April 21, 2025

PipemanRadio is The Financial Guest on Ask Good Questions

It’s Motivational Monday on Season 19, Episode 41 of The Adventures of Pipeman. Tune in at 1PM ET on 4/21/25 for the live show on W4CY Radio at www.w4cy.com. Subscribe to The Adventures of Pipeman at...

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Season 19

It’s Motivational Monday on Season 19, Episode 41 of The Adventures of Pipeman.

Tune in at 1PM ET on 4/21/25 for the live show on W4CY Radio at www.w4cy.com.

Subscribe to The Adventures of Pipeman at https://www.spreaker.com/podcast/the-...

Pipeman puts his Dean K. Piper, CST hat on and goes back in time to discuss choosing a financial advisor while we Ask Good Questions with the Host of the podcast with the same name Bonita Bell-Andersen, CLU, ChFC: author, investor coach, fiduciary & financial advisor, focusing on the science of investing & financial education. She creates educational experiences & utilizes platforms & tools that make Nobel Prize-winning investing processes accessible to all investors & their families. The end goal: transform your relationship to money & find the purpose for your money & ultimately, your life. Bonita comes from a robust background in business, finance & communications. Ask Good Questions is broadcast live Wednesdays at 6PM ET on W4CY Radio

Take some zany and serious journeys with The Pipeman aka Dean K. Piper, CST on The Adventures of Pipeman also known as Pipeman Radio syndicated globally “Where Who Knows And Anything Goes”.

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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 radio show, programs, services, or

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products mentioned on air or on our web. No liability

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explicitor impliedes shall be extended to W FOURCY Radio or

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its employees are affiliates. Any questions or comments should be

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directed to those show hosts. Thank you for choosing W

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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 on health and well. Now,

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let's join your host, Banita bell Anderson, as together we

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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

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metal head, punker, hippie, skater, surfer, youthful, chameleon, professional businessman,

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thriving on passion. He lives life to the fullest while

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experiencing a variety of active, active interests. He is the

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pipe Man, and he has been said of him that

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he is a hybrid of Tony Robbins, Batman and Howard Stern.

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The Adventures of Pipe Man has received many awards and

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media features, and has been ranked for multiple categories on

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one of the top six live radio shows and podcasts

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in the world. Besides that, there is the Pipe Man

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Radio Tour, where he travels in the country and the

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world doing press coverage. When does this guy have time

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for major business events? Conferences, conventions. I know. He just

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got back from being on the Ocean music festivals, concerts,

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award shows and red carpets in the US, the UK,

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and Europe. One of the top publicists in music has

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named pipe Man the King of All festivals, and he

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says that pipe Man Radio is a show for you.

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It is many things. It's informative, it's professional, it's motivational,

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it's inspirational, it's in enlightening. It's controversial, it's music, it's

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shocking comedy, but most importantly, it's just plain fun. And

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that's what we intend to have today with Dean K.

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Piper like to welcome him.

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

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that it sounded to me like you looked up every

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one of my personalities because I kind of have multiple

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personality 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? Literally, I think that week I was

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doing radio coverage on the Ocean for Ship Rocked, if

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I got 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. I was listening to you and I

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thought to myself, I think I passed the baton to you,

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because I, when I left the business, went through a

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horrific divorce at about the same time as you were

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going through a horrific divorce and getting into the business,

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and we.

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Didn't know that twenty five years later we are going

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to be talking about this.

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

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Is like, so I went into this industry and now

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you're in that, and.

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If it wasn't for you, I wouldn't be in this industry.

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

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the universe put all the puzzle pieces together.

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Right.

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What really started it for me was Okay, So I

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

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

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I lived on the streets from fifteen years old, brought

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myself off the streets, put myself through college no help

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from anybody. 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 like,

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I was working eighty hours a week in a retail

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store doing pools and spas, which I was in that

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business for ten years. And I was pulling seventeen credits

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at semester at Rutgers, which is for anybody that knows,

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twelve credits is full time. So you know, basically, you know,

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you do what you got to do. But the thing

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is is I had a brother that was working at Prudential,

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and he would multiple times try to get me to

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come work over there, and you know, I was kind

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of in my comfort zone. I'd been in this in

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the street since I was a kid. I was, you know,

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

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well for somebody my age, you know, and so why switch?

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But then I wanted more? And so I one day,

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let's see, I was like I think twenty years old

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or something like that, and I'm like okay, I'll come in.

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And so then I started my career at Prudential, where

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I got my life insurance license, my Series six, my

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Series sixty three health insurance license, P ANDC license, all that, okay,

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And it was interesting. My journey is very interesting because

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so you work for a company like Prudential. Some people

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might not like what I'm about to say, but they're

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a very big company that does things that the smaller

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person would not be able to do. Yeah, okay. And

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so basically I was a go getter when I first

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started in the business. I was out, I was working

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from seven in the morning to eleven at night. That

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was who I was, you know. And my goal was

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to be number one in that office. And I was

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in office with eighty five agents, and of course, you know,

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in that business, you go for the try to win,

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the trip to the business conference and all that stuff.

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So I wanted to do all that. Yeah, that's where

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I started with it. I started with my also with

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my you know, credentials, by getting the LUTCF and so

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I was the number one agent in that whole office,

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you know. And basically what I learned at Credential was

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that that was not financial planning. I learned it was

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selling a product val variable appreciable. Life is all you

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were supposed to sell to anybody who would have the weekly.

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I think that's that they would give you a bonus

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if you did sell a lot 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 home owners policies. But if you

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didn't sell any life, you better be hiding under the

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

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and all those things made you money. But what made

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them a lot of money was the life insurance. And

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

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financial needs analysis, what you go out and do. Yeah,

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And then you had this thing it was called the

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Opser tray, which was this metal tray with all the

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people in your because you had an area as an agent,

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and your manager taught you to pull these Opser sheets

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out and read how much dividends there was and how

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much cash value, and doing illustration of how much more

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val 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 it's kind of illegal just saying, but hopefully nobody

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heard that, okay, you know. And so I also was

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too young to be making the amount of money I

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was making. I was making like seventy grand a year

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at like twenty one years old working for Prudential because

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I was out.

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There, like 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. Mine. My American

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Express bill alone was like twenty five hundred a month.

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

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financial stuff, but yet you have thirty five credit cards. Okay.

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And here's the thing. People don't give a twenty one

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year old thirty five credit cards, okay. And so I

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was basically making seventy and spending like one hundred and fifty.

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Yeah.

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So I was going into a scenario where I was

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actually going filing bankruptcy because I listened to some stupid

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attorney that gave me bad advice. I got bills, I

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only owned twenty dollars. He wanted to put in a bankruptcy.

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But I was young and didn't listen. And I'm saying

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this stuff because you know, these are all part of

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things people need to learn about financial planning and advising,

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because it's not just hey, your investments or hey, you're insurance.

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It's the whole picture, you know, and a true advisor you're.

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Getting, 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. And that is the difference. And that's

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where things changed for me, because I did win this

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trip down in Florida and Marco Island, and there was

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a northeaster up in Jersey, and so I was and

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my dad lived down here in Florida, and so he

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lived now where I live now, and so we were

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

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did have a job that would get me out of

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a hole, because going bankrupt and then still making seven

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00:13:32.279 --> 00:13:35.879
grand go out a hole. And I was sitting at

213
00:13:36.240 --> 00:13:39.960
this place shooters in Fort Laurredeal on the water with

214
00:13:40.000 --> 00:13:44.279
my dad sipping to Margarita, Well, there's a northeaster. And

215
00:13:44.320 --> 00:13:45.960
I looked at him. I'm like, what the hell am

216
00:13:45.960 --> 00:13:49.600
I doing in New Jersey. I didn't tell him I

217
00:13:49.639 --> 00:13:52.320
was going to do next. But you know, when you

218
00:13:52.360 --> 00:13:55.320
go through hard times, sometimes you make decisions on the fly,

219
00:13:55.639 --> 00:13:59.799
just you just kind of change your life, because that's

220
00:14:00.159 --> 00:14:03.519
sometimes that's what gets you in a different direction.

221
00:14:04.000 --> 00:14:08.279
Well, for me, it was completely rethinking my life and

222
00:14:09.120 --> 00:14:10.559
what I wanted to be in the future.

223
00:14:11.200 --> 00:14:15.679
Yeah, and I remember very specifically. I went back to

224
00:14:15.759 --> 00:14:20.840
New Jersey and my sales manager at Prudential, he wanted

225
00:14:20.879 --> 00:14:25.200
me to do this deal that would made me one

226
00:14:25.279 --> 00:14:30.440
hundred granding commission. Uh. And my district manager wanted me

227
00:14:30.519 --> 00:14:35.320
to do it too, but it was basically replacing insurance

228
00:14:35.759 --> 00:14:41.600
like and not in the right way. And I refused,

229
00:14:42.519 --> 00:14:45.440
and they told me if I did not do it

230
00:14:46.120 --> 00:14:48.759
that they would have to let me go. And I

231
00:14:48.879 --> 00:14:52.480
told him, don't bother. Have a nice day. And I

232
00:14:52.519 --> 00:14:56.120
got in my car and I drove to Florida. Wow.

233
00:14:56.159 --> 00:15:02.440
And so basically, but you had your integrity intact one.

234
00:15:03.320 --> 00:15:05.399
I mean, that would have changed my life, that sale.

235
00:15:05.759 --> 00:15:09.759
It had changed my life drastically. Okay, And we can't

236
00:15:09.799 --> 00:15:12.120
see that. If we're looking at the tree, we're not

237
00:15:12.159 --> 00:15:16.320
going to see the forest. And so basically I was

238
00:15:16.360 --> 00:15:19.039
looking at the forest, and yes, I want to sleep

239
00:15:19.080 --> 00:15:22.919
at night, and and yes I don't want to go

240
00:15:22.960 --> 00:15:29.039
to jail because that could potentially happen. Yep, and there

241
00:15:29.080 --> 00:15:31.919
I'm going to be the fall guy for sure. You know,

242
00:15:32.320 --> 00:15:34.480
I'm not you know, even at twenty one, I wasn't

243
00:15:34.600 --> 00:15:37.759
that stupid, right, And that's why they have a twenty

244
00:15:37.799 --> 00:15:40.039
one year old do that, you know, because they think

245
00:15:40.039 --> 00:15:44.080
they're gonna be that stupid. And so anyway, what happened

246
00:15:44.279 --> 00:15:49.039
was the minute I left there, and this is practice

247
00:15:49.080 --> 00:15:51.919
that was done all the time. This first time I've

248
00:15:51.919 --> 00:15:54.919
told this part of the story and like revealing what

249
00:15:55.120 --> 00:15:55.879
really goes on.

250
00:15:58.360 --> 00:16:02.519
But basically, when you found out who really owns the clients.

251
00:16:02.559 --> 00:16:05.399
Oh yeah, because what they did the sales manager did

252
00:16:05.879 --> 00:16:09.120
is he lapsed every bit of insurance I wrote, gave

253
00:16:09.159 --> 00:16:13.080
it to another sales sales agent on his staff, so

254
00:16:13.159 --> 00:16:16.840
that what would happen is the other agent would rewrite

255
00:16:16.879 --> 00:16:20.679
it and the sales manager would get a bonus for

256
00:16:22.000 --> 00:16:25.519
double business and then it lapsed off for me. So

257
00:16:25.600 --> 00:16:28.720
I went to Florida, and I actually went to a

258
00:16:28.759 --> 00:16:32.759
Prudential to maybe work at Prudential in Florida here, maybe

259
00:16:32.799 --> 00:16:35.879
that'll be a better one. They wouldn't hire me because

260
00:16:36.639 --> 00:16:40.000
they said I had ten million of insurance lapsed off

261
00:16:40.039 --> 00:16:44.720
in the past month. So you know, I was no

262
00:16:44.840 --> 00:16:46.600
longer hireable by Prudential.

263
00:16:46.840 --> 00:16:47.120
Yep.

264
00:16:47.960 --> 00:16:51.799
And then I saw this ad in the paper down here.

265
00:16:51.919 --> 00:16:55.120
I know, to the younger generation right now listening to this,

266
00:16:55.240 --> 00:16:58.759
they probably don't I'm speaking like a foreign language right now,

267
00:16:59.080 --> 00:17:01.679
because there was a time where we actually that's how

268
00:17:01.679 --> 00:17:03.759
we got jobs. We went and got the paper, looked

269
00:17:03.799 --> 00:17:08.039
into classified. Yeah, like what's that, you know? And I

270
00:17:08.079 --> 00:17:12.000
saw this. I saw this ad that said make one

271
00:17:12.079 --> 00:17:16.240
hundred and twenty five thousand plus blah blah blah blah blah.

272
00:17:16.240 --> 00:17:18.359
I don't even care what the rest of it said.

273
00:17:18.640 --> 00:17:21.799
I was twenty one years old, going through bankruptcy, just

274
00:17:21.920 --> 00:17:24.640
quit my job, had no money to even eat, and

275
00:17:24.799 --> 00:17:28.960
I wasn't gonna go work at McDonald's and I was

276
00:17:29.000 --> 00:17:33.240
looking to be in the financial business still. And so

277
00:17:34.200 --> 00:17:41.119
basically I went on this interview and there was no brokers,

278
00:17:41.119 --> 00:17:45.759
there no deaths. There's the three owners and they're telling

279
00:17:45.799 --> 00:17:48.599
me how I'm gonna make twenty grand a month. And

280
00:17:48.640 --> 00:17:51.880
they shot, like sometimes what you see in the movies.

281
00:17:51.920 --> 00:17:54.440
They showed me their W two's from the year before

282
00:17:54.519 --> 00:17:57.279
they made a million dollars. You know, this whole thing

283
00:17:57.599 --> 00:18:03.680
was it. It was a come on firm, oh oh boy. Yeah,

284
00:18:03.720 --> 00:18:08.200
but a legal one, not a okay, you know license.

285
00:18:09.079 --> 00:18:12.119
So I don't know what they said sounded good to me.

286
00:18:12.160 --> 00:18:15.519
It said more my personality anyway, because I really hated

287
00:18:15.559 --> 00:18:19.559
going in people's houses and scaring them about death, like

288
00:18:19.880 --> 00:18:22.440
and how you have to pitch that crap, sure, you know,

289
00:18:22.599 --> 00:18:25.519
And it was more like my personality and you know,

290
00:18:26.680 --> 00:18:30.200
there's legit people and there's not legit people. Yes, okay.

291
00:18:30.960 --> 00:18:35.279
And so basically what I did was and the series

292
00:18:35.319 --> 00:18:37.279
three is one of the hardest exams you could take.

293
00:18:37.319 --> 00:18:42.920
It's harder than the seven. Yeah, but I was. I

294
00:18:44.000 --> 00:18:47.319
remember I went home that day. I was talking to

295
00:18:47.359 --> 00:18:50.359
my dad and my brother, and I was talking about

296
00:18:50.400 --> 00:18:52.319
how I was gonna make twenty grand a month, blah

297
00:18:52.359 --> 00:18:55.279
blah blah blah blah, and They're like, you're you're bankrupt,

298
00:18:55.359 --> 00:18:57.400
you have no money. Maybe you should start with like

299
00:18:57.480 --> 00:18:59.680
making two hundred and fifty dollars why don't you get

300
00:18:59.720 --> 00:19:03.160
a red job, you know, And that's the line I got.

301
00:19:04.039 --> 00:19:07.640
So there there's significance to me saying that, because that

302
00:19:07.839 --> 00:19:11.079
was a fire in my belly for me. And I

303
00:19:11.200 --> 00:19:14.359
went and I sat on a Fort Laurnel beach on

304
00:19:14.400 --> 00:19:17.880
the beach for three days and studied that Series three

305
00:19:17.920 --> 00:19:21.400
exam and took it like on a Monday, like I

306
00:19:21.559 --> 00:19:26.359
just you know, rock went right through it. And like

307
00:19:27.519 --> 00:19:30.920
there were fifty other candidates in that brokerage firm that

308
00:19:31.000 --> 00:19:35.960
were being four you know, table spots. Basically, the guys

309
00:19:35.960 --> 00:19:38.559
had just opened a new firm. They were working somewhere else,

310
00:19:38.599 --> 00:19:41.839
they opened a new firm, and so I trusted in

311
00:19:41.880 --> 00:19:44.880
that because I was young enough to not be you know,

312
00:19:47.039 --> 00:19:50.240
like you know anything else. Yeah, I wasn't. I was.

313
00:19:50.319 --> 00:19:55.599
I was young enough to not be pessimistic or skeptical, okay,

314
00:19:55.880 --> 00:19:58.400
and to believe what was going to happen. And I'm

315
00:19:58.400 --> 00:20:02.799
a big believer what the mind conceives, what the mind

316
00:20:02.839 --> 00:20:06.519
believes is what you conceive. So, you know, basically I

317
00:20:06.599 --> 00:20:10.799
went for all out. And then so that first month

318
00:20:10.880 --> 00:20:14.279
in the business, in that part of the business, they

319
00:20:14.319 --> 00:20:18.079
said to me, listen, I know you're a superstar Prudential.

320
00:20:19.319 --> 00:20:22.920
But even though it's the same world, the quote unquote

321
00:20:23.000 --> 00:20:25.720
financial world, this is a whole different world and what

322
00:20:25.799 --> 00:20:27.880
you did there is not going to work here. And

323
00:20:27.880 --> 00:20:30.160
they were teaching me how to sell. Now. I'd been

324
00:20:30.240 --> 00:20:33.519
a great salesperson since I was thirteen years old because

325
00:20:33.559 --> 00:20:35.400
my dad was one of the best salespeople, and he

326
00:20:35.519 --> 00:20:44.160
traded me and basically I said, you know, I basically

327
00:20:44.440 --> 00:20:47.039
was going to be like number one, and I didn't

328
00:20:47.079 --> 00:20:49.079
want to listen to him. I was a cocky twenty

329
00:20:49.160 --> 00:20:52.119
one year old, so I did not do what they

330
00:20:52.160 --> 00:20:54.000
told me to do and I'd sell it. I did

331
00:20:54.039 --> 00:20:57.119
what I thought would work well. That first month, I

332
00:20:57.160 --> 00:21:02.359
made zero because and I say this because if you

333
00:21:02.359 --> 00:21:05.640
want to succeed in life, no matter how good you are,

334
00:21:05.839 --> 00:21:09.119
no matter how much you know, you can always learn more.

335
00:21:10.319 --> 00:21:14.920
And also being at cocky twenty one year old, I

336
00:21:14.960 --> 00:21:18.839
went home and I set this goal. I have this

337
00:21:18.920 --> 00:21:22.400
thing that I teach now at my motivational stuff of

338
00:21:22.480 --> 00:21:25.920
how to set goals, and it was something I did

339
00:21:26.079 --> 00:21:30.960
this day and I basically I wrote out it's I

340
00:21:31.000 --> 00:21:33.640
call it a goal getter, and you number one to

341
00:21:33.720 --> 00:21:35.799
ten and ten things you want most out of life.

342
00:21:35.799 --> 00:21:38.200
They could be short term, long term because you know,

343
00:21:38.240 --> 00:21:40.920
I read Thinking, Grow Rich, and I've read all those books,

344
00:21:41.039 --> 00:21:43.880
but most people don't follow the guidelines and Think and

345
00:21:43.880 --> 00:21:46.160
Grow Rich because it's a lot of work. So I

346
00:21:46.240 --> 00:21:49.799
basically simplified it. And what I put on there was

347
00:21:50.319 --> 00:21:54.079
make twenty five thousand dollars this month was the number

348
00:21:54.119 --> 00:21:57.359
one thing on the list. Now, I don't know what

349
00:21:57.559 --> 00:21:59.480
right I had to do that because I had never

350
00:21:59.519 --> 00:22:02.680
made twenty five thousand a month. They told me twenty.

351
00:22:02.720 --> 00:22:04.519
So I wanted to do more than what they said

352
00:22:04.559 --> 00:22:10.000
and I just made zero, Like okay, and I'm bankrupt.

353
00:22:11.240 --> 00:22:15.000
But that's how I roll. That's how I think, you know,

354
00:22:15.480 --> 00:22:19.319
and you know, in order to succeed, you have to

355
00:22:19.359 --> 00:22:22.160
have nothing to fall back on because you'll always fall

356
00:22:22.200 --> 00:22:27.519
back on it, right, And I decided I was going

357
00:22:27.559 --> 00:22:31.440
to prove these people wrong and do it their way

358
00:22:32.319 --> 00:22:34.480
like I I wasn't gonna do it their way because

359
00:22:34.480 --> 00:22:36.400
I wanted to succeed. Now, I was like, I'm going

360
00:22:36.480 --> 00:22:39.720
to show that their way doesn't work either, and I'll

361
00:22:39.839 --> 00:22:46.279
never forget it. Alan Sadler of Savannah, Georgia, a Jewish

362
00:22:46.319 --> 00:22:49.799
attorney of Savannah, Georgia, can be a harder person to

363
00:22:49.880 --> 00:22:56.200
sell commodity futures and options too. I had gotten so

364
00:22:56.440 --> 00:22:58.920
many no's by the time I got to this guy

365
00:22:59.000 --> 00:23:01.400
that I did not know what to do with the yes.

366
00:23:01.599 --> 00:23:05.000
Like you get trained on the nose and nobody teaches

367
00:23:05.039 --> 00:23:08.319
you what to do with the yes. So I the

368
00:23:08.519 --> 00:23:12.200
first time I did what they said to do. It

369
00:23:12.319 --> 00:23:19.200
was one line and he said yes, And I literally

370
00:23:19.440 --> 00:23:23.400
dropped the phone because we used real phones in and

371
00:23:23.480 --> 00:23:26.279
I ran into the boss's office that we're tapping in

372
00:23:26.400 --> 00:23:28.839
listening because it's what they did back in the day,

373
00:23:30.279 --> 00:23:33.200
and in fact, the NFA and to see IFTC they

374
00:23:33.240 --> 00:23:38.680
require that, and like, what do I do now? Oh

375
00:23:38.720 --> 00:23:42.440
my god? Well why They're like, well, you might want

376
00:23:42.480 --> 00:23:44.640
to go back to the phone because he's probably still

377
00:23:44.680 --> 00:23:47.960
on the phone and you just dropped the phone and

378
00:23:48.039 --> 00:23:51.799
so but anyway, so that was my first client in

379
00:23:51.839 --> 00:23:54.920
that business. End the story. That second month. You know,

380
00:23:55.039 --> 00:23:57.400
in that business, you get paid once a month and

381
00:23:57.440 --> 00:24:00.200
it's a big meeting, and if you have no money,

382
00:24:00.240 --> 00:24:02.960
you hide under the desk. If you're making big money,

383
00:24:03.000 --> 00:24:06.119
you're the big big macher, sure, as we would say.

384
00:24:06.599 --> 00:24:10.559
And so I made twenty five thousand or not twenty

385
00:24:10.599 --> 00:24:13.279
five thousand. I made twenty four thousand, seven hundred and

386
00:24:13.279 --> 00:24:17.799
forty three dollars. Close enough, close enough, And it was

387
00:24:17.839 --> 00:24:21.880
in a check. Can can you tell me what the

388
00:24:21.960 --> 00:24:24.759
first where? The first place I went once I got

389
00:24:24.759 --> 00:24:25.319
that check?

390
00:24:25.759 --> 00:24:27.640
Oh what did you do? Go and buy a big,

391
00:24:27.680 --> 00:24:29.160
big honkin truck or something?

392
00:24:30.279 --> 00:24:37.799
No? No, but maybe no? Uh no. Literally I went

393
00:24:37.839 --> 00:24:40.279
to my brother and I shoved it in his face

394
00:24:40.319 --> 00:24:42.079
and I told him to get a real job.

395
00:24:42.440 --> 00:24:44.839
Oh my gosh, yep.

396
00:24:45.359 --> 00:24:48.160
And then I went to a bank cashed it. Then

397
00:24:48.240 --> 00:24:52.039
I had my bosses required me because they said, hey,

398
00:24:52.039 --> 00:24:54.400
those suits you're wearing, they just don't cut it here.

399
00:24:54.480 --> 00:24:58.359
They may cut it. Insurance say okay here, and they're like, uh,

400
00:24:58.799 --> 00:25:01.000
now that you made some of my come back tomorrow

401
00:25:01.839 --> 00:25:04.400
and you should be wearing like an Harmani suit and

402
00:25:04.519 --> 00:25:07.559
Harmani time. We'll take your shopping for it, you know.

403
00:25:08.039 --> 00:25:11.839
And then oh, in that car you're driving, though, you

404
00:25:11.920 --> 00:25:13.759
have to get a different car, you know how it

405
00:25:13.799 --> 00:25:18.640
is in that business, it's like it's all image, you know,

406
00:25:19.119 --> 00:25:22.599
but it's true. Though. How can you tell people how

407
00:25:22.599 --> 00:25:27.200
to handle their finances if you don't appear like you

408
00:25:27.319 --> 00:25:28.799
have any Yeah.

409
00:25:29.119 --> 00:25:32.200
But I'm hoping that the discussion today about choosing a

410
00:25:32.200 --> 00:25:34.279
financial advisor is they're going to be able to look

411
00:25:34.319 --> 00:25:39.759
deeper because they're gonna have an initial response. They're gonna

412
00:25:39.799 --> 00:25:42.440
have an initial opinion about that person just by the

413
00:25:42.440 --> 00:25:43.200
way they look.

414
00:25:44.559 --> 00:25:48.039
Well, that's why I'm bringing that up, because just because

415
00:25:48.079 --> 00:25:52.799
your advisor looks good doesn't mean they're a good advisor, Okay.

416
00:25:53.119 --> 00:25:56.599
And so now that wasn't enough for me, not the

417
00:25:56.680 --> 00:25:59.319
looking good. But you should look good because people are

418
00:25:59.359 --> 00:26:03.039
gonna it's first impression, right, But that's not all you do.

419
00:26:03.119 --> 00:26:06.000
Have to dig deeper. That's why I had gotten fifteen

420
00:26:06.039 --> 00:26:10.480
licenses and four professional designations, and like I was a

421
00:26:10.640 --> 00:26:16.119
knowledge junkie and I was addicted to CNBC twenty four

422
00:26:16.119 --> 00:26:19.079
to seven, so much so that when I first got married,

423
00:26:19.079 --> 00:26:22.279
it freaked out my wife, like because I would wake

424
00:26:22.359 --> 00:26:24.119
up in the middle of the night, pop up like

425
00:26:24.160 --> 00:26:28.799
a zombie and call like Singapore Hong Kong to find

426
00:26:28.839 --> 00:26:31.240
out prices and then go back to bed, and she'd

427
00:26:31.279 --> 00:26:33.240
be like, what the hell are you doing? You know,

428
00:26:33.640 --> 00:26:36.839
or she'd try to turn off Bloomberg on the TV

429
00:26:37.240 --> 00:26:39.200
at two in the morning. I'd wake up. I'm like

430
00:26:39.240 --> 00:26:43.440
what are you doing so well?

431
00:26:43.519 --> 00:26:47.599
Yes, okay, so yeah, you've been there, done that.

432
00:26:48.400 --> 00:26:50.839
Yeah, that's the beginning. So that's the beginning story. That

433
00:26:51.000 --> 00:26:53.119
was the long answer to your short question.

434
00:26:53.319 --> 00:26:57.240
Yeah. So basically, in a nutshell, what do you think

435
00:26:57.279 --> 00:26:59.079
you'd learned from that period of your life?

436
00:26:59.519 --> 00:27:01.720
This is what I learned a few things. Number one,

437
00:27:01.759 --> 00:27:04.319
I learned that just because somebody is a big company

438
00:27:04.960 --> 00:27:08.039
doesn't mean they're a good company. So always do your research.

439
00:27:08.160 --> 00:27:11.640
Don't just trust because of a company or somebody's name.

440
00:27:11.839 --> 00:27:14.960
I mean, look at Bernie Madoff. People trusted him because

441
00:27:14.960 --> 00:27:17.599
he had a big name. I was just saying to

442
00:27:17.680 --> 00:27:20.160
somebody the other day, I don't get it. All you

443
00:27:20.200 --> 00:27:21.880
have to do is look at the statements and they

444
00:27:21.920 --> 00:27:22.519
looked fake.

445
00:27:23.839 --> 00:27:27.440
And I'm upstairs that the printing press was upstairs from

446
00:27:27.440 --> 00:27:28.920
his office exactly.

447
00:27:29.000 --> 00:27:31.079
So that's part of what I'm bringing up, is like,

448
00:27:31.680 --> 00:27:33.599
you got to look at all the details, You got

449
00:27:33.599 --> 00:27:35.559
to look at all the little things. You have to

450
00:27:35.559 --> 00:27:37.759
be your own advocate, because they're not going to be

451
00:27:37.839 --> 00:27:42.559
your advocate. You have to do your research completely, you know,

452
00:27:43.079 --> 00:27:46.559
because at the end of the day, it's your money.

453
00:27:47.119 --> 00:27:50.039
Do you want to make sure that it's being handled

454
00:27:50.119 --> 00:27:54.160
by somebody that cares. So that's another thing that I

455
00:27:54.279 --> 00:27:56.880
got out of it, Like I became somebody that cared.

456
00:27:57.519 --> 00:28:01.319
There's not a lot of people sometimes that business that care,

457
00:28:01.960 --> 00:28:04.759
you know, and you need somebody that cares that don't

458
00:28:04.759 --> 00:28:07.519
treat your money as if it were their own. What

459
00:28:07.640 --> 00:28:12.839
I also learned from that whole experience there is that

460
00:28:13.960 --> 00:28:18.880
you know, it was better to be independent, so you

461
00:28:18.880 --> 00:28:23.559
can actually choose products for your clients. That's why fit

462
00:28:23.880 --> 00:28:28.319
the client, you know, not selling them a product, but

463
00:28:28.559 --> 00:28:32.240
actually gained to know your client more than just the

464
00:28:32.279 --> 00:28:35.759
financial needs analysis. But what are their goals, what are

465
00:28:35.759 --> 00:28:38.160
they looking to do, what stage of life are they in.

466
00:28:38.400 --> 00:28:41.559
There's so many variables that come into play, and then

467
00:28:41.960 --> 00:28:47.799
creating a custom portfolio that fits their needs and their

468
00:28:47.880 --> 00:28:50.599
needs alone, because their needs are going to be different

469
00:28:50.640 --> 00:28:54.599
than every other person out there. And so that's the

470
00:28:54.680 --> 00:28:57.799
big thing I learned through the whole process was there's

471
00:28:57.839 --> 00:29:03.000
some things, even the investment that some people look down upon,

472
00:29:03.559 --> 00:29:06.720
they may be good for certain types of people. Yeah,

473
00:29:07.279 --> 00:29:12.400
you know, everybody's different, you know, and what their needs are.

474
00:29:12.440 --> 00:29:17.400
So you need somebody that is experienced and has the ability. Okay,

475
00:29:17.440 --> 00:29:20.519
this is a big one for me, has the ability

476
00:29:21.319 --> 00:29:25.440
to provide any type of product to you. So, in

477
00:29:25.480 --> 00:29:28.519
other words, if you're dealing with a financial advisor that

478
00:29:28.599 --> 00:29:31.960
only sells insurance, they're not going to be able to

479
00:29:32.039 --> 00:29:36.920
handle your other types of investments, so they're probably not

480
00:29:36.960 --> 00:29:40.160
going to tell you to do them. You know that,

481
00:29:41.519 --> 00:29:44.720
I would deal with somebody that has the ability to

482
00:29:44.839 --> 00:29:49.640
handle any type of product pretty much, so that they

483
00:29:49.680 --> 00:29:55.279
can give you a legitimate advice, you know, opposed to

484
00:29:55.960 --> 00:29:57.839
advice based on just what they have.

485
00:30:00.920 --> 00:30:06.519
Well, how do you think you find somebody who's knowledgeable

486
00:30:06.680 --> 00:30:10.759
that fits like that? Oh? No, are you just gonna

487
00:30:10.799 --> 00:30:12.720
go by your gut instincts? What do you think?

488
00:30:13.279 --> 00:30:15.559
I don't think just gut. I think gut is always

489
00:30:15.680 --> 00:30:18.240
part of everything in life, in my opinion. But it's

490
00:30:18.240 --> 00:30:21.759
got to go farther than that. Okay, First of all,

491
00:30:21.839 --> 00:30:25.079
I think you have to actually I think you have

492
00:30:25.160 --> 00:30:28.920
to actually get along with your advisor too. Okay, it's

493
00:30:29.000 --> 00:30:31.799
just like a lawyer. Okay, I don't want a lawyer

494
00:30:31.839 --> 00:30:35.039
that's gonna browbeat me like they're better than me. Okay,

495
00:30:35.640 --> 00:30:38.319
you know, because that's the only way that you guys

496
00:30:38.359 --> 00:30:43.279
can work together. But so I think that's the first thing,

497
00:30:43.759 --> 00:30:46.559
because listen, if they have all the knowledge in the world,

498
00:30:46.599 --> 00:30:48.400
if they're not on the same page as you, it's

499
00:30:48.440 --> 00:30:51.519
not gonna be helpful, no find I think the most

500
00:30:51.559 --> 00:30:54.400
important things to start with is find somebody you connect

501
00:30:54.440 --> 00:30:59.440
with but also understands your needs and understands how you

502
00:30:59.519 --> 00:31:04.000
operate and asks you questions. I think that that's a

503
00:31:04.079 --> 00:31:07.480
big key we're on here. Ask good questions. Well, I

504
00:31:07.480 --> 00:31:10.640
don't think it's just the customer that needs ask good questions.

505
00:31:10.920 --> 00:31:13.160
I think it's who you're looking to hire that needs

506
00:31:13.200 --> 00:31:16.480
ask good questions. That's how I'll determine if they're a

507
00:31:16.480 --> 00:31:20.160
good financial advisor. What questions are they asking me before

508
00:31:20.160 --> 00:31:23.160
they're trying to tell me how I should handle my money.

509
00:31:25.480 --> 00:31:30.640
One of the things that's interesting is what I have seen,

510
00:31:30.759 --> 00:31:34.559
and I'm talking about risk now, is I've seen people

511
00:31:34.680 --> 00:31:37.799
take too much risk because they got sold a product

512
00:31:37.799 --> 00:31:42.160
that wasn't appropriate. What do you think about how you

513
00:31:42.160 --> 00:31:45.759
figure out how much risk you should take? And again,

514
00:31:45.880 --> 00:31:47.839
I think it's probably I think your answer is going

515
00:31:47.880 --> 00:31:50.400
to be getting back to what kind of questions is

516
00:31:50.400 --> 00:31:51.759
that advisor asking you.

517
00:31:52.599 --> 00:31:57.200
Yeah, it's like it depends on the person. If somebody

518
00:31:57.319 --> 00:32:02.599
has ten million dollars, if they put ten thousand in

519
00:32:02.640 --> 00:32:06.359
a risky investment, it's not really a risk. If somebody

520
00:32:06.400 --> 00:32:09.920
has twenty thousand dollars and puts ten thousand, that's a

521
00:32:10.079 --> 00:32:12.799
huge risk. I think it also matters what stage of

522
00:32:12.839 --> 00:32:15.480
life you're at and what your goals are. I'll give

523
00:32:15.480 --> 00:32:18.160
you a perfect example. When I was in the business,

524
00:32:18.279 --> 00:32:23.519
one of my brokers, his father worked for Mciworldcom. He

525
00:32:23.680 --> 00:32:29.079
was three years from retirement, had me analyze his portfolio.

526
00:32:30.079 --> 00:32:34.440
His portfolio was his pension consisted of one hundred percent

527
00:32:34.680 --> 00:32:40.599
Mciworldcom stock. At the time, Mciworldcom was at about eighty

528
00:32:40.640 --> 00:32:45.480
bucks yep. And I said to him, I said, listen,

529
00:32:47.079 --> 00:32:50.160
this has done great for you. You're three years from retirement.

530
00:32:50.279 --> 00:32:53.440
No matter how good this investment is, it's time for

531
00:32:53.480 --> 00:32:58.160
you change from growth mode into preservation mode to prepare

532
00:32:58.559 --> 00:33:04.119
for income mode. Right, did you listen? Well, that's a

533
00:33:04.160 --> 00:33:07.519
good question. You would think anybody would listen. And what

534
00:33:07.559 --> 00:33:11.200
I said is, I'm like, you know, you should diversify

535
00:33:11.720 --> 00:33:15.200
some of it away into something safer and then start packing.

536
00:33:15.400 --> 00:33:17.839
Oh no, but blah blah blah blah. I'm like, okay,

537
00:33:17.880 --> 00:33:20.440
so take half off the table. You can keep half

538
00:33:20.480 --> 00:33:22.640
in there, take half off the table and put it

539
00:33:22.640 --> 00:33:26.519
in something ultra conservative, and then if it goes up, great,

540
00:33:26.519 --> 00:33:28.519
you're still making money if you if you lose my

541
00:33:28.720 --> 00:33:31.160
you're still ahead of where you were to begin with.

542
00:33:32.160 --> 00:33:34.640
And he said, oh, but we just had a meeting

543
00:33:35.039 --> 00:33:37.799
and the head guy said it's going to one hundred

544
00:33:37.799 --> 00:33:41.960
and forty dollars. I'll never forget verbatim the conversation because

545
00:33:41.960 --> 00:33:47.160
it was so insane because he and he just would

546
00:33:47.160 --> 00:33:50.119
not listen to me. I'm like, listen, I'm not asking

547
00:33:50.160 --> 00:33:52.359
even put your money with me. I'm just I'm giving

548
00:33:52.359 --> 00:33:54.920
you free advice because your son works for me, so

549
00:33:55.000 --> 00:33:58.960
I have no stake in this. Whatsoever didn't listen to

550
00:33:59.000 --> 00:34:02.880
me to weeks later is when mciworlcom went to basically

551
00:34:02.960 --> 00:34:03.599
almost zero.

552
00:34:03.799 --> 00:34:05.759
So he lost he lose everything.

553
00:34:05.640 --> 00:34:09.039
Everything, everything, So now how are you going to get

554
00:34:09.159 --> 00:34:11.960
everything back to retire in three years? And that's the

555
00:34:11.960 --> 00:34:14.880
part people need to think about. No matter how good

556
00:34:14.880 --> 00:34:18.480
the investment is, you need to think of those things.

557
00:34:18.519 --> 00:34:22.599
You need to think forward and present, you know. And

558
00:34:22.639 --> 00:34:27.559
so I'm a risk taker, but you only risk what

559
00:34:27.639 --> 00:34:30.559
you can afford to lose and don't need to replace.

560
00:34:30.920 --> 00:34:34.239
Right, Well, there's another type of person out there that

561
00:34:34.280 --> 00:34:38.280
I've run into, and it's because people have trusted me,

562
00:34:38.920 --> 00:34:42.599
which is very humbling to have people trust you a lot.

563
00:34:42.679 --> 00:34:46.599
But sometimes people will say, oh, you just take care

564
00:34:46.639 --> 00:34:48.400
of it. I don't want to deal with it. You

565
00:34:48.559 --> 00:34:53.199
just take care of it. Well, if you're a reputable advisor,

566
00:34:53.239 --> 00:34:56.840
that might be okay, But if you're not, what do

567
00:34:56.880 --> 00:34:59.239
you say to somebody who says, I don't have time,

568
00:34:59.280 --> 00:35:02.119
I don't want to I want to be completely hands

569
00:35:02.159 --> 00:35:03.480
off of my investments.

570
00:35:03.719 --> 00:35:06.119
Well, part of my answer to that is is even

571
00:35:06.159 --> 00:35:08.800
though I had power of attorney because I was an

572
00:35:08.920 --> 00:35:13.079
RIA and a CTA and I didn't have to ask permission,

573
00:35:13.159 --> 00:35:16.159
I didn't have to I always talk to them and

574
00:35:16.239 --> 00:35:19.280
I never placed trades without them knowing. Even though I

575
00:35:19.360 --> 00:35:22.079
was able to, you know, and a lot of times

576
00:35:22.119 --> 00:35:23.760
they would say to me, why you call me, just

577
00:35:23.800 --> 00:35:25.960
do it? And they would say, exactly what you're saying.

578
00:35:26.480 --> 00:35:30.960
Why Because number one, I don't think you should give

579
00:35:31.079 --> 00:35:35.440
somebody that much control. Again, we could use the Bernie

580
00:35:35.519 --> 00:35:39.639
Madeoff example, you know, because at the end of the

581
00:35:39.719 --> 00:35:45.239
day's it's your money. You should always have a say,

582
00:35:46.039 --> 00:35:50.039
and our job is to advise you. In my opinion,

583
00:35:50.159 --> 00:35:53.719
if you're an advisor, it's to advise you, and then

584
00:35:53.800 --> 00:35:56.880
it's your job to decide whether that's good for you

585
00:35:57.079 --> 00:36:00.119
or not, or if you have to trust there. But still,

586
00:36:00.679 --> 00:36:04.480
you know, I would be worried to say that to

587
00:36:04.599 --> 00:36:08.360
somebody without it, especially if you don't know who they are,

588
00:36:08.480 --> 00:36:10.960
because again we go back to there's good people and

589
00:36:11.039 --> 00:36:14.559
bad people. And that doesn't even mean bad larceny bad.

590
00:36:14.880 --> 00:36:18.960
Maybe bad because they just don't know how to manage money. Yeah.

591
00:36:19.639 --> 00:36:23.519
One of my favorite things just about life in general

592
00:36:23.639 --> 00:36:25.840
is that you need to be one hundred percent responsible

593
00:36:25.920 --> 00:36:32.159
for yourself. And that is completely not being responsible for yourself.

594
00:36:32.199 --> 00:36:35.440
So you may want to be hands off, but you've

595
00:36:35.480 --> 00:36:37.960
still got But I like what you said, You've got

596
00:36:37.960 --> 00:36:43.599
to still connect with the advisor, have some knowledge of

597
00:36:43.599 --> 00:36:45.760
what's going on and why you're doing it.

598
00:36:46.599 --> 00:36:50.039
There's some people that only talk to their advisor once

599
00:36:50.239 --> 00:36:54.519
a year. Yeah, I think that's insane. Yeah, I wouldn't

600
00:36:54.519 --> 00:36:57.360
want to do that as the advisor, and I never did.

601
00:36:57.800 --> 00:37:00.800
That's the point is, like, and how much does your

602
00:37:00.800 --> 00:37:03.960
advisor care if he's only talking to you or she's

603
00:37:03.960 --> 00:37:07.199
only talking to you once a year, you know. And

604
00:37:07.239 --> 00:37:10.199
again I go back to that word care yacause I

605
00:37:10.199 --> 00:37:12.280
could tell you one thing. When I was in that business,

606
00:37:12.320 --> 00:37:14.840
I cared about other people's my way more than mine.

607
00:37:15.360 --> 00:37:20.079
Yeah, well, can you think of anything else? I mean,

608
00:37:20.119 --> 00:37:22.199
I'm thinking about some of the things. What are the

609
00:37:22.320 --> 00:37:27.519
risks of getting it wrong. I'm thinking of advisors who

610
00:37:27.599 --> 00:37:33.960
might have like conflicting interests or questionable credentials. Do you

611
00:37:34.000 --> 00:37:39.960
have any thoughts about advisors that just maybe this leads

612
00:37:40.000 --> 00:37:44.000
into checking their credentials make sure they're on the level.

613
00:37:44.639 --> 00:37:48.480
Well, that's an interesting subject too, and to talk about

614
00:37:48.480 --> 00:37:50.039
the first thing that goes back to what I was

615
00:37:50.079 --> 00:37:55.639
saying before. Okay, it is the same thing. You know,

616
00:37:57.039 --> 00:38:00.800
you just have to know who you're dealing with, number one.

617
00:38:01.519 --> 00:38:06.880
And if they're selling products but not other products, that's

618
00:38:06.920 --> 00:38:10.039
something you have to take. Like, that's where that conflict

619
00:38:10.039 --> 00:38:14.719
of interest comes from. Because listen, I'm going to be

620
00:38:14.760 --> 00:38:19.519
blunt if I'm an advisor and I only handle fidelity

621
00:38:20.000 --> 00:38:26.960
and you know whatever else funds as an example, and

622
00:38:27.039 --> 00:38:31.559
you say, well what about blah blah blah fund If

623
00:38:31.599 --> 00:38:34.320
I don't handle it, I'm going to talk into the

624
00:38:34.320 --> 00:38:37.320
one I have, right. I mean, let's call what it is.

625
00:38:37.400 --> 00:38:40.559
Advisors are looking to make money, and they should make

626
00:38:40.639 --> 00:38:43.800
money if they're doing the right thing. There's nothing wrong

627
00:38:43.840 --> 00:38:48.360
with advisor making money. But in the scenario of you

628
00:38:48.440 --> 00:38:51.400
have to think about are they giving you the advice

629
00:38:51.519 --> 00:38:55.000
because it's the best advice or the best advice of

630
00:38:55.000 --> 00:38:57.639
what they have to offer, Which.

631
00:38:57.239 --> 00:39:00.079
Leads me into the next thing, and that is, you know,

632
00:39:00.159 --> 00:39:03.360
what I see a lot is people going out on

633
00:39:03.440 --> 00:39:08.039
Google and looking and seeing articles about well, you should

634
00:39:08.039 --> 00:39:12.239
only deal with a fiduciary, and I'm a fiduciary, but.

635
00:39:14.719 --> 00:39:17.800
What do you pretty much every licensed person is.

636
00:39:18.480 --> 00:39:22.280
Yeah, well, and what's interesting is that somebody that I

637
00:39:22.440 --> 00:39:25.719
know has no idea what they're even talking about and saying, well,

638
00:39:25.719 --> 00:39:31.159
are you a fiduciary? They don't even you know, how

639
00:39:31.159 --> 00:39:33.679
do you think people should what do they need to

640
00:39:33.800 --> 00:39:36.679
know about that whole term of being a fiduciary.

641
00:39:37.280 --> 00:39:42.159
Well, first of all, just because you're a fiduciary doesn't

642
00:39:42.239 --> 00:39:47.519
mean you're actually legit, you know, I mean, just to

643
00:39:47.559 --> 00:39:52.719
be blunt, you have a fiduciary responsibility, it doesn't mean

644
00:39:52.800 --> 00:39:57.000
you actually exercise it. Let's say that first I also

645
00:39:57.039 --> 00:40:00.599
want to mention too. We were talking about credentials. So

646
00:40:00.719 --> 00:40:03.880
there's somebody that I think is one of the most

647
00:40:03.920 --> 00:40:09.639
amazing speakers there is that speaks on financial stuff. But

648
00:40:09.760 --> 00:40:12.920
I think she's great as a speaker. I think the

649
00:40:13.159 --> 00:40:18.679
advice she's given people is garbage, okay, but people swear

650
00:40:19.119 --> 00:40:23.639
by her. She's not even licensed. So people, here's something

651
00:40:23.679 --> 00:40:28.880
you have to understand. There's people that are licensed registered advisors,

652
00:40:29.280 --> 00:40:33.079
and there's people that sell programs on how to invest.

653
00:40:33.760 --> 00:40:38.440
They are not the same, okay, you know those that

654
00:40:38.519 --> 00:40:42.000
do and those that teach. Okay, And so if they're

655
00:40:42.119 --> 00:40:47.440
selling you a program, they're not giving you an they're

656
00:40:47.440 --> 00:40:51.079
not doing any favors, and they're certainly not being your fiduciary,

657
00:40:51.239 --> 00:40:56.400
that's for sure. And the point is not only because

658
00:40:56.400 --> 00:41:00.800
of the regulations, but because listen, there's certain things if

659
00:41:00.840 --> 00:41:05.239
you're in a regulated business that if you're licensed, you

660
00:41:05.320 --> 00:41:08.840
can't say that. Somebody that's not license can say. So

661
00:41:08.880 --> 00:41:11.719
somebody can get up there and be a speaker and say, hey,

662
00:41:11.880 --> 00:41:14.000
all you have to do is buy low and sell

663
00:41:14.119 --> 00:41:18.599
high and you'll make money. But it's a lot deeper

664
00:41:18.639 --> 00:41:23.440
than that. Okay, that's pretty obvious. And some of the

665
00:41:23.519 --> 00:41:29.559
advice these people give doesn't take certain things into account. Okay.

666
00:41:29.920 --> 00:41:34.039
One of those things is sometimes you won't get a film,

667
00:41:34.320 --> 00:41:36.800
so they could say, oh, yeah, all you have to

668
00:41:36.760 --> 00:41:40.039
do is buy it at twenty five. But there's times

669
00:41:40.039 --> 00:41:42.360
that maybe there's not a market for it and you

670
00:41:42.440 --> 00:41:44.880
won't be able to buy it there, or they show

671
00:41:44.920 --> 00:41:47.960
you their charts of how much money they made. It's

672
00:41:48.039 --> 00:41:50.960
called paper trading. I've never met a paper trader that

673
00:41:51.079 --> 00:41:53.800
lost money, I can tell you right now. I did

674
00:41:53.840 --> 00:41:57.000
meet a lot of money managers that had long, great

675
00:41:57.119 --> 00:41:59.960
track records. As soon as I put money into their thing,

676
00:42:00.280 --> 00:42:03.199
it lost my and I couldn't understand why.

677
00:42:03.400 --> 00:42:05.719
Dean. We could probably go on for a couple hours,

678
00:42:06.320 --> 00:42:09.079
but we're running at a time. Yes, I want your

679
00:42:09.079 --> 00:42:12.280
bottom line. Thinking about how advisors get paid.

680
00:42:13.400 --> 00:42:16.599
I think one hundred percent somebody that sold pretty much

681
00:42:16.719 --> 00:42:21.039
everything there is that the advisors you should be dealing

682
00:42:21.079 --> 00:42:25.400
with are people like you, people that that like I.

683
00:42:25.360 --> 00:42:29.239
Call myself a fee based it's a flash fee flatten.

684
00:42:29.320 --> 00:42:32.480
That's what I was going to say, fee based, the

685
00:42:32.559 --> 00:42:35.199
reason being, Okay, so you have fee base and you

686
00:42:35.239 --> 00:42:39.519
have commission based. Commission based. I'm telling you right now,

687
00:42:39.599 --> 00:42:42.320
every single broker that sells commission based are going to

688
00:42:42.360 --> 00:42:45.960
sell you based on the commission, not based on the product. Okay,

689
00:42:46.119 --> 00:42:48.360
so if they have how much they're going to get yep,

690
00:42:48.519 --> 00:42:50.000
And you hope.

691
00:42:49.800 --> 00:42:52.239
I hope, I hope, I hope that they would be

692
00:42:52.320 --> 00:42:56.800
good ethical people. But sometimes that's hard.

693
00:42:56.719 --> 00:42:59.280
And maybe they're not being unethical, they just don't know

694
00:42:59.400 --> 00:43:02.000
better either, and this is like, this is what they have.

695
00:43:02.199 --> 00:43:05.239
You know, you only know what you know, right. But

696
00:43:06.679 --> 00:43:10.599
they also need to make their car payment. Okay. Yeah,

697
00:43:10.760 --> 00:43:13.880
Now when you're fee based like you are, you still

698
00:43:13.880 --> 00:43:16.119
have to make your car payment, but your car payment

699
00:43:16.280 --> 00:43:20.000
is based on performance, not based on product. Okay. So

700
00:43:20.599 --> 00:43:24.880
you're in it with the client, Okay. If the client

701
00:43:25.039 --> 00:43:28.559
loses money, you lose money. If the client makes money,

702
00:43:28.599 --> 00:43:30.800
you make money. Why is that because you're getting a

703
00:43:30.880 --> 00:43:33.400
percentage of the assets you can make.

704
00:43:33.440 --> 00:43:35.480
Me think of a big firm that does a lot

705
00:43:35.519 --> 00:43:39.559
of marketing that says just that we do better when

706
00:43:39.599 --> 00:43:40.320
you do better.

707
00:43:40.800 --> 00:43:44.960
Yeah, see that, you know? And it is true? Because

708
00:43:45.199 --> 00:43:47.639
I think the decisions you're going to make as a

709
00:43:47.760 --> 00:43:51.880
money manager as an advisor are going to be way

710
00:43:51.880 --> 00:43:55.400
different because you want to make sure you do the

711
00:43:55.480 --> 00:43:58.920
right thing to keep that business, because that's an earth thing.

712
00:43:59.199 --> 00:44:02.000
When your feedbase, you're not making those big hits like

713
00:44:02.039 --> 00:44:05.679
the commission based is okay, So you're looking for your

714
00:44:05.719 --> 00:44:07.760
clients to stay with you a long time. If you

715
00:44:07.800 --> 00:44:10.800
do not do right by them, they're gone. And you

716
00:44:10.920 --> 00:44:14.559
made very minimal money off of it. You were making

717
00:44:14.639 --> 00:44:17.639
a living based on them sticking with you five, ten,

718
00:44:17.840 --> 00:44:22.119
twenty years, you know, And that's only going to happen

719
00:44:22.159 --> 00:44:25.320
if you're treating them right. And of course you're only

720
00:44:25.360 --> 00:44:27.880
going to treat them right when you're fee based right.

721
00:44:27.920 --> 00:44:31.440
And so yes, one hundred percent, go with somebody fee base.

722
00:44:31.760 --> 00:44:34.679
Go with somebody that has letters after their name. Go

723
00:44:34.800 --> 00:44:38.280
with somebody that had also check. We didn't talk about this,

724
00:44:38.440 --> 00:44:41.679
but it's very important, and believe it when you read it,

725
00:44:41.719 --> 00:44:46.639
because I had prospects that didn't check with the government

726
00:44:46.840 --> 00:44:50.960
agencies that are regulating. In the self regulatory agencies, look

727
00:44:51.000 --> 00:44:54.440
at their track record, look at their customer complaints or

728
00:44:54.599 --> 00:44:57.719
reparations or anything, and see what they are because a

729
00:44:57.760 --> 00:45:01.239
lot of times you'll find their preconsistent anything there. And

730
00:45:01.440 --> 00:45:06.280
don't think, oh, my broker wouldn't do that. When you

731
00:45:06.400 --> 00:45:08.800
do that it wouldn't be in their record, right.

732
00:45:10.000 --> 00:45:16.000
So we are running at a time and on the website,

733
00:45:16.079 --> 00:45:19.280
on the Ask Good Questions podcast dot com website, there's

734
00:45:19.320 --> 00:45:23.119
a bonus downloads where there will be a pdf on

735
00:45:23.679 --> 00:45:25.840
questions you know kind of I'm going to try to

736
00:45:25.880 --> 00:45:29.719
summarize all this into a pdf that you can download

737
00:45:30.119 --> 00:45:34.360
for asking you know, pertinent questions to that advisor. So

738
00:45:34.920 --> 00:45:37.719
any final thoughts on this whole topic.

739
00:45:38.840 --> 00:45:43.119
My final thoughts are, I'm not in the business anymore,

740
00:45:43.519 --> 00:45:45.760
so put your money with Benita Belle Anderson.

741
00:45:48.079 --> 00:45:50.119
I'm not paying him to say that either.

742
00:45:50.800 --> 00:45:52.679
She didn't even know I was gonna say that's what

743
00:45:53.360 --> 00:45:53.719
I was.

744
00:45:53.679 --> 00:45:57.960
Gonna say that. But we really truly no matter what

745
00:45:58.000 --> 00:46:00.199
you do, we really truly, I think both of us

746
00:46:00.239 --> 00:46:02.320
can say that we truly want the best for you.

747
00:46:02.840 --> 00:46:05.960
We want you to be informed. That's kind of where

748
00:46:06.039 --> 00:46:08.719
I come from. I think Dean comes from that space

749
00:46:08.760 --> 00:46:12.719
as well, that please be informed, be educated as your

750
00:46:12.800 --> 00:46:15.760
responsible for your own self, so you need to be

751
00:46:15.880 --> 00:46:19.960
educated about these types of things. And with that, thank

752
00:46:19.960 --> 00:46:23.320
you so much for joining us today on Ask Good Questions.

753
00:46:27.239 --> 00:46:30.840
Today's episode is over, But we did ask Good Questions again,

754
00:46:31.000 --> 00:46:35.159
didn't we? Don't miss out as we broadcast live every Wednesday,

755
00:46:35.239 --> 00:46:39.000
six pm Eastern Time on W four CY Radio at

756
00:46:39.159 --> 00:46:43.239
w fourcy dot com. Joined Benina Bell Anderson next week

757
00:46:43.280 --> 00:46:49.159
for more conversations with experts on finances, retirement, behavioral finance issues,

758
00:46:49.280 --> 00:46:53.920
health and wellness, and more. Until then, remember to ask

759
00:46:54.119 --> 00:46:55.400
good questions.