June 3, 2025 • 20 mins
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:01):
Welcome to the Fiscal Physical Podcast.
Join us each week as we sitdown with the founder of Alchemy
Wealth Management and author ofyour Fiscal Physical, Ryan
Nelson.
Tune in to gain valuableinsights and practical tips as
we simplify complex financialconcepts into digestible lessons
(00:22):
.
From budgeting to retirementplanning, this podcast is your
go-to resource for masteringfinancial literacy.
Aaron Hoisington (00:33):
Welcome everybody to this week's episode
of the Fiscal Physical Podcast.
I am joined by the publishedauthor, ryan Nelson, and the
founder of Alchemy WealthManagement.
Ryan, how are you?
How are things?
How's life?
Ryan Nelson (00:47):
I'm doing really well.
Life is great.
What about you?
Aaron Hoisington (00:49):
You know, not too bad man.
We're cruising along throughthis year and we really
appreciate all the listeners outthere.
I really appreciate you takingthe time out of your busy
schedule, man, to record theseand to share it out to the
listeners.
I know that's reallyappreciated every time I talk to
some of our listeners like that.
Thank you, guys.
Like, some of these topics thatyou're covering are pretty
(01:11):
important.
So I think that there's been arousing success or at least some
positivity coming from it, andI won't share the negative
comments because we don't haveenough time.
So but today, ryan, let's kickit off here.
This is kind of going to bemore of a personal conversation
just with you and like justfiguring out this, but you know
your history is well documentedon this.
(01:31):
You got your degree inmechanical engineering, practice
engineering, for a while andthen went back to get your MBA
and then swapped over topersonal finance at that point.
So you know you worked with afinancial firm Edward Jones
before this and then you startedAlchemy Wealth Management Very
impressive.
So you've obviously seen somethings about how to get into
(01:52):
finance and how maybe some tipsand tricks on what not to do,
maybe what to do.
So, if somebody's interested,maybe we've piqued their
interest by this podcast andthey want to potentially get
into the financial industry.
What would you recommend forpeople?
Ryan Nelson (02:06):
Yeah.
So I mean I would say that youknow talking financial planning
specifically, since that's theindustry I'm in.
I would say, yeah, it's a greatcareer.
One thing I will say and Imight say it again multiple
times, like I've told probablyeverybody who's ever asked me
about becoming a financialadvisor it's a great career,
it's a terrible job, and what Imean by that when I say that is,
(02:28):
you know, if you're willing tosort of dedicate yourself to it
and do it for multiple decades,it's a fantastic long-term
career.
If you want to use it as like astepping stone and do it for
two years, it's probably likenot that awesome.
And so one of the things withthis career is it's pretty hard,
like at the beginning and likeyou don't have any clients and
(02:51):
it can be a real grind andreally brutal and really
challenging industry to break into.
And so if you only do it forlike a year, you get all of the
hard parts and none of the niceparts of the long-term success
right Now.
If you're willing to kind of, ifyou're the type of person who
likes grinding through thosethings and you're willing to
stick it out and stay in formultiple decades, then, yeah,
(03:13):
the first few years might be agrind, but it really becomes a
really, really fantastic careerlong-term.
So, again, if it's somethingyou're interested in just doing
for a year or two as a bridge, Idon't know, maybe find
something else.
If it's something you'reactually looking at doing for
long-term, it's a fantastic,fantastic career and there's an
incredible amount of demand.
So they call it the greatwealth transfer and it's sort of
(03:36):
like going on right now, so tospeak, and they estimate about
$84 trillion will transfer fromthe silent generation and baby
boomers to millennials and Gen X.
Wow, yep, so about $84 trillionbasically, is currently being
slowly starting to move from onegeneration to the next, and
(03:57):
there's a lot of advisors whoare sort of part of that same
baby boomer generation who areaging out as well.
Um, so the need for financialadvisors is just getting greater
and there's this huge transferof wealth, um, and so, yeah,
there's a huge demand for it.
Um, you know, the financial uh,environment is just getting more
and more complicated, sothere's like increased
(04:19):
complexity, which is createsmore of a need for financial
advisors.
Um, and it is like impactfulwork, right, you're actually
making like actual changes inpeople's lives.
Um, you know, I think that, um,yeah, I mean the the again.
You know I mentioned a fewepisodes back.
Right, what did I?
What's the song?
You can't.
Money doesn't buy happiness,but it buys you a boat.
(04:40):
And again it's funny, but thereality is like it also puts
food on the table.
It puts a roof over your headLike there's a lot of like
standard, quality standard, likestandards you need uh, quote,
unquote need, like most of uswould perceive as a need that
finances are required for right.
It helps you, like, stayphysically healthy and mentally
healthy and, um, so fine, thefinances are important part of
(05:02):
everybody's life, and you canwork with people to enhance
their financial well-being,which again then trickles down
to their physical well-being andtheir mental well-being, and so
you actually do impactful workthat changes people's lives to
some degree.
So, yeah, great career.
What I would say is one thingthat I think is a big
misunderstanding is it's likenot just about the numbers.
(05:24):
So I talked to a lot of peopleand this was I actually had, I
think when I first went into theindustry I was a bit like sort
of ignorant about sort of how,what the career was actually
like and stuff as well, and soit's not.
It's really a people personbusiness.
So you're working with.
You know, I always tell myclients I'm in, my job is to be
an expert in my clients.
So you're working with.
(05:45):
I always tell my clients my jobis to be an expert in my
clients.
I spend time with my clients.
My time is entirely spent withpeople.
There's a lot less of them sortof math side of it.
There are analysts and stuffwho do focus on that side of it,
but as a financial advisoritself, it really is more of a
sort of people business.
Aaron Hoisington (06:05):
Yeah, and it's a good piece to kind of touch
on Because I think of you aslike when I first met you, big
numbers guy, and I still thinkyou are specifically in that.
But just the evolution of whoyou've become as like more of a
people, person, has beenincredible to see just over the
last 11 plus years or whateverit has been, and it's been great
to see just over the last, youknow, 11 plus years or whatever
it has been and it's been greatto see.
(06:25):
But I remember you when youwere starting out and like going
and door knocking, yeah, andlike just like just grinding,
like did data?
you're like, oh yeah, I'vecovered.
I've hit all the houses in themccarran circle here, yeah, and
I was like what?
Like I was like how many do youactually get?
You're like I had, you know, alot of door shuts and a lot of
people not interested, and thenevery once in a while you get
(06:46):
somebody.
So it's like oh wow To seewhere you're at now versus where
you kind of started.
It's very interesting.
But, being a people person, Ialways talk to people, people
who are in sales.
They say they're not in sales,they're in the people business.
That's what it ends up being.
So I think it's similar.
Obviously, you're not sellingthat specifically, but you are
(07:06):
selling what you're bringing tothe table and the service that
you're bringing to theseindividuals.
Ryan Nelson (07:12):
Everything is a sales business to some degree.
Right, that's a good point, butyeah, so definitely it's a
grind.
For sure I don't miss knockingon those doors, thousands and
thousands of doors.
Speaker 1 (07:22):
But yeah so.
Ryan Nelson (07:24):
I'd say you know, if you're kind of considering a
career in finance for financialadvice, at least, you know,
think about it.
Take, I would say like ifyou're to be a good fit, you
probably want a high level ofemotional intelligence,
trustworthiness andcommunication skills are
probably some of the you knowkind of table stakes things that
(07:44):
you're going to want to have asuccessful career.
And then again just acknowledgeI touched on this earlier but
acknowledge that it's going totake time to build a client base
and so prepare for a longerlike ramp up period.
So, again, it's a great careerbut a terrible short-term job
probably.
And then also just, yeah, I'vegot to acknowledge that
compliance and regulation are apart of the job.
(08:04):
So it is, um, a highly, highlyregulated industry.
I think in, uh, healthcare arethe two most regulated
industries as far as I'm aware,um, and so there's a large piece
of the job that is justcompliance related, um, and you
know it's.
Speaker 1 (08:20):
it is what it is you might as well embrace it.
Aaron Hoisington (08:21):
And you know, do, do, do what's best for your
clients and I think that's athat's a big piece that you know
, the idea of like being afinancial planning or something
like this.
Not only are people just think,oh, it's, it's a numbers thing,
but it's I know specificallyjust from working with you as as
my financial planner like theamount of paperwork.
I'm sure that just has to getlike, done, like, and you're
(08:43):
just like okay, cool, like whenthings change, like a new
presidential camp, whateverelect gets done, or there's a
new law passed, a new bill orsomething that goes through,
like, okay, you have to bethinking about, okay, how does
that affect what I have to dowith all my clients' money?
And that we make sure we staycompliant and ensure that we're
on the up and up, Because it is,like you said, a very highly
(09:04):
regulated industry which is good?
Speaker 1 (09:06):
Yeah, I think it is oh 100%.
Ryan Nelson (09:08):
Yeah.
Aaron Hoisington (09:08):
But I also think that there's a.
That's one of the reasons I'mpersonally glad that I have a
financial planner to do thiskind of thing?
Because I was like, oh man,everyone could manage their own
finances without a doubt, andthey should to some degree, but
to be able to have somebody whodoes that stuff, that I'm really
not interested in.
Like, thank you Ryan, yeah,sure.
Ryan Nelson (09:27):
Yeah, that's funny, but yeah, so a couple of quick
tips.
So what I would say is, ifyou're like, okay, yeah, it all
sounds great, I think I'd like acareer as a financial planner,
some of my tips would be focuson learning, not earning.
So gain those experiences andbuild relationships and, like
(09:48):
refine your process.
Um, learn from, learn frommentors, go to conferences, like
just you know, I've read a lotof books, listen to a lot of
podcasts, right, so focus onlearning again, not earning.
Um, I think some people get inthe industry, get a little too
caught up in the earning on thefront end and that's usually not
good for anybody.
(10:08):
It's not good for the clients,it's not good for them, it's not
good for anything.
Like, if you just take sometime, allow yourself that ramp
up period, learn as much as youcan, you'll put yourself in a
better position to be successfuland you'll put your clients in
a better place to be successfuland then again be willing to
grind place to be successful.
Um, and then again be willingto grind.
Um, you know you gotta do thatcold calling the networking like
(10:30):
weekends on.
You know, meeting it's onweekends and stuff, and the nice
thing is like I don't do thatanymore, right, so you can get
to a point where you don't haveto do that.
But, um, when you're startingfrom scratch, like it, just it
is a grind.
So you gotta sort ofacknowledge that.
And if that doesn't sound likeit would fit into your lifestyle
at this point in time, perfect,no harm, no foul.
But this may not be the bestfit for you.
(10:52):
And then I also would recommendbuilding systems.
So when I was doing engineering, I was like a process.
A lot of what I did was processengineering and systems and
stuff.
So this is more kind of maybejust my personal biased on this.
Um, but there's a lot ofprocesses in place, right, like
as you're onboarding clients.
(11:12):
There's a lot of steps to that,there's a lot of documents that
need to be completed, there's alot of things, and it's really
easy for any one of those piecesto get missed if you don't have
systems.
So having systems documentingthe systems, um, it will allow
you to sort of scale and providea better level of service to
your clients.
Again, and maybe that's just myengineering background, like
(11:34):
peeking in, right, but eitherway, I think like building those
systems, like earlier on inyour career, can be extremely
valuable and sort of paydividends as you start to scale.
Aaron Hoisington (11:44):
Yeah, that makes sense.
Just just out of curiosity,like you mentioned, like being a
process engineer and in thesecertain things something just
not really related.
So I apologize that we'rediluting here, diverting.
But have you ever heard offrederick winslow taylor?
I don't believe I have.
Okay, I'll just we'll talkabout that later then.
But he like, he like came up areal teaser yeah, real teaser.
Yeah, but he was a big systems.
(12:04):
He came up with like the um,standard operating procedures
and processes to like um, Ithink it was a, the steel
business originally.
Um, I was just curious if youever cool but it's, I highly
recommend if the listeners checkinto it.
He uh um, big, big process guyand like improvements and like
coming up with these, likecertain things to to really
change the way, uh,manufacturing in the United
(12:25):
States and worldwide was done.
But I just think I've thoughtabout processing, so we'll go
ahead and cut this piece out.
We won't.
I mean, it's fun stuff here,but cool.
We have built systems early.
Cool that stuff.
Yeah, yeah, carry on.
Ryan Nelson (12:39):
So I mean basically , in summary, I'd say anybody
could go into finance, right,you don't need a degree in
finance, you don't need to.
Any background can be perfect.
There's lots of retiredteachers or somebody who goes
into finance who become verysuccessful because, again, they
can communicate complex conceptsin a digestible way.
(13:01):
So any background is great.
You just got to be willing tolearn and help others.
I'd say be patient.
Again, this is a career thatbuilds over time.
You're probably wise to educateyourself.
So find a mentor, stay curious,listen to the podcast, read the
books, just stay humble.
And then probably the singlemost important thing is be that
advisor that you'd want to workwith, Definitely.
(13:24):
Unfortunately, I think there's alot of advisors out there who
they would not put their ownmoney with that type of
themselves, almost Right.
So you know, I think it's.
It's that kind of thing that'slike just so incredibly simple.
Like what's the golden rule?
Do unto others as you'd wantthem to do, or whatever.
Like same thing.
Like be the financial advisoryou would want.
And guess what?
(13:45):
A lot of people will want you,and even if that means making
less money in the short term,it's probably even better for
you in the long term as wellright.
So, if you're the advisor thatother people want to work with,
again, don't be focused.
I mentioned earlier.
Don't focus on the earnings,focus on the learnings.
Same thing, just do what'sright, and I think a lot of
(14:09):
people will gravitate towardsthat.
Aaron Hoisington (14:11):
Yep, I think that that's a very solid thing.
There's a reason why it'scalled the golden rule because
you can apply that to a lot ofthings too, but you hit on one
piece and I'd be remiss if Ididn't touch back on it.
But so to be a financialplanner, do you have to have a
degree?
Is it required?
I don't really know, kind of,how that works.
I'm sure there's specificthings.
Ryan Nelson (14:30):
it's required for yeah, I don't want to misspeak,
because things have changed.
You certainly didn't need adegree at one point.
The licensing requirements havechanged since I got licensed.
When you say degree, do youmean college or high?
Aaron Hoisington (14:44):
school, yeah, college degree.
Ryan Nelson (14:47):
Yeah, Definitely.
At one point you did not need acollege degree.
I'm not sure with the change inlicensing if they've changed
that and you do need one.
There's certainly somecertificates that do require
degrees.
Yeah, so I don't entirely knowoff the top of my head.
Yeah, I was just curious.
Aaron Hoisington (15:05):
I would assume definitely the certifications
for sure.
Like I remember, one of myother friends got certified a
while ago and he was like, oh,he's going through all these
different things, but I alwayskind of figured it was maybe a
requirement, I mean a lot oftimes like nowadays, you apply
for a job and it asks for acollege degree or relevant
experience is kind of what itgoes through so yeah, I'd be
(15:26):
curious.
Ryan Nelson (15:28):
Yeah, Obviously you don't want to give.
That's one of those thingswhere I mean, by the time I went
into the industry I had amaster's degree already.
So if it was a requirement itwas just kind of like out of
sight, out of mind.
Aaron Hoisington (15:36):
I didn't really care so much.
I'm looking at that degreeright now on your wall there you
go Good of them, but awesome,anything else you want to touch
on here.
Ryan, you think we covered itpretty well.
I think you did too.
Yeah, I think that's great man,so awesome.
Everybody, hang tight here.
We'll be right back for thepersonal section.
Speaker 1 (15:55):
And now to put the personal in personal finance.
Aaron Hoisington (16:02):
Welcome back everybody.
This side of the FiscalPhysical Podcast.
Still here with Mr Ryan Nelson.
So, ryan, we're going to getinto the podcast.
Still here with mr ryan nelson.
So, uh, ryan, we're going toget into the uh, you know
hypotheticals here with thisquestion, because I, I love
those things.
So, um, are you ready, let's doit okay.
So, um, here's my question toyou if you could relive one
historical moment as a spectator, what would it be and by a
(16:24):
spectator, I'm either mean, youwere at the event or alive when
the event was taking place whatwould you say?
This would be.
Ryan Nelson (16:31):
Yeah, I think it would be cool to have been alive
for the landing on the moon.
Yeah, I just think it's like ahuge event for mankind right,
yeah, oh yeah.
Aaron Hoisington (16:42):
One small step for man, one giant leap for
mankind, I think, is what?
Ryan Nelson (16:46):
yeah, uh, so yeah, I think that would have been
maybe a fun, fun like event toto witness, um, and I know you
said just being alive, but man,what if you were actually?
Speaker 1 (16:56):
there sure yeah even cool.
Ryan Nelson (16:57):
Yeah, you're the first person to walk on the moon
.
That'd be pretty cool.
Yeah, um, yeah.
So I, I don't know, there'sprobably tons of these none,
none are jumping out, but Ithink being you, think
witnessing the landing of themoon, could have been really fun
.
What about?
Aaron Hoisington (17:09):
you 60 something.
He was like 16 or 17 at thetime.
(17:29):
He's kind of an older guy andhe remembers where he was still
Like when they land on themovies he was like, oh, we were
driving to this lake and we werelistening on the radio and
there was like a play by play oflike, and here comes Neil down
the ladder kind of thing, andhe's like and he says it's
burned into his brain Like 60years later he remembers that
specifically.
So how important and how bigthat is.
I think it's just absolutely.
(17:50):
That was immediately my firstthing.
But my other thing that I thinkwould be super cool is I like
golf, I like watching golf and Ithink that growing up I was a
big Tiger Woods fan and I wouldlove to have gone back to 1997
when he was 22 years old and hewon his first major at the
Masters at Augusta, okay.
(18:10):
And so he won the tournament at22 years old, blew the field
away, won by like 10 strokes,wow, and he was just like this
young African-American guy whowas just brash and celebrated
everything and the golf worlddidn't really know what they
were getting.
And there was going to be aperiod of about 10 years.
That was just pure dominanceafter him, but that was where he
really started.
(18:30):
So as a historical and a sportsguy, I think going back and
watching that event I think thatwould be cool, like seeing like
people talk about like, oh, wesaw that we were going to
witness greatness, like on thegolf course that would be fun,
so something like that.
I think back on maybe the firstSuper Bowl or something like
that and I'm like, yeah, that'dbe kind of cool to see.
So I think there's so manyevents that I would like to have
(18:52):
seen or experienced, but it'shard to pick just one here for
sure, yeah, super hard.
Cool, awesome, ryan.
Well, thank you so much, andthank you everybody out there to
our listeners Please check usout wherever you podcasts Apple
Podcasts, Spotify, whatever itmight be Rate, subscribe, listen
, download.
Set your calendars to Tuesdaymorning, when these podcasts
drop, and, ryan, I'll leave youto end us here.
Ryan Nelson (19:16):
As always, stay the course.
Speaker 1 (19:19):
Thank you for joining us for the Fiscal Physical
Podcast.
Until next time, happylistening and, as always, stay
the course.
If you have a question or topicsuggestions, please email us at
podcast at alchemywealthcom.
If you enjoyed today'sdiscussion, subscribe to the
(19:40):
podcast to ensure you never missan episode and consider leaving
us a rating and review on yourfavorite platform.
This helps other listeners likeyou find the show.
For more resources, you canvisit Alchemy Wealth
Management's website atwwwalchemywealthcom or find your
fiscal physical the book onAmazon.
We'd be remiss if we didn'tmention that personal finance is
(20:00):
just that personal.
Please don't take anything wesay as advice.
The preceding content is forinformational and entertainment
purposes only.
It's not an offer or asolicitation, nor should it be
construed or relied upon for tax, legal or investment advice.
It doesn't consider yourpersonal financial situation or
objectives and may not besuitable for you.
Welcome to the Fiscal Physical Podcast.
Join us each week as we sitdown with the founder of Alchemy
Wealth Management and author ofyour Fiscal Physical, Ryan
Nelson.
Tune in to gain valuableinsights and practical tips as
we simplify complex financialconcepts into digestible lessons
(00:22):
.
From budgeting to retirementplanning, this podcast is your
go-to resource for masteringfinancial literacy.
Aaron Hoisington (00:33):
Welcome everybody to this week's episode
of the Fiscal Physical Podcast.
I am joined by the publishedauthor, ryan Nelson, and the
founder of Alchemy WealthManagement.
Ryan, how are you?
How are things?
How's life?
Ryan Nelson (00:47):
I'm doing really well.
Life is great.
What about you?
Aaron Hoisington (00:49):
You know, not too bad man.
We're cruising along throughthis year and we really
appreciate all the listeners outthere.
I really appreciate you takingthe time out of your busy
schedule, man, to record theseand to share it out to the
listeners.
I know that's reallyappreciated every time I talk to
some of our listeners like that.
Thank you, guys.
Like, some of these topics thatyou're covering are pretty
(01:11):
important.
So I think that there's been arousing success or at least some
positivity coming from it, andI won't share the negative
comments because we don't haveenough time.
So but today, ryan, let's kickit off here.
This is kind of going to bemore of a personal conversation
just with you and like justfiguring out this, but you know
your history is well documentedon this.
(01:31):
You got your degree inmechanical engineering, practice
engineering, for a while andthen went back to get your MBA
and then swapped over topersonal finance at that point.
So you know you worked with afinancial firm Edward Jones
before this and then you startedAlchemy Wealth Management Very
impressive.
So you've obviously seen somethings about how to get into
(01:52):
finance and how maybe some tipsand tricks on what not to do,
maybe what to do.
So, if somebody's interested,maybe we've piqued their
interest by this podcast andthey want to potentially get
into the financial industry.
What would you recommend forpeople?
Ryan Nelson (02:06):
Yeah.
So I mean I would say that youknow talking financial planning
specifically, since that's theindustry I'm in.
I would say, yeah, it's a greatcareer.
One thing I will say and Imight say it again multiple
times, like I've told probablyeverybody who's ever asked me
about becoming a financialadvisor it's a great career,
it's a terrible job, and what Imean by that when I say that is,
(02:28):
you know, if you're willing tosort of dedicate yourself to it
and do it for multiple decades,it's a fantastic long-term
career.
If you want to use it as like astepping stone and do it for
two years, it's probably likenot that awesome.
And so one of the things withthis career is it's pretty hard,
like at the beginning and likeyou don't have any clients and
(02:51):
it can be a real grind andreally brutal and really
challenging industry to break into.
And so if you only do it forlike a year, you get all of the
hard parts and none of the niceparts of the long-term success
right Now.
If you're willing to kind of, ifyou're the type of person who
likes grinding through thosethings and you're willing to
stick it out and stay in formultiple decades, then, yeah,
(03:13):
the first few years might be agrind, but it really becomes a
really, really fantastic careerlong-term.
So, again, if it's somethingyou're interested in just doing
for a year or two as a bridge, Idon't know, maybe find
something else.
If it's something you'reactually looking at doing for
long-term, it's a fantastic,fantastic career and there's an
incredible amount of demand.
So they call it the greatwealth transfer and it's sort of
(03:36):
like going on right now, so tospeak, and they estimate about
$84 trillion will transfer fromthe silent generation and baby
boomers to millennials and Gen X.
Wow, yep, so about $84 trillionbasically, is currently being
slowly starting to move from onegeneration to the next, and
(03:57):
there's a lot of advisors whoare sort of part of that same
baby boomer generation who areaging out as well.
Um, so the need for financialadvisors is just getting greater
and there's this huge transferof wealth, um, and so, yeah,
there's a huge demand for it.
Um, you know, the financial uh,environment is just getting more
and more complicated, sothere's like increased
(04:19):
complexity, which is createsmore of a need for financial
advisors.
Um, and it is like impactfulwork, right, you're actually
making like actual changes inpeople's lives.
Um, you know, I think that, um,yeah, I mean the the again.
You know I mentioned a fewepisodes back.
Right, what did I?
What's the song?
You can't.
Money doesn't buy happiness,but it buys you a boat.
(04:40):
And again it's funny, but thereality is like it also puts
food on the table.
It puts a roof over your headLike there's a lot of like
standard, quality standard, likestandards you need uh, quote,
unquote need, like most of uswould perceive as a need that
finances are required for right.
It helps you, like, stayphysically healthy and mentally
healthy and, um, so fine, thefinances are important part of
(05:02):
everybody's life, and you canwork with people to enhance
their financial well-being,which again then trickles down
to their physical well-being andtheir mental well-being, and so
you actually do impactful workthat changes people's lives to
some degree.
So, yeah, great career.
What I would say is one thingthat I think is a big
misunderstanding is it's likenot just about the numbers.
(05:24):
So I talked to a lot of peopleand this was I actually had, I
think when I first went into theindustry I was a bit like sort
of ignorant about sort of how,what the career was actually
like and stuff as well, and soit's not.
It's really a people personbusiness.
So you're working with.
You know, I always tell myclients I'm in, my job is to be
an expert in my clients.
So you're working with.
(05:45):
I always tell my clients my jobis to be an expert in my
clients.
I spend time with my clients.
My time is entirely spent withpeople.
There's a lot less of them sortof math side of it.
There are analysts and stuffwho do focus on that side of it,
but as a financial advisoritself, it really is more of a
sort of people business.
Aaron Hoisington (06:05):
Yeah, and it's a good piece to kind of touch
on Because I think of you aslike when I first met you, big
numbers guy, and I still thinkyou are specifically in that.
But just the evolution of whoyou've become as like more of a
people, person, has beenincredible to see just over the
last 11 plus years or whateverit has been, and it's been great
to see just over the last, youknow, 11 plus years or whatever
it has been and it's been greatto see.
(06:25):
But I remember you when youwere starting out and like going
and door knocking, yeah, andlike just like just grinding,
like did data?
you're like, oh yeah, I'vecovered.
I've hit all the houses in themccarran circle here, yeah, and
I was like what?
Like I was like how many do youactually get?
You're like I had, you know, alot of door shuts and a lot of
people not interested, and thenevery once in a while you get
(06:46):
somebody.
So it's like oh wow To seewhere you're at now versus where
you kind of started.
It's very interesting.
But, being a people person, Ialways talk to people, people
who are in sales.
They say they're not in sales,they're in the people business.
That's what it ends up being.
So I think it's similar.
Obviously, you're not sellingthat specifically, but you are
(07:06):
selling what you're bringing tothe table and the service that
you're bringing to theseindividuals.
Ryan Nelson (07:12):
Everything is a sales business to some degree.
Right, that's a good point, butyeah, so definitely it's a
grind.
For sure I don't miss knockingon those doors, thousands and
thousands of doors.
Speaker 1 (07:22):
But yeah so.
Ryan Nelson (07:24):
I'd say you know, if you're kind of considering a
career in finance for financialadvice, at least, you know,
think about it.
Take, I would say like ifyou're to be a good fit, you
probably want a high level ofemotional intelligence,
trustworthiness andcommunication skills are
probably some of the you knowkind of table stakes things that
(07:44):
you're going to want to have asuccessful career.
And then again just acknowledgeI touched on this earlier but
acknowledge that it's going totake time to build a client base
and so prepare for a longerlike ramp up period.
So, again, it's a great careerbut a terrible short-term job
probably.
And then also just, yeah, I'vegot to acknowledge that
compliance and regulation are apart of the job.
(08:04):
So it is, um, a highly, highlyregulated industry.
I think in, uh, healthcare arethe two most regulated
industries as far as I'm aware,um, and so there's a large piece
of the job that is justcompliance related, um, and you
know it's.
Speaker 1 (08:20):
it is what it is you might as well embrace it.
Aaron Hoisington (08:21):
And you know, do, do, do what's best for your
clients and I think that's athat's a big piece that you know
, the idea of like being afinancial planning or something
like this.
Not only are people just think,oh, it's, it's a numbers thing,
but it's I know specificallyjust from working with you as as
my financial planner like theamount of paperwork.
I'm sure that just has to getlike, done, like, and you're
(08:43):
just like okay, cool, like whenthings change, like a new
presidential camp, whateverelect gets done, or there's a
new law passed, a new bill orsomething that goes through,
like, okay, you have to bethinking about, okay, how does
that affect what I have to dowith all my clients' money?
And that we make sure we staycompliant and ensure that we're
on the up and up, Because it is,like you said, a very highly
(09:04):
regulated industry which is good?
Speaker 1 (09:06):
Yeah, I think it is oh 100%.
Ryan Nelson (09:08):
Yeah.
Aaron Hoisington (09:08):
But I also think that there's a.
That's one of the reasons I'mpersonally glad that I have a
financial planner to do thiskind of thing?
Because I was like, oh man,everyone could manage their own
finances without a doubt, andthey should to some degree, but
to be able to have somebody whodoes that stuff, that I'm really
not interested in.
Like, thank you Ryan, yeah,sure.
Ryan Nelson (09:27):
Yeah, that's funny, but yeah, so a couple of quick
tips.
So what I would say is, ifyou're like, okay, yeah, it all
sounds great, I think I'd like acareer as a financial planner,
some of my tips would be focuson learning, not earning.
So gain those experiences andbuild relationships and, like
(09:48):
refine your process.
Um, learn from, learn frommentors, go to conferences, like
just you know, I've read a lotof books, listen to a lot of
podcasts, right, so focus onlearning again, not earning.
Um, I think some people get inthe industry, get a little too
caught up in the earning on thefront end and that's usually not
good for anybody.
(10:08):
It's not good for the clients,it's not good for them, it's not
good for anything.
Like, if you just take sometime, allow yourself that ramp
up period, learn as much as youcan, you'll put yourself in a
better position to be successfuland you'll put your clients in
a better place to be successfuland then again be willing to
grind place to be successful.
Um, and then again be willingto grind.
Um, you know you gotta do thatcold calling the networking like
(10:30):
weekends on.
You know, meeting it's onweekends and stuff, and the nice
thing is like I don't do thatanymore, right, so you can get
to a point where you don't haveto do that.
But, um, when you're startingfrom scratch, like it, just it
is a grind.
So you gotta sort ofacknowledge that.
And if that doesn't sound likeit would fit into your lifestyle
at this point in time, perfect,no harm, no foul.
But this may not be the bestfit for you.
(10:52):
And then I also would recommendbuilding systems.
So when I was doing engineering, I was like a process.
A lot of what I did was processengineering and systems and
stuff.
So this is more kind of maybejust my personal biased on this.
Um, but there's a lot ofprocesses in place, right, like
as you're onboarding clients.
(11:12):
There's a lot of steps to that,there's a lot of documents that
need to be completed, there's alot of things, and it's really
easy for any one of those piecesto get missed if you don't have
systems.
So having systems documentingthe systems, um, it will allow
you to sort of scale and providea better level of service to
your clients.
Again, and maybe that's just myengineering background, like
(11:34):
peeking in, right, but eitherway, I think like building those
systems, like earlier on inyour career, can be extremely
valuable and sort of paydividends as you start to scale.
Aaron Hoisington (11:44):
Yeah, that makes sense.
Just just out of curiosity,like you mentioned, like being a
process engineer and in thesecertain things something just
not really related.
So I apologize that we'rediluting here, diverting.
But have you ever heard offrederick winslow taylor?
I don't believe I have.
Okay, I'll just we'll talkabout that later then.
But he like, he like came up areal teaser yeah, real teaser.
Yeah, but he was a big systems.
(12:04):
He came up with like the um,standard operating procedures
and processes to like um, Ithink it was a, the steel
business originally.
Um, I was just curious if youever cool but it's, I highly
recommend if the listeners checkinto it.
He uh um, big, big process guyand like improvements and like
coming up with these, likecertain things to to really
change the way, uh,manufacturing in the United
(12:25):
States and worldwide was done.
But I just think I've thoughtabout processing, so we'll go
ahead and cut this piece out.
We won't.
I mean, it's fun stuff here,but cool.
We have built systems early.
Cool that stuff.
Yeah, yeah, carry on.
Ryan Nelson (12:39):
So I mean basically , in summary, I'd say anybody
could go into finance, right,you don't need a degree in
finance, you don't need to.
Any background can be perfect.
There's lots of retiredteachers or somebody who goes
into finance who become verysuccessful because, again, they
can communicate complex conceptsin a digestible way.
(13:01):
So any background is great.
You just got to be willing tolearn and help others.
I'd say be patient.
Again, this is a career thatbuilds over time.
You're probably wise to educateyourself.
So find a mentor, stay curious,listen to the podcast, read the
books, just stay humble.
And then probably the singlemost important thing is be that
advisor that you'd want to workwith, Definitely.
(13:24):
Unfortunately, I think there's alot of advisors out there who
they would not put their ownmoney with that type of
themselves, almost Right.
So you know, I think it's.
It's that kind of thing that'slike just so incredibly simple.
Like what's the golden rule?
Do unto others as you'd wantthem to do, or whatever.
Like same thing.
Like be the financial advisoryou would want.
And guess what?
(13:45):
A lot of people will want you,and even if that means making
less money in the short term,it's probably even better for
you in the long term as wellright.
So, if you're the advisor thatother people want to work with,
again, don't be focused.
I mentioned earlier.
Don't focus on the earnings,focus on the learnings.
Same thing, just do what'sright, and I think a lot of
(14:09):
people will gravitate towardsthat.
Aaron Hoisington (14:11):
Yep, I think that that's a very solid thing.
There's a reason why it'scalled the golden rule because
you can apply that to a lot ofthings too, but you hit on one
piece and I'd be remiss if Ididn't touch back on it.
But so to be a financialplanner, do you have to have a
degree?
Is it required?
I don't really know, kind of,how that works.
I'm sure there's specificthings.
Ryan Nelson (14:30):
it's required for yeah, I don't want to misspeak,
because things have changed.
You certainly didn't need adegree at one point.
The licensing requirements havechanged since I got licensed.
When you say degree, do youmean college or high?
Aaron Hoisington (14:44):
school, yeah, college degree.
Ryan Nelson (14:47):
Yeah, Definitely.
At one point you did not need acollege degree.
I'm not sure with the change inlicensing if they've changed
that and you do need one.
There's certainly somecertificates that do require
degrees.
Yeah, so I don't entirely knowoff the top of my head.
Yeah, I was just curious.
Aaron Hoisington (15:05):
I would assume definitely the certifications
for sure.
Like I remember, one of myother friends got certified a
while ago and he was like, oh,he's going through all these
different things, but I alwayskind of figured it was maybe a
requirement, I mean a lot oftimes like nowadays, you apply
for a job and it asks for acollege degree or relevant
experience is kind of what itgoes through so yeah, I'd be
(15:26):
curious.
Ryan Nelson (15:28):
Yeah, Obviously you don't want to give.
That's one of those thingswhere I mean, by the time I went
into the industry I had amaster's degree already.
So if it was a requirement itwas just kind of like out of
sight, out of mind.
Aaron Hoisington (15:36):
I didn't really care so much.
I'm looking at that degreeright now on your wall there you
go Good of them, but awesome,anything else you want to touch
on here.
Ryan, you think we covered itpretty well.
I think you did too.
Yeah, I think that's great man,so awesome.
Everybody, hang tight here.
We'll be right back for thepersonal section.
Speaker 1 (15:55):
And now to put the personal in personal finance.
Aaron Hoisington (16:02):
Welcome back everybody.
This side of the FiscalPhysical Podcast.
Still here with Mr Ryan Nelson.
So, ryan, we're going to getinto the podcast.
Still here with mr ryan nelson.
So, uh, ryan, we're going toget into the uh, you know
hypotheticals here with thisquestion, because I, I love
those things.
So, um, are you ready, let's doit okay.
So, um, here's my question toyou if you could relive one
historical moment as a spectator, what would it be and by a
(16:24):
spectator, I'm either mean, youwere at the event or alive when
the event was taking place whatwould you say?
This would be.
Ryan Nelson (16:31):
Yeah, I think it would be cool to have been alive
for the landing on the moon.
Yeah, I just think it's like ahuge event for mankind right,
yeah, oh yeah.
Aaron Hoisington (16:42):
One small step for man, one giant leap for
mankind, I think, is what?
Ryan Nelson (16:46):
yeah, uh, so yeah, I think that would have been
maybe a fun, fun like event toto witness, um, and I know you
said just being alive, but man,what if you were actually?
Speaker 1 (16:56):
there sure yeah even cool.
Ryan Nelson (16:57):
Yeah, you're the first person to walk on the moon
.
That'd be pretty cool.
Yeah, um, yeah.
So I, I don't know, there'sprobably tons of these none,
none are jumping out, but Ithink being you, think
witnessing the landing of themoon, could have been really fun
.
What about?
Aaron Hoisington (17:09):
you 60 something.
He was like 16 or 17 at thetime.
(17:29):
He's kind of an older guy andhe remembers where he was still
Like when they land on themovies he was like, oh, we were
driving to this lake and we werelistening on the radio and
there was like a play by play oflike, and here comes Neil down
the ladder kind of thing, andhe's like and he says it's
burned into his brain Like 60years later he remembers that
specifically.
So how important and how bigthat is.
I think it's just absolutely.
(17:50):
That was immediately my firstthing.
But my other thing that I thinkwould be super cool is I like
golf, I like watching golf and Ithink that growing up I was a
big Tiger Woods fan and I wouldlove to have gone back to 1997
when he was 22 years old and hewon his first major at the
Masters at Augusta, okay.
(18:10):
And so he won the tournament at22 years old, blew the field
away, won by like 10 strokes,wow, and he was just like this
young African-American guy whowas just brash and celebrated
everything and the golf worlddidn't really know what they
were getting.
And there was going to be aperiod of about 10 years.
That was just pure dominanceafter him, but that was where he
really started.
(18:30):
So as a historical and a sportsguy, I think going back and
watching that event I think thatwould be cool, like seeing like
people talk about like, oh, wesaw that we were going to
witness greatness, like on thegolf course that would be fun,
so something like that.
I think back on maybe the firstSuper Bowl or something like
that and I'm like, yeah, that'dbe kind of cool to see.
So I think there's so manyevents that I would like to have
(18:52):
seen or experienced, but it'shard to pick just one here for
sure, yeah, super hard.
Cool, awesome, ryan.
Well, thank you so much, andthank you everybody out there to
our listeners Please check usout wherever you podcasts Apple
Podcasts, Spotify, whatever itmight be Rate, subscribe, listen
, download.
Set your calendars to Tuesdaymorning, when these podcasts
drop, and, ryan, I'll leave youto end us here.
Ryan Nelson (19:16):
As always, stay the course.
Speaker 1 (19:19):
Thank you for joining us for the Fiscal Physical
Podcast.
Until next time, happylistening and, as always, stay
the course.
If you have a question or topicsuggestions, please email us at
podcast at alchemywealthcom.
If you enjoyed today'sdiscussion, subscribe to the
(19:40):
podcast to ensure you never missan episode and consider leaving
us a rating and review on yourfavorite platform.
This helps other listeners likeyou find the show.
For more resources, you canvisit Alchemy Wealth
Management's website atwwwalchemywealthcom or find your
fiscal physical the book onAmazon.
We'd be remiss if we didn'tmention that personal finance is
(20:00):
just that personal.
Please don't take anything wesay as advice.
The preceding content is forinformational and entertainment
purposes only.
It's not an offer or asolicitation, nor should it be
construed or relied upon for tax, legal or investment advice.
It doesn't consider yourpersonal financial situation or
objectives and may not besuitable for you.
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