Michael Cole on Wealth, Legacy, and the True Impact of Money

A Story That Changes the Way You See Wealth

When Bruce and I sat down with Michael Cole for The Money Advantage Podcast, the conversation didn’t just scratch the surface of wealth management—it went straight to the heart of what wealth really means. Here’s a man who has advised families with an average net worth of more than $500 million, co-founded the largest network of centimillionaires in the U.S., and written the bestselling book More Than Money.

And yet, when we asked him about retirement, he smiled and said, “I don’t plan on retiring. I’m finally doing the work that’s closest to my life purpose.”

That one statement reframed everything. Because if someone with Michael Cole’s track record and access to the ultra-wealthy believes that life purpose—not just money—is the real destination, then we all have something to learn.

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Why This Matters to You

Whether you’re just starting to build wealth, sitting on a successful business, or thinking about how to transfer assets to the next generation, the insights from Michael Cole matter to you.

Here’s why: Michael has spent decades inside family offices, helping entrepreneurs, centimillionaires, and billionaires not only grow their capital but also grow their impact. He’s seen firsthand what works—and what fails—when it comes to preserving wealth and legacy.

In this article, Bruce and I want to unpack the conversation we had with Michael Cole so you can walk away with:

• A clear understanding of why wealth is more than money
• How to think about the impact of wealth on your family and community
• Practical insights into what the ultra-wealthy are investing in right now
• How to create a family culture that outlives you

Most importantly, you’ll see how Michael Cole’s perspective can empower you to stop chasing money as the end goal and start building a legacy that truly matters.

Michael Cole’s Journey to the Top of Wealth Management

Michael’s resume reads like a roadmap of the private wealth industry: Merrill Interest Trust Company, Wells Fargo’s Abbott Downing, Ascent Private Capital Management, and Crescent Capital Management. At each stage, he wasn’t just managing billions in assets—he was rethinking what it means to be a steward of wealth.

And eventually, he co-founded R360, a peer-to-peer community of centimillionaires and billionaires built on one core belief: Wealth is more than money.

That perspective didn’t just come from financial spreadsheets. It came from listening. Michael Cole is the kind of leader who pauses before he answers, considers both sides, and responds with wisdom. That’s why Bruce said during the episode, “Talking with you is like talking to my little brother. You think deeply, you listen, and you answer with both intellect and empathy.”

Wealth Is More Than Money – The Six Forms of Capital

Michael Cole teaches that wealth stewardship requires diversification beyond just financial assets. His model highlights six forms of capital:

• Financial capital – the money itself
• Intellectual capital – the knowledge and learning culture of a family
• Social capital – networks, relationships, and giving back
• Human capital – the character, skills, and wellbeing of family members
• Emotional capital – resilience, connection, and healthy communication
• Spiritual capital – purpose, values, and meaning

Just as investors diversify portfolios, families must diversify their approach to legacy. As Michael told us, “If you’re only focused on the money, you’re not going to succeed.”

This philosophy isn’t reserved for the ultra-wealthy. Whether you’re building your first business or stewarding a family fortune, the same truth applies: your legacy lives or dies by culture, not by cash alone.

The Impact of Wealth – Purpose Over Possessions

We asked Michael what he meant by the impact of wealth. His response hit home:

“It’s not just what the money is—it’s what the money does.”

For the ultra-wealthy, retirement isn’t about golf courses or endless vacations. They already have enough. The bigger question becomes: What is my life purpose now?

Michael described a shift he’s seen again and again: wealth creators move from making money to stewarding money. That means asking:

• How do I use my wealth to create impact in my family?
• How do I mentor the next generation to be wealth recreators rather than entitled heirs?
• How do I use my influence to serve my community and society?

Rachel summed it up perfectly: “Responsibility is a weight of something good that calls you higher. It’s not a ticket to coast—it’s an invitation to expand.”

Building a Culture That Outlasts You

The conversation turned practical when we asked Michael how to actually build that kind of culture. His answer: family meetings.

He shared a story of a family who began meetings when their son was just seven years old. They let him chair the meeting with a gavel. His agenda? “More hot dogs.”

The point wasn’t the menu—it was the habit. When kids grow up in a family that regularly gathers, communicates, and sets shared goals, they inherit more than money. They inherit a culture of stewardship.

Bruce added: “If you can get the 14-year-olds to want to come back, you’ve done a good family meeting.”

Michael reminded us that culture is a journey, not an event. Don’t expect one perfect meeting to fix everything. Instead, build consistent rhythms of communication, fun, and shared purpose.

What the Ultra-Wealthy Invest in Right Now

Of course, we couldn’t resist asking Michael Cole what the ultra-wealthy are actually investing in. His answer: a balance sheet built on liquidity for opportunities, alternatives, and patient capital.

Here are some of the trends he highlighted:

• Private equity and private real estate – long-term holdings with stability
• Direct investments – hands-on opportunities aligned with passion or expertise
• Cryptocurrency (Bitcoin in particular) – but only as a small slice of the portfolio
• AI and robotics – companies positioned for long-term secular innovation

The key difference between the ultra-wealthy and the average investor is patience. They don’t need fast liquidity for retirement. They can ride out volatility for decades. That’s a mindset worth adopting, even if you’re not investing billions.

Overcoming Cultural Narratives About Wealth

One of the most thought-provoking parts of our conversation was addressing the cultural narrative that wealth is evil.

Michael was clear: “Money isn’t good or bad. Stewardship is what makes the difference.”

He argued that wealth, when stewarded well, allows families to live well, do well, and give well. It enables mentorship, entrepreneurship, and philanthropy. Without responsible stewards, history shows societies crumble into revolution.

Rachel echoed this point: “Business and entrepreneurship are giving. They’re about serving others and solving problems. Dollars flow as a result of the value you create.”

In other words: wealth done right is a force for good.

What Michael Cole Teaches Us About Wealth

When you boil it down, here’s what Bruce and I want you to take away from our conversation with Michael Cole:

• Wealth is more than money. True legacy requires financial, intellectual, social, human, emotional, and spiritual capital.
• Impact matters. The question isn’t how much you make, but what your wealth enables you to do for your family and the world.
• Culture sustains legacy. Family meetings, communication, and shared purpose are more important than trust documents.
• Invest with patience. Focus on long-term secular innovations, not quick wins.
• Stewardship is noble. Wealth, when managed with responsibility, can make the world better.

Book A Strategy Call

Are you ready to take control of your finances and legacy? We offer two powerful ways to help you create lasting impact:

1. Financial Strategy Call – Discover how Privatized Banking, alternative investments, tax-mitigation, and cash flow strategies can accelerate your time and money freedom while improving your life today. Let us show you how to align your financial resources for maximum growth and efficiency. Book a Strategy Call with our team today.
2. Legacy Strategy Call – If you want to uncover your family values, mission, and vision, and create a legacy that’s about more than just money, we can guide you through the process of financial stewardship and family leadership. Save time coordinating your family’s finances while building a legacy that lasts for generations. Book a Legacy Strategy Call to learn more about how we can help.