Sam McGee and Alec Walker (CFP, Managing Director of the Houston office) from Crestmont Private Wealth discuss the growing concentration risk in the S&P 500, where the top 10 companies now account for 41% of the index — more than double the 18% they represented just a decade ago. They explain why a fiduciary approach favors diversification across asset classes and geographies rather than piling into a handful of mega-cap tech names. Using a football salary-cap analogy and historical data from the "lost decade" (2000–2009), they illustrate the dangers of over-concentration and advocate for a smoother, diversified portfolio designed to keep investors disciplined through all market conditions.

0:00 Intro — Sam McGee welcomes viewers to The Ascent; Crestmont Private Wealth serves high-net-worth, philanthropic families across Houston and Boerne, TX

0:23 Alec Walker shares a recent client meeting about multi-generational gifting (cash, securities, 529s)

1:14 Today's topic: takeaways from their monthly investment committee meeting — concentration risk in the S&P 500

1:34 Historical look at the S&P 500 top 10 (1985 vs. today): IBM, Exxon, Kodak, DuPont dominated then; none remain in the top 10 today

2:26 The top 10 now represent 41% of the S&P 500, up from 21% in 1985 and 18% in 2015

3:20 Why investors may not realize the index isn't equally weighted — most just track it on their phone

3:58 Historical parallels: energy dominance, the dot-com bubble — markets are dynamic, what's true today won't be tomorrow

5:10 Football salary-cap analogy: overpaying one star quarterback leaves less for the rest of the roster

6:15 Don't overcorrect — those are still quality companies, but diversification is essential

6:33 Crestmont's fiduciary lens: diversify across fixed income, developed markets, and emerging markets; geopolitical risk is always present but companies operate globally

7:50 Under the hood: S&P 500 vs. Crestmont's ultra-aggressive model — top 10 exposure drops from ~41% to ~22–23%

8:54 $100K example: $40K in top 10 via S&P 500 ETF vs. ~$22–23K in a diversified equity sleeve

9:17 Diversification can underperform when mega-caps surge, but protects on the downside and keeps clients invested

9:36 Market at/near all-time highs — nobody can predict corrections; what you can control is your level of risk

10:12 The real danger: an untimely market drop when over-concentrated, especially for retirees living off the portfolio

11:16 Texas A&M football analogy — one underperforming quarterback can sink the whole season

12:03 The "lost decade" (2000–2009): S&P 500 was negative annualized over 10 years; even excluding the financial crisis (2000–2007), it returned only 2.76% vs. bonds (6.5%), small caps (9%), international (8%), emerging markets (19%)

13:22 Closing — compressing two hours of investment committee into ~16 minutes; call to action for high-net-worth families ($1M–$20M+ liquidity) to reach out at crestmontpw.com

Original Air Date: October 10, 2026 at 8:30am as heard on Boerne Radio 103.9FM

Contact: www.crestmontpw.com

Alec Walker in Houston: 831-280-5288

Sam McGee in Boerne: 830-368-2898

See omnystudio.com/listener for privacy information.

Alec Walker (EVP of Financial Planning at Crestmont Private Wealth) introduces new team member Cade Seymour, a CFP and associate advisor. Cade shares his background and personal motivation for entering financial planning—his grandparents' unfulfilling retirement inspired him to help families avoid the same outcome. The episode then dives deep into Roth conversions: what they are, the four key benefits, who makes an ideal candidate, common mistakes to avoid, real-world client examples, and the firm's step-by-step process for evaluating and executing conversions.

0:00 Intro — Alec welcomes new associate advisor Cade Seymour

0:42 Cade's background (Walker, LA → LSU → financial planning career)

1:24 Personal motivation — grandparents' retirement story

2:06 Cade's CFP credential; topic intro: What is a Roth conversion?

2:20 Definition — moving money from a traditional IRA to a Roth IRA and paying taxes now

3:25 Why pay taxes voluntarily? — zooming out to the lifetime tax picture

3:55 Benefit 1 — potentially paying less in lifetime taxes ($50K–$200K savings)

4:24 Benefit 2 — potentially more total assets at end of life

4:50 Benefit 3 — estate planning advantage under SECURE Act 2.0

5:36 Benefit 4 — hedging against historically low tax rates

6:17 Ideal candidates — recently retired clients, pre-RMD, expected higher future income

7:24 Job transitions as conversion opportunities

7:30 Is it only for wealthy families? (No — it depends on the situation)

8:20 Mistake 1 — converting too much (bumping into a higher tax bracket)

8:40 Mistake 2 — not considering Medicare premium increases (IRMAA at age 63)

9:25 Mistake 3 — not considering the income tax liability (withholding vs. paying from outside assets)

10:20 Real-world example 1 — retired couple, early 60s, ~$0 taxable income, converting up to $200K

11:48 Real-world example 2 — a year with high spending where conversion was skipped

11:55 Real-world example 3 — ACA marketplace income limits forcing a no-conversion decision

12:23 The process — Step 1: gather tax return, use HolistiPlan software, run recommendations

12:58 Step 2 — build recommendations back into the overall financial plan

13:36 Step 3 — decide & execute; white-glove implementation

14:02 Call to action — contact info@cresmontpw.com or cresmontpw.com; closing

Original Air Date: October 17, 2026 at 8:30am as heard on Boerne Radio 103.9FM

Contact: www.crestmontpw.com

Alec Walker in Houston: 831-280-5288

Sam McGee in Boerne: 830-368-2898

See omnystudio.com/listener for privacy information.

In this episode of The Ascent, hosts Sam McGee and Alec Walker of Crestmont Private Wealth go beyond services and products to define who they serve best. They break down the five characteristics of their ideal client — multi-generational, purpose-driven, generous, collaborative, and open-minded — and explain how these traits create fruitful, long-term financial planning relationships.

They also explore the flip side: what happens when a client isn't a fit, and why identifying red flags early protects both the advisor and the client. Alec shares Crestmont's "Bayesian" investment philosophy ("strong beliefs, weakly held"), discusses the #1 concern of Gen X and Boomer clients ("Are my kids gonna be okay?"), and offers practical advice for any business owner listening: stop selling your services and start defining who you want to work with.

Whether you're a current client, a prospective one, or just a business owner refining your own ideal customer profile, this episode is packed with insights.

0:00 Intro: Welcome to The Ascent

0:42 Why Define an Ideal Client Persona

2:14 Not Just a Commercial — A Lesson for Business Owners

2:42 Characteristic #1: Multi-Generational

4:18 Characteristic #2: Purpose-Driven

5:13 The #1 Concern: "Are My Kids Gonna Be Okay?"

6:02 Characteristics #3–5: Collaborative, Generous, Open-Minded

6:20 Generous: Charitable Giving & Tax Planning

7:36 Open-Minded: "Strong Beliefs, Weakly Held"

9:09 Collaborative: Trust & The "Floor General" Mindset

9:49 Recap: The Five Characteristics

10:09 When a Client ISN'T a Fit

11:59 Why Publishing Your Ideal Client Persona Matters

12:24 Are You an Ideal Client? Reach Out

13:19 Buzzwords to Listen For in Friends & Colleagues

14:11 Final Recap: Built for Families, Focused on Generations

15:04 Contact Info & Sign-Off

Original Air Date: October 24, 2026 at 8:30am as heard on Boerne Radio 103.9FM

Contact: www.crestmontpw.com

Alec Walker in Houston: 831-280-5288

Sam McGee in Boerne: 830-368-2898

See omnystudio.com/listener for privacy information.