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#135 - Finding the Right Fit: Dev Thompson Joins BC Brokerage · Only Fee-Only

• 0:05
  Speaker 1: What's up everyone, welcome back.
• 0:06
  Speaker 1: This is the OnlyFeeOnly podcast and, as always, thanks for being here.
• 0:10
  Speaker 1: This episode is a little bit different.
• 0:12
  Speaker 1: We're coming back from a two week break and we are talking to Dev Thompson, who is the newest member of BC Brokerage and the BC Brokerage team, and we're pumped to have him.
• 0:24
  Speaker 1: He's also going to be doing a lot of podcasts with us, so you'll be tuning in to hear him too, and we're just really pumped.
• 0:32
  Speaker 1: The team's growing and Dev is a huge asset to what we have going on.
• 0:36
  Speaker 1: So enjoy this episode, learning a little bit more about him, his former financial planning practice and everything that we are doing at BC going forward.
• 0:46
  Speaker 1: Thanks so much and enjoy the episode.
• 0:51
  Speaker 2: What's up everyone, welcome to another episode of the Only Fee Only podcast.
• 0:56
  Speaker 2: I'm Peter Travalo, I'm here with my co-host, brock Buckles, and today we're so excited to have Dev Thompson on newest member here at BC Brokerage.
• 1:06
  Speaker 2: It's been brewing, it's been in the works for a little bit and so happy that he was able to join us this summer and really looking forward to having him on today's show and just sharing a little bit about him.
• 1:18
  Speaker 2: So, dev, welcome to the show, man.
• 1:20
  Speaker 3: Thanks for having me.
• 1:21
  Speaker 3: Guys.
• 1:21
  Speaker 3: Gonna be more excited to be here.
• 1:23
  Speaker 2: Yes, you bet.
• 1:24
  Speaker 2: So I mean, we're familiar with who Dev Thompson is and your background.
• 1:28
  Speaker 2: But before we dive into it, you want to give just kind of a 30, 60-second background of who you are and then we'll go into your work, history and what you're going to do for us here at BC.
• 1:39
  Speaker 3: Yeah, for sure, quick history Married with an almost one-year-old, so that's the big thing going on in my, in my life right now.
• 1:47
  Speaker 3: Um grew up in Northeast Indiana, went to Anderson university and played football and uh, I'm sure I know we'll dive into this, but I would say in college is where I really developed probably my two passions and the two things I studied.
• 2:00
  Speaker 3: I double majored in, uh, business management and exercise science and um, and kind of explored one path for a little while and then got back into the passion I discovered for financing and or for personal finance and investing.
• 2:12
  Speaker 3: And yeah, but we'll definitely dive more into my background and kind of what led me to right here and right now, for sure.
• 2:19
  Speaker 1: Yeah, man, we're pumped to have you and it's already off to a great start making content, doing all the fun stuff, man.
• 2:26
  Speaker 1: But yeah, we met and you actually have known about the field and community for quite a long time and have kind of been plugged in around here and we're an XY advisor for a period of time, so I think that's a cool statistic.
• 2:42
  Speaker 3: Yeah for sure.
• 2:43
  Speaker 3: I mean, yeah, kind of diving in career-wise.
• 2:46
  Speaker 3: Honestly, the route I explored first was and I'm still Brock, you know this still passionate about lifting and developed that from my football days and stuff like that but kind of took the exercise science path for a little while, did some strength conditioning coaching for a little while, worked with Purdue basketball, purdue football, did some strength conditioning coaching for a little while, worked with Purdue basketball, purdue football, an internship capacity, and then was working with the University of Kentucky football team, started grad school at Purdue and did that for a little while and really it was more coaching.
• 3:18
  Speaker 3: It wasn't necessarily a passion, it was just kind of my passion.
• 3:20
  Speaker 3: I developed from a football player and during my time in college I really, through some of my business classes, really started diving into personal finance and investing, got hooked, like a lot of people do, reading everything I could about Warren Buffett, and I think for me it was and I still hold this thought to my core today just the idea that you know, when I was in college or younger I never thought that, oh, I want to be super wealthy or anything like that, but I knew there's no way on earth that I can be someone that works for 40 years just to get by and then retires just to also get by, and I think that's what really got me investing.
• 3:57
  Speaker 3: It's like, oh, this is how you kind of separate from that.
• 3:59
  Speaker 3: You do it, you start young, you start consistently and that's kind of how that grows.
• 4:04
  Speaker 3: And I realized a lot of people I was kind of nerding out about it A lot of people my age or even my parents' age like, oh, they don't, they kind of take this for granted or don't really think about this.
• 4:12
  Speaker 3: So that was kind of really what my passion for personal finance and investing became.
• 4:18
  Speaker 3: Before my time with XYPN, joined a more traditional AUM firm in my hometown of Wabash, got licensed there.
• 4:26
  Speaker 3: That's when I originally got my life and health license, you know, got my series 66 and 67 and took all those tests and got licensed.
• 4:34
  Speaker 3: Everything was there for a few years.
• 4:36
  Speaker 3: And, yeah, I just I kind of randomly stumbled upon XYPN and the fee only community and what that comprehensive financial planning looked like and really started to put plans together to launch my own firm and did that.
• 4:49
  Speaker 3: That would have been early to mid-2019.
• 4:52
  Speaker 3: And, to be truthful, made a lot of mistakes leading up to that.
• 4:57
  Speaker 3: That's why I don't have my own firm these days.
• 5:00
  Speaker 3: I think everything works out for a reason, but think, hindsight being 2020, should have stayed at a firm a little while longer and got a little more experience under my belt.
• 5:09
  Speaker 3: Um should have probably given myself a little longer of a runway as far as what I had saved up for that.
• 5:14
  Speaker 3: I think it was just such a such a passion that I leapt into a headfirst, which certainly a good thing definitely could have at that time in that age.
• 5:22
  Speaker 3: Could have planned a little better, but my time doing that and being part of the XYPN community nothing but great things to say.
• 5:30
  Speaker 3: I've reconnected with some of the people that were in my launch group that now work with us at BC and I've stayed in touch with them over the years.
• 5:38
  Speaker 3: So awesome learning experience Got like we talked about kind of stayed in finance but more of a corporate finance role and, yeah, I was lucky enough to kind of get back in the financial advising community with kind of in the health insurance space, reached out to Brock to hey, these guys are killing it and what they do with content and how many advisors they reach and everything like that.
• 6:03
  Speaker 3: Like how do I also go about doing that in my role and, brock, I feel like you and I just really hit it off and obviously one thing led to another and here we are.
• 6:12
  Speaker 3: I couldn't be more thankful that it worked out the way it did.
• 6:15
  Speaker 2: Yeah, it's been a great story and we're just so excited about it and we really feel it's just been meant to be Now.
• 6:25
  Speaker 2: I mean, you know our audience, you know they're all fee only planners or majority, are, you know, looking back.
• 6:29
  Speaker 2: You know, because 2019, I mean that's six years ago now, right?
• 6:33
  Speaker 2: So you've had some time to let the dust settle and to think about it, like you know, if you don't mind sharing, like what are maybe some things that you know at a younger age and you know, start just starting that business that you underestimated.
• 6:45
  Speaker 2: I mean, you mentioned a couple of them, but you know a fee only planner they were like Dev.
• 6:50
  Speaker 2: You know, if I could learn from you know your history and your background, like what would be some bullet points that you're like, hey, before you get out there, make sure that you've really thought about these few items.
• 7:01
  Speaker 3: Yeah yeah, lot about these few items.
• 7:08
  Speaker 3: Yeah yeah, I think in a good way.
• 7:09
  Speaker 3: I had such just utter belief in myself that, honestly, I had only been a licensed advisor for not even two years.
• 7:12
  Speaker 3: So it's like you know, be intentional and be so gung ho about it, but also recognize like experience is never a bad thing.
• 7:20
  Speaker 3: You know, if you're at a firm that you absolutely despise or has a model that you don't agree with, that's a different story.
• 7:26
  Speaker 3: I was at a firm that was great, had such good teachers and mentors that I shouldn't have been in such a rush to go out on my own.
• 7:33
  Speaker 3: I should have just continued to learn and build a bit more of a client base.
• 7:37
  Speaker 3: I think two things specifically for my firm.
• 7:39
  Speaker 3: I, you know, knew that, hey, it's going to take a while before I'm really going to have a revenue or income stream with this firm, but I think, having more saved up, I knew, hey, I'm going to be doing some things part-time on the side, truthfully and honestly, I think a lot of people at that time were doing this or in something similar in some capacity, and I'm sure a lot of new, younger advisors are doing this today.
• 8:05
  Speaker 3: I remember when I first started.
• 8:06
  Speaker 3: I, you know I'm a morning person.
• 8:08
  Speaker 3: I would just as my like part-time income or whatever.
• 8:11
  Speaker 3: This is sounds crazy to say, but I would get up and like do airport Uber runs at like four in the morning, you know like hey.
• 8:17
  Speaker 3: I'm going to go do this like for three or four hours, hit the gym and then work on my business from, you know, nine to five or whatever it might be, but just things like that.
• 8:25
  Speaker 3: So don't be afraid to hustle.
• 8:26
  Speaker 3: Like that taught me a lot.
• 8:27
  Speaker 3: Like I think about.
• 8:28
  Speaker 3: It's funny my wife and I joke now like when we you know we're all at different stages of life and different stages of our finance and stuff like that.
• 8:37
  Speaker 3: But what I look at my life now and where we're at financially at the age of 33.
• 8:41
  Speaker 3: And when I like launched my firm, I was probably, you know, six years ago, 26, 27,.
• 8:45
  Speaker 3: You know I remember Brittany and I moved back to Fishers and um which this again shows how naive I was launched my firm but had some money saved for the firm.
• 8:55
  Speaker 3: But as far as like Brittany and I's bank account, like I remember moving to Fishers and having like a thousand dollars to our name and it's like that's not the ideal.
• 9:02
  Speaker 3: No, granted, it made me grind, like it made me hustle and taught me a lot.
• 9:09
  Speaker 3: It makes me very thankfully like what we've saved and invested today and, like you know, I had a great childhood but like really feel like I'm going to be able to set my daughter up very, very well and I'm very thankful for that.
• 9:15
  Speaker 3: The other thing that, um, the biggest thing, I besides those that I would talk about my firm's name, which now I say this, being older, that I think is really dumb.
• 9:28
  Speaker 3: But, hey, learning lessons, right, I'm so passionate about lifting, like I think X, y, p and is great about.
• 9:32
  Speaker 3: Hey, focus on your niche.
• 9:34
  Speaker 3: Like don't just be a general financial advisor, and I think so many people have done so.
• 9:38
  Speaker 3: Great about that.
• 9:38
  Speaker 3: Mine was like so niche, niche.
• 9:40
  Speaker 3: However, you want to pronounce that my firm is called the Lifter's Advisor because I'm like I want to connect with gym owners and things like that, and for me it was spot on.
• 9:49
  Speaker 3: But I think for me, and not that everyone has to do this I think you can have a firm focused on a hobby or a passion.
• 9:58
  Speaker 3: I think it makes more sense to have your niche focused on a certain type of career or people in similar financial situations.
• 10:08
  Speaker 3: Like, obviously there's a lot of planners we work with that are focused on physicians, things like that.
• 10:12
  Speaker 3: In my mind, that makes a lot more sense.
• 10:14
  Speaker 3: But I also see firms out there killing it that they're focused on people that also really love the outdoors, so things like that.
• 10:21
  Speaker 3: So I think I could have got more traction if I was able to give myself more time with that.
• 10:25
  Speaker 3: But you know again, hindsight being 2020, if I could redo that, I would have maybe been a little more generalized, like you know, millennial wealth management or millennial financial planning because you know, I feel like I had some.
• 10:38
  Speaker 3: My passion was really, hey, I'm in my mid to late 20s and you know, we see on LinkedIn all the time all the planners and advisors we're connected with, like Thomas Copeland's a great example, like some of the posts he puts out.
• 10:49
  Speaker 3: It's so informative, it's so much great information.
• 10:51
  Speaker 3: But I think sometimes we all forget that the like with us, with insurance, the average individual doesn't spend any time thinking about this or it doesn't even understand basic concepts, and that was my passion.
• 11:02
  Speaker 3: Like I'd have friends ask me, like they don't even know what my 401k is, just stuff like that.
• 11:07
  Speaker 3: And again, then it changes as we all get older and I think financial education has certainly got gotten a lot better, more widespread, and I think, if you look for the right information, social media can be, can be great for that.
• 11:18
  Speaker 3: But that was kind of my, my passion, you know other millennials getting into just starting to invest, learning how to pay off debt, things like that, um.
• 11:27
  Speaker 3: But I think if I would have redone it would have been more focused on that, not so narrowly focused.
• 11:34
  Speaker 3: So, yeah, I would say, if I could could summarize that, I would say, definitely, really think about who your target audience is.
• 11:42
  Speaker 3: You know, if it is super targeted or niche, like, if you've got a plan, then run with it.
• 11:47
  Speaker 3: But two, like experience is never a bad thing.
• 11:50
  Speaker 3: If you're at in a good scenario at a current firm, that's, you know you've got your support system and your resources, things like that Be intentional with wanting to start and run your own firm.
• 12:00
  Speaker 3: But again, more experience is never a bad thing.
• 12:04
  Speaker 3: And three, make sure you give yourself a plan for an extra runway.
• 12:09
  Speaker 3: Like, hey, if I think I'm going to be able to make some income in six months from my firm, okay, we'll put enough in your bank that you have enough for 12 months, right?
• 12:18
  Speaker 3: So I think I was just a little young, a little naive and great learning lesson.
• 12:24
  Speaker 3: And again, it's funny how how life works out, like, even when you know I kind of moved on and folded that up, never regretted it for a second.
• 12:33
  Speaker 3: I knew okay, even if I'm never back in the financial planning community again or you know, stay in more corporate finance.
• 12:41
  Speaker 3: This was such a great learning experience, again like driving Uber at 3.30, 4 in the morning.
• 12:48
  Speaker 3: It's not glamorous, but like it taught me to hustle a little bit right.
• 12:52
  Speaker 3: So it's such a great learning experience.
• 12:54
  Speaker 3: But again, it's funny how life works because if I wouldn't have had that experience and, honestly, if it wouldn't have failed again I view every failure as at least a learning experience I wouldn't be sitting here with you guys right now and I wouldn't be a part of BC Brokerage and that would suck.
• 13:09
  Speaker 3: So, honestly, I'm someone that believes through and through.
• 13:13
  Speaker 3: Like you know, my faith is important to me.
• 13:15
  Speaker 3: I believe wholeheartedly that you know, everything happens for a reason, that God has a plan and a reason for my life.
• 13:28
  Speaker 1: And you know, I think I'm I'm living that right now.
• 13:29
  Speaker 1: I love it, man, yeah, selfishly, we're very happy that you're a part of the team, Um, and it's been cool and it's been such a good update and and yeah, I mean I just I had a couple of planners like man, you guys need to do like every just thought this was a perfect opportunity.
• 13:45
  Speaker 1: And you know, when we first met man, I just thought it was cool.
• 13:48
  Speaker 1: I was like that'd be really cool for this guy to be a part of the team and like now we're here, which I'm so excited about, and and, um, so talk, talk a little bit about your role and what you're doing, man, and like people want to reach out and get to know you a little bit better, like how they can do that, because I'm really excited about the growth that we've had and that we're continuing to have, and I think it'd be cool for you to kind of just talk about that.
• 14:11
  Speaker 3: Yeah, for sure.
• 14:12
  Speaker 3: I mean, as you know, I feel like we're really big in the LinkedIn community and really focused on that.
• 14:16
  Speaker 3: But as far as what I do connecting with advisors I think obviously showing them what we do, what type of insurances we do and how that works, I feel like the best explanation I give advisors when, say, we're connecting on a Zoom call, like doing a demo, something like that, is that, hey, regardless of the type of insurance, I'm sure you've had some solid referral partners or maybe there's a local agent that's a friend or family member, things like that.
• 14:40
  Speaker 3: You know, instead of you having to refer your insurance business out with us, you kind of have an insurance arm of your own firm, right, like, we're really here to, of course, provide guidance.
• 14:53
  Speaker 3: You know our policy analysis, things like that answer questions, but at the end of the day, obviously we're here to implement the policies that the advisor is recommending.
• 15:01
  Speaker 3: Of course they generally want some input from us, but, you know, I think sometimes totally referring a client out to an insurance firm or something like that, sometimes the implemented insurance might not be exactly what you were thinking.
• 15:15
  Speaker 3: It might take a little bit of a turn.
• 15:16
  Speaker 3: Right, we're in constant communication with the advisors, with the clients, and that's something I love about it, I think, something that's been really big even since I started, and I know you guys have been growing it for the past year and a half, two years even before I started.
• 15:29
  Speaker 3: But it seems likety how many firms out there don't do that?
• 15:33
  Speaker 3: That?
• 15:34
  Speaker 3: Just do the life and disability and annuity side or long-term care, and I think that's such a cool value add for advisors that more and more are starting to take advantage of that.
• 15:56
  Speaker 3: Where I hear stories like, yeah, this is part of my onboarding process, like I'm going to make sure you guys get a look at their policy documents for their home and auto, and oh, we need to add an umbrella, things like that, and I think it's you know, before it might have not been such a big thing for financial planners because, again, how many of our independent financial planners, or RIAs, have clients all across the country?
• 16:17
  Speaker 3: How are you going to have a P&C agent in every different area?
• 16:20
  Speaker 3: You have a client, but with us you don't have to, and I think it's a fairly straightforward and easy way for you to add additional value to your client and I think we all know, as financial planning goes through.
• 16:33
  Speaker 3: Comprehensive financial planners like you really are expected to touch on anything and everything, and I think property and casualty is something that's definitely a solid value add.
• 16:43
  Speaker 3: That's something, when you work with a partner like us, that really isn't that difficult to add to your process.
• 16:48
  Speaker 3: It doesn't require much work from you or your clients.
• 16:51
  Speaker 3: So I think that's if I could pinpoint something over the last month doing demos and connecting with advisors that's been something that you know.
• 16:59
  Speaker 3: I've even had a few advisors say like, hey, I actually feel pretty comfortable with, with who I've used for life insurance lately, but, man, I've had such a problem having reliable property and casualty agents or even knowing what to do with clients and like we want to add this as part of our process or as a value add to clients.
• 17:16
  Speaker 3: So that's definitely been a focal point with advisors and I think that will just continue to grow and grow for us and advisors just as hey, this is part of our part of our process and something we're reviewing with clients annually, if not every six months.
• 17:30
  Speaker 2: Yeah, no, I love that.
• 17:31
  Speaker 2: Thank you for sharing that.
• 17:32
  Speaker 2: That you've just seen, like you know, bc Brokerage, or the way that we're marketing, or like the way that we are in the community, that, like you know, you've come on and now you know that, like wholeheartedly, it was a great decision.
• 17:51
  Speaker 3: Yeah, I mean I not to toot your guys' horns, but working with you guys has been nothing short but great.
• 17:57
  Speaker 3: Like I think we talk about Justin Costelli a lot love the guy, and something that I hear from other people about him that I tell people all the time about him is and he talks about this in his social media content like be your authentic self.
• 18:10
  Speaker 3: And I think if I could say anything about BC, about you guys and I knew this was going to be true but now, working with you for over a month, I can say without a doubt, who planners and the advisor community see online and through content and stuff like that, like that's who Brock and Peter are, and I and I feel like that's true of me too Like you're going to see my true, authentic self shine, shine through.
• 18:36
  Speaker 3: And, of course, not everyone's going to love that person, but you know, don't try to please everyone being somebody you're not Right and I think, um, you know, I think what we all talk a lot about in our content and trying to have informative educational posts is people over products, and I think that can be.
• 18:57
  Speaker 3: I'm sure a lot of insurance firms out there have some catchy mottos or phrases that they don't abide by.
• 19:02
  Speaker 3: For us, it's really not, hey, we're pushing any certain type of insurance or any type of carrier.
• 19:07
  Speaker 3: It's really hey, what?
• 19:13
  Speaker 3: How is your client going to be best taken care of?
• 19:14
  Speaker 3: How can we support the advisor best?
• 19:15
  Speaker 3: Um, and I think it's like anything, I like a lot of businesses at the end of the day, what's going to be the best for a company long-term is making sure your clients are taken care of and are happy and know felt supported.
• 19:27
  Speaker 3: Um, and I mean from day one, I I knew that was true and honestly, I feel like we live that every day.
• 19:33
  Speaker 1: Um, yeah, that's nice man, I appreciate that and, uh, that makes me feel good.
• 19:39
  Speaker 1: I, I, and it's like I posted about today man, like, I, I truly do believe, like, regardless of what the business is like, if you're not creating a culture that people want to be a part of and it takes every person on the team to do that right Like if the culture is off kilter, it doesn't feel right, it's just never going to be a fun place to work or to be a part of.
• 19:59
  Speaker 1: So that's one thing that I love amongst all of us and everybody else on the team is we just have something really cool going and it it gets me psyched.
• 20:07
  Speaker 1: So, uh, no, that's that's really cool, man.
• 20:10
  Speaker 1: Um, any other thoughts that you had before you came on, dude?
• 20:15
  Speaker 3: before I came to bc or came on the pod.
• 20:17
  Speaker 3: No, sorry on the pod um, no man, honestly, I really you know it's.
• 20:22
  Speaker 3: I feel like for all of us.
• 20:24
  Speaker 3: Sometimes it's hard to share failures because I mean, truthfully, me going out on my own, my own firm, like I'm not still doing it.
• 20:32
  Speaker 3: So therefore, technically it was a failure, but I think it was such a good learning experience.
• 20:38
  Speaker 3: Again, if I could go back and redo it, there's 10 things I would do differently.
• 20:43
  Speaker 3: I think we could all say that about a lot of areas of life.
• 20:45
  Speaker 3: But and I hope you know if there's some younger advisors that just started or planning going out on their own, like a little bit of that advice might help, certainly would never tell anyone to not do it like go for it, just have some certain things in place, like be very critical of your plan and what you have set up, but no, I think, at the same time, sharing some defeats or failures again, it just reinforces to me like even hearing myself say these things because honestly, I haven't talked about it in a while just the fact that again everything happens for a reason, like you can look at something as oh, I massively failed, or you can look at something as hey, this taught me a lot.
• 21:25
  Speaker 3: How am I going to apply this to the rest of my life, for this next phase of life?
• 21:28
  Speaker 3: Um and again.
• 21:30
  Speaker 3: I think if you have that mindset or that mentality, like things will generally work out.
• 21:34
  Speaker 3: Um and again.
• 21:35
  Speaker 3: Even you know, two years ago, if you would ask me like, oh you ever be back in the, you know, financial planning or specifically like kind of work with X, y, p and advisors, like I used to be like I don't know, my answer would be I don't know, but I would love to.
• 21:46
  Speaker 3: And then, you know, fast forward a little while.
• 21:48
  Speaker 3: And here I am and I think it's, I think it's the perfect role for me.
• 21:51
  Speaker 3: And, um again, it's just funny how life works sometimes.
• 21:54
  Speaker 1: Yeah, no, it really is, but we're, we're, we're pumped to have you a part of the team and, um, we got, we got.
• 22:00
  Speaker 1: One announcement I do have is we're all going to be at xyp and live.
• 22:10
  Speaker 1: So come meet dev the, the newest member of the team.
• 22:13
  Speaker 1: Um, we'll be at the exhibit hall.
• 22:15
  Speaker 1: We're a green sponsor, uh, that the coffee is going to be right next to our booth, so come get some caffeine, uh.
• 22:21
  Speaker 1: And then that night, the night of the exhibit hall, uh, we're going to be throwing a happy hour from 7 to at least 10 pm at the corinne patio at the downtown marriott.
• 22:33
  Speaker 1: So come say what's up, have some drinks or some mocktails on us, and we look forward to seeing everybody love it, dev.
• 22:42
  Speaker 2: Thanks so much for your time today yeah, thanks for having me guys you bet.