May 15, 2026

Wealth Management For Families, Businesses & Entrepreneurs with Brad Bestgen

Wealth Management For Families, Businesses & Entrepreneurs with Brad Bestgen

Human object side of planning Annual Planning – do the planning process Entrepreneur & Family business transition Brad is a second-generation owner of Bestgen Wealth Management, a boutique firm dedicated to a small group of business owners,...

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Season 20

Human object side of planning
Annual Planning – do the planning process
Entrepreneur & Family business transition

Brad is a second-generation owner of Bestgen Wealth Management, a boutique firm dedicated to a small group of business owners, entrepreneurs and families. Their approach is highly personal, centered on truly understanding each client’s story, values, and vision for what their wealth is meant to support.

Rather than focusing solely on investments, Brad and his team look at the full landscape of a client’s life. They thoughtfully coordinate with other trusted advisors to ensure every piece is working together with purpose and intention.

The end goal isn’t just stronger financial outcomes—it’s helping clients create a life that feels aligned and meaningful. Through a deliberate, guided process, BWM brings clarity to the decisions surrounding wealth, legacy, and the transitions that shape each chapter along the way.

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WEBVTT

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Hi, you live done to the censure.

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Fore wow for you.

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Young, it's the pipe Man here on the Adventures pipe

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Man W four c Y Radio. I'm very excited about

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this segment and our next guest because it's like ghost

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of Christmas past for me, for all of you listeners

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that know that I used to be in the financial business.

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So now we have one of our sponsors here at

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the network who is in the financial business. So we're

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gonna chat, especially with how things are going nowadays, and

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this guest will definitely give you some great advice and

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great information that will not only be apropos for your

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family but for the timing of the times that we're

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living here and twenty six.

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So welcome to the show. Brad, Best John, how are

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you hey.

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I'm good, Teams, thanks for having me man, Yeah, excited too.

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Excited to join you, Excited to have you and one

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thing I love. Okay, so your company is Best Gen

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Wealth Management, and you know my time in the business,

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usually that was just somebody's ego putting their name on it,

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and it was wasn't really a family affair. But for

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you it makes sense because this has been a family

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affair for a long time.

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Hasn't it been.

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Yeah, that's exactly correct, and we're pretty proud of that.

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You know, my dad and I work together for over

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fifteen years, and I'm in the process of purchasing or

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buying out his share of the business. He's mostly retired

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at this point, but was in the financial services industry for.

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Over forty years.

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And you know, I started in the financial service industry

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back in like two thousand and four and worked in

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other places for a few years before him and I

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decided we should join up and start our own start

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our own firm. So felt great, and it's you know,

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I think we all know the statistics on family businesses

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that transition from one generation to the next is very small,

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and even getting from G two and G three is

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even smaller. So hopefully there'll be an opportunity for that someday.

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But yeah, we're we're a family business and enjoy that

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very much.

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I think it's even smaller for the financial business from

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what I know and from my opinion, because generally a

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lot of people that entered the financial business are trying

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to get away from the family business.

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Yeah, yeah, well exactly, there's definitely which we help, you know,

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given our experience, and you know, there's certainly a lot

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of pros and cons working with family and sometimes conversations

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spill over to the you know, Thanksgiving table and things

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like that, so you do have to and you have

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to have difficult conversations that you might otherwise not have

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if you weren't working together and things like that. But

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it's it is great, and it's one of the reasons

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we love working with business owners and family businesses because

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you're right, there's a lot of nuances there, you know,

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with people trying to decide whether they want to come

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into the family business or if they don't. It's definitely

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a lot more barriers to entry than people think, especially

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when you know, if you're the starting generation, you don't

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want to create any form of entitlement, and it's not

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just a birthright that you could walk in here. And

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if you've had employees working for you for fifteen twenty

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years and then you just hand the reins over to

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your kids out of nowhere, can be a lot of

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resentment there from existing employees, so it has to be

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done carefully.

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You know, you should mention that because I have two

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examples that popped in my head immediately. One of which

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was when I was before I was ever in the

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financial business. When I was really young, I was in

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the pool and spa business, and I managed a store

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called Harrows that was a big chain in New York

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and New Jersey and had been around for sixty years.

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Wow.

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And the owners handed it over to their entitled kids

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and it's gone.

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Yeah.

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Imagine that sixty year old business gone in one generation.

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Yeah, And it's all because the kids were handed it

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and they didn't really know what to do with it.

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They had all these fancy ideas.

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But those fancy ideas I kind of relate to the

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person that has no kids telling the person with kids

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how the parent Yeah.

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Yeah, well exactly, it's it is to you know, there

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has to be some level of stewardship, you know, when

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it comes to a family, and especially if it's a

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family of wealth and transition, and if you want your

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kids to come in the business, there should be the

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protocol of you know, do they have to work somewhere

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else to get experience before they come in here. Once

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they are in here, what departments do they have to

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work in? Like, what do they have to do?

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You know, are there certain you know hurdles that they

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should jump over.

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Do they have to get any continuing education or you know, what,

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what is it that we need to do to foster

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our children learning about this business and what it is

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and what it took to get it there, especially if

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it's successful. The kids grow up seeing that they have

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a good lifestyle and you know, things are okay, but

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they don't see what mom and dad, our grandparents did

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to you know, get the business to a level that

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it actually is successful and profitable. And it's not easy

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to run a business. As you will, oh, you've had

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a lot of experience with it, so you can't just

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hand it over to somebody that has no idea what is.

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Going on or the appreciation like I have both sides

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of defense.

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Okay.

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I got into that pulling spa business because that was

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my dad was a man. He when I was like

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from the time I was like twelve, he had me

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work for him like a slave, and I did every

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part of the business, even parts he didn't do, so

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like he made me. I didn't like it then, but

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he made me learn every aspect in the business. And

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I think it's so important because if you are going

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to take over the family business, and especially you talked

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about employees. Okay, they have to respect that, you know,

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how to do their job as good or better than

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they do.

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Yeah, one hundred.

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It's because if you're going to come into a leadership role,

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as you said, you have to earn the respect of

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the people you're trying to lead. They have to respect you.

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You have to respect them. That's to be mutual understanding that. Like,

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you know, you're not just flying in out of left

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field because you just graduated, you know, from graduate school

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with an NBA and now you like can just come

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in and run a business, you know, at twenty five

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years old.

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But there's a lot more to that.

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And you know, employees need to realize and understand where

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you're coming from and what your goals are, and you

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know that you're going to maintain the culture and you

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know things like that that you know, people want to

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see as a transition is occurring.

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And you know you mentioned respect and stuff like that.

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That's so true, and that brings me now to the

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other end. You know, I had a daughter that worked

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for me for several years at the radio station, but

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she was young at the time. She would probably be

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better now, you know, but at the time she was young,

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so it was a different attitude, and it was that

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entitled attitude. It was that nepotism attitude. And you know,

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on top of it, I remember one day there was

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somebody that worked for me that I've been radio for years,

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but also knew my daughter very well, you know, because

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her daughter and their door were.

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Like best friends and stuff. So she knew.

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My door for years, and my door was talking about

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inheriting the business once I was gone, and she said, like,

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unless you start doing every part of business and doing

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it differently than you are now, you'll be out of

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business in a couple of months, you know, and basically said,

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your dad is the business. So if you want to

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take over the business and have it actually continue, then

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you need to start really shadowing your dad and doing

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and learning every aspect of the business and not enacting

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more like the employer than the employee. And I use

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that as that's a mentality. I always call that mentality.

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There's the employer mentality and the employee mentality, you know,

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and that doesn't mean you're the employer.

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That doesn't mean you're an employee. It's how you think.

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Are you the one punching a time clock, and as

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soon as five o'clock hits, you're out of there, no

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matter whether you got your job done or no matter

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what's happening in the business. Or are you somebody that

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understands that the business doesn't punch a time clock.

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Yeah, exactly, it's a and that kind of goes without

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I mean, that is a key tenant for even I say,

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like now, like we're very lucky in our business where

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we have employees that have that owner's mentality.

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Even though they're not owners.

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And you know, we're in a service business and you know,

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there are things that you have to do. You know,

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we don't make it expected, but we have employees that

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will do that. And especially if you're in the owner's

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family and you want to come in and be the

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owner or a leader in the executive suite, you have

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to have that ownership mentality that you know, yeah, you

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want to have some balance in life, and you need

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to have your personal time and clients need to respect

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that too. But there's always something to be done to

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work on the business, to you know, growth strategies, marketing,

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you know, looking at the books, you know, how do

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we improve our processes, our tech stack, you know what,

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more than just being a financial advisor. You know, you've

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got to do these other things. And it might be

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on a night, it might be on weekends, like you

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might be on your laptop while you know you're waiting

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for your kids practice to be over at night. You know,

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there are things that there's also there's obviously a lot

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of pros to being a business owner, and there's a

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lot of nice things to come on with that, but

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there's also a lot of sacrifice and things that you

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have to do. And if you're trying to bring children

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into the business that might not necessarily have that attitude,

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or they just want to punch the clock and they

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don't really want to learn anything about this department, or

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if you call them at five point.

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Thirty, they don't pick up.

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You know, there's things that you want to look for

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to make sure the business is going to succeed. If

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you're in your standpoint as the owner or the founder saying, well,

208
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I'm you know, Jesus, I don't I want to retire,

209
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but you know, my kids aren't showing the qualities that

210
00:11:27.799 --> 00:11:31.559
I would like in a transition or success and succession plan.

211
00:11:32.080 --> 00:11:34.039
You know, what am I going to do? How am

212
00:11:34.039 --> 00:11:35.000
I going to deal with that?

213
00:11:35.240 --> 00:11:38.159
And that's stuff you've got to start working on years

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in advance if you're thinking of transitioning.

215
00:11:40.679 --> 00:11:46.759
Out exactly, And that is one thing, you know.

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I went to your best gend wealth management site and

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one thing I saw that I think you correct me

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if I'm wrong. What works for you and your dad

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and your family businesses. He has his specialty, you have yours.

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Yeah, exactly, that is and I think that goes a

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long way in a lot.

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Of businesses, right, you know, I think a lot of

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times we have a hard time, whether it's delegating.

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Or we think we're the only ones that can do it.

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That way is working with people and putting people around

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you that have strengths that are different than your strengths,

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and then you make a great team. You know, there's

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a ton of sports analogies that would fit that description

229
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as well. Sometimes the teams that win don't necessarily have

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all the all stars. They just play together better, and

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they believe in each other as a team, and they

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utilize each other's strengths.

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It's almost like finding your unique.

234
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Brilliance right as a key tenant that I've learned in

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a lot of coaching I've done and becoming a business leader,

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it's like, what are you best at that you love doing? Okay,

237
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let's narrow that down. Everything else you either spend a

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lot less time on or you delegate.

239
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You hire somebody to do that.

240
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Because when you start spending time on stuff that either

241
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you're not good at, or you don't want to do,

242
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or you shouldn't be doing, that's when things start bottlenecking.

243
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And Yeah, I think my dad and I.

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Have done a good job of We've always kind of

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had a key focus on business owners and that marketplace

246
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for our planning, but definitely have had different strengths within

247
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that sphere that helps sort of give a holistic approach

248
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for people.

249
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Yeah, and you're right because I live by that here

250
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with people that work with me, I'll get out in

251
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the beginning when they first come on. I'll give them

252
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all different types of tasks because I want to see

253
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what they have passion for, and because what they have

254
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passion for, it'll probably be good at and they'll get

255
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it done the right way and they'll care about doing it,

256
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not to mention. Also, for me, it's like, if they're

257
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really good at this.

258
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Task that I don't have to do anymore.

259
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That frees up my time to do what I do

260
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best because a lot of business owners they do a

261
00:14:13.679 --> 00:14:17.039
lot of tasks that take up their time of things

262
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they don't like to do, don't want to do, maybe

263
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even aren't best at, and then have no time to

264
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do what their best at that will grow the business.

265
00:14:25.360 --> 00:14:26.639
Yeah, well exactly.

266
00:14:26.919 --> 00:14:30.679
And there's a lot because we do a lot of

267
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planning with business owners and that can evolve into like

268
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exit planning conversations or you know, what they want to

269
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do as a approach retirement, and you know, that's a

270
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key tenant is kind of diving into the human side

271
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of it. And we've had situations where you know, client

272
00:14:50.039 --> 00:14:53.080
things they want to sell or exit their company, and

273
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we try and get to the why why do you want?

274
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Why now? What's important to you about that? And all, well,

275
00:14:59.559 --> 00:15:02.879
multiple highs are ever going to be well maybe maybe not,

276
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But like I'm burnt out, It's like, well, let's separate

277
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this out. Are you burnt out on the company or

278
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are you burnt out on your job? And that gets

279
00:15:12.240 --> 00:15:15.639
to your point, like you are probably doing eighty percent

280
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of the tasks you're doing. We could farm out to

281
00:15:18.919 --> 00:15:22.200
somebody else. In your company or hire somebody. And if

282
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we did that and your time was just focused on

283
00:15:24.720 --> 00:15:27.559
these three or four things, would you still want to

284
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work for that? Would you still want to run the

285
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business and run the company? And a lot of times

286
00:15:31.200 --> 00:15:34.159
it's like, yeah, I actually would, Well, so okay, so

287
00:15:34.759 --> 00:15:38.200
we're really not having an exit selling conversation just yet.

288
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We're having a conversation on how to make the business

289
00:15:41.559 --> 00:15:44.360
a little more efficient and have you sort of live

290
00:15:44.440 --> 00:15:47.759
the life that you don't need to take a vacation from, right,

291
00:15:47.879 --> 00:15:51.679
like living your best life while you're still owning the business,

292
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not just like I'm going to run myself into the

293
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ground until this business is worth enough that i can

294
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sell it and retire, and I'm not going to enjoy

295
00:15:59.799 --> 00:16:03.440
life until I'm sixty five or sixty. It's like, well,

296
00:16:03.600 --> 00:16:05.559
let's try and create a life that you can enjoy

297
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the whole way and not just wait until the end

298
00:16:09.320 --> 00:16:11.840
of the day. And there's a lot of other nuance

299
00:16:11.919 --> 00:16:15.799
that goes into that and the planning and for an exit.

300
00:16:16.000 --> 00:16:18.559
But you know, that is one of the big things

301
00:16:18.600 --> 00:16:21.919
that people end up doing a lot of stuff that

302
00:16:21.960 --> 00:16:25.519
they either shouldn't be doing or they're overqualified doing and

303
00:16:26.039 --> 00:16:28.919
they just haven't taken the time to delegate or hire

304
00:16:29.000 --> 00:16:32.519
the right people to take some stuff off their plate.

305
00:16:33.240 --> 00:16:37.000
I also think that sometimes people of business owners or

306
00:16:37.320 --> 00:16:41.799
entrepreneurs more so than most business owners, they don't want

307
00:16:41.840 --> 00:16:44.480
to delegate because they want to save money and they

308
00:16:44.480 --> 00:16:47.679
don't even realize that they're costing themselves money like that.

309
00:16:48.320 --> 00:16:50.440
You know, they're like, oh, well, I wouldn't want to

310
00:16:50.519 --> 00:16:52.879
hire somebody to do this job because then I'd have

311
00:16:52.960 --> 00:16:55.440
to pay them and that'd be less money for me. No,

312
00:16:56.240 --> 00:16:59.480
it would be more money. You'd have to pay out

313
00:17:00.120 --> 00:17:03.720
more time to generate more revenue to where you put

314
00:17:03.759 --> 00:17:04.960
more money in your pocket.

315
00:17:05.240 --> 00:17:07.480
Yeah, exactly. I think you mentioned a moment ago.

316
00:17:07.519 --> 00:17:10.519
If you're focused on the tasks that you're best at,

317
00:17:10.920 --> 00:17:13.880
then that's going to be more beneficial for your business.

318
00:17:13.519 --> 00:17:16.920
Your employees, your clients, and not.

319
00:17:17.000 --> 00:17:21.640
To mention, if you are moving to a point where

320
00:17:21.680 --> 00:17:23.839
you want to have an exit someday, whether that's to

321
00:17:23.920 --> 00:17:27.000
a third party or to a family member, or to

322
00:17:27.079 --> 00:17:30.680
an internal transition to another employee, and you want to

323
00:17:30.680 --> 00:17:35.039
create enterprise value for your company, the business.

324
00:17:34.759 --> 00:17:37.599
Can't revolve around you one hundred percent, because then you

325
00:17:37.799 --> 00:17:38.880
leeve what is.

326
00:17:38.799 --> 00:17:42.480
A buyer buying, right, if you do everything and you're

327
00:17:42.559 --> 00:17:45.480
responsible for all the new revenue and new clients and

328
00:17:45.960 --> 00:17:48.359
you know, whatever the case may be, whoever your business

329
00:17:48.400 --> 00:17:52.319
is structured, you want to try and separate yourself from

330
00:17:52.400 --> 00:17:55.279
as much of that stuff as you can. And that's

331
00:17:55.359 --> 00:17:58.400
one thing that buyers will look at if you're trying

332
00:17:58.400 --> 00:18:01.440
to exit the business for any reasonable.

333
00:18:01.039 --> 00:18:04.720
Valuation, of course, and that goes back to what I

334
00:18:04.759 --> 00:18:08.680
was saying in the beginning about that person telling my daughter, like,

335
00:18:08.880 --> 00:18:12.519
there is no business without your father, you know, And

336
00:18:12.559 --> 00:18:15.640
that's also you know, that was way back in the beginning,

337
00:18:15.799 --> 00:18:18.000
but that also was kind of a wake up call

338
00:18:18.039 --> 00:18:20.839
to me hearing that, because I'm like, yeah, that's right,

339
00:18:21.400 --> 00:18:24.759
you know, like it wouldn't have any value and then

340
00:18:25.079 --> 00:18:27.640
you're just working for the rest of your life, you know,

341
00:18:27.759 --> 00:18:31.079
because you know the saying you don't own a business,

342
00:18:31.079 --> 00:18:36.200
the business owns you, you know. So I mean, if

343
00:18:36.240 --> 00:18:39.000
you're the one doing everything, you're gonna be doing everything

344
00:18:39.039 --> 00:18:40.559
for the rest of your life and it won't have

345
00:18:40.720 --> 00:18:43.880
value to go to anybody else, whether it's a family

346
00:18:43.920 --> 00:18:46.119
member or trying to sell the business.

347
00:18:46.440 --> 00:18:51.119
Yeah, well exactly, And that's one of the a big

348
00:18:51.200 --> 00:18:55.440
problem we see in that space. You know, business owners

349
00:18:55.559 --> 00:19:00.000
just they put all their discretion at dollars back into

350
00:19:00.079 --> 00:19:03.200
the business, which for sometimes for good reason, especially if

351
00:19:03.200 --> 00:19:05.240
you're getting it off the ground and starting, you have

352
00:19:05.319 --> 00:19:06.960
to do that to grow it and get it past

353
00:19:07.000 --> 00:19:11.640
a certain break even point. But a they probably do

354
00:19:11.720 --> 00:19:15.000
it because they it's what they know the most. It's

355
00:19:15.000 --> 00:19:17.640
probably where they're going to get better returns on their

356
00:19:17.680 --> 00:19:20.039
investment if it's put back into the company.

357
00:19:20.119 --> 00:19:21.680
But they don't.

358
00:19:21.440 --> 00:19:26.160
Really pay attention to anything else with regards to coordinating

359
00:19:26.200 --> 00:19:29.119
their personal planning and business planning, and they just think

360
00:19:29.119 --> 00:19:29.920
they're going to get to.

361
00:19:29.880 --> 00:19:30.599
The end of the road.

362
00:19:31.079 --> 00:19:33.839
There's going to be some you know, someone's going to

363
00:19:33.880 --> 00:19:35.960
come along and offer them ten million dollars for their

364
00:19:36.000 --> 00:19:40.559
company and they'll retire, and then they come to find out, oh,

365
00:19:40.599 --> 00:19:43.599
it's only worth three million, and you didn't save any

366
00:19:43.599 --> 00:19:46.640
money outside the company for the last twenty years. And

367
00:19:46.720 --> 00:19:49.920
so you either have to keep working to get the

368
00:19:50.000 --> 00:19:51.640
value to where you want it to be at a

369
00:19:51.680 --> 00:19:53.200
point in your life where you thought you were going

370
00:19:53.240 --> 00:19:54.400
to start slowing.

371
00:19:54.000 --> 00:19:57.279
Down, and you know that usually doesn't work.

372
00:19:58.079 --> 00:20:01.440
You know, it's unfortunate lot of business owners don't think

373
00:20:01.480 --> 00:20:05.880
about exit planning until they want to exit, and you

374
00:20:05.920 --> 00:20:08.079
should start thinking about it like a decade in.

375
00:20:08.079 --> 00:20:13.319
Advance, No doubt. I think it's the same like retirement planning.

376
00:20:14.200 --> 00:20:18.200
I remember being in my young twenties doing financial needs

377
00:20:18.240 --> 00:20:23.160
analysis and telling people about putting them for retirement. But

378
00:20:23.160 --> 00:20:26.039
the same token in my own head was like I

379
00:20:26.160 --> 00:20:29.880
got plenty of time, and then I woke up and

380
00:20:29.920 --> 00:20:34.359
now I'm fifty nine, and really that that what forty

381
00:20:34.440 --> 00:20:36.119
years went really quick?

382
00:20:36.680 --> 00:20:42.000
Yeah? Right by? Yeah, And that's exactly what happens, you know.

383
00:20:42.319 --> 00:20:45.759
So we all have busy lives and things going on,

384
00:20:45.880 --> 00:20:48.480
and maybe sometimes the days seem long, but the year

385
00:20:48.559 --> 00:20:52.519
seem to go by pretty quick, which you know is

386
00:20:52.880 --> 00:20:54.079
happens to all of us.

387
00:20:54.839 --> 00:20:58.599
Which is why you have to prepare as soon as possible,

388
00:20:58.799 --> 00:21:02.039
you know, because if you say, ah, I got time,

389
00:21:03.200 --> 00:21:05.960
that preparation day is going to be a lot harder

390
00:21:05.960 --> 00:21:07.640
than if you started right from the get go.

391
00:21:08.319 --> 00:21:09.240
Yeah, exactly.

392
00:21:09.359 --> 00:21:12.000
And there's, you know, there's so many things when you

393
00:21:12.039 --> 00:21:15.400
have time on your side. There's it opens up the

394
00:21:15.480 --> 00:21:19.799
door to so many other planning techniques and things you

395
00:21:19.839 --> 00:21:22.200
could do to you know, what can we do to

396
00:21:22.240 --> 00:21:24.480
increase the value of the company. What can we do

397
00:21:24.640 --> 00:21:27.359
to you know, save money outside the business? How can

398
00:21:27.400 --> 00:21:29.839
we be more efficient? How can we save taxes? Like,

399
00:21:30.680 --> 00:21:33.920
how can we structure this? You know, what entity structure

400
00:21:33.920 --> 00:21:36.039
should I be looking at besides what I'm doing. It's

401
00:21:36.079 --> 00:21:39.720
so many things to discuss with people. But if you say,

402
00:21:39.759 --> 00:21:42.240
like I want to sell in six months or twelve months,

403
00:21:42.559 --> 00:21:45.279
all right, well we really that eliminates a lot of

404
00:21:45.400 --> 00:21:47.799
different planning techniques that you might be able to use

405
00:21:47.880 --> 00:21:51.640
to save taxes on the exit or you know, position

406
00:21:51.839 --> 00:21:56.200
the next generation to be in the best position possible and.

407
00:21:57.559 --> 00:22:00.440
Retain the culture of the company or whatever it is.

408
00:22:00.480 --> 00:22:03.119
And I know we've sort of circled around talking about

409
00:22:03.160 --> 00:22:06.039
exit planning here, but this goes even if you think

410
00:22:06.079 --> 00:22:08.599
you might not have an exit or you're not really

411
00:22:08.680 --> 00:22:11.640
building your business to do that, There's still so many

412
00:22:11.640 --> 00:22:14.880
things that you can do when you look at things

413
00:22:14.920 --> 00:22:19.160
in advance. And I know most people you know want

414
00:22:19.200 --> 00:22:22.039
to retire at some point. But if you can get

415
00:22:22.079 --> 00:22:25.599
in and go through a process early on, you know,

416
00:22:25.799 --> 00:22:29.200
you can live a great life. I mentioned earlier that

417
00:22:29.240 --> 00:22:31.960
you don't have to take a vacation from like enjoy

418
00:22:32.000 --> 00:22:35.200
the journey right, How can I get the most out

419
00:22:35.200 --> 00:22:38.799
of my experiences that I'm having now and not just

420
00:22:38.839 --> 00:22:41.880
saying I'm planning for everything and then when I'm sixty

421
00:22:41.920 --> 00:22:44.920
I'll be in great shape. How can I be in

422
00:22:44.960 --> 00:22:48.480
great shape when I'm forty and fifty and still get

423
00:22:48.519 --> 00:22:49.960
to the destination.

424
00:22:49.519 --> 00:22:50.200
I want to get to?

425
00:22:51.279 --> 00:22:55.160
There you go, and like, we don't know how long

426
00:22:55.200 --> 00:22:57.319
we're on this earth, so maybe you don't make it

427
00:22:57.359 --> 00:22:58.200
to sixty five.

428
00:22:58.759 --> 00:22:59.680
That's the other thing too.

429
00:22:59.759 --> 00:23:02.200
Yeah, you have all this long range planning, which you

430
00:23:02.200 --> 00:23:04.319
have to do some long range planning, of course, but

431
00:23:04.440 --> 00:23:08.359
you also live your life today and do what you

432
00:23:08.400 --> 00:23:10.160
can do, because, like you said, all of a sudden,

433
00:23:10.160 --> 00:23:12.519
you have a health scare at sixty and you thought

434
00:23:12.519 --> 00:23:14.160
you were going to retire at sixty.

435
00:23:13.839 --> 00:23:17.240
Two, and now you know you might not make.

436
00:23:17.119 --> 00:23:21.240
It to sixty two, and so those unfortunate things happen,

437
00:23:21.480 --> 00:23:25.680
and so you want to make sure you're getting the

438
00:23:25.680 --> 00:23:26.079
best of.

439
00:23:26.720 --> 00:23:27.640
Your life now.

440
00:23:28.799 --> 00:23:30.759
And I wanted to ask a question too, I was

441
00:23:30.799 --> 00:23:33.960
thinking about before. When you're talking about exit strategies and

442
00:23:34.079 --> 00:23:37.839
selling the business, you know, I get it. I'm sure

443
00:23:37.839 --> 00:23:39.799
a lot of business owners get it all the time.

444
00:23:40.799 --> 00:23:44.359
I can't tell you how many emails I get about, oh,

445
00:23:45.119 --> 00:23:47.759
people are looking at your business and we could have

446
00:23:47.920 --> 00:23:50.960
buyers for him. Those people, those people that are email

447
00:23:51.440 --> 00:23:53.240
what's your opinion on those people?

448
00:23:53.440 --> 00:23:55.079
Post to what you do for people?

449
00:23:56.279 --> 00:24:03.680
So nine out of ten times I would avoid those situations, right,

450
00:24:03.720 --> 00:24:06.680
I mean they are just sending those out to a

451
00:24:06.799 --> 00:24:09.839
lists serve of business owners and hoping they get a

452
00:24:09.880 --> 00:24:14.000
couple of people to catch on. And in nine out

453
00:24:14.039 --> 00:24:16.640
of ten times it is not advantageous to you.

454
00:24:16.920 --> 00:24:19.599
It's not, Oh, I got a guy, just sign the

455
00:24:19.680 --> 00:24:21.759
letter of intent. Here, we'll grab a dinner.

456
00:24:21.880 --> 00:24:24.359
He's going to offer this much for the business, and

457
00:24:24.720 --> 00:24:26.720
we'll sign the LOI and then we'll start.

458
00:24:26.519 --> 00:24:27.599
Doing some due diligence.

459
00:24:27.680 --> 00:24:30.480
And you know, once you sign an LOI or something

460
00:24:30.559 --> 00:24:34.119
like that, then it's very binding and you don't have

461
00:24:34.160 --> 00:24:36.920
as much leverage and the buyer holds leverage, and like, oh,

462
00:24:36.960 --> 00:24:39.119
we noticed this about your books, and our offer is

463
00:24:39.200 --> 00:24:42.720
dropping and we notice that and this, and versus doing

464
00:24:42.799 --> 00:24:45.559
it the opposite. And if you thought you wanted to

465
00:24:45.599 --> 00:24:49.160
start going through a sale process or entertaining it, okay,

466
00:24:49.240 --> 00:24:51.799
let me get let me get a deal attorney. The

467
00:24:51.880 --> 00:24:55.440
deal attorney's going to review everything and all these dot

468
00:24:55.839 --> 00:24:59.039
all lois all offers, then we're going to get maybe

469
00:24:59.039 --> 00:25:00.599
we need an M and A, we need.

470
00:25:00.519 --> 00:25:04.079
A business valuation person, you know, we need.

471
00:25:03.920 --> 00:25:06.559
So those are all things that we quarterback and would

472
00:25:06.559 --> 00:25:09.640
put together for somebody in the right order to try

473
00:25:09.680 --> 00:25:12.440
and let's evaluate the offers that are coming across, and

474
00:25:13.240 --> 00:25:15.640
we would even if it got to that point, we

475
00:25:15.720 --> 00:25:19.480
even dial it back a level to talk about the

476
00:25:19.599 --> 00:25:22.599
human aspect of it, at which I mentioned a moment ago,

477
00:25:22.720 --> 00:25:26.960
like what's important to you about this company? What is

478
00:25:27.039 --> 00:25:29.519
life going to look like for you? Picture yourself the

479
00:25:29.599 --> 00:25:32.559
day after the sale. Maybe you have enough money that

480
00:25:32.599 --> 00:25:34.599
you're never going to outlive the money that you have.

481
00:25:34.720 --> 00:25:39.200
It's generational wealth. How are you going to feel Are

482
00:25:39.240 --> 00:25:42.240
you going to be in a position to start to

483
00:25:42.319 --> 00:25:45.200
live your life's purpose or have you just sold your

484
00:25:45.200 --> 00:25:46.000
life's purpose?

485
00:25:46.519 --> 00:25:46.720
Right?

486
00:25:46.839 --> 00:25:49.559
A lot of business owners, their entire self esteem, their

487
00:25:49.599 --> 00:25:52.240
net worth is built into the business, especially if they

488
00:25:52.319 --> 00:25:55.400
started it or founded it, and you need to work

489
00:25:55.440 --> 00:25:57.359
through that and make sure people are going to be

490
00:25:57.440 --> 00:26:01.640
emotionally ready as well as financially ready for a transaction,

491
00:26:01.920 --> 00:26:04.599
because it can take a long time. There's a lot

492
00:26:04.680 --> 00:26:07.920
to be considered, and so I would encourage if anybody

493
00:26:08.039 --> 00:26:11.400
is potentially thinking like that and they got an offer,

494
00:26:12.640 --> 00:26:15.759
you know, in an email, you know.

495
00:26:16.599 --> 00:26:17.960
I would not respond to it.

496
00:26:18.000 --> 00:26:21.720
I would contact an advisor and attorney that specializes in

497
00:26:21.759 --> 00:26:25.160
those types of transactions and you know, see what your

498
00:26:25.200 --> 00:26:29.799
proper steps should be before entertaining something like that, because

499
00:26:29.799 --> 00:26:33.240
you can get stuck in a tough situation. You know,

500
00:26:33.279 --> 00:26:36.920
there's a lot of unscruptless people out there unfortunately just

501
00:26:36.960 --> 00:26:40.000
trying to find you know, sending out thousands of emails

502
00:26:40.000 --> 00:26:41.839
a week, hoping a couple of people.

503
00:26:41.559 --> 00:26:47.920
Respond, Yeah, no doubt. And so also, like you're a

504
00:26:47.920 --> 00:26:52.079
financial planner and you have a financial firm, but when

505
00:26:52.160 --> 00:26:56.759
you work with clients, it's not just about the finances.

506
00:26:57.160 --> 00:27:01.000
You know, the end goal isn't just stronger financial outcomes.

507
00:27:01.920 --> 00:27:04.079
What else is it? Then? For people that don't know,

508
00:27:05.799 --> 00:27:07.160
So it's.

509
00:27:07.039 --> 00:27:07.839
A great question.

510
00:27:08.160 --> 00:27:12.880
And of course being financial advisors and financial planners, we

511
00:27:13.079 --> 00:27:16.599
have to be very proficient in the numbers and the

512
00:27:16.640 --> 00:27:21.400
projections and using the planning software, using tax analysis is

513
00:27:21.440 --> 00:27:24.640
a lot of stuff that goes into it. But on

514
00:27:24.680 --> 00:27:29.359
the other side of that coin, there is the human side.

515
00:27:29.519 --> 00:27:33.640
And I subscribe to a program that I've been dealing with,

516
00:27:34.279 --> 00:27:38.279
you know, it's called the Wealth Integration System for Entrepreneurs.

517
00:27:39.920 --> 00:27:43.240
It was founded by another advisor and I've gone through

518
00:27:43.240 --> 00:27:46.720
the program and it talks about two main points, where

519
00:27:46.839 --> 00:27:49.920
one is ROI return on investment and the other is

520
00:27:50.480 --> 00:27:57.240
return on life experience and really helping people understand the

521
00:27:57.319 --> 00:28:02.160
why behind decisions and getting into sort of their history

522
00:28:02.200 --> 00:28:05.079
with money. If it's a business owner, you know, tell

523
00:28:05.119 --> 00:28:07.799
me how you got started in this business, what's your story.

524
00:28:07.960 --> 00:28:09.599
It's one of the things I love about doing what

525
00:28:09.640 --> 00:28:13.119
we're doing is get the stories behind how business started,

526
00:28:13.240 --> 00:28:15.359
how it transitioned, you know, how it got from A

527
00:28:15.480 --> 00:28:20.359
to B, and really just getting into people's lives and

528
00:28:20.799 --> 00:28:23.000
what is important to them about them, their.

529
00:28:22.880 --> 00:28:25.480
Family, charity, what do they want.

530
00:28:25.359 --> 00:28:28.079
To see out of their money as a legacy as

531
00:28:28.440 --> 00:28:32.559
you know, Let's get to like a values conversation and

532
00:28:32.599 --> 00:28:34.400
then try and wrap some of your.

533
00:28:34.279 --> 00:28:36.480
Financial goals around how.

534
00:28:36.319 --> 00:28:39.640
That ties into your values and you know what you

535
00:28:39.680 --> 00:28:42.200
see your life looking like three years, five years, ten

536
00:28:42.279 --> 00:28:45.359
years down the line. A lot of conversations like that

537
00:28:45.359 --> 00:28:50.799
that frankly, most advisors don't have in our industry. A

538
00:28:50.799 --> 00:28:53.039
lot of people want to us get to you know,

539
00:28:53.160 --> 00:28:54.599
finding a problem.

540
00:28:54.200 --> 00:28:55.799
And giving them a solution.

541
00:28:56.079 --> 00:28:58.640
Here's a product, or we can manage your money and

542
00:28:58.720 --> 00:29:00.279
do better than the other guys there.

543
00:29:00.519 --> 00:29:02.240
We could sell you this thing that's going to.

544
00:29:02.240 --> 00:29:07.359
Help you here, but really not diving into it's why

545
00:29:07.400 --> 00:29:10.839
it's important to them. And that's frankly, I think where

546
00:29:10.920 --> 00:29:13.960
really the rubber meets the road a lot for people.

547
00:29:14.680 --> 00:29:18.279
I think that's the difference between financial planning but in

548
00:29:18.319 --> 00:29:21.559
and of itself and actual wealth management.

549
00:29:22.119 --> 00:29:22.279
Mm.

550
00:29:23.640 --> 00:29:27.559
Yeah, well it's I agree, it's and it's a blend

551
00:29:27.640 --> 00:29:30.359
of all that's you're almost like a coach, you're.

552
00:29:30.240 --> 00:29:31.880
An advisor, you're a guide.

553
00:29:32.680 --> 00:29:35.200
You know, there's a lot of circumstances where you know,

554
00:29:36.400 --> 00:29:40.400
we the decision is yours, right, it's your money, it's

555
00:29:40.440 --> 00:29:44.039
your business, your family. We're not going to tell you

556
00:29:44.119 --> 00:29:46.799
exactly what to do, but we're going to put you

557
00:29:46.839 --> 00:29:49.720
in a position to have all the information so that

558
00:29:49.799 --> 00:29:52.720
you can make a great decision. There are times where

559
00:29:52.720 --> 00:29:54.319
like yeah, we're we are going to tell you this

560
00:29:54.400 --> 00:29:56.880
is what you should do, like this is a no brainers.

561
00:29:57.000 --> 00:30:00.920
But other times just putting people in a position to

562
00:30:00.960 --> 00:30:03.240
have all the information and look at things from a

563
00:30:03.279 --> 00:30:05.880
couple of different perspectives to be able to make the

564
00:30:05.920 --> 00:30:09.000
best decision they can for themselves and their family is,

565
00:30:10.039 --> 00:30:13.200
in my opinion, adds a lot of value. It's not

566
00:30:13.319 --> 00:30:16.519
just about what the Excel spreadsheet says, you know, or

567
00:30:16.559 --> 00:30:20.960
what that's important, But the financial answer isn't always the

568
00:30:21.119 --> 00:30:24.599
right answer. You know, Let's look at the other sides

569
00:30:24.640 --> 00:30:28.119
of the coin here and your history with money and

570
00:30:28.200 --> 00:30:31.279
your family's history, and you know how that's guiding some

571
00:30:31.359 --> 00:30:34.799
of the decisions you're making, and you know, we have

572
00:30:34.880 --> 00:30:40.200
to take that into account when making recommendations. So it's

573
00:30:40.240 --> 00:30:43.000
frankly not done that often in our industry from what

574
00:30:43.039 --> 00:30:43.799
I've seen.

575
00:30:44.759 --> 00:30:47.519
So true, which brings me something else that maybe is

576
00:30:47.640 --> 00:30:51.200
not done so often in your business that you do

577
00:30:52.119 --> 00:30:56.799
is annual planning, which I don't Can you even tell

578
00:30:56.839 --> 00:31:00.400
me why any financial planner would not do an annual

579
00:31:00.480 --> 00:31:04.599
planning and more importantly, why do you do it?

580
00:31:04.880 --> 00:31:06.519
And what does that consist of?

581
00:31:08.200 --> 00:31:12.680
So we did this, we've so there's a couple of

582
00:31:12.680 --> 00:31:13.720
different definitions.

583
00:31:13.759 --> 00:31:15.359
So there's a lot of advisors that do.

584
00:31:15.440 --> 00:31:21.279
Annual planning, but it is very basic. It's sort of

585
00:31:21.319 --> 00:31:23.839
a means to an end where hey, we'll do a plan,

586
00:31:23.920 --> 00:31:26.839
we'll do a retirement projection, and then we're just trying

587
00:31:26.839 --> 00:31:28.799
to get you to move your assets from wherever they

588
00:31:28.799 --> 00:31:30.880
are now to have us manage them.

589
00:31:31.480 --> 00:31:33.839
And they might charge a nominal fee that.

590
00:31:34.000 --> 00:31:36.920
May cover the costs or not, but it's not really

591
00:31:37.000 --> 00:31:39.519
like in depth planning. It's just like a way to

592
00:31:39.720 --> 00:31:41.599
you know, let's get your money to manage, because that's

593
00:31:41.599 --> 00:31:44.559
how I make most of my money, and we manage

594
00:31:44.599 --> 00:31:47.559
money as well, not you know, full disclosure, we do.

595
00:31:47.640 --> 00:31:48.920
Manage money for clients.

596
00:31:49.000 --> 00:31:55.920
But we started doing an annual planning engagement for folks

597
00:31:55.920 --> 00:32:00.279
because we were coming across so that frankly, they were

598
00:32:00.319 --> 00:32:03.119
business owners or they own a lot of real estate,

599
00:32:04.160 --> 00:32:05.920
they had a high net work, but they didn't have

600
00:32:05.960 --> 00:32:08.759
a lot of liquidity, and a lot of firms would say, oh,

601
00:32:08.799 --> 00:32:10.359
you need a million to work with us, you need

602
00:32:10.400 --> 00:32:14.039
five million to work with us, And frankly, we were

603
00:32:14.079 --> 00:32:17.759
seeing a gap in the marketplace where we're going to

604
00:32:17.880 --> 00:32:20.680
charge an annual planning fee for you. You don't have

605
00:32:20.720 --> 00:32:23.400
to manage any money with us, but that is going

606
00:32:23.480 --> 00:32:26.599
to cover a bunch of areas in terms of you know,

607
00:32:27.799 --> 00:32:33.799
tax planning, you know, asset management review, balance sheet review,

608
00:32:33.839 --> 00:32:38.000
which includes the value of your company, like all your assets,

609
00:32:38.039 --> 00:32:43.200
all your liabilities, you know, asset protection strategies, estate planning,

610
00:32:44.279 --> 00:32:46.880
you know, philanthropy and gifting, you.

611
00:32:46.839 --> 00:32:48.000
Know, a whole bunch of stuff.

612
00:32:48.039 --> 00:32:52.559
Will review your business agreements, We'll review your insurances and

613
00:32:52.680 --> 00:32:56.079
put It's a process we take clients through that takes

614
00:32:56.119 --> 00:32:59.960
several months and multiple meetings of gathering in depth data.

615
00:33:00.400 --> 00:33:03.640
Once we see some gaps in planning. Usually you see people,

616
00:33:03.720 --> 00:33:06.920
especially higher end Yeah, maybe they have an investment guy,

617
00:33:07.039 --> 00:33:09.000
or maybe they did in this date plan a few

618
00:33:09.079 --> 00:33:12.000
years ago, but nobody talks to each other. Like the

619
00:33:12.039 --> 00:33:14.599
account doesn't talk to the attorney, and the attorney doesn't

620
00:33:14.680 --> 00:33:18.000
talk to the insurance guy, and no one is really

621
00:33:18.480 --> 00:33:21.000
working together. Where we come in and say, here's a

622
00:33:21.039 --> 00:33:23.759
process we're going to take you through, and we're going

623
00:33:23.799 --> 00:33:26.000
to quarterback this. We're going to find the gaps in

624
00:33:26.039 --> 00:33:28.359
your planning. We're going to go and do a joint

625
00:33:28.400 --> 00:33:31.799
meeting with the accounts. The attorneys, talk to them about

626
00:33:31.839 --> 00:33:34.880
what we've seen, talk together to find mutuals so we're

627
00:33:34.880 --> 00:33:37.240
not trying to replace them. Like we don't do taxes,

628
00:33:37.480 --> 00:33:40.759
I don't draw up legal documents, but we would want

629
00:33:40.799 --> 00:33:45.200
to have everybody in the room talking about what are

630
00:33:45.319 --> 00:33:47.039
some of the gaps in the planning, what are some

631
00:33:47.079 --> 00:33:50.000
of the solutions based on the goals that mister and

632
00:33:50.039 --> 00:33:52.880
missus Smith had told us they had and their values

633
00:33:52.920 --> 00:33:55.640
and their family which we are very much in touch

634
00:33:55.680 --> 00:33:58.559
with as part of our due diligence, and how do

635
00:33:58.640 --> 00:34:02.079
we get them from A to B in this situation.

636
00:34:02.440 --> 00:34:05.480
And so that's where we do planning. It's an annual engagement.

637
00:34:06.720 --> 00:34:09.480
If you end up side and yeah, we want to

638
00:34:09.519 --> 00:34:11.840
have our money managed by you as well, we would

639
00:34:11.920 --> 00:34:15.519
charge a separate assets under management fee. We discount that

640
00:34:15.639 --> 00:34:18.840
if you're a consultant client. But a lot of times

641
00:34:18.880 --> 00:34:22.800
the planning and the consulting gets renewed year after year.

642
00:34:22.960 --> 00:34:27.280
And it's especially relevant for you know, maybe it's a

643
00:34:27.320 --> 00:34:29.599
business that thinks they want to sell in three years

644
00:34:30.400 --> 00:34:33.639
and we do all this planning and bring people together

645
00:34:33.760 --> 00:34:37.360
to help them in a myriad of areas get.

646
00:34:37.159 --> 00:34:37.760
Ready for that.

647
00:34:38.199 --> 00:34:40.639
And most advisors won't do it, you know, they want

648
00:34:40.679 --> 00:34:44.079
to just manage the money. And then a business sells

649
00:34:44.320 --> 00:34:47.639
and they get fifty five phone calls because it was

650
00:34:47.679 --> 00:34:51.199
just a liquidity event. Everyone wanting to manage the money

651
00:34:51.239 --> 00:34:54.800
they got out of the transaction and where in there

652
00:34:55.039 --> 00:34:57.519
years and years in advance, whether it's a business owner

653
00:34:57.599 --> 00:35:02.880
or not. We offer those planning consulting services because we

654
00:35:02.960 --> 00:35:04.960
found it was a gap in the marketplace.

655
00:35:05.920 --> 00:35:09.079
And frankly, a lot of people need a lot of planning.

656
00:35:09.800 --> 00:35:11.039
Yeah, they certainly do.

657
00:35:11.159 --> 00:35:15.519
And what I think is really important too is whoever

658
00:35:15.559 --> 00:35:18.679
you're going to talk to about your planning is their credentials,

659
00:35:19.400 --> 00:35:24.039
because as somebody that was formerly in the business, you

660
00:35:24.119 --> 00:35:28.280
don't realize the difference between the credential planners and the

661
00:35:28.360 --> 00:35:32.199
people that just call themselves financial advisors or that are

662
00:35:32.239 --> 00:35:36.840
just brokers or or any of the different names, because

663
00:35:36.880 --> 00:35:42.000
there's different trading, different training, certification, education that makes you

664
00:35:42.039 --> 00:35:45.960
above the rest. You know, Listen, I started in the business,

665
00:35:47.000 --> 00:35:50.320
and you know, you were told at Prudential when I

666
00:35:50.320 --> 00:35:55.159
started Prudential brand new, like one day in okay, we're

667
00:35:55.199 --> 00:35:58.320
going to we put financial advisor on your business card.

668
00:35:58.400 --> 00:36:01.960
You're a financial advisor. And I found out later that

669
00:36:01.960 --> 00:36:06.719
that doesn't mean crap, and like, so that's why I

670
00:36:06.760 --> 00:36:09.760
think somebody like you that first of all, you're a

671
00:36:09.800 --> 00:36:13.880
certified financial planner, as somebody that went through that same program,

672
00:36:14.400 --> 00:36:16.559
I'm here to tell you people, I sat in for

673
00:36:16.639 --> 00:36:21.519
the CFP with lawyers and accountants that failed it because

674
00:36:21.519 --> 00:36:23.760
they said it was the hardest test they ever had

675
00:36:23.760 --> 00:36:25.719
to take, and you have to take these might be

676
00:36:25.760 --> 00:36:29.840
different now when I did it five modules, pass all

677
00:36:29.960 --> 00:36:32.000
five and then this final exam.

678
00:36:31.760 --> 00:36:32.760
That was a bear.

679
00:36:33.480 --> 00:36:40.000
Yeah, yeah, and you learn a lot that I would

680
00:36:40.000 --> 00:36:42.960
have never known before that if I never got that

681
00:36:43.079 --> 00:36:47.239
CFP and I was handling people's money, you know, Like

682
00:36:47.880 --> 00:36:50.679
I want to explain that to the listeners from my perspective,

683
00:36:50.840 --> 00:36:54.440
like you can be an investment broker at brokerage firm

684
00:36:54.920 --> 00:36:58.440
and people and you're managing people's money. Doesn't mean you're

685
00:36:58.480 --> 00:37:00.760
doing a good job of It doesn't mean you're planning.

686
00:37:01.199 --> 00:37:05.639
You may even be, you know, just selling product. But

687
00:37:05.760 --> 00:37:09.719
somebody like yourself that has a CFP, you also have

688
00:37:10.920 --> 00:37:15.039
a couple other letters after your name, like a credited

689
00:37:15.079 --> 00:37:19.840
investment advisor or a credited investment fiduciary, which is to

690
00:37:19.960 --> 00:37:23.360
me extremely important, and you can explain to.

691
00:37:23.360 --> 00:37:24.400
People what that is.

692
00:37:25.679 --> 00:37:29.599
And you know, the fact that the matter is that

693
00:37:30.320 --> 00:37:32.840
when you have all these credentials, it means you have

694
00:37:32.880 --> 00:37:39.239
the proper training, experience, education to really be able to

695
00:37:39.400 --> 00:37:44.280
analyze their needs and give advice that's not based on

696
00:37:44.320 --> 00:37:50.159
a product but based on a customized plan for that

697
00:37:50.280 --> 00:37:51.920
business or that individual.

698
00:37:53.159 --> 00:37:56.599
Yeah, well exactly, and thank you for mentioning that, because, Yeah,

699
00:37:56.679 --> 00:38:02.280
the CFP was very difficult exam to pass and go through.

700
00:38:03.079 --> 00:38:05.440
And like you said, there are people that can call

701
00:38:05.480 --> 00:38:08.480
themselves a financial advisor who have never taken the CFP.

702
00:38:08.639 --> 00:38:12.800
They've just taken the basic like securities licensing exam to

703
00:38:12.920 --> 00:38:17.519
get licensed to sell mutual funds or annuities or you know, stocks,

704
00:38:17.599 --> 00:38:21.000
whatever it is. And so there is a big difference,

705
00:38:21.199 --> 00:38:24.239
and they hold you to a higher standard that with ethics,

706
00:38:24.320 --> 00:38:27.239
and you've got to you know, his all background checks,

707
00:38:27.440 --> 00:38:30.079
and you have to do continuing education every year to

708
00:38:30.079 --> 00:38:32.920
make sure you're staying up to speed on tax laws

709
00:38:32.920 --> 00:38:36.760
and regulations and those in the last number of years,

710
00:38:36.760 --> 00:38:40.119
those seem to change, you know, every twelve months there's

711
00:38:40.159 --> 00:38:42.440
a new tax law, and you know, if you're not

712
00:38:42.519 --> 00:38:45.519
up to speed on that, it can really impact people's plannings.

713
00:38:45.559 --> 00:38:47.880
But the AIF for.

714
00:38:47.880 --> 00:38:51.239
The incredited investment fiduciary, I mean, I think it's just

715
00:38:52.400 --> 00:38:55.880
being an investment fiduciary in its simplest.

716
00:38:55.440 --> 00:38:58.920
Form means that you obligate you put the.

717
00:38:58.800 --> 00:39:02.440
Client's interest first at all times and your your objective

718
00:39:02.920 --> 00:39:06.119
as an advisor with them. And you know, like us,

719
00:39:06.199 --> 00:39:10.039
we're independent. There's no proprietary products, there's no you know,

720
00:39:10.079 --> 00:39:13.639
there's no sales quote is it's we're a fiduciary that

721
00:39:13.840 --> 00:39:17.000
acts in our client's best interest at all times and

722
00:39:17.199 --> 00:39:20.840
puts their interests ahead of all else. So that to

723
00:39:20.920 --> 00:39:25.480
me is is extremely important. You know, I shouldn't I

724
00:39:25.559 --> 00:39:29.119
took the designation. I you know, was acted as a

725
00:39:29.159 --> 00:39:32.800
fiduciary before I had the designation. Obviously I think, uh,

726
00:39:33.039 --> 00:39:35.519
you know, it's a character trait to you know, put

727
00:39:36.000 --> 00:39:38.880
clients before yourself. You shouldn't need designation to do that,

728
00:39:39.000 --> 00:39:43.119
but it does help you know, client see that you

729
00:39:43.239 --> 00:39:46.400
have that. And the other one that you mentioned was

730
00:39:46.400 --> 00:39:51.360
a CPWA, which was Certified Private Wealth Advisor, which was

731
00:39:51.400 --> 00:39:55.480
a program I took through University of Chicago Booth School

732
00:39:55.480 --> 00:39:57.480
of Business, which is just.

733
00:39:57.440 --> 00:40:00.159
An elevated sort of CFP.

734
00:40:01.119 --> 00:40:06.199
That is geared towards working with high net worth basically

735
00:40:07.119 --> 00:40:08.159
clients that have a.

736
00:40:08.159 --> 00:40:11.000
Five million or more net worth.

737
00:40:10.719 --> 00:40:15.559
And is focused specifically on like family business, family transition

738
00:40:16.599 --> 00:40:20.920
planning for closely held business owners, planning for executives, you know,

739
00:40:21.039 --> 00:40:25.480
stock options, charitable giving, tech, you know, complicated estate and

740
00:40:25.599 --> 00:40:26.559
tax issues.

741
00:40:27.559 --> 00:40:29.800
So whereas the CP is a little more.

742
00:40:29.639 --> 00:40:34.000
Broad with you know, you have a state income tax,

743
00:40:34.320 --> 00:40:38.480
insurance planning, and it's like kind of broad on all

744
00:40:38.519 --> 00:40:41.639
those topics, this was very narrow. It goes really deep

745
00:40:42.119 --> 00:40:46.039
on a couple of small topics geared towards like high end,

746
00:40:46.519 --> 00:40:48.840
higher net worth clients and the issues that they go

747
00:40:48.920 --> 00:40:52.679
through that are different than you know, your average investor,

748
00:40:52.960 --> 00:40:55.840
and so we have a deal with a lot of

749
00:40:55.880 --> 00:40:58.039
those types of clients, and I thought it would be

750
00:40:58.079 --> 00:41:00.719
it was very interesting going through the course because there's

751
00:41:00.760 --> 00:41:03.599
actually stuff that applies directly to clients.

752
00:41:03.239 --> 00:41:04.679
We were working with at the time.

753
00:41:05.039 --> 00:41:09.320
Nice and you're doing some complicated planning for them, and

754
00:41:10.320 --> 00:41:14.159
you know, I'm always trying to you know, learn and grow.

755
00:41:14.199 --> 00:41:16.880
I think if you're not growing, you know, if you're.

756
00:41:16.760 --> 00:41:20.119
Not learning, you're not growing, I should say, And trying

757
00:41:20.119 --> 00:41:22.920
to always stay up on, you know, what's happening in

758
00:41:22.960 --> 00:41:27.320
our industry and the regulations and the new tax laws,

759
00:41:27.480 --> 00:41:30.880
new everything all the time, which is one of the things.

760
00:41:30.639 --> 00:41:31.920
I love about it. I don't know.

761
00:41:32.000 --> 00:41:35.119
You're dealing with different people, but there's always something new

762
00:41:35.159 --> 00:41:37.679
to learn, which is exciting.

763
00:41:38.400 --> 00:41:41.760
And I love that part there because things move faster

764
00:41:41.880 --> 00:41:46.440
than ever nowadays with technology and political climates and everything.

765
00:41:46.960 --> 00:41:50.199
And it's so funny you're talking now sitting and thinking

766
00:41:50.239 --> 00:41:55.079
about just recently I moved my studios, and moving my studios,

767
00:41:55.519 --> 00:41:58.199
I was going through all I still have all of

768
00:41:58.199 --> 00:42:05.280
my books from all of my licenses, from CFP, from CFS,

769
00:42:05.719 --> 00:42:10.480
l utcf books, fifteen different licensing books, and I was

770
00:42:10.519 --> 00:42:14.119
looking through all of them and I'm like, I wonder

771
00:42:14.679 --> 00:42:20.920
how non educational these books are now because they're from

772
00:42:20.960 --> 00:42:21.679
the nineties.

773
00:42:22.440 --> 00:42:24.880
Yeah, it's exactly.

774
00:42:24.960 --> 00:42:29.039
It's funny. I had a similar experience. I was, you know,

775
00:42:29.199 --> 00:42:32.760
at my parents' house not that long ago, and I

776
00:42:32.800 --> 00:42:35.639
was going through, you know, my bedroom and cleaning out

777
00:42:35.679 --> 00:42:38.559
a book and there was, you know, a book about

778
00:42:38.920 --> 00:42:42.280
you know, there was something like how to be a

779
00:42:42.320 --> 00:42:44.960
financial Advisor and the topics you should get and it

780
00:42:45.000 --> 00:42:47.960
was written like twenty five years ago, and you start

781
00:42:48.039 --> 00:42:50.440
going through some of it and it's when like the

782
00:42:50.599 --> 00:42:54.199
estate tax exemption was a million dollars and you know,

783
00:42:54.239 --> 00:42:57.920
the maximum IRA contribution was like fifteen hundred bucks, you know,

784
00:42:58.400 --> 00:42:59.639
and some products that.

785
00:42:59.719 --> 00:43:02.079
We had now weren't even invented.

786
00:43:02.199 --> 00:43:04.400
And you know, as you know now is the Estates

787
00:43:04.400 --> 00:43:08.320
tax exemption is thirty million for a married couple. So

788
00:43:08.800 --> 00:43:10.719
you know you've started looking at some of those books

789
00:43:10.719 --> 00:43:13.440
and say, geez, like this, this does not even apply

790
00:43:13.840 --> 00:43:18.719
at all anymore, right, how much these things change over time.

791
00:43:19.320 --> 00:43:21.960
And it's interesting too. You made me think of like

792
00:43:22.159 --> 00:43:23.239
I did.

793
00:43:23.039 --> 00:43:26.199
The CFP before there was a such thing as an RIA,

794
00:43:26.760 --> 00:43:29.679
which I ended up being an RIA, But I remember

795
00:43:30.119 --> 00:43:32.960
when that first started and I ready had a CFP.

796
00:43:33.639 --> 00:43:38.719
So it's like even letters nowadays being a whole different

797
00:43:38.760 --> 00:43:41.519
thing than they did then, and how the business is.

798
00:43:41.599 --> 00:43:44.880
So I think it's very important. My point is is

799
00:43:44.920 --> 00:43:48.760
the deal with somebody like you that is up on it,

800
00:43:49.159 --> 00:43:55.159
that takes continuing education. And that's why that annual you know, planning,

801
00:43:55.239 --> 00:43:59.800
it's so important because anything can change in a given year.

802
00:44:00.239 --> 00:44:04.719
Whatever you recommended in twenty twenty five, maybe in twenty

803
00:44:04.880 --> 00:44:06.960
twenty six needs to be adjusted.

804
00:44:07.760 --> 00:44:12.079
Yeah, yeah, exactly. And you know, for those clients that

805
00:44:12.119 --> 00:44:15.079
are doing the annual planning, you know, we're we have

806
00:44:15.159 --> 00:44:19.639
several meetings a year, you know, just to let's get

807
00:44:19.679 --> 00:44:23.039
caught up on where you're at. You know, how's the business,

808
00:44:23.199 --> 00:44:25.599
how's the family? You know, where we you know, is

809
00:44:25.639 --> 00:44:28.920
this new laws going into effect next year? Do we

810
00:44:28.960 --> 00:44:32.000
need to take care of anything now that we can't

811
00:44:32.000 --> 00:44:34.880
do next year? Or you know, where are we at

812
00:44:35.039 --> 00:44:37.559
with your income with gifting? You know, there's a lot

813
00:44:37.599 --> 00:44:40.639
of stuff that can be impacted with these changes in

814
00:44:40.719 --> 00:44:43.719
tax laws, and a lot of people, especially a you know,

815
00:44:44.039 --> 00:44:47.519
a business owner or a family running around with kids

816
00:44:47.519 --> 00:44:50.400
and all obligations, is not paying attention to that stuff.

817
00:44:50.559 --> 00:44:53.920
And you know, there can be a lot of.

818
00:44:55.320 --> 00:44:59.599
Misses if you aren't paying attention and looking at ways

819
00:44:59.639 --> 00:45:01.400
to improve the situation.

820
00:45:01.760 --> 00:45:04.119
So it's uh, it's it's good.

821
00:45:04.519 --> 00:45:04.719
Yeah.

822
00:45:04.960 --> 00:45:07.079
I think the annual planning is is great.

823
00:45:07.159 --> 00:45:13.840
And excuse me, so we're all our clients several times

824
00:45:13.840 --> 00:45:14.239
a year.

825
00:45:15.039 --> 00:45:19.320
And for anybody that's listening, isn't a client. Now you

826
00:45:19.400 --> 00:45:23.599
do offer a free additional consultation. Tell them a little

827
00:45:23.599 --> 00:45:26.079
bit about that and how they would set that up.

828
00:45:27.039 --> 00:45:28.360
Yeah, so you can.

829
00:45:29.119 --> 00:45:33.400
You can go to our website which is Bestionwealthmanagement dot

830
00:45:33.440 --> 00:45:34.679
com and.

831
00:45:34.559 --> 00:45:37.840
That's Bestion is b E S T G E N

832
00:45:38.400 --> 00:45:39.239
Wealth Manage.

833
00:45:39.079 --> 00:45:41.519
Dot com and on the contact us page, you know,

834
00:45:41.599 --> 00:45:43.559
you can fill it out and email will come to

835
00:45:43.679 --> 00:45:45.480
us that you want to you know, you want to

836
00:45:45.599 --> 00:45:48.360
chat and where Yeah, we are happy to do an

837
00:45:48.400 --> 00:45:50.159
initial consultation.

838
00:45:50.679 --> 00:45:52.519
Uh, you know, learn a little about your.

839
00:45:52.400 --> 00:45:55.480
Situation, what you what you're looking for, tell you about

840
00:45:55.480 --> 00:45:59.320
our practice, you know, our fees, everything, and then just

841
00:45:59.400 --> 00:46:01.880
kind of see if it's a good fit for everybody.

842
00:46:02.039 --> 00:46:05.360
And then you know, we would go down the road

843
00:46:05.480 --> 00:46:11.320
of gathering enough information from you to put together a

844
00:46:11.360 --> 00:46:14.920
proposal to say, here's what our fees would be to

845
00:46:15.000 --> 00:46:17.840
do the work, and here's what we think the complexities are,

846
00:46:18.800 --> 00:46:21.960
here's what we think we can add value. And you know,

847
00:46:22.039 --> 00:46:24.519
if you decide yeah, we want to move forward, here's

848
00:46:24.719 --> 00:46:27.760
what the fee is. Then we would get like deep

849
00:46:27.920 --> 00:46:31.119
dive on and go through like a couple meeting process

850
00:46:31.119 --> 00:46:34.239
where we're deep diving on a number of topics and

851
00:46:34.559 --> 00:46:40.599
coordinating with your other advisors and putting together plans and recommendations.

852
00:46:40.840 --> 00:46:44.039
So it is like a multiple meeting process, but the

853
00:46:44.079 --> 00:46:48.480
initial phone call or zoom meeting. We have clients all

854
00:46:48.480 --> 00:46:51.360
over the country. I know we're based out of Massachusetts,

855
00:46:51.360 --> 00:46:55.639
but we have clients in a number of different states

856
00:46:56.000 --> 00:46:59.639
all over the country, so it's not just a local

857
00:47:00.199 --> 00:47:01.480
business anymore.

858
00:47:02.760 --> 00:47:03.440
Well, there you go.

859
00:47:03.519 --> 00:47:07.920
Well you've been a wealth of information. Is there anything

860
00:47:07.960 --> 00:47:09.960
else you want to leave the listeners with that we

861
00:47:10.119 --> 00:47:11.159
haven't covered yet?

862
00:47:13.079 --> 00:47:15.519
It's a good question, but no, I think we covered

863
00:47:15.559 --> 00:47:15.960
a lot.

864
00:47:16.760 --> 00:47:21.840
All I would say is, you know, if we take

865
00:47:21.880 --> 00:47:25.079
on a lot of new clients that came to us

866
00:47:26.480 --> 00:47:31.000
having existing advisors already. So if you're asking yourself, you know,

867
00:47:31.440 --> 00:47:33.840
you know, m I al set like does my account

868
00:47:33.880 --> 00:47:35.320
coordinate with my advisor?

869
00:47:35.320 --> 00:47:37.920
Does my advisor know who my estate planning attorney is?

870
00:47:38.199 --> 00:47:41.119
And do they actually coordinate and have a plan together,

871
00:47:41.239 --> 00:47:43.760
Not just like they call each other once a year

872
00:47:43.800 --> 00:47:46.519
to get a copy of the tax return and that's

873
00:47:46.599 --> 00:47:49.599
all the communication that they have with an accountant.

874
00:47:49.039 --> 00:47:51.920
But are actually doing planning together.

875
00:47:53.400 --> 00:47:56.519
You know, we we'd be happy to chat and you know,

876
00:47:56.880 --> 00:47:59.320
can't hurt to get a second opinion out there, So

877
00:48:00.760 --> 00:48:03.320
would love to do it and get a better return

878
00:48:03.360 --> 00:48:04.400
on life experience.

879
00:48:04.559 --> 00:48:05.719
You know, that's the main goal.

880
00:48:06.920 --> 00:48:09.920
There it is, And even if you find get confirmed

881
00:48:09.920 --> 00:48:12.159
that you're doing the right thing, it's worth getting a

882
00:48:12.199 --> 00:48:13.679
second opinion always.

883
00:48:14.239 --> 00:48:17.320
Yeah, Well exactly, you know, if you were if you

884
00:48:17.440 --> 00:48:20.960
needed to have Arthur knee surgery or heart surgery, you'd

885
00:48:20.960 --> 00:48:22.920
probably talk to a couple of surgeons first.

886
00:48:24.199 --> 00:48:27.920
And you know, especially if you have doubts.

887
00:48:27.400 --> 00:48:29.920
And you know, or you're looking towards a big life

888
00:48:29.920 --> 00:48:33.000
transition and you know, want to get a second opinion

889
00:48:33.079 --> 00:48:36.400
on what's going on, reach out to us.

890
00:48:36.400 --> 00:48:37.320
We're happy to have a call.

891
00:48:38.719 --> 00:48:42.239
Well, it's been amazing having you on and helping our listeners,

892
00:48:42.440 --> 00:48:45.920
and I urge everybody to at least reach out and

893
00:48:46.519 --> 00:48:49.880
get that free initial consultation. You never know, it might

894
00:48:49.960 --> 00:48:52.719
change your life. And thank you Brad for being on

895
00:48:52.760 --> 00:48:53.960
the Adventures of Pipe Man.

896
00:48:54.519 --> 00:48:56.920
You're welcome. Dean, thanks for having me. It's a pleasure

897
00:48:57.119 --> 00:49:01.440
and he enjoy the rest of the day. It up alright,

898
00:49:01.480 --> 00:49:01.960
thanks man.

899
00:49:05.400 --> 00:49:10.199
Thank you for listening to the Adventures of Pipeman on

900
00:49:10.880 --> 00:49:13.599
w fur CUI Radio