Latest / The Efficient Advisor: Tactical Business Advice for Financial Planners / 201: Is Buying Leads Worth It? How This Advisor Turns Paid Leads into Paychecks with Guest Philip Snyder

Transcript

201: Is Buying Leads Worth It? How This Advisor Turns Paid Leads into Paychecks with Guest Philip Snyder · The Efficient Advisor: Tactical Business Advice for Financial Planners

• 0:00
  Speaker 1: Buying leads.
• 0:01
  Speaker 1: Okay, when I say that, what is your initial reaction?
• 0:05
  Speaker 1: So, if you're like me, you maybe bristled a little bit at the thought of it or balked when I said it.
• 0:10
  Speaker 1: I definitely scoffed at the concept of buying leads.
• 0:14
  Speaker 1: I thought it was a total scam.
• 0:16
  Speaker 1: I was a complete skeptic.
• 0:18
  Speaker 1: You know, by and large I always thought, gosh, the way to get leads is to get referrals right.
• 0:23
  Speaker 1: Super warm leads do a great job, get your clients to share you.
• 0:27
  Speaker 1: And then I met Phil right.
• 0:30
  Speaker 1: So Phil and I have been working for I don't know together for two years now probably, and it's been a really successful strategy for him.
• 0:37
  Speaker 1: And I'm still you know, I'm definitely still in the camp that referrals are still the best, easiest route of least resistance.
• 0:44
  Speaker 1: Right, your clients in the camp that referrals are still the best, easiest route of least resistance.
• 0:46
  Speaker 1: Right, your clients have already built that invisible bridge for you.
• 0:48
  Speaker 1: The no like and trust factor is way further down the line.
• 0:52
  Speaker 1: The leads are much, much warmer.
• 0:54
  Speaker 1: However, when Phil and I started working together, I was shocked at the quality of the leads that he was bringing in through purchasing them and I just assumed, right, if you're buying leads, that anybody you do get.
• 1:10
  Speaker 1: It's going to be tire kickers, it's going to be total garbage.
• 1:12
  Speaker 1: But Phil was really bringing in consistently million plus dollar clients and out in the efficient advisor community all the time.
• 1:20
  Speaker 1: At least once every few months, I see a post uh post where somebody asks like hey, I'm thinking about buying some leads, has anyone had any experience with this?
• 1:29
  Speaker 1: And the comments are an absolute bloodbath right.
• 1:33
  Speaker 1: So I try to pop in and comment about.
• 1:36
  Speaker 1: You know, hey, I've actually seen advisors have success with this and I thought you know what.
• 1:40
  Speaker 1: We just need to do an episode on this, right.
• 1:42
  Speaker 1: It keeps coming up in the community, which to me means it's something that there's advisors out there at least thinking about or considering.
• 1:48
  Speaker 1: And I would have absolutely been in the no way Jose camp until I met Phil.
• 1:53
  Speaker 1: So I'm not saying that this is the absolute best way to get leads, but it's definitely a way that totally works and you can't just go in blind, right.
• 2:03
  Speaker 1: You have to definitely build an intentional process around this and have the right level of expectations.
• 2:12
  Speaker 1: But I thought this might make for a really good podcast, like.
• 2:16
  Speaker 1: One of the things I really appreciate about Phil is he is very much willing to discuss the good, bad and the ugly and give sort of a full circle perspective when it comes to buying leads.
• 2:28
  Speaker 1: So I don't typically post a lot of really unpopular opinions or, you know, crazy concepts on here, but I thought this one would definitely be worth exploring.
• 2:40
  Speaker 1: So, regardless of which side of the fence you're on, I'd love for you to take a listen, because I think, even if you don't have an interest in buying leads, there's still insight to be gained from how important nurturing leads is, how having a set process.
• 2:56
  Speaker 1: So, whether they're cold leads, mediocre, lukewarm leads or super hot leads right, you need a system or a process in order to move clients through your prospect to client system, right?
• 3:12
  Speaker 1: So let's dive into this conversation about buying leads.
• 3:33
  Speaker 1: Okay, before we dive into the full conversation with Phil, this is your last reminder from me about getting on the wait list for the group coaching program.
• 3:37
  Speaker 1: Registration starts for wait-listers July 1st I know I cannot believe that's literally next week and it's almost July and you get a discount if you are on the list.
• 3:46
  Speaker 1: So it pays to be in the know.
• 3:48
  Speaker 1: Our next round of group coaching kicks off August 22nd and runs Thursdays from 1 PM to 2 PM Eastern.
• 3:55
  Speaker 1: I see you, west coast peeps through the end of June of 2025.
• 4:00
  Speaker 1: So 10 months, don't worry, there are breaks built in.
• 4:04
  Speaker 1: But if you're ready to make major transformation in your business, join us.
• 4:08
  Speaker 1: Won't it feel so good by this time next year to be more organized, to have more repeatable processes and workflows that you can delegate away and to not be winging it anymore?
• 4:19
  Speaker 1: Imagine running your business during the hours that you actually want to run it.
• 4:24
  Speaker 1: Isn't that the good life?
• 4:26
  Speaker 1: So click the link in the show notes to learn more and to get on the wait list.
• 4:29
  Speaker 1: You'll get all of the details in a big, long email with a bunch of links on July 1st.
• 4:36
  Speaker 1: And look, I know that you're listening to this podcast because you know it is possible to have energy left over for your friends and for your family and still have your dream business and the business that you are running instead of it running you.
• 4:52
  Speaker 1: You know what dream business I'm talking about.
• 4:54
  Speaker 1: Right, one where you are not sacrificing revenue or success for work-life balance.
• 5:01
  Speaker 1: Right.
• 5:01
  Speaker 1: I totally believe that you can achieve both.
• 5:04
  Speaker 1: And if you're new to the efficient advisor, welcome.
• 5:07
  Speaker 1: I'm Libby Grywe.
• 5:08
  Speaker 1: I started, built and sold by age 37, a 100% referral only planning practice that I grew to seven figures as a solo advisor, all while working just three days a week and taking off 14 weeks a year.
• 5:20
  Speaker 1: I'm here to help walk alongside you and to show you how to do exactly the same, and to help you take immediate action on the most important strategies for scaling, organizing and creating less stress and overwhelm in your business.
• 5:34
  Speaker 1: We are about to transform your practice together, so move over exhaustion and get out of the way.
• 5:40
  Speaker 1: Advisor ADHD.
• 5:42
  Speaker 1: It is time to take that one right next step to build a business and a life that you love.
• 5:48
  Speaker 1: So, hopefully, maybe buying leads might be part of that business strategy.
• 5:54
  Speaker 1: Let's dive into this conversation with my client, the illustrious Phil Snyder.
• 6:00
  Speaker 1: All right, phil, I'm I'm extra fired up for this conversation.
• 6:03
  Speaker 1: So there have been so many posts out in the efficient advisor community about buying leads, and it's interesting because every time someone posts something like, hey, I'm thinking about buying leads or doing smart asset or something along those lines, there are so many comments and not all of them are very few of them, I should say, are positive, and what I think is so interesting is I see all of this stuff about buying leads and then there is there's just this barrage of like negativity around it and every time I see it, I think of you, because you have been so successful with with purchased leads and I always like want to jump into the conversation and I and I do and I'll say like, well, yeah, but they're still in business and they're still, you know, people do actually experience success with this.
• 6:52
  Speaker 1: So when you agreed to be willing to share, kind of, what I have learned about purchasing leads through working with you, I think this is going to be a really good conversation and maybe, um, one of those episodes that's kind of like one of those unpopular opinion ones, but one that will really, I think, kind of maybe change the conversation around purchasing leads.
• 7:14
  Speaker 1: So thank you so much for doing this.
• 7:16
  Speaker 2: Yeah, absolutely.
• 7:17
  Speaker 2: I'm happy to be here and share best practices and give a fair and balanced perspective of all online leads.
• 7:25
  Speaker 1: Yeah, I mean it's not perfect, right, it's not perfect, but there are some upsides, so I'm looking forward to getting into that.
• 7:32
  Speaker 1: So why don't you share with listeners I obviously know you from working together and all the details, but why don't you share just kind of a brief background of where you are in the world, what you do and and what your business looks like?
• 7:50
  Speaker 2: Yeah, absolutely so.
• 7:50
  Speaker 2: I've been in the business about 20 years and established Snyder Asset Management in 2016, shortly after I got my CSA designation and the primary client who I work with are people who I describe as the millionaire next door.
• 8:01
  Speaker 2: So those are people who worked hard for their money.
• 8:03
  Speaker 2: They're not high net worth, but they have loaded in seven figures of investable assets and they're transitioning or in retirement.
• 8:09
  Speaker 2: And what I really like about all my leads in terms of the smart asset program is that I can get in front of those types of people immediately, versus if you create a podcast, you have to market your podcast to people and get them to listen and then perhaps get them to subscribe to your email monthly campaign, for example, and then schedule an appointment from there, and even after you go through that marketing funnel, it's very possible that that client who booked the meeting is not a good fit for you.
• 8:44
  Speaker 2: So what I really like about the online leads and, like you said, it's not perfect, we'll get into the pros and cons it's the fact that you can get access to these people who are in transitioning, usually into retirement.
• 8:57
  Speaker 2: They're unhappy with their current advisor or there was a life event like they inherited money or lost a spouse.
• 9:04
  Speaker 1: Yeah, okay, okay, so, okay.
• 9:07
  Speaker 1: So when?
• 9:08
  Speaker 1: Why don't we back up to the very beginning?
• 9:09
  Speaker 1: So, when you were thinking about buying leads, I guess what a what triggered it for you?
• 9:15
  Speaker 1: And be like, what kind of research did you do?
• 9:17
  Speaker 1: Did you just jump in both feet first and say like, let's just give this a try?
• 9:22
  Speaker 1: Did you look at a bunch of different options, interview people?
• 9:26
  Speaker 1: I know you're a pretty thorough, pretty thorough guy.
• 9:28
  Speaker 1: Tell us a little bit about how you got started and then how you landed on, eventually, smart asset, which is who you're using.
• 9:35
  Speaker 1: And by the way, let's just share that we are not sponsored.
• 9:38
  Speaker 1: We are like smart asset does not know we are doing this, so I don't want anyone to feel like it's like a specific angle or anything like that.
• 9:45
  Speaker 2: Right, right, exactly.
• 9:47
  Speaker 2: So that's a great question.
• 9:48
  Speaker 2: I think when you start a business, you try a lot of different things.
• 9:50
  Speaker 2: You know you, just you, just you do your best to try different avenues and see basically what sticks.
• 9:56
  Speaker 2: And I tried a lot of different.
• 10:00
  Speaker 2: You know marketing strategies, just like a lot of advisors when they just start trying to figure it out.
• 10:06
  Speaker 2: So when I started my business, I had an idea that I could get to a certain point, but in terms of getting past that certain point, I really didn't have a strategy or know how I was going to go about doing that.
• 10:19
  Speaker 2: So I just tried the Smart Asset Program, just to kind of give it a shot.
• 10:25
  Speaker 2: I paid for leads that were in the $250K to $1 million range back in 2019.
• 10:30
  Speaker 2: I paid for 50 or 60 leads and my experience was that people were willing to talk but they weren't willing to sign up.
• 10:38
  Speaker 2: I didn't really get a lot of traction, so I basically stopped paying for the leads.
• 10:43
  Speaker 2: After the 50 or 60 leads I was like this is a waste, I'm going to try something else.
• 10:47
  Speaker 2: And then I went back to call those leads about five or six months later and one client she ended up coming on board and I said, oh my God, there could be something here.
• 10:57
  Speaker 2: So after that I basically just continued paying for leads, and since then I've had enough success to justify continuing the program.
• 11:05
  Speaker 1: Yeah, well, and I think something when we started working together and you were sharing, right as we're kind of doing our own little day together, if you will like you were sharing kind of where your, your business is coming from.
• 11:16
  Speaker 1: I think what I was surprised about was not just the the number of leads that you've had success in closing, but the, the like, the quality of them, right.
• 11:24
  Speaker 1: So, like you said originally it was, you set the range from 250 to a million.
• 11:28
  Speaker 1: Is that still where you're at?
• 11:29
  Speaker 1: Or, if I'm, I remember like it's a million plus now.
• 11:32
  Speaker 2: I jumped up to a million plus, cause my feeling was that it's going to be difficult to acquire any client.
• 11:37
  Speaker 2: So if I'm going to spend the same amount of time acquiring clients, I much rather have the you know, the $1.5 million, versus the, the four or $500,000 client.
• 11:47
  Speaker 2: So, yes, I definitely moved up to the million dollar plus.
• 11:50
  Speaker 1: Yeah, and so I remember just being like wait, wait, hold on backup.
• 11:54
  Speaker 1: So you're finding million plus right or like which is for a lot of advisors listening like the gold standard, like everyone wants that client that has a million dollars of investable assets.
• 12:05
  Speaker 1: So I just want to pause and kind of highlight that those people are out there actually looking for advisors and they're doing it online, which I think is really kind of amazing.
• 12:16
  Speaker 1: So will you kind of set expectations?
• 12:19
  Speaker 1: So let's talk about what does getting kind of signed up?
• 12:23
  Speaker 1: What does buying leads look like?
• 12:24
  Speaker 1: How many do you really?
• 12:26
  Speaker 1: Because I think maybe this is where we could kind of go with some of this conversation is what turns people off from buying leads is it feels like a lot of spinning wheels.
• 12:35
  Speaker 1: A lot of it's not inexpensive.
• 12:38
  Speaker 1: So what does that actually look like for you From a volume perspective?
• 12:43
  Speaker 1: How much effort is it?
• 12:44
  Speaker 1: And then, what are we talking about from like a closing ratio standpoint?
• 12:48
  Speaker 2: Yeah, I think there's a lot of misconception out there in terms of you know, people think if they pay for a hundred leads, that you're going to have a hundred people that want to talk to you and a hundred good conversations and you should close 20 to 30 of them.
• 13:00
  Speaker 2: And you know, unfortunately that's just not how it works, or at least that's not what my experience is, and my experience is that you'll pay for 100.
• 13:06
  Speaker 2: The majority of people are not going to answer the phone.
• 13:09
  Speaker 2: You know they're not going to be interested.
• 13:11
  Speaker 2: My goal at the end of the day is around a dozen good conversations.
• 13:15
  Speaker 2: So we can go through my process in a little bit if you like.
• 13:18
  Speaker 2: But if we can get around 12 good conversations and two to three clients come on board, that puts you at a two or 3% closing rate.
• 13:26
  Speaker 2: I think closer to three, maybe push it up to 4%.
• 13:31
  Speaker 2: That's the goal, but it's not a program, in my opinion, where you're going to be closing 10, 15% of the leads.
• 13:35
  Speaker 1: So it's probably a nice compliment to an advisor's marketing or prospecting process that they already have in place.
• 13:45
  Speaker 1: Like, I want to be kind of clear that it's just one of many levers that you can pull and it can be time intensive.
• 13:53
  Speaker 1: So obviously, something you and I have worked on together is building out a process around that or like how do we actually systematize or how do we create a process around those leads to hopefully reduce the amount of time and effort going into them while ideally increasing the amount of you know, actual close, like the percentage of closing.
• 14:12
  Speaker 1: So, yeah, sure, if you would like.
• 14:13
  Speaker 1: What did it look like when you were first doing it?
• 14:15
  Speaker 1: And then, how has that kind of modified or changed over the year that you've seen more success with?
• 14:20
  Speaker 2: Well, I think, working with you, you've really helped me focus on processes and systematizing my business, and that's obviously by doing that that's allowed me to purchase more leads, basically, and get more efficient.
• 14:34
  Speaker 2: So, you know, in terms of now, do you want me to kind of get into my process.
• 14:41
  Speaker 1: Yeah, well, what did it look like in the beginning?
• 14:43
  Speaker 1: So like when you first signed up and you started getting leads, like immediately from Smart Asset, and they're sending you names like how did you do it in the beginning and what didn't work, and then, yeah, then share your process that you do now, that does work.
• 14:57
  Speaker 2: Yeah, so I think at the beginning it was just more about getting clients getting client statements, um, which it's probably similar, so that part's similar to now getting their statements, running a portfolio analysis, um, doing a demo of e-money, giving them some information, I mean my in terms of, like my sales background and just like that's kind of stayed the same, the type of questions I have, what I try to do through a conversation.
• 15:23
  Speaker 2: I won't really say that's changed, but I think where you've helped me is more along the lines of after the conversation, what happens, what's the system for kind of moving the client through that sales process.
• 15:36
  Speaker 2: And that's where I'd say that your coaching has really been a benefit to me, because after that call I have an email that goes out, a template basically that kind of talks about what are such expectations, what we're going to do the following meeting.
• 15:51
  Speaker 2: It has an attachment the top eight questions that I receive from prospective clients.
• 15:55
  Speaker 2: You help me create that and then obviously, just the email recaps, which have been huge.
• 16:02
  Speaker 2: A recap goes out the following day.
• 16:05
  Speaker 2: So I think that that's the main difference.
• 16:07
  Speaker 2: Getting the email recaps out, I think are huge because they basically show the prospect.
• 16:12
  Speaker 2: Hey, this person's really listening to me.
• 16:14
  Speaker 2: The person, if I come on board, is really going to care about me.
• 16:17
  Speaker 2: I'm not just going to be a small fish in a big pond, because he's really dialed in on all the details of my situation.
• 16:24
  Speaker 1: Yeah, okay.
• 16:25
  Speaker 1: So when SmartAsset gives you lead, how many advisors get that name and number?
• 16:30
  Speaker 2: As far as I know, three three, Okay, Okay.
• 16:33
  Speaker 1: So part of the maybe the I don't want to say issue that's not the right word but part of the concern that advisors have.
• 16:39
  Speaker 1: Okay, Like, so I'm paying for this lead and so are two, potentially two other advisors, how am I going to stand out from the other guys that are giving these people a call?
• 16:50
  Speaker 1: So when you get a name and number of okay, let's say, of the hundred leads, how many do you actually get to get on the phone with you?
• 16:59
  Speaker 2: So the way that it works is SmartAsset purchased, this technology program called DevSales, and what immediately happens is their information and SmartAsset is pushed into DevSales and then I get a phone call and hopefully I'm available.
• 17:12
  Speaker 2: So if I'm available, I'm able to pick up the phone.
• 17:15
  Speaker 2: If I'm not available, a series of text messages and emails are sent through DevSales that I can customize throughout the following hours, days and weeks.
• 17:26
  Speaker 2: So that's basically the idea behind that.
• 17:30
  Speaker 2: Yeah.
• 17:32
  Speaker 1: Okay, so like literally, your phone will ring and that client is right there, like while they're in the mood and they've been on the website and they've been typing in all of the things, and it actually literally rings.
• 17:42
  Speaker 1: And if not, then you have.
• 17:44
  Speaker 1: And I remember we, you know, we kind of spent some time building out like a like a nurture sequence of things, that is, that is happening to them.
• 17:49
  Speaker 1: So, like, what percentage of clients would you say you get on the phone right away and then how many like fall into your nurture sequence and then you connect with them later?
• 17:58
  Speaker 2: In terms of people who I get on the phone right away.
• 18:00
  Speaker 2: Wow, I think that could be.
• 18:03
  Speaker 2: That could be around 10, 10%, it's possible, and then and then the people who I get on the phone later could be another.
• 18:10
  Speaker 2: It could be another 15, 15%, maybe 20%, but I think, you know, at the end of the day, you'll have conversations with maybe a third of the people, a quarter of the people, but in terms of really that solid, in-depth conversation where you're like you connect with the client and this is a potential good fit, I think that probably drops it down to around a dozen to 15 tops.
• 18:31
  Speaker 1: Yeah, okay.
• 18:32
  Speaker 1: So one of the comments that I have seen in the efficient advisor community, when people kind of start these threads about buying leads, is that, oh, all of these people, they're just tire kickers or just DIY wires that are just looking for kind of free advice and yada, yada, yada.
• 18:46
  Speaker 1: What like has that been your experience to a certain degree?
• 18:49
  Speaker 1: And, like, what red flags do you look for?
• 18:51
  Speaker 1: Like, so is there something you've identified, like okay, in these conversations?
• 18:54
  Speaker 1: Here's how I separate the cream from the milk.
• 18:58
  Speaker 2: If somebody wants to talk to me, I'm going to talk to them.
• 19:00
  Speaker 2: You know, because most of the people when they felt the survey, they really do have a million dollar plus of investable assets.
• 19:05
  Speaker 2: So if they are just here for information, I'm happy, just honestly, to give it to them.
• 19:10
  Speaker 2: I don't I don't even try to try to figure it, to figure that out, and and I'm happy, I'm happy to do it.
• 19:16
  Speaker 2: I just think that's, that's the, that's the cost that you run in this type of program, because you don't want to sell anybody short, you don't want to weed them out.
• 19:24
  Speaker 2: Maybe they are just looking for information, but then they decide, hey, I really like this person, this person could really help me.
• 19:29
  Speaker 2: So I would never want to kind of go in that route in terms of closing the door on somebody.
• 19:36
  Speaker 1: So okay.
• 19:37
  Speaker 1: So whether you talk to them or not, they fall into this kind of nurture sequence and then you're bringing them into your ecosphere and they're at least now aware.
• 19:47
  Speaker 1: How many, would you say, of the leads that you get, like, how many like go right away, like yep, phil, want to jump into your process, do the planning, do the thing.
• 19:57
  Speaker 1: How many people kind of like linger and just check you out for a little bit and sort of maybe circle around later?
• 20:03
  Speaker 1: Now I know you have a follow-up process right that you built, so it's not just them being 100% left to their own devices, but like is it?
• 20:11
  Speaker 1: Like would an advisor like as far as setting expectations, would an advisor expect like most of that stuff to happen up front, or is there kind of like a tail end?
• 20:20
  Speaker 1: Like six months later people start kind of really resonating and reaching it back out.
• 20:26
  Speaker 2: Yeah, that's a good question.
• 20:27
  Speaker 2: I mean, my average client will come on board two to three months after we start the process.
• 20:33
  Speaker 2: We're really not even after we start the process, after they fill out the smart asset lead sheet, when I get the lead.
• 20:40
  Speaker 2: So I do set expectations that I expect the prospective clients to make a decision after we follow a three-step process, which basically is a discovery phone call that's going to take between 20 and 40 minutes.
• 20:54
  Speaker 2: We're going to have a second meeting, which is a portfolio analysis and we have time a financial plan demo, and the third meeting could be a continuation of a financial plan demo or an investment behavior assessment.
• 21:06
  Speaker 2: I mean, at that point I've taken, basically, between those three meetings and email recaps, I've taken about three hours out of my time.
• 21:12
  Speaker 2: So I think it's fair for any advisor to say, hey, these are my expectations.
• 21:17
  Speaker 2: At this point you have the information to make a decision.
• 21:20
  Speaker 2: What would you like to do?
• 21:21
  Speaker 2: Would you like to move forward or would you like not to move forward?
• 21:24
  Speaker 2: I do think the worst thing that you can get yourself in and it happens to me, I think will happen to everybody, but you try to minimize it is chasing people around.
• 21:31
  Speaker 2: You know that's not a good use of your time.
• 21:33
  Speaker 2: You don't want to.
• 21:33
  Speaker 2: You know, for weeks on end try to track somebody down and that's that's not, that's obviously not, not productive.
• 21:46
  Speaker 2: So you do want to set, you know, a good, good, good process of setting a follow-up calls.
• 21:50
  Speaker 2: You want to think about it?
• 21:50
  Speaker 2: No problem, let's schedule a call next week to regroup and I can answer any of your questions.
• 21:54
  Speaker 1: Yeah.
• 21:54
  Speaker 1: And so at this point you so I'm trying to think like, okay, if I'm an advisor listening right, at this point you have not charged them any type of planning fee.
• 22:03
  Speaker 1: You have just been very forthright, like here's the information I'm giving you, kind of high level, like you're not spending 30 hours preparing like a really in-depth financial plan, like how, like, how much time or energy would you say is invested in that three-step process from your side.
• 22:21
  Speaker 2: I would say it's a lot.
• 22:23
  Speaker 2: I mean, you can be, you can be efficient and use your great techniques, but it's going to be very, very time consuming.
• 22:31
  Speaker 2: In my, in my opinion, like I said, it is going to take a few hours for each perspective client and you speak to 12, um, you know that's.
• 22:39
  Speaker 2: That's 36 hours, and you very well may sign up two or three or four, maybe zero.
• 22:44
  Speaker 2: I mean that that that happens to me as well and we can get into um.
• 22:48
  Speaker 2: You know the fact that you could pay for a hundred leads and not have a client come aboard and how mentally straining and frustrating that can be, and that's when it gets really hard.
• 22:58
  Speaker 2: But it is a fairly time-consuming endeavor.
• 23:01
  Speaker 2: I'm not spending dozens of hours with prospective clients.
• 23:05
  Speaker 2: I'm not going to create a plan for them until they come aboard, but I will show them a John and Jane Doe plan on e-money or a guardrailils report on income lab or maybe something on holistic plan.
• 23:16
  Speaker 2: I usually don't go that deep into the weeds, but John and Jane Doe, most likely the only personalized service that I would typically offer is the portfolio analysis and then, if we get to the investment behavior assessment through a company called Atlas Point which basically tells me how they think and feel about money, highlights their pros, their weaknesses and strengths, really points out their biases.
• 23:37
  Speaker 2: People love it.
• 23:38
  Speaker 2: Prospective clients really enjoy going through that.
• 23:41
  Speaker 2: They think it's fun and that's, I guess, more customized.
• 23:47
  Speaker 2: So just really the portfolio analysis in Atlas Point is more customized, yeah.
• 23:51
  Speaker 1: So overall it's like I don't use the word generic Cause I feel like that makes it sound terrible, but like it's a pretty like stand that hello.
• 24:00
  Speaker 1: A standardized that would probably be the better word.
• 24:02
  Speaker 1: So it's a pretty standardized process where most of it is templated that leaves a little room for, for customization, so okay.
• 24:10
  Speaker 1: So what do you think is sort of the, the motive, like, so right.
• 24:17
  Speaker 1: So, growing up in this industry, I would have always said, oh no, a million plus client.
• 24:22
  Speaker 1: You're definitely going to get them through a referral.
• 24:25
  Speaker 1: They're not just going to find you online and go to your website and be like, oh, this guy's really great, we should consider working with him.
• 24:31
  Speaker 1: So obviously that would like you have debunked that for me.
• 24:35
  Speaker 1: Right, in finding these really high net worth clients I mean we're saying starting at a million, right.
• 24:41
  Speaker 1: What would you say is kind of the average investable asset that you're receiving from your leads?
• 24:47
  Speaker 2: Yeah, I mean I think you're going to get some twos, some threes, even an occasional four.
• 24:50
  Speaker 2: So I think that the average my experience has been good.
• 24:54
  Speaker 2: If you pay for the million dollar plus leads that they're true there were that they have a million dollar plus.
• 24:58
  Speaker 1: So if you go with the average, you're looking at a 1.5 to 1.7, I would say Okay, and so what do you think motivates these people to use an advisor that they found that they were referred?
• 25:12
  Speaker 2: to through smart asset.
• 25:12
  Speaker 2: Yeah, it really comes.
• 25:13
  Speaker 2: I would say in my experience it comes down to three things 95% of the time.
• 25:16
  Speaker 2: One is that there was a life event.
• 25:18
  Speaker 2: A lot of times they've lost their spouse and their spouse handled the investments.
• 25:21
  Speaker 2: The second time is they're unhappy with their advisor.
• 25:24
  Speaker 2: What I found is that typically happens with a robo-advisor or they're working with a retail branch online, like a Fidelity retail branch, and they really want more comprehensive services.
• 25:36
  Speaker 2: They're not talking to their retail branch advisor.
• 25:39
  Speaker 2: Is a retail branch going to really look at their taxes?
• 25:42
  Speaker 2: Are they going to refer them to a long-term care specialist if they need that?
• 25:46
  Speaker 2: Are they really going to go that extra mile?
• 25:48
  Speaker 2: And we all know that that's not the case.
• 25:50
  Speaker 2: That's why independent advisors kind of exist, who they control that gap.
• 25:54
  Speaker 2: And then the third thing is transitioning into retirement basically, and they haven't really done any planning.
• 26:03
  Speaker 2: They've done a great job saving their 401k and they need an advisor to really get them through their retirement years.
• 26:08
  Speaker 1: Yeah, okay, so you mentioned right that you for like 100 leads that you pay for, that you end up talking to maybe 10 to 15 of them and maybe closing two to three of them.
• 26:21
  Speaker 1: So, like, how do you in your mind right Like so an advisor listening who's like, wow, that feels really low, where I mean, that's just a maybe maybe not right, like yeah it feels really low.
• 26:34
  Speaker 1: So, how do you kind of view success for yourself or what's kind of the, the mental gymnastics that you do, that you're like okay, if I do this now, like here, here's how I justify the effort and the cost, Like here's why I keep doing this because it's successful for me.
• 26:52
  Speaker 1: But like so, how do you kind of define like success?
• 26:54
  Speaker 1: Cause I know in the couple of years that we've been working together, we've had moments right when it's like, do I keep doing this, Do I not keep doing this?
• 27:00
  Speaker 1: Like there's a lot of like emotional tie to a low, close ratio.
• 27:06
  Speaker 1: So talk, talk us through a little bit like why you keep going and how you sort of view success with it.
• 27:11
  Speaker 2: Yeah.
• 27:11
  Speaker 2: So it is tough and I think you know when we, when we have those conversations, it's typically when, when the leads aren't closing and I'm very, very frustrated by, like I said, going through these three hour processes for each prospective client and nobody coming on board, and that can be.
• 27:26
  Speaker 2: It's not even the money in terms of the, the, the investment.
• 27:31
  Speaker 2: It's more about just emotionally kind of draining, hearing no a lot and knowing that you know you could speak, you could help somebody, and they're not.
• 27:38
  Speaker 2: You know they just can't make a decision or maybe they're going with somebody else, whatever it may be, you know how it is.
• 27:43
  Speaker 2: It was easy, everybody would do it and you know it's just.
• 27:46
  Speaker 2: It's just part of part of, in my opinion, the way it kind of kind of has to be.
• 27:51
  Speaker 2: But the way that I view success is just if it's a profitable endeavor.
• 27:57
  Speaker 2: You know, I mean like last year.
• 28:00
  Speaker 2: I'll kind of give you an example.
• 28:01
  Speaker 2: Last year was not a good year.
• 28:02
  Speaker 2: You know.
• 28:02
  Speaker 2: Close to two people signed up at up 150.
• 28:03
  Speaker 2: Most people would say, phil, that's really bad.
• 28:05
  Speaker 2: But if you actually look at it, I paid around $40,000 for leads 2 million and a 1.3 million came on board.
• 28:12
  Speaker 2: I charged a little over 1%, that's $35,000.
• 28:15
  Speaker 2: So that costs me around 1.1, maybe a little more times revenue.
• 28:23
  Speaker 2: Now if I go and I purchase those leads from another advisor, in my mind $35,000, I'm paying three times revenue.
• 28:27
  Speaker 2: I'm paying over $100,000 for those clients.
• 28:29
  Speaker 2: So that's how I can kind of justify it from an investor perspective.
• 28:33
  Speaker 2: But, like I said, I think it is difficult when you are paying for dozens of leads and not having the success, which is why it is important just to kind of stick with it and just refine your process, stick to your process and have confidence that it's going to work at some point.
• 28:51
  Speaker 1: Yeah, I like how you kind of keep mentioning like you really do need to build a process around around it so that you can, you know, stand out from the competition and have like the set, like here's how I do it, so I don't get emotionally tied to all of this or I'm not constantly chasing Cause.
• 29:12
  Speaker 1: There's nothing worse than being in that desperation chasing feeling.
• 29:16
  Speaker 1: So, and I think it's really helpful for people to know too, because I'm not sure you know what smart asset or another company would tell you coming into it, as far as like, oh, it's super easy, and people just like show up and you're just making money, like you're printing money in your back office or anything like that back office or anything like that.
• 29:40
  Speaker 1: So I think it's really, really helpful for you to kind of share how it is a little exhausting, it is a to make that money back.
• 30:02
  Speaker 1: And then some and I like how you framed it too in relationship to, um, buying a business yes, yeah, yeah, okay.
• 30:15
  Speaker 1: So I love that, so, okay.
• 30:17
  Speaker 1: So if I'm an advisor and I'm thinking about doing this, how long would you say I need?
• 30:25
  Speaker 2: to commit?
• 30:26
  Speaker 2: Yeah.
• 30:26
  Speaker 2: So I talked to actually another advisor a few weeks ago and he said oh, I tried to learn.
• 30:29
  Speaker 2: I said I paid for 60 leads and two people almost signed up and I just stopped and I said well, look, you're gonna have to pay for a lot more than 60 leads.
• 30:38
  Speaker 2: You know, I I mean you can easily get, you know, several bad batches of leads.
• 30:42
  Speaker 2: So you know, for me, I mean, I was able to close one out of the 60 that I pay for, but I do think you need to pay for more than 60.
• 30:51
  Speaker 2: I do think that to give it a fair shot, you should really pay for 150, maybe a couple hundred, and if the million dollar plus leads concern you, because those can be a little pricey, you can always drop down to 250, or they even have leads below 250K.
• 31:08
  Speaker 2: I think they have a program that's 25 or 50K to 250k, so you could always kind of experiment with that bracket as well.
• 31:16
  Speaker 1: Yeah, and I think it's interesting to kind of just talk about this, because I always just appreciate how transparent you are when we talk, because I always kind of joke.
• 31:25
  Speaker 1: Sometimes it just depends if what is it the moon is in Jupiter or something Because sometimes it feels like there's this huge lull right when there's no action coming from it.
• 31:34
  Speaker 1: And then all of a sudden the next time you're like I don't know, I think I might stop, and then the next time I talked to you you're like, oh no, I'm all in, I just got like three people and I closed like these huge cases, and so I think it's it is kind of important to like.
• 31:48
  Speaker 1: I don't know if it's cyclical or what or it's just like where you're at mentally or kind of in that headspace.
• 31:54
  Speaker 1: But it is something that you have to give time and energy towards.
• 31:59
  Speaker 1: It's not going to be like you said.
• 32:02
  Speaker 1: If it were easy, everybody would be doing it.
• 32:04
  Speaker 1: So it really does take intention.
• 32:06
  Speaker 1: It does take building out a process.
• 32:10
  Speaker 1: It does take being really thoughtful about how you approach that and thinking through that.
• 32:15
  Speaker 1: These leads might need a slightly different process than a referral or a lead that you generate through a webinar or an in-person workshop or something like that.
• 32:27
  Speaker 1: So it might need its own, because there are people who are finding you online and are looking perhaps for a more tech-based solution or something along those lines.
• 32:36
  Speaker 1: So anything else that you think would be an important lesson that you've learned, that like for any advisor who would just want to even be exploring the paid lead world, anything else that you think would be helpful for them to know.
• 32:51
  Speaker 2: I think people just have to give it a shot and it's just about expectations.
• 32:56
  Speaker 2: Like you said, this isn't a warm referral.
• 32:58
  Speaker 2: You're not going to convert.
• 33:00
  Speaker 2: You know 20% of these leads.
• 33:03
  Speaker 2: So it really comes down to expectations and then just creating a process and then just improve, constantly improving on that process and evaluating, re-evaluating that process.
• 33:12
  Speaker 2: Um, and that's something you know we've always talked about, um giving them, you know, the right amount of information, but not too much information, um, but that's, I think it's.
• 33:23
  Speaker 2: It's not going to be for everybody's business, because some people can acquire clients in other ways.
• 33:28
  Speaker 2: Some people like the network with accountants and attorneys, some people have a great podcast or a great YouTube channel, but this is just one way that, if you want to get started, I think it's one way to build a book of a business.
• 33:39
  Speaker 2: If you have a lean team, you're probably not going to.
• 33:43
  Speaker 2: It is time consuming, so you may not acquire dozens of clients a year, but if you have a lean team, you also don't have a lot of expenses and maybe acquiring a handful of clients is a million dollar plus clients is a good option for you.
• 33:58
  Speaker 1: Yeah, well, it's interesting.
• 33:59
  Speaker 1: I can remember years and years and years ago so this is going to be a random sidebar here but I remember reading this article and it was about.
• 34:05
  Speaker 1: It was like I can't remember even what magazine it was in, but it was an advisor magazine and this was back when there were magazines.
• 34:11
  Speaker 1: So that's how long ago this was Okay.
• 34:12
  Speaker 1: So I said like a few years ago, more like a decade plus ago, and I remember the picture of the article.
• 34:18
  Speaker 1: It was this guy and it's like really fancy suit in front of a Lamborghini.
• 34:22
  Speaker 1: And I was reading it and it was talking about like how, when he was starting his business, he would only bring on clients that had $5 million or more.
• 34:31
  Speaker 1: And I was like, who does this guy think he is?
• 34:35
  Speaker 1: No, no, no, you need to like sell term insurance to all the people and baby policies and roll over $10,000.
• 34:43
  Speaker 1: Like, nope, absolutely not.
• 34:44
  Speaker 1: You need to do the work and hustle and all of the things Right.
• 34:49
  Speaker 1: And by the end of this article I was like, okay, I've changed my mind on Lamborghini guy.
• 34:54
  Speaker 1: You know it was talking about how, like he's like, yeah, well, all of my friends were out there acquiring like 300 accounts that were all super small.
• 35:02
  Speaker 1: That equated to $5 million.
• 35:05
  Speaker 1: And I just got one and I had one client to worry about at five Like, and it sounds like and he kind of even acknowledged like it sounds really like hoity toity of me.
• 35:15
  Speaker 1: Right To be like, well, no, I only work.
• 35:16
  Speaker 1: But he's like I only needed one client.
• 35:18
  Speaker 1: I worked just as hard that whole year but then I only got one and I only had to manage that one versus the rest of them now have these 300 accounts that they have to somehow manage and deal with and all of the service and crap that comes along with that.
• 35:31
  Speaker 1: And then how do I deal with them in the future as I work up market?
• 35:34
  Speaker 1: And I was kind of like, okay, maybe Lamborghini guy is actually kind of onto something that you can actually hold a line and say I have this standard and that it's okay to only close a couple of those versus accepting a whole bunch.
• 35:51
  Speaker 1: So like I kind of go back and forth on it, right, because there's a piece of me that's like that just seems like illogical or unrealistic or you know you have to do all that like grunt work stuff in order to be able to do it, but you really actually don't.
• 36:06
  Speaker 2: Right and I think from a practitioner perspective, if you can become an expert with high net worth people in terms of estate planning, tax planning, why not just market yourself as somebody who works with $5 million or $10 million plus clients?
• 36:17
  Speaker 2: Sure, you could absolutely do that.
• 36:19
  Speaker 2: Obviously, I'm in Baltimore and I like working with people with more like low mid-seven figures.
• 36:25
  Speaker 2: I think there's more of those types of people out there who need help, who've done a good job saving, of those types of people out there who need help, who've done a good job saving.
• 36:32
  Speaker 2: So that's kind of what I'm focused on.
• 36:33
  Speaker 2: But yeah, I guess you could just kind of open a business and work with $10 million plus clients if you want to.
• 36:37
  Speaker 1: We say that we're both like you can't see us, but we're both laughing because it just feels like, well, that's ridiculous.
• 36:42
  Speaker 1: You can't just put your shingle out there and be like this is what I do.
• 36:45
  Speaker 1: But that same kind of concept with the leads right, it feels like, okay, I'm closing the small percentage.
• 36:52
  Speaker 1: I have to imagine that this guy coming out and being like I only work with 5 million plus clients, I'm brand new to the business.
• 36:57
  Speaker 1: He probably had to talk to you and it was talking about how he hung out at the country clubs and how he spent all this money joining like six country clubs and doing his thing.
• 37:05
  Speaker 1: So he probably had to put a lot of work and effort into getting that first $5 million client.
• 37:11
  Speaker 1: But then you know, and as you've experienced right, once you have those people and they're in your fold and your client experience is high and your customer service model is strong, that you will start to replicate them and receive refer.
• 37:24
  Speaker 1: It gets easier as you build out processes to support that ideal client avatar that you actually are shooting for.
• 37:31
  Speaker 2: Absolutely yeah, I think you definitely get better from a practitioner standpoint because you're just getting better working with those clients and you know what they're looking for and you know what those clients need from a tax planning perspective and investment perspective and you just get, you become a better practitioner and I'm sure that that flows into my sales process in terms of becoming coming off more confident.
• 37:52
  Speaker 1: Yeah, yeah, and I do.
• 37:53
  Speaker 1: I just remember reading that article being like who's this clown think he is, and I was like by the end I was like no, I'm the clown.
• 37:59
  Speaker 1: This guy's on to something, Well, good, Well, thank you so much for your time.
• 38:04
  Speaker 1: I'm definitely going to link the smart asset, which is the company that you use and, if I have really great success with, I will definitely link that in the show notes and in all the other places.
• 38:14
  Speaker 1: Wherever this ends up, I'll let the people do their magic and make that link appear for them.
• 38:19
  Speaker 1: As you know, of course, I always like to ask people before they go what are so as a solopreneur.
• 38:28
  Speaker 1: So, especially for you, like, just like, to share.
• 38:30
  Speaker 1: It's you and your wife Like.
• 38:32
  Speaker 1: You guys are a small but mighty team and operating efficiently is obviously really, really important.
• 38:38
  Speaker 1: So what are two things that you have sort of implemented inside of your business, as a business owner, that have really helped you guys be able to deliver at such a high level with minimal effort?
• 38:52
  Speaker 2: The meeting recaps, I think, have been really important.
• 38:54
  Speaker 2: They do have to be customized, but that has been very helpful in terms of just sending those out to clients after meetings and it's a great way just to stay organized because once you log that email in your CRM and you have your next meeting, you can just reference those emails and those bullet points, which has been fantastic.
• 39:13
  Speaker 2: And then I would say, from a macro perspective, the surge meetings have been really helpful.
• 39:18
  Speaker 2: I know that Matt Jarvis recommends, but in terms of really systematizing your calendar where you have surge meetings semi-annually and then year-end reviews that's six months and throughout the other six months of course you're still speaking and servicing those clients.
• 39:34
  Speaker 2: But that gives me the opportunity to pay for smart asset leads and try to grow my business a little more during those six months.
• 39:40
  Speaker 2: And the nice thing about smart asset is you can turn off leads, you know, during your search meeting period, which is also a benefit, yeah, yeah, so you're not having to try to have all those conversations and stuff while you're running 5 billion.
• 39:56
  Speaker 1: That would be tough doing the search meetings and getting the inbound phone calls.
• 39:57
  Speaker 1: Yeah, that would be a difficult thing to do.
• 39:57
  Speaker 1: Yeah, right, okay.
• 39:58
  Speaker 2: So I'm glad you called that out, yeah, that you can kind of wax and wane, depending on what you've got going on Right, so awesome.
• 40:04
  Speaker 1: Well, thank you so much for your time.
• 40:06
  Speaker 1: I know somebody listening to this will be.
• 40:08
  Speaker 1: This will be the thing that clicked for them or maybe, you know, changed their opinion when it comes to what buying leads looks like right, like maybe it's not such a scam, or or all the negative energy around it could potentially just become, you know, coming from people who didn't give it enough time, didn't build out a process, didn't have really good parameters and didn't really, you know, truly give it a best effort or come in with realistic expectations.
• 40:36
  Speaker 1: Maybe that's even where, like closing one to 2% feels like a failure to somebody but reframing it as nope.
• 40:42
  Speaker 1: This is way cheaper than buying a business.
• 40:45
  Speaker 1: Or, you know, the money that I can make back on this is tenfold if I do a great job servicing these clients for the next decade or so.
• 40:53
  Speaker 2: Sure, it can be way more efficient than focusing on SEO or trying to create a YouTube channel.
• 40:59
  Speaker 2: You know, experiment with a YouTube channel.
• 41:01
  Speaker 2: It was fun, I learned a lot.
• 41:03
  Speaker 1: but it's a lot of work.
• 41:04
  Speaker 2: I think it's a long haul Smart Asset Leads.
• 41:08
  Speaker 2: You know, yes, you're not going gonna talk to the majority of people, but the ones that you do talk to.
• 41:12
  Speaker 2: You get in touch with them pretty quickly, so that's nice.
• 41:15
  Speaker 1: Awesome.
• 41:15
  Speaker 1: Well, thank you so much for your time.
• 41:17
  Speaker 1: I appreciate your generosity in sharing this and I'm always so grateful because I feel like when I talk to advisors that I coach, like I get so much good information and I hate asking like, hey, can you give more of your?
• 41:29
  Speaker 1: Can you just donate your time to helping other advisors?
• 41:32
  Speaker 1: But this is one that just keeps cropping up and every time we talk, I'm always like amazed at the results that you're getting from it.
• 41:38
  Speaker 1: So thank you for sharing that.
• 41:39
  Speaker 1: I really appreciate it.
• 41:40
  Speaker 2: Yeah, happy to do it.
• 41:41
  Speaker 2: Thanks for having me.
• 41:44
  Speaker 1: Okay, I hope you found this conversation interesting.
• 41:47
  Speaker 1: Right, it's something for me as an advisor.
• 41:49
  Speaker 1: You know, I ran my practice for over 16 years and it was just something that never really even crossed my mind.
• 41:56
  Speaker 1: Like, I was always a little curious about it and I knew other advisors who were buying leads from, maybe like the Dame Framsey program and, you know, having kind of mixed results or whatever.
• 42:05
  Speaker 1: And I thought it was really interesting because there aren't a lot of advisors who are sharing success story sides of this.
• 42:14
  Speaker 1: Right, like I mentioned in the intro, right, we always kind of see the negative side and people are curious because it's out there, right, how are all of these companies existing and still in business and still offering these services if it didn't work?
• 42:28
  Speaker 1: But at the same time, we haven't heard a lot of success stories around it.
• 42:32
  Speaker 1: So for me, the big takeaways are this right One you have to come in it with the right expectations.
• 42:41
  Speaker 1: You have to know that it is going to be a fair amount of effort and a fair amount of work, with a much lower conversion ratio than maybe you are typically used to, right, so it it's one of many levers in your marketing strategy.
• 43:00
  Speaker 1: I wouldn't put all of my eggs in the lead buying basket.
• 43:04
  Speaker 1: Like Phil mentioned, there are definitely times where, all of a sudden, he's closing tons and tons of leads and the leads are really, really high quality, and then there's other periods of time where it's like so it cannot be the only lever that you're pulling.
• 43:18
  Speaker 1: The second thing I heard in this right is you have to build a process around it, and that's really where Phil and I spent a lot of time working together was building out a special process for these types of leads, like you mentioned in the episode.
• 43:35
  Speaker 1: Has to be a little bit shorter, has to be a little bit more efficient, has to be kind of a uh, dialed in more templated not so customized process in order to win these clients quickly.
• 43:49
  Speaker 1: Because he is in competition, potentially with other advisors.
• 43:53
  Speaker 1: And I think it's really interesting because Phil has shared we've worked on a lot of stuff where, okay, well, what do I do?
• 43:59
  Speaker 1: Like, let's go into it, knowing that they're potentially interviewing other advisors, and embrace that and actually address that right.
• 44:06
  Speaker 1: Like, bring the elephant into the room, let's build that into your process so we can talk about what makes you different and what they might experience it be experiencing with other advisors and maybe giving them some information of hey, here's things you should be asking or things you should be considering.
• 44:20
  Speaker 1: Like we recognize, like you're a smart person, you're going to do your homework and here's a way that you can address the other um.
• 44:27
  Speaker 1: You know concerns that you might have around them interviewing other advisors.
• 44:32
  Speaker 1: So you need to set expectations for yourself, you need to build a process and I like that.
• 44:39
  Speaker 1: Phil shared that he suggests paying for 150 leads and he threw out some pricing there, and I know the million dollar leads are much, much more expensive than the $250,000 leads.
• 44:53
  Speaker 1: So you'd probably need to do a little research and figure it out.
• 44:56
  Speaker 1: But I think what's tough and maybe where the lead buying um gets a bad rap Phil and I kind of talked about this after we were done recording is that the advisors who have the time that are a little bit earlier in their careers and who am I joking Like you never have the time that are a little bit earlier in their careers, and who am I joking Like you never have the time right, but earlier in their careers.
• 45:15
  Speaker 1: That's a $40,000 in a year.
• 45:17
  Speaker 1: That's a big ass, that's a big expense.
• 45:20
  Speaker 1: And advisors who are so far down the line where they're receiving tons of referrals and they, you know they don't.
• 45:27
  Speaker 1: While they have the money to do it, they don't really have the need.
• 45:29
  Speaker 1: So it's sort of a unique advisor that's somewhere in the middle, and don't let that $40,000 a year number scare you, because you can certainly go at whatever pace makes the most sense for you.
• 45:41
  Speaker 1: So those would be some of the takeaways that I would have from this episode and I would love to know your thoughts.
• 45:47
  Speaker 1: Good, bad, ugly.
• 45:49
  Speaker 1: I want to hear everybody's experiences because this is, just like I said, one of many that I wanted to share some perspective from an advisor who's had success in this category.
• 45:58
  Speaker 1: So I'd love to hear from you more out in the Efficient Advisor community over on Facebook and, as you know, I hang out over on LinkedIn.
• 46:06
  Speaker 1: Feel free to connect with me there, follow or DM me.
• 46:10
  Speaker 1: And again, don't forget, this is the last reminder for the systems to scale group coaching program wait list offer that will come out on July 1st.
• 46:19
  Speaker 1: So this is the last week you can get on the wait list and get the $500 discount.
• 46:24
  Speaker 1: Thanks so much and I hope you guys have an amazing rest of your week.