies on Wall Street is that investors can avoid risk and still have the upside of whatever asset class, the markets, etc. It will always be the biggest lie because it’s the easiest thing on earth to sell.

Everybody wants it, and even very intellectually secure people who understand logic will still fall for that. 

When you’re a salesperson, one of the things you learn is to figure out who you’re talking to and what their buttons are, and then you push those buttons. 

Josh Brown on the CNBC set at the New York Stock Exchange.

Photo: James Moock

The thing that we have done very well in our content as a firm, is we have pointed out the ways in which people are convinced to do one thing or the other, and how much human nature plays into that and why it’s really important to fight those instincts, whether it’s fear or greed, as the markets are unfolding.

You really don’t want to veer too far into one of those buckets. You want to be right down the middle. Take enough risk that you can make money, but not take so much risk that you’re about to get the knockout punch. 

Josh Brown is out with a new book, 'You weren't supposed to see that'

Financial advice industry ‘has come a long way’

ATS: In the book, there’s a story about how you walked into this financial advisor’s office and her technique was not what you expected.

JB: That’s about more than 10 years ago, and it was a really eye-opening moment for me. Prior to that, I was very intimidated to make the transition from being a retail stockbroker to an investment advisor. 

I had this idea in my head that all the people who were serving as investment advisors were like these serious, buttoned up professionals who knew exactly what to do — and it really turned out not to be that. It turned out to be a lot of people pretending.

The industry has come a long way since then. The average advisor is significantly better equipped to deal with clients and more professionalized than what I had seen in that era.

That’s kind of a relic of another time that no longer exists. I don’t think that you can fake it to the degree that you used to be able to. [Many advisors are] operating on a fiduciary standard, I don’t think you could fool people anymore.

Gen Z doesn’t need financial planning advice. They need asset allocation advice.

Joshua Brown

CEO of Ritholtz Wealth Management, a New York City-based advisory firm

ATS: You say young advisors are equipped with the expertise, but they lack something prior generations of advisors have. What is it?

JB: You have this new generation of incredibly qualified financial planning talent. They’re coming out of college knowing more at 23 than many advisors at 43 have ever learned about the planning process. 

This is my opinion — I’m sure people [will] get mad when they hear this — but what they’re missing is the ability to convert an audience of prospective clients into real relationships.

They don’t yet have the life experience. Generationally, they’ve been able to get away with doing a lot less face-to-face. They haven’t dealt with as much rejection as Gen X, certainly the boomers.

Let’s put them in some rooms with important meetings going on. Let’s give them opportunities to have these face-to-face interactions, because they really know what they’re doing. 

Where they’re lacking is what my generation and older has — which is the ability to sell, to persuade, to make people feel comfortable and the ability to deal with awkward social circumstances.

‘Gen Z doesn’t need financial planning advice’

ATS: What are you observing with Gen Z and how they’re seeking financial advice? 

JB:  Gen Z, they don’t need financial planning advice. They need asset allocation advice. They don’t have the assets accumulated. There are no estate issues. There aren’t really tax things worth discussing. 

Whatever they’re encountering on TikTok is whatever the algorithm is serving them, and the algorithm is going to serve them the most outrageous content, it’s going to serve them shortcuts, facts, tricks, stories about people making wild, Bonanza size trades. 

It’s not advice … Most of it is being delivered by completely unqualified people who are not registered, who are not beholden to any sort of standard, and could just say whatever they want.

But I think what ends up happening with that generation, just like every generation prior, is things in their life become more complex. The level of responsibility goes up, the amount of money that they’re dealing with goes up, and they will, in turn, start looking for help. 

And they’ll start their search online. 

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Personal Finance

$20,000 Caution Bond Requirement for US Visa Applications imposed on 50 Countries

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7 days ago

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August 8, 2026

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The United States Department of State has officially implemented a revised visa policy introducing a mandatory posting requirement for caution payments of up to $20,000 on select foreign travel applications. Under the updated regulatory framework, consular officials are authorized to require temporary nonimmigrant visa applicants from targeted foreign countries to post a refundable financial bond of $20,000 as a condition for visa issuance. The policy mechanism is designed to address diplomatic concerns regarding high overstay rates among temporary visitor, business, and educational visa categories.

The caution bond pilot program applies selectively to foreign nationals from designated countries whose diplomatic entities record historical visa overstay rates exceeding established federal thresholds. Under administrative guidelines published by the State Department, the full financial deposit is posted directly to a dedicated federal escrow account prior to final visa issuance. The entire caution payment is automatically refunded to the applicant upon verified proof of timely departure from the United States in strict compliance with the authorized duration of stay. Conversely, failure to depart within the legal timeframe results in full forfeiture of the posted financial bond to the United States government.

Diplomatic representatives and travel policy experts have expressed varying perspectives regarding the operational implementation of the caution bond system. Administration officials emphasize that the measure serves as an effective, market-based incentive to enforce international travel compliance and preserve domestic immigration security standards. However, international trade organizations and foreign diplomatic missions have raised concerns regarding the financial burden imposed on legitimate business travelers, foreign students, and commercial partners from developing nations.

The United States finalized the rule to make the temporary visa bond program permanent, taking effect on August 3, 2026. The updated permanent regulation replaces the prior 12-month pilot, eliminates the lowest $5,000 tier, and raises the maximum required bond amount to $20,000 for specific B-1/B-2 business and tourist visa applicants.

Here is the list of the 50 countries on the list as o August 3, 2026

African Nations (31 Countries)

  • Algeria
  • Angola
  • Benin
  • Botswana
  • Burundi
  • Cabo Verde (Cape Verde)
  • Central African Republic
  • Côte d’Ivoire (Ivory Coast)
  • Djibouti
  • Ethiopia
  • Gabon
  • The Gambia
  • Ghana
  • Guinea
  • Guinea-Bissau
  • Lesotho
  • Malawi
  • Mauritania
  • Mauritius
  • Mozambique
  • Namibia
  • Nigeria
  • São Tomé and Príncipe
  • Senegal
  • Seychelles
  • Tanzania
  • Togo
  • Tunisia
  • Uganda
  • Zambia
  • Zimbabwe

Asian & Eastern European Nations (11 Countries)

  • Bangladesh
  • Bhutan
  • Cambodia
  • Georgia
  • Kyrgyzstan
  • Mongolia
  • Nepal
  • Papua New Guinea
  • Tajikistan
  • Turkmenistan
  • Uzbekistan

Caribbean & Latin American Nations (5 Countries)

  • Antigua and Barbuda
  • Cuba
  • Dominica
  • Grenada
  • Venezuela

Oceanian Nations (3 Countries)

  • Fiji
  • Tonga
  • Vanuatu

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Personal Finance

Next-Generation Retirement Planning: Managing Longevity Risk and Variable Income Streams

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1 week ago

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August 7, 2026

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Retirement planning strategies are evolving in 2026 to address increased life expectancies, shifting dynamic market conditions, and the transition away from traditional defined-benefit pensions. Individual investors and financial advisors are abandoning rigid retirement models in favor of flexible, multi-asset strategies designed to mitigate longevity risk and preserve purchasing power over multi-decade retirement horizons.

Mitigating Longevity Risk with Dynamic Asset Allocation
As average life expectancies extend past eighty-five years, one of the primary financial risks facing retirees is outliving their accumulated wealth. Traditional fixed income allocations—such as the standard 60/40 equity-to-bond portfolio—are being reevaluated to ensure portfolios generate sufficient capital growth alongside reliable income.

Financial planners recommend maintaining a meaningful equity allocation throughout retirement to offset long-term inflation erosion. High-dividend equity funds, global real estate investment trusts (REITs), and inflation-indexed Treasuries are combined to create diversified portfolios that deliver both growth and income stability.

The Transition to Dynamic Withdrawal Strategies
The classic “4% safe withdrawal rule” is increasingly replaced by dynamic withdrawal strategies that adapt annually based on market performance. Under a dynamic withdrawal framework, retirees adjust their annual distribution rates within pre-set caps and floors:
– Market Upside: During strong market returns, retirees can increase discretionary spending or fund family legacy gifts.
– Market Downturns: During market pullbacks, spending distributions are temporarily reduced to prevent sequence-of-returns risk and preserve core investment principal.

Guaranteed Lifetime Income Options and Deferred Annuities
To establish a guaranteed baseline for essential living expenses, individuals are incorporating modern fixed-indexed and deferred longevity annuities into their broader retirement architectures. Modern annuity structures offer competitive return caps, transparent fee schedules, and inflation-adjustment options.

By funding essential expenses—such as housing, healthcare, and insurance—with guaranteed income streams from Social Security, pensions, and annuities, retirees can manage discretionary investment portfolios with greater flexibility and lower emotional stress during market volatility.

Actionable Steps for Future Retirees
1. Calculate Baseline Retirement Expenses: Determine fixed living costs and map guaranteed income sources to cover essential expenditures.
2. Adopt Flexible Withdrawal Rules: Implement dynamic spending rules to protect investment principal against market downturns.
3. Incorporate Inflation-Protected Assets: Maintain exposure to dividend-growing equities and inflation-indexed bonds to safeguard long-term purchasing power.

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Personal Finance

Building Generational Wealth: Family Governance, Estate Tax Optimization, and Asset Protection

Published

2 weeks ago

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August 1, 2026

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As the largest intergenerational transfer of wealth in history accelerates, high-net-worth families, entrepreneurs, and individual investors are placing heightened emphasis on comprehensive estate planning, family governance, and asset protection. Preserving capital across generations requires a balanced approach combining tax-efficient legal structures with open family communication and financial literacy education.

Optimizing Estate Tax Exemptions and Trust Structures
With potential modifications to federal estate tax exemption thresholds on the horizon, proactive estate planning is essential for high-net-worth households. Estate planning attorneys and wealth advisors are establishing multi-generational trust structures to transfer wealth efficiently while minimizing estate and gift tax exposure.

Popular structural strategies include:
– Irrevocable Life Insurance Trusts (ILITs): Utilizing life insurance proceeds to provide liquidity for estate tax obligations without expanding the taxable estate.
– Grantor Retained Annuity Trusts (GRATs): Transferring rapidly appreciating assets to beneficiaries with minimal gift tax consequences.
– Dynasty Trusts: Preserving wealth across multiple generations while providing long-term asset protection from creditor claims and legal liabilities.

Establishing Family Governance and Financial Education
Legal and financial structures alone cannot guarantee long-term wealth preservation without effective family governance. Financial advisors report that a significant percentage of multi-generational wealth dissipation stems from lack of communication and inadequate financial preparation among heir generations.

Families are establishing formal family governance frameworks, including periodic family meetings, written mission statements, and structured philanthropic foundations. Involving younger family members in charitable grant-making and investment discussions fosters financial stewardship and prepares heirs to manage family assets responsibly.

Digital Asset Custody and Legacy Planning
In today’s modern economy, estate planning must extend beyond physical real estate and traditional brokerage accounts to encompass digital assets. Comprehensive estate plans now include detailed inventories and legal access protocols for corporate domain names, intellectual property, digital media rights, and cryptocurrency holdings.

Fiduciaries and estate executors should be provided with secure, encrypted access mechanisms and clear legal authority to manage and transfer digital holdings in accordance with the owner’s estate directions.

Practical Steps for Legacy Planning
1. Review and Update Estate Documents: Ensure wills, revocable trusts, and power-of-attorney designations accurately reflect current family structures.
2. Establish Structured Trusts: Utilize irrevocable trusts to protect assets from creditors and minimize future estate tax liabilities.
3. Create a Digital Estate Inventory: Document access protocols and legal permissions for all online accounts, intellectual property, and digital assets.

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