Tax attorney turned financial advisor Megan Gorman never counted on getting her book All the Presidents’ Money published in the middle of one of the most consequential and contentious elections in the nation’s history.
But just like those fortunate few who have ascended to America’s highest office, a little luck certainly helps a campaign.
“I started this project four and a half years ago,” said Gorman. “Doing all the primary source work and going through the Presidents' letters and checkbooks and mortgage statements to try to figure out who they were financially. Lucky me! It coincided with the presidential election year when it finally came out.”
Gorman’s wealth management background makes her the ideal candidate (pun intended) to write a book comparing the financial acumen of America’s Presidents.
After working for Goldman Sachs for a spell, she launched her own female-operated and owned RIA a decade ago. It now boasts about a billion in AUM and she says her holistic approach to serving clients gave her the proper perspective to weigh in on the various ways Presidents manage their personal finances.
And while some Presidents have sizable portfolios before entering the Oval Office – like the Bushes and Roosevelts – others cash in on their notoriety after leaving Washington.
“It used to be that you became president and when you finished you either went back to work as a lawyer, or wrote a book, or you died,” said Gorman. “But what happened in 1977 was a really big deal. When Gerald Ford left the presidency he was still young, he was 62, and he was like, ‘what am I going to do, play golf all day?’”
And while Ford did end up playing his fair share of golf post-Presidency, he also hired a William Morris agent who helped build his brand. Ford ended up joining a number of corporate boards, something his predecessors never really considered.
Once Ford monetized the Presidency, the door swung wide open, according to Gorman. For example, the Obamas recently launched a media company.
“You're a brand, not just a former president, so we're seeing that evolution with their wealth too,” said Gorman. “And any of these four candidates – Harris, Walz, Trump and Vance - once they finish this campaign, whoever loses is going to make money. And whoever wins when they leave the Presidency is going to make money. It's a big change from how it was back in the days of George Washington.”
It is well known that former President Donald Trump was born into tremendous wealth and that rich upbringing has always affected his relationship with money, says Gorman. Not only does he disdain transparency – or at least prefers to show what he wants to show – but he also thinks about his fortune generationally.
“He's trying to create a brand that will not just withstand him, but his children and his grandchildren. And so if we were to carve into his finances, most people wouldn't understand what he's all about, but he's willing to hire people to help him understand tax law and estate law to find those loopholes,” said Gorman.
Added Gorman: “Sometimes he pushes the envelope into that very gray area. And I think it brings up a lot of questions for our organizations, like whether the Internal Revenue Service is really prepared to deal with aggressive, ultra-high net worth generational wealth transfer techniques.”
As for his rival in the race, Vice President Kamala Harris, Gorman characterizes her as a “good Girl Scout” when it comes to her personal finances, which include a diversified portfolio of ETFs and a husband who gave up his business partnerships for the sake of propriety.
“When I look at her portfolio, I see a lack of conflict,” said Gorman. “And that lack of conflict really started in 2016 when she became a US Senator. And then as she became a Presidential candidate in 2020, and then the Vice President and now a Presidential candidate again, she's gotten less and less conflict ridden.”
Why does Harris go the extra yard for transparency while Trump prefers to keep his personal business in the proverbial dark?
Gorman says its because there is more pressure on women to be “as perfect as possible.”
“What she did is try to make herself bulletproof,” said Gorman. “She's slow and steady, and she's going to do quite fine in the markets. And whatever happens, she'll get a book deal, she’ll get a media deal, she'll be fine.”
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