Larry Kriesmer is here today to talk options strategies for modern investors. He shares how his career evolved from life insurance to options-driven wealth management. We discuss the industry’s longstanding discomfort with options, the differences among custodians, and the surge in option-centric ETFs driven by investor demand for income, downside buffers, and more predictable outcomes. Larry explains that while options can be powerful, they require real understanding and that most investors are best served using simple strategies or working with experienced professionals. Today we discuss... 

• Larry Kriesmer shares his background transitioning from life insurance into wealth management and ultimately founding his own RIA due to options-related supervision limitations at his prior firm.
• We talk how many insurance and brokerage firms restrict options usage because supervisors often lack the necessary licensing or comfort with the risks.
• Early-career experiences show how compliance departments often misunderstand options and overburden advisors executing client-driven trades.
• Larry explains that custodians also vary widely in their options competency, noting TD Ameritrade’s historically advanced approach compared to more conservative platforms like Schwab and Fidelity.
• Options are resurging in popularity despite being decades old, due to investor frustration with unpredictable markets, multiple major drawdowns, and the need for more controlled outcomes.
• Larry outlines his discovery of options through studying indexed annuities, which showed him how options could define downside risk and reshape portfolio construction.
• We touch on potential expansion of Larry's strategy into other sectors or international markets, though the S&P remains his primary exposure due to its self-healing nature.
• Larry critiques modern portfolio theory as outdated and insufficient for managing real downside risk, arguing that a bond-plus-options structure can outperform a traditional 60/40 on a risk-adjusted basis.
• While options can be powerful tools, investors must deeply understand which side of the contract’s risk they are assuming to avoid catastrophic losses.
• Most investors should pursue education but ultimately rely on professionals or ETF structures if they want to safely incorporate options into their portfolios.