When Todd Clark sat across from us, the air buzzed with a blend of Arizona heat and entrepreneurial fervor; the founder of Ensign Partners had tales to tell that would ignite the fire in any aspiring business owner's heart. His family's legacy of business success and entrepreneurship was the spark that lit his path, and his journey – from the captivating financial workshop in college to the founding of his own advisory firm – is a narrative steeped in dedication and sheer grit. Our conversation delved into the tapestry of challenges and triumphs that mark the life of someone who doesn't just participate in the financial world but reshapes it to better serve the spirited business community.
The Ensign Partners approach, a seamless suite of advisory services, stands as a beacon for those navigating the complexities of legal, tax, and financial planning. Todd shared the insights gleaned from offering a one-stop-shop for entrepreneurs, emphasizing that a united team of experts doesn't just simplify procedures; it genuinely empowers clients to concentrate on their passions. We discussed the evolving needs of diverse business entities, from solo ventures to sprawling enterprises, and how personalization and high-touch service can profoundly impact their trajectories. The conversation also turned to the strategic partnership building and the foresight necessary in crafting an exit strategy – pearls of wisdom for any business owner charting a course toward scalability and independence.
Wrapping up with a heartwarming nod to the importance of community, Todd instilled a sense of camaraderie over competition. We talked about his upcoming podcast, "Nothing Personal, Just Business," which promises to shed light on the personal stories that often remain untold behind the business facades. Todd's commitment to creating abundance and aiding others resonates throughout our chat, a true embodiment of the spirit that sees connections and learning opportunities in every interaction. Don't miss out on the unique perspective and rich experiences Todd brings to the table, offering more than just financial advice – he's serving up life lessons that echo across boardrooms and personal spaces alike.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
You're tuned in to the Grit and Grow podcast.
Speaker 2 (00:09):
Hey everybody, welcome to the Grit and Grow
show podcast, the show where weget to sit down with amazing
entrepreneurs and hear thestories of their journey from
nothing to something, theirmotivations, what inspires them
and, ultimately, what led theirpursuit to turn their ideas into
reality.
Speaker 1 (00:25):
Today we're going to explore what it takes to start
your own financial advisory firm, and to help us with this topic
, we have an expert in thefinancial advisory field.
Founder and managing partner ofEnsign Partners, Todd Clark.
Todd, welcome to the show.
Speaker 3 (00:39):
Welcome to the show, Todd.
Thanks, you guys Reallyappreciate it.
It's so awesome having you here.
Speaker 1 (00:43):
Thanks for joining us today.
You bet Happy to be here.
Speaker 2 (00:45):
Yeah, I was going to say we had Todd in the studio
not too long ago checking outthe studio for a podcast that
he's interested in doing.
Absolutely and maybe we cantalk about that a little bit
later, but it's great to haveyou here actually on the Grit
and Grow podcast.
Speaker 3 (00:58):
Thank you.
Speaker 1 (00:59):
Glad to be here, so tell us a little bit about your
background.
What got you into financialadvisory and how did you get
here?
Speaker 3 (01:05):
You know it's a great story.
I grew up as a young kid lovingbusiness.
My dad was a business guy, mygrandfather on my mom's side was
a business guy and I grew uparound business and I loved
business.
Started a small business when Iwas young, cutting grass.
My first capital investment wasthat of a riding lawnmower.
I would in a third partner withmy dad, a third partner with my
(01:30):
brother, a third partner myself, and increase the number of
lawns that we could do.
Started a couple of smallbusinesses in college and I was
on my way actually to law school.
I thought that's what I wantedto do.
Speaker 1 (01:39):
Okay.
Speaker 3 (01:39):
And I got invited to a money workshop when I was at
college and I got invited by agood buddy of mine and I didn't
show up.
Speaker 1 (01:46):
I said no, no, I didn't show up.
Speaker 3 (01:49):
And he called me afterwards and he said hey, why
didn't you come?
And I said I don't know, I gotbusy, I'm in college.
He said you got to come and soI went to a money workshop and I
learned about compound interest, I learned about the rule of 72
.
I learned about so many justsimple topics around tax savings
and retirement savings.
And here I was about tograduate from college and I had
(02:11):
no idea how money worked and Iknew if I didn't know lots of
other people didn't know, so myjourney was off and running from
that point.
Speaker 1 (02:20):
Okay.
Speaker 3 (02:21):
Just got into the financial field.
Speaker 1 (02:23):
Awesome, so are you.
So we're in arizona.
For everyone that's watchinglistening, we're in the phoenix
arizona area.
Uh, gilbert, arizona.
Uh, todd, where are you from?
Speaker 3 (02:31):
yeah, so I grew up in the midwest when I was really
young, born in nebraska, acouple of 10 years in st louis.
I'm a diehard st louiscardinals fan awesome I love the
running redbirds.
I know it's tough but I grew upreally my teenage years out in
Connecticut and it was awonderful place in the Northeast
fast paced, lots going on and Ireally enjoyed my upbringing.
Speaker 1 (02:54):
Wow, lots of lots of different culture.
Yep, I'm married to.
Speaker 3 (02:57):
California girl.
I spent 15 years there and now.
We've been in Arizona foralmost a decade, so we love it
here.
Speaker 2 (03:03):
This is home.
What part of?
Speaker 3 (03:04):
California, San Diego .
Speaker 2 (03:06):
San.
Speaker 3 (03:06):
Diego area, nice Good stuff.
Speaker 1 (03:08):
So when did you discover that you had a passion
for financial services?
Speaker 3 (03:13):
Yeah, it's great.
So my story, as you will, is Iwent to that workshop in college
and I went and approached theguy who gave the workshop
afterwards and I said hey, Iwant to work in your field.
I had no idea anything aboutmoney, but I said I want to work
in your field and he said okay,kid, interview with this guy.
And I interviewed with the guyand he said you're too young.
(03:33):
And I looked at the guy and Ihad enough confidence to say to
him well, if you give me a shot,I'll have your job within a
year.
Oh, wow.
Speaker 2 (03:42):
He didn't hire me.
The guy said no.
Speaker 3 (03:44):
The guy said, no, I'm gonna hire you.
But I found another guy withthe same firm who said I'll give
you a shot and I had a lot ofsuccess early.
I was willing to do the work.
I was going to college fulltime, working in an intern type
role.
I sat for my first license Iwas actually doing another
internship and was studying atthe same time went and took my
(04:05):
first license and the rest washistory.
So really a great opportunityto great American story.
Just wanted it and went afterit and was able to have a lot of
success early on and it's beena great career ever since.
Speaker 2 (04:17):
So what were a couple of moments that led you to want
to start your own firm and notjust work for another firm?
Speaker 3 (04:24):
Yeah, so I think that entrepreneur spirit has always
been a part of me.
I love business, I lovebusiness ownership, and so when
I was early on in the career, Iworked for a firm.
I had success.
I moved to California, where mywife was from, and I wanted to
have my own office.
So I opened my own office.
I had a lot of success thereand I was able to, when we
(04:47):
relocated to Arizona, then openup our current firm out here in
Arizona about 10 years ago.
So I've always had a piece ofthe action in some sort of
ownership capacity.
Speaker 2 (04:57):
Are you here in Arizona to stay at this point?
I am, yeah, I love it.
I love the heat.
I know you.
Speaker 3 (05:03):
I love the heat, I know you got to love the heat if
you're going to be like Arizona.
Speaker 1 (05:05):
You really do.
Speaker 3 (05:06):
We love it out here.
Yeah, we really do.
That's great, thank you.
Speaker 1 (05:09):
But yeah, I mean just to kind of tag on to Brian's
question in order to do this.
I'm sure there's a lot of youngpeople, even that might be
listening or watching the showtoday that are interested in
getting into financial services,maybe becoming a financial
advisor.
But taking it to that nextlevel where you're now expanding
(05:33):
on different product and you'reoffering you've got employees,
you've got quite a presenceright and so, to take it from
okay, I think I want to become afinancial advisor to.
I think I want to become afinancial advisor to.
I think I want to own afinancial advisory firm.
Speaker 2 (05:48):
that's a huge step.
Yeah, and just to let ourlisteners know, it's much more
than just a financial advisoryfirm.
Speaker 3 (05:55):
Correct.
Speaker 2 (05:55):
There's a wide range of services and benefits that
your clients have when they cometo you from taxes, from tax
taxes to tax planning, financialadvising, legal strategies,
that kind of thing.
So it's it's much it's growninto be much more than just
financial advising.
Speaker 1 (06:10):
Yeah, in fact.
So just to back up really quick, though, so for that that
person, that young professionalthat might think that, okay, I
think I want to pursue thiscareer in financial advisory,
financial services Yep, what'ssome advice that you would give
someone, a young person, that'sconsidering maybe transitioning
from insurance into financialadvisory?
Speaker 3 (06:31):
Yeah, you know it's.
It's interesting, I would say.
First of all, you've got to bewilling to take a little risk
right.
You, just you so many youngpeople today, they, they, they
say they want it, but are theywilling to go and do it right?
And if you're willing to take alittle bit of risk and I'd say,
take calculated risk, don't justtake undue risk and if you can
(06:52):
find the right mentor to helpyou get started in this career
it's not a job, it's a careerbut if you get yourself to a
point where you say, hey, I feellike I can do this, then go for
it.
And I really believe in theAmerican dream, I believe in
business ownership, I believethere's lots and lots of
opportunity if you'll just goseek it out.
(07:14):
But you've got to be willing toput together a plan.
You've got to have the rightconnections and relationships to
help you get on your feet.
And then you've got to go dothe work to have the success.
And we've been blessed.
I've been blessed with greatmentors along the way, great
people who've helped shape meand who I am and helped open up
(07:34):
doors to be able to give me theopportunity to go from the early
years.
We call that survive.
Speaker 2 (07:39):
That's right.
Speaker 3 (07:40):
To be able to really build something and thrive.
And there's always a journey inbusiness, but there's certainly
a journey in the financialservices realm or in the
financial advisory realm, andyou've got to make yourself
unique and you've got to find aclientele that you're passionate
about serving.
And then, if you've got those,things dialed in, do it.
Speaker 1 (07:59):
It seems like you've found all of those things.
Speaker 3 (08:01):
Yeah, I've been blessed.
I've really been blessed.
I certainly understood, owningother businesses, how difficult
it is to own a business, and soour firm now positions we work
almost exclusively with businessowners and we've built the
additional types of lines ofbusiness that we do to help
(08:22):
lighten the load or ease theburden of business owners.
So most business owners get intoa business by happenstance
right, they're Joe the plumberworking for Bill the plumber,
and they end up opening up Joe'splumbing because they're tired
of working for Bill.
But they're really not abusiness owner, and so they end
up owning a business and beingthe plumber and trying to manage
(08:46):
the business.
And it's a disaster and itreally becomes.
After a year they're exhausted,or two years and they just say
I'm making the same or lessmoney doing twice or three times
the work I'm out.
So our firm really haspositioned itself to say we can
lighten your load.
You know, joe the plumber, wecan help do the things the legal
(09:06):
work, the tax work, theinsurance work, the financial
work to help lighten your loadso you can go run a plumbing
company and have the confidenceto go hire other plumbers to
really be in business, if youwill.
That's great, that's fun.
Speaker 1 (09:21):
That's cool.
So, looking back, so you're onthis side of the hill, so to
speak.
Right Depends on what hill'snext, right?
So, looking back, what'ssomething?
Speaker 3 (09:33):
that you would have done differently.
You know I've thought aboutthat a lot and my road has been
anything other than straightright.
And so I started with a firm.
I kind of maxed out at thatfirm.
I went to another firm.
That firm, actually, when thefinancial crash happened, went
out of business.
So I ended up associating withanother firm where it was tough.
(09:57):
So I think if you can find theright place where you can be
long term is wonderful.
But the advice I would alwaysgive is people matter more than
company.
It's really the people that yousurround yourself with, and so
you know that's great advice.
If you can be with good peoplewho have like values and you can
(10:18):
get mentored by the rightindividuals.
You can make it no matter whatgets thrown in your way.
You can make it no matter whatgets thrown in your way Because
I started in the business in1998, right at the very end of
1998.
1999 was the best stock marketyear.
1998 and 1999 was the dot-comboom and I thought I was the
greatest financial guy in theworld.
And then 2000 hit and MarthaStewart went to jail in 2001.
(10:42):
And Ron went.
I had three years, the worstthree market years in a
generation, but I had goodpeople around me and so we were
able to weather the storm.
And you've got to have the gritright to grow, like the name of
your podcast.
Speaker 1 (10:55):
You've got to be willing to get after it and get
it done.
Thanks for the plug, Tom.
I love it.
I appreciate that you got it.
So when did you discover thatthere was a need for, like a
one-stop solution where itall-encompassing?
You know, like to start withone product and then now you're
going to add a whole nothersegment of business offering.
Speaker 3 (11:18):
I mean it's challenging, but when did you
figure that out?
Yeah, I always had envisioned,really over the last 20, 25
years, one day having a companythat could support business
owners.
Being in California and I spent15 years there the regulations
are tough, Business is tough,and so I didn't feel like I
could grow that there.
But moving to Arizona about 10years ago, I knew that's what we
(11:42):
wanted to build.
And so we went about makingthat happen a piece at a time
and attracting the rightindividuals.
Speaker 1 (11:50):
But you already knew it, I knew it, you knew, this is
what you wanted.
Speaker 3 (11:54):
I knew that I wanted to build something because, as
an entrepreneur myself, I knewthat there's so many of the back
shop things that mostentrepreneurs are really quite
terrible at.
Or they're doing late at nightor on Saturday, on the weekends,
when they should be spendingthat time with family yeah,
they're managing the back shopof their business, or they're
not at all, which maybe is worseright and they they're on a
(12:18):
slow road or a quick road to goout of business, and so we we
just do that heavy lifting forthem and let them get back to
being a business owner andgrowing their business.
So because I've owned severalbusinesses and I knew those
challenges, I always wanted toprovide a solution there.
And that's what we've built atEnsign Partners.
Speaker 2 (12:35):
And I think that one of the One of the aspects of
Ensign Partners that makes it soeffective is that it's an
integrated advisory approach.
So I kind of liken it to.
We have a son that's gotspecial needs and we've been in
and out of the hospital.
Speaker 3 (12:50):
We have all these different specialists Right.
Speaker 2 (12:51):
So we have a lung guy , we have a GI guy, we have a
heart guy, we have all thesedifferent things.
Thank goodness he's doing greattoday.
Think of that in the same waythat your whole approach to
(13:18):
advising your clients is where,when you have a team of people
and you have a tax expert and alegal expert and an accounting
expert and you're not going tohave that same back and forth
and probably not the mosteffective outcome from a overall
business planning strategy andnot have to work 80 hours a week
.
Speaker 3 (13:31):
You hit it right on the head.
So without an integratedapproach, right, the burden
becomes that owner having toquarterback all of those things.
Now let's be clear Mostbusiness owners, they don't have
a tax background, they don'thave a financial background.
Maybe they do one of thoseCertainly don't have a legal
background.
Right, and insurance, nobodylikes.
(13:52):
Let's just be clear, right.
Speaker 2 (13:53):
So that's something you have to do.
No, I love it, but most guyspeople just they think it's a
necessary evil.
Speaker 3 (14:00):
I don't, but anyway.
So what you find is that peoplehave to quarterback all of that
stuff themselves.
I love to ask when's the lasttime your tax guy and your
attorney had a conversation andthe answer is never, because
most people don't even have anattorney.
Or your financial guy and yourinsurance guy when's the last
time they communicated theanswer is never.
(14:21):
And so not only can they notgive you good advice because
they don't know your fullsituation, because they only go
in their column or in their lane, but you've got to interpret
one telling you one thing andthe other giving you advice.
That's completely contradictory, and so what happens is most
people they get crippled andthey don't do any of it, which
is even worse in some ways.
(14:42):
So there really is a need and apassion that we have to give
integrated advice.
One team, one plan, one billthat's what we like to say.
Speaker 1 (14:52):
One team, one plan, one bill.
That's great.
Yeah, Thank you.
So how did you come up with theformula, though, for it?
Speaker 3 (14:59):
Oh, some days you got to be lucky, right.
Speaker 1 (15:02):
No, literally, it was just what needs yeah.
Speaker 3 (15:05):
Because in the past, as a financial planner, as a
financial advisor previously, Ihad CPA relationships I would
refer people to.
I had attorney relationships Ireferred people to.
I had banking relationships Ireferred people to.
At this stage of my life, Ilike owning things, so I said
I'll just own it all right,instead of referring it out
(15:26):
because it's better to bring itin-house so we can have that
experience for the client.
But also you refer somebody toan attorney to do the estate
planning.
You hope it gets done, but ifyou don't have a financial
vested interest in it mostpeople don't even verify and you
meet with your client a yearlater and you're like how's that
estate plan?
Oh, we never got around todoing it.
Well, what happened if they gothit by a truck?
Speaker 2 (15:48):
you know, in the last six months or what have you?
Speaker 3 (15:51):
You're not sure it's done.
We've had many clients come tous who were cleaning up messes
because of things that happenedin their life, because they
didn't have an integrated plan.
That we're having to, you know,rebuild or put the pieces back
together for them that if theywould have been a client with an
integrated plan, never wouldhave happened.
Or if tragedy happened, or whathave you, the pieces would have
(16:13):
would have stayed at least onthe on the chessboard instead of
being all over the floor.
Speaker 1 (16:18):
So are you growing like crazy?
Speaker 2 (16:20):
Yeah.
Speaker 1 (16:21):
I mean, this seems like it would be in high demand.
Speaker 3 (16:25):
Yeah, there's a lot of power of attraction.
There's no doubt about it.
And I'll tell you the blessingis we really set out to do as
much as we could be a referralonly business right.
We really are not looking tohave thousands and thousands of
clients because our scale is tobe able to deliver to the end of
the row.
It gets watered down so wecould package things and market
(16:48):
it that way, but we're ahigh-touch shop so we're very
selective on who we bring in.
But when we bring them in,they're good for us, we're good
for them and we go very deep inour relationship.
And I think that's one of thoseuniquenesses that we love is we
know the lives of our clientsintimately and we're a big part
of their life and they are a bigpart of ours.
(17:09):
So there's a lot of demand.
We're growing at the pace wewant to.
Speaker 2 (17:13):
I'll just leave it at that, that's great, so talk
about your ideal client, likethe type of clients that you
represent or advise.
Speaker 3 (17:22):
Yeah, that's a great question.
So we have three tiers ofclients, if you will, and it's
been an evolutionary process, asany business is so you have
that real small business.
Tier one, if you will, lessthan a million dollars in
revenue.
The solopreneur, right, theindividual who's really out
there giving it all they have.
Do they really have acomplicated business?
(17:43):
Not, usually they don't haverent, or maybe they do, maybe
they're an executive suite.
You've got guys like that thatyou know.
You know maybe they have anemployee but they don't run much
payroll.
There's limits on how much theyreally need.
We have kind of a package forthem, a founders or a startup
package, where we provide somebasic services that just help
(18:03):
them get out of their own way sothey can start to grow.
Tier two is really thosebusinesses a million to five
million where they got somethinggoing on right.
Their lives are starting to getmore complicated and they have
more moving parts.
And what we find is they have awhole new set of needs, that
they're very ill-equipped andvery unaware sometimes that they
(18:25):
need to take care of them.
What they do know is thatthey're busier thanequipped and
very unaware sometimes that theyneed to take care of them.
What they do know is thatthey're busier than they should
be or want to be and they'relooking for help.
That's really our bread andbutter.
Those are the clients who wecan add tremendous value to and
we can help them take theirbusiness from a $2 million
business to a $4 millionbusiness or a $4 million
business to an $8 millionbusiness.
(18:46):
The cherry on top for us andwhere we're really attracting a
lot of our new clients, are evenin that third space, if you
will, of clients who you knowthey've grown to.
Now they're five plus.
They have a whole new set ofneeds and a whole new set of
desires, and now we're workingon, you know, mergers and
(19:07):
acquisitions.
They want to buy otherbusinesses or they want to sell
parts of their business, or theywant to build a family legacy.
And how do they build a limitedfamily partnership?
Speaker 2 (19:17):
Or.
Speaker 3 (19:18):
I want to build an equity stock program for my
employees and help them becomeowners in the company.
So now there's all sorts ofcool new things, new toys right,
that we help them play with tobe able to really have a great
life.
Because once their business isthat big, they have enough
people around them.
If they're running a goodbusiness, they have good enough
systems that it's really notabout the owner anymore.
(19:39):
The owner now can have choiceson how they spend their time,
and we want to help them spendtheir time giving back in the
community, building legacywealth, that sort of stuff.
Speaker 2 (19:50):
Have you reached that stage yet at Ensign.
Speaker 3 (19:53):
We're doing fine.
Yeah, we're doing fine.
We're right at that precipiceof that leap.
If you will, Are they dependentupon me?
No, they prefer I'm not in theoffice.
Let me be perfectly clear.
Speaker 1 (20:04):
So I have great people.
Speaker 3 (20:06):
I have great people who really run things for the
most part without me.
I'm the tornado that comes inand just make sure it's all
getting done.
Speaker 2 (20:13):
So it's fine, I mean because it really is.
It's as much and maybe moreabout having the right people,
like finding and attracting theright people to build, as it is
just trying to grow the numbersright.
Speaker 3 (20:25):
100%, yeah and I think, at the end of the day,
success in business is all aboutsystems.
If you don't have great systems, you don't have a great
business.
I mean the business.
You should run the systems, thesystems run the business.
And so business owners thathave great systems, you know
they're not dependent uponpeople.
Somebody leaves, somebody goesout on, gets sick or moves out
(20:46):
of state.
You can replace them withanother competent person that
can plug right into a goodsystem.
So we're very systems focused.
In terms of what we do, we'regetting better every day.
I'm not saying we're perfect,but that's something we work on.
But that's something we teachwith our clients as well.
If they really want to grow agreat business.
It can't be all about them, andtoo many people are in business
(21:07):
for the wrong reason, right,it's an ego stroke.
Well, yeah, mr Business owner,it's not all about you, it's all
about your people.
It's about your systems If youwant to grow a great business.
So that's fun, that's greatadvice.
Yeah, once in a while I canthrow out a good nugget Remind
my kids of that.
Speaker 1 (21:26):
Remind my kids of that, exactly, exactly.
So back to advice.
So if you could give someadvice to somebody that was
thinking about starting let'ssay they've already become a
financial advisor and orinsurance agent broker what
advice would you give them tostart their own advisory firm?
Speaker 3 (21:46):
Yeah, so, decide first of all, from the beginning
what you want the end to looklike.
Why are you doing this?
Are you doing it to sell it?
Are you doing it because you'vegot a son or daughter you want
to bring in the business withyou?
What is your motivation forgrowing a firm of your own?
Because I think that reallymatters, because there's
different things you can do.
(22:07):
There's different ways you canset things up to drive
reoccurring revenue ormarketable assets instead of
non-marketable assets.
As it relates to what's yourexit strategy, Every business
owner should have an exitstrategy.
Every financial firm shouldhave an exit strategy from the
beginning, and then you go buildit right.
So do you need a businesspartner or not?
Partnerships can be messy.
(22:28):
Some people don't work wellwith others.
Partnerships can be great.
I have a partnership and I loveI didn't start that way, but
I've rewarded some of my bestpeople to become partners in the
firm.
Much like a law firm, we reallyhave a whole process of growing
people into partnership.
Speaker 1 (22:45):
That's great.
Speaker 3 (22:45):
Because I'm an abundance guy, so I want people
to thrive.
Speaker 1 (22:49):
I want people to not just survive.
Oh, and you want to buy it.
You want the feeling ofownership Like this is mine,
this is part mine, yep, andthere's a great pride of
ownership that comes along withthat.
Speaker 3 (23:00):
And you've got to develop in the financial field.
You've got to have greatrelationships.
So, to develop in the financialfield, you've got to have great
relationships.
So are you going to be a wealthmanagement guy, all right.
Are you going to do it throughdirect stock portfolios and set
up your own RIA, or are yougoing to use third party asset
managers?
There's no right or wrong, butyou've got to have what is our
business.
But you've also got to say whatare we going to do better than
(23:21):
anybody else?
Most people think, oh, I'm thebest wealth manager in the world
, or I'm the best wealth managerin the world, or I'm the best
insurance guy in the world.
Speaker 2 (23:26):
No, you're not.
Speaker 3 (23:27):
Let's be clear there's smarter people down the
street, across town, whatever,but you can be the best at
something.
You can be at something and, atthe end of the day, I think the
most important thing to be thebest at is relationships.
People don't buy your stocks,people don't buy your insurance.
They buy you.
And so if you have theconfidence to be able to say I'm
(23:47):
willing to go, take some risk,I want to go own it, build your
plan, see the end from thebeginning, get the right
relationships so you have theproducts and services that you
can market, but then go be thebest relationship guy or gal
that you can be and you'll nevergo broke.
Speaker 2 (24:06):
I love that, or you'll be able to always, always
be able to connect people withwith the right solutions.
Speaker 3 (24:11):
There's great solutions out there that they
got to connect with you.
The solutions are just thegravy that's such great advice,
thank you well and speaking ofpeople in relationships.
Speaker 2 (24:21):
I had a chance to explore your website and one of
the areas that I foundparticularly interesting and
awesome was the various eventsthat you foster and put on for
your clients, and you answeredone of my questions.
I was trying to figure out whatis a founding member when I was
looking at the different typesof events that you do and talk
to us about the importance ofthat of providing clients with
(24:43):
additional education events,networking events, those type of
things.
Speaker 3 (24:48):
You bet Again.
I'm a big believer in communityright, and so I love the
community and where I live, Iget involved in the community in
our workplaces, a communitywith our clients.
We want it to be aboutcommunity, and so if you want
shallow relationships, well then, just see people once a year at
the office.
You want deep relationships?
Well then, just see people oncea year at the office.
You want deep relationships,have them in multiple times and
(25:09):
do things outside of work aswell, and people are busy.
So we like to say we don't haveevents.
We have exceptional experiences, and the reason why is we try
to create events that theycouldn't do on their own.
So I'll give you an example.
We did opening day at the Cubsminor league spring training or
the major league, but the springtraining.
But we didn't just do openingday, we did a big tailgate and
(25:33):
we flew in food from Chicagolike true.
Chicago does right, so thewhole nine yards, and so clients
came.
They brought their kids.
We had a fantastic tailgateright next to the door.
Speaker 1 (25:45):
Did you fly it in from Portillo's?
Speaker 2 (25:47):
No, no, no, no, no no .
Speaker 3 (25:48):
We flew in all the ingredients and then I cooked.
Speaker 2 (25:50):
All the way from Woodensfield Road.
Speaker 3 (25:52):
Yes, I grilled the dogs Very nice and you know, the
buns, the celery salt, I meanit's something to do.
A Chicago dog, it's an art,they're it's, it's an art.
Those are my favorite.
Yeah, they're the greatest, butthat was an experience, so our
clients loved that.
It was unique, somethingdifferent, and then of course,
(26:14):
they enjoyed, you know, fun, afun ball game.
So we try to do things when weget clients together that are
impactful and allow them to tohave fun, whether there's a
family event or a client event,or was that a client event?
Speaker 1 (26:22):
That was a Client event?
That was a client event.
Man, okay, that sounds reallyreally cool.
Speaker 3 (26:27):
It was fantastic.
That sounds amazing, you bet.
Speaker 1 (26:30):
That was great stuff, bringing people together.
That's right.
Speaker 3 (26:32):
It's amazing We've got an event coming up this next
month.
I want to write that down,there you go.
Speaker 1 (26:37):
There, you go.
Speaker 3 (26:47):
We're doing an event at Chase Field the Diamondbacks
next month, but we're doing abusiness builder at Guy Fieri's
right across the street A nicelunch business builder talking
about some business concepts andthen enjoying a game together.
So if you can give people valueas well education and then have
fun together, it's even better.
So we'll have 50 businessowners out together doing that,
(27:10):
so it's a lot of fun Very cool.
Speaker 2 (27:12):
Have you ever had clients cross-pollinate at these
events Like find new businessopportunities?
Speaker 3 (27:17):
All the time.
And that sense of communityagain is I have clients who are
building houses for otherclients.
I have clients who utilize theservices for other clients.
I have clients who utilize theservices for other clients.
We have a referral network, ifyou will, and we love to connect
.
We tell our clients if there'ssomething wrong, call us Now.
We got a phone call a couple ofyears ago from a client that
their roof got blown off by alittle microburst.
(27:39):
Hey, do you guys have areferral for roofing?
You bet we do.
Speaker 2 (27:42):
We don't do roofs, but we're able to connect them.
I for roofing, you bet we do.
Speaker 3 (27:45):
We don't do roofs, but we're able to connect them.
I got a guy and they were sograteful like all right, well
then they got to be a good guybecause they're connected
through you and they got takencare of so fantastic.
Speaker 1 (27:53):
Community matters.
It does, it does.
We have a lot of that going onhere now, just this internal
network of referring partnersthat it's just been an amazing
thing to be a part of.
Speaker 3 (28:04):
A lot of momentum can come with that Amazing.
Speaker 1 (28:06):
Pretty neat.
Yeah, amazing thing to be apart of A lot of momentum can
come with that.
Speaker 3 (28:08):
It does, and a lot of good synergy.
It does, it really does.
Speaker 1 (28:09):
Synergy that didn't exist before.
Speaker 3 (28:11):
Fantastic, that's great.
Speaker 1 (28:13):
Yeah.
So, what's next for EnsignPartners and Todd Clark?
That's a heck of a question.
Speaker 3 (28:27):
I love that.
I know we're talking about apodcast, so we don't want to
spoiler that.
I'll give a shout out.
We are going to launch apodcast.
We were slated to launch abouttwo months ago.
We got real busy with taxseason and decided to punt on it
, but we are launching a podcast.
Speaker 2 (28:39):
I'm not going to give any more information about it
because it might take away fromyour guy's show.
No, it's okay.
Speaker 3 (28:41):
But I'm excited about that because it's an
opportunity for us to connectwith our clients and our clients
who are connecting us withother clients, and just give
people a chance to tell theirstory, which I think is fun.
Speaker 2 (28:53):
Okay, you probably just answered it, but do you
have what the show is about?
So can you tell us in like asentence or two?
Yeah, the name of the show isactually going to be.
Speaker 3 (29:02):
Nothing personal, just business.
Awesome.
But the flip on it is it'sactually going to be about their
personal lives, right?
Instead of just business.
So, we're going to talk abouthow business owners really built
the empires that they built, soit'll be a lot of fun.
Speaker 2 (29:16):
So, speaking of that, we had a chance to meet your
dad.
Yes, we did, he seems like agreat guy who raised a really
awesome guy as well, raised areally awesome guy as well.
What influence did he have onyour upbringing and just in
building the business that youare building?
Speaker 3 (29:32):
Yeah, I appreciate you asking.
I'm blessed that I was giventhe opportunity to grow up in a
wonderful home, parents who notonly provided well, but they
took the time to teach theirchildren right.
I think that's one of thehardest things today is people's
(29:52):
lives are so busy or they justplug their kids into stuff
instead of building family, truefamily.
And I watched my dad reallyhave a rags to riches story.
He grew up, um, without money,um, he did it the old school way
of hard work and determinationand and he taught me great
principles and I'll be able touse a little bit of a little bit
(30:17):
of, uh, what he taught me witha little bit of luck and been
able to had a lot of success onon my own.
I'm grateful for my upbringing.
I think it.
I think it matters.
At the same time, I think somepeople say, well, I didn't get
brought up a certain way, so I'mnot going to succeed and I just
would throw that out right nowand say it's just it's just
garbage.
You can be whatever you want tobe.
(30:37):
We live in the greatest countrywith the most opportunity, but
you got to be willing to do thework, and I'm grateful for a
father who taught me that taughtme to work hard.
Speaker 1 (30:46):
So so what's next for Ensign?
That's great, yes.
What's next for?
Speaker 3 (30:51):
Ensign Sure.
Thank you, thanks for thatopportunity.
So a couple of things.
Yeah, we're, we're going tolaunch a podcast.
That's going to be a whole lotof fun.
I I also have a foundationcalled Ensign Partners
Foundation, okay, and that we doa lot of work with Phoenix
Children's Hospital.
Speaker 2 (31:08):
It's a lot of fun.
Speaker 3 (31:09):
We do a big auction every year and we've had a lot
of success in being able to getpeople in the community to think
more about community.
That's important to me.
Speaker 2 (31:17):
I've said that a couple of times, I think but it
is.
Speaker 3 (31:20):
But I also have gone through a health journey.
The last year I've lost 70pounds myself.
I'm really committed right nowand doing some things with
education in the realm of health, and health and wealth kind of
go together, if you will.
One doesn't have to be.
You know, I don't think I haveone without the other in some
ways, and so I don't know,there's always something my wife
(31:42):
says you're going to startanother business or you're going
to yes, babe, I am.
That's how I'm wired and I loveit.
I, I, uh, I'm a I'm anabundance guy and I want to be
able to help bless the lives ofother people.
So I've been very, very blessedand I love blessing the lives
of other people.
Speaker 2 (31:58):
So there's plenty to come.
Speaker 1 (32:00):
I love it.
I love it.
Speaker 3 (32:02):
You'll have me back on for another business or
another very soon.
Speaker 1 (32:05):
Yes, we will.
It's all good Anytime.
You'd be welcome anytime.
Thank you, I appreciate it.
Anything else that you want toshare in this show?
Speaker 3 (32:14):
Well, I want to just thank you guys for the
opportunity.
I think you guys have been andreally have a desire to be
connectors and in business andin life.
Associating with connectors ismagic and it really is.
And you were talking about howyou've had some recent kind of
little incubator interactionmomentum.
(32:36):
That's happened with otherpeople and that's because of you
, that's because of who you are.
So I'd say, keep doing it, andI appreciate the opportunity to
be on your show and to build adeeper relationship with you.
And I've always said too manypeople try to make it up instead
of asking people for theanswers.
Right, and you guys are sharingthe opportunity for people to
learn answers.
It amazes me how many peoplewill not ask successful people
(33:01):
how they've been successful andlearn from them.
It's almost like they think Igot to figure it out myself.
No, how they've been successfuland learn from them.
It's almost like they think Igot to figure it out myself.
No, the best thing you can dois learn from the mistakes of
others, learn from the successesof others.
You got to chart your own path.
You got to have your ownjourney, but go for it.
Speaker 1 (33:16):
And that's the premise of the show, really,
absolutely, we want to hear thestories, we want to hear what it
took you, what were some of themistakes, what things would you
do differently?
Yeah, so yeah, we reallyappreciate you being on the show
today.
Speaker 3 (33:27):
Pleasure is 100%, mine, absolutely.
Let's do it again.
Speaker 2 (33:30):
I just want to add that that it is about
connections, like when weconceive this show and when we
have people like Todd on theshow.
It's it really is.
It's about the connection, butit's from a service perspective.
One of my favorite books is thego-giver love it and have you,
uh, have you read that one?
I have, oh, it's awesome andit's um it just it teaches that
that the more you get outsideyourself, the more you look for
(33:52):
opportunities to help and serveothers, whether that's a uh, you
know, a service project or ifit's, if it's helping people
connect businesses together.
Um, it's, it's an amazingfeeling and and we, we and we
get a lot of fulfillment out ofthat as well.
So it really is about we lovemeeting the people that we get
to meet on the show, but we findthat the connections that we
(34:13):
make we end up connecting themto other people and it's just
this whole thing.
Speaker 1 (34:17):
It's like a community service is really what we're
doing.
Speaker 3 (34:21):
I mean, one of the coolest parts is when you
connect with others.
You learn, they learn.
But really everybody shouldlift.
So many people are focused onwho's my competition?
I don't really have a bigbelief in competition.
I think we are our owncompetition right.
And if you just go build whatyou want to build your way and
be the best at it.
(34:42):
There's no such thing ascompetition.
Certainly you got to payattention in your space of who's
doing what, but I say, connectwith them and learn from them.
Don't just try to.
Don't feel like you have to stepon somebody to step up, because
I just don't think that's thecase and I think our country
needs more coming togetherinstead of pulling apart.
And certainly in the world ofbusiness, too many people have a
(35:03):
myopic.
You know I own this.
No, you don't.
Every good idea has beenborrowed, or something from
somebody else.
Put them together in your ownway and go grow a great business
.
Speaker 2 (35:14):
So it's a lot of fun.
Well, Todd, thank you so muchagain for being a great, awesome
guest on our show.
We really appreciated your time.
Speaker 3 (35:21):
Thanks for the opportunity guys.
Thanks again, todd, you betTake care the opportunity.
Thanks again, todd, you bettake care good luck.
You're tuned in to the Grit and Grow podcast.
Speaker 2 (00:09):
Hey everybody, welcome to the Grit and Grow
show podcast, the show where weget to sit down with amazing
entrepreneurs and hear thestories of their journey from
nothing to something, theirmotivations, what inspires them
and, ultimately, what led theirpursuit to turn their ideas into
reality.
Speaker 1 (00:25):
Today we're going to explore what it takes to start
your own financial advisory firm, and to help us with this topic
, we have an expert in thefinancial advisory field.
Founder and managing partner ofEnsign Partners, Todd Clark.
Todd, welcome to the show.
Speaker 3 (00:39):
Welcome to the show, Todd.
Thanks, you guys Reallyappreciate it.
It's so awesome having you here.
Speaker 1 (00:43):
Thanks for joining us today.
You bet Happy to be here.
Speaker 2 (00:45):
Yeah, I was going to say we had Todd in the studio
not too long ago checking outthe studio for a podcast that
he's interested in doing.
Absolutely and maybe we cantalk about that a little bit
later, but it's great to haveyou here actually on the Grit
and Grow podcast.
Speaker 3 (00:58):
Thank you.
Speaker 1 (00:59):
Glad to be here, so tell us a little bit about your
background.
What got you into financialadvisory and how did you get
here?
Speaker 3 (01:05):
You know it's a great story.
I grew up as a young kid lovingbusiness.
My dad was a business guy, mygrandfather on my mom's side was
a business guy and I grew uparound business and I loved
business.
Started a small business when Iwas young, cutting grass.
My first capital investment wasthat of a riding lawnmower.
I would in a third partner withmy dad, a third partner with my
(01:30):
brother, a third partner myself, and increase the number of
lawns that we could do.
Started a couple of smallbusinesses in college and I was
on my way actually to law school.
I thought that's what I wantedto do.
Speaker 1 (01:39):
Okay.
Speaker 3 (01:39):
And I got invited to a money workshop when I was at
college and I got invited by agood buddy of mine and I didn't
show up.
Speaker 1 (01:46):
I said no, no, I didn't show up.
Speaker 3 (01:49):
And he called me afterwards and he said hey, why
didn't you come?
And I said I don't know, I gotbusy, I'm in college.
He said you got to come and soI went to a money workshop and I
learned about compound interest, I learned about the rule of 72
.
I learned about so many justsimple topics around tax savings
and retirement savings.
And here I was about tograduate from college and I had
(02:11):
no idea how money worked and Iknew if I didn't know lots of
other people didn't know, so myjourney was off and running from
that point.
Speaker 1 (02:20):
Okay.
Speaker 3 (02:21):
Just got into the financial field.
Speaker 1 (02:23):
Awesome, so are you.
So we're in arizona.
For everyone that's watchinglistening, we're in the phoenix
arizona area.
Uh, gilbert, arizona.
Uh, todd, where are you from?
Speaker 3 (02:31):
yeah, so I grew up in the midwest when I was really
young, born in nebraska, acouple of 10 years in st louis.
I'm a diehard st louiscardinals fan awesome I love the
running redbirds.
I know it's tough but I grew upreally my teenage years out in
Connecticut and it was awonderful place in the Northeast
fast paced, lots going on and Ireally enjoyed my upbringing.
Speaker 1 (02:54):
Wow, lots of lots of different culture.
Yep, I'm married to.
Speaker 3 (02:57):
California girl.
I spent 15 years there and now.
We've been in Arizona foralmost a decade, so we love it
here.
Speaker 2 (03:03):
This is home.
What part of?
Speaker 3 (03:04):
California, San Diego .
Speaker 2 (03:06):
San.
Speaker 3 (03:06):
Diego area, nice Good stuff.
Speaker 1 (03:08):
So when did you discover that you had a passion
for financial services?
Speaker 3 (03:13):
Yeah, it's great.
So my story, as you will, is Iwent to that workshop in college
and I went and approached theguy who gave the workshop
afterwards and I said hey, Iwant to work in your field.
I had no idea anything aboutmoney, but I said I want to work
in your field and he said okay,kid, interview with this guy.
And I interviewed with the guyand he said you're too young.
(03:33):
And I looked at the guy and Ihad enough confidence to say to
him well, if you give me a shot,I'll have your job within a
year.
Oh, wow.
Speaker 2 (03:42):
He didn't hire me.
The guy said no.
Speaker 3 (03:44):
The guy said, no, I'm gonna hire you.
But I found another guy withthe same firm who said I'll give
you a shot and I had a lot ofsuccess early.
I was willing to do the work.
I was going to college fulltime, working in an intern type
role.
I sat for my first license Iwas actually doing another
internship and was studying atthe same time went and took my
(04:05):
first license and the rest washistory.
So really a great opportunityto great American story.
Just wanted it and went afterit and was able to have a lot of
success early on and it's beena great career ever since.
Speaker 2 (04:17):
So what were a couple of moments that led you to want
to start your own firm and notjust work for another firm?
Speaker 3 (04:24):
Yeah, so I think that entrepreneur spirit has always
been a part of me.
I love business, I lovebusiness ownership, and so when
I was early on in the career, Iworked for a firm.
I had success.
I moved to California, where mywife was from, and I wanted to
have my own office.
So I opened my own office.
I had a lot of success thereand I was able to, when we
(04:47):
relocated to Arizona, then openup our current firm out here in
Arizona about 10 years ago.
So I've always had a piece ofthe action in some sort of
ownership capacity.
Speaker 2 (04:57):
Are you here in Arizona to stay at this point?
I am, yeah, I love it.
I love the heat.
I know you.
Speaker 3 (05:03):
I love the heat, I know you got to love the heat if
you're going to be like Arizona.
Speaker 1 (05:05):
You really do.
Speaker 3 (05:06):
We love it out here.
Yeah, we really do.
That's great, thank you.
Speaker 1 (05:09):
But yeah, I mean just to kind of tag on to Brian's
question in order to do this.
I'm sure there's a lot of youngpeople, even that might be
listening or watching the showtoday that are interested in
getting into financial services,maybe becoming a financial
advisor.
But taking it to that nextlevel where you're now expanding
(05:33):
on different product and you'reoffering you've got employees,
you've got quite a presenceright and so, to take it from
okay, I think I want to become afinancial advisor to.
I think I want to become afinancial advisor to.
I think I want to own afinancial advisory firm.
Speaker 2 (05:48):
that's a huge step.
Yeah, and just to let ourlisteners know, it's much more
than just a financial advisoryfirm.
Speaker 3 (05:55):
Correct.
Speaker 2 (05:55):
There's a wide range of services and benefits that
your clients have when they cometo you from taxes, from tax
taxes to tax planning, financialadvising, legal strategies,
that kind of thing.
So it's it's much it's growninto be much more than just
financial advising.
Speaker 1 (06:10):
Yeah, in fact.
So just to back up really quick, though, so for that that
person, that young professionalthat might think that, okay, I
think I want to pursue thiscareer in financial advisory,
financial services Yep, what'ssome advice that you would give
someone, a young person, that'sconsidering maybe transitioning
from insurance into financialadvisory?
Speaker 3 (06:31):
Yeah, you know it's.
It's interesting, I would say.
First of all, you've got to bewilling to take a little risk
right.
You, just you so many youngpeople today, they, they, they
say they want it, but are theywilling to go and do it right?
And if you're willing to take alittle bit of risk and I'd say,
take calculated risk, don't justtake undue risk and if you can
(06:52):
find the right mentor to helpyou get started in this career
it's not a job, it's a careerbut if you get yourself to a
point where you say, hey, I feellike I can do this, then go for
it.
And I really believe in theAmerican dream, I believe in
business ownership, I believethere's lots and lots of
opportunity if you'll just goseek it out.
(07:14):
But you've got to be willing toput together a plan.
You've got to have the rightconnections and relationships to
help you get on your feet.
And then you've got to go dothe work to have the success.
And we've been blessed.
I've been blessed with greatmentors along the way, great
people who've helped shape meand who I am and helped open up
(07:34):
doors to be able to give me theopportunity to go from the early
years.
We call that survive.
Speaker 2 (07:39):
That's right.
Speaker 3 (07:40):
To be able to really build something and thrive.
And there's always a journey inbusiness, but there's certainly
a journey in the financialservices realm or in the
financial advisory realm, andyou've got to make yourself
unique and you've got to find aclientele that you're passionate
about serving.
And then, if you've got those,things dialed in, do it.
Speaker 1 (07:59):
It seems like you've found all of those things.
Speaker 3 (08:01):
Yeah, I've been blessed.
I've really been blessed.
I certainly understood, owningother businesses, how difficult
it is to own a business, and soour firm now positions we work
almost exclusively with businessowners and we've built the
additional types of lines ofbusiness that we do to help
(08:22):
lighten the load or ease theburden of business owners.
So most business owners get intoa business by happenstance
right, they're Joe the plumberworking for Bill the plumber,
and they end up opening up Joe'splumbing because they're tired
of working for Bill.
But they're really not abusiness owner, and so they end
up owning a business and beingthe plumber and trying to manage
(08:46):
the business.
And it's a disaster and itreally becomes.
After a year they're exhausted,or two years and they just say
I'm making the same or lessmoney doing twice or three times
the work I'm out.
So our firm really haspositioned itself to say we can
lighten your load.
You know, joe the plumber, wecan help do the things the legal
(09:06):
work, the tax work, theinsurance work, the financial
work to help lighten your loadso you can go run a plumbing
company and have the confidenceto go hire other plumbers to
really be in business, if youwill.
That's great, that's fun.
Speaker 1 (09:21):
That's cool.
So, looking back, so you're onthis side of the hill, so to
speak.
Right Depends on what hill'snext, right?
So, looking back, what'ssomething?
Speaker 3 (09:33):
that you would have done differently.
You know I've thought aboutthat a lot and my road has been
anything other than straightright.
And so I started with a firm.
I kind of maxed out at thatfirm.
I went to another firm.
That firm, actually, when thefinancial crash happened, went
out of business.
So I ended up associating withanother firm where it was tough.
(09:57):
So I think if you can find theright place where you can be
long term is wonderful.
But the advice I would alwaysgive is people matter more than
company.
It's really the people that yousurround yourself with, and so
you know that's great advice.
If you can be with good peoplewho have like values and you can
(10:18):
get mentored by the rightindividuals.
You can make it no matter whatgets thrown in your way.
You can make it no matter whatgets thrown in your way Because
I started in the business in1998, right at the very end of
1998.
1999 was the best stock marketyear.
1998 and 1999 was the dot-comboom and I thought I was the
greatest financial guy in theworld.
And then 2000 hit and MarthaStewart went to jail in 2001.
(10:42):
And Ron went.
I had three years, the worstthree market years in a
generation, but I had goodpeople around me and so we were
able to weather the storm.
And you've got to have the gritright to grow, like the name of
your podcast.
Speaker 1 (10:55):
You've got to be willing to get after it and get
it done.
Thanks for the plug, Tom.
I love it.
I appreciate that you got it.
So when did you discover thatthere was a need for, like a
one-stop solution where itall-encompassing?
You know, like to start withone product and then now you're
going to add a whole nothersegment of business offering.
Speaker 3 (11:18):
I mean it's challenging, but when did you
figure that out?
Yeah, I always had envisioned,really over the last 20, 25
years, one day having a companythat could support business
owners.
Being in California and I spent15 years there the regulations
are tough, Business is tough,and so I didn't feel like I
could grow that there.
But moving to Arizona about 10years ago, I knew that's what we
(11:42):
wanted to build.
And so we went about makingthat happen a piece at a time
and attracting the rightindividuals.
Speaker 1 (11:50):
But you already knew it, I knew it, you knew, this is
what you wanted.
Speaker 3 (11:54):
I knew that I wanted to build something because, as
an entrepreneur myself, I knewthat there's so many of the back
shop things that mostentrepreneurs are really quite
terrible at.
Or they're doing late at nightor on Saturday, on the weekends,
when they should be spendingthat time with family yeah,
they're managing the back shopof their business, or they're
not at all, which maybe is worseright and they they're on a
(12:18):
slow road or a quick road to goout of business, and so we we
just do that heavy lifting forthem and let them get back to
being a business owner andgrowing their business.
So because I've owned severalbusinesses and I knew those
challenges, I always wanted toprovide a solution there.
And that's what we've built atEnsign Partners.
Speaker 2 (12:35):
And I think that one of the One of the aspects of
Ensign Partners that makes it soeffective is that it's an
integrated advisory approach.
So I kind of liken it to.
We have a son that's gotspecial needs and we've been in
and out of the hospital.
Speaker 3 (12:50):
We have all these different specialists Right.
Speaker 2 (12:51):
So we have a lung guy , we have a GI guy, we have a
heart guy, we have all thesedifferent things.
Thank goodness he's doing greattoday.
Think of that in the same waythat your whole approach to
(13:18):
advising your clients is where,when you have a team of people
and you have a tax expert and alegal expert and an accounting
expert and you're not going tohave that same back and forth
and probably not the mosteffective outcome from a overall
business planning strategy andnot have to work 80 hours a week
.
Speaker 3 (13:31):
You hit it right on the head.
So without an integratedapproach, right, the burden
becomes that owner having toquarterback all of those things.
Now let's be clear Mostbusiness owners, they don't have
a tax background, they don'thave a financial background.
Maybe they do one of thoseCertainly don't have a legal
background.
Right, and insurance, nobodylikes.
(13:52):
Let's just be clear, right.
Speaker 2 (13:53):
So that's something you have to do.
No, I love it, but most guyspeople just they think it's a
necessary evil.
Speaker 3 (14:00):
I don't, but anyway.
So what you find is that peoplehave to quarterback all of that
stuff themselves.
I love to ask when's the lasttime your tax guy and your
attorney had a conversation andthe answer is never, because
most people don't even have anattorney.
Or your financial guy and yourinsurance guy when's the last
time they communicated theanswer is never.
(14:21):
And so not only can they notgive you good advice because
they don't know your fullsituation, because they only go
in their column or in their lane, but you've got to interpret
one telling you one thing andthe other giving you advice.
That's completely contradictory, and so what happens is most
people they get crippled andthey don't do any of it, which
is even worse in some ways.
(14:42):
So there really is a need and apassion that we have to give
integrated advice.
One team, one plan, one billthat's what we like to say.
Speaker 1 (14:52):
One team, one plan, one bill.
That's great.
Yeah, Thank you.
So how did you come up with theformula, though, for it?
Speaker 3 (14:59):
Oh, some days you got to be lucky, right.
Speaker 1 (15:02):
No, literally, it was just what needs yeah.
Speaker 3 (15:05):
Because in the past, as a financial planner, as a
financial advisor previously, Ihad CPA relationships I would
refer people to.
I had attorney relationships Ireferred people to.
I had banking relationships Ireferred people to.
At this stage of my life, Ilike owning things, so I said
I'll just own it all right,instead of referring it out
(15:26):
because it's better to bring itin-house so we can have that
experience for the client.
But also you refer somebody toan attorney to do the estate
planning.
You hope it gets done, but ifyou don't have a financial
vested interest in it mostpeople don't even verify and you
meet with your client a yearlater and you're like how's that
estate plan?
Oh, we never got around todoing it.
Well, what happened if they gothit by a truck?
Speaker 2 (15:48):
you know, in the last six months or what have you?
Speaker 3 (15:51):
You're not sure it's done.
We've had many clients come tous who were cleaning up messes
because of things that happenedin their life, because they
didn't have an integrated plan.
That we're having to, you know,rebuild or put the pieces back
together for them that if theywould have been a client with an
integrated plan, never wouldhave happened.
Or if tragedy happened, or whathave you, the pieces would have
(16:13):
would have stayed at least onthe on the chessboard instead of
being all over the floor.
Speaker 1 (16:18):
So are you growing like crazy?
Speaker 2 (16:20):
Yeah.
Speaker 1 (16:21):
I mean, this seems like it would be in high demand.
Speaker 3 (16:25):
Yeah, there's a lot of power of attraction.
There's no doubt about it.
And I'll tell you the blessingis we really set out to do as
much as we could be a referralonly business right.
We really are not looking tohave thousands and thousands of
clients because our scale is tobe able to deliver to the end of
the row.
It gets watered down so wecould package things and market
(16:48):
it that way, but we're ahigh-touch shop so we're very
selective on who we bring in.
But when we bring them in,they're good for us, we're good
for them and we go very deep inour relationship.
And I think that's one of thoseuniquenesses that we love is we
know the lives of our clientsintimately and we're a big part
of their life and they are a bigpart of ours.
(17:09):
So there's a lot of demand.
We're growing at the pace wewant to.
Speaker 2 (17:13):
I'll just leave it at that, that's great, so talk
about your ideal client, likethe type of clients that you
represent or advise.
Speaker 3 (17:22):
Yeah, that's a great question.
So we have three tiers ofclients, if you will, and it's
been an evolutionary process, asany business is so you have
that real small business.
Tier one, if you will, lessthan a million dollars in
revenue.
The solopreneur, right, theindividual who's really out
there giving it all they have.
Do they really have acomplicated business?
(17:43):
Not, usually they don't haverent, or maybe they do, maybe
they're an executive suite.
You've got guys like that thatyou know.
You know maybe they have anemployee but they don't run much
payroll.
There's limits on how much theyreally need.
We have kind of a package forthem, a founders or a startup
package, where we provide somebasic services that just help
(18:03):
them get out of their own way sothey can start to grow.
Tier two is really thosebusinesses a million to five
million where they got somethinggoing on right.
Their lives are starting to getmore complicated and they have
more moving parts.
And what we find is they have awhole new set of needs, that
they're very ill-equipped andvery unaware sometimes that they
(18:25):
need to take care of them.
What they do know is thatthey're busier thanequipped and
very unaware sometimes that theyneed to take care of them.
What they do know is thatthey're busier than they should
be or want to be and they'relooking for help.
That's really our bread andbutter.
Those are the clients who wecan add tremendous value to and
we can help them take theirbusiness from a $2 million
business to a $4 millionbusiness or a $4 million
business to an $8 millionbusiness.
(18:46):
The cherry on top for us andwhere we're really attracting a
lot of our new clients, are evenin that third space, if you
will, of clients who you knowthey've grown to.
Now they're five plus.
They have a whole new set ofneeds and a whole new set of
desires, and now we're workingon, you know, mergers and
(19:07):
acquisitions.
They want to buy otherbusinesses or they want to sell
parts of their business, or theywant to build a family legacy.
And how do they build a limitedfamily partnership?
Speaker 2 (19:17):
Or.
Speaker 3 (19:18):
I want to build an equity stock program for my
employees and help them becomeowners in the company.
So now there's all sorts ofcool new things, new toys right,
that we help them play with tobe able to really have a great
life.
Because once their business isthat big, they have enough
people around them.
If they're running a goodbusiness, they have good enough
systems that it's really notabout the owner anymore.
(19:39):
The owner now can have choiceson how they spend their time,
and we want to help them spendtheir time giving back in the
community, building legacywealth, that sort of stuff.
Speaker 2 (19:50):
Have you reached that stage yet at Ensign.
Speaker 3 (19:53):
We're doing fine.
Yeah, we're doing fine.
We're right at that precipiceof that leap.
If you will, Are they dependentupon me?
No, they prefer I'm not in theoffice.
Let me be perfectly clear.
Speaker 1 (20:04):
So I have great people.
Speaker 3 (20:06):
I have great people who really run things for the
most part without me.
I'm the tornado that comes inand just make sure it's all
getting done.
Speaker 2 (20:13):
So it's fine, I mean because it really is.
It's as much and maybe moreabout having the right people,
like finding and attracting theright people to build, as it is
just trying to grow the numbersright.
Speaker 3 (20:25):
100%, yeah and I think, at the end of the day,
success in business is all aboutsystems.
If you don't have great systems, you don't have a great
business.
I mean the business.
You should run the systems, thesystems run the business.
And so business owners thathave great systems, you know
they're not dependent uponpeople.
Somebody leaves, somebody goesout on, gets sick or moves out
(20:46):
of state.
You can replace them withanother competent person that
can plug right into a goodsystem.
So we're very systems focused.
In terms of what we do, we'regetting better every day.
I'm not saying we're perfect,but that's something we work on.
But that's something we teachwith our clients as well.
If they really want to grow agreat business.
It can't be all about them, andtoo many people are in business
(21:07):
for the wrong reason, right,it's an ego stroke.
Well, yeah, mr Business owner,it's not all about you, it's all
about your people.
It's about your systems If youwant to grow a great business.
So that's fun, that's greatadvice.
Yeah, once in a while I canthrow out a good nugget Remind
my kids of that.
Speaker 1 (21:26):
Remind my kids of that, exactly, exactly.
So back to advice.
So if you could give someadvice to somebody that was
thinking about starting let'ssay they've already become a
financial advisor and orinsurance agent broker what
advice would you give them tostart their own advisory firm?
Speaker 3 (21:46):
Yeah, so, decide first of all, from the beginning
what you want the end to looklike.
Why are you doing this?
Are you doing it to sell it?
Are you doing it because you'vegot a son or daughter you want
to bring in the business withyou?
What is your motivation forgrowing a firm of your own?
Because I think that reallymatters, because there's
different things you can do.
(22:07):
There's different ways you canset things up to drive
reoccurring revenue ormarketable assets instead of
non-marketable assets.
As it relates to what's yourexit strategy, Every business
owner should have an exitstrategy.
Every financial firm shouldhave an exit strategy from the
beginning, and then you go buildit right.
So do you need a businesspartner or not?
Partnerships can be messy.
(22:28):
Some people don't work wellwith others.
Partnerships can be great.
I have a partnership and I loveI didn't start that way, but
I've rewarded some of my bestpeople to become partners in the
firm.
Much like a law firm, we reallyhave a whole process of growing
people into partnership.
Speaker 1 (22:45):
That's great.
Speaker 3 (22:45):
Because I'm an abundance guy, so I want people
to thrive.
Speaker 1 (22:49):
I want people to not just survive.
Oh, and you want to buy it.
You want the feeling ofownership Like this is mine,
this is part mine, yep, andthere's a great pride of
ownership that comes along withthat.
Speaker 3 (23:00):
And you've got to develop in the financial field.
You've got to have greatrelationships.
So, to develop in the financialfield, you've got to have great
relationships.
So are you going to be a wealthmanagement guy, all right.
Are you going to do it throughdirect stock portfolios and set
up your own RIA, or are yougoing to use third party asset
managers?
There's no right or wrong, butyou've got to have what is our
business.
But you've also got to say whatare we going to do better than
(23:21):
anybody else?
Most people think, oh, I'm thebest wealth manager in the world
, or I'm the best wealth managerin the world, or I'm the best
insurance guy in the world.
Speaker 2 (23:26):
No, you're not.
Speaker 3 (23:27):
Let's be clear there's smarter people down the
street, across town, whatever,but you can be the best at
something.
You can be at something and, atthe end of the day, I think the
most important thing to be thebest at is relationships.
People don't buy your stocks,people don't buy your insurance.
They buy you.
And so if you have theconfidence to be able to say I'm
(23:47):
willing to go, take some risk,I want to go own it, build your
plan, see the end from thebeginning, get the right
relationships so you have theproducts and services that you
can market, but then go be thebest relationship guy or gal
that you can be and you'll nevergo broke.
Speaker 2 (24:06):
I love that, or you'll be able to always, always
be able to connect people withwith the right solutions.
Speaker 3 (24:11):
There's great solutions out there that they
got to connect with you.
The solutions are just thegravy that's such great advice,
thank you well and speaking ofpeople in relationships.
Speaker 2 (24:21):
I had a chance to explore your website and one of
the areas that I foundparticularly interesting and
awesome was the various eventsthat you foster and put on for
your clients, and you answeredone of my questions.
I was trying to figure out whatis a founding member when I was
looking at the different typesof events that you do and talk
to us about the importance ofthat of providing clients with
(24:43):
additional education events,networking events, those type of
things.
Speaker 3 (24:48):
You bet Again.
I'm a big believer in communityright, and so I love the
community and where I live, Iget involved in the community in
our workplaces, a communitywith our clients.
We want it to be aboutcommunity, and so if you want
shallow relationships, well then, just see people once a year at
the office.
You want deep relationships?
Well then, just see people oncea year at the office.
You want deep relationships,have them in multiple times and
(25:09):
do things outside of work aswell, and people are busy.
So we like to say we don't haveevents.
We have exceptional experiences, and the reason why is we try
to create events that theycouldn't do on their own.
So I'll give you an example.
We did opening day at the Cubsminor league spring training or
the major league, but the springtraining.
But we didn't just do openingday, we did a big tailgate and
(25:33):
we flew in food from Chicagolike true.
Chicago does right, so thewhole nine yards, and so clients
came.
They brought their kids.
We had a fantastic tailgateright next to the door.
Speaker 1 (25:45):
Did you fly it in from Portillo's?
Speaker 2 (25:47):
No, no, no, no, no no .
Speaker 3 (25:48):
We flew in all the ingredients and then I cooked.
Speaker 2 (25:50):
All the way from Woodensfield Road.
Speaker 3 (25:52):
Yes, I grilled the dogs Very nice and you know, the
buns, the celery salt, I meanit's something to do.
A Chicago dog, it's an art,they're it's, it's an art.
Those are my favorite.
Yeah, they're the greatest, butthat was an experience, so our
clients loved that.
It was unique, somethingdifferent, and then of course,
(26:14):
they enjoyed, you know, fun, afun ball game.
So we try to do things when weget clients together that are
impactful and allow them to tohave fun, whether there's a
family event or a client event,or was that a client event?
Speaker 1 (26:22):
That was a Client event?
That was a client event.
Man, okay, that sounds reallyreally cool.
Speaker 3 (26:27):
It was fantastic.
That sounds amazing, you bet.
Speaker 1 (26:30):
That was great stuff, bringing people together.
That's right.
Speaker 3 (26:32):
It's amazing We've got an event coming up this next
month.
I want to write that down,there you go.
Speaker 1 (26:37):
There, you go.
Speaker 3 (26:47):
We're doing an event at Chase Field the Diamondbacks
next month, but we're doing abusiness builder at Guy Fieri's
right across the street A nicelunch business builder talking
about some business concepts andthen enjoying a game together.
So if you can give people valueas well education and then have
fun together, it's even better.
So we'll have 50 businessowners out together doing that,
(27:10):
so it's a lot of fun Very cool.
Speaker 2 (27:12):
Have you ever had clients cross-pollinate at these
events Like find new businessopportunities?
Speaker 3 (27:17):
All the time.
And that sense of communityagain is I have clients who are
building houses for otherclients.
I have clients who utilize theservices for other clients.
I have clients who utilize theservices for other clients.
We have a referral network, ifyou will, and we love to connect
.
We tell our clients if there'ssomething wrong, call us Now.
We got a phone call a couple ofyears ago from a client that
their roof got blown off by alittle microburst.
(27:39):
Hey, do you guys have areferral for roofing?
You bet we do.
Speaker 2 (27:42):
We don't do roofs, but we're able to connect them.
I for roofing, you bet we do.
Speaker 3 (27:45):
We don't do roofs, but we're able to connect them.
I got a guy and they were sograteful like all right, well
then they got to be a good guybecause they're connected
through you and they got takencare of so fantastic.
Speaker 1 (27:53):
Community matters.
It does, it does.
We have a lot of that going onhere now, just this internal
network of referring partnersthat it's just been an amazing
thing to be a part of.
Speaker 3 (28:04):
A lot of momentum can come with that Amazing.
Speaker 1 (28:06):
Pretty neat.
Yeah, amazing thing to be apart of A lot of momentum can
come with that.
Speaker 3 (28:08):
It does, and a lot of good synergy.
It does, it really does.
Speaker 1 (28:09):
Synergy that didn't exist before.
Speaker 3 (28:11):
Fantastic, that's great.
Speaker 1 (28:13):
Yeah.
So, what's next for EnsignPartners and Todd Clark?
That's a heck of a question.
Speaker 3 (28:27):
I love that.
I know we're talking about apodcast, so we don't want to
spoiler that.
I'll give a shout out.
We are going to launch apodcast.
We were slated to launch abouttwo months ago.
We got real busy with taxseason and decided to punt on it
, but we are launching a podcast.
Speaker 2 (28:39):
I'm not going to give any more information about it
because it might take away fromyour guy's show.
No, it's okay.
Speaker 3 (28:41):
But I'm excited about that because it's an
opportunity for us to connectwith our clients and our clients
who are connecting us withother clients, and just give
people a chance to tell theirstory, which I think is fun.
Speaker 2 (28:53):
Okay, you probably just answered it, but do you
have what the show is about?
So can you tell us in like asentence or two?
Yeah, the name of the show isactually going to be.
Speaker 3 (29:02):
Nothing personal, just business.
Awesome.
But the flip on it is it'sactually going to be about their
personal lives, right?
Instead of just business.
So, we're going to talk abouthow business owners really built
the empires that they built, soit'll be a lot of fun.
Speaker 2 (29:16):
So, speaking of that, we had a chance to meet your
dad.
Yes, we did, he seems like agreat guy who raised a really
awesome guy as well, raised areally awesome guy as well.
What influence did he have onyour upbringing and just in
building the business that youare building?
Speaker 3 (29:32):
Yeah, I appreciate you asking.
I'm blessed that I was giventhe opportunity to grow up in a
wonderful home, parents who notonly provided well, but they
took the time to teach theirchildren right.
I think that's one of thehardest things today is people's
(29:52):
lives are so busy or they justplug their kids into stuff
instead of building family, truefamily.
And I watched my dad reallyhave a rags to riches story.
He grew up, um, without money,um, he did it the old school way
of hard work and determinationand and he taught me great
principles and I'll be able touse a little bit of a little bit
(30:17):
of, uh, what he taught me witha little bit of luck and been
able to had a lot of success onon my own.
I'm grateful for my upbringing.
I think it.
I think it matters.
At the same time, I think somepeople say, well, I didn't get
brought up a certain way, so I'mnot going to succeed and I just
would throw that out right nowand say it's just it's just
garbage.
You can be whatever you want tobe.
(30:37):
We live in the greatest countrywith the most opportunity, but
you got to be willing to do thework, and I'm grateful for a
father who taught me that taughtme to work hard.
Speaker 1 (30:46):
So so what's next for Ensign?
That's great, yes.
What's next for?
Speaker 3 (30:51):
Ensign Sure.
Thank you, thanks for thatopportunity.
So a couple of things.
Yeah, we're, we're going tolaunch a podcast.
That's going to be a whole lotof fun.
I I also have a foundationcalled Ensign Partners
Foundation, okay, and that we doa lot of work with Phoenix
Children's Hospital.
Speaker 2 (31:08):
It's a lot of fun.
Speaker 3 (31:09):
We do a big auction every year and we've had a lot
of success in being able to getpeople in the community to think
more about community.
That's important to me.
Speaker 2 (31:17):
I've said that a couple of times, I think but it
is.
Speaker 3 (31:20):
But I also have gone through a health journey.
The last year I've lost 70pounds myself.
I'm really committed right nowand doing some things with
education in the realm of health, and health and wealth kind of
go together, if you will.
One doesn't have to be.
You know, I don't think I haveone without the other in some
ways, and so I don't know,there's always something my wife
(31:42):
says you're going to startanother business or you're going
to yes, babe, I am.
That's how I'm wired and I loveit.
I, I, uh, I'm a I'm anabundance guy and I want to be
able to help bless the lives ofother people.
So I've been very, very blessedand I love blessing the lives
of other people.
Speaker 2 (31:58):
So there's plenty to come.
Speaker 1 (32:00):
I love it.
I love it.
Speaker 3 (32:02):
You'll have me back on for another business or
another very soon.
Speaker 1 (32:05):
Yes, we will.
It's all good Anytime.
You'd be welcome anytime.
Thank you, I appreciate it.
Anything else that you want toshare in this show?
Speaker 3 (32:14):
Well, I want to just thank you guys for the
opportunity.
I think you guys have been andreally have a desire to be
connectors and in business andin life.
Associating with connectors ismagic and it really is.
And you were talking about howyou've had some recent kind of
little incubator interactionmomentum.
(32:36):
That's happened with otherpeople and that's because of you
, that's because of who you are.
So I'd say, keep doing it, andI appreciate the opportunity to
be on your show and to build adeeper relationship with you.
And I've always said too manypeople try to make it up instead
of asking people for theanswers.
Right, and you guys are sharingthe opportunity for people to
learn answers.
It amazes me how many peoplewill not ask successful people
(33:01):
how they've been successful andlearn from them.
It's almost like they think Igot to figure it out myself.
No, how they've been successfuland learn from them.
It's almost like they think Igot to figure it out myself.
No, the best thing you can dois learn from the mistakes of
others, learn from the successesof others.
You got to chart your own path.
You got to have your ownjourney, but go for it.
Speaker 1 (33:16):
And that's the premise of the show, really,
absolutely, we want to hear thestories, we want to hear what it
took you, what were some of themistakes, what things would you
do differently?
Yeah, so yeah, we reallyappreciate you being on the show
today.
Speaker 3 (33:27):
Pleasure is 100%, mine, absolutely.
Let's do it again.
Speaker 2 (33:30):
I just want to add that that it is about
connections, like when weconceive this show and when we
have people like Todd on theshow.
It's it really is.
It's about the connection, butit's from a service perspective.
One of my favorite books is thego-giver love it and have you,
uh, have you read that one?
I have, oh, it's awesome andit's um it just it teaches that
that the more you get outsideyourself, the more you look for
(33:52):
opportunities to help and serveothers, whether that's a uh, you
know, a service project or ifit's, if it's helping people
connect businesses together.
Um, it's, it's an amazingfeeling and and we, we and we
get a lot of fulfillment out ofthat as well.
So it really is about we lovemeeting the people that we get
to meet on the show, but we findthat the connections that we
(34:13):
make we end up connecting themto other people and it's just
this whole thing.
Speaker 1 (34:17):
It's like a community service is really what we're
doing.
Speaker 3 (34:21):
I mean, one of the coolest parts is when you
connect with others.
You learn, they learn.
But really everybody shouldlift.
So many people are focused onwho's my competition?
I don't really have a bigbelief in competition.
I think we are our owncompetition right.
And if you just go build whatyou want to build your way and
be the best at it.
(34:42):
There's no such thing ascompetition.
Certainly you got to payattention in your space of who's
doing what, but I say, connectwith them and learn from them.
Don't just try to.
Don't feel like you have to stepon somebody to step up, because
I just don't think that's thecase and I think our country
needs more coming togetherinstead of pulling apart.
And certainly in the world ofbusiness, too many people have a
(35:03):
myopic.
You know I own this.
No, you don't.
Every good idea has beenborrowed, or something from
somebody else.
Put them together in your ownway and go grow a great business
.
Speaker 2 (35:14):
So it's a lot of fun.
Well, Todd, thank you so muchagain for being a great, awesome
guest on our show.
We really appreciated your time.
Speaker 3 (35:21):
Thanks for the opportunity guys.
Thanks again, todd, you betTake care the opportunity.
Thanks again, todd, you bettake care good luck.
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