Jan. 30, 2025

Choosing a Financial Advisor:Insights from Bonita B-A & guest Dean K Piper, CST of "Talk4 Media

Choosing a Financial Advisor:Insights from Bonita B-A & guest Dean K Piper, CST of "Talk4 Media

Join Bonita K Bell-Andersen & Dean K Piper, CST, who was in the financial advising world. Mr. Piper previously held 15 investment & insurance licenses. He operated an Introducing Broker, Broker Dealer, RIA, Managed Futures Fund, &...

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Season 1

Join Bonita K Bell-Andersen & Dean K Piper, CST, who was in the financial advising world. Mr. Piper previously held 15 investment & insurance licenses. He operated an Introducing Broker, Broker Dealer, RIA, Managed Futures Fund, & Insurance Agency. Bonita's journey has been one of great ups & downs on her advisor path, & Dean has amazing insights on the topic. He has received many awards, media features, and has been ranked for multiple categories. Don’t miss this inspiring interview.

Ask Good Questions is broadcast live Wednesdays at 6PM ET on W4CY Radio (www.w4cy.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com). Ask Good Questions is viewed on Talk 4 TV (www.talk4tv.com).

Ask Good Questions Podcast is also available on Talk 4 Media (www.talk4media.com), Talk 4 Podcasting (www.talk4podcasting.com), iHeartRadio, Amazon Music, Pandora, Spotify, Audible, and over 100 other podcast outlets.

Become a supporter of this podcast: https://www.spreaker.com/podcast/ask-good-questions--6441735/support.

WEBVTT

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The topics and opinions expressed in the following show are

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solely those of the hosts and their guests and not

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those of W FOURCY Radio. It's employees are affiliates. We

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make no recommendations or endorsements for radio show programs, services,

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or products mentioned on air or on our web. No

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liability explicitor implies shall be extended to W FOURCY Radio

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or its employees are affiliates. Any questions or comments should

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be directed to those show hosts. Thank you for choosing

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W FOURCY Radio.

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Welcome to to Ask Good Questions podcasts, broadcasting live every Wednesday,

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six pm Eastern Time on W four CY Radio at

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W four cy dot com. This week and every week,

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we will reach for a higher purpose in money and life,

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as well as a focus.

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On health and wellnent.

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Now, let's join your host, Anita bell Anderson, as together

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we start with Asking Good Questions.

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Welcome. This is Benita bell Anderson and I am your

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host today. I have with me a special guest. His

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name is Dean K. Piper, and I'm going to give

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you a little bio on this guy. He's an influencer,

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an international radio personality and on air talent and podcaster.

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He's a featured creator, a master marketer, a publicist, a promoter,

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a published author, a speaker, a coach, and a trainer.

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He was named number two ranked podcaster on Apple and

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was recently invited as a celebrity talent on Cameo. He's

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been featured in the news, on the radio, in multiple

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newspapers and magazines, and on broadcast television. And he describes

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himself as a positive, ambitious, highly energetic, persistent, persevering, spontaneous, metalhead, punker, hippie, skater, surfer, youthful,

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committe billion professional businessman, driving on passion. He lives life

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to the fullest while experiencing a variety of active, active interests.

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He is the pipe Man, and he has been has

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been said of him that he is a hybrid of

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Tony Robbins, Batman and Howard Stern. The Adventures of Pipe

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Man has received many awards and media features and has

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been ranked for multiple categories on one of the top

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six live radio shows and podcasts in the world. Besides that,

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there is the Pipe Man Radio Tour, where he travels

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in the country and the world doing press coverage. When

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does this guy have time for major business events, conferences, conventions.

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I know he just got back from being on the

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ocean music festivals, concerts, award shows and red carpets in

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the US, the UK and Europe. One of the top

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publicists in Yasi has named pipe Man the King of

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All festivals, and he says that pipe Man Radio is

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a show for you. It is many things. It's informative,

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it's professional, it's motivational, it's inspirational, it's in enlightening. It's controversial,

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it's music, it's shocking comedy. But most importantly, it's just

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plain fun. And that's what we intend to have today

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with Dean K. Piper like to welcome him.

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Now, Hello, Hello, I just have to tell you that

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it's sad to me like you looked up every one

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of my personalities because I kind of have multiple personality

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disorder and you just read off about all of them.

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I know, well, it makes it, it makes you more interesting,

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But I'm really seriously going, how in the heck do

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you find time to do all that stuff.

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I don't like?

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Like literally, I think that week I was doing radio

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coverage on the ocean for ship Rock, if I got

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two hours a night's sleep, that was a lot.

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Ah see, Dean, that's going to catch up with you eventually.

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Well it hasn't so far, and I can still outdo

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my kids and my grandkids. And listen, I got plenty

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of time to sleep when you know, when I'm on

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the other side.

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Okay, got it, got it. Well, we're going to talk

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about a scintillating topic today in the financial industry, about

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choosing an advisor. Now, I think we're going to try

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to make this as fun as possible. But I'm going

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to tell you briefly. But before I have you tell

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your story, I'm going to tell briefly my story. It's

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been about twenty five years ago that I went through

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a horrific divorce and completely up ended my life, and

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I ended it up going into financial services. I would

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have never been in this industry. It wouldn't have been

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for that complete left turn in my life. And I

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basically studied the role of women in the industry because

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I saw a lot of guys out there and actually

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had different ones who said, you know, you'd be good

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at this, you should try this. So twenty five years later,

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here I am doing commentary on my own podcast. So

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tell me about you. Tell me how you became an advisor.

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How long were you in that role, why you left,

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and especially what did you learn from that experience.

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It's kai ironic.

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I was listening to you and I thought to myself,

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I think I passed the baton to you because I,

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when I left the business, went through a horrific divorce

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at about the same time as you were going through

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a horrific divorce and getting into the business.

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And we didn't know that twenty five years later we

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are going to be talking about this.

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I look at that, look at how the universe works,

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as like, so I went into this industry and now

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you're in that, and if it.

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Wasn't for you, I wouldn't be on this industry, right.

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So it's like it's like it just all you know,

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the universe put all the puzzle pieces together, right. What

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really started it for me was Okay, So I was

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in retail for ten years. I worked since I'm eleven

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years old. I've been a salesperson since I'm thirteen. I

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lived on the streets from fifteen years old, brought myself

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off the streets, put myself through college no help from anybody.

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Even then we were talking about time.

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I also paid for college myself.

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Good for you. I love that because you get a

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lot more of it. Because this is what I saw.

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While I was in college. I couldn't deal with the

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kids my age because mommy and Daddy was paying for

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their stuff. They didn't respect it, they didn't understand. And

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you know, I was on mission. So I was working

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eighty hours a week in a retail store doing pools

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and which I was in that business for ten years.

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And I was pulling seventeen credits at semester at Rutgers,

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which is for anybody that knows, twelve credits is full time.

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So you know, basically, you know, you do what you

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got to do. But the thing is is I had

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a brother that was working at Crudential and he would

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multiple times try to get me to come work over there.

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And you know, I was kind of in my comfort zone.

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I'd been in this industry since I was a kid.

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I was, you know, very good at it, and you know,

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I was doing well for somebody my age, you know,

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and so why switch? But then I wanted more? And

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so I one day, let's see, I was like I

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think twenty years old or something like that, and I'm like, okay,

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I'll come in and so then I started my career

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at Prudential, where I got my life insurance license, my

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Series six, my Series sixty three health insurance license, P

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and C license, all that, okay, And.

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It was interesting.

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My journey is very interesting because so you work for

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a company like Prudential. Some people might not like what

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I'm about to say, but they're a very big company

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that does things that the smaller person would not be

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able to do. Yeah, okay. And so basically I was

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a go getter. So when I first started in the

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business was out. I was working from seven in the

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morning to eleven at night. That was who I was,

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you know. And my goal was to be number one

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in that office. And I was in office with eighty

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five age and of course, you know, in that business

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you go for the try to win, the trip to

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the business conference and all that stuff. So I wanted

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to do all that. Yeah, that's where I started with it.

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I started with my also with my you know, credentials,

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by getting the LUTCF and so I was the number

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one agent in that whole office, you know. And basically

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what I learned that credential was that that was not

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financial planning. I learned it was selling a product vowel

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variable appreciable life is all you were supposed to sell

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to anybody.

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They would have the weekly natives, so they would.

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Give you a bonus if you did sell a lot

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of that.

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Oh yeah, yeah, well not only that, but they'd have

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the weekly meeting and you could sell fifteen health insurance policies,

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twenty auto policies, fifty homeowners policies. But if you didn't

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sell any life, you better be hiding under the desk

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because you were a goose egg. Okay, you know, and

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all those things made you money. But what made them

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a lot of money was the life insurance. And that

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was it fits in everybody's pocket. They call it financial

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needs analysis. What you go out and do, yeah, and

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then you had to sing. It was called the Opser tray,

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which was this metal tray with all the people in

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your because you had an area as an agent, and

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your manager taught you to pull these Opser sheets out

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and read how much dividends there was and how much

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cash value, and doing illustration of how much.

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More vow that could buy for the person you know, and.

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So basically those are the things you could not do

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if you're an independent or a smaller shop. Right, why

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because kind of a just saying, but hopefully nobody heard that.

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Okay, you know. And so.

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I also was too young to be making the amount

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of money I was making. I was making like seventy

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grand a year at like twenty one years old working

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for Prudential because I was out there, like.

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Man, you were rolling in the dough.

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I was killing it, and nobody could afford to hang

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out with me my age. So I used to be

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the big shot, treating everybody and go like tavern on

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the Green, Hey, let's go to dinner. My American Express

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bill alone was like twenty five hundred a month. I

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had thirty five credit cards. Listen, okay, you're doing financial stuff,

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but yet you have thirty five credit cards.

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Okay. And here's the thing.

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People don't give a twenty one year old thirty five

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credit cards, okay. And so I was basically making seventy

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and spending like one hundred and fifty. Yeah, So I

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was going into a scenario where I was actually filing

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bankruptcy because I listened to some stupid attorney that gave

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me bad advice. I got bills I only owned twenty dollars.

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He wanted to put in a bankruptcy. But I was

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young and didn't listen. And I'm saying this stuff because

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you know, these are all part of things people need

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to learn about financial planning and advising, because it's not

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just hey, your investments or hey, you're insurance. It's the

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whole picture, you know, and a true advisor.

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Creating You're creating a partnership with somebody.

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And a true advisor is not selling you product. They

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are looking at the whole picture and doing a true

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financial needs analysis.

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And that is the difference.

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And that's where things changed for me, because I did

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win this trip down in Florida and Marco Island, and

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there was a nor'easter up in Jersey, and so I

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and my dad lived down here in Florida, and so

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you live now where I live now, And so we

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were sitting there. I was going through bankruptcy, losing everything.

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I did have a job that would get me out

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of a hole, because going bankrupt and then still making

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sevent grand go out a hole. And I was sitting

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at this place shooters in Fort laurreerdeal on the water

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with my dad sipping to margarita. Well there's in Northeaster,

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and I looked at him and I'm like, what the

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hell am I doing in New Jersey. I didn't tell

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him I was going to do next. But you know,

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when you go through hard times, sometimes you make decisions

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on the fly just you just kind of change your

223
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life because that's sometimes that's what gets you in a

224
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different direction.

225
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Well, for me, it was completely rethinking my life and

226
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what I wanted to be in the future.

227
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Yeah, and I remember very specifically. I went back to

228
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New Jersey and my sales manager at Prudential, he wanted

229
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me to do this deal that would made me one

230
00:14:12.240 --> 00:14:17.600
hundred granding commission. And my district manager wanted me to

231
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do it too, but it was basically replacing insurance like

232
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and not in the right way. And I refused, and

233
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they told me if I did not do it that

234
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they would have to let me go. And I told him,

235
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don't bother, have a nice day, and I got in

236
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my car and I drove to Florida.

237
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Wow. And so basically.

238
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But you had your integrity intact one.

239
00:14:50.320 --> 00:14:52.360
I mean, that would have changed my life, that sale.

240
00:14:52.720 --> 00:14:56.720
It would changed my life drastically. Okay, And we can't

241
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see it if we're looking at the tree.

242
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We're not going to see the florest.

243
00:15:01.120 --> 00:15:05.080
And so basically I was looking at the forest, and yes,

244
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I want to sleep at night, and yes I don't

245
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want to go to jail because that could potentially happen.

246
00:15:14.360 --> 00:15:17.840
Yep, And I'm going to be the fall guy for sure.

247
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You know, I'm not.

248
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You know, even at twenty one, I wasn't that stupid, right,

249
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And that's why they have a twenty one year old

250
00:15:25.360 --> 00:15:27.399
do that, you know, because they think they're going to

251
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be that stupid. And so anyway, what happened was the

252
00:15:32.480 --> 00:15:36.480
minute I left there, and this is practice that was

253
00:15:36.519 --> 00:15:39.360
done all the time. This first time I've told this

254
00:15:39.440 --> 00:15:42.840
part of the story and like revealing what really goes on.

255
00:15:45.320 --> 00:15:49.240
But basically, Deane, you found out who really owns the clients.

256
00:15:49.519 --> 00:15:52.360
Oh yeah, because what they did the sales manager did

257
00:15:52.840 --> 00:15:56.080
is he lapsed every bit of insurance I wrote, gave

258
00:15:56.120 --> 00:16:00.240
it to another salesperson, sales agent on staff, so that

259
00:16:00.879 --> 00:16:03.960
what would happen is the other agent would rewrite it

260
00:16:04.320 --> 00:16:09.320
and the sales manager would get a bonus for double

261
00:16:09.480 --> 00:16:12.600
business and then it lapsed off for me. So I

262
00:16:12.639 --> 00:16:16.320
went to Florida and I actually went to a Prudential

263
00:16:16.440 --> 00:16:19.720
to maybe work at Prudential in Florida here and maybe

264
00:16:19.720 --> 00:16:22.799
that'll be a better one. They wouldn't hire me because

265
00:16:23.600 --> 00:16:27.200
they said ten million of insurance lapsed off in the

266
00:16:27.279 --> 00:16:32.720
past month. So you know, I was no longer hireable

267
00:16:32.759 --> 00:16:33.559
by Prudential.

268
00:16:33.799 --> 00:16:34.080
Yep.

269
00:16:34.919 --> 00:16:38.759
And then I saw this ad in the paper down here.

270
00:16:38.879 --> 00:16:42.080
I know, to the younger generation right now listening to this,

271
00:16:42.200 --> 00:16:45.720
they probably don't I'm speaking like a foreign language right now,

272
00:16:46.039 --> 00:16:48.639
because there was a time where we actually that's how

273
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we got jobs. We went and got the paper, looked

274
00:16:50.759 --> 00:16:51.720
into classified.

275
00:16:51.919 --> 00:16:52.799
Yeah, like what's that.

276
00:16:53.759 --> 00:16:55.559
You know? And I saw this.

277
00:16:57.000 --> 00:16:59.360
I saw this ad that said make one hundred and

278
00:16:59.399 --> 00:17:03.200
twenty five one thousand plus blah blah blah blah blah.

279
00:17:03.200 --> 00:17:05.200
I don't even care what the rest of it said.

280
00:17:05.599 --> 00:17:08.759
I was twenty one years old, going through bankruptcy, just

281
00:17:08.880 --> 00:17:11.599
quit my job, had no money to even eat, and

282
00:17:11.759 --> 00:17:15.720
I wasn't going to go work at McDonald's and I

283
00:17:15.839 --> 00:17:19.839
was looking to be in the financial business still. And

284
00:17:20.079 --> 00:17:25.599
so basically I went on this interview and there was

285
00:17:27.319 --> 00:17:32.400
no brokers, there no deaths. There's three owners, and they're

286
00:17:32.440 --> 00:17:34.680
telling me how I'm going to make twenty grand a month,

287
00:17:34.720 --> 00:17:38.839
and they shot like sometimes what you see in the movies.

288
00:17:38.880 --> 00:17:41.400
They showed me their W two's from the year before

289
00:17:41.480 --> 00:17:42.920
they made a million dollars.

290
00:17:43.359 --> 00:17:47.839
You know, this whole thing was it. It was a commodity.

291
00:17:47.319 --> 00:17:49.640
Firm, oh oh boy.

292
00:17:50.319 --> 00:17:55.160
Yeah, but a legal one, not of okay, you know license.

293
00:17:56.079 --> 00:17:59.079
So I don't know what they said sounded good to me.

294
00:17:59.119 --> 00:18:02.480
It's had more my personality anyway, because I really hated

295
00:18:02.559 --> 00:18:06.519
going in people's houses and scaring them about death, like

296
00:18:06.839 --> 00:18:09.400
and how you have to pitch that crap? Sure, you know,

297
00:18:09.559 --> 00:18:12.480
And it was more like my personality. And you know,

298
00:18:13.640 --> 00:18:17.160
there's legit people and there's not legit people. Yes, okay.

299
00:18:17.960 --> 00:18:22.240
And so basically what I did was and the series

300
00:18:22.319 --> 00:18:24.240
three is one of the hardest exams you could take.

301
00:18:24.279 --> 00:18:25.400
It's harder than the seven.

302
00:18:25.920 --> 00:18:33.720
Yeah, but I was. I remember I went home that day.

303
00:18:33.759 --> 00:18:36.720
I was talking to my dad and my brother. I

304
00:18:36.759 --> 00:18:38.720
was talking about how I was gonna make twenty grand

305
00:18:38.759 --> 00:18:42.240
a month. Lah blah lah la laha. They're like, you're bankrupt,

306
00:18:42.319 --> 00:18:44.359
you have no money. Maybe you should start with like

307
00:18:44.440 --> 00:18:46.720
making two hundred and fifty dollars. Why don't you get

308
00:18:46.720 --> 00:18:50.119
a real job, you know, And that's the line I got.

309
00:18:51.000 --> 00:18:54.880
So there's significance to me saying that because that was

310
00:18:54.960 --> 00:18:58.440
a fire in my belly for me. And I went

311
00:18:58.880 --> 00:19:01.440
and I sat on a Fort Laurdel beach on the

312
00:19:01.480 --> 00:19:05.279
beach for three days and studied that series three exam

313
00:19:05.759 --> 00:19:08.599
and took it like on a Monday, like I just

314
00:19:09.880 --> 00:19:14.640
you know, rock went right through it. And like there

315
00:19:14.640 --> 00:19:18.240
were fifty other candidates in that brokerage firm that were

316
00:19:18.720 --> 00:19:21.720
being for you know, table spots.

317
00:19:21.920 --> 00:19:24.200
Basically, the guys had just opened a new firm.

318
00:19:24.240 --> 00:19:26.599
They were working somewhere else, they opened a new firm,

319
00:19:27.519 --> 00:19:29.640
and so I trusted in that because I was young

320
00:19:29.759 --> 00:19:30.200
enough to.

321
00:19:30.279 --> 00:19:35.880
Not be you know, like you know anything else. Yeah,

322
00:19:35.880 --> 00:19:37.200
I wasn't was.

323
00:19:37.279 --> 00:19:42.559
I was young enough to not be pessimistic or skeptical, okay,

324
00:19:42.839 --> 00:19:45.359
and to believe what was going to happen. And I'm

325
00:19:45.359 --> 00:19:49.519
a big believer what the mind conceives. Yeah, what the

326
00:19:49.519 --> 00:19:52.799
mind believes is what you conceive. So, you know, basically

327
00:19:53.400 --> 00:19:57.200
I went for all out. And then so that first

328
00:19:57.480 --> 00:20:01.119
month in the business, in the that part of the business,

329
00:20:01.160 --> 00:20:05.039
they said to me, listen, I know you're a superstar prudential.

330
00:20:06.279 --> 00:20:09.880
But even though it's the same world, the quote unquote

331
00:20:09.960 --> 00:20:12.680
financial world. This is a whole different world and what

332
00:20:12.759 --> 00:20:14.799
you did there is not going to work here. And

333
00:20:14.839 --> 00:20:17.160
they were teaching me how to sell. Now, I'd been

334
00:20:17.160 --> 00:20:20.480
a great salesperson since I was thirteen years old because

335
00:20:20.519 --> 00:20:22.359
my dad was one of the best salespeople, and he

336
00:20:22.480 --> 00:20:31.119
traded me. And basically, I said, you know, I basically

337
00:20:31.400 --> 00:20:34.000
was going to be like number one. And I didn't

338
00:20:34.039 --> 00:20:36.079
want to listen to them. I was a cocky twenty

339
00:20:36.119 --> 00:20:39.079
one year old, so I did not do what they

340
00:20:39.119 --> 00:20:40.960
told me to do, and I'd sell it. I did

341
00:20:41.000 --> 00:20:44.079
what I thought would work well. That first month, I

342
00:20:44.160 --> 00:20:49.240
made zero right because and I say this because if

343
00:20:49.240 --> 00:20:52.240
you want to succeed in life, no matter how good

344
00:20:52.279 --> 00:20:55.039
you are, no matter how much you know, you can

345
00:20:55.079 --> 00:20:56.119
always learn more.

346
00:20:56.640 --> 00:20:56.880
Right.

347
00:20:57.279 --> 00:21:01.880
And also being at cocky twenty one year old, I

348
00:21:01.920 --> 00:21:05.799
went home and I set this goal. I have this

349
00:21:05.960 --> 00:21:09.359
thing that I teach now in my motivational stuff of

350
00:21:09.440 --> 00:21:12.880
how to set goals, and it was something I did

351
00:21:13.039 --> 00:21:17.960
this day, and I basically I wrote out it's I

352
00:21:18.000 --> 00:21:20.599
call it a goal getter, and you number one to

353
00:21:20.680 --> 00:21:22.720
ten and ten things you want most out of life.

354
00:21:22.759 --> 00:21:25.160
They could be short term, long term because you know,

355
00:21:25.240 --> 00:21:27.319
I read Thinks and Grow Rich, and I've read all

356
00:21:27.319 --> 00:21:30.480
those books, but most people don't follow the guidelines and

357
00:21:30.559 --> 00:21:32.480
Think and Grow Rich because it's a lot of work.

358
00:21:32.920 --> 00:21:36.160
So I basically simplified it. And what I put on

359
00:21:36.240 --> 00:21:40.200
there was make twenty five thousand dollars this month was

360
00:21:40.240 --> 00:21:44.119
the number one thing on the list. Now, I don't

361
00:21:44.119 --> 00:21:46.000
know what right I had to do that because I

362
00:21:46.039 --> 00:21:48.759
had never made twenty five thousand in a month. They

363
00:21:48.799 --> 00:21:50.839
told me twenty, so I wanted to do more than

364
00:21:50.839 --> 00:21:55.599
what they said and I just made zero, like okay,

365
00:21:56.079 --> 00:21:56.960
and I'm bankrupt.

366
00:21:58.200 --> 00:21:59.920
But that's how I rolled.

367
00:22:00.039 --> 00:22:04.720
That's how I think, you know, and you know, in

368
00:22:04.880 --> 00:22:07.480
order to succeed, you have to have nothing to fall

369
00:22:07.519 --> 00:22:10.359
back on because you'll always fall back on it, right,

370
00:22:11.960 --> 00:22:15.759
And I decided I was going to prove these people

371
00:22:15.920 --> 00:22:20.240
wrong and do it their way, like I wasn't going

372
00:22:20.319 --> 00:22:22.480
to do it their way because I wanted to succeed. Now,

373
00:22:22.480 --> 00:22:24.319
I was like, I'm going to show that their way

374
00:22:24.400 --> 00:22:30.039
doesn't work either, and I'll never forget it. Alan Sadler

375
00:22:30.200 --> 00:22:35.359
of Savannah, Georgia, a Jewish attorney of Savannah, Georgia, can

376
00:22:35.440 --> 00:22:39.400
be a harder person to sell commodity futures and options too.

377
00:22:42.200 --> 00:22:45.000
I had gotten so many knows by the time I

378
00:22:45.039 --> 00:22:47.400
got to this guy that I did not know what

379
00:22:47.440 --> 00:22:50.119
to do with the yes. Like you get trained on

380
00:22:50.200 --> 00:22:52.599
the nose and nobody teaches you what to do with

381
00:22:52.640 --> 00:22:56.839
the yes. So I the first time I did what

382
00:22:56.920 --> 00:23:01.599
they said to do, it was one line and he

383
00:23:01.799 --> 00:23:07.680
said yes, And I literally dropped the phone because we

384
00:23:07.799 --> 00:23:11.880
used real phones, and and I ran into the boss's

385
00:23:11.960 --> 00:23:14.799
office that we're tapping in listening because it's what they

386
00:23:14.839 --> 00:23:19.119
did back in the day, and in fact, the NFA

387
00:23:19.160 --> 00:23:20.880
and the CFTC they require that.

388
00:23:21.720 --> 00:23:26.279
And I'm like, what am I do now? Oh my god?

389
00:23:26.400 --> 00:23:27.440
Well ww did it?

390
00:23:28.119 --> 00:23:29.960
They're like, well, you might want to go back to

391
00:23:30.000 --> 00:23:32.640
the phone because he's probably still on the phone and

392
00:23:32.720 --> 00:23:37.240
you just dropped the phone and so but anyway, so

393
00:23:37.400 --> 00:23:39.680
that was my first client in that business. End the

394
00:23:39.759 --> 00:23:43.079
story that second month. You know, in that business, you

395
00:23:43.119 --> 00:23:45.359
get paid once a month and it's a big meeting,

396
00:23:45.880 --> 00:23:48.279
and if you have no money, you hide under the desk.

397
00:23:48.599 --> 00:23:51.559
If you're making big money, you're the big big macher,

398
00:23:52.079 --> 00:23:56.319
as we would say. And so I made twenty five

399
00:23:56.359 --> 00:23:59.400
thousand or not twenty five thousand. I made twenty four thousand,

400
00:23:59.480 --> 00:24:03.279
seven hundred and forty three dollars close enough.

401
00:24:04.200 --> 00:24:08.200
And it was in a check. Can you tell me.

402
00:24:08.440 --> 00:24:11.319
What the first where? The first place I went once

403
00:24:11.359 --> 00:24:12.279
I got that check?

404
00:24:12.680 --> 00:24:14.559
Oh, what did you do? Go and buy a big,

405
00:24:14.640 --> 00:24:16.079
big honkin truck or something?

406
00:24:17.240 --> 00:24:21.039
No? No, but maybe no.

407
00:24:22.359 --> 00:24:26.599
No. Literally, I went to my brother and I shoved

408
00:24:26.599 --> 00:24:28.559
it in his face and I told him to get.

409
00:24:28.359 --> 00:24:29.039
A real job.

410
00:24:29.359 --> 00:24:31.799
Oh my gosh, yep.

411
00:24:32.319 --> 00:24:35.119
And then I went to a bank cashed it. Then

412
00:24:35.160 --> 00:24:38.960
I had my bosses required me because they said, hey,

413
00:24:39.000 --> 00:24:41.359
those suits you're wearing, they just don't cut it here.

414
00:24:41.440 --> 00:24:44.119
They may cut it insured and say okay here, and

415
00:24:44.119 --> 00:24:46.720
they're like, uh, now that you made some of mine,

416
00:24:46.920 --> 00:24:50.359
come back tomorrow and you should be wearing like an

417
00:24:50.480 --> 00:24:53.799
Armani suit and Harmani time. We'll take your shopping for it,

418
00:24:54.359 --> 00:24:58.039
you know. And then oh, in that car you're driving, No,

419
00:24:58.720 --> 00:25:00.480
you have to get a different car. You know how

420
00:25:00.519 --> 00:25:04.559
it is in that business. It's like it's all image matter,

421
00:25:05.359 --> 00:25:08.079
you know. But it's true, though, How can you tell

422
00:25:08.160 --> 00:25:13.799
people how to handle their finances if you don't appear

423
00:25:13.880 --> 00:25:14.960
like you have any.

424
00:25:14.920 --> 00:25:19.000
Yeah, but I'm hoping that the discussion today about choosing

425
00:25:19.039 --> 00:25:21.039
a financial advisor is they're going to be able to

426
00:25:21.039 --> 00:25:25.079
look deeper because they are they're going to have an

427
00:25:25.119 --> 00:25:28.279
initial response. They're going to have an initial opinion about

428
00:25:28.319 --> 00:25:30.119
that person just by the way they look.

429
00:25:31.519 --> 00:25:35.000
Well, that's why I'm bringing that up, because just because

430
00:25:35.079 --> 00:25:39.920
your advisor looks good doesn't mean they're a good advisor, Okay.

431
00:25:40.119 --> 00:25:43.559
And so now that wasn't enough for me, not the

432
00:25:43.680 --> 00:25:46.279
looking good. But you should look good because people are

433
00:25:46.359 --> 00:25:50.039
gonna it's first impression, right, But that's not all you do.

434
00:25:50.119 --> 00:25:50.960
Have to dig deeper.

435
00:25:51.039 --> 00:25:55.559
That's why I had gotten fifteen licenses and four professional designations,

436
00:25:55.920 --> 00:26:00.240
and like I was a knowledge junkie and I is

437
00:26:00.680 --> 00:26:04.319
addicted to CNBC twenty four to seven, so much so

438
00:26:04.480 --> 00:26:07.400
that when I first got married, it freaked out my wife,

439
00:26:07.519 --> 00:26:09.960
like because I would wake up in the middle of

440
00:26:10.000 --> 00:26:13.039
the night, pop up like a zombie and call like

441
00:26:13.480 --> 00:26:17.079
Singapore or Hong Kong to find out prices and then

442
00:26:17.119 --> 00:26:18.079
go back to bed, and.

443
00:26:17.960 --> 00:26:19.559
She'd be like, what the hell are you doing?

444
00:26:20.039 --> 00:26:23.240
You know, or she'd try to turn off Bloomberg on

445
00:26:23.319 --> 00:26:25.279
the TV at two in the morning.

446
00:26:25.319 --> 00:26:26.680
I'd wake up, I'm like, what are you doing?

447
00:26:29.599 --> 00:26:34.519
So well, yes, okay, so yeah, you've been there, done that.

448
00:26:35.359 --> 00:26:37.799
Yeah, that's the beginning. So that's the beginning story. That

449
00:26:37.960 --> 00:26:40.079
was the long answer to your short question.

450
00:26:40.240 --> 00:26:44.200
Yeah, so basically, in a nutshell, what do you think

451
00:26:44.200 --> 00:26:46.039
you'd learned from that period of your life?

452
00:26:46.480 --> 00:26:48.680
This is why I learned a few things. Number one,

453
00:26:48.720 --> 00:26:51.359
I learned that just because somebody is a big company

454
00:26:52.000 --> 00:26:53.519
doesn't mean they're a good company.

455
00:26:53.559 --> 00:26:54.960
So always do your research.

456
00:26:55.119 --> 00:26:58.599
Don't just trust because of a company or somebody's name.

457
00:26:58.799 --> 00:27:01.599
I mean, look at Bernie made of people trusted him

458
00:27:01.640 --> 00:27:04.519
because he had a big name. I was just saying

459
00:27:04.519 --> 00:27:07.039
to somebody the other day, I don't get it. All

460
00:27:07.039 --> 00:27:08.680
you have to do is look at the statements, and

461
00:27:08.680 --> 00:27:09.480
they looked fake.

462
00:27:10.079 --> 00:27:13.559
I know that I'm upstairs, that the printing press was

463
00:27:13.640 --> 00:27:15.880
upstairs from his office exactly.

464
00:27:15.960 --> 00:27:18.000
So that's part of what I'm bringing up is like,

465
00:27:18.640 --> 00:27:20.559
you got to look at all the details, You got

466
00:27:20.559 --> 00:27:22.519
to look at all the little things. You have to

467
00:27:22.519 --> 00:27:24.720
be your own advocate, because they're not going to be

468
00:27:24.799 --> 00:27:25.480
your advocate.

469
00:27:25.640 --> 00:27:27.000
You have to do your research.

470
00:27:27.440 --> 00:27:31.480
You're completely you know, because at the end of the day,

471
00:27:32.440 --> 00:27:36.119
it's your money and you want to make sure that

472
00:27:36.119 --> 00:27:39.960
it's being handled by somebody that cares. So that's another

473
00:27:40.039 --> 00:27:42.680
thing that I got out of it, Like I became

474
00:27:42.720 --> 00:27:46.839
somebody that cared. There's not a lot of people sometimes

475
00:27:46.839 --> 00:27:50.200
in that business that care, you know, and you need

476
00:27:50.200 --> 00:27:53.240
somebody that cares, that don't treat your money as if

477
00:27:53.279 --> 00:27:56.440
it were their own. What I also learned from that

478
00:27:56.559 --> 00:28:03.440
whole experience there is that you know, it was better

479
00:28:03.599 --> 00:28:07.839
to be independent, so you can actually choose products for

480
00:28:07.920 --> 00:28:12.960
your clients. That's why fit the client, you know, not

481
00:28:13.319 --> 00:28:16.799
selling them a product, but actually gained to know your

482
00:28:16.920 --> 00:28:21.359
client more than just the financial needs analysis. But what

483
00:28:21.480 --> 00:28:23.480
are their goals, what are they looking to do, what

484
00:28:23.640 --> 00:28:26.799
stage of life are they in. There's so many variables

485
00:28:26.799 --> 00:28:31.640
that come into play, and then creating a custom portfolio

486
00:28:31.759 --> 00:28:36.440
that fits their needs and their needs alone, because their

487
00:28:36.480 --> 00:28:38.839
needs are going to be different than every other person

488
00:28:38.880 --> 00:28:42.599
out there. And so that's the big thing I learned

489
00:28:42.599 --> 00:28:46.559
through the whole process was there's some things, even the

490
00:28:46.640 --> 00:28:50.960
investments that some people look down upon, they may be

491
00:28:51.079 --> 00:28:56.759
good for certain types of people. You know, everybody's different,

492
00:28:57.200 --> 00:28:59.799
you know, and what their needs are. So you need

493
00:29:00.000 --> 00:29:04.359
I'm made that is experience and has the ability. Okay,

494
00:29:04.400 --> 00:29:07.480
this is a big one for me, has the ability

495
00:29:08.279 --> 00:29:12.400
to provide any type of product to you. So, in

496
00:29:12.440 --> 00:29:15.480
other words, if you're dealing with a financial advisor that

497
00:29:15.559 --> 00:29:18.920
only sells insurance, they're not going to be able to

498
00:29:19.000 --> 00:29:23.799
handle your other types of investments, so they're probably not

499
00:29:23.920 --> 00:29:27.079
going to tell you to do them. You know that,

500
00:29:28.480 --> 00:29:31.680
I would deal with somebody that has the ability to

501
00:29:31.759 --> 00:29:35.319
handle any type of product pretty much.

502
00:29:35.440 --> 00:29:39.079
Right, so that they can give you a legitimate.

503
00:29:39.960 --> 00:29:44.240
Advice, you know, opposed to advice based on just what

504
00:29:44.440 --> 00:29:44.839
they have.

505
00:29:46.680 --> 00:29:52.759
Yeah, well, how do you think you find somebody who's

506
00:29:52.839 --> 00:29:54.519
knowledgeable that fits like that?

507
00:29:55.759 --> 00:29:55.960
Oh?

508
00:29:56.279 --> 00:29:58.960
No, are you just going to go by your gut instincts?

509
00:29:58.960 --> 00:29:59.599
What do you think?

510
00:30:00.240 --> 00:30:01.279
I don't think just gut.

511
00:30:01.359 --> 00:30:04.039
I think gut is always part of everything in life,

512
00:30:04.039 --> 00:30:07.079
in my opinion. But it's got to go farther than that. Okay,

513
00:30:08.119 --> 00:30:11.640
First of all, I think you have to actually I

514
00:30:11.640 --> 00:30:14.880
think you have to actually get along with your advisor too. Okay,

515
00:30:15.640 --> 00:30:18.279
it's just like a lawyer. Okay, I don't want a

516
00:30:18.359 --> 00:30:22.000
lawyer that's going to browbeat me like they're better than me. Okay,

517
00:30:22.599 --> 00:30:25.279
you know, because that's the only way that you guys

518
00:30:25.279 --> 00:30:30.240
can work together. But so I think that's the first thing,

519
00:30:30.720 --> 00:30:33.519
because listen, if they have all the knowledge in the world,

520
00:30:33.559 --> 00:30:35.359
if they're not on the same page as you, it's

521
00:30:35.400 --> 00:30:38.240
not going to be helpful. Yeah, find I think the

522
00:30:38.279 --> 00:30:40.920
most important things to start with is find somebody you

523
00:30:40.960 --> 00:30:46.200
connect with but also understands your needs and understands how

524
00:30:46.240 --> 00:30:50.880
you operate and ask you questions. I think that that's

525
00:30:50.920 --> 00:30:54.319
a big key we're on here. Ask good questions. Well,

526
00:30:54.319 --> 00:30:56.799
I don't think it's just the customer that needs ask

527
00:30:56.839 --> 00:30:59.559
good questions. I think it's who you're looking to hire

528
00:30:59.640 --> 00:31:03.119
that needs ask good questions. That's how I'll determine if

529
00:31:03.119 --> 00:31:06.359
they're a good financial advisor. What questions are they asking

530
00:31:06.480 --> 00:31:09.240
me before they're trying to tell me how I should

531
00:31:09.240 --> 00:31:10.119
handle my money.

532
00:31:12.440 --> 00:31:17.599
One of the things that's interesting is what I have seen,

533
00:31:17.720 --> 00:31:21.519
and I'm talking about risk now, is I've seen people

534
00:31:21.640 --> 00:31:24.720
take too much risk because they got sold a product

535
00:31:24.720 --> 00:31:29.079
that wasn't appropriate. What do you think about how you

536
00:31:29.119 --> 00:31:32.720
figure out how much risk you should take? And again,

537
00:31:32.839 --> 00:31:34.759
I think it's probably I think your answer is going

538
00:31:34.839 --> 00:31:37.359
to be getting back to what kind of questions is

539
00:31:37.359 --> 00:31:38.720
that advisor asking you.

540
00:31:39.559 --> 00:31:44.119
Yeah, it's like it depends on the person If somebody

541
00:31:44.279 --> 00:31:49.519
has ten million dollars, if they put ten thousand in

542
00:31:49.599 --> 00:31:53.279
a risky investment, it's not really a risk. If somebody

543
00:31:53.359 --> 00:31:56.839
has twenty thousand dollars and puts ten thousand, that's a

544
00:31:57.039 --> 00:31:59.680
huge risk. I think it also matters what stage of

545
00:31:59.720 --> 00:32:02.400
life you're at and what your goals are. I'll give

546
00:32:02.400 --> 00:32:05.079
you a perfect example. When I was in the business,

547
00:32:05.240 --> 00:32:09.319
one of my brokers, his father worked for MCI WorldCom.

548
00:32:10.400 --> 00:32:16.000
He was three years from retirement, had me analyze his portfolio.

549
00:32:17.039 --> 00:32:21.400
His portfolio was his pension consisted of one hundred percent

550
00:32:21.640 --> 00:32:27.240
MCI WorldCom stock. At the time, Mciworldcom was at about

551
00:32:27.240 --> 00:32:32.400
eighty bucks. Yeah, And I said to him, I said, listen,

552
00:32:34.000 --> 00:32:37.079
this has done great for you. You're three years from retirement.

553
00:32:37.200 --> 00:32:40.359
No matter how good this investment is, it's time for

554
00:32:40.400 --> 00:32:45.119
you change from growth mode into preservation mode to prepare

555
00:32:45.480 --> 00:32:46.640
for income mode.

556
00:32:46.960 --> 00:32:48.480
Right, did you listen?

557
00:32:49.359 --> 00:32:53.599
Well, that's a good question. You would think anybody would listen.

558
00:32:54.160 --> 00:32:56.559
And what I said is, I'm like, you know, you

559
00:32:57.039 --> 00:33:00.759
should diversify some of it away into some and safer

560
00:33:01.240 --> 00:33:03.920
and then start packing. Oh no, but blah blah blah blah,

561
00:33:04.160 --> 00:33:06.599
Like okay, so take half off the table. You can

562
00:33:06.920 --> 00:33:09.279
keep half in there, take half off the table and

563
00:33:09.319 --> 00:33:12.720
put it in something ultra conservative, and then if it

564
00:33:12.759 --> 00:33:14.920
goes up, great, you're still making money if you if

565
00:33:14.960 --> 00:33:17.400
you lose money, you're still ahead of where you were

566
00:33:17.519 --> 00:33:20.799
to begin with. And he said, oh, but we just

567
00:33:20.880 --> 00:33:24.079
had a meeting and the head guy said it's going

568
00:33:24.119 --> 00:33:27.720
to one hundred and forty dollars. I'll never forget verbatim

569
00:33:27.759 --> 00:33:33.279
the conversation because it was so insane because and he

570
00:33:33.519 --> 00:33:36.559
just would not listen to me. I'm like, listen, I'm

571
00:33:36.599 --> 00:33:38.759
not asking even put your money with me. I'm just

572
00:33:38.839 --> 00:33:41.160
I'm giving you free advice because your son works for me,

573
00:33:41.799 --> 00:33:45.799
so I have no stake in this. Whatsoever didn't listen

574
00:33:45.799 --> 00:33:49.200
to me. Two weeks later is when mciworlcom went to

575
00:33:49.400 --> 00:33:50.519
basically almost zero.

576
00:33:50.720 --> 00:33:52.599
So he lost lose everything.

577
00:33:52.599 --> 00:33:55.960
Everything, everything. So now how are you going to get

578
00:33:56.119 --> 00:33:58.799
everything back to retire in three years? And that's the

579
00:33:58.880 --> 00:34:01.839
part people need to think about. No matter how good

580
00:34:01.839 --> 00:34:05.400
the investment is, you need to think of those things.

581
00:34:05.440 --> 00:34:09.519
You need to think forward and present, you know. And

582
00:34:09.599 --> 00:34:14.519
so I'm a risk taker, but you only risk what

583
00:34:14.599 --> 00:34:17.519
you can afford to lose. And don't need to replace.

584
00:34:17.840 --> 00:34:21.159
Right, Well, there's another type of person out there that

585
00:34:21.199 --> 00:34:25.199
I've run into, and it's because people have trusted me,

586
00:34:25.840 --> 00:34:28.800
which is very humbling to have people trust you a lot,

587
00:34:29.239 --> 00:34:33.079
a lot. But sometimes people will say, oh, you just

588
00:34:33.119 --> 00:34:35.039
take care of it. I don't want to deal with it.

589
00:34:35.239 --> 00:34:38.440
You just take care of it. Well, if you're a

590
00:34:38.480 --> 00:34:42.000
reputable advisor, that might be okay, But if you're not,

591
00:34:43.559 --> 00:34:45.719
what do you say to somebody who says, I don't

592
00:34:45.719 --> 00:34:47.960
have time, I don't want to I want to be

593
00:34:48.079 --> 00:34:50.400
completely hands off of my investments.

594
00:34:50.639 --> 00:34:53.079
Well, part of my answer to that is is, even

595
00:34:53.079 --> 00:34:55.760
though I had power of attorney because I was an

596
00:34:55.880 --> 00:34:59.440
RIA and a CTA and I didn't have to ask

597
00:34:59.480 --> 00:35:02.239
permission and I didn't have to, I always talk to

598
00:35:02.280 --> 00:35:05.920
them and I never place trades without them knowing, even

599
00:35:05.920 --> 00:35:08.679
though I was able to, you know, and a lot

600
00:35:08.719 --> 00:35:10.480
of times they would say to me, why you call me,

601
00:35:10.599 --> 00:35:12.920
just do it, And they would say, exactly what you're saying.

602
00:35:13.440 --> 00:35:17.920
Why Because number one, I don't think you should give

603
00:35:18.039 --> 00:35:22.480
somebody that much control. Again, we could use the Bernie

604
00:35:22.480 --> 00:35:26.920
Madeoff example, you know, because at the end of the day,

605
00:35:27.199 --> 00:35:32.199
it's it's your money. You should always have a say,

606
00:35:33.000 --> 00:35:37.039
and our job is to advise you, in my opinion,

607
00:35:37.119 --> 00:35:40.719
if you're an advisor, it's to advise you, and then

608
00:35:40.760 --> 00:35:43.840
it's your job to decide whether that's good for you

609
00:35:44.079 --> 00:35:46.880
or not, or if you have to trust there. But still,

610
00:35:47.679 --> 00:35:51.440
you know, I would be worried to say that to

611
00:35:51.559 --> 00:35:54.960
somebody without it, and especially if you don't know who

612
00:35:55.000 --> 00:35:57.559
they are, because again we go back to there's good

613
00:35:57.559 --> 00:36:00.440
people and bad people. And that doesn't even mean bad

614
00:36:00.559 --> 00:36:03.840
larceny bad. Maybe bad because they just don't know how

615
00:36:03.880 --> 00:36:05.280
to manage money.

616
00:36:05.679 --> 00:36:05.920
Yeah.

617
00:36:06.599 --> 00:36:10.440
One of my favorite things just about life in general

618
00:36:10.559 --> 00:36:12.760
is that you need to be one hundred percent responsible

619
00:36:12.840 --> 00:36:19.079
for yourself. And that is completely not being responsible for yourself.

620
00:36:19.119 --> 00:36:22.360
So you may want to be hands off, but you've

621
00:36:22.400 --> 00:36:24.880
still got but I like what you said, You've got

622
00:36:24.880 --> 00:36:30.519
to still connect with the advisor, have some knowledge of

623
00:36:30.559 --> 00:36:32.679
what's going on and why you're doing it.

624
00:36:33.559 --> 00:36:37.039
There's some people that only talk to their advisor once

625
00:36:37.199 --> 00:36:41.480
a year. Yeah, I think that's insane. Yeah, I wouldn't

626
00:36:41.519 --> 00:36:44.320
want to do that as the advisor, and I never did.

627
00:36:44.800 --> 00:36:48.239
That's the point is, like, how much does your advisor

628
00:36:48.360 --> 00:36:51.159
care if he's only talking to you or she's only

629
00:36:51.199 --> 00:36:54.519
talking to you once a year, you know. And again

630
00:36:54.599 --> 00:36:57.559
I go back to that word care. I can tell

631
00:36:57.559 --> 00:36:59.360
you one thing. When I was in that business, I

632
00:36:59.400 --> 00:37:01.840
cared about people's my way more than mine.

633
00:37:02.320 --> 00:37:07.039
Yeah, well, can you think of anything else? I mean,

634
00:37:07.079 --> 00:37:09.119
I'm thinking about some of the things. What are the

635
00:37:09.239 --> 00:37:14.440
risks of getting it wrong. I'm thinking of advisors who

636
00:37:14.519 --> 00:37:20.880
might have like conflicting interests or questionable credentials. Do you

637
00:37:20.920 --> 00:37:26.920
have any thoughts about advisors that just maybe this leads

638
00:37:26.920 --> 00:37:30.920
into checking their credentials make sure they're on the level.

639
00:37:31.639 --> 00:37:35.440
Well, that's an interesting subject too, And you talk about

640
00:37:35.480 --> 00:37:37.000
the first thing that goes back to what I was

641
00:37:37.039 --> 00:37:42.599
saying before. Okay, it is the same thing. You know,

642
00:37:44.039 --> 00:37:47.760
you just have to know who you're dealing with, number one,

643
00:37:48.519 --> 00:37:53.840
And if they're selling products but not other products, that's

644
00:37:53.880 --> 00:37:57.000
something you have to take like, that's where that conflict

645
00:37:57.039 --> 00:38:01.679
of interest comes from. Because listen, I'm going to be

646
00:38:01.719 --> 00:38:06.480
blunt if I'm an advisor and I only handle fidelity

647
00:38:06.960 --> 00:38:13.960
and you know whatever else funds as an example, and

648
00:38:14.000 --> 00:38:18.519
you say, well, what about blah blah blah fund If

649
00:38:18.559 --> 00:38:21.239
I don't handle it, I'm going to talk into the

650
00:38:21.280 --> 00:38:22.760
one I have right.

651
00:38:23.119 --> 00:38:24.320
I mean, let's call what it is.

652
00:38:24.360 --> 00:38:27.519
Advisors are looking to make money, and they should make

653
00:38:27.599 --> 00:38:30.760
money if they're doing the right thing. There's nothing wrong

654
00:38:30.800 --> 00:38:35.320
with advisor making money. But in this scenario of you

655
00:38:35.360 --> 00:38:38.360
have to think about are they giving you the advice

656
00:38:38.440 --> 00:38:41.960
because it's the best advice or the best advice of

657
00:38:41.960 --> 00:38:43.679
what they have to offer.

658
00:38:43.880 --> 00:38:46.639
Which leads me into the next thing, and that is,

659
00:38:46.760 --> 00:38:49.840
you know, what I see a lot is people going

660
00:38:49.880 --> 00:38:54.559
out on Google and looking and seeing articles about well,

661
00:38:54.599 --> 00:38:59.199
you should only deal with a fiduciary, and I'm a fiduciary, but.

662
00:39:01.679 --> 00:39:04.719
What do you pretty much every licensed person.

663
00:39:04.519 --> 00:39:08.960
Is yeah, well, and what's interesting is that somebody that

664
00:39:09.119 --> 00:39:11.760
I know has no idea what they're even talking about

665
00:39:11.840 --> 00:39:15.440
and saying, well, are you a fiduciary? They don't even

666
00:39:15.800 --> 00:39:20.039
you know, how do you think people should What do

667
00:39:20.079 --> 00:39:22.840
they need to know about that whole term of being

668
00:39:22.840 --> 00:39:23.639
a fiduciary.

669
00:39:24.239 --> 00:39:29.119
Well, first of all, just because you're a fiduciary doesn't

670
00:39:29.159 --> 00:39:34.480
mean you're actually legit, you know, I mean, just to

671
00:39:34.519 --> 00:39:39.679
be blunt, you have a fiduciary responsibility, it doesn't mean

672
00:39:39.719 --> 00:39:43.960
you actually exercise it. Let's say that first. I also

673
00:39:44.000 --> 00:39:47.559
want to mention too. We were talking about credentials. So

674
00:39:47.679 --> 00:39:50.840
there's somebody that I think is one of the most

675
00:39:50.880 --> 00:39:56.599
amazing speakers there is that speaks on financial stuff. But

676
00:39:56.719 --> 00:40:00.079
I think she's great as a speaker. I think the

677
00:40:00.119 --> 00:40:05.639
advice she's given people is garbage, okay, but people swear

678
00:40:06.079 --> 00:40:10.599
by her. She's not even licensed. So people, here's something

679
00:40:10.639 --> 00:40:15.880
you have to understand. There's people that are licensed registered advisors,

680
00:40:16.239 --> 00:40:20.039
and there's people that sell programs on how to invest.

681
00:40:20.719 --> 00:40:25.400
They are not the same, okay, you know, those that

682
00:40:25.480 --> 00:40:28.960
do and those that teach, okay, And so if they're

683
00:40:29.079 --> 00:40:34.400
selling you a program, they're not giving you an they're

684
00:40:34.400 --> 00:40:38.039
not doing any favors, and they're certainly not being your fiduciary,

685
00:40:38.199 --> 00:40:43.320
that's for sure. And the point is not only because

686
00:40:43.360 --> 00:40:47.760
of the regulations, but because listen, there's certain things if

687
00:40:47.800 --> 00:40:52.199
you're in a regulated business that if you're licensed, you

688
00:40:52.280 --> 00:40:55.800
can't say that. Somebody that's not license can say. So

689
00:40:55.840 --> 00:40:58.679
somebody can get up there and be a speaker and say, hey,

690
00:40:58.840 --> 00:41:00.960
all you have to do is I low and sell

691
00:41:01.039 --> 00:41:05.559
high and you'll make money. But it's a lot deeper

692
00:41:05.599 --> 00:41:10.440
than that, right, That's pretty obvious. And some of the

693
00:41:10.519 --> 00:41:16.519
advice these people give doesn't take certain things into account. Okay.

694
00:41:16.880 --> 00:41:20.599
One of those things is sometimes you won't get a fill,

695
00:41:21.280 --> 00:41:23.719
so they could say, oh yeah, all you have to

696
00:41:23.920 --> 00:41:27.159
is buy it at twenty five. But there's times that

697
00:41:27.239 --> 00:41:29.679
maybe there's not a market for it and you won't

698
00:41:29.719 --> 00:41:31.960
be able to buy it there. Or they show you

699
00:41:32.039 --> 00:41:35.159
their charts of how much money they made. It's called

700
00:41:35.239 --> 00:41:38.760
paper trading. I've never met a paper trader that lost money,

701
00:41:38.880 --> 00:41:41.119
I can tell you right now. I did meet a

702
00:41:41.119 --> 00:41:44.800
lot of money managers that had long, great track records.

703
00:41:44.880 --> 00:41:47.320
As soon as I put money into their thing, it

704
00:41:47.519 --> 00:41:50.599
lost my and I couldn't understand why, Dane.

705
00:41:50.599 --> 00:41:53.360
We could probably go on for a couple hours, but

706
00:41:53.440 --> 00:41:56.760
we're running at a time. Yes, I want your bottom line.

707
00:41:56.840 --> 00:41:59.159
Thinking about how advisors get paid.

708
00:42:00.360 --> 00:42:03.559
I think one hundred percent somebody that sold pretty much

709
00:42:03.679 --> 00:42:08.000
everything there is that the advisors you should be dealing

710
00:42:08.039 --> 00:42:11.679
with are people like you, people that mean that.

711
00:42:11.960 --> 00:42:14.920
Like I call myself a fee based it's a flash,

712
00:42:15.000 --> 00:42:16.119
fee flash.

713
00:42:16.280 --> 00:42:19.239
That's what I was going to say, fee based, right,

714
00:42:19.320 --> 00:42:22.039
the reason being, Okay, so you have fee base and

715
00:42:22.079 --> 00:42:26.519
you have commission based, commission based. I'm telling you right now,

716
00:42:26.559 --> 00:42:29.320
every single broker that sells commission based are going to

717
00:42:29.360 --> 00:42:32.079
sell you based on the commission, not based on the product.

718
00:42:32.519 --> 00:42:33.719
Okay, So if they have.

719
00:42:33.800 --> 00:42:36.719
How much they're going to get yep, And you hope,

720
00:42:36.760 --> 00:42:39.199
I hope, I hope, I hope that they would be

721
00:42:39.239 --> 00:42:43.440
good ethical people. But sometimes that's.

722
00:42:43.239 --> 00:42:46.159
Hard and maybe they're not being unethical, they just don't

723
00:42:46.159 --> 00:42:48.480
know better either. And this is like, this is what

724
00:42:48.519 --> 00:42:51.639
they have. You know, you only know what you know, right.

725
00:42:52.159 --> 00:42:55.639
But they also need to make their car payment.

726
00:42:56.039 --> 00:42:56.519
Okay.

727
00:42:56.960 --> 00:43:00.559
Yeah, Now when you're fee based like you are, you

728
00:43:00.599 --> 00:43:02.639
still have to make your car payment, but your car

729
00:43:02.719 --> 00:43:05.880
payment is based on performance, not based on product.

730
00:43:06.320 --> 00:43:06.719
Okay.

731
00:43:06.800 --> 00:43:11.440
So you're in it with the client, Okay. If the

732
00:43:11.519 --> 00:43:15.519
client loses money, you lose money. If the client makes money,

733
00:43:15.559 --> 00:43:17.800
you make money. Why is that because you're getting a

734
00:43:17.840 --> 00:43:20.320
percentage of the assets you may make.

735
00:43:20.360 --> 00:43:22.400
Me think of a big firm that does a lot

736
00:43:22.440 --> 00:43:26.480
of marketing that says just that we do better when

737
00:43:26.559 --> 00:43:27.239
you do better.

738
00:43:27.760 --> 00:43:31.920
Yes, see that you know, and it is true because

739
00:43:32.159 --> 00:43:34.639
I think the decisions you're going to make as a

740
00:43:34.719 --> 00:43:38.840
money manager as an advisor are going to be way

741
00:43:38.840 --> 00:43:42.360
different because you want to make sure you do the

742
00:43:42.440 --> 00:43:45.880
right thing to keep that business, because that's an earth thing.

743
00:43:46.159 --> 00:43:48.800
When your fee based, you're not making those big hits

744
00:43:48.840 --> 00:43:52.480
like the commission based is okay. So you're looking for

745
00:43:52.519 --> 00:43:54.639
your clients to stay with you a long time. If

746
00:43:54.639 --> 00:43:57.639
you do not do right by them, they're gone and

747
00:43:57.679 --> 00:44:01.079
you made very minimal money off of it. You were

748
00:44:01.159 --> 00:44:04.639
making a living based on them sticking with you five, ten,

749
00:44:04.840 --> 00:44:08.719
twenty years exactly, you know. And that's only going to

750
00:44:08.800 --> 00:44:12.000
happen if you're treating them right. And of course you're

751
00:44:12.039 --> 00:44:14.840
only going to treat them right when you're fee based, right,

752
00:44:15.199 --> 00:44:18.480
And so yes, one hundred percent, go with somebody fee based.

753
00:44:18.719 --> 00:44:21.639
Go with somebody that has letters after their name. Go

754
00:44:21.760 --> 00:44:25.239
with somebody that had also check. We didn't talk about this,

755
00:44:25.400 --> 00:44:28.639
but it's very important, and believe it when you read it,

756
00:44:28.679 --> 00:44:33.599
because I had prospects that didn't check with the government

757
00:44:33.800 --> 00:44:37.920
agencies that are regulating. In the self regulatory agencies, look

758
00:44:37.960 --> 00:44:41.400
at their track record, look at their customer complaints or

759
00:44:41.559 --> 00:44:44.679
reparations or anything, and see what they are, because a

760
00:44:44.719 --> 00:44:46.920
lot of times you'll find they're pre consistent if there's

761
00:44:46.960 --> 00:44:52.800
anything there. And don't think, oh, my broker wouldn't do that, No,

762
00:44:52.840 --> 00:44:56.159
you wouldn't do that, it wouldn't be in their record, right.

763
00:44:56.960 --> 00:45:02.920
So we are running out of time and on the website,

764
00:45:03.000 --> 00:45:06.199
on the Ask Good Questions podcast dot com website, there's

765
00:45:06.239 --> 00:45:10.039
a bonus downloads where there will be a pdf on

766
00:45:10.639 --> 00:45:12.760
questions you know kind of I'm going to try to

767
00:45:12.800 --> 00:45:16.679
summarize all this into a pdf that you can download

768
00:45:17.039 --> 00:45:21.280
for asking you know, pertinent questions to that advisor. So

769
00:45:21.880 --> 00:45:24.679
any final thoughts on this whole topic.

770
00:45:25.800 --> 00:45:30.119
My final thoughts are, I'm not in the business anymore

771
00:45:30.519 --> 00:45:32.719
to put your money with Benita Belle Anderson.

772
00:45:35.000 --> 00:45:37.039
I'm not paying him to say that either.

773
00:45:37.800 --> 00:45:39.800
She didn't even know I was going to say what

774
00:45:40.280 --> 00:45:40.639
I was.

775
00:45:40.639 --> 00:45:44.679
Going to say that. But we really truly no matter

776
00:45:44.719 --> 00:45:46.920
what you do, we really truly, I think both of

777
00:45:47.000 --> 00:45:49.280
us can say that we truly want the best for you.

778
00:45:49.760 --> 00:45:52.960
We want you to be informed. That's kind of where

779
00:45:52.960 --> 00:45:55.679
I come from. I think Dean comes from that space

780
00:45:55.719 --> 00:45:59.639
as well, that please be informed, be educated. It's your

781
00:45:59.679 --> 00:46:02.599
response possible for your own self. So you need to

782
00:46:02.639 --> 00:46:05.800
be educated about these types of things. And with that,

783
00:46:06.599 --> 00:46:09.360
thank you so much for joining us today on Ask

784
00:46:09.440 --> 00:46:10.239
Good Questions.

785
00:46:13.679 --> 00:46:17.280
Today's episode is over, but we did Ask Good questions again,

786
00:46:17.400 --> 00:46:21.599
didn't We don't miss out as we broadcast live every Wednesday,

787
00:46:21.679 --> 00:46:25.440
six pm Eastern Time on W four CY Radio at

788
00:46:25.599 --> 00:46:29.679
w fourcy dot com. Joined Banina Bell Anderson next week

789
00:46:29.719 --> 00:46:35.639
for more conversations with experts on finances, retirement, behavioral finance issues,

790
00:46:35.719 --> 00:46:40.360
health and wellness, and more. Until then, remember to ask

791
00:46:40.559 --> 00:46:43.480
good questions.