• Gary Zimmerman shares his path from aspiring biochemist to investment banker and ultimately founder of Max.
• Gary describes how Max helps advisors and clients earn higher yields on cash while staying fully FDIC-insured.
• The conversation highlights the structural differences between broker-dealers and fiduciary RIAs in how they treat cash.
• Cash is both the "worst" asset class (low returns) and the "best" (strategic flexibility and optionality).
• Gary emphasizes that many advisors are unaware of large "held-away" cash balances clients keep at big banks.
• Research shows high-net-worth households keep roughly 25% of their liquid assets in cash—far above portfolio models.
• Behavioral finance plays a major role as clients publicly want risk but privately hoard cash for emotional comfort.
• Cash helps investors sleep better, reduce loss-aversion anxiety, and feel less trapped in work or life decisions.
• Gary explains that deposit pricing inefficiency exists because large banks don't need or want more deposits.
• The system also keeps client deposits below insurance limits by spreading funds across multiple banks.
• They explore how most households either have no emergency reserve or keep excessive idle cash earning too little.
• Cash reserve needs vary dramatically by life stage, career stability, and complexity of financial obligations.
• Senior professionals may need years of cash cushion because job searches take longer at higher levels.
• Behavioral mistakes in downturns often stem from being over-invested relative to one's psychological risk capacity.
• Gary argues that post-pandemic money-supply expansion suggests more inflation is still embedded in the system.