Latest / Only Fee-Only / #170 - From Dental School Debt to Practice Exit: Planning with Ryan DiFabrizio

Transcript

#170 - From Dental School Debt to Practice Exit: Planning with Ryan DiFabrizio · Only Fee-Only

0:04
SPEAKER_01: How's it going everyone?
0:06
SPEAKER_01: Welcome back to the OnlyFe Only Podcast.
0:08
SPEAKER_01: And as always, thanks for being here.
0:10
SPEAKER_01: What does financial planning look like when it's built around one profession?
0:14
SPEAKER_01: Today on the OnlyFe Only Podcast, Peter and I sit down with Ryan DiFabrizio of Wealth FD.
0:21
SPEAKER_01: His firm works with dentists and dental specialists, often starting right as they leave school or residency.
0:28
SPEAKER_01: We talk about student loans, taxes, practice ownership, and why Ryan's team spends so much time understanding a client's finances before making recommendations.
0:37
SPEAKER_01: We also get into the shift that happens later in a career when the question changes from am I saving enough to can I actually spend what I've built?
0:47
SPEAKER_01: Ryan shares how he found his way into financial planning and what he looks for when helping newer advisors grow.
0:52
SPEAKER_01: Let's get into it.
0:53
SPEAKER_01: Here is Ryan DiFabrizio on the OnlyFee Only Podcast.
0:58
SPEAKER_00: Hey, how's it going, everyone?
1:00
SPEAKER_00: Welcome to another episode of the Only Fee Only podcast.
1:04
SPEAKER_00: I'm Peter Travolo.
1:06
SPEAKER_00: I'm here with my co-host Brock Buckles.
1:08
SPEAKER_00: And today we're very excited to have Ryan DiFabrizio on from Wealth FD.
1:13
SPEAKER_00: Very excited to have him on and have him share how he's helping his clients.
1:17
SPEAKER_00: So, Ryan, welcome to the show, man.
1:19
SPEAKER_02: Thank you for having me.
1:20
SPEAKER_02: Appreciate it.
1:21
SPEAKER_00: Yes, you bet.
1:22
SPEAKER_00: And congratulations on recently being married.
1:25
SPEAKER_00: But for those who don't know who you are, do you want to give a quick overview of where you're at and who you're currently serving as your client base?
1:31
SPEAKER_02: Yeah, absolutely.
1:32
SPEAKER_02: So grew up outside the Philadelphia area, um, went to uh basically a small school outside of Philadelphia.
1:40
SPEAKER_02: And um, you know, our firm, Wealth FD, I found the firm about um, you know, a year outside of uh graduating from Widener.
1:49
SPEAKER_02: Um, but our firm is a small RIA, um, and we help dentists and dental specialists across the country uh doing financial planning and tax preparation services.
1:58
SPEAKER_01: Yeah, really nice, man.
2:00
SPEAKER_01: I I mean people come from all different backgrounds, decided to get into financial planning, but what was it about it that kind of piqued your interest and made you think this might be something I want to do?
2:12
SPEAKER_02: Yeah, and taking it back to you know my time at Widener, um, I found actually financial planning through a guest speaker event, and it was actually uh insurance firm.
2:21
SPEAKER_02: Uh they came in, they spoke about the three eyes.
2:23
SPEAKER_02: Uh I know, Brock, Peter, you brought you probably can uh you know you may have heard this before, but impact, income, independence, those were the things that initially kind of caught my attention.
2:32
SPEAKER_02: Um, and then I was like, you know, how can I dive deeper into this?
2:35
SPEAKER_02: And that uh led to, you know, hours of um looking into Reddit posts and podcasts and and you know, articles, things like that.
2:43
SPEAKER_02: But as I started to dig deeper, you know, growing up, I was in a divorce household and had exposure to really two different uh financial realities.
2:52
SPEAKER_02: One side, you know, having guidance from a financial planner where you can make, you know, where they were making intentional financial decisions and planning, the other side, not really the case.
3:01
SPEAKER_02: And I was able to see kind of the stress that it comes with mental, emotional, physical.
3:06
SPEAKER_02: And at the time I didn't really understand what that meant.
3:08
SPEAKER_02: But as I started to hear more about making a career out of this, it really shows how important financial planning really can be.
3:13
SPEAKER_02: And that's probably been my mission is just helping more families live more intentionally, right?
3:17
SPEAKER_02: Um, and and like the one side of my, you know, uh household, right?
3:22
SPEAKER_02: So that's kind of what got me into it.
3:24
SPEAKER_02: That's what led me, and and here we are today.
3:26
SPEAKER_02: So yeah.
3:28
SPEAKER_00: So let's talk a little bit about the specialization with dentists and the firm as a whole, right?
3:33
SPEAKER_00: Like kind of what's been your process with that and you know what attracts clients to you and your firm.
3:39
SPEAKER_02: Yeah, when it comes to when it comes to dentists, dental specialists, um, it's a very tight-knit community.
3:48
SPEAKER_02: Um, I get to see it, you know, every each and every day with my wife uh being a dentist.
3:52
SPEAKER_02: She just graduated from dental school.
3:54
SPEAKER_02: Um, so it's a very tight-knit community.
3:56
SPEAKER_02: And really one of the things that that we have done really from the beginning is we've worked very closely with uh a COI, a center of influence on the insurance side, right?
4:05
SPEAKER_02: So we we're feeling all right, we don't sell insurance, but we we partner with them.
4:09
SPEAKER_02: And really, our goal is, you know, how do we create value?
4:12
SPEAKER_02: How do we solve problems for this one specific group of people?
4:16
SPEAKER_02: Right.
4:16
SPEAKER_02: We want to we we've asked ourselves, if if we had one client and it was it was a dentist household, how can we you know do as much as we can for them, right?
4:24
SPEAKER_02: What can we do?
4:25
SPEAKER_02: And as that has gone on, we don't really do much marketing right now, right?
4:29
SPEAKER_02: The the insurance side, we we typically go with them and really we're just trying to you know figure out what we you know what we can do in that is really started out with just offering free advice, right?
4:40
SPEAKER_02: Doing student loan consultations, uh talking about practice ownership, what that entails, right?
4:45
SPEAKER_02: And as that started, we've gotten referrals, but the main premise of it is, you know, what does this person actually need?
4:52
SPEAKER_02: What does this client actually need?
4:53
SPEAKER_02: And we're diving deeper, you know, into all of those things.
4:56
SPEAKER_02: And that actually led us to the tax preparation side.
4:59
SPEAKER_02: Okay, so that's kind of how we got into that.
5:02
SPEAKER_02: We've had a lot of people ask us, well, student loans are important.
5:05
SPEAKER_02: What about the tax side?
5:06
SPEAKER_02: Like, I need help with my tax return and doing things of that sort.
5:09
SPEAKER_02: And that's what spun us down the realm of again, offering and trying to provide as much uh of a service as we can, right?
5:16
SPEAKER_02: And this has led to all the other things.
5:18
SPEAKER_02: Uh, but that's what started.
5:20
SPEAKER_02: Then it's led into uh a bunch of other uh problems, right, in terms of you know building our team, how do we you know train them on this you know niche, if you will.
5:29
SPEAKER_02: But that's that's what started it.
5:31
SPEAKER_00: Yeah, and then I also see the mortgage FD too.
5:35
SPEAKER_00: So I'm guessing as they're doing doctor loans or something, zero percent.
5:38
SPEAKER_02: So that's yeah, that's that's a little bit more nuanced, but again, it's the same thing.
5:42
SPEAKER_02: Can we create can we help them with this?
5:44
SPEAKER_02: Um, and that was another uh side of the business that we were going in.
5:47
SPEAKER_02: We we currently don't do that right now, but it in the future it could be something um that that we you know dive deeper into.
5:54
SPEAKER_02: But anyways, yeah, yeah.
5:56
SPEAKER_01: But at the end of the day, you guys are just trying to be full, like be able to do everything that they could ever want, is what it sounds like.
6:02
SPEAKER_02: Exactly, right?
6:03
SPEAKER_02: And as we continue to help someone in the beginning, help them learn, educate them, build the trust, we're building expertise, right?
6:11
SPEAKER_02: And then as time goes on, dentists refer their friends, like they they hang out with other dentists and dental specialists, they talk about this a lot, and that's what starts this kind of flywheel, right?
6:21
SPEAKER_02: Um, and as as soon as this marketing, I guess you could say marketing strategy, it became our learning strategy, and and eventually really it became the growth strategy, right?
6:31
SPEAKER_02: Of how do we continue to do this, build uh the capabilities to help them, and then train the next generation of advisors and continue to do this over and over again.
6:41
SPEAKER_00: Yeah.
6:42
SPEAKER_00: Yeah.
6:42
SPEAKER_00: So you're meeting most of these individuals right at the end of residency, correct?
6:46
SPEAKER_02: Is that what if they graduated school or residency, what have you?
6:51
SPEAKER_02: Um, it's pretty much right when they're getting started, and we're helping them lay the foundation and we know exactly what they're gonna be going through because they need help, right?
6:59
SPEAKER_02: Student loans, employment agreements, practice ownership, taxes, investment planning, all that stuff.
7:06
SPEAKER_02: Uh, we know exactly what's what's coming their way.
7:08
SPEAKER_01: Yeah.
7:09
SPEAKER_01: What do you feel like they value?
7:10
SPEAKER_01: Because I know you said the three eyes, like I'd always heard it as uh like recognition, impact, freedom, um, and income or money, right?
7:18
SPEAKER_01: Um, but you said the three eyes, like people that are drawn to that sort of career, what do you feel like is usually their biggest thing that they're motivated by just from working with dentists or the Donists, all the people that are kind of in that space?
7:31
SPEAKER_02: I think it it number one is definitely impact.
7:35
SPEAKER_02: It's the monetary opportunity, right, that they see, right?
7:39
SPEAKER_02: But it's also um, you know, just what they can do.
7:43
SPEAKER_02: And a lot of them come to us and they're like, I got into this to be able to provide and I've seen my family do it, or someone else that I know um get into the space and be able to uh live the lifestyle that I want to do, right?
7:55
SPEAKER_02: Because they they typically don't work five days a week.
7:57
SPEAKER_02: They can control their schedule.
7:59
SPEAKER_02: So I would definitely say um that's at the the forefront of it, right?
8:05
SPEAKER_01: Yeah, I love that.
8:06
SPEAKER_01: Um what so what is kind of like your process, man?
8:09
SPEAKER_01: I know everybody has a different way they like to go into these meetings, set the tone.
8:14
SPEAKER_01: Like um, you know, some people are like, send me information over before I ever meet with you.
8:18
SPEAKER_01: Like, I want an intake for them.
8:20
SPEAKER_01: Kind of is like, you know, for better or for worse, like a qualifying method, which I don't think there's anything wrong with that.
8:25
SPEAKER_01: Like it has to make sense on our side too, to work with you.
8:28
SPEAKER_01: Um, for you guys, there's obviously a lot of like upward promise for working with these people as they go through their career, be their trusted resource.
8:36
SPEAKER_01: Uh, but if you meet somebody for the first time, like what goes on in those initial kind of discovering each other, filling each other out uh moments?
8:44
SPEAKER_02: Yeah, and in the beginning, that's a great question.
8:49
SPEAKER_02: In the beginning kind of phases, it leans on that uh starting point of we want to give as much as we can, right?
8:57
SPEAKER_02: And help them, you know, with their student loans, help them with maybe some of the job opportunities and and showing them the expertise that we have and some of the decisions that really matter.
9:09
SPEAKER_02: Because remember, all of this stuff directly impacts what we could do, uh, especially when it comes to if they pick a bad associateship or they're in a in a bad uh job and they need to move and change, right?
9:20
SPEAKER_02: We want to be able to help them um with a lot of that.
9:22
SPEAKER_02: So it starts throughout the prospect process, just getting as much information as we can from them.
9:27
SPEAKER_02: Um and it usually is starting with tax, student loans, maybe employment contract.
9:32
SPEAKER_02: And then it's talking about later on how do we build a foundation.
9:35
SPEAKER_02: And then if they sign on and they're ready to move forward, then we start to dive into our onboarding process, right?
9:40
SPEAKER_02: And I think our onboarding process is a lot different.
9:44
SPEAKER_02: Um, it's very in-depth.
9:45
SPEAKER_02: Um, and there's a reason and there's a method, there's a method to the madness, if you will, of why uh we try to do that.
9:53
SPEAKER_02: If you want me to dive into that, I can.
9:54
SPEAKER_01: Or yeah, why why not?
9:56
SPEAKER_01: I think that's why we're here.
9:57
SPEAKER_01: So let's do it, man.
9:58
SPEAKER_02: Yeah.
9:59
SPEAKER_02: When it comes to the onboarding process, really the thing that we're trying to, you know, prove and show uh to the the dentist family is we have to get clarity uh before you know we're diving into you know some of the advice, the things that they want right away.
10:16
SPEAKER_02: But we want to make sure we're doing all those things and we're having a meeting just to gather all the information, explain what we're trying to do, why we're trying to accomplish it.
10:24
SPEAKER_02: Next is asking them about their goals and their vision and right, and the normal, I guess you say discovery meeting, but we need to understand where our advice is going to go.
10:33
SPEAKER_02: Then our next meeting is just looking at all the information that they already have.
10:36
SPEAKER_02: So this is our third meeting and we're reviewing their bookkeeping.
10:39
SPEAKER_02: So we track personal bookkeeping uh for all of our clients, right?
10:44
SPEAKER_02: Because we don't ask them, fill in this questionnaire or give us how much you spend a month.
10:48
SPEAKER_02: We're telling them this is how much you're spending.
10:52
SPEAKER_02: Because if we try to say, oh, you need to save a certain amount each month, or you know, we're not using ballparks, we're telling them exactly what we want to accomplish.
10:59
SPEAKER_02: And it starts with the onboarding and the foundation.
11:02
SPEAKER_02: And then as we continue on, the next meeting is really based around projections and scenarios and saying, okay, this is the income coming in, this is how much is going out, then we start to show them how are we building our recommendations?
11:13
SPEAKER_02: This is how we do it.
11:14
SPEAKER_02: And then the last meeting is yes, all the things that we want to optimize are recommendations meeting.
11:18
SPEAKER_02: So it is an in-depth process over about two to three months as we try to build this, but I think it sets the stage for the future of our relationship because they know this is this is what we're doing.
11:28
SPEAKER_02: And then if they say, Oh, I want to buy a practice, right?
11:31
SPEAKER_02: And I want to change my entire financial plan, we could say, here's exactly how much you need to earn from this practice, because it could be a good practice to buy, but it might not be a good practice for you to buy because if there's not enough income right coming from it or something along those lines, right?
11:46
SPEAKER_02: But it sets the foundation and leads us going forward.
11:49
SPEAKER_01: Yeah.
11:50
SPEAKER_01: And and I was gonna say is um, you know, I I think a lot of times, like I've had family members that are uh like physicians or like I'm not sure if dentists or orthodontists are the same, but it can kind of be like this world that they live in, right?
12:03
SPEAKER_01: Where they like go through residency, they're making X amount of dollars per month, and then they go out into the world and finally they're starting to make some money.
12:12
SPEAKER_01: But what can tend to happen is they come into all this money, they start making all this money, then they flip the script, everything starts to change.
12:20
SPEAKER_01: Like you're buying a little bit more house than you should, a little bit more car than you should, a little, and then all of a sudden it's like, uh-oh, what are we gonna do now?
12:26
SPEAKER_01: Buy another practice because we have to supplement our lifestyle?
12:29
SPEAKER_01: Or, you know, on the on the MD side, like doctor side, do I need to go work six more shifts to be able to afford how I'm living?
12:36
SPEAKER_01: And so the thing that I like what you guys do is kind of like flipping that approach on its head and saying, we're gonna get to you before you start developing these bad habits.
12:43
SPEAKER_01: Like, let's start our relationship.
12:45
SPEAKER_01: A lot of times, at least with the people at a residency or that are just coming out of residency, you can start to kind of set where you want the goalpost to be so that it doesn't just continue to move over the course of the relationship.
13:30
SPEAKER_02: It's the hardest part about working with someone who is just, you know, graduating or or moving.
13:35
SPEAKER_02: I see it literally, right?
13:37
SPEAKER_02: Like I my wife does not have she doesn't see a lot of the money moving in and out yet, right?
13:42
SPEAKER_02: Because she hasn't been working.
13:44
SPEAKER_02: But it's important to be able to tell them, hey, this is what's gonna happen when you graduate.
13:48
SPEAKER_02: We know what's going to happen, right?
13:50
SPEAKER_02: These certain areas are gonna start increasing.
13:52
SPEAKER_02: You need to be aware of that.
13:54
SPEAKER_02: We're not telling you how to spend money, but we're also telling you some of the goals that you're listing out to us could potentially change or some things may need to be adjusted if you want to live this certain lifestyle.
14:05
SPEAKER_02: Because at some point, you know, we could say, hey, you need to earn X amount of income, but they literally cannot, right?
14:10
SPEAKER_02: Unless they buy a business or multiple practices.
14:12
SPEAKER_02: And that's where we start to raise the red flags right away.
14:15
SPEAKER_02: We could see it.
14:17
SPEAKER_02: We know um exactly where it's going.
14:19
SPEAKER_02: And we also have context of other dentists, right?
14:22
SPEAKER_02: And dental specialists across the country.
14:23
SPEAKER_02: Like we know where certain spending numbers should be.
14:27
SPEAKER_02: And if it's out of that area, we're telling them, hey, for a family of four, this is typically what we see, right?
14:33
SPEAKER_02: Or a new dentist with your level of um, you know, residency education or background, you should be earning X amount.
14:40
SPEAKER_02: And that lights the fire under some people and they want to change.
14:43
SPEAKER_02: Um, but again, it's really important when they first graduate is laying all of that, laying all of this out.
14:49
SPEAKER_02: And then that that also lends into like some of the scenarios that we run or projections.
14:52
SPEAKER_02: Like if you want to earn more, this is what happens, right?
14:55
SPEAKER_02: Because our focus is how can you reinvest into your career that you went to school for so long?
15:00
SPEAKER_02: Um, and there's many way, different ways to do that, like CE ownership, stuff like that.
15:04
SPEAKER_02: But uh, the starting point is when they graduate and and laying the foundation.
15:09
SPEAKER_02: For sure.
15:10
SPEAKER_00: I mean, you can be hungry, but right?
15:12
SPEAKER_00: I mean, to try to go out and make even more, you gotta be able to save and have a nest egg and build a runway to be able to make the jump.
15:19
SPEAKER_00: So yeah, it is kind of interesting how that, you know, the behavior can be around that.
15:23
SPEAKER_00: Um, you know, working around dentists and things like that.
15:27
SPEAKER_00: I mean, what are some of your ideas or beliefs around insurance?
15:31
SPEAKER_02: It is so important.
15:34
SPEAKER_02: Um, they have to protect the biggest asset uh that they have, which is their income.
15:40
SPEAKER_02: Um, we don't sell the insurance, but we're heavily involved in making sure that they get it because they need to have it right away and there's certain discounts and things that they can get when they graduate, right?
15:50
SPEAKER_02: Um, so they need that, but it lends into all the other types of things that they have when they're starting a family, right?
15:56
SPEAKER_02: Let's say they're they're buying a practice, all the business insurances.
15:59
SPEAKER_02: So again, it is a crucial part of the overall puzzle.
16:04
SPEAKER_02: Um, but we're able to, let's say, give the advice and tell them here's exactly why we're recommending this amount of insurance, right?
16:12
SPEAKER_02: We have your entire financial plan.
16:14
SPEAKER_02: And that's what was important to me as we, you know, as I've gotten into the profession, into, you know, uh wealth of D, stuff like that, is never wanted the product to lead uh what we're trying to do.
16:24
SPEAKER_02: It's more of here's what's happening in your financial plan, and here's why, right, you need, you know, X amount of disability insurance or life insurance.
16:32
SPEAKER_02: If something happens to you today, you are really going to be in a tough spot, right?
16:36
SPEAKER_02: And you're gonna have to make significant lifestyle changes, so on and so forth.
16:39
SPEAKER_01: Yeah.
16:40
SPEAKER_01: Yeah.
16:40
SPEAKER_01: And people, that's that's so important that you guys nail down on that because a lot of people don't understand kind of that like idea of human capital, right?
16:49
SPEAKER_01: Like you are literally on the beginning side of your career if you're kind of looking at it from a timeline perspective.
16:55
SPEAKER_01: And if you add all the income that you can potentially make until you get to that retirement age, that adds up to be a lot of money, right?
17:02
SPEAKER_01: Um, so if you're not protecting it, that can obviously become a huge problem down the road.
17:07
SPEAKER_01: Um, so we've kind of talked about like the beginning and what would be a good example?
17:14
SPEAKER_01: And maybe it's your client, maybe it's your, maybe it's somebody else's, or just a situation that you've seen.
17:19
SPEAKER_01: But what's a really good example of somebody that is in that industry that is kind of on the other side of the timeline, right?
17:26
SPEAKER_01: So like they're they're slowly starting to turn it down or like they've built the big business and they're looking to exit.
17:32
SPEAKER_01: Like they've done a really good job of financial planning over the course of their career.
17:37
SPEAKER_01: And it's something that maybe those residents can look to as like, that's what I want to be when I grow up, right?
17:42
SPEAKER_02: No, that's a that's that's a great question.
17:45
SPEAKER_02: Um, when we start to think about, let's say, a 15, 20 year career, right?
17:50
SPEAKER_02: We're always breaking it down into what do you want to cut?
17:54
SPEAKER_02: Because we have uh clients that are in these positions, right?
17:56
SPEAKER_02: They're referrals or people who are are now getting to the point of, you know, do I need to continue working?
18:01
SPEAKER_02: Right?
18:02
SPEAKER_02: Does it make sense?
18:03
SPEAKER_02: Like what are the decisions now now that I'm facing that I want to make maybe work optional, retire?
18:08
SPEAKER_02: And a lot of those start with tax, right?
18:10
SPEAKER_02: It's, you know, I have this nest egg built up.
18:13
SPEAKER_02: Do I have enough to be able to live off of it?
18:15
SPEAKER_02: Yes.
18:15
SPEAKER_02: Well, what about if I sell my practice?
18:17
SPEAKER_02: What does that look like?
18:18
SPEAKER_02: How do I optimize uh for the sale of my business?
18:22
SPEAKER_02: I worked so hard uh to build this up.
18:24
SPEAKER_02: How does that look in the future, right?
18:26
SPEAKER_02: Um, and how can we uh portray or set that up to be, you know, the most lucrative sale they can get?
18:31
SPEAKER_02: Um, or maybe that's not exactly what they want and they want to sell to like, I don't know, private uh buyer.
18:36
SPEAKER_02: But the other aspect of that is, you know, developing a retirement plan and being able to just live uh intentionally, right?
18:42
SPEAKER_02: What they have.
18:43
SPEAKER_02: Um it's never about how much you make, it's always about how much you want to spend.
18:48
SPEAKER_02: And I think that's the important thing is people don't understand what that's gonna look like.
18:52
SPEAKER_02: But when they get to that point, then it's really, you know, how much do I want to gift each year?
18:57
SPEAKER_02: How much do I want to uh spend on vacations?
18:59
SPEAKER_02: How much do I want to spend in terms of lifestyle?
19:01
SPEAKER_02: All those things are really, really important as we get to the end of the journey.
19:05
SPEAKER_02: And now they're looking at, okay, can I sell?
19:07
SPEAKER_02: Can I cut back?
19:08
SPEAKER_02: Should I, you know, work a day a week, so on and so forth.
19:11
SPEAKER_02: Um, so that's kind of what it looks like later on down the road.
19:14
SPEAKER_02: And we're there to help them accumulate, and obviously in the other side of the equation and live off of the fruits of their labor.
19:22
SPEAKER_00: Yeah.
19:23
SPEAKER_00: And I mean, what can that be like sometimes, right?
19:25
SPEAKER_00: Because everyone's so busy trying to build, build, build, you know, what can it be like to try to motivate clients to maybe sell and then you know go live their life, go spend some money?
19:35
SPEAKER_02: How it's really difficult to tell someone that you've worked with for let's say 10 years at our firm, 15 years to save and save and save and do all of these things.
19:46
SPEAKER_02: And then all of a sudden we're gonna tell them to start spending it.
19:49
SPEAKER_02: Right.
19:49
SPEAKER_02: So that is one of the hardest parts.
19:51
SPEAKER_02: Um, it's not even about um, you know, telling them they're in a good spot.
19:55
SPEAKER_02: It's breaking down all the numbers, having everything laid out to be able to prove you can spend this each and every year.
20:02
SPEAKER_02: We're giving you um, you know, the the green light to be able to do that.
20:07
SPEAKER_02: And then this is how we're going to approach this each year as we evaluate um your overall financial plan to prove to you that you're okay, right?
20:15
SPEAKER_02: Because that's the question is are you okay?
20:17
SPEAKER_02: Um, and and that's what they want answered as they you know continue to feel like they can't spend, right?
20:23
SPEAKER_02: Um and they they they're worried, right?
20:26
SPEAKER_02: It's breaking all of that down in time and that you're in a good spot.
20:29
SPEAKER_01: Yeah, now I'm just gonna have the Matthew McConaughey green light book stuck in my head after that.
20:32
SPEAKER_01: Like, you can finally do it.
20:33
SPEAKER_01: You got the green light, man.
20:34
SPEAKER_01: It's not the yellow or the red.
20:36
SPEAKER_02: Um, but that is But it never works like that though, because as soon as they have that mindset switch is so, so difficult.
20:44
SPEAKER_01: Um, it is because you're literally going against everything that you said.
20:48
SPEAKER_01: It's like exactly no, dial it back, continue.
20:51
SPEAKER_01: Like, but then you get to this point where you're like, no, literally, we ran the Monte Carlo 25 times, and it said every single time you're like 99% likely to be fine for the rest of your life.
21:04
SPEAKER_01: So, um, well, man, from a financial planning standpoint, like on your side of the table, we've talked a lot about how you work with clients, what you guys do, getting them from you know, point A to point B.
21:15
SPEAKER_01: But from you, your side as a financial planner, to somebody else is thinking about getting in the financial planning industry that may not, you know, work with the same people that you do.
21:25
SPEAKER_01: Well, what are some of the things that you've kind of learned in your career up to this point that would uh, you know, what advice would you have for them if they want to get into financial planning?
21:36
SPEAKER_02: Another great question.
21:37
SPEAKER_02: And I've had a lot of time to think about this because the next thing that we're trying to do is we're trying to create opportunities for others.
21:45
SPEAKER_02: Very, very important um for us.
21:47
SPEAKER_02: And and honestly, for me is to be able to give back and you know create the same opportunities that I were was given for other people, right?
21:54
SPEAKER_02: And now it's how do you do that?
21:56
SPEAKER_02: Um, what you'll typically hear is um, you know, other financial planners or other people talk about getting repetitions.
22:03
SPEAKER_02: That's one part of the puzzle, right?
22:07
SPEAKER_02: You have to be extremely intentional about the reps that you are getting, okay?
22:11
SPEAKER_02: And what that means is sure, you might not have the experience, but experience is not only measured in years, it's also measured in the type of repetitions that you get.
22:22
SPEAKER_02: And they're not all created equal.
22:24
SPEAKER_02: And that's something that I try to preach everyone is how can you uh get experience presenting?
22:31
SPEAKER_02: How can you solve?
22:32
SPEAKER_02: Complex planning problems.
22:34
SPEAKER_02: How can you work alongside other attorneys, insurance agents, CPA, like any any other uh tax professionals?
22:41
SPEAKER_02: How can you continue to push yourself?
22:44
SPEAKER_02: Um, but besides just doing administratively, you know, doing largely administrative work, right?
22:49
SPEAKER_02: You need to get those repetitions.
22:50
SPEAKER_02: And I think that's one of the things that sets our firm apart is we're trying to give people those repetitions because it's really important uh because you could tell someone who's been in the business for 10 years versus someone who's been in the business five years who has had a different type of repetition and kind of the experience that they have.
23:07
SPEAKER_02: And then that also lends into the type of firm that you're looking for.
23:11
SPEAKER_02: Don't just ask what's your salary, what you're gonna get paid today.
23:15
SPEAKER_02: Think about, you know, why are they hiring me, right?
23:19
SPEAKER_02: Uh is the firm actually growing?
23:21
SPEAKER_02: Is there future growth opportunities for me to be able to participate in that?
23:25
SPEAKER_02: What are these responsibilities uh, you know, transition towards?
23:29
SPEAKER_02: Because a firm should be thinking about all of those things as you look to join.
23:33
SPEAKER_02: And and you know, you're saying, I want to be a lead advisor one day, and everyone's goals are different.
23:37
SPEAKER_02: But if I want to be a lead advisor one day, you need to understand what that career track looks like.
23:42
SPEAKER_02: And these are one of the this is one of the things that we've struggled with is building that, but it's it's important because we're doing it now, we are building it.
23:49
SPEAKER_02: But the career track doesn't, you know, necessarily it's not the end all be all, but it's important as you're thinking about the type of repetitions you should be asking yourself, will I be able to get repetitions?
23:59
SPEAKER_02: What does that look like?
24:00
SPEAKER_02: You know, can I make the mistakes, get the feedback, so on and so forth.
24:03
SPEAKER_02: Um, so again, another one of those things of don't just find a firm that will give you a job, find somebody that will give you the right type of reps.
24:12
SPEAKER_01: Okay.
24:12
SPEAKER_01: Yeah, right.
24:13
SPEAKER_01: Yeah, kind of I can't remember what book it's from.
24:16
SPEAKER_01: Might be Dale Carnegie or something about that.
24:18
SPEAKER_01: Uh it was like start with the end in mind, right?
24:21
SPEAKER_01: Like, kind of have an idea.
24:22
SPEAKER_01: You know, it doesn't have to be perfect.
24:23
SPEAKER_01: Like you're just graduating, you're getting into the industry.
24:26
SPEAKER_01: You don't have to know exactly what you want to do, but have an idea kind of of like what do I like when I look at it, right?
24:33
SPEAKER_01: Like that lead advisor, or do I want to open up my own for him one day, or do I, you know, what's my plan here?
24:38
SPEAKER_01: And then and then kind of work toward that symbol.
24:40
SPEAKER_01: So I I like it, man.
24:41
SPEAKER_02: Yeah, and I think it's it's hard to know.
24:43
SPEAKER_02: Like I've been I've been in the position, right?
24:45
SPEAKER_02: I it's hard to know exactly what you want when you're coming out of school or or maybe your career changing, you're like, you don't you don't have it figured out.
24:52
SPEAKER_01: Just looking for your first apartment, you're like, I gotta get a job.
24:55
SPEAKER_02: Yeah, so I'm saying all these things, but the important thing is like just look, be curious, like ask other people who have been in the in your position.
25:03
SPEAKER_02: And that's what I did.
25:04
SPEAKER_02: I was reaching out to everyone that I could.
25:06
SPEAKER_02: I still didn't know what I wanted, and I found Wealth FD on the CFP port website, right?
25:11
SPEAKER_02: So I found it as a as a position, and I didn't even know if it was gonna be the right opportunity, but I trusted in the vision that they had and the opportunities that they were presenting me because it was a smaller firm, right?
25:23
SPEAKER_02: I knew that some of the I had some concerns about it, but now look at where we're at right now, and my wife is in the the field, and I knew that she was going to be in the field anyways, but it just the synergy has been there.
25:33
SPEAKER_02: So it's not like you need to have everything figured out, but just be curious and know, okay, here are some things that I'm looking for in these types of positions.
25:40
SPEAKER_00: Yeah, for sure.
25:42
SPEAKER_00: And Ryan, um, any other golden nuggets you were thinking of uh before coming on the podcast today?
25:49
SPEAKER_02: I think one of the things that we've been talking a lot about is um just growth in general.
25:57
SPEAKER_02: Um I think my growth, my my perspective on growth has changed a lot because yes, certain people, you know, they maybe want with a lifestyle practice.
26:06
SPEAKER_02: It's important to think about this.
26:07
SPEAKER_02: Uh, but you know, when you're thinking about growth, I I typically thought it was like, oh, more clients, more revenue, bigger, bigger, bigger, right?
26:15
SPEAKER_02: But now it's just growth just creates opportunity.
26:18
SPEAKER_02: Like it's it's the foundation of how we're able to hire people, how we're able to create uh career paths, how we're able to train and promote and do all of those things, right?
26:29
SPEAKER_02: And now it's no longer how many opportunities can I get, it's how many opportunities can I create for others, right?
26:34
SPEAKER_02: That are that are coming before me.
26:36
SPEAKER_02: So I think that's one of the things we had a lot of time just thinking about and just preparing um in terms of the next couple of years.
26:42
SPEAKER_02: Uh, but you know, that's that's really one of the big points that you know uh we we've been kind of thinking about and and others should too.
26:50
SPEAKER_00: I love it.
26:51
SPEAKER_00: Like it can be greener growing or ripe and rotting, right?
26:54
SPEAKER_00: So growth is important.
26:57
SPEAKER_00: So I love it.
26:58
SPEAKER_00: Well, Ryan, thank you so much for coming on today.
27:00
SPEAKER_00: Um, for those who might want to reach out to you to learn more, maybe learn more about Wealth FD, what's the best way they can?
27:07
SPEAKER_02: Uh, definitely LinkedIn.
27:08
SPEAKER_02: LinkedIn's gonna be the best place.
27:09
SPEAKER_02: DMs are open um to, you know, I'm I'm always happy to help um others and want to pay it back, right?
27:15
SPEAKER_02: Want to pay it forward.
27:17
SPEAKER_00: Okay.
27:18
SPEAKER_00: Awesome.
27:18
SPEAKER_00: Appreciate it, brother.
27:19
SPEAKER_00: Well, Ryan, thank you so much for coming on today.
27:21
SPEAKER_00: We really appreciate it.
27:22
SPEAKER_02: Yeah, thank you guys for what you do.
27:24
SPEAKER_02: Uh, appreciate all the podcasts you guys are putting out, and um, I'm glad that uh I was able to come on.
27:28
SPEAKER_00: Thanks, man.
27:29
SPEAKER_00: You bet, man.
27:30
SPEAKER_00: Thank you so much for your time.