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.
https://www.youtube.com/live/DTWacmQHhSU
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.
A Story That Changes the Way You See WealthWhy This Matters to YouMichael Cole’s Journey to the Top of Wealth ManagementWealth Is More Than Money – The Six Forms of CapitalThe Impact of Wealth – Purpose Over PossessionsBuilding a Culture That Outlasts YouWhat the Ultra-Wealthy Invest in Right NowOvercoming Cultural Narratives About WealthWhat Michael Cole Teaches Us About WealthBook A Strategy Call
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