Podcast

Is it time to move beyond the 4% rule?

Stefan Sharkansky joins host Mike Wallberg, CFA, to discuss his Financial Analysts Journal article, “The Only Other Spending Rule Article You Will Ever Need,” and why retirement income planning may require a more flexible approach. Sharkansky outlines a framework that separates secure, predictable income from market-driven spending—aiming to provide both stability and upside potential throughout retirement.

He explains how his model addresses real-world retirement spending patterns, market uncertainty, and the trade-offs between safety and growth. The conversation also explores practical implementation considerations for advisors and thoughtful DIY investors looking to design more resilient decumulation strategies.

Listen to the full episode for a fresh take on retirement spending—and be sure to read Stefan Sharkansky’s article in the Financial Analysts Journal to explore the research in depth.

We are excited to welcome a friend of the show, Brent Sullivan of The Tax Alpha Insider. We discuss all things Tax Alpha as the investment puzzle is different when it comes to taxable investors. I have been fortunate to have known Brent since the very beginnings of his Tax Alpha Insider Newsletter, a highly successful, focused publication in the wealth management space. I often say that he could become the Michael Kitces of Tax Alpha. Brent is also behind the first Tax Alpha Conference, Basis Northwest, in Seattle on May 28th and 29th, which I will be attending. Brent has an interesting career background, both corporate and entrepreneurial. As mentioned before, he is the Founder of The Tax Alpha Insider, as well as the Basis Northwest Conference. He was also a Software Engineer at Parametric, who is the godfather of direct indexing. Before that, he worked in Investment Banking and Asset Management. Brent holds a Masters of Engineering from Cornell University (Financial Engineering/Statistics), as well as a Bachelor of Science in Mathematics from the University of California, Riverside. In this episode, we discuss all things Tax Alpha, as this is our first interview with Brent. We talk about the reasons he decided to launch this, why Tax Alpha is important now, and how this is one of the best times in history to be a taxable investor with all of the tools available. We discuss everything from householding/asset location, to direct indexing, to tax-aware long-short, buffer ETF’s, 351 exchanges, advisor launched ETF’s, assets that shouldn’t be used for taxable investors, collars/variable prepaid forward contracts, heartbeat trades/ETF share classes, box loans, tax alpha as a volatility buffer, trader funds, etc. We also discuss the impact of AI on advisors and taxable investing, as well as taking the other side, why not just pay the taxes and keep things simple. Today’s hosts are Steve Curley, CFA (Co-Managing Principal, 55 North Private Wealth) & co-host Chris Cannon, CFA (CIO/Principal, FirsTrust). Please enjoy the episode. You can follow us on Twitter & LinkedIn or at investorsfirstpodcast.com Learn more: https://www.taxalphainsider.com/https://www.basisconf.com/

Tracie McMillion, CFA, is Head of Global Asset Allocation Strategy at Wells Fargo Investment Institute, a subsidiary of Wells Fargo & Company.  We talk with Tracie about global asset allocation and historical lessons, how portfolios are impacted by inflation, geopolitical risks and exogenous shocks, and her latest findings on women and investing.  

Tracie McMillion is focused on delivering the highest quality investment expertise and advice to help investors manage risk and succeed financially. Wells Fargo Investment Institute serves Wealth and Investment Management, a division of Wells Fargo & Company, and is comprised of Wells Fargo Private Bank and Wells Fargo Advisors businesses.

In her current role, Ms. McMillion leads a team that develops capital market assumptions and asset allocation recommendations. She also writes market commentary and analysis. She is frequently quoted in the national media, including The Wall Street Journal, Reuters, Bloomberg Television, and CNBC.

Prior to her current role, she served as an asset allocation strategist and a senior investment research analyst for Wells Fargo and predecessor firms. Earlier in her career, she managed assets for high-net-worth clients and philanthropic organizations.

Tracie earned a Bachelor of Arts in Economics and a Master of Business Administration from the College of William and Mary in Virginia. She is a CFA® charterholder and member of the CFA Society North Carolina. Ms. McMillion is located in Winston-Salem, North Carolina.

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