Podcast: Speaking of Quality: Wealth Management Insights with Hank Smith
Season 3 Episode 8 Title: Faces of Philadelphia: Closing Thoughts on Season 3

Episode Transcript:

00:05 Maxine Cuffe

You’re listening to Speaking of Quality: Wealth Management Insights with Hank Smith, a podcast by the Haverford Trust Company. On Speaking of Quality, Hank chats with authors, influencers and wealth management experts to bring a sense of clarity and calm to the complexity and stress of personal finance. And now, here’s your host, Hank Smith.

00:26 Hank Smith  

Hello, and welcome to another episode of Speaking of Quality Wealth Management Insights. I’m your host, Hank Smith, director and head of investment strategy at the Haverford Trust Company. On this podcast, we explore topics ranging from quality investing, retirement resilience, stock market trends, estate planning, small business ownership, behavioral psychology, and more.

Today, we’re closing the book on another insightful and engaging season of Speaking of Quality. This season was full of inspiring stories from a great class of leaders in the Philadelphia area. My guests ranged from prominent and established figures in the city to up-and-coming young voices, and I’m thankful to have learned a lot from them.

To look back and wrap things up, I’m joined by Maxine Cuffe, vice president and director of global strategies at the Haverford Trust Company. She’s also the voice you hear at the beginning and end of every episode.

Welcome back, Maxine.

1:22 Maxine Cuffe 

Thank you, Hank. I am happy to be here. 

1:23 Hank Smith
Well, it’s always bittersweet when we wrap up a season—they go by so fast. I’m excited to look back at the meaningful conversations we had this season with some impressive guests. 

1:33 Maxine Cuffe 

Let’s dig into our stellar lineup of guests from this season and some of the most memorable moments. First up was your conversation with Larry Kane, the Emmy Award-winning broadcaster, Philadelphia news anchor, journalist, and author. I thought your interview with Larry was fascinating. You asked him about his most memorable interviews, and he was able to rattle off multiple U.S. presidents and world leaders. What a career. 

1:59 Hank Smith

Absolutely. I think what I enjoyed most was his interviews with President Ronald Reagan and President Gerald Ford. At the time, Gerald Ford was a sitting president of the United States, six days before the election against Jimmy Carter. President Ford stopped into the studio at 6:20 p.m. The newscast went from 6:00 to 6:30 p.m. Larry was expecting him after the local news, and of course, he then became part of the show. I thought that was really interesting. 

Then, of course, with Ronald Reagan—sitting next to him at a state dinner and asking him an important question—Ronald Reagan’s response was, “Do you like the wine? Nancy picked it out tonight.”  

2:46 Maxine Cuffe 

Well, I was really intrigued by his connection and friendship with The Beatles. So, for anyone interested in Beatles history, there’s lots of great material and old interviews on YouTube. I went down a bit of a rabbit hole there. And, of course, he has his own books that he’s written on The Beatles, and he was featured in the Ron Howard Beatles documentary a few years ago. A very fascinating person. 

3:11 Hank Smith 

I also have to add that it was such a pleasure for me, having grown up as a young teenager watching Larry Kane on Action News and then seeing him come back after a brief stint in New York City—then again on the CBS affiliate.  

3:31 Maxine Cuffe 

Well, the next guest was Nisiar Smith, the founder and chairman of Philly Phinancial Literacy Week, and I loved his backstory about how he had a random encounter with someone at a career day in high school and it inspired him and led to his first job in finance. I thought that was a great lesson for young people today, and it’s something I’m always telling my daughters—that in today’s world with social media, it’s so easy to reach out to people, connect, and stay in touch. You just never know where those connections are going to lead. 

4:01 Hank Smith 

So much of success is just showing up. If you don’t show up, it’s hard to be successful—unless you’re one of those rare rocket scientists. I think it’s a tremendous story that he brought to the table

4:17 Maxine Cuffe 

I think sometimes we take it for granted because we work in this industry, but many people struggle with financial literacy, even people that are highly educated in other fields. It’s an important topic, and of course, it’s a subject that’s dear to our hearts here at Haverford, whether it’s the Speaker Series for Women or some of the educational work that we do for our next generation of clients.

You also mentioned Haverford’s Cristo Rey program in the podcast. I’ve been working with our Cristo Rey students for many years running a stock market game, which is great fun and super competitive. I love watching them progress through the year. On that first day, they hardly know what a stock is, and by the end, they’re presenting to the whole firm a stock that they’ve been following and recommending for the whole year. 

5:02 Hank Smith 

I hope he can take this Philly Phinancial Literacy Week into the classroom, much the same way that Lauren Cristella, the chairman and CEO of the Committee of Seventy, has done with civic education. Now, civics is mandatorily taught from grade school through high school, and there’s no reason that financial literacy can’t be part of that. 

5:30 Maxine Cuffe 

The next interview was with Maureen Tomoschuk, the president and CEO of Community Volunteers in Medicine, and I was so impressed with her passion and commitment to providing healthcare to those who find themselves outside of the system. And it sounds like you’ve been a supporter of CVIM for a number of years. 

5:48 Hank Smith 

Our CEO Joe McLaughlin took me to their facility out in Chester County in late February of 2020, and literally a couple of weeks later, the world—figuratively speaking—shut down with COVID-19. I never really thought much about CVIM after that until Joe invited me to a reception this past winter.

She’s so impressive, along with the people around her, the people working for her, and also the board members. I just got very excited, and now I have a seven-year financial commitment to that organization, which I couldn’t be happier about. 

6:41 Maxine Cuffe 

Fantastic, and for any of our listeners who are looking to get involved with a nonprofit, CVIM is always looking for volunteers, especially those with a background in healthcare. There are lots of opportunities on their website—not all healthcare-related—so it would be a very rewarding organization to be involved with. The next interview was with Brian Tierney, the chief executive officer of Brian Communications and Realtime Media. He’s had a very interesting career—from politics in the Reagan administration to being a newspaper owner and many things in between. 

7:11 Hank Smith 

When I started doing these podcasts a couple of years ago, I never envisioned that I’d record a podcast with a very good personal friend, and Brian agreed to do it with me. It was tremendous fun, and he has such a diverse background with a lot of success at different stints—really, three different media companies he has started. Just a very dynamic guy who’s still quite active.

7:41 Maxine Cuffe 

I thought he highlighted a really interesting point about our media today. The way the algorithms work, you end up in an ecosystem that constantly reinforces your views. We really need to break away from that to understand what’s happening in today’s world and get our news from different sources. And, as he says, we need to fight the algorithm. 

8:01 Hank Smith 

It is quite a challenge, and the whole notion of the term that former President Donald Trump—soon to be President Donald Trump—created called “Fake news” — there’s just so much of it out there that it’s a challenge, and that’s kind of been a theme in a couple of the different podcasts we’ve done. 

8:24 Maxine Cuffe 

I also loved hearing from Brian how passionate he was about the future of Philadelphia—actually, a theme that came up quite a few times in the podcast—and just all of the positive changes that he’s seen over the years. So many of our guests are making these small changes to make the city better, and those really start to add up and create a sense of optimism. 

8:44 Hank Smith 

And that was the theme that Jeff McFadden, the CEO of the Union League, brought up. There’s so much energy in Philadelphia today, in large part because there are so many young people. When I came to Philadelphia to work in 1984, the vast majority of university and college graduates in the area left after graduation. Today, I’d venture to say a majority of them stay in Philadelphia. So, there’s this incredible vibe and energy that’s supporting a great restaurant and bar scene, and you see it every night, even in the middle of winter. 

9:26 Maxine Cuffe 

I didn’t actually know a lot about the history of the Union League. Very interesting—and in particular, the art collection. I wonder if many listeners realize that it’s open to the public at certain times for people to view the collection. 

9:39 Hank Smith 

Once a week, it is open to the public. I’ll share something that did not come up in the podcast but that Jeff did mention: the Union League had its struggles back in the sixties and seventies. They sold a small portion of that art collection to keep the doors open. It’s something they regret to this day, but it is a very fine, prestigious art collection that is worth making the effort to go see. 

10:15 Maxine Cuffe 

The other thing that came out of that interview, which I thought was interesting, was that Jeff said it was still a struggle to get staff in. I was surprised because there’s a sense that the labor market has really normalized, but that’s something we’re both watching closely. Wage inflation is really a key area that the Fed is going to be watching and will dictate the path of future rate cuts. 

10:36 Hank Smith 

And yet, the Union League treats their employees incredibly well. They continued paying them during a period when the club was physically closed down, albeit at, I believe, 50%. So, they do have a very loyal group of longtime employees. But the Union League is growing, and they need more employees, especially for special events. It is challenging, but if you think of the Union League as a business among businesses in Philadelphia, they’re meeting that challenge. 

11:17 Maxine Cuffe 

I love the name of their strategic plan at the Union League: Building Your Granddaughter’s Club. They’re really thinking about the future. How long have you been a member of the Union League? 

11:27 Hank Smith 

Well, I have to admit, Maxine, I’m not a member of the Union League. It’s a fair question, but I’ll just give you my perspective.

When I started working in Philadelphia, I became a member of the Philadelphia Racket Club because of the games of squash, court tennis, and rackets that the Union League didn’t have. At the time, both facilities were kind of tired—maybe a little bit dilapidated. 

Then, through a series of good board chairs, the Union League started to turn around. They hired this young guy, Jeff McFadden, who was only 28 or 29 years old, and he’s a visionary. He is looking five years ahead, 10 years ahead, and it’s just amazing what this club offers compared to 30 years ago. If I were new out of college, you better believe I’d be a member of the Union League. 

And one more point—you don’t think of a private club as a philanthropic organization, and I think that’s really special. It’s a theme—philanthropy—that really runs through so many of my podcasts. But here, this private club, which had its own foundation, then merged with the Freedom Foundation at Valley Forge and now is a powerhouse in giving and also in teaching civics. So, it’s more than just a social club.

13:29 Maxine Cuffe 

Well, that’s a perfect segue into your episode with Farah Jimenez, the president and CEO of the Philadelphia Education Fund. Some of our listeners might be familiar with Farah. She was a presenter at the Haverford Speaker Series for Women earlier this year on the topic of civic engagement. But in the podcast, you covered her work in education and, in particular, the school districts in Philadelphia that are really struggling. 

13:55 Hank Smith 

Unfortunately, our schools are in a state where they need help. Fortunately, we have organizations like the Philadelphia Education Fund that can take gifted students from really poor schools and show them the path. Her work is really invaluable because the education system really needs help in this country, particularly K-12. 

14:34 Maxine Cuffe 

Again, something that maybe we take for granted, but not every high school has the resources to support students for success in college. Things like career and college counseling, SAT prep, and understanding the financial aid system – which can be very complex – and even things like driver’s ed are not available in some schools. Philadelphia students, if they don’t learn to drive, miss out on a critical skill that’s important for jobs in trades, as she pointed out. So, it sounds like Farrah and her organization are really doing tremendous work on this front. 

15:05 Hank Smith 

I didn’t realize the importance of a driver’s license. I thought all you needed was a picture ID, and you could basically do almost anything. Particularly if you’re in the trades, it’s mandatory because you’ve got to be driving to the site, and you have to have a clean record. So, that was really eye-opening to me. 

15:31 Maxine Cuffe 

Moving on to section two—so, Hank, this season was about showcasing the faces of Philadelphia, and you’re one of them. Can you share what it’s like to be part of the business community here and what the city means to you? 

15:41 Hank Smith 

Well, Maxine, as I mentioned earlier, I started working in the city in 1984. I spent eight years working in the city before—or actually, no, close to 10 years—before Haverford Trust moved out to the suburbs here in Radnor, Pennsylvania. But I’m still in the city frequently, and I still attend many nonprofit meetings in the city.

I think this city is very, very unique in a number of ways. There’s tremendous history and there’s tremendous historical architecture. It’s also a very modern city as well. I mean, think about this: there was an unwritten rule that you could not build a building above William Penn at City Hall. Then, a brash developer by the name of Willard Rouse decided, “To heck with this, what if I build above William Penn? Are they going to make me tear down the building?” And that just unleashed some of the modern office towers that we see today.

This is a city that’s done very well despite, shall we say, less-than-stellar leadership in terms of mayors and city council. But I am very enthused about our new mayor, Cherelle Parker. I think she is doing an excellent job, and you’ve got to recognize that you can only do things incrementally, and I believe she’s doing that.

She’s getting rid of those speed demons on the ATVs that were terrorizing Broad Street at all hours of the day. She’s impounded about 1,500 ATVs. And the city—she understands the importance of safety. Jeff McFadden mentioned that if you’re older than 50, you’re a little bit hesitant about coming into the city. I think that is going to change because the city has so much to offer. 

I would also say Philadelphia is unique because you can go in any direction—northeast, southwest—and you’re in beautiful suburbia. Then, just a little bit further, you’re in beautiful countryside. And there are so many major cities and even smaller cities where the traffic is—if you think traffic is bad in Philadelphia, and it can be—it’s nothing compared to New York, Boston, Chicago, San Francisco, Los Angeles, and I could keep going on and on. If you live in the suburbs, as I do, there are always back roads to get you right into the city in a reasonable amount of time. And that’s just not true of other cities. So, it’s a very wonderful place to live and to work. I share the excitement that Brian Tierney and Jeff McFadden have. 

19:23 Maxine Cuffe

I would agree with all of those points that you made about why we love Philadelphia. I don’t have that same history and knowledge of the city because I only moved here nine years ago. I moved over from Scotland. So, I do feel I see the city through kind of fresh eyes for what it is today, and I agree with everything you said.

There’s such an energy and a buzz in the city center. It’s so authentic, and it’s just got some fantastic restaurant scenes, arts, and sports. But you can balance that with the beautiful suburban areas and nice, peaceful rural areas.

Another ongoing theme this season was literacy and continuous learning. You asked a few guests about how to be engaged in the news cycle and to find reliable sources. So, what’s your strategy for staying informed? 

20:11 Hank Smith 

Well, first, let me share that the most influential teacher that I’ve ever had at any level of schooling and in any subject was my English teacher in high school, who, during the summer, taught journalism at The Wall Street Journal. He emphasized the need to read at least two newspapers a day—a national newspaper and a local newspaper.

That national paper could be The New York Times, The Washington Post, The Wall Street Journal, or The LA Times. But you also need your local newspaper. You need to know what’s going on around you, even if sometimes it’s just reading the obituaries.

I’ve done that right from high school through college, and, as you know, we’re inundated with so much research that we need to read—it occupies a lot of my time. I also read two national papers and our local Philadelphia paper. I read The New York Times and The Wall Street Journal, and you get a different perspective—certainly on the editorial page, but even in the front section. 

For example, where one newspaper places a story on the front page, another might bury it on page 12. So, you just need to hear what both sides are saying, and I think that is very important. Even when watching TV, I like to mix up different networks because you don’t want to hear the same message over and over. You need to listen to both sides and then draw your own opinions. 

22:09 Maxine Cuffe 

Yeah, absolutely. That was the message that came through from several of the guests—this idea of just having a diversity of different news sources. As you said, we are absolutely inundated with news and research in our roles here at Haverford. So, I am just constantly consuming news, and I try to make sure that I’m getting a diversity of sources so that I’m not getting sucked into that algorithm or only listening to one channel. 

22:32 Hank Smith 

But even a prominent large company that’s followed by 20 or 30 Wall Street analysts—it’s amazing the different opinions you get with the same numbers. They’re looking at the exact same numbers from the 10-K, and they come up with different opinions. So, it is really important not to hang your hat on just one writer or one news organization. You really need to look at every side of the story. 

23:08 Maxine Cuffe 

Of course, this podcast would not be possible without our listeners. Thank you to each and every one of you for tuning in, sending in suggestions, and sharing feedback. Keep sending us your thoughts and ideas, and we’ll try to incorporate them in upcoming episodes. 

23:21 Hank Smith 

Maxine, thank you so much for joining me for another season finale. This was an unforgettable season, and I want to thank all our guests for opening up to us about the experiences that shaped their careers and who they are.

To our listeners: thank you for tuning in to Speaking of Quality Wealth Management Insights. We already have an exciting lineup of guests for Season Four, which will be kicking off in the new year. In the meantime, please send suggestions or questions for me or the Haverford Trust team to marketing@haverfordquality.com.

Please don’t forget to subscribe, rate, review, and share this podcast. Until next time, I’m Hank Smith. Stay bullish. 

24:04 Maxine Cuffe

Thanks for listening to this episode of Speaking of Quality, Wealth Management Insights with Hank Smith. To hear future episodes of Speaking of Quality, please subscribe on Apple podcasts, Spotify, or wherever you listen to podcasts. To learn more about the Haverford Trust Company, please visit www.haverfordquality.com.  

This podcast is provided as general commentary and market overview and should not be relied upon as research, a forecast or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt an investment strategy. Any opinions expressed are as of the date this podcast was recorded and may change at any time, and are the opinions of that commentator, not Haverford’s. Any opinion or information provided are believed by Haverford to be reliable at the time of this podcast recording but are not necessarily all-inclusive or guaranteed for accuracy. Before making any financial decisions, please consult with an investment professional.