August 13, 2025 • 24 mins
What if the smartest wealth move isn’t chasing returns, but protecting the risks that could erase them overnight?
On this episode of The Advisor with Stacey Chillemi, Erin Botsford (Barron’s Top 100 advisor; founder of The Advisor Authority) reveals the paradigm shift that scaled her firm from $300K to multi-millions: safeguard the risk side of the balance sheet before you invest a dollar.
Erin walks through real-world failures and fixes, plus the 26-point risk checklist every family should complete.
You’ll learn how to:
🛡️ Map Hidden Exposures: Titling, liability, umbrellas, entities (LLCs/trusts), “toys” (lake house/boat)
🔁 Transfer vs. Assume Risk: Insurance & structures vs. habits and health
✅ Run the 26-Point Checklist: Finish risk work first, then allocate investments
🏗️ Adopt the “Property Manager” Model: Advisors coordinate attorneys, CPAs, and insurance pros
👪 Do a 360° Family Review: Parents, adult kids, in-laws... who are you morally/financially responsible for?
🧭 Scale with Systems: Prospect the philosophy, then hand off to licensed service teams
Press PLAY to secure the downside to scale the upside; be sure to protect the risk side today so you can invest with confidence tomorrow!
🔗 Explore Erin’s resources and learn more at https://erinbotsford.com/
👉 Love insightful and life-changing interviews? Tap Follow now so you never miss an inspiring episode of The Advisor with Stacey Chillemi.
Become a supporter of this podcast: https://www.spreaker.com/podcast/business-growth-mindset-the-advisor--6704784/support.
On this episode of The Advisor with Stacey Chillemi, Erin Botsford (Barron’s Top 100 advisor; founder of The Advisor Authority) reveals the paradigm shift that scaled her firm from $300K to multi-millions: safeguard the risk side of the balance sheet before you invest a dollar.
Erin walks through real-world failures and fixes, plus the 26-point risk checklist every family should complete.
You’ll learn how to:
🛡️ Map Hidden Exposures: Titling, liability, umbrellas, entities (LLCs/trusts), “toys” (lake house/boat)
🔁 Transfer vs. Assume Risk: Insurance & structures vs. habits and health
✅ Run the 26-Point Checklist: Finish risk work first, then allocate investments
🏗️ Adopt the “Property Manager” Model: Advisors coordinate attorneys, CPAs, and insurance pros
👪 Do a 360° Family Review: Parents, adult kids, in-laws... who are you morally/financially responsible for?
🧭 Scale with Systems: Prospect the philosophy, then hand off to licensed service teams
Press PLAY to secure the downside to scale the upside; be sure to protect the risk side today so you can invest with confidence tomorrow!
🔗 Explore Erin’s resources and learn more at https://erinbotsford.com/
👉 Love insightful and life-changing interviews? Tap Follow now so you never miss an inspiring episode of The Advisor with Stacey Chillemi.
Become a supporter of this podcast: https://www.spreaker.com/podcast/business-growth-mindset-the-advisor--6704784/support.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:03):
All right, listen up, advisors, if you've been banging your
head against the conference room trying while trying to land
high net worth clients, delegate without drama and close prospects
on the spot. Today's guest has your fast track ticket.
Aaron Botsford, Baron's top one hundred advisor and founder of
(00:23):
the Advisor Authority, built and sold nearly a billion dollar
firm by systems in everything from prospecting to team leverage.
Here she is to spill exactly the playbook that she created.
She now teaches advisors who want that seventh figure freedom. Aaron,
say hello to everybody and let everybody know who you
(00:44):
are and what you're all about.
Speaker 2 (00:46):
Hello everyone, it's nice to be here.
Speaker 3 (00:48):
Say you're very welcome.
Speaker 1 (00:51):
So you know, in one minute, what was the single
biggest mind shift that led you to jump in from
this busy advisor to build it an enterprise that you
ran with.
Speaker 2 (01:04):
There really wasn't one moment, and nothing in life is
at a moment, but there was. I had an experience.
Speaker 4 (01:09):
I was a struggling financial advisor and I actually was
going to quit, and my branch manager, I said, oh,
go get some business coaching. So I enrolled in a
coaching program, and in the third year, the twelveth session,
I was paired up with a guy to explore our results,
and so I decided I'm gonna go first. And I said,
I'm aaronbots Ford. I'm from Dallas, Texas. And I told him,
(01:30):
three years ago, I've been doing three hundred thousand dollars
in revenue, and this year I was on target to
do somewhere between four hundred and four and fifty. And
I was like, really happy with my progress. And then
he it was his turn, and he said he was
happened to be in our business. Not everybody in our
coaching program was in my business, but he happened to be.
And he said three years prior he'd also been doing
three hundred thousand dollars in revenue, and he said this
(01:51):
year was on target to do three million in revenue.
And he said, I don't meet with all of my
existing clients anymore. What I've done is I've gone out
and built an entire team around me. All I do
is prospect for my next ideal client. I sell the
philosophy of my firm, and then I turned my you know,
these new clients over to licensed members of my team,
and I was like, what'd you say? You just went
(02:11):
from three hundred thousand and three million in three years.
He goes, yeah, and you don't meet with all your
existing clients anymore, is no. I built a team, and
so of course it was time to go back to
our seats. The bell had rung and I was just flabbergasted.
I was like, oh, my gosh, I've never heard of
anybody that did that, and so I asked him if
I could buy a few hours of his time. Fortunately
for me, he said, yeah, why don't you come spend
the day with me and my team, which I did,
(02:34):
and the rest, as they say, became history because a
couple of years later I.
Speaker 2 (02:37):
Did three million, then four million, five million. My business
just kept growing. So that was a very a very
big moment in my life.
Speaker 3 (02:46):
Let's just say that, Wow, that's amazing. That's you know.
Speaker 1 (02:50):
Sometimes it just says that one person and you just
you know. And the funniest thing is a lot of
times you meet these people by chance. They just pop
into your life at the sporadic moment when you least
expect it. But their knowledge kind of just a few
moments and a little direction can change a person's life tremendously.
It's amazing how sometimes those things happen.
Speaker 4 (03:11):
Yeah, well, I'm a big believer there are no accidents,
and so I may not have been prepared for, but
now anymore, the way I live my life.
Speaker 2 (03:19):
I look for those things, right, I anticipate.
Speaker 4 (03:22):
I know my next opportunity is in this podcast or
this next thing. Right, So I think that you put
it out there, the universe responds, and so I don't
believe in accidents anymore.
Speaker 3 (03:34):
No, I agree one hundred percent.
Speaker 1 (03:36):
I believe when you put it out to the universe,
the universe reacts and it does come back to you.
And I do believe the same way you do. I
don't think there are any accents. I think everything is
reason and sometimes, you know, when things happen, we may
not understand why they're actually happening, but you know, eventually
we figure it out and we realize why things happen
(03:56):
the way they did, and a lot of times it's
for the best. You know, that works out really good. Now,
what's the first strategic change an advisor must make to
attract a high net worth families instead of those mass affluent.
Speaker 4 (04:12):
Yeah, well, let's go back I want to tell a story,
if you don't mind, And that is something that happened
to me.
Speaker 2 (04:18):
In nineteen ninety two. Because I was a financial advisor.
Speaker 4 (04:21):
I'd been raised in the stockbrokerage world, and you know,
we mostly focused on the investment side of the balance
sheet and more retirement planning or whatever. Well, there's actually
another side to the balance sheet. I call that the
risk side. But I wasn't taught that. I didn't know
anything about it until this happened. I had a couple
that came to me, and this guy was retiring from
(04:43):
a major pharmaceutical company and he had a lot of money,
and he came in with a spreadsheet.
Speaker 2 (04:50):
They were going to travel for fifteen years.
Speaker 4 (04:52):
He was only fifty five, so from fifty five to
seventy they were going to travel internationally, and then from
seventy on they were going to travel in the in States.
And I thought, this is the coolest thing I've ever seen.
These people have their life planned out.
Speaker 2 (05:05):
Well. I knew too.
Speaker 4 (05:06):
I knew by conversations they had some kids. I knew
they had some grandkids, but I really never went there.
I didn't ask a whole lot about them. So the
plan was all set in about I don't know. Six
weeks later, I get this terrible phone call that their
oldest son, he was aged forty one, had dropped dead
in the driveway. He had a massive heart attack while
washing his car. And he had a stay at home wife,
(05:29):
he had four little kids, he had a large mortgage,
he had just borrowed eight hundred thousand dollars to start
a new business, and he had zero life insurance. Wow,
So whose problem do you think that became? It was
my clients, And of course I told you before we
got on the show, is that my dad died when
(05:50):
I was eleven, and he left my mom with six
kids and no life insurance. It was almost at the
time I was thinking, well, shame on me, Like I
know what life looks like when that happens. But I
never had been taught to like look for that, right.
I was taught a certain way. And so that became
my AHA moment, my scarlettle hair moment. I'm like, as
(06:11):
God is my witness, I couldn't have prevented the heart
attack with this forty one year old, but I could
have asked a whole lot more questions. And so today
my process and what I trained, because I trained financial
advisors to really look on that risk side of the
balance that you can add so much more value there
because most people aren't focused on that. They're focused on
(06:32):
their entrepreneurial business. They're focused on being an executive, whatever
their job is in saving money for retirement.
Speaker 2 (06:41):
They don't realize that there's goblins under the rug.
Speaker 4 (06:44):
They could come along and wreak havoc because you haven't
really gone there.
Speaker 2 (06:48):
So I always I would tell people.
Speaker 4 (06:52):
I know most advisors focus on the investment side of
the equation, but my firm today we focus on the
risk side of the equation. And so we're going to
about you. Of course, I wanted about your entire story.
I want to know about your mom, your dad, your
brother's sister, your niece, your nephew is, your children, and
your grandchildren because I'm looking for two things. One, I'm
looking for potential train wrecks, like what could come along
(07:13):
and destroy your plans or a nice, wonderful, comfortable life
or whatever. And you know, or opportunities, maybe opportunities in
lifetime or death to take care of the people or
the causes you care about it. Because one thing I
learned Stacy is that there's only two things you can
do with a risk.
Speaker 2 (07:27):
Okay, first of all, you want to identify what is
the risk. You want to quantify it.
Speaker 4 (07:31):
If that thing happened, what would you know would it
cause financial meltdowns?
Speaker 2 (07:37):
Because there's only two things.
Speaker 4 (07:38):
You can transfer the risk through some means. Sometimes that's
buying long term care insurance on a mom or dad.
Sometimes it's buying a term life insurance policy on that
forty one year old son because he felt like he
couldn't afford it himself. I don't know, but you can
either transfer it or sometimes you can. You just have
to assume the risk. And as you know, the one
risk that we all have to assume is the risk
(07:58):
of our health. Right, so we eat, right, we exercise,
we do our research. We can't transfer that risk anywhere,
but almost every other risk that involves financial security can
be transferred.
Speaker 1 (08:12):
You know, I'm fifty three years old, and I can't
tell you how many friends of mine had illnesses just
sporadically come out of nowhere. How many people I've known
that have had a heart attack out of nowhere. Because
we're in that primary, you know, age area, and sometimes
you could be the healthiest person. And it could just
be in your DNA, it could be in your family
(08:32):
you know that they're just prone to you know, heart problems,
and sometimes it could just be the way you're caring
for yourself. But you know, things happen sporadically out of nowhere.
Things sometimes happen because of family DNA. But you know,
you never know what the next day is going to bring.
And I think sometimes people take that for granted because
they think, oh, I'm only in my early fifties or
I'm in my mid fifties, Nothing's going to happen to me.
Speaker 3 (08:55):
But we don't know what's going to happen. We never know,
you know.
Speaker 1 (08:59):
And I think you know that's the really important factor
that you've brought up, is that we do need to plan,
because what happens if you know that if you know,
especially if you have you know, you have a couple
of kids, and with today's cost of living, you know,
and then what happens if if the if the caretaker,
the mother you know, is left with all these kids,
(09:20):
how is she going to you know, offend all of
a sudden, you know, if they're all these different age
groups that you have to take care of and then
you have to think of college and all these other factors.
You know, how am I going to pay the electric bill?
How am I going to pay the mortgage? You know,
these are all things you have to take in consideration.
And like you said, sometimes people are just focusing on
other things like their retirement and other you know, other
(09:41):
issues that you have to think of. But you know,
most important, I think the life insurance really has to
be addressed, and I think that's one of the least
things that is addressed by many people.
Speaker 4 (09:51):
Yeah, well, I actually have I have twenty six different
let's call it twenty six different areas that I found
in my practice, and we're going to cover We're going
to check off the boxes on all twenty six before
we're going to ever consider investing your money.
Speaker 2 (10:05):
I mean when I was in I'm not in practice
anymore now.
Speaker 4 (10:07):
It's what I teach advisors, and what's interesting is from
an advisory standpoint, they become so much better advisors. And
a lot of times an advisor might be listening to
this and they think, well, I don't know, I don't
know how to fix some of these problems.
Speaker 2 (10:23):
For instance, you know, I have people some of my
clients came in and they had.
Speaker 4 (10:28):
They had great, beautiful lake houses and I'm like, eh,
you know you got a boat. Yeah, we got a
great boat. I'd say, well, how is your lake house title?
Is it your personal name or is it some other entity?
Speaker 2 (10:37):
Oh? Yeah, we own it free and clear.
Speaker 4 (10:39):
And I'm like, oh my gosh, I go what happens
if somebody gets hurt on your property you're a boating accident.
Do you realize that because that lake house is in
your personal name, can you be sued for everything for
the value of the lake house in the boat? Now
you can be sued for any other asset that's in
your personal lane or your bank accounts, your brokera conteacinghouse.
Speaker 2 (10:58):
Were you aware of that?
Speaker 4 (11:00):
And typically they're like no, I mean somebody didn't. They're like,
why did my attorney tell me that? Why did my
real estate a didn't tell me that. I'm like, I
don't know.
Speaker 2 (11:06):
But if we work together, we got to get that fixed. Right.
Speaker 4 (11:09):
So again, there's twenty six different lines of questioning, and
today I train I teach advisors how to be better
advisors by understanding those twenty six different areas and when
you can have conversations like that with people, they are
glued to you forever because nobody wants to feel like
they're vulnerable, right, Nobody wants to feel like I turn
(11:30):
around and the next car accident that I'm involved in
can basically risk everything that I've ever worked for. You know,
I've had clients that you know, one had a teenage
son driving a car in his name at at a
major university, hit a plastic surgeon.
Speaker 2 (11:47):
My client was sued for twenty five million dollars.
Speaker 4 (11:50):
Okay, what happens then, like, how how are your assets
set up?
Speaker 2 (11:54):
You know, what had didn't happen to be a.
Speaker 4 (11:56):
Client of mine. It was a prospect of mine and
that had already happened. And I'm like, here's the deal.
I can't protect you. That situation already occurred. You are vulnerable.
Speaker 3 (12:07):
But what we're going to do is.
Speaker 4 (12:08):
Fix things right now, because think about it, Stacey, all
of us are only one car accident away from losing
everything we're worth.
Speaker 2 (12:16):
So how are your assets structured? How are they titled?
How are they positioned?
Speaker 4 (12:22):
Because we can't control that stuff right in the car
accident in particularly, they're the number one, you know type
of catastrophe that impacts people's financial lives and they don't
do anything about it. And most of times they don't
do any about it because they don't know what to
do about it.
Speaker 2 (12:38):
Right.
Speaker 3 (12:39):
No, that's very true.
Speaker 1 (12:40):
And that's one of the biggest things is when people
get into car accidents. That's that's one of the biggest injuries.
And when when people go to see doctors or they
go to see chiropractors or you know the one that
it's it's usually because they've been in some type of
injury like a car accident, and now you know, they're
left with permanent injuries that last them life time, you know, and.
Speaker 2 (13:02):
They're being sued.
Speaker 4 (13:02):
I mean, and whoever caused that car accident, it's going
to be sued. So you don't have your assets in
a protected structure. Everything you work for is now on
the table.
Speaker 2 (13:11):
And I could not live like that.
Speaker 4 (13:13):
I mean, my husband and I our assets are so
locked down. You go ahead and sue me. You know,
you can sue me all you want. I can't prevent
anybody from suing me. They can assume me because they
don't like the look my hairstyle, but they can't.
Speaker 2 (13:26):
Take any of my money. I can tell you that
right now.
Speaker 1 (13:27):
So what would be some of the advice that you have,
you know, to especially when it comes to advisors.
Speaker 3 (13:35):
Like you have twenty six things that you teach.
Speaker 1 (13:38):
What are some important things out of that twenty six
that you think that you know financial advisors should understand
and know, well, they.
Speaker 2 (13:45):
Need to know all twenty six.
Speaker 4 (13:46):
But here's the thing, this is the really fun part
about what I teach, because sometimes financial advisors go that
seems overwhelming. So I give an analogy, Stacy. Right now,
I'm in my home in Utah. I live in I
spent my time between Park City, Utah, and then I
have a home in Dallas. And when I'm in Texas.
You know, I have a beautiful, big home here in
Park City. But when I'm in Texas, I have a
(14:07):
property manager that comes around. His name is Harry, and
Harry walks the perimeter of my house looking for any problems.
He also goes into my home. He flushes all the toilets,
he turns on the faucets. He's looking for leaks. Well,
about a year and a half ago, Harry called me
up and said, Aaron, we got two problems at your
house and I'm like, Okay, what's going on.
Speaker 2 (14:26):
What's wrong, Harry? He said, well, well you're done. One
of your downstairs toilets.
Speaker 4 (14:29):
It's got a leak in it, and he goes, if
we don't get that fixed, you can have a massive
flood in your basement. That's a four or five hundred thousand
dollars problem. And I've had neighbors here have that happen.
I'm like, oh my gosh, Harry. And then he also said,
I also checked some of your heat tape on your
roof is not working. So if we have another big
snowfall like we had in twenty twenty two, you're you know,
your roof could literally collapse.
Speaker 2 (14:51):
And I'm like, oh my gosh, Harry, that's awful. Right.
Speaker 4 (14:54):
But here's the thing, and this is for your financial advisors,
because a lot of times what I tea they think
I don't I'm not going to know how to fix
that problem. You don't need to know how to fix
all the problems that I help you identify.
Speaker 2 (15:08):
You want to be.
Speaker 4 (15:09):
The paradigm shift is pretend you're a property manager, which
is what we are as advisors.
Speaker 2 (15:14):
Because Harry, not.
Speaker 4 (15:15):
For a minute did Harry get on his hands and
knees and fix my toilet.
Speaker 2 (15:21):
Called in another professional called a plumber, who did that.
Harry did not get up in a ladder and fix
my heat DAP. He called in another resource, an electrician,
to do that. So, advisors, if you're out there, or
any any professional, it's kind of like our job is
to spot weaknesses vulnerabilities that might exist in our client's
(15:41):
financial lives and then bring in other professionals to fix
those problems.
Speaker 4 (15:47):
So that that property manager analogy is probably the best
one I can give, so that advisors can take a
deep breath and say, I don't need to know. I
don't need to have a CFP, I don't need to
have a law degree, I don't need to be a CPA.
I just need to identify, Hey, I'm not even sure,
but I think there may be a problem with that
titling and that structuring or that whatever right, and then
bringing outside professionals who are qualified to you know, to
(16:11):
fix those problems.
Speaker 3 (16:13):
Yes, No, that's that's an excellent analogy.
Speaker 1 (16:17):
You know, you need to be prepared for all things,
you know, and especially when you have a home and
you have a property, you need to be able to
have someone especially if you're not living there all the
time to check on these things because anything could happen.
Speaker 3 (16:31):
It's so easy.
Speaker 1 (16:32):
I've known people that have you know, they've had homes
in different locations. There's been storms, their house has been flooded,
the first floor was completely flooded. You know, you never
never know, you know, and you have to be on
top of these things. And it's so important. It's so important.
So what are some other aspects that you feel that
(16:53):
is necessary for people to really understand and realize.
Speaker 2 (16:58):
Yeah, one thing I would say is sit with your family.
Speaker 4 (17:01):
Regardless of who you are, what you do, sit with
your family and think about it.
Speaker 2 (17:04):
Doing a three sixty.
Speaker 4 (17:05):
Degree evaluation of your family. For instance, I'll give you
an idea. So I have one son. He's you know,
he's forty one years old. He was in the military
for a long time, and he had a wife and
he had three little kids. Well, when I did my
three sixty now this is fifteen twenty years ago, I
realized the military only paid him four hundred if he died.
Speaker 2 (17:28):
They only paid him.
Speaker 4 (17:29):
Four hundred thousand dollars in life insurance. Well, what was
his wife and three kids? How long would they live
on four hundred thousand dollars, right, and so you know,
my son at the time, he was twenty six at
the time, he's like, Mom, I can't afford I'm you know,
all I can.
Speaker 2 (17:43):
Do to pay my bills and keep a roof over
of it.
Speaker 4 (17:46):
And so Bob and I we bought a two million
dollars life insurance term life policy on my son. And
because the problem is is the risk is mine if
something happens to my son, I mean, God forbid. And
he did two hundred missions, you know, three tourist to Iraq,
three in Afghanistan. I worried every day, but the financial
(18:07):
ramifications would have fallen on me, right, And I love
my grandchildren, but I don't want to raise them. We
also realized that my daughter in a lot at the time,
she's like twenty five, and let's say for a moment,
something happened to her, she died of a car accident.
Speaker 2 (18:22):
Whatever. I knew that the military would still require my
son to deploy, right, that doesn't change the mission.
Speaker 4 (18:29):
So we put like a million dollars of life insurance
on my daughter in law. So that gave us a
lot of comfort. God forbid they should happen at least financially.
It's not going to devastate and then fall back on us.
Because the story I told right off the top, when
that forty one year old kid died, you know, my
client's plans were just put on hold.
Speaker 2 (18:48):
They became the caregiver, so the wife.
Speaker 4 (18:51):
Had to go back to work, and they shuttled kids
around for fifteen years. By the time they were you know,
they were going to go back and try and pursue
their travel. The guy's house, he had deteriorated so much
they never did get to travel. And think about it,
they had four kids, They had a lot of money.
They could have afforded to put life insurance on all
(19:12):
four kids and their spouses.
Speaker 2 (19:14):
In real life, and their dreams could have gone on.
Speaker 4 (19:17):
It would have been devastating, but not fifteen years of devastations.
So for your listeners, do a three sixty talk about
your mom and dad. What happens if something happens to them?
Do you have to make arrangements for them to possibly
move in with you?
Speaker 2 (19:32):
What's that kind of cost?
Speaker 4 (19:33):
Would it be cheaper to buy long term care insurance
on both mom and dad? What about your brothers and sisters?
Is there anybody that's going to come and be you know,
especially people who are wealthier. We tend to take on
with great honor the problems of our family. But I'd
rather buy a long term care insurance on all of
my siblings and their spouses than have to pay fourteen thousand.
Speaker 2 (19:55):
A month because they have to go to a home.
Right about. Your mom's, your dad's, your others, your sister's,
your niece, your nephew.
Speaker 4 (20:02):
Really do a three sixty on what could go wrong,
what situation might.
Speaker 2 (20:07):
Occur that they you're the only one with money.
Speaker 4 (20:10):
The people that have the money are the ones that
end up having to, out of a moral obligation, take
care of their family members. So there's so many ways
to mitigate those those buying long.
Speaker 2 (20:20):
Term care and chances and care insurance. That's called leverage.
You pay a little tiny bit of money to make
sure you don't have to pend fourteen thousand a month
term life insurance on your adult children. Oh my gosh,
I'd do it every single day of my life, you know.
Speaker 4 (20:33):
So there's making sure that there's five twenty nine plans
so your grandchildren can go to college.
Speaker 2 (20:38):
And so again, if you.
Speaker 4 (20:40):
Will just do a three sixty and include the people
that you care about. You can save yourself a lot
of heartaches. And that's what I teach advisors how to do.
So if you have an advisor that hasn't talked to
you about this, tell them to give me a call.
My name is Aaron Botsford Aaron Botsford dot com and
I will be happy to share with them how I
learn earned and what I teach so that they can
(21:02):
be better advisors to you.
Speaker 1 (21:04):
Yes, if you had to take today's conversation, you really
want to emphasize on some COREN factors. What are some
of the things you really like to emphasize so listeners understand.
Speaker 2 (21:14):
Well, yeah again.
Speaker 4 (21:15):
Focus, you know, before you start investing in bitcoin and thinking,
you know, thinking that all you have to focus on
is what's happening in the Mars stock market. Focus on
the other side, the.
Speaker 2 (21:27):
Risk side of the balance sheet. I can't stress that enough.
Speaker 4 (21:29):
Make sure your advisor has gone through all twenty six
areas and focused on the risk side.
Speaker 2 (21:36):
Because one false move.
Speaker 4 (21:37):
One car accident, you know, you are only one car
accident of being sued and losing everything that you've worked for.
And life is too short and there's so many solutions.
So I would say, make sure that you're focused on
that side of the balance sheet.
Speaker 1 (21:52):
And where can people I know you just mentioned your
website and everything, but just again, so make sure everybody
knows where can they find you?
Speaker 2 (22:00):
Yeah, I can be found.
Speaker 4 (22:01):
My name is Aaron Botsf dot com, E r I
N b ots f or D dot com. And I
have a training program for advisors. I don't actually practice
myself anymore, but I've trained thousands of advisors so that
they can, you know, they can be better advisors and
they can make sure that they're serving their clients so
that their clients never have to deal with these unexpected
vulnerabilities that recaverc in their lives.
Speaker 2 (22:24):
I love it.
Speaker 3 (22:24):
I love it. Well, thank you so much for coming
on the show and sharing this.
Speaker 1 (22:28):
I think is really important because people don't realize the
you know, they don't think about life INSURANCEY don't think
about the what if. They don't think about what could
actually happen and the risk involve and you know, there
are many times also that you know, I've seen people
that you know, they've they've gotten sick and the amount
of money that they had to spend to help their
parents or to help the person who you know became
(22:51):
ill and something went wrong is outrageous if you look
at today's costs, you know, you know, a person can
make over one hundred thousand dollars a year, and you
know it will cost that much money just to take
care of that one person if they had to outsource
that person to a different type of care unit where
they need assistance, you know, twenty four to seven.
Speaker 4 (23:10):
So well, a friend of mine a month ago today
was driving me work and he got t bone and
he died on impact. So you know, it happens, and
we can't help the accidents, We can't help the hear
the heart attacks. What we can do is make sure
that whoever's left behind is financially stable. And for those
of us who love our families, we should make sure
(23:31):
that we take some time and make sure that gets done.
Speaker 3 (23:33):
One hundred percent. I agree, one hundred percent. Well, thank
you so much Erin for coming on the show.
Speaker 1 (23:38):
Thank you for sharing this information, and I really appreciate
it because a lot of people don't think about these things,
and a lot of people don't you know, think, you know,
think about the risk involved and how sometimes you know
it could just by taking you know, it's spending a
few dollars for life insurance and a few dollars to
cover the costs.
Speaker 3 (23:56):
You know you could be saving an internal amount.
Speaker 1 (23:59):
Of burden off you and your family members, because everybody
gets affected.
Speaker 3 (24:03):
When things like this happen.
Speaker 1 (24:04):
So I really I thank you so much for coming
on the show and bringing this to light.
Speaker 3 (24:09):
Thank you so much.
Speaker 2 (24:10):
You're welcome. Pleasure,
All right, listen up, advisors, if you've been banging your
head against the conference room trying while trying to land
high net worth clients, delegate without drama and close prospects
on the spot. Today's guest has your fast track ticket.
Aaron Botsford, Baron's top one hundred advisor and founder of
(00:23):
the Advisor Authority, built and sold nearly a billion dollar
firm by systems in everything from prospecting to team leverage.
Here she is to spill exactly the playbook that she created.
She now teaches advisors who want that seventh figure freedom. Aaron,
say hello to everybody and let everybody know who you
(00:44):
are and what you're all about.
Speaker 2 (00:46):
Hello everyone, it's nice to be here.
Speaker 3 (00:48):
Say you're very welcome.
Speaker 1 (00:51):
So you know, in one minute, what was the single
biggest mind shift that led you to jump in from
this busy advisor to build it an enterprise that you
ran with.
Speaker 2 (01:04):
There really wasn't one moment, and nothing in life is
at a moment, but there was. I had an experience.
Speaker 4 (01:09):
I was a struggling financial advisor and I actually was
going to quit, and my branch manager, I said, oh,
go get some business coaching. So I enrolled in a
coaching program, and in the third year, the twelveth session,
I was paired up with a guy to explore our results,
and so I decided I'm gonna go first. And I said,
I'm aaronbots Ford. I'm from Dallas, Texas. And I told him,
(01:30):
three years ago, I've been doing three hundred thousand dollars
in revenue, and this year I was on target to
do somewhere between four hundred and four and fifty. And
I was like, really happy with my progress. And then
he it was his turn, and he said he was
happened to be in our business. Not everybody in our
coaching program was in my business, but he happened to be.
And he said three years prior he'd also been doing
three hundred thousand dollars in revenue, and he said this
(01:51):
year was on target to do three million in revenue.
And he said, I don't meet with all of my
existing clients anymore. What I've done is I've gone out
and built an entire team around me. All I do
is prospect for my next ideal client. I sell the
philosophy of my firm, and then I turned my you know,
these new clients over to licensed members of my team,
and I was like, what'd you say? You just went
(02:11):
from three hundred thousand and three million in three years.
He goes, yeah, and you don't meet with all your
existing clients anymore, is no. I built a team, and
so of course it was time to go back to
our seats. The bell had rung and I was just flabbergasted.
I was like, oh, my gosh, I've never heard of
anybody that did that, and so I asked him if
I could buy a few hours of his time. Fortunately
for me, he said, yeah, why don't you come spend
the day with me and my team, which I did,
(02:34):
and the rest, as they say, became history because a
couple of years later I.
Speaker 2 (02:37):
Did three million, then four million, five million. My business
just kept growing. So that was a very a very
big moment in my life.
Speaker 3 (02:46):
Let's just say that, Wow, that's amazing. That's you know.
Speaker 1 (02:50):
Sometimes it just says that one person and you just
you know. And the funniest thing is a lot of
times you meet these people by chance. They just pop
into your life at the sporadic moment when you least
expect it. But their knowledge kind of just a few
moments and a little direction can change a person's life tremendously.
It's amazing how sometimes those things happen.
Speaker 4 (03:11):
Yeah, well, I'm a big believer there are no accidents,
and so I may not have been prepared for, but
now anymore, the way I live my life.
Speaker 2 (03:19):
I look for those things, right, I anticipate.
Speaker 4 (03:22):
I know my next opportunity is in this podcast or
this next thing. Right, So I think that you put
it out there, the universe responds, and so I don't
believe in accidents anymore.
Speaker 3 (03:34):
No, I agree one hundred percent.
Speaker 1 (03:36):
I believe when you put it out to the universe,
the universe reacts and it does come back to you.
And I do believe the same way you do. I
don't think there are any accents. I think everything is
reason and sometimes, you know, when things happen, we may
not understand why they're actually happening, but you know, eventually
we figure it out and we realize why things happen
(03:56):
the way they did, and a lot of times it's
for the best. You know, that works out really good. Now,
what's the first strategic change an advisor must make to
attract a high net worth families instead of those mass affluent.
Speaker 4 (04:12):
Yeah, well, let's go back I want to tell a story,
if you don't mind, And that is something that happened
to me.
Speaker 2 (04:18):
In nineteen ninety two. Because I was a financial advisor.
Speaker 4 (04:21):
I'd been raised in the stockbrokerage world, and you know,
we mostly focused on the investment side of the balance
sheet and more retirement planning or whatever. Well, there's actually
another side to the balance sheet. I call that the
risk side. But I wasn't taught that. I didn't know
anything about it until this happened. I had a couple
that came to me, and this guy was retiring from
(04:43):
a major pharmaceutical company and he had a lot of money,
and he came in with a spreadsheet.
Speaker 2 (04:50):
They were going to travel for fifteen years.
Speaker 4 (04:52):
He was only fifty five, so from fifty five to
seventy they were going to travel internationally, and then from
seventy on they were going to travel in the in States.
And I thought, this is the coolest thing I've ever seen.
These people have their life planned out.
Speaker 2 (05:05):
Well. I knew too.
Speaker 4 (05:06):
I knew by conversations they had some kids. I knew
they had some grandkids, but I really never went there.
I didn't ask a whole lot about them. So the
plan was all set in about I don't know. Six
weeks later, I get this terrible phone call that their
oldest son, he was aged forty one, had dropped dead
in the driveway. He had a massive heart attack while
washing his car. And he had a stay at home wife,
(05:29):
he had four little kids, he had a large mortgage,
he had just borrowed eight hundred thousand dollars to start
a new business, and he had zero life insurance. Wow,
So whose problem do you think that became? It was
my clients, And of course I told you before we
got on the show, is that my dad died when
(05:50):
I was eleven, and he left my mom with six
kids and no life insurance. It was almost at the
time I was thinking, well, shame on me, Like I
know what life looks like when that happens. But I
never had been taught to like look for that, right.
I was taught a certain way. And so that became
my AHA moment, my scarlettle hair moment. I'm like, as
(06:11):
God is my witness, I couldn't have prevented the heart
attack with this forty one year old, but I could
have asked a whole lot more questions. And so today
my process and what I trained, because I trained financial
advisors to really look on that risk side of the
balance that you can add so much more value there
because most people aren't focused on that. They're focused on
(06:32):
their entrepreneurial business. They're focused on being an executive, whatever
their job is in saving money for retirement.
Speaker 2 (06:41):
They don't realize that there's goblins under the rug.
Speaker 4 (06:44):
They could come along and wreak havoc because you haven't
really gone there.
Speaker 2 (06:48):
So I always I would tell people.
Speaker 4 (06:52):
I know most advisors focus on the investment side of
the equation, but my firm today we focus on the
risk side of the equation. And so we're going to
about you. Of course, I wanted about your entire story.
I want to know about your mom, your dad, your
brother's sister, your niece, your nephew is, your children, and
your grandchildren because I'm looking for two things. One, I'm
looking for potential train wrecks, like what could come along
(07:13):
and destroy your plans or a nice, wonderful, comfortable life
or whatever. And you know, or opportunities, maybe opportunities in
lifetime or death to take care of the people or
the causes you care about it. Because one thing I
learned Stacy is that there's only two things you can
do with a risk.
Speaker 2 (07:27):
Okay, first of all, you want to identify what is
the risk. You want to quantify it.
Speaker 4 (07:31):
If that thing happened, what would you know would it
cause financial meltdowns?
Speaker 2 (07:37):
Because there's only two things.
Speaker 4 (07:38):
You can transfer the risk through some means. Sometimes that's
buying long term care insurance on a mom or dad.
Sometimes it's buying a term life insurance policy on that
forty one year old son because he felt like he
couldn't afford it himself. I don't know, but you can
either transfer it or sometimes you can. You just have
to assume the risk. And as you know, the one
risk that we all have to assume is the risk
(07:58):
of our health. Right, so we eat, right, we exercise,
we do our research. We can't transfer that risk anywhere,
but almost every other risk that involves financial security can
be transferred.
Speaker 1 (08:12):
You know, I'm fifty three years old, and I can't
tell you how many friends of mine had illnesses just
sporadically come out of nowhere. How many people I've known
that have had a heart attack out of nowhere. Because
we're in that primary, you know, age area, and sometimes
you could be the healthiest person. And it could just
be in your DNA, it could be in your family
(08:32):
you know that they're just prone to you know, heart problems,
and sometimes it could just be the way you're caring
for yourself. But you know, things happen sporadically out of nowhere.
Things sometimes happen because of family DNA. But you know,
you never know what the next day is going to bring.
And I think sometimes people take that for granted because
they think, oh, I'm only in my early fifties or
I'm in my mid fifties, Nothing's going to happen to me.
Speaker 3 (08:55):
But we don't know what's going to happen. We never know,
you know.
Speaker 1 (08:59):
And I think you know that's the really important factor
that you've brought up, is that we do need to plan,
because what happens if you know that if you know,
especially if you have you know, you have a couple
of kids, and with today's cost of living, you know,
and then what happens if if the if the caretaker,
the mother you know, is left with all these kids,
(09:20):
how is she going to you know, offend all of
a sudden, you know, if they're all these different age
groups that you have to take care of and then
you have to think of college and all these other factors.
You know, how am I going to pay the electric bill?
How am I going to pay the mortgage? You know,
these are all things you have to take in consideration.
And like you said, sometimes people are just focusing on
other things like their retirement and other you know, other
(09:41):
issues that you have to think of. But you know,
most important, I think the life insurance really has to
be addressed, and I think that's one of the least
things that is addressed by many people.
Speaker 4 (09:51):
Yeah, well, I actually have I have twenty six different
let's call it twenty six different areas that I found
in my practice, and we're going to cover We're going
to check off the boxes on all twenty six before
we're going to ever consider investing your money.
Speaker 2 (10:05):
I mean when I was in I'm not in practice
anymore now.
Speaker 4 (10:07):
It's what I teach advisors, and what's interesting is from
an advisory standpoint, they become so much better advisors. And
a lot of times an advisor might be listening to
this and they think, well, I don't know, I don't
know how to fix some of these problems.
Speaker 2 (10:23):
For instance, you know, I have people some of my
clients came in and they had.
Speaker 4 (10:28):
They had great, beautiful lake houses and I'm like, eh,
you know you got a boat. Yeah, we got a
great boat. I'd say, well, how is your lake house title?
Is it your personal name or is it some other entity?
Speaker 2 (10:37):
Oh? Yeah, we own it free and clear.
Speaker 4 (10:39):
And I'm like, oh my gosh, I go what happens
if somebody gets hurt on your property you're a boating accident.
Do you realize that because that lake house is in
your personal name, can you be sued for everything for
the value of the lake house in the boat? Now
you can be sued for any other asset that's in
your personal lane or your bank accounts, your brokera conteacinghouse.
Speaker 2 (10:58):
Were you aware of that?
Speaker 4 (11:00):
And typically they're like no, I mean somebody didn't. They're like,
why did my attorney tell me that? Why did my
real estate a didn't tell me that. I'm like, I
don't know.
Speaker 2 (11:06):
But if we work together, we got to get that fixed. Right.
Speaker 4 (11:09):
So again, there's twenty six different lines of questioning, and
today I train I teach advisors how to be better
advisors by understanding those twenty six different areas and when
you can have conversations like that with people, they are
glued to you forever because nobody wants to feel like
they're vulnerable, right, Nobody wants to feel like I turn
(11:30):
around and the next car accident that I'm involved in
can basically risk everything that I've ever worked for. You know,
I've had clients that you know, one had a teenage
son driving a car in his name at at a
major university, hit a plastic surgeon.
Speaker 2 (11:47):
My client was sued for twenty five million dollars.
Speaker 4 (11:50):
Okay, what happens then, like, how how are your assets
set up?
Speaker 2 (11:54):
You know, what had didn't happen to be a.
Speaker 4 (11:56):
Client of mine. It was a prospect of mine and
that had already happened. And I'm like, here's the deal.
I can't protect you. That situation already occurred. You are vulnerable.
Speaker 3 (12:07):
But what we're going to do is.
Speaker 4 (12:08):
Fix things right now, because think about it, Stacey, all
of us are only one car accident away from losing
everything we're worth.
Speaker 2 (12:16):
So how are your assets structured? How are they titled?
How are they positioned?
Speaker 4 (12:22):
Because we can't control that stuff right in the car
accident in particularly, they're the number one, you know type
of catastrophe that impacts people's financial lives and they don't
do anything about it. And most of times they don't
do any about it because they don't know what to
do about it.
Speaker 2 (12:38):
Right.
Speaker 3 (12:39):
No, that's very true.
Speaker 1 (12:40):
And that's one of the biggest things is when people
get into car accidents. That's that's one of the biggest injuries.
And when when people go to see doctors or they
go to see chiropractors or you know the one that
it's it's usually because they've been in some type of
injury like a car accident, and now you know, they're
left with permanent injuries that last them life time, you know, and.
Speaker 2 (13:02):
They're being sued.
Speaker 4 (13:02):
I mean, and whoever caused that car accident, it's going
to be sued. So you don't have your assets in
a protected structure. Everything you work for is now on
the table.
Speaker 2 (13:11):
And I could not live like that.
Speaker 4 (13:13):
I mean, my husband and I our assets are so
locked down. You go ahead and sue me. You know,
you can sue me all you want. I can't prevent
anybody from suing me. They can assume me because they
don't like the look my hairstyle, but they can't.
Speaker 2 (13:26):
Take any of my money. I can tell you that
right now.
Speaker 1 (13:27):
So what would be some of the advice that you have,
you know, to especially when it comes to advisors.
Speaker 3 (13:35):
Like you have twenty six things that you teach.
Speaker 1 (13:38):
What are some important things out of that twenty six
that you think that you know financial advisors should understand
and know, well, they.
Speaker 2 (13:45):
Need to know all twenty six.
Speaker 4 (13:46):
But here's the thing, this is the really fun part
about what I teach, because sometimes financial advisors go that
seems overwhelming. So I give an analogy, Stacy. Right now,
I'm in my home in Utah. I live in I
spent my time between Park City, Utah, and then I
have a home in Dallas. And when I'm in Texas.
You know, I have a beautiful, big home here in
Park City. But when I'm in Texas, I have a
(14:07):
property manager that comes around. His name is Harry, and
Harry walks the perimeter of my house looking for any problems.
He also goes into my home. He flushes all the toilets,
he turns on the faucets. He's looking for leaks. Well,
about a year and a half ago, Harry called me
up and said, Aaron, we got two problems at your
house and I'm like, Okay, what's going on.
Speaker 2 (14:26):
What's wrong, Harry? He said, well, well you're done. One
of your downstairs toilets.
Speaker 4 (14:29):
It's got a leak in it, and he goes, if
we don't get that fixed, you can have a massive
flood in your basement. That's a four or five hundred thousand
dollars problem. And I've had neighbors here have that happen.
I'm like, oh my gosh, Harry. And then he also said,
I also checked some of your heat tape on your
roof is not working. So if we have another big
snowfall like we had in twenty twenty two, you're you know,
your roof could literally collapse.
Speaker 2 (14:51):
And I'm like, oh my gosh, Harry, that's awful. Right.
Speaker 4 (14:54):
But here's the thing, and this is for your financial advisors,
because a lot of times what I tea they think
I don't I'm not going to know how to fix
that problem. You don't need to know how to fix
all the problems that I help you identify.
Speaker 2 (15:08):
You want to be.
Speaker 4 (15:09):
The paradigm shift is pretend you're a property manager, which
is what we are as advisors.
Speaker 2 (15:14):
Because Harry, not.
Speaker 4 (15:15):
For a minute did Harry get on his hands and
knees and fix my toilet.
Speaker 2 (15:21):
Called in another professional called a plumber, who did that.
Harry did not get up in a ladder and fix
my heat DAP. He called in another resource, an electrician,
to do that. So, advisors, if you're out there, or
any any professional, it's kind of like our job is
to spot weaknesses vulnerabilities that might exist in our client's
(15:41):
financial lives and then bring in other professionals to fix
those problems.
Speaker 4 (15:47):
So that that property manager analogy is probably the best
one I can give, so that advisors can take a
deep breath and say, I don't need to know. I
don't need to have a CFP, I don't need to
have a law degree, I don't need to be a CPA.
I just need to identify, Hey, I'm not even sure,
but I think there may be a problem with that
titling and that structuring or that whatever right, and then
bringing outside professionals who are qualified to you know, to
(16:11):
fix those problems.
Speaker 3 (16:13):
Yes, No, that's that's an excellent analogy.
Speaker 1 (16:17):
You know, you need to be prepared for all things,
you know, and especially when you have a home and
you have a property, you need to be able to
have someone especially if you're not living there all the
time to check on these things because anything could happen.
Speaker 3 (16:31):
It's so easy.
Speaker 1 (16:32):
I've known people that have you know, they've had homes
in different locations. There's been storms, their house has been flooded,
the first floor was completely flooded. You know, you never
never know, you know, and you have to be on
top of these things. And it's so important. It's so important.
So what are some other aspects that you feel that
(16:53):
is necessary for people to really understand and realize.
Speaker 2 (16:58):
Yeah, one thing I would say is sit with your family.
Speaker 4 (17:01):
Regardless of who you are, what you do, sit with
your family and think about it.
Speaker 2 (17:04):
Doing a three sixty.
Speaker 4 (17:05):
Degree evaluation of your family. For instance, I'll give you
an idea. So I have one son. He's you know,
he's forty one years old. He was in the military
for a long time, and he had a wife and
he had three little kids. Well, when I did my
three sixty now this is fifteen twenty years ago, I
realized the military only paid him four hundred if he died.
Speaker 2 (17:28):
They only paid him.
Speaker 4 (17:29):
Four hundred thousand dollars in life insurance. Well, what was
his wife and three kids? How long would they live
on four hundred thousand dollars, right, and so you know,
my son at the time, he was twenty six at
the time, he's like, Mom, I can't afford I'm you know,
all I can.
Speaker 2 (17:43):
Do to pay my bills and keep a roof over
of it.
Speaker 4 (17:46):
And so Bob and I we bought a two million
dollars life insurance term life policy on my son. And
because the problem is is the risk is mine if
something happens to my son, I mean, God forbid. And
he did two hundred missions, you know, three tourist to Iraq,
three in Afghanistan. I worried every day, but the financial
(18:07):
ramifications would have fallen on me, right, And I love
my grandchildren, but I don't want to raise them. We
also realized that my daughter in a lot at the time,
she's like twenty five, and let's say for a moment,
something happened to her, she died of a car accident.
Speaker 2 (18:22):
Whatever. I knew that the military would still require my
son to deploy, right, that doesn't change the mission.
Speaker 4 (18:29):
So we put like a million dollars of life insurance
on my daughter in law. So that gave us a
lot of comfort. God forbid they should happen at least financially.
It's not going to devastate and then fall back on us.
Because the story I told right off the top, when
that forty one year old kid died, you know, my
client's plans were just put on hold.
Speaker 2 (18:48):
They became the caregiver, so the wife.
Speaker 4 (18:51):
Had to go back to work, and they shuttled kids
around for fifteen years. By the time they were you know,
they were going to go back and try and pursue
their travel. The guy's house, he had deteriorated so much
they never did get to travel. And think about it,
they had four kids, They had a lot of money.
They could have afforded to put life insurance on all
(19:12):
four kids and their spouses.
Speaker 2 (19:14):
In real life, and their dreams could have gone on.
Speaker 4 (19:17):
It would have been devastating, but not fifteen years of devastations.
So for your listeners, do a three sixty talk about
your mom and dad. What happens if something happens to them?
Do you have to make arrangements for them to possibly
move in with you?
Speaker 2 (19:32):
What's that kind of cost?
Speaker 4 (19:33):
Would it be cheaper to buy long term care insurance
on both mom and dad? What about your brothers and sisters?
Is there anybody that's going to come and be you know,
especially people who are wealthier. We tend to take on
with great honor the problems of our family. But I'd
rather buy a long term care insurance on all of
my siblings and their spouses than have to pay fourteen thousand.
Speaker 2 (19:55):
A month because they have to go to a home.
Right about. Your mom's, your dad's, your others, your sister's,
your niece, your nephew.
Speaker 4 (20:02):
Really do a three sixty on what could go wrong,
what situation might.
Speaker 2 (20:07):
Occur that they you're the only one with money.
Speaker 4 (20:10):
The people that have the money are the ones that
end up having to, out of a moral obligation, take
care of their family members. So there's so many ways
to mitigate those those buying long.
Speaker 2 (20:20):
Term care and chances and care insurance. That's called leverage.
You pay a little tiny bit of money to make
sure you don't have to pend fourteen thousand a month
term life insurance on your adult children. Oh my gosh,
I'd do it every single day of my life, you know.
Speaker 4 (20:33):
So there's making sure that there's five twenty nine plans
so your grandchildren can go to college.
Speaker 2 (20:38):
And so again, if you.
Speaker 4 (20:40):
Will just do a three sixty and include the people
that you care about. You can save yourself a lot
of heartaches. And that's what I teach advisors how to do.
So if you have an advisor that hasn't talked to
you about this, tell them to give me a call.
My name is Aaron Botsford Aaron Botsford dot com and
I will be happy to share with them how I
learn earned and what I teach so that they can
(21:02):
be better advisors to you.
Speaker 1 (21:04):
Yes, if you had to take today's conversation, you really
want to emphasize on some COREN factors. What are some
of the things you really like to emphasize so listeners understand.
Speaker 2 (21:14):
Well, yeah again.
Speaker 4 (21:15):
Focus, you know, before you start investing in bitcoin and thinking,
you know, thinking that all you have to focus on
is what's happening in the Mars stock market. Focus on
the other side, the.
Speaker 2 (21:27):
Risk side of the balance sheet. I can't stress that enough.
Speaker 4 (21:29):
Make sure your advisor has gone through all twenty six
areas and focused on the risk side.
Speaker 2 (21:36):
Because one false move.
Speaker 4 (21:37):
One car accident, you know, you are only one car
accident of being sued and losing everything that you've worked for.
And life is too short and there's so many solutions.
So I would say, make sure that you're focused on
that side of the balance sheet.
Speaker 1 (21:52):
And where can people I know you just mentioned your
website and everything, but just again, so make sure everybody
knows where can they find you?
Speaker 2 (22:00):
Yeah, I can be found.
Speaker 4 (22:01):
My name is Aaron Botsf dot com, E r I
N b ots f or D dot com. And I
have a training program for advisors. I don't actually practice
myself anymore, but I've trained thousands of advisors so that
they can, you know, they can be better advisors and
they can make sure that they're serving their clients so
that their clients never have to deal with these unexpected
vulnerabilities that recaverc in their lives.
Speaker 2 (22:24):
I love it.
Speaker 3 (22:24):
I love it. Well, thank you so much for coming
on the show and sharing this.
Speaker 1 (22:28):
I think is really important because people don't realize the
you know, they don't think about life INSURANCEY don't think
about the what if. They don't think about what could
actually happen and the risk involve and you know, there
are many times also that you know, I've seen people
that you know, they've they've gotten sick and the amount
of money that they had to spend to help their
parents or to help the person who you know became
(22:51):
ill and something went wrong is outrageous if you look
at today's costs, you know, you know, a person can
make over one hundred thousand dollars a year, and you
know it will cost that much money just to take
care of that one person if they had to outsource
that person to a different type of care unit where
they need assistance, you know, twenty four to seven.
Speaker 4 (23:10):
So well, a friend of mine a month ago today
was driving me work and he got t bone and
he died on impact. So you know, it happens, and
we can't help the accidents, We can't help the hear
the heart attacks. What we can do is make sure
that whoever's left behind is financially stable. And for those
of us who love our families, we should make sure
(23:31):
that we take some time and make sure that gets done.
Speaker 3 (23:33):
One hundred percent. I agree, one hundred percent. Well, thank
you so much Erin for coming on the show.
Speaker 1 (23:38):
Thank you for sharing this information, and I really appreciate
it because a lot of people don't think about these things,
and a lot of people don't you know, think, you know,
think about the risk involved and how sometimes you know
it could just by taking you know, it's spending a
few dollars for life insurance and a few dollars to
cover the costs.
Speaker 3 (23:56):
You know you could be saving an internal amount.
Speaker 1 (23:59):
Of burden off you and your family members, because everybody
gets affected.
Speaker 3 (24:03):
When things like this happen.
Speaker 1 (24:04):
So I really I thank you so much for coming
on the show and bringing this to light.
Speaker 3 (24:09):
Thank you so much.
Speaker 2 (24:10):
You're welcome. Pleasure,
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