December 2, 2025 • 16 mins
Bracher Brown, with Edgewater Family Wealth, joins us for It’s Only Money and starts things off by talking about how they prioritize client education, as well as their internal client events, including their State of the Union address in January, and more.
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Episode Transcript
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Speaker 1 (00:10):
Hey, Colbert Show, it's Delandman.
Speaker 2 (00:13):
Yeah and Hawaii.
Speaker 1 (00:14):
When I was growing up, we always would see six
packs of beer all over the trash cans ever around
the holidays, So I think you guys are just about
to start talking about it. That was the thing that
people did, was they just left six packs of beer,
in some cases cases of beer depending on the guys
or how many guys on the truck. So anyway, have
(00:35):
a good one.
Speaker 2 (00:39):
So here's the real question.
Speaker 3 (00:41):
Why are you only waiting until the holiday season to tip?
Because there are many people that don't celebrate Christmas. So
where did that expectation come from? Basically in the kipping culture.
Speaker 2 (01:00):
Hey guys, I hope you guys are doing well.
Speaker 4 (01:02):
I would say tip your radio co hosts, not the host,
the radio co host.
Speaker 2 (01:07):
They deserve it. Thanks bye. I don't know if I
care for that one. Now that one feels like it's.
Speaker 1 (01:15):
All right.
Speaker 5 (01:16):
Welcome back to the Jim cor Sho Roal Radio one
zero four point one. Thanks for all these talkbacks, guys.
We appreciate that very much. If you'd like to get
in on that, just make sure that you always go
to the real radio or the iHeartRadio app and use
that mic at the real radio site to send your
comment or to Jack.
Speaker 2 (01:29):
We can get you on the air and you could
be a superstar. It's not easy. I'm Jim. There's deb Hello,
Jack is here as well. What's up? Let's do It's
only money.
Speaker 6 (01:38):
People passionate about planning for their future, rise above investment
rifts to build.
Speaker 2 (01:47):
Isn't that really just common sense financial advice?
Speaker 5 (01:49):
It turns out as both, Oh okay, here, it's all
little money.
Speaker 2 (01:55):
Wiscott thrown from the Edgewater family.
Speaker 5 (01:58):
Will Scott Brown lazy today? Quite calling and calling and drunk.
You know, buddy, I'm good, but he's still on vacation
for Thanksgiving. You are not.
Speaker 6 (02:13):
Though he's getting ready for a golf trip. He's fine
tuning into is really?
Speaker 2 (02:16):
Yeah? You need some help there first? Sure he does.
Speaker 6 (02:18):
I saw firsthand. I don't know if i'd call it
golf what we did, but we hit them all around,
play at it.
Speaker 2 (02:24):
It was very nice. Uh. Brecher Also a what is
your what is your actual title? There? That's a that's
an interesting question. Rachel Advisor?
Speaker 6 (02:33):
Uh sure, yeah, see CFO depending on who's asking and
financial advisor.
Speaker 5 (02:38):
There you find portfolio managers. You guys are produciary. He's
been in town for thirty eight plus years. Right there
on Edgewater Drive, it's Edgewater Family Wealth, Edgewater Familywealth dot com.
Save that and remember that, because you know you can
go to that pull down bar and actually schedule a
consultation or download Scott's books for absolutely nothing and read
those books and try to make yourself a little better
at saving and managing your money. Yes, sir, so it's
(03:01):
funny because Scott wanted to talk about prioritizing client education.
And I have to tell you, I find this very interesting.
If you are a member or a part of the
show in any way, shape or form, I'm going to
contact you. I feel like I have the ability to
contact you. And the reason I say this is because,
(03:22):
you know, one of the reasons I love talking to
Ray Trenley, one of our attorney friends, and Glenn Closma
for that matter, is because I learn from them. Like
you know, when you ask questions about law, it doesn't
really have sometimes anything to do with what I'm dealing with.
I would just maybe have run into a situation of
my real life and I'd be like, this is an
interesting conundrum. I wonder how a lawyer would look at
this and I'll text him and say, hey, man, I
(03:44):
ran into a situation.
Speaker 2 (03:44):
You know what do you think about this? For sure?
And I love that. So the idea of you guys, you.
Speaker 5 (03:50):
Know, kind of giving a brief education to clients on
what you do, what you can do for them, how
you guys can make the relationship better and more profitable,
I would think that would be advantageous.
Speaker 6 (04:00):
Yeah, I mean, I think to Scott's point, education for
a client is important. I think for their long term
well being, right, because I can only be in front
of a client so much. And I think there are
a lot of people who and I say it's from experience.
In my first venture in this world, I was with
a different firm to kind of learn the business elsewhere. Sure, yeah,
(04:23):
And in that experience, I notice there are a lot
of advisors who are saying a lot of things that
sound very complicated and their clients, and I would imagine
they're not alone in this experience. When they're in the room,
they are likely thinking one or two things. One, thank
god this guy's here because that sounds complicated and I'm
(04:43):
glad he understands it. And two, I feel better knowing
he's got control of it. But when they leave the
room and go home, I think they are very hard
pressed to then recite what it was they were told.
They don't necessarily understand what the advisor understands.
Speaker 5 (05:00):
And I know for a fact, just because we've dealt
with this in a number of situations, you know, the
ego can come into play there, and you don't want
to ask somebody a question because you don't want to
seem like you don't know what you're doing, even though
you've reached out to somebody for that very service proving
that you don't know what you're doing. You find a
weird thing like asking questions? Is that what you run into?
Speaker 6 (05:19):
Yeah, And I frequently remind clients that they do, in
fact pay us. They say things like, oh, I don't
want to bother you. It's well, you know, I like you,
but also that's what the money's for exactly. So Yeah,
I find, again, for the long term well being and
peace of mind for the client, it's important to us
that they understand why things work and how things work,
because if you don't, then you're kind of in some
(05:41):
weird anxious state, likely for months at a time until
I'm in front of you again, and then you feel comfortable.
Speaker 5 (05:45):
Do you feel the clients really like? I mean, you
have clients and just go Look, I don't care about
hire absolutely, I hire you to do this. I trust
you know what you're doing. I don't need this. I
could be on the tea right now. I could be
on my motorcycle right now. Why do I want to
do this?
Speaker 2 (05:58):
Yes?
Speaker 6 (05:58):
And there are some clients like that, and I will
say that's the other end of the spectrum where you
then have to sit them down and say, well, I
need you to understand this, and not not because they
need to do our job, but because most things in
our world come with some version of compromise, and I
need to make sure every client understands what the compromise is.
Speaker 2 (06:16):
Oh, really sure, because you're not.
Speaker 6 (06:18):
There is no perfect no matter what some whole life
insurance salesman or annuity salesman or whatever it is is
telling you, there is no perfect product. So I need
you to understand why the thing we are choosing is
not perfect, so you know what the downsides are to
make sure you're comfortable.
Speaker 5 (06:34):
And then while we're choosing that particular product for you,
correct because I mean, your every scenario is different, and
when somebody comes in, you know, an annuity might not
work for them, or you know, or you know, IRA
might not work for them, or whatever the case may be,
whatever market you decide to put them in, can you
explain to them why you're doing that so they understand that.
Speaker 2 (06:50):
Yeah, yeah, and that's it.
Speaker 6 (06:51):
Again, that's an ongoing conversation, and we manage money in house,
so for the most part, we are making the decisions
and then explaining to them.
Speaker 2 (06:58):
Here's what we see. Do you have questions about it?
Speaker 6 (07:01):
A lot of people are getting sold on products more
than once and don't realize that the annuity salesmen are
generally very good at this. You're in a meeting not
realizing that you are about to pay this person a commission.
They're phrasing it in a way where you're not aware
you've just been sold a product.
Speaker 2 (07:15):
Again, it's very tricky.
Speaker 5 (07:17):
Yeah, talking to Ratcher Brown from Edgwarder Family Wealth Edgewarderfamilywealth
dot com for It's only money.
Speaker 2 (07:22):
Jeff, something Jack, I do not.
Speaker 5 (07:24):
Oh okay, but so so going back to the whole
idea about you know, in informing them like so for me,
like I would be one of those guys, be like,
I hired you for this, Sure, I do not want
to talk to you. I'll call you when I'm sixty five.
We'll make a plan, and then I'll get the hell
out of Dodge. Because here's the thing, Like if I
took my car to a mechanic and I was just
somebody who had surface level information about how cars work,
(07:44):
and the guy goes, hey, look, you know it's gonna
cost five hundred dollars because you know your valve seating
was bad and that's why I was doing this, And
you're leaking oil into cylinder three and blah blah blah
blah blah. You know, the person is just looking at
you like you don't know. I mean, yeah, okay, I
mean that's what I brought my car here for. You're
the MA, can' it come on the course right right?
Speaker 6 (08:01):
And yeah, I would say, you know, does every client
need to understand technical market theory? Probably not, but for
their personal plan for your car, for instance, it keeps
making this noise.
Speaker 2 (08:14):
Is the car going to fall apart? No?
Speaker 6 (08:17):
Okay, sure, but why is it making this noise? Why
is it making that noise? And why is that Okay, yeah, gotcha.
So you know, I think that helps. And you know,
we do a lot of work internally. You know, for instance,
we have our State of the Union event in January,
so that's about one hundred person internal clients dinner to say, hey,
here's the year in review, here's the year looking forward.
(08:37):
And we do a few things like that throughout the
year for existing clients to again kind of promote that
education to make sure the clients are empowered to make
decisions that they feel comfortable with.
Speaker 2 (08:47):
Is that a normal thing in in firms like that?
Speaker 5 (08:50):
I mean, this is insane. I've never heard that before.
That seems relatively abnormal.
Speaker 6 (08:54):
I don't think it's it's it depends that for the
larger firms where there's a bunch of employees, probably not
so much. I don't know if they're empowered to make
those sorts of decisions, nor did they likely want to spend.
Speaker 2 (09:04):
The money right right. But for this smaller firms, yes,
yes and no. But for us it's been a priority
for a while.
Speaker 5 (09:09):
You're a younger guy, I mean, do you mind me
asking how old you are? I'm thirty one, so thirty
one years old. Do you ever get you know when
people come in, do they feel that you're qualified sometimes
to do this even though you've been in this business,
your father has been in the business since you were born.
Speaker 2 (09:21):
I mean, do you ever run anything of that? I do?
I do, And it's interesting, how do you combat that?
Because obviously, here's the thing.
Speaker 5 (09:28):
If you were a if you're on Wall Street, right,
and you were a broker on Wall Street and you
are successful, you and your family and your firm are
very successful. Yeah, and you had the right watch in
the white suit, in the right suit. No, they would
say a word to you.
Speaker 2 (09:39):
Yeah.
Speaker 6 (09:40):
Yeah, I mean again, I think it's it's probably I
don't I don't envy the experience of somebody who's never
had an advisor. And I will say, strangely, we are
more commonly, I like to say the last stop, not
the first stop. So we get We got a lot
of people who have advisors and now know what they
don't like?
Speaker 2 (09:58):
Oh, I see, is your firm like you and your
dad like? Is your firm like? Because you guys are
relatively loose cats. I mean, you're you're.
Speaker 5 (10:06):
The vernacular that you use when you come in and talk,
isn't that of somebody who is a technical trader or
a technical manager. You guys have a really good uh
what's the word I'm looking for, Jack, Like vibe where
people don't feel intimidated by the both of you because
you're very accessible.
Speaker 2 (10:23):
I will hope not.
Speaker 4 (10:24):
Yeah, they do have a good report, but they also
have yeah, specialists in each facet of it. And that's
what I got to see. It's like, well, this is
our guy who handles this, and this guy this is
the market guy, and like Greg Rossler, Yeah, you know,
he's the medicare guy.
Speaker 2 (10:40):
So they have to experts. Yeah, to some extent, we're translators.
Speaker 1 (10:44):
You know.
Speaker 6 (10:45):
It's not to say that we don't have our own
technical areas of expertise, but yeah, to Jack's point, we
have hired what is probably in the eyes of most
advisors in excess of staff who have specialties in different areas,
and it's our job to then translate that too plain
a what's.
Speaker 2 (11:02):
Your favorite part of the job. What's your least favorite
part of the job.
Speaker 6 (11:05):
Oh, it's interesting. I was just talking to a new
intern about this today.
Speaker 5 (11:10):
I would think the best part would be like when
you get to tell somebody, hey, look, you know I
took your nest Egg and we increased its we increased.
Speaker 2 (11:17):
Its volume by this much.
Speaker 6 (11:18):
And it's interesting to me, it's not so much the
increasing because I think that's not to say that everybody
can be an investor, because sometimes there's there's behavioral obstacles
that come with that, you know, in people's own emotions.
Speaker 2 (11:30):
What does my father say.
Speaker 6 (11:32):
Your your interests from your inclinations. I need to protect
your interest from your inclinations.
Speaker 2 (11:38):
He's yelling it at the radio.
Speaker 6 (11:39):
Yeah, and then he's also telling me that some president
said that, not him, but he'll take credit.
Speaker 2 (11:43):
I'm sure.
Speaker 6 (11:45):
So I think to some extent, I can go buy
an index fund. I can go, you know, anybody can
go do that for at this point of a reasonable price.
So to me, the performance you can get that most places,
it's the relationship. It's also taking the time to understand
what somebody is, what is required of that person in
terms of what can I save you tax conversations, with
(12:08):
all conversations, estate planning conversations. Because I think that's the
thing that I can truly control. For me to sit
here next to any other advisor and say, well, I
perform better than that guy any given year, that might
not be true, but i'd sit down with most advisors
and say, let's really see how curious you are and
what you know about the things you can control.
Speaker 2 (12:27):
Right right, right? Yeah, that's interesting.
Speaker 4 (12:29):
I would think that maybe one of the positive experiences
from your side was one that I had, Like you
go in you're unsure of where you are, and then
you leave with a better understanding and actually a little
more relieved that, oh, I you know, I have put
money in the right places and I am doing better
(12:49):
than I thought. Because for many people it's a you know.
Speaker 2 (12:53):
Oh they're going blind.
Speaker 4 (12:54):
Yeah, yeah, you're saving for retirement. You're okay, I'm feeding
the four oh one k. You might have a roth
Ira on the side and you're just you're you're saving
and you think you're doing the right things. But when
you put it, you know, through the board and on
the screens and you change the numbers around, you're like, okay, Well,
let's say, well, what do you want to do? And
that's a question you talk about, Jimmy that I was
(13:15):
talking to my daughter to this last night.
Speaker 2 (13:17):
One of the hardest questions for people to answer.
Speaker 5 (13:19):
Do you want?
Speaker 2 (13:20):
What do you want? Yeah? What do you want?
Speaker 6 (13:21):
Most people want options. And to Jack's point, and what
I'll say to anybody listening to this who is considered
the consultation and goes, I don't. I don't want to
be sold something. I don't know what it's gonna first,
but it's not gonna cost anything but Jack, Right, at
least as far as I can recall. I didn't say, Hey, Jack,
you're doing great, and also you need this annuity? Nope,
or Jack, you need this product or else it doesn't work, right,
(13:43):
I'm more than happy for most people to say you
are doing completely fine. And I'll be honest, I don't
think you should be a client, not because I don't
want you, but because I don't know that I can
provide an value to justify this five years down the.
Speaker 2 (13:56):
Road or just by the fee or anything like that.
Speaker 6 (13:58):
Right, Right, And so again, we have a successful business, right,
We're making a living.
Speaker 2 (14:03):
I think that's great.
Speaker 6 (14:04):
I'm happy to help more people because I do genuinely
believe there are a lot of people who are not
getting a level of service that they know they deserve. However,
on the other side of that, this is the thing
that I do that gets to help people in some capacity.
Speaker 2 (14:18):
Yeah, yeah, But I'm more than happy to do.
Speaker 6 (14:20):
That to the fullest extent that I'm capable, which includes
a consultation and letting somebody walk out the door.
Speaker 5 (14:24):
How do you deal with people that, like we have
tough personalities and situations like this?
Speaker 2 (14:29):
Because when you have.
Speaker 5 (14:30):
Successful business owners, people who have saved the money and
they're coming for your professional help to make sure that
nest egg they've worked their asses off for is going
to be safe and secure, but yet they're a little
prickly and stuff, how do you deal with that?
Speaker 2 (14:42):
You want to do a good job.
Speaker 5 (14:43):
For somebody who maybe you don't have a lot in
common with, or maybe you're not even really care for.
Speaker 2 (14:48):
Yeah, I mean I don't.
Speaker 6 (14:50):
Again, this is just another conversation I was having with
the intern today, or I said, there will come a
time where client's going to ask you to do something
and the easiest thing to do will be to give
that client what they want, but it is not in
their best interest. And you now have to decide, am
I going to argue with this person to do something
that is in their best interest even though it's not.
Speaker 2 (15:08):
What they want.
Speaker 6 (15:09):
And if you're if you believe in what you do,
and if you're good at your craft, then the answer is.
Speaker 2 (15:13):
Yes, you have that argument.
Speaker 6 (15:14):
And what Scott you know, my dad would would frequently
say to people is you will know you have found
a good advisor when you find somebody you're willing to
disagree with and somebody's willing to disagree with you.
Speaker 5 (15:26):
Right, yeah, yeah, Because I would think that would be
the toughest conversation is when a client comes in, especially
if they're a big client that you know, uh, and
and you disagree with them, and you have to tell them, look,
this is a bad idea. And I know you're very successful,
and I know you got a bunch of money, but
this is not the way to go. Now.
Speaker 2 (15:40):
Well, it's difficult.
Speaker 6 (15:41):
There's such a an abundance of information and a large
amount of is not applicable to most people.
Speaker 2 (15:48):
Yeah yeah, right, a lot.
Speaker 6 (15:50):
Of it is applicable to a few, uh, and there's
just too much of it. And so today was a
great example. If somebody wanted to do something roth conversion,
they didn't know why, they just hurt online.
Speaker 2 (16:01):
This is good for.
Speaker 6 (16:01):
Taxes, So I TikTok. Yeah, probably right, And that's fine.
That's not to say that those are bad, but in
this person's specific scenario at this specific time. Now was
not the time, and I already knew looking at the planning.
The time for you is two years from now. If
we do this now, it's going to be costly. If
we wait till you retire and before social Security, now
we have a window.
Speaker 2 (16:23):
But again, the.
Speaker 6 (16:23):
Easiest thing to do would have said, Okay, if that's
what you want to do, let's do it.
Speaker 2 (16:27):
Wow, that's cool, that's interesting. Man.
Speaker 5 (16:30):
I got to come into the office. I got to
come down and check it out. I've not seen the
place yet. Yeah, I just been in. I gotta come
check it out.
Speaker 2 (16:34):
For sure. We'll let
Hey, Colbert Show, it's Delandman.
Speaker 2 (00:13):
Yeah and Hawaii.
Speaker 1 (00:14):
When I was growing up, we always would see six
packs of beer all over the trash cans ever around
the holidays, So I think you guys are just about
to start talking about it. That was the thing that
people did, was they just left six packs of beer,
in some cases cases of beer depending on the guys
or how many guys on the truck. So anyway, have
(00:35):
a good one.
Speaker 2 (00:39):
So here's the real question.
Speaker 3 (00:41):
Why are you only waiting until the holiday season to tip?
Because there are many people that don't celebrate Christmas. So
where did that expectation come from? Basically in the kipping culture.
Speaker 2 (01:00):
Hey guys, I hope you guys are doing well.
Speaker 4 (01:02):
I would say tip your radio co hosts, not the host,
the radio co host.
Speaker 2 (01:07):
They deserve it. Thanks bye. I don't know if I
care for that one. Now that one feels like it's.
Speaker 1 (01:15):
All right.
Speaker 5 (01:16):
Welcome back to the Jim cor Sho Roal Radio one
zero four point one. Thanks for all these talkbacks, guys.
We appreciate that very much. If you'd like to get
in on that, just make sure that you always go
to the real radio or the iHeartRadio app and use
that mic at the real radio site to send your
comment or to Jack.
Speaker 2 (01:29):
We can get you on the air and you could
be a superstar. It's not easy. I'm Jim. There's deb Hello,
Jack is here as well. What's up? Let's do It's
only money.
Speaker 6 (01:38):
People passionate about planning for their future, rise above investment
rifts to build.
Speaker 2 (01:47):
Isn't that really just common sense financial advice?
Speaker 5 (01:49):
It turns out as both, Oh okay, here, it's all
little money.
Speaker 2 (01:55):
Wiscott thrown from the Edgewater family.
Speaker 5 (01:58):
Will Scott Brown lazy today? Quite calling and calling and drunk.
You know, buddy, I'm good, but he's still on vacation
for Thanksgiving. You are not.
Speaker 6 (02:13):
Though he's getting ready for a golf trip. He's fine
tuning into is really?
Speaker 2 (02:16):
Yeah? You need some help there first? Sure he does.
Speaker 6 (02:18):
I saw firsthand. I don't know if i'd call it
golf what we did, but we hit them all around,
play at it.
Speaker 2 (02:24):
It was very nice. Uh. Brecher Also a what is
your what is your actual title? There? That's a that's
an interesting question. Rachel Advisor?
Speaker 6 (02:33):
Uh sure, yeah, see CFO depending on who's asking and
financial advisor.
Speaker 5 (02:38):
There you find portfolio managers. You guys are produciary. He's
been in town for thirty eight plus years. Right there
on Edgewater Drive, it's Edgewater Family Wealth, Edgewater Familywealth dot com.
Save that and remember that, because you know you can
go to that pull down bar and actually schedule a
consultation or download Scott's books for absolutely nothing and read
those books and try to make yourself a little better
at saving and managing your money. Yes, sir, so it's
(03:01):
funny because Scott wanted to talk about prioritizing client education.
And I have to tell you, I find this very interesting.
If you are a member or a part of the
show in any way, shape or form, I'm going to
contact you. I feel like I have the ability to
contact you. And the reason I say this is because,
(03:22):
you know, one of the reasons I love talking to
Ray Trenley, one of our attorney friends, and Glenn Closma
for that matter, is because I learn from them. Like
you know, when you ask questions about law, it doesn't
really have sometimes anything to do with what I'm dealing with.
I would just maybe have run into a situation of
my real life and I'd be like, this is an
interesting conundrum. I wonder how a lawyer would look at
this and I'll text him and say, hey, man, I
(03:44):
ran into a situation.
Speaker 2 (03:44):
You know what do you think about this? For sure?
And I love that. So the idea of you guys, you.
Speaker 5 (03:50):
Know, kind of giving a brief education to clients on
what you do, what you can do for them, how
you guys can make the relationship better and more profitable,
I would think that would be advantageous.
Speaker 6 (04:00):
Yeah, I mean, I think to Scott's point, education for
a client is important. I think for their long term
well being, right, because I can only be in front
of a client so much. And I think there are
a lot of people who and I say it's from experience.
In my first venture in this world, I was with
a different firm to kind of learn the business elsewhere. Sure, yeah,
(04:23):
And in that experience, I notice there are a lot
of advisors who are saying a lot of things that
sound very complicated and their clients, and I would imagine
they're not alone in this experience. When they're in the room,
they are likely thinking one or two things. One, thank
god this guy's here because that sounds complicated and I'm
(04:43):
glad he understands it. And two, I feel better knowing
he's got control of it. But when they leave the
room and go home, I think they are very hard
pressed to then recite what it was they were told.
They don't necessarily understand what the advisor understands.
Speaker 5 (05:00):
And I know for a fact, just because we've dealt
with this in a number of situations, you know, the
ego can come into play there, and you don't want
to ask somebody a question because you don't want to
seem like you don't know what you're doing, even though
you've reached out to somebody for that very service proving
that you don't know what you're doing. You find a
weird thing like asking questions? Is that what you run into?
Speaker 6 (05:19):
Yeah, And I frequently remind clients that they do, in
fact pay us. They say things like, oh, I don't
want to bother you. It's well, you know, I like you,
but also that's what the money's for exactly. So Yeah,
I find, again, for the long term well being and
peace of mind for the client, it's important to us
that they understand why things work and how things work,
because if you don't, then you're kind of in some
(05:41):
weird anxious state, likely for months at a time until
I'm in front of you again, and then you feel comfortable.
Speaker 5 (05:45):
Do you feel the clients really like? I mean, you
have clients and just go Look, I don't care about
hire absolutely, I hire you to do this. I trust
you know what you're doing. I don't need this. I
could be on the tea right now. I could be
on my motorcycle right now. Why do I want to
do this?
Speaker 2 (05:58):
Yes?
Speaker 6 (05:58):
And there are some clients like that, and I will
say that's the other end of the spectrum where you
then have to sit them down and say, well, I
need you to understand this, and not not because they
need to do our job, but because most things in
our world come with some version of compromise, and I
need to make sure every client understands what the compromise is.
Speaker 2 (06:16):
Oh, really sure, because you're not.
Speaker 6 (06:18):
There is no perfect no matter what some whole life
insurance salesman or annuity salesman or whatever it is is
telling you, there is no perfect product. So I need
you to understand why the thing we are choosing is
not perfect, so you know what the downsides are to
make sure you're comfortable.
Speaker 5 (06:34):
And then while we're choosing that particular product for you,
correct because I mean, your every scenario is different, and
when somebody comes in, you know, an annuity might not
work for them, or you know, or you know, IRA
might not work for them, or whatever the case may be,
whatever market you decide to put them in, can you
explain to them why you're doing that so they understand that.
Speaker 2 (06:50):
Yeah, yeah, and that's it.
Speaker 6 (06:51):
Again, that's an ongoing conversation, and we manage money in house,
so for the most part, we are making the decisions
and then explaining to them.
Speaker 2 (06:58):
Here's what we see. Do you have questions about it?
Speaker 6 (07:01):
A lot of people are getting sold on products more
than once and don't realize that the annuity salesmen are
generally very good at this. You're in a meeting not
realizing that you are about to pay this person a commission.
They're phrasing it in a way where you're not aware
you've just been sold a product.
Speaker 2 (07:15):
Again, it's very tricky.
Speaker 5 (07:17):
Yeah, talking to Ratcher Brown from Edgwarder Family Wealth Edgewarderfamilywealth
dot com for It's only money.
Speaker 2 (07:22):
Jeff, something Jack, I do not.
Speaker 5 (07:24):
Oh okay, but so so going back to the whole
idea about you know, in informing them like so for me,
like I would be one of those guys, be like,
I hired you for this, Sure, I do not want
to talk to you. I'll call you when I'm sixty five.
We'll make a plan, and then I'll get the hell
out of Dodge. Because here's the thing, Like if I
took my car to a mechanic and I was just
somebody who had surface level information about how cars work,
(07:44):
and the guy goes, hey, look, you know it's gonna
cost five hundred dollars because you know your valve seating
was bad and that's why I was doing this, And
you're leaking oil into cylinder three and blah blah blah
blah blah. You know, the person is just looking at
you like you don't know. I mean, yeah, okay, I
mean that's what I brought my car here for. You're
the MA, can' it come on the course right right?
Speaker 6 (08:01):
And yeah, I would say, you know, does every client
need to understand technical market theory? Probably not, but for
their personal plan for your car, for instance, it keeps
making this noise.
Speaker 2 (08:14):
Is the car going to fall apart? No?
Speaker 6 (08:17):
Okay, sure, but why is it making this noise? Why
is it making that noise? And why is that Okay, yeah, gotcha.
So you know, I think that helps. And you know,
we do a lot of work internally. You know, for instance,
we have our State of the Union event in January,
so that's about one hundred person internal clients dinner to say, hey,
here's the year in review, here's the year looking forward.
(08:37):
And we do a few things like that throughout the
year for existing clients to again kind of promote that
education to make sure the clients are empowered to make
decisions that they feel comfortable with.
Speaker 2 (08:47):
Is that a normal thing in in firms like that?
Speaker 5 (08:50):
I mean, this is insane. I've never heard that before.
That seems relatively abnormal.
Speaker 6 (08:54):
I don't think it's it's it depends that for the
larger firms where there's a bunch of employees, probably not
so much. I don't know if they're empowered to make
those sorts of decisions, nor did they likely want to spend.
Speaker 2 (09:04):
The money right right. But for this smaller firms, yes,
yes and no. But for us it's been a priority
for a while.
Speaker 5 (09:09):
You're a younger guy, I mean, do you mind me
asking how old you are? I'm thirty one, so thirty
one years old. Do you ever get you know when
people come in, do they feel that you're qualified sometimes
to do this even though you've been in this business,
your father has been in the business since you were born.
Speaker 2 (09:21):
I mean, do you ever run anything of that? I do?
I do, And it's interesting, how do you combat that?
Because obviously, here's the thing.
Speaker 5 (09:28):
If you were a if you're on Wall Street, right,
and you were a broker on Wall Street and you
are successful, you and your family and your firm are
very successful. Yeah, and you had the right watch in
the white suit, in the right suit. No, they would
say a word to you.
Speaker 2 (09:39):
Yeah.
Speaker 6 (09:40):
Yeah, I mean again, I think it's it's probably I
don't I don't envy the experience of somebody who's never
had an advisor. And I will say, strangely, we are
more commonly, I like to say the last stop, not
the first stop. So we get We got a lot
of people who have advisors and now know what they
don't like?
Speaker 2 (09:58):
Oh, I see, is your firm like you and your
dad like? Is your firm like? Because you guys are
relatively loose cats. I mean, you're you're.
Speaker 5 (10:06):
The vernacular that you use when you come in and talk,
isn't that of somebody who is a technical trader or
a technical manager. You guys have a really good uh
what's the word I'm looking for, Jack, Like vibe where
people don't feel intimidated by the both of you because
you're very accessible.
Speaker 2 (10:23):
I will hope not.
Speaker 4 (10:24):
Yeah, they do have a good report, but they also
have yeah, specialists in each facet of it. And that's
what I got to see. It's like, well, this is
our guy who handles this, and this guy this is
the market guy, and like Greg Rossler, Yeah, you know,
he's the medicare guy.
Speaker 2 (10:40):
So they have to experts. Yeah, to some extent, we're translators.
Speaker 1 (10:44):
You know.
Speaker 6 (10:45):
It's not to say that we don't have our own
technical areas of expertise, but yeah, to Jack's point, we
have hired what is probably in the eyes of most
advisors in excess of staff who have specialties in different areas,
and it's our job to then translate that too plain
a what's.
Speaker 2 (11:02):
Your favorite part of the job. What's your least favorite
part of the job.
Speaker 6 (11:05):
Oh, it's interesting. I was just talking to a new
intern about this today.
Speaker 5 (11:10):
I would think the best part would be like when
you get to tell somebody, hey, look, you know I
took your nest Egg and we increased its we increased.
Speaker 2 (11:17):
Its volume by this much.
Speaker 6 (11:18):
And it's interesting to me, it's not so much the
increasing because I think that's not to say that everybody
can be an investor, because sometimes there's there's behavioral obstacles
that come with that, you know, in people's own emotions.
Speaker 2 (11:30):
What does my father say.
Speaker 6 (11:32):
Your your interests from your inclinations. I need to protect
your interest from your inclinations.
Speaker 2 (11:38):
He's yelling it at the radio.
Speaker 6 (11:39):
Yeah, and then he's also telling me that some president
said that, not him, but he'll take credit.
Speaker 2 (11:43):
I'm sure.
Speaker 6 (11:45):
So I think to some extent, I can go buy
an index fund. I can go, you know, anybody can
go do that for at this point of a reasonable price.
So to me, the performance you can get that most places,
it's the relationship. It's also taking the time to understand
what somebody is, what is required of that person in
terms of what can I save you tax conversations, with
(12:08):
all conversations, estate planning conversations. Because I think that's the
thing that I can truly control. For me to sit
here next to any other advisor and say, well, I
perform better than that guy any given year, that might
not be true, but i'd sit down with most advisors
and say, let's really see how curious you are and
what you know about the things you can control.
Speaker 2 (12:27):
Right right, right? Yeah, that's interesting.
Speaker 4 (12:29):
I would think that maybe one of the positive experiences
from your side was one that I had, Like you
go in you're unsure of where you are, and then
you leave with a better understanding and actually a little
more relieved that, oh, I you know, I have put
money in the right places and I am doing better
(12:49):
than I thought. Because for many people it's a you know.
Speaker 2 (12:53):
Oh they're going blind.
Speaker 4 (12:54):
Yeah, yeah, you're saving for retirement. You're okay, I'm feeding
the four oh one k. You might have a roth
Ira on the side and you're just you're you're saving
and you think you're doing the right things. But when
you put it, you know, through the board and on
the screens and you change the numbers around, you're like, okay, Well,
let's say, well, what do you want to do? And
that's a question you talk about, Jimmy that I was
(13:15):
talking to my daughter to this last night.
Speaker 2 (13:17):
One of the hardest questions for people to answer.
Speaker 5 (13:19):
Do you want?
Speaker 2 (13:20):
What do you want? Yeah? What do you want?
Speaker 6 (13:21):
Most people want options. And to Jack's point, and what
I'll say to anybody listening to this who is considered
the consultation and goes, I don't. I don't want to
be sold something. I don't know what it's gonna first,
but it's not gonna cost anything but Jack, Right, at
least as far as I can recall. I didn't say, Hey, Jack,
you're doing great, and also you need this annuity? Nope,
or Jack, you need this product or else it doesn't work, right,
(13:43):
I'm more than happy for most people to say you
are doing completely fine. And I'll be honest, I don't
think you should be a client, not because I don't
want you, but because I don't know that I can
provide an value to justify this five years down the.
Speaker 2 (13:56):
Road or just by the fee or anything like that.
Speaker 6 (13:58):
Right, Right, And so again, we have a successful business, right,
We're making a living.
Speaker 2 (14:03):
I think that's great.
Speaker 6 (14:04):
I'm happy to help more people because I do genuinely
believe there are a lot of people who are not
getting a level of service that they know they deserve. However,
on the other side of that, this is the thing
that I do that gets to help people in some capacity.
Speaker 2 (14:18):
Yeah, yeah, But I'm more than happy to do.
Speaker 6 (14:20):
That to the fullest extent that I'm capable, which includes
a consultation and letting somebody walk out the door.
Speaker 5 (14:24):
How do you deal with people that, like we have
tough personalities and situations like this?
Speaker 2 (14:29):
Because when you have.
Speaker 5 (14:30):
Successful business owners, people who have saved the money and
they're coming for your professional help to make sure that
nest egg they've worked their asses off for is going
to be safe and secure, but yet they're a little
prickly and stuff, how do you deal with that?
Speaker 2 (14:42):
You want to do a good job.
Speaker 5 (14:43):
For somebody who maybe you don't have a lot in
common with, or maybe you're not even really care for.
Speaker 2 (14:48):
Yeah, I mean I don't.
Speaker 6 (14:50):
Again, this is just another conversation I was having with
the intern today, or I said, there will come a
time where client's going to ask you to do something
and the easiest thing to do will be to give
that client what they want, but it is not in
their best interest. And you now have to decide, am
I going to argue with this person to do something
that is in their best interest even though it's not.
Speaker 2 (15:08):
What they want.
Speaker 6 (15:09):
And if you're if you believe in what you do,
and if you're good at your craft, then the answer is.
Speaker 2 (15:13):
Yes, you have that argument.
Speaker 6 (15:14):
And what Scott you know, my dad would would frequently
say to people is you will know you have found
a good advisor when you find somebody you're willing to
disagree with and somebody's willing to disagree with you.
Speaker 5 (15:26):
Right, yeah, yeah, Because I would think that would be
the toughest conversation is when a client comes in, especially
if they're a big client that you know, uh, and
and you disagree with them, and you have to tell them, look,
this is a bad idea. And I know you're very successful,
and I know you got a bunch of money, but
this is not the way to go. Now.
Speaker 2 (15:40):
Well, it's difficult.
Speaker 6 (15:41):
There's such a an abundance of information and a large
amount of is not applicable to most people.
Speaker 2 (15:48):
Yeah yeah, right, a lot.
Speaker 6 (15:50):
Of it is applicable to a few, uh, and there's
just too much of it. And so today was a
great example. If somebody wanted to do something roth conversion,
they didn't know why, they just hurt online.
Speaker 2 (16:01):
This is good for.
Speaker 6 (16:01):
Taxes, So I TikTok. Yeah, probably right, And that's fine.
That's not to say that those are bad, but in
this person's specific scenario at this specific time. Now was
not the time, and I already knew looking at the planning.
The time for you is two years from now. If
we do this now, it's going to be costly. If
we wait till you retire and before social Security, now
we have a window.
Speaker 2 (16:23):
But again, the.
Speaker 6 (16:23):
Easiest thing to do would have said, Okay, if that's
what you want to do, let's do it.
Speaker 2 (16:27):
Wow, that's cool, that's interesting. Man.
Speaker 5 (16:30):
I got to come into the office. I got to
come down and check it out. I've not seen the
place yet. Yeah, I just been in. I gotta come
check it out.
Speaker 2 (16:34):
For sure. We'll let
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