In this episode of Harnessing Your Wealth, we discuss the importance of protecting wealth, especially in blended families, and the role of trusts in safeguarding assets for future generations. Billy, Shaun and Cade open conversations about inheritance and financial planning to prevent conflicts among family members. The discussion also highlights the significance of having a solid financial plan to ensure long-term success and stability.
Takeaways
Prenuptial agreements are essential for protecting assets in blended families.
QTIP trusts can help safeguard children’s inheritance in blended families.
Trustees should be chosen carefully to avoid family conflicts after death.
Estate planning is especially important for blended families to consider all parties involved.
Teaching children the value of money can prevent them from squandering their inheritance.
Having a financial plan helps individuals understand their goals and resources.
Open discussions about wealth can strengthen family relationships.
One of the most valuable skills in today’s world is the ability to improvise.
Improvisation is not just about making things up on the spot but also about adapting to changing situations, finding creative solutions, and collaborating with others.
In this episode, Billy and Shaun Peterson sit down with Ryan Sullivan, CFP®, CRPC®, RCC™, Vice President and Managing Director, Applied Insights for Hartford Funds.
They explore the power of applied improvisation in finance, health, and mindset. They highlight the concept of “Yes, And” and its impact on problem-solving and creativity. Additionally, Ryan explains how improvisation can be applied in everyday life, shares brain-boosting exercises, and explores the art of explanation and active listening.
Together, they discuss:
The origins and uses of applied improvisation in various fields such as business, leadership, and caregiving
How the “Yes, And” mindset can be applied to business and communication
An improvisation exercise and how it can be used in various scenarios
The importance of challenging the brain in new ways to create new connections and reduce the risk of cognitive decline
How to use a simple exercise to improve communication skills at work and in personal relationships
Studies showing the positive effects of applied improvisation on brain health, communication, and overall well-being
Ryan Sullivan is a vice president and managing director of applied insights for Hartford Funds. He leads communication workshops around the country and speaks on a variety of financial and practice management topics, with a focus on retirement research from the MIT AgeLab. To date, Ryan has provided insights to audiences in 46 states and Puerto Rico, as well as led over a thousand webinars.
Ryan originally joined Hartford Funds in 1996, holding various roles of increasing responsibility. He left the company in 2012 as a vice president of advanced markets. Prior to rejoining Hartford Funds, Ryan founded a business to coach professionals on public speaking and impactful communication. He was later hired by his largest client, financial-planning software company Envestnet MoneyGuide, where he was vice president and head of investor education.
In addition to his role at Hartford Funds, Ryan volunteers his time and communication expertise to help others. Since 2012, he’s led communication workshops at UNC Charlotte’s Center for Leadership and Community Engagement. He also volunteers to help empower athletes with disabilities, people experiencing homelessness, and those living with Alzheimer’s and dementia. Ryan serves on Hartford Funds’ Diversity, Equity, and Inclusion Advisory Council.
Ryan is a registered representative of Hartford Funds Distributors, LLC, and is FINRA Series 7 and 63 registered. He holds his Life, Health, and Variable Products licenses and has earned the Certified Financial Planner (CFP®), Chartered Life Underwriter (CLU®), Chartered Financial Consultant (ChFC®), Chartered Retirement Planning Counselor (CRPC®), and Chartered Mutual Fund Counselor (CMFC®) designations. He’s a Fellow of LOMA’s® Life Management Institute and is also a Registered Corporate Coach (RCC™).
Originally from Hartford, Connecticut, Ryan attended Bucknell University, where he earned a bachelor’s degree in business administration. He currently lives in Charlotte, North Carolina, with his wife, Katie.
