1 00:00:00,320 --> 00:00:03,520 Speaker 1: If we start with social security, the greatest impact will 2 00:00:03,560 --> 00:00:07,719 be primarily on the voters in red states who are 3 00:00:07,759 --> 00:00:11,119 the most dependent on social security. So cutting off your 4 00:00:11,160 --> 00:00:13,199 nose to spite your face, you kind of think about 5 00:00:13,199 --> 00:00:17,160 it in that way. They played around with extending retirement age, 6 00:00:17,160 --> 00:00:19,879 they played around with the actuarial tables, they played around 7 00:00:19,879 --> 00:00:23,760 with privatization. I don't know that there's necessarily a great 8 00:00:23,920 --> 00:00:26,719 answer to it, with the exception of just adding to 9 00:00:26,800 --> 00:00:30,719 the already enormous debtload we have, which is in the trillions, 10 00:00:31,039 --> 00:00:33,840 which obviously just spikes inflation, keeps interest rates high, and 11 00:00:33,920 --> 00:00:35,719 prevents mortgage race from coming down. 12 00:00:36,000 --> 00:00:39,799 Speaker 2: You are listening to Carrie Letz's Financial Survival Network, where 13 00:00:39,840 --> 00:00:43,240 you get valuable information you just can't find anywhere else 14 00:00:43,799 --> 00:00:47,399 to thrive in today's trying times. You need the Financial 15 00:00:47,479 --> 00:00:52,560 Survival Network now more than ever. Go to Financial Survivalnetwork 16 00:00:52,600 --> 00:00:56,359 dot com and get your free newsletter and gift. Financial 17 00:00:56,479 --> 00:01:00,679 Survival Network now more than ever. 18 00:01:03,359 --> 00:01:06,920 Speaker 3: And welcome you are listening to and watching the Financial 19 00:01:07,000 --> 00:01:10,239 Survival Network. I'm your host, Carrie Lutz got a special 20 00:01:10,280 --> 00:01:14,959 guest for you today, somebody who basically is kind of 21 00:01:15,040 --> 00:01:18,159 like that brother you love to hate the overachiever. That's 22 00:01:18,239 --> 00:01:22,359 grade a's and everything and everything, Well, you had to struggle, 23 00:01:23,519 --> 00:01:29,040 Gary Cendebrand Financial Advisor par excellent. He set the training 24 00:01:29,480 --> 00:01:33,000 for Merrill Lynch when he was there. They emulated his 25 00:01:33,159 --> 00:01:36,560 system and a lot of other companies are doing it now. Gary, 26 00:01:36,640 --> 00:01:40,000 welcome and hey, we're kind of living in a new 27 00:01:40,280 --> 00:01:43,920 world right now. We're talking about pre col majority of 28 00:01:43,959 --> 00:01:46,760 people don't believe social Security is going to be there 29 00:01:46,879 --> 00:01:48,680 for them in its current form. 30 00:01:48,879 --> 00:01:50,040 Speaker 4: I mean the government will. 31 00:01:50,319 --> 00:01:53,239 Speaker 3: I guess there's a bail in set for Social Security 32 00:01:53,280 --> 00:01:56,359 where benefits could be cut from twenty five percent to 33 00:01:56,439 --> 00:01:59,280 a third. If we get to that point, I think 34 00:01:59,319 --> 00:02:03,000 there will be We'll see DC become an armed camp 35 00:02:03,040 --> 00:02:05,280 because people just will not put up for it. But 36 00:02:05,319 --> 00:02:08,560 then we have inflation. All of these things going on 37 00:02:08,639 --> 00:02:14,719 with doge, etc. Greatly complicate the retirement investing landscape of 38 00:02:15,039 --> 00:02:15,960 how do you deal with it? 39 00:02:16,159 --> 00:02:17,960 Speaker 1: Cury, It's nice to be here. Thanks for having me 40 00:02:18,000 --> 00:02:21,400 on your show. There's a lot to unpack there. If 41 00:02:21,400 --> 00:02:25,000 we start with social security, the greatest impact will be 42 00:02:25,080 --> 00:02:28,800 primarily on the voters in red states who are. 43 00:02:28,680 --> 00:02:30,599 Speaker 5: The most dependent on social Security. 44 00:02:30,919 --> 00:02:33,319 Speaker 1: So cutting off your nose to spite your face, you 45 00:02:33,400 --> 00:02:36,520 kind of think about it in that way. They played 46 00:02:36,560 --> 00:02:38,919 around with extending retirement age, they played around with the 47 00:02:38,919 --> 00:02:42,719 actuarial tables, they played around with privatization. I don't know 48 00:02:42,759 --> 00:02:46,319 that there's necessarily a great answer to it, with the 49 00:02:46,360 --> 00:02:49,439 exception of just adding to the already enormous debtload we have, 50 00:02:50,199 --> 00:02:53,520 which is in the trillions, which obviously just spikes inflation, 51 00:02:53,599 --> 00:02:56,719 keeps interest rates high, and prevents mortgage race from coming down. 52 00:02:57,199 --> 00:02:59,599 So there's a lot of complexity to deal with. One 53 00:02:59,639 --> 00:03:03,080 of the trend as I've noticed, especially among the advisors 54 00:03:03,159 --> 00:03:06,000 at the large wealth management firms I now do consulting with, 55 00:03:06,919 --> 00:03:09,879 is our two trends that I think are gathering speed. 56 00:03:10,240 --> 00:03:14,560 One is an increased personal savings rate over and above 57 00:03:14,560 --> 00:03:17,039 the growth in income, over and above the growth and 58 00:03:17,080 --> 00:03:20,960 popular what the normal population is doing as people move 59 00:03:21,080 --> 00:03:25,400 into having to capitalize their savings to take them through 60 00:03:25,479 --> 00:03:28,240 the rest of their life as opposed to depending on 61 00:03:28,919 --> 00:03:30,039 social safety. 62 00:03:29,680 --> 00:03:31,400 Speaker 5: Nets such as social security. 63 00:03:31,759 --> 00:03:35,280 Speaker 1: At the same time that this is occurring, the average 64 00:03:35,319 --> 00:03:41,120 financial advisor is probably somewhere in their mid to fifties 65 00:03:41,199 --> 00:03:44,840 to mid sixties. Thirty eight percent of that group, most 66 00:03:44,879 --> 00:03:48,039 experienced advisors will be retiring in the next five to 67 00:03:48,080 --> 00:03:52,039 ten years. The issue that we face is that their 68 00:03:52,080 --> 00:03:55,879 clients are aging as well as their clients age and 69 00:03:56,280 --> 00:03:59,439 leave their money downstream to their errors. The next generation 70 00:03:59,560 --> 00:04:06,800 of finance advisors are woefully unprepared, almost catastrophically. So when 71 00:04:06,840 --> 00:04:09,599 I started, more years ago than I care to remember, 72 00:04:10,360 --> 00:04:13,479 I got one thousand dollars a month draw against future 73 00:04:13,560 --> 00:04:17,160 sales commissions. There was no plan B. You either made 74 00:04:17,199 --> 00:04:18,879 it or you didn't. I made a ton of mistakes. 75 00:04:19,560 --> 00:04:23,199 I survived them. I started focusing on client outcomes instead 76 00:04:23,199 --> 00:04:27,000 of the firm sales pitch, and fortunately I was kind 77 00:04:27,000 --> 00:04:29,800 of at the front end of the line, recognizing my 78 00:04:29,920 --> 00:04:33,000 job was to solve problems for people, not to try 79 00:04:33,040 --> 00:04:33,920 and predict. 80 00:04:33,519 --> 00:04:35,759 Speaker 5: What the market was going to do. Somebody asked me 81 00:04:35,800 --> 00:04:36,879 what the market was going to do. 82 00:04:36,959 --> 00:04:39,639 Speaker 1: What an analyst thought, what a stock would do. My 83 00:04:39,920 --> 00:04:42,959 basic response was if that person knew, why would they 84 00:04:42,959 --> 00:04:46,759 tell you or me or anybody. So I defaulted into 85 00:04:47,160 --> 00:04:51,600 things I knew over time would work. Markets equity markets outperform, 86 00:04:51,839 --> 00:04:54,079 bonds outperform cash, but I don't know. 87 00:04:54,000 --> 00:04:55,000 Speaker 5: What year they're going to do it. 88 00:04:55,040 --> 00:04:58,240 Speaker 1: Fifty to fifty one year, seventy five over three years, 89 00:04:58,680 --> 00:05:02,079 eighty percent over five, ninety five percent over ten. So 90 00:05:02,279 --> 00:05:04,160 somebody says, is it a good time to invest in 91 00:05:04,160 --> 00:05:04,560 the market. 92 00:05:04,639 --> 00:05:06,360 Speaker 5: I don't know. I don't have an answer for you. 93 00:05:07,160 --> 00:05:09,199 Speaker 1: I do know that if you've got targeted goals out 94 00:05:09,240 --> 00:05:11,439 there that are twenty five and thirty years out, we've 95 00:05:11,480 --> 00:05:13,120 got to have a disciplined approach to do it. 96 00:05:13,360 --> 00:05:14,399 Speaker 5: And that was hard earned. 97 00:05:14,759 --> 00:05:19,600 Speaker 1: So what happened after eight is all the major firms 98 00:05:20,240 --> 00:05:24,920 basically dumped their training programs. Meryll was always the best 99 00:05:24,959 --> 00:05:28,360 place to be trained because maryl believes in pure based training. 100 00:05:28,519 --> 00:05:31,600 Meryl Lynch and I wasn't the only fa out there 101 00:05:31,639 --> 00:05:33,759 had a partner Bob Pain I worked with. There were 102 00:05:33,759 --> 00:05:37,800 probably fifteen or twenty other really good financial advisors. They 103 00:05:37,920 --> 00:05:41,199 also trained the various aspects, and peer based. 104 00:05:41,000 --> 00:05:42,360 Speaker 5: Training was really the way to go. 105 00:05:43,439 --> 00:05:44,759 Speaker 1: If you want to learn how to be a pilot, 106 00:05:44,800 --> 00:05:46,399 you find the best pilot you can that knows how 107 00:05:46,439 --> 00:05:46,839 to teach. 108 00:05:47,120 --> 00:05:50,120 Speaker 5: You don't get someone that read the book on aerodynamics. 109 00:05:51,079 --> 00:05:54,399 Speaker 1: When the training dissolved, the firms basically took an approach 110 00:05:54,439 --> 00:05:56,399 of let's throw a bunch of things against the wall. 111 00:05:56,399 --> 00:06:00,279 And see what works, and unfortunately nothing has worked. They've 112 00:06:00,360 --> 00:06:04,639 all pressed in to form teams. So vertical team is 113 00:06:04,680 --> 00:06:07,720 a senior advisor such as I used to be hiring 114 00:06:07,759 --> 00:06:10,639 someone maybe in their twenties or thirties that will one 115 00:06:10,680 --> 00:06:14,279 day take over the book of business. The problem is 116 00:06:14,279 --> 00:06:17,519 is if that person comes in and even adjusted for inflation, 117 00:06:18,560 --> 00:06:20,839 instead of the thousand a month I got when I started, 118 00:06:21,319 --> 00:06:23,319 they're more on the order of twelve to fifteen thousand 119 00:06:23,360 --> 00:06:28,160 dollars a month because their senior partner is basically floating them. 120 00:06:28,959 --> 00:06:31,759 The senior partner in a typical wealth management firm at 121 00:06:31,759 --> 00:06:36,279 this point is probably making between seven to fifty. 122 00:06:35,959 --> 00:06:38,240 Speaker 5: And two million dollars. It's incredibly loose. 123 00:06:38,639 --> 00:06:40,519 Speaker 4: Sure who could have career. 124 00:06:40,800 --> 00:06:43,120 Speaker 1: So giving away one hundred and fifty thousand They don't 125 00:06:43,120 --> 00:06:46,000 really feel it. However, the junior advisor knows they just 126 00:06:46,079 --> 00:06:48,759 have to survive until a senior advisor walks away. The 127 00:06:48,800 --> 00:06:52,000 firm pays off the senior advisor when they leave a 128 00:06:52,000 --> 00:06:55,360 substantial amount of money, and the junior advisor gets kind 129 00:06:55,360 --> 00:06:58,600 of a reduced payout on the assets that remain until 130 00:06:58,639 --> 00:07:01,439 it's all paid off. There's the problem. I went to 131 00:07:01,480 --> 00:07:05,000 work every day, scared of death, knowing I had to 132 00:07:05,040 --> 00:07:07,360 earn my spot, continue to grow. 133 00:07:07,240 --> 00:07:09,240 Speaker 5: Or I'd be done. I didn't have a choice. 134 00:07:09,399 --> 00:07:11,079 Speaker 1: I joined a team and all of a sudden, I'm 135 00:07:11,120 --> 00:07:14,639 making something that is, you know, ten times what I 136 00:07:14,680 --> 00:07:17,120 was really worth. How motivator and am I to learn? 137 00:07:18,079 --> 00:07:20,879 And that's what we're seeing right now. We've got a 138 00:07:20,920 --> 00:07:24,879 whole generation of advisors, younger advisors that are just watching 139 00:07:24,920 --> 00:07:28,279 the clock. They're being supported by their senior advisors. They're 140 00:07:28,319 --> 00:07:31,920 not prospecting, they're not hunting, which is an artful skill 141 00:07:32,079 --> 00:07:37,639 that you have to have, and the senior advisor wants 142 00:07:37,639 --> 00:07:39,879 to get out. They have no idea how to train 143 00:07:39,959 --> 00:07:42,759 the younger advisor, how to motivate them, or how to 144 00:07:42,800 --> 00:07:45,000 compensate them. That's where I spend a lot of my time. 145 00:07:45,399 --> 00:07:48,240 But I have to tell you I'm not optimistic. As 146 00:07:48,839 --> 00:07:53,480 clients age and pass away, their errors have no connectivity 147 00:07:53,800 --> 00:07:56,680 to their parents' former advisor who's well into their sixties 148 00:07:57,040 --> 00:07:57,680 or seventies. 149 00:07:58,199 --> 00:07:58,959 Speaker 4: So where do you go? 150 00:07:59,319 --> 00:08:01,120 Speaker 5: So they're going to go and try and find somebody. 151 00:08:01,079 --> 00:08:04,959 Speaker 1: And it's got a good line at BS A value proposition, 152 00:08:05,000 --> 00:08:06,959 which by the way, I think is completely useless. How 153 00:08:06,959 --> 00:08:09,560 Can I propose something that you're going to buy into 154 00:08:09,879 --> 00:08:13,680 if there's no proof of value, It's it's ridiculous. So 155 00:08:14,120 --> 00:08:16,639 I'm concerned about the industry and where it goes. Mckensey 156 00:08:16,720 --> 00:08:21,240 just released a report. It's pretty interesting on the looming shortage, 157 00:08:22,240 --> 00:08:24,360 and they get some of it right, but they get. 158 00:08:24,240 --> 00:08:25,040 Speaker 4: A lot of it wrong. 159 00:08:26,000 --> 00:08:28,439 Speaker 1: And this is what senior leadership that the big farms 160 00:08:28,439 --> 00:08:33,960 listens to. And I'm looking at it going yeah, yeah, no, wrong, wrong, wrong, wrong, 161 00:08:34,039 --> 00:08:35,919 Like AI is not all of a sudden going to 162 00:08:36,000 --> 00:08:39,559 replace a financial advisor unless ay, I can figure out 163 00:08:39,600 --> 00:08:42,679 a way to do the one immutable talent the best 164 00:08:42,679 --> 00:08:47,759 advisors have, which is empathy. Got to be a political 165 00:08:48,720 --> 00:08:50,679 and we got to meet the clients where they are. 166 00:08:51,360 --> 00:08:53,480 Speaker 4: Yeah, and even five people in this day and age 167 00:08:53,519 --> 00:08:56,080 to do that, I don't know it. You know. It 168 00:08:56,120 --> 00:08:57,080 reminds me of. 169 00:08:57,720 --> 00:09:01,960 Speaker 3: Benjamin Franklin when he said he was working on his 170 00:09:02,159 --> 00:09:07,120 vices and trying to accelerate his virtues, and he said 171 00:09:07,159 --> 00:09:10,120 there was one thing that he really had trouble with, 172 00:09:10,519 --> 00:09:13,279 and that was being humble. But he found that if 173 00:09:13,279 --> 00:09:15,840 he just acted as if he was humble even though 174 00:09:15,840 --> 00:09:21,120 he really wasn't, people accepted it. So AI acts as 175 00:09:21,240 --> 00:09:24,879 if it's empathetic. That should be enough for most people, right, 176 00:09:24,919 --> 00:09:26,679 even though it can't really feel empathy. 177 00:09:27,120 --> 00:09:28,639 Speaker 1: And I saw a report the other day, I'm not 178 00:09:28,639 --> 00:09:30,519 sure where I saw it, might have been on John 179 00:09:30,720 --> 00:09:33,120 one of the one of the shows that like twenty 180 00:09:33,200 --> 00:09:36,960 or twenty five percent of people right now have what 181 00:09:37,000 --> 00:09:39,720 they would classify as intimate relationships with their AI. 182 00:09:40,919 --> 00:09:41,879 Speaker 5: That's a tad frightening. 183 00:09:44,279 --> 00:09:47,000 Speaker 4: Well, they really expand them. Yep. 184 00:09:47,879 --> 00:09:52,519 Speaker 1: Developing an advisor's skill set is done by almost like 185 00:09:52,559 --> 00:09:55,600 how Michaelangelo assembled David. You just got to get rid 186 00:09:55,600 --> 00:09:57,919 of everything else and what's left is what you need 187 00:09:57,960 --> 00:09:58,200 to do. 188 00:09:58,840 --> 00:10:01,600 Speaker 5: It is nothing even close to what the public thinks. 189 00:10:01,840 --> 00:10:02,960 Speaker 4: It's a real process. 190 00:10:03,639 --> 00:10:05,360 Speaker 5: Oh yeah, and it's painful. 191 00:10:05,840 --> 00:10:09,279 Speaker 1: Yeah, and experience is the best teacher. Unfortunately, experience is 192 00:10:09,360 --> 00:10:12,960 usually painful. I've been doing a lot of work with 193 00:10:13,320 --> 00:10:17,039 AI models where I load in baseline training from programs 194 00:10:17,080 --> 00:10:20,360 I've delivered and tapes I've developed, and I'll load those 195 00:10:20,399 --> 00:10:26,399 into an AI like Google LM, and then with my clients, 196 00:10:26,440 --> 00:10:28,799 I do follow up zoom calls and hold them accountable 197 00:10:28,840 --> 00:10:29,360 once a week. 198 00:10:29,480 --> 00:10:30,840 Speaker 5: So I had the zoom calls. 199 00:10:30,559 --> 00:10:35,240 Speaker 1: Transcribed at Google LM, and I blend those in and 200 00:10:35,600 --> 00:10:39,879 it produces basically what I would call a kernel or 201 00:10:39,919 --> 00:10:45,000 a wisdom high, if you will, because I can blend 202 00:10:45,039 --> 00:10:47,519 all the experience and all the baseline knowledge together, and 203 00:10:47,559 --> 00:10:51,600 all of a sudden I can ask it questions and 204 00:10:51,639 --> 00:10:54,679 it will answer, not always in my voice, but it 205 00:10:54,720 --> 00:11:01,039 will answer in with new information from an experienced's perspective. 206 00:11:02,159 --> 00:11:04,600 That a question that could be posed by an advisor 207 00:11:04,679 --> 00:11:08,600 that basically has been in business a year. So the 208 00:11:08,679 --> 00:11:11,120 firms are terrified of what it's. 209 00:11:10,960 --> 00:11:11,440 Speaker 4: Going to do. 210 00:11:11,840 --> 00:11:13,639 Speaker 5: They're going to be very slow to embrace AI. 211 00:11:14,039 --> 00:11:16,720 Speaker 3: So that's not going to be a solution, right, So 212 00:11:16,799 --> 00:11:20,080 how do you get more people involved in this, motivate 213 00:11:20,159 --> 00:11:23,759 them to do the hard work that's necessary so they're 214 00:11:23,799 --> 00:11:26,559 not like living off a dwindling book of business. 215 00:11:27,200 --> 00:11:28,039 Speaker 5: That's the question. 216 00:11:29,080 --> 00:11:31,519 Speaker 1: A long time ago, I think it was in the 217 00:11:32,399 --> 00:11:35,440 maybe you saw it, The Moving Major League, Tom berens there, 218 00:11:35,559 --> 00:11:37,960 Charlie Sheen, all the rest of it. They were trying 219 00:11:37,960 --> 00:11:40,759 to figure out to motivate the ballplayers, and Tom Berenger, 220 00:11:40,759 --> 00:11:45,000 who played a catcher in the movie, basically said, you know, 221 00:11:45,039 --> 00:11:46,759 they've all got making a lot of money, you got 222 00:11:46,759 --> 00:11:49,600 to scare the hell out of them. So in the scene, 223 00:11:49,799 --> 00:11:52,200 the manager who I can't remember who played the role, 224 00:11:52,639 --> 00:11:55,879 picked up a bunch of baseball bats, walked into the showers, 225 00:11:56,159 --> 00:11:57,879 and threw the bats in the showers to. 226 00:11:57,960 --> 00:11:59,240 Speaker 5: Scare the hell out everybody. 227 00:11:59,480 --> 00:12:02,240 Speaker 1: Yeah, that was kind of a pivotal moment from them. 228 00:12:02,559 --> 00:12:06,399 Speaker 6: As it relates to financial advisors, if you don't have 229 00:12:06,879 --> 00:12:11,600 a combination of hunger, ambition, and fear, you're not going 230 00:12:11,679 --> 00:12:12,799 to make it in your early years. 231 00:12:13,720 --> 00:12:16,559 Speaker 1: So what I do is I work with these teams 232 00:12:17,200 --> 00:12:20,879 and whatever compensation schedule the senior advisor is negotiated with 233 00:12:21,000 --> 00:12:24,039 the junior advisor. Basically, I say, are we're going to 234 00:12:24,120 --> 00:12:26,440 leave it in place for one month now. On every 235 00:12:26,480 --> 00:12:30,279 advisor's book of let's say two hundred and fifty households 236 00:12:30,720 --> 00:12:33,559 five hundred million dollars in assets, it's not two hundred 237 00:12:33,559 --> 00:12:37,360 and fifty households with two million each. It's of that total, 238 00:12:37,759 --> 00:12:42,559 it's fifty households that have maybe three hundred and fifty million, 239 00:12:42,919 --> 00:12:47,559 another seventy five or eighty households that have everything but 240 00:12:47,639 --> 00:12:51,200 are remaining fifty million, and at the bottom there's two 241 00:12:51,279 --> 00:12:54,519 or three hundred households with fifty million bucks, they're not 242 00:12:54,559 --> 00:12:58,440 getting called. Nobody's profiling them. There's no financial plans in place. 243 00:12:59,600 --> 00:13:03,039 These were the accounts the advisor opened when they were 244 00:13:03,080 --> 00:13:06,200 first starting that were incredibly important to them. Some of 245 00:13:06,200 --> 00:13:09,080 them might have been the biggest accounts. Now they're largely ignored. 246 00:13:09,320 --> 00:13:11,679 The advisors are saying, well, they don't bother us, blah 247 00:13:11,720 --> 00:13:15,399 blah blah blah blah. And we do certain calculations for 248 00:13:15,480 --> 00:13:18,879 profitability per household, and those households at the bottom of 249 00:13:18,919 --> 00:13:21,440 which there are many still have to be taken care of, 250 00:13:21,799 --> 00:13:25,519 are probably ten percent is profitable on a time expended 251 00:13:25,600 --> 00:13:29,120 date the households at the top. So one of the 252 00:13:29,159 --> 00:13:32,120 things I do is I work with book advisors and 253 00:13:32,159 --> 00:13:33,759 say you're now in charge of these two hundred and 254 00:13:33,799 --> 00:13:37,879 fifty households down here, who are generating a total revenue 255 00:13:37,919 --> 00:13:40,679 back to the firm of two hundred thousand dollars. Any 256 00:13:40,759 --> 00:13:43,320 upside you get on this fifty million, which should be 257 00:13:43,320 --> 00:13:46,200 generating revenue on the order of five hundred thousand dollars, 258 00:13:46,879 --> 00:13:50,200 you're going to own eighty percent of it. Anything new 259 00:13:50,240 --> 00:13:52,840 you bring in from a referral, you get to keep 260 00:13:52,840 --> 00:13:56,639 one hundred percent. Oh and by the way, twelve months 261 00:13:56,639 --> 00:14:00,279 from now, your compensation from your senior advisor is going 262 00:14:00,360 --> 00:14:02,960 to get cut in half. I'll train you, but you've 263 00:14:02,960 --> 00:14:05,799 got to get to work. And the fear in their 264 00:14:05,840 --> 00:14:08,320 eyes is the same thing I felt and their senior 265 00:14:08,360 --> 00:14:10,799 advisor felt, because we've got to take away the safety 266 00:14:10,879 --> 00:14:14,519 net until they recognize how socially important this job is, 267 00:14:15,559 --> 00:14:18,879 how meaningful you can be to other people. You eat 268 00:14:19,000 --> 00:14:21,440 less as a service job, but if you do. 269 00:14:21,360 --> 00:14:23,559 Speaker 5: It well, you really eat well. 270 00:14:23,679 --> 00:14:26,759 Speaker 1: You can make more money as long as other people 271 00:14:26,799 --> 00:14:30,519 benefit first. So it's kind of the ultimate altruistic job 272 00:14:31,000 --> 00:14:36,759 as long as you're focused on engineering outcomes. It's not 273 00:14:36,799 --> 00:14:37,399 for everybody. 274 00:14:38,039 --> 00:14:41,960 Speaker 3: Yeah, yeah, well it never has been. But if you 275 00:14:42,000 --> 00:14:44,000 want to make money, you go where the money is. 276 00:14:44,480 --> 00:14:49,559 And like, why did Willie Sutton rob banks? Because that 277 00:14:49,799 --> 00:14:52,200 he never said it, but it's been attributed to him 278 00:14:52,440 --> 00:14:56,000 because that's where the money is or was. Now there's 279 00:14:56,039 --> 00:15:00,240 no money in the banks, it's all digital. Anyway, had 280 00:15:00,240 --> 00:15:03,559 to go where the money is and rich people, you know, 281 00:15:03,679 --> 00:15:06,360 it's that old thing. It's just as easy to fall 282 00:15:06,399 --> 00:15:08,679 in love with a rich guy as a poor guy. 283 00:15:08,759 --> 00:15:10,919 Speaker 1: Right, Yeah, my wife reminds me of that all the time. 284 00:15:11,519 --> 00:15:15,240 Speaker 3: Yeah, all right, Hey, so how do we how do 285 00:15:15,279 --> 00:15:16,600 we connect with you on the web? 286 00:15:16,840 --> 00:15:20,519 Speaker 4: How do we find you and tell us how? 287 00:15:21,679 --> 00:15:25,320 Speaker 1: So I've launched it. It's really kind of interesting. This 288 00:15:25,440 --> 00:15:28,440 was a kind of an AI generated idea. I took 289 00:15:28,879 --> 00:15:32,120 about I don't know, a couple hundred hours combination of 290 00:15:32,440 --> 00:15:35,360 teachings that I've done, programs I've run, you know, given 291 00:15:35,360 --> 00:15:37,960 to firms, and then a bunch of zoom calls and 292 00:15:38,000 --> 00:15:41,279 I picked at random from advisors that I counsel with, 293 00:15:42,039 --> 00:15:45,120 and I cracked it all into an AI model using 294 00:15:45,120 --> 00:15:49,039 Google LM. And I said, so, if I wanted to 295 00:15:49,080 --> 00:15:54,879 create a podcast that would help the public understand if 296 00:15:54,879 --> 00:15:57,399 they've got an advisor that actually knows what they're doing 297 00:15:58,879 --> 00:16:01,080 based upon sitting on the other side of the desk 298 00:16:02,080 --> 00:16:08,159 inherently knowing what's contained in the AI currently, see if 299 00:16:08,159 --> 00:16:10,960 you can generate ken scripts for me. And with a 300 00:16:10,960 --> 00:16:13,240 little tinkering, it came up with my first ten scripts 301 00:16:13,240 --> 00:16:15,559 and I did some editing on it. I came up 302 00:16:15,600 --> 00:16:17,559 with my own spin on a few, but I was 303 00:16:17,600 --> 00:16:20,679 blown away. So that led me to believe, well, this 304 00:16:20,720 --> 00:16:24,080 is stuff the public needs to know. Especially since there's 305 00:16:24,120 --> 00:16:27,399 going to be such a jump ball coming up for 306 00:16:27,600 --> 00:16:29,440 where do you go and what do you do? So 307 00:16:29,480 --> 00:16:32,159 I've got a podcast which i'm just launching. It's titled 308 00:16:32,200 --> 00:16:35,279 If the Public Only Knew, and I think it's up 309 00:16:35,320 --> 00:16:37,639 on Spotify at this point. I'm just getting it going, 310 00:16:37,639 --> 00:16:40,240 which is why I appreciate you having me on. And 311 00:16:40,360 --> 00:16:45,559 it's just guidelines that they should use for everything as 312 00:16:45,600 --> 00:16:49,519 to why a bond and a bond fund are completely different, 313 00:16:49,960 --> 00:16:54,559 all the way down to understanding if an financial advisor 314 00:16:54,600 --> 00:16:59,480 can't ask the question about why it's important to dynamical 315 00:16:59,519 --> 00:17:03,720 rebalance and market extremes, what the answer is, and why 316 00:17:03,759 --> 00:17:05,960 they need to go find somebody that can make an answer. 317 00:17:06,440 --> 00:17:09,960 So that was pretty much pointed it to the public. 318 00:17:10,680 --> 00:17:12,559 And I've also got one cunning right behind it. 319 00:17:12,640 --> 00:17:13,680 Speaker 5: I'll be launching. 320 00:17:13,799 --> 00:17:18,759 Speaker 1: Title Financial Advisor Masterclass. They're both available. You can find them, 321 00:17:18,839 --> 00:17:22,079 i think right now on Spotify. Just getting them underway, 322 00:17:22,759 --> 00:17:25,440 but I'm pretty stoked about it. For now, they're free, 323 00:17:25,599 --> 00:17:28,920 there's no premium to pick up. But I think what 324 00:17:28,960 --> 00:17:31,400 you're going to find is the information in these things 325 00:17:32,079 --> 00:17:35,200 is incredibly useful and it's things the general public just 326 00:17:35,240 --> 00:17:38,319 doesn't know that. A good advisor does know that. I 327 00:17:38,319 --> 00:17:41,559 think the public has to know. I started every relationship 328 00:17:42,039 --> 00:17:44,400 with every household. I took care of every client, took 329 00:17:44,440 --> 00:17:48,519 care of sitting down and educating them in an agnostic 330 00:17:48,559 --> 00:17:53,119 way with no firm collateral, basically saying, if you hire me, 331 00:17:53,480 --> 00:17:56,279 here's what we're going to do, and here's why. If 332 00:17:56,359 --> 00:17:58,559 I'm not for everybody, if you don't want this, you 333 00:17:58,599 --> 00:18:00,759 need to go someplace elseuse I'm always going to tell 334 00:18:00,759 --> 00:18:02,799 you what you need to know may not be what 335 00:18:02,839 --> 00:18:05,240 you want to hear. So it's that kind of approach. 336 00:18:05,480 --> 00:18:08,839 I built a very successful advisory practice, and I've trained 337 00:18:08,839 --> 00:18:11,119 thousands of other fas how to do it. But that 338 00:18:11,240 --> 00:18:15,319 universe for investors is in the tens of millions against 339 00:18:15,359 --> 00:18:18,119 the dwindling set of qualified advisors. 340 00:18:18,400 --> 00:18:20,000 Speaker 5: I think it's going to be timely for the public. 341 00:18:20,799 --> 00:18:23,799 Speaker 4: I tend to agree with you. It sounds great, all right. 342 00:18:24,160 --> 00:18:27,519 Speaker 3: So if you've got a question for Gary or myself, 343 00:18:27,519 --> 00:18:28,640 you can shoot me an email. 344 00:18:30,000 --> 00:18:32,000 Speaker 4: Dary, what's your website? 345 00:18:32,160 --> 00:18:34,119 Speaker 1: So right now, the website they can find me on 346 00:18:34,359 --> 00:18:39,559 is all one word, Better Path Training, Betterpathtraining dot com. 347 00:18:39,839 --> 00:18:43,160 They'll be links to my podcast up there that's primarily 348 00:18:43,200 --> 00:18:47,039 written for financial advisors to support my training and coaching business, 349 00:18:47,359 --> 00:18:49,880 but they'll be able to hit the menu item that 350 00:18:49,960 --> 00:18:53,039 talks about the podcast if the public only knew, or 351 00:18:53,079 --> 00:18:55,759 they can find it directly by just going up on Spotify. 352 00:18:55,799 --> 00:18:58,480 And I think I've got some RSS feeds elsewhere and 353 00:18:58,559 --> 00:19:00,359 told trying to get it up on app but I'm 354 00:19:00,400 --> 00:19:03,319 told that should happen hopefully sometime before the turn of 355 00:19:03,319 --> 00:19:05,359 the decade, so I'm not sure when it's going to 356 00:19:05,359 --> 00:19:07,799 appear there, but that's the easiest way to find it. 357 00:19:07,920 --> 00:19:08,319 Speaker 4: All right. 358 00:19:08,400 --> 00:19:12,319 Speaker 3: Well, I'm going to do a podcast myself about the 359 00:19:12,880 --> 00:19:16,720 legal profession called legal Theft, and you look out for 360 00:19:16,799 --> 00:19:17,200 that one. 361 00:19:17,279 --> 00:19:19,400 Speaker 4: We'll talk to you again soon. Thanks for coming by. 362 00:19:19,400 --> 00:19:21,079 Speaker 5: Dary, Thanks Carry, it's been a pleasure. 363 00:19:21,319 --> 00:19:25,480 Speaker 2: Thanks for listening to Carrie Letz's Financial Survival Network, your 364 00:19:25,559 --> 00:19:29,400 solution to today's trying times. For the latest, go to 365 00:19:29,559 --> 00:19:33,960 Financial Survivalnetwork dot com. Financial Survival Network 366 00:19:34,279 --> 00:19:35,960 Speaker 5: Now more than ever