Sneakers, Strategy, and the Success of Sahand Elmtalab

00:00:00: There's a lot of noise in this business and a lotta people telling you how to do it who really haven't done before.

00:00:05: I've been fortunate throughout my career learning from the best people in the industry, so now is time to give back welcome to office hours.

00:00:12: i'm kuldeep madan And This Is Where I Sit Down With The Smartest Most Interesting People I Know.

00:00:17: Todays Guest Is Sahand Elham Talab.

00:00:19: Sahand is the managing partner of M&E Catalyst Group in twenty-twenty.

00:00:22: He was named Mass Mutual's National Advisor Of The Year, he has got nearly two decades industry knowledge and a lot to share.

00:00:30: but before we get into it with Sahand here are our brief compliance statements.

00:00:34: All opinions expressed by the program participants are solely their own opinions and do not reflect the opinions of their respective parent companies, affiliates or the companies with which they're affiliated.

00:00:43: Investments or strategies mentioned in this may be suitable for you to make your independent decisions regarding them.

00:00:48: This material does NOT take into account your particular investment objectives financial situations or needs.

00:00:53: It is not intended as recommendations appropriate.

00:00:55: You should strongly consider seeking advice from your own investment advisor.

00:01:12: So Han really glad that And I was debating when we were gonna get started.

00:01:16: I'm like, should start with the cornhole stories?

00:01:18: Cornhole story or Should i be asking you about those shoes You're wearing...I think We got to talk About Those Shoes.

00:01:22: Let's do it.

00:01:24: What is happening on your feet?

00:01:25: Uh..i am today wearing The Nike SB.

00:01:28: Freddy Krueger's Quick Story About Him.

00:01:31: Um....I wanted these When I Was Younger.

00:01:33: They Were Released By Nike.

00:01:35: Warner Brothers sued Nike But Nike Had Already Shipped Half Of The Product Out.

00:01:42: So When they Got Sued They Couldn't Sell.

00:01:44: So they never actually got sold and most of them were burned.

00:01:48: So Nike said, hey we just need him burned.

00:01:50: either bring I'm here or burn on yourselves.

00:01:52: a number of them made him made it out of the stores And these were sold at.

00:01:57: um i think there yeah Ross stores The discount stores for like ten bucks?

00:02:02: And so no one really knows how many are out There.

00:02:05: but that's How They Got Out Into the Marketplace and then I wear a size thirteen which is the rarest shoe size then.

00:02:12: They didn't make a fourteen, and in the SBs they'd made very few of them.

00:02:15: so I've confirmed where other four are that we're aware of.

00:02:19: And...so thats it!

00:02:20: The market forum is.

00:02:22: It's high there.

00:02:25: I imagine those were difficult to find.

00:02:28: Where did you find em?

00:02:29: Uh..I have uh.... I been into sneakers for awhile.

00:02:32: You have a shoe

00:02:33: guy?!

00:02:34: I'm a shoe guys.

00:02:35: You

00:02:35: have like a sneaker dealer.

00:02:37: Sneaker dealer close.

00:02:39: No, just a network of old friends that have been in it for a long time and so one.

00:02:44: there's A couple guys that are into the SP.

00:02:45: the skateboarding side is stuff And so if I need something we go to them.

00:02:49: and this little Network.

00:02:50: We usually just help each other out and don't charge full price.

00:02:53: All right.

00:02:54: One of the other networks That super interesting with you than i know about Is his whole watch collection thing?

00:02:58: You got gone.

00:02:59: tell me by that what your wearing.

00:03:01: This watch that I'm wearing is a special one.

00:03:05: It's a Hublot Big Bang, the Rainbow Big Bang Skeletal One.

00:03:09: The year I won Advisor of the Year, you know Dave my partner and one of best friends They threw big celebration for us for Sarah myself And he has the rainbow Daytona, the rose gold one Then his wife as a rainbow show part I believe and so that night he gave me this watch As a gift for hit an advisor of the year, and they also give Sarah a Rainbow show part

00:03:35: amazing.

00:03:38: I'm very curious about your relationship with Dave And we're gonna come spend time on it later too.

00:03:42: but let's just go right into tell me a little bit About Your Relationship With Dave.

00:03:48: Well from the get-go one was figuring out what firm I was gonna end up at from my first firm.

00:03:55: I interviewed twenty-four different places, so wirehouses to RIAs two small shops the mass mutuals guardians New York Lifes of The World and I ended up...I believed that'd be successful.

00:04:09: looked at the metrics the math and i'm like okay..i can figure this out where I go because I felt good about that!

00:04:15: I felt like Dave could take me to places And so that's why I picked Dave.

00:04:21: That is, I think the best way to explain Dave.

00:04:24: I love it!

00:04:25: You've told me some incredible stories about Dave.

00:04:27: So yeah...I think its special what you have as a relationship.

00:04:31: and for clarity if people don't know Dave is your general agent.

00:04:34: Correct People are not normally- I think he just described him like his friend.

00:04:37: People dont' usually talk about their General Agents that way.

00:04:40: Yeah, I mean yes It's weird hearing how other people talk about Their General Agent.

00:04:45: Its amazing.

00:04:47: I'm also blessed to have some incredible general agents, so i think it's awesome that you can have a relationship like That now.

00:04:53: I do want us To go way Way back in time when i start with Like the early days The young growing up times of A little tiny sahan el talaab Just Go all the way Back your kid Tell me about You know what shaped you?

00:05:10: What you know.

00:05:10: influences were on Your life.

00:05:12: who are those people?

00:05:14: Yeah, I'd say the biggest influence.

00:05:16: So I grew up in the Midwest.

00:05:18: My parents both came from overseas and the seventies where my dad came from Iran.

00:05:23: He's Azari Iranian seventy-two And my mom is.

00:05:27: She was a Kurdish refugee from Iraq.

00:05:29: she came over in Seventy five I believe and then they met.

00:05:32: They met in Montana and they got married.

00:05:35: so we bounced around a lot.

00:05:36: my Dad went to college for eleven years.

00:05:39: He's got five hundred and twenty some credit hours of college work, which is a lot.

00:05:44: And I know it's

00:05:46: professional students.

00:05:47: as a professional student on he formulated what's now today known as fracking.

00:05:53: so his thesis was an AI program for fracking

00:05:57: about AIs not only been around for the last few years at that but

00:06:00: yeah Not So much.

00:06:01: But either done The green screen Mac just to give you An idea how old school That stuff Was.

00:06:06: So, highly intelligent guy.

00:06:09: Spent a lot of time in school.

00:06:10: price oil falls not super business savvy so it doesn't take advantage of his thesis the importance that story is.

00:06:19: my dad has one of their biggest influences on life as does my mom now.

00:06:24: what my Dad taught me to do was don't go college for long and get this high technical degree.

00:06:31: good or bad are indifferent.

00:06:33: I'm like i am not going For sure, I'm gonna go four years and get out.

00:06:37: And then see you know maybe get back into it for a different reason later.

00:06:40: But what he always used to tell me all the time was You're going to be the best at anything you do?

00:06:45: You're the best that everything you do now.

00:06:49: Don't ever let anybody tell you difference.

00:06:50: and-and He would basically tell me that every day... ...And i hung out with my dad pretty much everyday.. ..I'd go to the office with him.

00:06:57: He teached classes , I hangout in his office .

00:06:59: I Was With Him All The Time.

00:07:00: Love It Yeah.

00:07:02: So I Know I know you've had a hard life.

00:07:05: Um, i Know people don't know much about your personal side.

00:07:09: and is it okay if we go to the person?

00:07:10: A little bit

00:07:10: yeah sure

00:07:12: You told me a story last night at dinner About when you were nine years old.

00:07:17: You went back to iraq.

00:07:18: I think It was yeah the Kurdish refugee you mind sharing?

00:07:22: Uh no so We went back.

00:07:24: uh The only time i've been to Iraq i went Back.

00:07:26: my mom Was pregnant with My brother.

00:07:31: My sister And myself went over there And so I was nine, she was five or something in that range.

00:07:37: At the time Saddam was genociding the Kurds and my mom's a Kurd.

00:07:42: So probably not the smartest move to go over there with the kids.

00:07:45: but That Was The Call i guess.

00:07:47: We went Over There Stayed With My Aunt & Uncle.

00:07:50: My uncle Is A Famous Singer They're So My Mom's Sister Married Him.

00:07:57: He Wrote The National Anthem For Iraq.

00:08:00: So they felt like because They weren't really going to mess with him.

00:08:03: We were safe being there, which is fine.

00:08:06: so we didn't Really know what was Going on as kids?

00:08:09: Uh...we're just you Know hanging out having a good time and That Was great.

00:08:13: um..We were playing With the Kids in The Neighborhoods my Cousins Exactly Year Older Than me.

00:08:16: so we're all Hanging Out and Having A Good Time And then The Neighbors One Morning Were All.

00:08:24: They Were All Killed Yeah!So We Woke Up Went Over There To Play Soccer & They Weren'T Alive Anymore.

00:08:31: So we ran back.

00:08:32: Yeah, sorry didn't mean to speak over you?

00:08:34: no No please keep going.

00:08:35: yeah

00:08:36: That's it.

00:08:36: We ran back and we didn't know what to say.

00:08:38: or do he just told our you know parents And that was that.

00:08:41: how long were you there in Iraq?

00:08:43: Just short of three months okay.

00:08:46: Then you guys came back here to the States.

00:08:47: yep I Know most probably don't know about your health either.

00:08:52: right neat You've had some health issues in the past.

00:08:55: since you're a kid as i understand it yep off me through that.

00:08:59: So they believe since I was five, I've had this autoimmune neutropenia deal.

00:09:07: What is it?

00:09:07: Well what It Is.

00:09:08: iIve got a protein coat that's different on my white blood cells than all of the other cells.

00:09:14: so My antibodies think That my White Blood Cells are a disease.

00:09:18: Basically They kill my white Blood Cels.

00:09:20: if I don't figure out A way to Regulate that I have no white blood Cells and then you Don't really make it.

00:09:27: It's

00:09:28: a miracle.

00:09:28: you're alive is what I'm hearing.

00:09:30: I don't know if it's a Miracle, but we couldn't figure out What was going on.

00:09:34: and i?

00:09:35: Was i was hospitalized so as i was on an alpha medicine called Prednisone.

00:09:40: prednisone Is not really good for your long term yeah And So the docs would always try to get me off of it which makes sense right?

00:09:45: they didn't Know what's Going On.

00:09:49: Then I would get sick and then they put me on it, and that'd be better.

00:09:52: So in high school we were really trying hard to get off of it And I was hospitalized my senior year for three months inpatient and then Towards the end of that three-months doc The doc that was taking care of me went back and looked through the records again and was like there's this weird thing with prednisone.

00:10:08: We don't really know what...we're gonna just try It because they couldn't figure out What was going on spiked it?

00:10:13: And iIwasoutoftherewithinfivedays.

00:10:16: So that was, so for some reason they don't know why prednisone regulates it.

00:10:20: At the time The versions of myotomy and disease were prevalent in women over forty.

00:10:27: Okay?

00:10:27: There was very few recorded cases of males under forty to have it active.

00:10:32: And is it more common now?

00:10:34: I haven't really checked but i would imagine not.

00:10:38: How are you dealing with all this?

00:10:40: It's just its'all good part of life.

00:10:42: what're gonna do?

00:10:44: How did nothing else you could do, right?

00:10:46: Okay.

00:10:46: But that's a grown man today.

00:10:49: You can say that.

00:10:50: how was it?

00:10:50: as a teenager?

00:10:52: I mean It's kind of the same.

00:10:55: It didn't really...you know i get sick but wasn't much different.

00:11:00: I've always been pretty positive.

00:11:02: Attitude has always been there like never I'm a victim or you know, my parents taught me for what it's worth to work hard and just be positive.

00:11:12: And life is not fair if You stay positive?

00:11:16: I believe things are gonna work out one way the other.

00:11:18: It might not be that day may Not being five years might not do all your live But i believe it'll come around when we're at The Other.

00:11:24: That will have a direct impact.

00:11:25: Do you think that mindset has shaped Your success ?

00:11:29: I Think so.

00:11:30: Yeah, I think so.

00:11:32: A lot of the people that like yourself—I mean you seem to be that way and So i think a lot of The People That Im Around Are That Way And Dave's That Way.

00:11:41: My Wife Is That Way.

00:11:45: If Everyone Does Better And Im The Guy Doing The Worst Im Probably In Pretty Good Company Because Im Pretty Confident And Im Not Saying This To Boast I Think Im Gonna Do Pretty Well.

00:11:56: So if everybody around me is doing better, I'm excited.

00:11:59: I'm ecstatic about that and I'm not upset And I think that happens a lot of them up.

00:12:04: i'm not saying special But I think a lot people don't do it That way?

00:12:07: And I Think they Don't Do as Well.

00:12:09: I think you are very Special.

00:12:10: I think You're Being Very Humble.

00:12:12: Humility Is A beautiful Thing but you don't have to be that Humble.

00:12:15: Let's let's Talk About Actually Let'S first talk About Our Competitive Spirit.

00:12:19: Ears

00:12:20: mm-hmm Cuz

00:12:21: That's Where I Usually See A little streak of mean come out from you.

00:12:24: Streak

00:12:25: a mean, I don't know about that.

00:12:28: Talk to me by being competitive.

00:12:30: You might just be thinking...

00:12:34: I'm stuck on the cornhole where i lost thousand dollars to you in Cornhole.

00:12:38: There's long-term loss for Cornhole and recent loss at the workshop Business markets

00:12:42: was like really good experience.

00:12:44: I clearly want it.

00:12:45: I am definitely very upset with this stuff.

00:12:48: Im not competitive at all.

00:12:49: Just putting that up there You're not nice about it.

00:12:55: I don't know, being competitive... What's the best way to go bout this?

00:13:02: I like seeing everybody doing well!

00:13:06: Like i love seeing you do better than well

00:13:10: right?!

00:13:10: It is even when my Isaac plays or CCs competing.

00:13:17: It's great seeing the, yeah I want them to win.

00:13:19: I want him to thrive but it's great seein' other team play well or have someone that suddenly comes up against em'.

00:13:26: To me the competitive piece that really matters is i'm highly competitive with myself.

00:13:32: and so from the beginning ive always viewed whether its how will you do in your business?

00:13:38: Or how organized it is?

00:13:41: How much are helping people on life?

00:13:44: Whatever that is I view.

00:13:45: That as a measuring stick.

00:13:46: What's the measuring stick to be competitive with myself?

00:13:48: How do i win, that game.

00:13:50: so how Do you win if your always just playing against yourself?

00:13:53: yeah it It's an answer.

00:13:55: its A question i haven't been able To answer.

00:13:58: what are You think Your endgame Is?

00:13:59: and

00:14:01: in life

00:14:02: In Life And Business and all this This Mindset of competing Against Yourself Think There'S Some Version Of You That Loves Getting Better at Things.

00:14:09: i've Seen That i've seen.

00:14:10: you Grow up in The Time that i've known.

00:14:12: ya.

00:14:13: Yeah I'm

00:14:13: curious, what do you think your end game is?

00:14:15: What's the?

00:14:17: where does this all go.

00:14:18: You know i don't know.

00:14:19: um The closest answer i've had to the prior question Is...the measuring stick is how others view you right.

00:14:28: and then with what's your definition of that?

00:14:30: like who matters?

00:14:31: but That's the closest.

00:14:33: i've gotten too okay..what these people that I respect or care about?

00:14:37: How do they think About me?

00:14:38: Do they Think uh that i'm one Of the best that my firm is, and my family is.

00:14:43: But I don't know if that's the answer but that's as close as I've gotten.

00:14:46: so with what said i think how uh...my kids in my wife view me now later hopefully get to meet my grandkids on how they do you mean whats left as a legacy and those are things too many of them are important than i think.

00:15:04: yeah i think people share those moments and talk about it is lines up today.

00:15:11: How do you talk about this stuff?

00:15:13: What you do, what you are who you are with your family.

00:15:17: I mean know your family.

00:15:19: You have a beautiful family of incredible children kids like eleven feet tall already and he's not old enough to be eleven-feet tall.

00:15:26: Um i just want to know what that family life is Like.

00:15:30: well um you Know it's its good And difficult.

00:15:34: uh in the end we can Talk through That A little bit.

00:15:37: but i think It's important at least for me and what I've seen, having a spouse that's committed to what we do in particular.

00:15:47: And a lot of business owners right?

00:15:48: But there is just some nuances with what you do.

00:15:51: so Sarah getting before I did she still licensed.

00:15:55: all the stuff started the firm was in first!

00:15:59: So i think she has an understanding pretty hard to make sure that I'm there and I'm around.

00:16:07: So we have some rules that we follow because I travel a lot, so rules to make it sure that iI'm there- I miss very little of the kids stuff okay?

00:16:16: Got a lot during the week but I missed very little.

00:16:18: um... I almost miss nothing from uh you know games or whatever's important standpoint.. Missed something!

00:16:24: But Very Little.

00:16:26: And then yeah I mean showing up.

00:16:29: That's The Stuff I Remember About My Mom & Dad.

00:16:31: Right I Mean Yourself Right.

00:16:34: and so Yeah, and then it's been fun.

00:16:37: You know recently being able to talk to CC and Isaac about The you what we do how?

00:16:43: We do it.

00:16:43: Then they're asking really good questions now as their figuring it out.

00:16:46: And its it's fun.

00:16:48: cc is pretty dead set on getting in and taking over.

00:16:50: oh that's exciting.

00:16:51: yeah Isaac you know he at first He's like I'm gonna go farm First and then and then i promise I'll get into the family business.

00:17:00: Now, he really wants to be a pro athlete which is great.

00:17:05: Which sport?

00:17:06: He's good at all of them it seems

00:17:08: I think he's pretty dead set on basketball or football If you asked him today probably basketball if You ask him when footballs going but then he was like Then i'll get in the family business and there's no pressure To Get In right.

00:17:23: obviously i'd love that.

00:17:24: That would Be Great But There Is No Pressure.

00:17:29: So Sarah's been an important part of your life for a very, very long time.

00:17:32: Yes How did you guys meet?

00:17:35: Well we knew each other in high school.

00:17:38: Her brother was one of my close friends.

00:17:40: Sarah is two grades older than I am and so We know each other didn't date.

00:17:45: Matt got medically discharged from the military.

00:17:48: He was overseas into Iraq And then Sarah transferred.

00:17:51: she was going to the KU Transferred at University Minnesota just about the same time that he came home.

00:17:57: Okay She was there.

00:18:00: We were all hanging out and we started dating pretty quickly after that,

00:18:04: And she just fell for you?

00:18:05: That's it.

00:18:06: You just trapped her.

00:18:07: I trapped her.

00:18:08: now There is a difference in stories but she Was the pursuer.

00:18:13: oh Just

00:18:14: to put that on the record

00:18:15: who story is that?

00:18:16: your story or her story?

00:18:17: It's my story and her brother's story.

00:18:19: okay if you've seen our brother He ain't.

00:18:21: he's not gonna lie about that one.

00:18:25: He has no reason to

00:18:26: what's her story.

00:18:27: What do you mean?

00:18:28: Well,

00:18:28: what would she say.

00:18:29: She'd say that I was the pursuer?

00:18:31: okay Yeah

00:18:32: who is really the pursuers?

00:18:33: it was really her.

00:18:35: It's her.

00:18:35: yeah

00:18:35: i would Say its both.

00:18:36: how about That?

00:18:37: Okay there

00:18:39: i like it.

00:18:39: yeah she's an incredible woman and it Really does help to have a supportive Partner in this business right?

00:18:46: yeah no doubt especially with You know now your traveling A lot right?

00:18:50: i mean Its just tough.

00:18:53: Now you got the kiddo here.

00:18:54: Not that it wasn't difficult before, but...

00:18:55: It's even harder!

00:18:56: You want to be around?

00:18:57: She wants you to be for this stuff so its the same gig right?

00:19:01: Exactly and figuring out how balance and juggle all of these things is very hard.

00:19:06: I think we both have some really nice luxuries in having our families around.

00:19:10: Your family are a big part of your life.

00:19:15: What does your family like?

00:19:17: The rest of your extended families Everybody around?

00:19:19: How often do they see each other?

00:19:21: On my side, I don't have any other family in the States but my immediate family.

00:19:27: My mom passed away nine years ago now and my dad lives basically twenty minutes from us.

00:19:34: so

00:19:34: we

00:19:35: see him a fair amount And my siblings are in the area Sarah's Mom & Dad.

00:19:43: They have an apartment at our house.

00:19:45: So were with...and i love her parents to death Especially her mom.

00:19:50: I love her dad too, but especially your mom.

00:19:53: So there you know we're with her all the time Which is great?

00:19:56: Her sister lives twenty minutes away.

00:19:59: We see here in The Boys All the Time.

00:20:01: Sarah talks to her Mom and her Sister And her brother Every day.

00:20:06: Her Brother Lives Up North Four Hours Away Three Hours Away.

00:20:10: Sarah's Parents Have a Place up There so Marks Up There a Lot More But They're All That.

00:20:15: they're All There Yeah, and there's some other family that's in the area but we're pretty tight with The rest of our family too her cousins and stuff.

00:20:22: We were just out with them a couple months ago in Colorado.

00:20:24: I love it.

00:20:26: How how did you get your in-laws to move into your house?

00:20:29: Is this like a daycare thing You was just setting up because i know minnesota y'all were

00:20:32: high inside on the day care for.

00:20:35: Unfortunately, we weren't.

00:20:36: um...we weren't.

00:20:39: I don't know what the word is.

00:20:40: We didn't get into that business game correctly, we didn't capitalize on it Missed opportunities missed opportunity um...we really wanted to have.

00:20:50: you know nannies and all this stuff and Sarah's working And i'm working and sarah still working.

00:20:55: Um our focus was we want to have some in the house?

00:20:58: We could trust we can bring with us and It would enable us to spend quality time With the kids.

00:21:04: we didn' t wanna be In a position where we just had someone taking care of The kids than me never saw.

00:21:08: And so grandma is, again she's like the perfect of the perfect.

00:21:14: So we convinced her to retire early and hired her.

00:21:17: then when were moving just talked through that She wanted stick around have a good spot.

00:21:24: this seemed great fit.

00:21:26: We give it space if can come hang out once you want but will leave alone.

00:21:31: Yeah, it's kind of a no-brainer.

00:21:32: You know I've modeled how my family is structured after just hearing you tell me that story like four or five years ago.

00:21:38: So i'm gonna move all of my family right next to me And then they're going to take care Of all of it because rather My mom and like my mother in law was one of my favorite people In the world but father in law drives Me everywhere.

00:21:48: he'd like They're All A big part of my fan my life.

00:21:50: Um and Just I've Structured It The Same Way Where I'm Like okay?

00:21:53: I don't want them in my house though.

00:21:58: ten minutes to get over, it's perfect.

00:22:00: So we get just ten minutes of lead time but its nice knowing that the people who are helping raise my child is the people that raised me and my wife.

00:22:08: That awesome.

00:22:09: And how much better is this?

00:22:10: It so much better.

00:22:11: I'm not worried about them.

00:22:12: what they're gonna do will be okay.

00:22:14: Yeah

00:22:16: They won't sit there eating candy for every single meal.

00:22:19: things going fine Alright Its obvious you show up as a big part.

00:22:27: let's shift gears a little bit.

00:22:28: Let's talk about how you show up for your clients?

00:22:31: Let's do it!

00:22:33: Tell me some wild stories, tell me about flying to Vegas and some of those stories that you were telling last night...let us talk about them.

00:22:41: Well we can start there.

00:22:43: so I have a client who had been a client maybe six months at the time he hired.

00:22:53: None of this was happening, but within six to nine months maybe My time frame might be off.

00:22:59: It is a little less than year.

00:23:00: he ended up selling his company Mm-hmm and his mom passed away.

00:23:05: So two pretty major events in a short timeframe that we obviously get were planning on that.

00:23:10: And so he's really tight with his mom.

00:23:13: Take care of.

00:23:13: his mom drives by as moms place every day stops and waves at her and she states waits out On the deck waves it him pretty cool It's adorable.

00:23:23: And so we connected a lot on that because he's Greek and they've got similar cultural things to us as well, So we connect it a lot.

00:23:31: in the relationship with mom and family.

00:23:33: He is really tied up with all of his families.

00:23:36: One day His mom wasn't there So he knew something was up.

00:23:43: Then he had someone go check on her.

00:23:46: She'd fallen and she passed away Which was pretty big deal.

00:23:51: That was very difficult for them.

00:23:52: Funeral was coming up and funerals are really important to me.

00:23:57: they were important to Me, and then Dave Really helped mentor me into a place of like.

00:24:02: how important?

00:24:03: They aren't.

00:24:03: so I do.

00:24:05: I rarely miss a funeral Like.

00:24:07: it's very rare Very very rare.

00:24:09: i go out on my way To go to him because I think people remember the People that Are there And don't Remember The People That Aren't.

00:24:14: It's Pretty Straight Forward.

00:24:16: I remember all the People That Were at My mom's funeral.

00:24:19: So, I figured out a way to get there and showed up in Vegas for basically an hour-and-a-half.

00:24:24: Went into the funeral and hopped back on a flight and flew back... Yeah!

00:24:28: And just sat there.

00:24:29: it was good.

00:24:29: he saw me at end you know?

00:24:32: He's obviously excited that i'm happy but wasn't the point had show up support him.

00:24:39: That is the biggest thing we do.

00:24:42: There are results of all this fun stuff.

00:24:45: how your showup knowing care.

00:24:47: Those feelings are, I think the best part of it.

00:24:50: And don't know very many other advisors that show up the way you do for clients?

00:24:55: What got you to think this way and become this way can be easy

00:25:05: right?

00:25:11: if you're a guy or gal that's been an advisor and in the asset management business, then your going to run it like a business.

00:25:18: And thats the gig?

00:25:19: There is nothing wrong with that!

00:25:20: Thats

00:25:20: great!!

00:25:22: If you are gonna do this & Do That & Run It This Way, Then Thats Great

00:25:25: too!!!

00:25:27: I want deliver results of relationship care symptoms functions other stuff we do

00:25:34: right??

00:25:35: Very very true.

00:25:36: Talk me through your Business.

00:25:38: What Is Your Business Model?

00:25:39: It's very unique.

00:25:41: You know, it's adapted over time quite a bit.

00:25:48: and one thing to note I'm Very good at listening To people that i trust care respect or their mentors.

00:25:55: so typically if someone That i'm approaching for advice says something?

00:26:00: I pretty much go do it right away.

00:26:02: um...I Do really well with just laying this out A little bit but i do Really Well With change.

00:26:09: A lot of people struggle with change.

00:26:11: I like almost become optimal in a chaotic state or if there's a lot of change going on, I'm gonna...I've become high-functioning.

00:26:18: So what all that said?

00:26:19: the business has just grown and developed?

00:26:21: And one of the things a guy told me was higher If you feel like you need to hire somebody You're too late.

00:26:30: and so i said okay let's start hiring People!

00:26:33: And so anytime There is an inkling Of oh we need this field Or That filled We kept hiring and not thinking about it.

00:26:41: And then, you know I just developed metrics in how long it takes to for the revenue to recover from higher or training.

00:26:49: whatever your first one two three four five hires is a lot harder because me are involved more.

00:26:56: that's usually not good thing at least my perspective.

00:26:59: if And so now we've got some scales, other people can help train and develop.

00:27:05: So the revenue curve keeps going up which is great.

00:27:09: Fast forward to today We have thirty-two or thirty three employees staff team.

00:27:15: A number of senior planners are fully licensed.

00:27:18: They helped me with clients.

00:27:20: We had an investment department for four people that do operations in trading.

00:27:26: We have insurance departments applications and underwriting, and ops marketing admin side of things executive roles etc.

00:27:35: And a key player that's our.

00:27:38: I guess it be EOS implementer?

00:27:39: Mm-hmm!

00:27:40: So he is in there has very unique role and his very unique person.

00:27:43: you know...in a good way.

00:27:44: so You are incredibly unique in your business In that you have one hundred percent fee paying clients.

00:27:52: What how did you get to that?

00:27:53: So again, back as a kid always thought I was going to manage money in some way.

00:27:57: So here we are from the get go.

00:28:01: now there's a lot of things reasons that have gotten into business but i believed if you pay somebody or someone pays me they're gonna be more attentive and listen right?

00:28:12: That is the belief so wanted.

00:28:14: do it day one when ended up making this shift figuring out what platform.

00:28:23: we were able to do that from day one.

00:28:24: Now I did everything you shouldn't do, so i know exactly what not to do.

00:28:28: for anybody...

00:28:28: Give me some examples!

00:28:30: Well I was like okay my old clients-I'm not going to charge them but that didn't work.

00:28:36: That's not smart because it is never gonna work right?

00:28:39: Then the new ones are gonna pay X and now imma bring all of those up on a smaller level.

00:28:44: So I kept trying incrementally get em there And at end of today.

00:28:49: everybody has got be in a level playing field For a number of reasons, right?

00:28:52: Compliance is one of them.

00:28:55: It's got to be fair and equal.

00:28:58: We've gotta deliver the same amount of service will hide you do that when someone's paying more than another for the same thing.

00:29:04: And so Yeah There was a number in how we charge the fee Number.

00:29:08: things don't do.

00:29:10: Okay.

00:29:11: Well what working well today with it?

00:29:14: In seventeen made shift To everybody on level playing field.

00:29:18: Everybody pays a fee.

00:29:19: They pay every year that we want to and we don't negotiate off of it.

00:29:24: And what

00:29:25: are they getting for this fee?

00:29:28: They're getting access to us, the relationship with them in solving whatever problems come their way as a team.

00:29:36: Give me some examples on things you've solved.

00:29:42: It could be simple at time but it's important.

00:29:48: kids in college They got a car, do we keep them on our car insurance or get new car insurance?

00:29:55: Seems silly but- No.

00:29:56: We'll get the call and if we can knock that out it's important at the time right?

00:30:00: Yeah!

00:30:00: And so we could all of dirty work figure it out say here is pricing on yours in risk and here are the prices.

00:30:06: otherwise suggest you to this.

00:30:08: what do want to do.

00:30:10: I love one.

00:30:15: It is very, very hard for newer younger advisors to get started on charging a fee.

00:30:19: And it's also very hard if you're an established advisor who has not charged the fee to start it.

00:30:23: You were the person that pushed me into fee-based planning.

00:30:27: What advice do give people?

00:30:28: To get started?

00:30:31: Well... You gotta be careful and understand the people.

00:30:36: A lot of advisers are getting in their own way.

00:30:41: I just had this conversation.

00:30:44: give me some language to talk a new prospect about fee-based planning.

00:30:48: My response was, that's the wrong question.

00:30:50: you need to do joint work because there is no way your going.

00:30:53: get this right on your own.

00:30:55: Unfortunately make up of those.

00:30:57: particular person might be such.

00:30:58: they had really bad experience so their not gonna do it or maybe control freak and are not getting there.

00:31:04: I think understanding peoples makeup important in advice you're giving.

00:31:11: But at the end of day, there's early on.

00:31:14: what we told everybody to do is go their top five or ten clients.

00:31:17: And we developed language with them and said talk through this your best client say hey I'm going thinking about doing it.

00:31:24: you're one my best clients.

00:31:25: What Do You Think?

00:31:27: This Is What That Means.

00:31:28: Pay Me A Fee.

00:31:29: I'm Going To Do These Other Things For You.

00:31:31: Our Relationships Are Going.

00:31:32: Look Like This Instead Of This Communication Will Be More So We'll Be Quicker To Get Back To You.

00:31:38: More Staff More Resources.

00:31:41: And so that went well, as you can imagine for pretty much everybody.

00:31:44: Yep

00:31:45: exactly what I did it's exactly What?

00:31:47: You told me to do them too.

00:31:48: i think the advice i gave you was stop being a wuss just go Do It.

00:31:52: yes That Was A big part of it.

00:31:54: there was a special martinis involved in that one.

00:31:55: There

00:31:56: was Wording was a little different a little

00:31:58: Different.

00:31:59: it was The same.

00:32:00: with that he started on an AUM.

00:32:02: So yeah

00:32:03: Yeah On the planning side i remember Exactly what you said.

00:32:06: um You Said Well what am i gonna do For Them like?

00:32:09: what service Am i going To Provide?

00:32:10: Like i don't He said, you said do you know more than your clients?

00:32:13: I said yes.

00:32:14: You say great dude the things you know and then that gives you a whole year to learn some new stuff was like okay That's fine.

00:32:21: And then i went to my five biggest clients and i said hey The model is changing we're gonna have To start charging fees but We get to give you all this value in.

00:32:27: one hundred percent of them Said Yes

00:32:29: Almost every time.

00:32:31: My only regret Was not charging more.

00:32:33: It was like wait.

00:32:34: I mispriced stated we didn't come up with any plan.

00:32:36: We had no idea what were doing imma build the car while driving the car kind Of guy yep.

00:32:41: So how, on a redo what do you think I should have done better?

00:32:45: What could've done better.

00:32:46: Um...I

00:32:50: Think that You can correct me wrong or tell me to shut up Or whatever.

00:32:55: i think That you and Me are really good at Building the car while we're driving it.

00:33:01: i think most people Are not mm-hmm And I think that's our teams included.

00:33:05: We probably have a few there are, but most or not?

00:33:07: Yeah So i think getting someone else and maybe you did this Getting Someone Else to really own That and do it properly so the team can fit in The way that You and I Do It is just Not going To work for Most people.

00:33:18: Correct!

00:33:19: Thats the issue...and so..i Think its simple right?

00:33:22: You charge more if you need to hire that person.

00:33:25: A lot of People think of fees as oh Im Just doing it to make This Revenue But you Can Charge a fee to hire someone to run it And you can tell the clients that, and guess what?

00:33:35: They'll be super excited about it.

00:33:36: Yes!

00:33:37: It sounds great but I'm happy to cut your extra check for you.

00:33:41: build this up...I want that service and i wanted them done right.

00:33:44: yeah um by the way those highly successful client might have some nuances.

00:33:48: they're similar do you?

00:33:49: But their team of people are like your teams of people.

00:33:53: It seems simple, but I think and you can talk through what you actually did.

00:33:57: But iIthink that's why it would be different if he didn't do that?

00:34:00: Oh!

00:34:00: I did none of that.

00:34:02: No... I did nothing correctly.

00:34:04: we uh.. I eventually hired somebody.... He was

00:34:09: awesome!!

00:34:10: I gave him no direction ,no clarity .

00:34:12: I didn't help him.

00:34:13: I wasn't a good leader to them.

00:34:15: I told him just go figure out on his own.He failed at it.

00:34:17: We floundered alot.We got rid off all those clients.

00:34:20: We restarted.

00:34:21: We probably screwed this up a few times at this point.

00:34:23: And now it's like, okay we finally have the model correct but its learning curve right?

00:34:28: You're going to make mistakes and I found when i look back at the mistake that was made then they were like this big compared with things you still are able do for these clients.

00:34:36: Yeah

00:34:37: isn't it weird thing in our... maybe others too But I feel like an art industry.

00:34:43: Everyone feels like they can be perfect.

00:34:46: Do everything perfectly.

00:34:47: if client asks One hundred percent not the case Correct and the clients don't expect that.

00:34:51: It's just us making it up.

00:34:53: Yeah, they run businesses or they do things like there's mistakes daily

00:34:56: Mm-hmm

00:34:57: And so they just want proper transparency in communication than yes But for some reason maybe more people do too.

00:35:03: but I feel Like our industry feels That way all the time.

00:35:06: well?

00:35:06: It's thinking of something to do with The fact that this is People's money right.

00:35:10: if you screw it Up while we screwed up the people lose Money then it's a bad thing.

00:35:15: Well, I don't think we define it all wrong.

00:35:16: And if you can be more clear about what that standard is That makes this a lot easier.

00:35:23: How do you set those standards?

00:35:30: Give me some standards of what

00:35:32: What does

00:35:33: good look like

00:35:34: Because If We Don't Have To Be Perfect Where Is The Bar For You

00:35:41: At the end Of The Day and celebrate that we all won.

00:35:49: The last thing I'd wanna do is get there, and we did everything for them and made some money along the way but they lost.

00:35:56: That would suck.

00:35:56: I would hate that.

00:35:57: It'll be the worst feeling ever.

00:36:00: so i think thats what good looks like?

00:36:02: What Good Looks Like in the interim is helping him through important decisions, life events being their forum... I Think Thats the stuff that's important.

00:36:14: Managing Money Is a Commodity?

00:36:15: No, yeah.

00:36:16: Maybe there's some nuances or stuff.

00:36:17: I get it but its a commodity from my perspective.

00:36:22: So alot of those product stuffs.

00:36:24: that is the commodity in my opinion right?

00:36:26: Anybody can sell an product.

00:36:30: The insurers are happy to bring out more agents.

00:36:32: Last time i checked

00:36:33: It not about products

00:36:34: Its

00:36:35: Not About Planning To Some Degree But Sounds Like Its About People.

00:36:39: It Is The Relationship Of The People.

00:36:41: Showing Up You know, if it seems silly but the car insurance thing we have to get this done by tomorrow because we got a renewal.

00:36:49: Well you gotta figure out and deliver!

00:36:52: There's no... We can't say No.

00:36:53: The answer is that we've got it figured with you That what they want And for me its good.

00:36:58: So..the only possible way you could deliver on a promise like that To clients of ''We will show up and we'll take care Of It'' Is If are running an incredible organization.

00:37:09: I Want to Know More About some of the people that make your organization tech.

00:37:14: So I would say everybody, let's start with the leadership team.

00:37:20: so we've got Mitch, Hickey Steve and Sarah for the most part okay?

00:37:26: And iIwould count Dave in there too because Dave is pretty involved!

00:37:29: When were hiring key people... Ive got Dave involved in that.. Dave was helping me on a day-to-day basis what he's kindof basically integrated.

00:37:38: What's Dave doing?

00:37:39: yeah I want to know about Everyone of these people, let's start with Dave.

00:37:42: When you say Dave is integrated what was he just a thought partner for?

00:37:47: He might be a thought-partner on one token or I may say hey i'm thinking about doing this.

00:37:51: we're shifting Our strategy and our organization in this way.

00:37:55: Let's...I need your help me through This because it's just the thought.

00:38:00: So It Might Be On A Very a deep granular level.

00:38:06: Or, hey I interviewed this guy.

00:38:09: he's great i'm gonna bring him on or want to bring them.

00:38:11: what do you think?

00:38:13: And that could be...he might interview him He might figure something else out but he'll basically do whatever whenever and speaks up very quickly if im not in the right track.

00:38:24: If Im..not in my right track in the sense of I wanna go down this path then shouldn't.

00:38:31: So he'll correct course quickly.

00:38:33: I love that

00:38:34: it's

00:38:35: so do you have a board for your company?

00:38:37: i Do not, have a, board.

00:38:38: not a formal board full not at all.

00:38:40: no i'd say i go to For the most part sarah and dave.

00:38:44: okay sarah wife sarah

00:38:45: sarah my wife sarra yeah

00:38:47: let's talk about the rest of your leadership game.

00:38:49: so mickey is our coo.

00:38:54: He's getting into planning, but let's just stick to the COO side.

00:38:57: So he came in...he was integral and helping figure out how our processes work—how they link up…how our files link up–just standardizing everything in an organized manner!

00:39:09: We had never really had that a good way.

00:39:11: He did all of that.

00:39:12: it probably took three years?

00:39:14: Three-and-a-half years?

00:39:14: Wow.

00:39:15: And so he got us into a great place.

00:39:18: If there is problem we go him and he figures it out right.

00:39:22: We had to get a new process, refine the processor or whatever.

00:39:25: He's very good and that's where his talent lies.

00:39:27: Process in tech.

00:39:33: Steve was a CPA with PW before his PwC bought one of his clients.

00:39:38: I

00:39:39: never knew there wasn't always a C okay?

00:39:41: There wasn't.

00:39:42: The only reason i say this is because he says so.

00:39:44: it just now you know ingrained into my head It

00:39:46: must have been long time ago

00:39:51: Bought one of his clients ran it for nineteen twenty years sold.

00:39:54: It had a good exit and wasn't doing anything Was looking for the right opportunity.

00:39:58: him, and his wife New Sara met Sarah.

00:40:01: Sarah said he and I should meet.

00:40:03: we met.

00:40:03: We hit it off.

00:40:05: then in couple months He came on board And so he's the own.

00:40:08: he's technically a consultant to contractor.

00:40:11: He just works with us.

00:40:13: His skill set is at the PW level and company levels.

00:40:17: So, PW side he did sophisticated M&A.

00:40:21: large M& A transactions ran as companies.

00:40:24: so his CPA that's got all of this transaction knowledge fits our bill really well.

00:40:30: yeah um any is a really white-and black direct guy but he runs the planning team in a sense.

00:40:40: He trains them, he's the guy that'll be there for whatever they need and review stuff before it gets to the senior guys or me if their making call with CPAs will sit-in right?

00:40:51: And either critique him start off by hey I was a CPA trying to bring what ever make him confident such as Steve does highly critical role.

00:41:00: Kenny is great.

00:41:03: Sarah is Sarah Noyes.

00:41:06: Not wife, Sarah?

00:41:08: She's our longest staff person.

00:41:11: she has been in the industry longer than I've had her and this is how I'll explain it.

00:41:18: if i need anything done then I would want to know that its gonna be done faster than I'd like it done and perfectly!

00:41:29: She's the fixer whatever you wanna call but thats your talent.

00:41:32: That's amazing.

00:41:33: She

00:41:33: knows who to go where and faster, perfect.

00:41:37: And does it matter what kind of problem?

00:41:39: What part of the business...

00:41:41: I mean she started on investment side.

00:41:44: So that is when we would go but now its whatever.

00:41:48: It doesn't matter what it is.

00:41:50: Yeah thats her talent.

00:41:55: It sounds like i need a Sarah fixer.

00:41:56: We

00:41:56: use here alot.

00:41:59: And then Mitch is my key guy, My Key Planner.

00:42:05: He handles all the clients with me.

00:42:08: so him and I are partners on our team that in every meeting he develops.

00:42:13: where other juniors or associate planners go they help them with their work.

00:42:19: He's client-facing to all of our clients who handle a lot of this work himself.

00:42:23: How long have these people been here?

00:42:27: Mitch has been with me three and a half years.

00:42:29: He's he's a special talent as obviously Mickey's been with Me.

00:42:34: I'm gonna probably get this wrong like five five-and-a-half Steve's been With me, I take that back.

00:42:40: Mickey's Been with me for No, it's bright.

00:42:42: five four and a Half Five Steve five and A half six and Sarah since technically two thousand and Fourteen Fifteen.

00:42:53: okay ten years over ten years.

00:42:54: yeah

00:42:55: Um, how do you go about making all these hiring and firing decisions?

00:43:00: Cause I imagine your talent.

00:43:02: You're just say thirty two people who have a pretty big bench of talent.

00:43:06: How do you think about hiring in firing sessions?

00:43:10: Okay So the only time I get involved is if so i'm involved right now because we're hiring A senior planner And that person will be a report or someone That works directly with me

00:43:24: this person.

00:43:28: So we've been looking for a senior planner and it's very difficult role to fill because in my mind they have to be fifty percent like you, me as successful planner right?

00:43:39: They got the personality of being able think critically about having that type of personality.

00:43:46: so I don't know or make mistake.

00:43:49: yeah That is hard part.

00:43:50: You can teach them.

00:43:51: No!

00:43:52: they have to have expertise.

00:43:58: Okay, right?

00:43:58: They've got to come pre-trained you're saying on being a technical expert of some

00:44:02: kind.

00:44:02: If we are going to hire them into the role yes...they'll be able understand the technical part.

00:44:07: Where do you plan finding movies that don't just exist?

00:44:10: You talking about a unicorn.

00:44:11: it sounds like We never

00:44:12: found one.

00:44:13: Ok so your trying

00:44:14: to hire a unicorn guy.

00:44:17: But I'm pretty sure this is The Guy!

00:44:19: I am excited for

00:44:20: him.

00:44:21: Let's put in this way..we all agree he was the guy.

00:44:26: We'll see how that develops, but we all agree he's the guy.

00:44:30: If you figure out how to hire unicornsmen... ...we're gonna need to put magic in a model and replicate it.

00:44:36: Unicorn hiring?

00:44:37: That'd be a separate business!

00:44:40: We could sell that for a lot of money.

00:44:41: I want to partner with him on that one.

00:44:44: So

00:44:45: just quick note.

00:44:46: Dave interviewed them And then I interviewed them.

00:44:51: How many interviews do think they went through?

00:44:53: So he's gone through one, two three four.

00:44:56: He'll go through a fifth this week and that will be the last one.

00:44:59: What was it?

00:45:00: The last person you were involved in hiring before?

00:45:03: this guy Can even think of one.

00:45:10: It would have been Mickey.

00:45:12: That is... You said two years ago Mickey?

00:45:14: No

00:45:14: Four and half to five

00:45:15: A four-and-a-half-five.

00:45:16: Yeah Because even Mitch who is

00:45:18: the Mitchers most recent

00:45:18: The generational talent I wasn't involved Really?

00:45:21: Yeah because he got hired as an intern Crushed it.

00:45:24: we convinced them to stay with us because he had offers to make way more money.

00:45:27: I mean, he's went through a great school super talented Great guy.

00:45:31: Great network.

00:45:33: But he believed in us and what were you had to offer?

00:45:35: And He stayed.

00:45:38: but that think is I think his hat.

00:45:39: I'm happy about him.

00:45:40: I think he's happy about it too sure hope.

00:45:42: so yeah, but I wasn't involved in that one.

00:45:43: Let's feel free to call me no It sounds like having the right people that are running parts of the business that you don't have to is incredibly important, but most people struggle with this.

00:45:56: Like letting go control and delegating like what's happening in your head?

00:46:00: That you're able to just say somebody will deal with it.

00:46:04: well I'd like to hear your answer on that question too.

00:46:06: But for me i think This goes back To part Of my makeup again.

00:46:11: if If You were to Say hey you should Go do this i'll pretty much go Do It The next day Like I won't really, like...I don't need to verify much in a lot of those scenarios because i believe that you've verified it and thats transfer.

00:46:24: And I move quickly!

00:46:26: So the same thing kind-of occurs.

00:46:28: and its where struggle.

00:46:29: think alot at time too..i give a lot autonomy these guys and gals so when they're there im not micromanager but thats not necessarily good either right?

00:46:40: Thats the issue.

00:46:43: Hands off, you do your thing.

00:46:44: They're telling you what to

00:46:45: do.".

00:46:47: I lack empathy for people when they don't do things that understand it just doesn't even make sense to me.

00:46:52: so that's the struggle

00:46:54: yeah.

00:46:55: So i'd like to hear your answer on that.

00:46:58: Yeah mean II dubbed last year of the Year of Autonomy where he was Like I'm gonna let go up some control?

00:47:03: I'm going to Let You Guys Make Decisions.

00:47:05: A lot Of What I've Learned is People Are Not Me.

00:47:08: They're going to do the absolute best they can with skills and tools that have, so what's my job?

00:47:12: My job is help them get more skill than better.

00:47:15: If I'm gonna have to micromanage then i don't want those people around me...I need to be able trust!

00:47:25: Then I have to be a good leader for them.

00:47:26: I think people need somebody to give them good direction.

00:47:29: They need clarity.

00:47:30: they needed safe space to be able to ask some really dumb questions.

00:47:33: sometimes Just because it's just cuz I understand It doesn't mean I explained that well enough that they understood it.

00:47:38: Yep, so most of the time it's not even a dumb question is just and i thought i transferred The information to them but i never actually did.

00:47:45: So i Have to get better at communicating Is what?

00:47:48: I've learned And its the better you are at communicating Some Of this stuff the easier it is To let go of control.

00:47:54: yep One of the big things in all this is you have to stop demanding perfection.

00:48:00: We're gonna get really, really good results.

00:48:02: but we cannot expect everything be perfect.

00:48:05: You gotta create space for mistakes to be acceptable.

00:48:09: I've found that if reward people finding their own mistakes or others and then fixing them And telling us about it If you create as an open-space your going great culture People are going enjoy working.

00:48:20: We've, we got away from all of that for a while and I literally like it was working so well.

00:48:24: We did.

00:48:24: It's So good That then we flipped it And we completely went the other way.

00:48:28: i hired this person who made it Like bad to make mistakes.

00:48:31: everything had To be perfect at our culture felt off-a-cliff.

00:48:35: The persons not with us anymore?

00:48:37: We no longer will hire people that have that kind Of A standard its like.

00:48:41: i don't believe in b pluses.

00:48:43: i think thats Terrible.

00:48:44: if my best work product For client is a B plus Then why would they want to hire me?

00:48:48: I can live with an A minus, right?

00:48:50: You want to strive for A pluses but be comfortable in a minus and know that sometimes C products going happen.

00:48:54: But the job still got done

00:48:56: so

00:48:57: that mindset shifted from me And we've now reshifted back to it.

00:49:02: you met Brian Aaron lot of people brought on like they are so talented.

00:49:09: i don't have to worry about Me doing all this.

00:49:12: That's the thing.

00:49:13: So your great peopl

00:49:17: Something that stood out to me and we haven't done it for a long time, but we had down early on again because usually I'm the issue.

00:49:24: Yeah

00:49:26: It's almost fun right when you realize yeah?

00:49:28: Yes We did a test study whatever.

00:49:31: i don't know what exactly its called personality tests maybe But it was about it focused solely on how you like to be communicated too And then we got all the results for everybody.

00:49:42: So when you're talking about communicating, right?

00:49:44: Yes.

00:49:44: It was the focal point became.

00:49:46: how does this person receive it?

00:49:48: not?

00:49:48: How do you say correct which is really good.

00:49:51: I want to show our most concise answer possible.

00:49:55: yes.

00:49:55: i felt like if You're Not giving me a yes or no Answer When it's a yes for No Question Get Irritated and You're Wasting my Time Now.

00:50:02: What Is Wrong with you?

00:50:04: But that's Just how They are Right.

00:50:05: That' Okay.

00:50:07: Patience Is A Thing You Learn when you're trying to learn how to better communicate?

00:50:11: Yes.

00:50:11: They are all different styles, they were okay and there's no right or wrong answer.

00:50:14: Nope!

00:50:16: In fact it does not matter if you allow them what Brian always tells me... You gotta meet him in their sandbox like stop trying to drag everybody into your way.

00:50:23: its' not going to work.

00:50:24: If we need where he needs to be met then they will perform better than the others.

00:50:29: so I've had to re-learn patience a few times over.

00:50:33: now This is my reaction to most things going south, it's just anger.

00:50:37: I go right to a hundred maybe a hundred and ten sometimes And i'm like okay years of therapy has really helped Years.

00:50:43: in years of Therapy I've learned To stop being an ass about Most Of the Things.

00:50:47: Like It Doesn't Really Matter.

00:50:48: Is this The Thing We're Gonna Be Kicking Ourselves About In Six Months?

00:50:50: And It's Like Usually.

00:50:51: No Yeah

00:50:52: Exactly

00:50:56: You're Shifty Years A Little Bit Right.

00:50:58: we're Talking About A lot of In-The-Business Stuff.

00:51:00: I think you Have Any Very Very Interesting Market.

00:51:03: Its Diverse It's it's wild.

00:51:05: You have inspired me to get into parts of your market as well.

00:51:09: What is your ideal client?

00:51:10: Who is that target?

00:51:11: who do you like working with?

00:51:12: and then why?

00:51:15: So I love working with business owners general, but business owners That makes up by eighty eighty five percent on my clientele And so all over the country mm-hmm.

00:51:24: It's my favorite.

00:51:28: My if i could pick this is This Is The Exact One It Would Be.

00:51:33: Maybe A Second Or Third Generation Business that has a good chance of going to the next generation, those are always... The end result typically is really feel-good.

00:51:44: And there's a lot fun stuff they do in their it complicated because half or maybe more than half as financial tax part estate part and other half mental dynamics and all kind of stuff you got help work through one way or another whether its your having them hire somebody you know, they've got the two kids that are in or the one kid that's in but the one that's not.

00:52:08: and how do you mess with that?

00:52:11: There're spouses involved.

00:52:12: How does all of this

00:52:13: work?".

00:52:13: And I think it is fun to work on part of a question.

00:52:18: so i think... You say this alot too.

00:52:21: being able make really complicated things simple for everybody understand as highly important This stuff was complicated.

00:52:28: So..I like that!

00:52:30: I can understand really complicated thing and regurgitate them in a really simple way quickly.

00:52:36: And so that's just selfishly where I thrive is okay, there's a lot of complexity going on.

00:52:43: There are some fires that happen right?

00:52:44: We're getting ready to do this and... ...there's the health issue.

00:52:48: now then we got to pivot and it's- there's fire.

00:52:51: thats gotta be put out not in a bad way but its something that gets into here that we have get in their fix or help fix.

00:52:56: i mean like being part of that.

00:52:58: You know, I think one of the hardest parts in all that.

00:53:02: And advisors can get very good at taking complex and simplifying though there's plenty of advisers make simple things more complicated.

00:53:11: most advisors almost never learn how to be mental stuff like a guy who can figure it out have those tough conversations guide them lead him then i think its some form business therapy is what you're providing.

00:53:21: your coach their mentor or friend are doing these rules.

00:53:25: How the heck does somebody got go with this?

00:53:26: It's

00:53:29: a great question.

00:53:30: I don't know if i have A great answer for that

00:53:32: one.

00:53:32: You're probably One of the best people at this?

00:53:35: I've seen you, I

00:53:36: should Probably figure out an Answer then.

00:53:38: no well thanks For saying That.

00:53:41: um You Know I Don't.

00:53:43: I don'a think you Have to Let me give you what I Think is The right answer.

00:53:48: I think you have To want to do it like Back to that business one Of the first things we talked about mm-hmm.

00:53:52: I Want to manage a ui'm.

00:53:54: I don'T really want to have A lot of client Interaction.

00:53:56: I want to make a ton of money.

00:53:57: There'S nothing wrong with that.

00:53:59: And that model works really well, right?

00:54:03: I don't want to do it this way.

00:54:24: pretty good at math.

00:54:25: So I usually was helping other kids with math, you know?

00:54:28: That's what it is.

00:54:29: and so uh yeah i think practice is there too but i think you really have to want to do it.

00:54:35: okay

00:54:36: that answer has gone a little bit.

00:54:37: no it's

00:54:37: true its the reality of none.

00:54:40: i don't believe in your level on that stuff especially business planning um But if you don't want it, You're not gonna get good at.

00:54:49: And then I think a lot of this comes down to repetition after awhile and like being in there and doing It mm-hmm but you gave that ii think A big.

00:54:56: the other secret To this is joint work?

00:54:58: You've got to watch somebody do it because you Don't know what you're Doing The first few times

00:55:01: hundred percent.

00:55:02: every time you Watch Somebody Do it you just steal the best Of their yes.

00:55:06: Then you Just replicate from There.

00:55:07: Yes

00:55:08: um You also happen to Work with some athletes or maybe former Athletes current and Former.

00:55:17: Yeah, we had a dinner last time where you brought like a basketball player and a football player And I was like who are these giant human beings?

00:55:23: They're so big.

00:55:24: what's happening here.

00:55:25: How did he get into this market?

00:55:27: Well first of all quick story about that because it is still one the best ones.

00:55:31: You're sitting next to him in your legs.

00:55:32: So what do you do?

00:55:34: He's like hi, you know play basketball.

00:55:36: Then you're like oh but would you do for living?

00:55:41: No

00:55:42: i played in the NBA.

00:55:44: Oh

00:55:45: Yeah, it was pretty funny.

00:55:47: I don't know much about sports and that was very obvious in the moment.

00:55:50: Should have figured just off a guy's height.

00:55:52: he probably something with sports could not connect.

00:55:55: those dots had no idea even told me their names.

00:55:57: oh cool

00:55:59: nothing.

00:55:59: yeah It is great.

00:56:03: How did we get into so early on?

00:56:05: I worked with a couple And again i'm very much.

00:56:09: So its got to be two-way relationship.

00:56:13: at least way do our planning our business.

00:56:16: And so, if I feel like i'm getting paid to do what i'm doing but we're not getting listened too right and they're not succeeding...I don't want to be a part of that!

00:56:28: So the first couple people we worked with..we had a hard time with it because they were spending all their dough making the wrong decisions....they are paying us to pay them to say they have somebody or whatever ...i dont know what purpose was.

00:56:38: maybe they had good intentions ummm but there just doing the wrong things that was going to keep them in a bad place when they were done.

00:56:45: And so we quickly exited working with any of him,

00:56:48: okay?

00:56:49: Then we happened to stumble back into it for a couple different reasons.

00:56:54: one We had A local friend who got into applying professionally and wanted our help So he started helping out.

00:57:02: He's referred us around a little bit.

00:57:04: Sarah has pretty good network of people that are pretty close to her like this, too.

00:57:08: And we don't really approach them because they're friends and but some of them have approached us and We work with him.

00:57:14: it's great.

00:57:15: We've a pretty good conversation about it though I Don't want to be in the situation where i'm fighting with people on decisions?

00:57:20: And I don't do well what that?

00:57:22: Well What is that?

00:57:24: okay right?

00:57:24: sorry?

00:57:25: I didn't interrupt.

00:57:25: you know That's ok.

00:57:26: It's its Okay.

00:57:28: if someone- If we don' t work together yeah Right there There s-it's not...It's business!

00:57:32: And it's Not negative..There's plenty Of People To Work.

00:57:34: There's going to be a better fit for you, and there is gonna be a good fit me.

00:57:36: Right?

00:57:37: That's

00:57:37: okay.".

00:57:38: You have a mentality of abundance obviously which I think people need.

00:57:42: on that bandwagon... It sounds like your actually setting expectations with clients really well up front or prospective clients i should say.

00:57:52: How do you do it then?

00:57:53: What are those conversations about?

00:57:57: Well..I think its important to lay out Again, I think you need to care about what your doing and i think it's really important to lay out where your good.

00:58:07: Right?

00:58:08: And It makes sense right.

00:58:09: a lot of people early on want to succeed in they needed clients.

00:58:14: so have no opposition that its the numbers game early on but if you succeeded quickly be can make some choices.

00:58:21: unfortunately i think alot of planners don't do.

00:58:28: They think everything needs to be a yes, and if it's not a yes they take offense.

00:58:32: We're going into a meeting To figure out If its good fit for both parties.

00:58:37: I've identified what i need from the relationship And lets talk about those things

00:58:56: verbatim like this is the language that you're using.

00:58:58: Yeah, yeah

00:59:00: Okay You're involved.

00:59:01: You got to listen or it's not?

00:59:03: This is gonna be a waste of time and money Right?

00:59:05: You don't need to do everything I tell ya to do but if your'e not doing A LOT OF IT Or at least trying to learn from it then what are we doing right?

00:59:13: You've been in those situations i assume And you get frustrated!

00:59:17: You end up NOT wanting To meet with That person.

00:59:18: Atleast I DON'T want too.

00:59:19: I don't know about YOU But I Don't Want Too.

00:59:22: You gotta Be Intentive If We Reach Out To You.

00:59:25: I don't want to get in a situation where i'm feeling like, um, a pest.

00:59:29: And so you've got to be attentive.

00:59:30: You've gotta Get us stuff on time or you've gotta tell Us hey this particular time?

00:59:35: Just don't have Time let's push it off.

00:59:37: okay i can do with that.

00:59:38: no issue but A lack of communication and a lack Of attention.

00:59:42: the things That you paid me To identify that are important It that's not going to Be a great relationship for us.

00:59:49: Amazing

00:59:50: yeah Isn't it weird?

00:59:51: The most uh...I think Most people Think financial planning is Like Handing a client day seventy-five page report and charging.

00:59:59: A lot

00:59:59: of people think that

01:00:01: you don't seem to think That You seemed to think it's something so completely defined what?

01:00:05: It means to you well,

01:00:06: you I Think he'd seen all my stuff.

01:00:07: nice stuff

01:00:09: is not pretty but it's amazing.

01:00:11: Its

01:00:11: soul its so simple yes And so almost archaic.

01:00:15: haven't

01:00:16: like you took a whiteboard drew it Then you just took a picture of that.

01:00:18: said i'm gonna use this picture for the rest Of my life have liked that one concept and unlike you hire marketers and let them make it pretty man.

01:00:25: no I know, and even we've tried to do it.

01:00:27: And i'm like... I like mine better!

01:00:30: But It works so well?

01:00:33: So plan right.

01:00:36: the plan is let's identify things that We got a work through and A lot of those Things we gotta Work Through.

01:00:43: you Know This.

01:00:45: Identifying What'S important in what we're trying To accomplish In life Is what were Trying to deliver to The client documents or papers.

01:00:55: Let's figure that out, and then we'll reverse engineer backfill with stuff.

01:01:00: Stuff could be product?

01:01:02: Sure!

01:01:02: That's great.

01:01:03: I love placing some products but thats not the reason were there.

01:01:07: The reason where they're is to figure what important address those things how are going get their And you can't put them on a document We got.

01:01:15: bring in maybe other relationships Or it might just take time.

01:01:19: talk through these things like he said coaching mentoring peer grouping whatever.

01:01:23: Um, and that's the part.

01:01:25: That's what they're buying.

01:01:26: That we're delivering.

01:01:28: where do you go to learn all this stuff?

01:01:32: I've learned well two places so majority of it through joint work.

01:01:37: unfortunately or fortunately yeah majority if its your jointwork.

01:01:40: i'm done a lot of joint work with a lot people um...I would say uh..a comment I always make is look at your organization.

01:01:50: typically whoever does most joint work is doing their best.

01:01:56: So you find it different, let me know.

01:01:57: But that's usually the case.

01:01:58: That's

01:01:58: a thousand percent true?

01:01:59: Yes I do the most joint work in my organization and i think you do too right.

01:02:05: um so jointwork.

01:02:06: And then like...I learn stuff from you that I use.. I learned stuff from Dave that I used.

01:02:11: Um I role play alot.

01:02:13: Okay It is usually Dave.

01:02:16: Hey!

01:02:16: Im going to have this meeting.

01:02:17: its little different.

01:02:18: Let us just talk through it.

01:02:19: Then we will roleplay.

01:02:20: Love it Um....and with The peers In my group, but we role play all the time.

01:02:26: Right?

01:02:26: It's a little uncomfortable for people.

01:02:27: I get that But that's the way to do it.

01:02:29: There's no other way And you know who is a big proponent of that as book

01:02:33: Oh The Michael book

01:02:34: twenty bucks to come up here and roll play with me right?

01:02:36: That's

01:02:37: because that's what i gotta Do his hand out twenty dollars.

01:02:40: We do that more and more and like ever since Vince came over now It's Like A Big Part Of Our Culture Once A Month We're Gonna Sit Down.

01:02:47: Its Like A Half Day.

01:02:48: Just Everybody Is Role Playing.

01:02:50: I've just watched them light up.

01:02:51: They're like, okay now i'm good at it and i'm only nervous about any of this And like it's no longer performance.

01:02:56: It's just.

01:02:57: this is who i am though.

01:02:58: yeah

01:02:58: well you know You spoke a lot to a lot Of people.

01:03:01: you speak i speak.

01:03:02: forty People speaking say the same thing mm-hmm?

01:03:04: And maybe The first person gets To him on the exact Same Thing Mm-hmm.

01:03:08: Yeah they're gonna get it if your roleplay Though yes right so That that's the point that people need to take away from.

01:03:14: that Is and people Say it all the time.

01:03:16: you've heard it.

01:03:16: Well sometimes six Forty different ways but he Gets

01:03:18: there.

01:03:18: yep Well,

01:03:19: if you role play odds are pretty good the first or second time they're going to get it.

01:03:24: Yeah You can fast track a lot of things by some version of practice really?

01:03:28: Yep What do you guys roll play?

01:03:32: well we will play everything.

01:03:33: so It could be uh A phone call that newer advisors make into a prospective client?

01:03:39: um It could.

01:03:41: back in the day when we were phoning a lot We would call for each other and pretend to be the other person And for some reason it relaxed us more like I'm calling your prospects, but I'm pretending to be you.

01:03:53: And if you're more relaxed and confident on the phone that usually works well.

01:03:58: So it could be um... That?

01:04:00: You know i don't call this as much anymore But its fun to do.

01:04:04: It Could Be Role-playing of what they say in a particular meeting for them To get a Meeting with one Of Us.

01:04:11: So whatever Prospecting Language Marketing Language Talking With Their Parents About Getting Their Parents In Because Its Uncomfortable All that stuff.

01:04:20: Okay,

01:04:21: what about your operational people?

01:04:23: Non-client like direct client facing not the advisors.

01:04:26: What do you do with them to get them better?

01:04:31: or is everybody all your planners more client-facing?

01:04:34: I guess

01:04:35: Planners are also two things there.

01:04:40: I'm not in charge of their training.

01:04:42: Steve Mitch and Mickey Do some extent our But all of them get licensed And all of those start somewhere with clients.

01:04:51: So if they're working with Mitch on a client, They may start making phone call to confirm wire instructions or do this and that.

01:05:01: And once we see how their are in the phone.

01:05:03: then they might go next level and ask some questions about something.

01:05:09: Usually one of those guys is sitting there meeting them.

01:05:15: The critique come over to help shift him into right place.

01:05:18: What's your next level?

01:05:19: growth and where does this keep going because it's interesting?

01:05:22: Well, for those particular people they start as an associate planner then become a junior planner.

01:05:30: A junior planner is like higher level paralegal maybe or senior accountant at an accounting firm.

01:05:38: sure And fortunately unfortunately Those People will either Become the Senior Guy or Gal Or They're gonna be really good in that role and That's their Role.

01:05:47: Okay Yeah Sorry, go ahead.

01:05:51: I was gonna say in our organization we're pretty liberal with what people want to do.

01:05:56: so What i mean by that is one of my senior planners who did it really quick.

01:06:01: he Was like look?

01:06:03: He's Really clear.

01:06:05: I Want To become an advisor on My own book.

01:06:08: I don't want to work With a ton Of business owners Because I want to protect my time.

01:06:12: I Like doing all this other stuff.

01:06:14: I Don't wanna be working till later nine o'clock.

01:06:17: He was awesome, but he's very clear and I said sounds good.

01:06:20: And so We had an opportunity to get him a book of business?

01:06:24: So we gave him give me crack at it lot sooner than would have liked you because we didn't ever great transition plan away for them.

01:06:31: But I mean he's killing it and he's so happy.

01:06:34: then your happy for him.

01:06:34: It sounds like I'm

01:06:35: so happy forum.

01:06:36: yeah McStatic these crushes is working more right again cuz he likes it.

01:06:40: obviously my point in that is We're kind of open to whatever they want to do.

01:06:47: If they wanna sell some product, we'll do that.

01:06:49: if they wanna get in the four one K business will help them figure it out and then I'm gonna Get on the accounting firm side.

01:06:55: things or some other business?

01:06:56: Will help him Do That.

01:06:57: if They Want To Come Work With Another Guy Like You Sounds Great Not Gonna Not Gonna Trap Somebody There

01:07:03: Never.

01:07:03: Yeah Especially The Especially At The High End And i don't know what you think.

01:07:07: but at the high end They're Going to Figure Something Out Typically Right.

01:07:10: So It's How Do We do our best to keep them and keep him in a spot that they can grow, and figure it out with us rather than without us.

01:07:20: I think if you enable people be their best selves and live the best lives ultimately will come back.

01:07:25: some version of karma is going payout here.

01:07:28: Yes

01:07:29: You did open door on accounting firm.

01:07:31: so walk me through.

01:07:32: tell me little bit about first what's goin'on all your accounting business?

01:07:37: And second why the heck are you a CPA?

01:07:40: Yes, well I'm sitting for my CPA right

01:07:42: now.

01:07:42: Oh, sitting for it?

01:07:43: Not yet a CPA?

01:07:44: Okay

01:07:44: almost

01:07:45: CPA!

01:07:47: So originally...I did my MBA specifically to be able just get my CPA.

01:07:57: okay.

01:07:57: so the only reason i want to do my MBA and then I was like wow there's some other reasons that this could make sense too.

01:08:02: you're right networking is a big thing.

01:08:04: they are in blah-blah-blab but I wanted to get my credits to be.

01:08:09: Originally, I was like well if i got my CPA Everybody in the room is going to give me some more respect because at The business level.

01:08:17: I always felt for a while that You know?

01:08:20: I think That our intellect and how we frame things Was there.

01:08:24: but There was Always this weird nuance I just hadn't figured out A way To dance around or Properly communicate with the players that were there And the cpa was usually pretty influential guy or gal mm-hmm and For whatever reason I believe and think that most people give some extra credit or extra weight to someone who has a CPA.

01:08:45: Yeah, yeah

01:08:47: so there was nothing more to it other than okay.

01:08:49: i'm a CPA too So are you don't speak down on me right?

01:08:55: My way of getting credibility is show up in three piece suit with big glasses.

01:08:58: look little older.

01:08:59: You went and decided become a CPA very different ways.

01:09:02: I don't have any letters.

01:09:05: You've gotten a lot of letters, right?

01:09:06: Getting full-blown alphabet soup... Our last few guests we had Vincent Tomwall and Dr.

01:09:13: Tomwall.

01:09:13: so you want to talk letters.

01:09:14: these guys have all them!

01:09:17: Which ones are important?

01:09:18: newer advisors or guises and gals that are ten fifteen twenty years in the business trying learn grow?

01:09:24: what should they chase?

01:09:25: then come back to counting thing in minute.

01:09:28: My answer is going be it might good maybe bad.

01:09:32: I don't think you need any letters.

01:09:35: And what I mean by that is, there's a lot of people with no letters that are extremely successful- Me?

01:09:41: I don' have many letters!

01:09:42: I don''t know anything about them.

01:09:43: You're just trying to dance around and... Barely made

01:09:45: it through college.

01:09:46: yeah!

01:09:46: Barely make into college.

01:09:47: barely can read but i'm here.

01:09:50: So my point in saying this sometimes again goes back to understanding the person how their makeup is.

01:09:56: some people needed because they will give him proper confidence But anybody who does this for a period of time doesn't need the stuff.

01:10:05: My guy, Mitch he's asked me a couple times now I'm like you look man You go do it all you want.

01:10:09: It's your gonna to waste the time unless we really wanna have at there?

01:10:12: You already know All The Stuff and you're going get done with it And you're Gonna think it was wasted Time.

01:10:16: but yeah i'm not saying don't Do it just its black-and-white Of it.

01:10:20: so i Think it Just Depends on the Person Where They're At in life.

01:10:23: and Does it Make sense For Their makeup?

01:10:25: Doesn't make Sense for that Firm?

01:10:26: okay alright We're Going To shift Back to the Accounting Firms.

01:10:30: You happen to own some accounting firms.

01:10:31: I happened to open some accounting firm.

01:10:33: how

01:10:33: many do you know?

01:10:35: We have purchased, i believe...

01:10:38: What did he get?

01:10:38: the thinking

01:10:39: number nine technically nine somewhere in there.

01:10:43: give or take a couple

01:10:45: of what's going on that you don't know.

01:10:46: if precise number was happening right now confused

01:10:50: i think it's nine.

01:10:51: okay.

01:10:52: well How did you get on this path of buying accounting firms?

01:10:55: originally i thought Again being in the market that we're in with businesses and with this state planning mm-hmm There's always valuations getting done certified valuations.

01:11:06: That are needed whether they're for a company, that's gonna sell or M&A transaction is going on Or estate planning and gifting okay?

01:11:14: And so We really got granular with it and trying to understand process With you.

01:11:19: understand the process You'd realize that there some work that goes into it early on the first year and then every Other year that they have to do one, it's not a lot of work.

01:11:29: Right?

01:11:29: Because everything is already been done and you just gotta add the financials And maybe there are some qualitative things that get added in but its on at works.

01:11:36: So I was like look this an extremely high margin business.

01:11:40: Yeah!

01:11:42: That sounds great for me.

01:11:43: so i'd like to go into them.

01:11:47: This would be good fit.

01:11:48: Extremely High Margin.

01:11:51: We can for our clients In a proper way, we'll disclose it to him and all that but also just charge them less.

01:11:57: And so not to undercut the market.

01:11:58: That's not the intent.

01:11:59: But this is A Way To Provide A Benefit To Our Clients Because They'll Pay Loss Okay?

01:12:04: And We'll Make Some Money.

01:12:05: Great!

01:12:05: That Was It!

01:12:06: That was The Original Intent.

01:12:08: So...We Got Into It Bought One saw the other synergies and then have a focus of how, like for that type of firms we wanna buy.

01:12:17: They've gotta be working with business clients.

01:12:18: they've got to be providing business services And it's just provided a lot more than I thought.

01:12:24: That we can speak too that we can have clients help with We can have interim things done and so It's almost like a part of our planning right in our business planning?

01:12:38: The

01:12:41: size?

01:12:41: yeah, I Would say well the range is?

01:12:47: I would say the average sizes probably anywhere from Let's call it about a million or revenue as the average.

01:12:52: okay And you have some rules around how you want that transaction to go.

01:12:55: yes So we want there to be staffed.

01:12:57: It's gonna stick around longer than a few years.

01:13:00: Okay We want the owners To stick around for at least two to three years and if they wanna stick around Longer we'd love that.

01:13:07: so we don't want anybody get out whether it's part-time or whatever, I believe there is a significant value in them and the relationships they've built so that will keep feeding their business if there are problems.

01:13:19: They can help with all of this stuff.

01:13:22: but we want to stick around because some staff has got

01:13:31: Very helpful.

01:13:32: It's very good context because I don't think most people ever quite how to buy a business outside of our primary lane.

01:13:38: that can be ancillary and supportive.

01:13:40: Yep, I think one of the things you we've talked about a lot is the joint work right?

01:13:44: And ii think what People need To understand Is What does joint Work with You Look Like Right There's Tons Of Advisors That We're Gonna Walk Out or Listen to this and Hopefully there's Tots of Advisors that will listen to This.

01:13:54: uh and and there's going to Be A Bunt.

01:13:56: so they're gonna Say okay well i really want to work With That.

01:13:57: Guy sounds like he knows what He's doing.

01:13:59: Well it said experience Going to Feel like

01:14:01: Well, for one I tell everybody to give me.

01:14:04: it's pretty easy.

01:14:04: To get a hold of me.

01:14:05: So I say just give me a call or email whatever and we'll set up a call.

01:14:08: the talk-through things And what?

01:14:11: I mean by that is if there's uh If there's a prospective client or a client We can talk through that right away.

01:14:16: Or just water relationship would look like And i'm A big proponent Of let's date a little bit before we Get married or lock this thing Up Right.

01:14:25: So I give him some language on what to say, do those clients or prospective clients?

01:14:30: Position yourself as the middleman.

01:14:32: However you want to say it, I wanna bring this guy in.

01:14:34: he's a partner but we can fire them when we need too whatever you needed to protect your relationship.

01:14:39: and then from there i walk through the dynamics of actually working together with.

01:14:44: that looks like just like a tel client.

01:14:46: so usually share my approach line which within an end all talk into stuff they think is important And the biggest one is timing and meetings.

01:14:58: So I tell them right away, once we get into this thing a senior planner's probably gonna be running the show and they're going to manage the meeting in the timing.

01:15:08: We are not getting like you or me for advisors don't have to be at every meeting so their manager that momentum really important with everybody setting those expectations.

01:15:24: I love that, um...I think you do a very good job of teaching whether it's advisors clients at the educating side.

01:15:31: if its been awesome having you involved with M Plus U You're going to be presenting in our masterclass this fall without giving away everything what are planning on bringing into your room.

01:15:42: why did u agree speak?

01:15:45: Well thanks for having me and all that stuff.

01:15:47: by the way I agreed because he asked.

01:15:51: That was easy.

01:15:52: It wouldn't matter what the content, I'm in to help.

01:15:56: We're specifically going be talking about business planning and M&A And so i'm gonna have an m&a firm that's gonna Be there as well Cascadia?

01:16:05: Um...I know they guys really Well.

01:16:06: They are pretty big firm upper middle market um..They also on The mass mutual platform.

01:16:12: So you can use them Aswell and share some compensation if it makes sense.

01:16:18: But we're going to talk about M&A and what goes into the buying of a company, not just the technical components but What relationships need to be there?

01:16:28: Well.

01:16:28: What are the mental dynamics other clients and what they're thinking through?

01:16:32: What second I look like was most important piece?

01:16:35: love it Yeah All right i'm gonna wrap us up with some my cult the rapid fire section here.

01:16:40: Okay This first one's little tricky because you just told us You don't know how to read or were you talking about me without Required readings?

01:16:47: best business books you've read this year.

01:16:49: I've read no books this year, okay?

01:16:51: But my favorite book that i've read numerous times is the Biography of Michael Jordan by Pat Williams.

01:16:59: it's my favorite club why The Book talks a lot about Jordans makeup and You saw some Of This in last dance if you watch That Documentary.

01:17:08: but The whole Thing Is About Practice And Preparation Mm-hmm and If You do that well The actual game or the actual client meeting is just it's a symptom.

01:17:21: It's a result of all of that preparation.

01:17:23: And so, that's what the whole thing about

01:17:25: and one my favorite expressions as proper prior planning prevents piss poor performance.

01:17:31: Yes there's a little practice in planning.

01:17:33: I should say What's the worst advice you've ever received?

01:17:37: Worst advice have never received was to keep buying stuff and leveling up lifestyle to force yourself to make more money.

01:17:47: That seems like a very common theme, I think Tom also the exact same thing?

01:17:52: Yeah we probably got it from the same guy.

01:17:54: that's probably why...I

01:17:56: don't know.

01:17:57: maybe what one thing you do every morning.

01:18:00: everyday sets-up your entire day.

01:18:03: um

01:18:04: i've gotta routine fall in the morning so its nothing specific.

01:18:08: just follow my routine when I get out of work at the house.

01:18:11: What's

01:18:12: your routine?

01:18:13: Just

01:18:13: I get up, go let the dog out.

01:18:16: Go grab one of my drinks and back upstairs shower-up by.

01:18:20: Get Ready!

01:18:22: I say bye to Sarah & The Kids...and head to work.

01:18:25: That is

01:18:26: it.

01:18:26: Easy.

01:18:28: Phone call or text?

01:18:30: Both but prefer texts usually.

01:18:32: You're a FaceTime guy.

01:18:34: The only person that FaceTimes me outside of mom.

01:18:36: Hey

01:18:37: you answer I do.

01:18:38: You're enabling me, so i'm gonna keep doing it!

01:18:40: I like it...I love seeing your face.

01:18:43: What's you walk on song?

01:18:46: We just talked about this the other day..i don't have one.

01:18:48: You have to have

01:18:50: one?!

01:18:50: Your a big personality.

01:18:51: we need-

01:18:54: I dont know.

01:18:56: I don't know.

01:18:56: Is there movie

01:18:57: that you can quote start or finish?

01:18:59: I can quote.

01:19:00: Start To Finish Probably....I'd need a little practice but probably hook.

01:19:08: You didn't see that coming, did you?

01:19:10: I

01:19:12: don't think i've ever seen Hook.

01:19:13: Really?!

01:19:14: It's great!

01:19:16: Great movie.

01:19:18: The sexier answer might be Casino but hook is probably the...

01:19:22: That one makes sense for you.

01:19:22: I've seen you in a casino.

01:19:23: What was your best place to spend money?

01:19:27: Best place I have ever spent Money?

01:19:30: Best Place?

01:19:32: Man..I'd say all of the family travel stuff.

01:19:37: isn't it amazing?

01:19:38: Doesn't really matter where we go as long as we're together.

01:19:41: No, all

01:19:41: right

01:19:42: What's a hobby?

01:19:43: people would be surprised you have?

01:19:45: Hobby I mean with the sneaker collecting.

01:19:48: do they get surprised by?

01:19:49: people

01:19:50: think people know about your sneakers up.

01:19:51: They also know what your watch is.

01:19:54: um I don't have many other hobbies that's

01:19:57: it just shoes and watches.

01:19:59: yeah

01:20:00: And i'm pretty much out of why.

01:20:01: me and I've watched this but I Don't Really Do It anymore.

01:20:03: us mostly the sneakers.

01:20:05: oh Yeah done With The Watches

01:20:07: I Mean I Have them.

01:20:07: That'S Just no more of the riff Raff.

01:20:11: Is there anything you want to share that maybe we haven't gotten into today?

01:20:17: I think, uh...I Think We've Gotten Into It But i'm Gonna Be Redundant And Im Going To Be Sensitive.

01:20:22: The Fact That Makeup is Important but.

01:20:25: I Think Calling People and Having a Network A Lot Of The Questions Were how'd you learn this, what did you do to it?

01:20:31: It's just like I get a lot of them from me because they call all the time.

01:20:34: I got a lot for my friends that are called at some certain doing joint work and developing in network one way or other than you can count on first up like that is how he learned best whether its joint-work or developing strategies whatever uh... i just want emphasize that that's highly critical in my opinion

01:20:51: amazing.

01:20:52: completely agree with your.

01:20:53: thank you so much for being here appreciate tremendously.

01:20:57: yes sir thanks for having.