In this episode, Brad Johnson explains how the financial advice industry actually works behind the scenes. He breaks down how most advisors are paid, where conflicts of interest can appear, and why many portfolios still rely on outdated strategies like the traditional 60/40 stock and bond allocation. Brad also shares how Evergreen Capital approaches investing differently, with a focus on income-producing assets, private markets, and fee structures designed to better align incentives with clients.

Book a Call

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Evergreen Capital

[email protected]

Connect with Brad Johnson

https://www.linkedin.com/in/bradleyjohnson/

Key topics:

• Why most financial advisors rely on the traditional 60/40 stock and bond portfolio

• The biggest problem with the standard assets under management (AUM) fee model

• How uncapped advisory fees can grow dramatically over time

• Where hidden fees and commissions still exist in the financial advice industry

• The difference between fiduciary advisors and broker-dealers

• Why many advisors avoid private market investments and alternatives

• How incentives shape the advice clients receive

• The risks of relying on the 4% withdrawal rule in retirement

• Why income-producing portfolios may be a better fit for many entrepreneurs and business owners

• How AI is beginning to disrupt the traditional financial planning model

Timestamps:

00:10 - How do you differentiate between financial advisors?

01:08 - What’s wrong with the financial advisor business model today?

02:40 - How is your company different from other financial advisors?

03:37 - How do financial advisors get paid? Which payment models do you like and which do you find problematic?

06:11 - Where are financial advisors hiding fees in their contracts?

07:04 - How can clients go about identifying fees their current advisor is hiding?

07:58 - Fiduciaries are typically safer, but is knowing they’re a fiduciary enough?

08:49 - In your opinion, many advisors operate in outdated ways. How so?

11:32 - What is the root of the problem? Why do advisors use outdated strategies?

14:01 - What other conflicts of interest do you see in the most common advisor models?

15:40 - How can clients differentiate between recommendations that are strategy based versus incentive based (favor the advisor)?

17:19 - What questions should clients ask their current financial advisors in their next meeting after having watched this interview?

19:55 - How does your investment philosophy effect the strategies you employ for your clients?

20:58 - What are the most common poor fitting recommendations you see wealthy families pushed into? Why do those pitches work?

23:02 - When should wealthy families consider switching from their traditional advisor, to one with a more customized approach?

24:01 - Do you believe traditional financial advisors are an enemy to wealth generation?

30:08 - What patterns should clients learn to identify in financial advice, that will help them safeguard their wealth?

32:20 - Closing thoughts

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In this episode, Brad Johnson breaks down the recent news of Bill Ackman selling 10% of his hedge fund, Pershing Square, highlighting the strategic reasons behind this move and its implications for GP stakes investing. Discover the key differences between investing in hedge funds and private equity firms and what this means for investors.

GP Stakes Research:

https://www.evergreencap.com/gp-stakes-investing

Evergreen Capital:

[email protected]

Connect with Brad Johnson

https://www.linkedin.com/in/bradleyjohnson/

• Key topics - 5-10 bullets:Why Bill Ackman sold 10% of Pershing Square for about $1 billion, valuing the fund at $10 billion
• Ackman's growth plans with a potential $25 billion fund aimed at retail investors
• The significance of valuation multiples: private equity vs hedge funds
• The importance of a fund's longevity, team stability, and strategy diversity in private equity
• Risks associated with minority stakes in hedge funds due to key man risk and firm dependence
• Comparison of private equity and hedge fund structures for minority investments
• How Ackman's move exemplifies strategic growth and capital deployment in alternative investments
• Why private equity firms tend to be more stable and less vulnerable than hedge funds
• What this case reveals about the evolving GP stakes market and investor considerations
• Brad’s perspective on Ackman’s future success with this strategic sale

Timestamps:

00:00 - Bill Ackman’s $1 billion stake sale explained

00:23 - Why hedge fund minority stakes can signal growth, not decline

00:44 - Ackman’s ambitious plans with new funds and growth strategy

01:03 - Valuation implications: what a 10% stake says about Pershing Square

01:56 - How private equity valuations compare with hedge fund multiples

02:21 - The significance of fund longevity and team stability in private equity

02:46 - Risks of investing in hedge fund minority interests

03:23 - Differences between hedge fund and private equity structures

03:46 - The stability and resilience of private equity firms

04:05 - The vulnerabilities of hedge funds in minority stakes

04:57 - Why private equity is a more reliable investment space

06:27 - Final thoughts: Ackman’s future and what this means for GP stakes investing

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In This Episode, You’ll Learn:

• The Wake-Up Call: Why a surgeon’s salary wasn't enough to solve financial burnout.
• The Hybrid Approach: How to balance index funds with high-yield real estate.
• The First Deal: A breakdown of Jordan’s first duplex and his 10% cash-on-cash target.
• Tax Alpha: How his wife’s "Real Estate Professional Status" (REPS) supercharged their wealth.
• Scaling Secrets: Moving from one property to a portfolio that produces $11k/month in cash flow.
• Avoid the "Doctor Trap": The 3 biggest mistakes physicians make when investing in alternatives.

Resources Mentioned:

• The Prudent Plastic Surgeon: prudentplasticsurgeon.com
• Strategy Call with Evergreen: Book Here
• The Alternative Investor Newsletter: Join Here
• Email Jordan: [email protected]

Connect with Brad Johnson:

• Website: evergreencapital.com

Chapters:

• 00:00 – Why financial freedom matters for doctors
• 03:09 – Index funds vs. Real Estate: The hybrid strategy
• 04:10 – Breaking down the first duplex deal
• 06:51 – Systems, automation, and team building
• 10:26 – Replacing clinical income with passive cash flow
• 23:25 – Common mistakes doctors make in alternative assets
• 30:49 – The emotional impact of recurring investment income

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Sign up to access our deal flow: https://altinvestor.beehiiv.com/

To speak with our team: [email protected]

This episode challenges the common belief that family offices are only for billionaires, explaining how wealth management should evolve as income and complexity increase. It emphasizes the importance of treating personal finances like an operating system, focusing on after-tax cash flow, and integrating alternative investments for better tax efficiency and cash flow management. The discussion highlights the limitations of traditional financial advice and the benefits of a family office approach, which includes private equity, real estate, and private credit to solve problems that public markets and retirement accounts do not address effectively.

Keywords

family offices, wealth management, alternative investments, tax efficiency, cash flow, private equity, real estate, financial advice, operating system, personal balance sheet

Takeaways

• Family offices aren't just for billionaires.
• Traditional advice often stops working as wealth grows.
• Focus on after-tax cash flow, not just retirement accounts.
• Integrate private investments for better tax efficiency.
• Treat personal finances like an operating system.
• Ask how capital should be deployed for maximum returns.
• Consider alternative investments for predictable income.
• Avoid unnecessary ordinary income tax.
• Coordinate investments, taxes, and liquidity.
• Build a system, not just a portfolio.

Title Options

• Rethinking Wealth: Beyond Billionaire Family Offices
• Transforming Personal Finance into an Operating System
• The Hidden Costs of Traditional Financial Advice
• Unlocking the Power of Alternative Investments
• Family Office Strategies for Everyday Investors
• Maximizing Returns with Tax Efficiency
• Beyond ETFs: A New Approach to Wealth
• The Family Office Mindset: Not Just for the Ultra-Rich
• Building Wealth with Private Investments
• From Retail Advice to Family Office Thinking

Sound bites

Family offices aren't just for billionaires. Traditional advice stops working as wealth grows. Focus on after-tax cash flow. Integrate private investments for efficiency. Treat finances like an operating system. Maximize returns with strategic capital deployment. Predictable income through alternative investments. Avoid unnecessary ordinary income tax. Coordinate investments, taxes, and liquidity. Build a system, not just a portfolio.

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Apply for a Strategy Call with Evergreen: https://bit.ly/4pqK1Kk

The discussion delves into how the ultra-wealthy leverage real estate investments to generate significant paper losses, which in turn compound their wealth and reduce taxes. The conversation highlights the impact of the new tax bill, allowing accelerated depreciation, and emphasizes the strategic importance of choosing the right property types to maximize tax advantages. The long-term strategy of using real estate as a major asset class for tax benefits is explored, showcasing how the tax code rewards ownership of productive assets.

Keywords

real estate, tax strategy, ultra-wealthy, depreciation, tax bill, property investment, paper losses, wealth compounding, tax advantages, productive assets

Takeaways

• The ultra wealthy buy real estate for the tax losses.
• Large paper losses compound wealth and reduce taxes.
• The new tax bill allows accelerated depreciation.
• Federal and state taxes can be significantly reduced.
• Depreciation is a key concern for the wealthy.
• Think of depreciation as a consistent tax strategy.
• Real estate is a long-term strategy for the wealthy.
• Choosing the right property types is crucial.
• Real estate is the only major asset class for tax benefits.
• The tax code rewards owning productive assets.

Sound bites

The ultra wealthy buy real estate for tax losses.

Large paper losses compound wealth.

Accelerate everything 15 years or less.

A $500,000 paper loss can translate.

Depreciation is a consistent tax strategy.

The wealthy use real estate for tax benefits.

Maximize tax advantages with the right property.

Real estate shows a loss, reduces taxes.

The tax code rewards owning productive assets.

Real estate is the only major asset class.

Chapters

• 00:00:08 Introduction to Real Estate and Taxes
• 00:01:09 Impact of the New Tax Bill
• 00:03:22 Federal and State Tax Reduction
• 00:04:23 Depreciation as a Strategy
• 00:05:40 Long-Term Real Estate Strategy
• 00:07:06 Choosing the Right Property Types
• 00:08:31 Real Estate as a Major Asset Class
• 00:08:48 Tax Code and Productive Assets

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In this episode, Brad Johnson sits down with Bridger Pennington, founder of FundLaunch and FundLaunch Partners, to break down why most first-time funds struggle and how GP seeding is reshaping the private markets. Bridger shares how his firm reviews more than 1,200 emerging manager applications a year, why micro-funds can outperform larger peers, and how GP stakes combined with operational support create asymmetric upside. The conversation also dives into FundLaunch AI, a new platform designed to cut fund formation timelines from months to days.

What You’ll Learn

• Why most first-time funds fail before they ever scale
• How GP seeding works and why institutions are increasingly focused on it
• The difference between institutional GP stakes and micro-fund seeding
• How FundLaunch filters 1,200 managers down to roughly 10 investments
• Why niche strategies outperform at smaller fund sizes
• How tranche-based capital and option-like structures reduce downside risk
• Why no-fee, no-carry GP economics matter for long-term compounding
• What institutional investors actually look for in Fund II and Fund III
• How FundLaunch AI aims to replace expensive early-stage legal and structuring work
• Why ownership and private markets matter in today’s economic cycle

Key Topics Discussed

• GP seeding and GP stakes
• Emerging and first-time fund managers
• Micro funds vs institutional funds
• Private equity, private credit, real estate, and niche strategies
• Fund formation, compliance, and back-office infrastructure
• AI and software in private fund creation
• Long-term compounding through GP economics

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In this episode, we sit down with Richard Wilson, founder of the Family Office Club, to pull back the curtain on how the ultra-wealthy manage, protect, and grow their fortunes. With a community representing over $14 trillion in assets, Richard shares insider strategies that go far beyond standard wealth management.

We dive deep into the "Billionaire" playbook for deal structuring—explaining why the wealthiest investors care less about fees and more about custom terms like warrants and gross revenue royalties. Richard also reveals how family offices are leveraging Artificial Intelligence to automate due diligence, acting as a "second brain" to process deals faster and more deeply.

Whether you are an investor looking to start your own family office, or a sponsor seeking to raise capital from them, this episode provides a rare look into the operational and investment tactics of the super-rich.

Evergreen Capital:

www.evergreencap.com

[email protected]

Family Office Club: FamilyOffices.com

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www.evergreencap.com

[email protected]

In this episode of "The CIO Brief," Brad Johnson, Managing Director and CIO of Evergreen Capital, delves into the complexities of the current economic landscape. From the lessons learned from legendary figures like Jamie Dimon to the evolving attitudes towards cryptocurrency, Brad offers insights into market trends and investment strategies. Join us as we explore the intricacies of family office investments, the impact of geopolitical concerns, and the future of digital currencies. Whether you're an investor or simply curious about the financial world, this episode provides valuable perspectives on navigating today's economic challenges.

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In this episode, Brad Johnson explores the world of tax loss harvesting, covering basic to advanced strategies. Learn how to leverage these techniques to enhance your investment portfolio and reduce tax liabilities.

www.evergreencap.com

[email protected]

0:00 Introduction to Tax Loss Harvesting

5:00 Basic Tax Loss Harvesting Explained

15:00 Direct Indexing and Its Benefits

25:00 Advanced Strategies with Leverage

35:00 Common Mistakes and How to Avoid Them

45:00 The Future of Passive Investing

55:00 Conclusion and Final Thoughts

Disclaimer:

This podcast is for informational and educational purposes only. It should not be construed as investment, tax, or legal advice. Opinions expressed are those of the host and guests and do not necessarily reflect the views of Evergreen Capital or its affiliates. All investments involve risk, including the possible loss of principal. Past performance is not indicative of future results. Listeners should consult their own financial, tax, and legal professionals before making any investment decisions. Advisory services are offered through Evergreen Capital, a registered investment adviser.

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Brad shares his philosophy on the importance of holding prime assets and the compounding advantages of quality investments, whether in stocks or real estate.

https://www.evergreencap.com/

Keywords

investing, quality assets, investment philosophy, market efficiency, long-term returns

Takeaways

• Quality over high returns is key in investing.
• Market efficiency has increased over the years.
• ETFs are recommended for most client portfolios.
• Prime assets retain value even in downturns.
• Quality investments compound advantages over time.
• Real estate can offer long-term returns.
• Distressed assets are risky but can be opportunities.
• Holding quality assets leads to compounding capital.
• Investing in quality can feel uncomfortable but pays off.
• Focus on quality is the major lesson in investing.

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The episode discusses Robinhood's induction into the S&P 500, exploring its impact on the investment landscape. It highlights Robinhood's role in educating young investors, the risks of fast-paced trading, and the shift towards modern technology in investment platforms.

Evergreen Capital

www.evergreencap.com

Takeaways

• Robinhood's entry into the S&P 500 marks a significant shift in the investment landscape.
• The app has 15 million customers and generates substantial revenue from brokerage fees.
• Robinhood educates young investors but also encourages risky trading behaviors.
• The experience of losing money can be a valuable lesson for young investors.
• Robinhood's fast-paced trading style has both pros and cons.
• The app's user-friendly interface appeals to younger generations.
• There's a growing trend towards cryptocurrency and modern technology in investing.
• Traditional investment platforms lack the sleek user experience of Robinhood.
• The shift from old to new guard in the S&P 500 reflects changing market dynamics.
• Future investors will likely prioritize modern technology in their investment choices.

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