Episode Summary

D.C. expert and policy wonk Mark Schoeff Jr. joins Bruce and Jeff to discuss the details of Biden's three big initiatives so far, The American Rescue, Jobs, and Families plans. The trio debate the merits of spending trillions to help Americans, and the tax ramifications. Nico Marais, CEO of Wells Fargo Asset Management, also joins to share his vision for the firm as it embarks in a new direction post-purchase by private equity.

Episode Notes

Mark Schoeff - Politics and President Biden’s Tax Plan - 1:00-20:30

• Biden tax plans and the ensuing adviser/client obsession around planning
• Financial advisers’ take on the plans
• A sign of changing demographics among the adviser community?
• Possible effects - The inflation risk and hastening M&A activity in the RIA sector

Nico Marais - 21:00-40:45

• Benefits of private equity ownership
• How Reverence works with its firms
• Plans for WFAM - Rebranding? ETFs? Work from home vs. return to office?
• How the future WFAM fits into the market

Cover Story: Heeding tax winds, advisers chart new financial tactics for clients

Guest Bio: Nico Marais is CEO of Wells Fargo Asset Management (WFAM). Nico leads a team of more than 1,400 including more than 400 investment professionals, and offices around the world. He serves as a member of the Wells Fargo Wealth & Investment Management (WIM) Operating Committee and is based in San Francisco.