Latest / Only Fee-Only / #169 - Healthcare, Insurance, and Building a Stronger Financial Plan - Cole Craven

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#169 - Healthcare, Insurance, and Building a Stronger Financial Plan - Cole Craven · Only Fee-Only

• 0:04
  SPEAKER_02: How's it going, everyone?
• 0:06
  SPEAKER_02: Welcome back to the Only Fee Only Podcast.
• 0:08
  SPEAKER_02: Thanks for being here in this episode.
• 0:10
  SPEAKER_02: Cole Craven from Move Health is back on the OnlyFe-Only podcast.
• 0:15
  SPEAKER_02: In this episode, we talk about changes in health insurance and Medicare, common misconceptions clients still have, and the role risk management plays in the financial planning process.
• 0:26
  SPEAKER_02: We also discuss how advisors can make these conversations easier, the importance of working with the right professional partners, and why the best recommendation is sometimes confirming that a client already has what they need.
• 0:39
  SPEAKER_02: So this is a great episode.
• 0:41
  SPEAKER_02: Really always enjoy getting to talk to Cole.
• 0:43
  SPEAKER_02: So enjoy this episode of the Only Fee Only Podcast.
• 0:48
  SPEAKER_00: How's it going, everyone?
• 0:49
  SPEAKER_00: Welcome to another episode of the Only Fee Only Podcast.
• 0:54
  SPEAKER_00: I'm Peter Travolo.
• 0:55
  SPEAKER_00: I'm here with my co-host Brock Buckles.
• 0:58
  SPEAKER_00: And today we're so excited to have Cole Craven from Move Health back on the show.
• 1:02
  SPEAKER_00: Really excited to have him pack some value in and see how we can help some financial planners out there.
• 1:07
  SPEAKER_00: So, Cole, welcome back to the show, man.
• 1:10
  SPEAKER_01: I love it.
• 1:10
  SPEAKER_01: I think this is uh, they say third time's a charm.
• 1:13
  SPEAKER_01: Uh, so thrilled to uh, you know, always a good time.
• 1:16
  SPEAKER_01: Uh and uh looking forward to to unpacking some, you know, maybe, maybe state of the state in in health insurance and Medicare, and then you know what everybody came to came to talk about, risk mitigation, right?
• 1:28
  SPEAKER_01: So all good.
• 1:30
  SPEAKER_01: I'm glad to be here, guys.
• 1:31
  SPEAKER_01: Thank you.
• 1:32
  SPEAKER_02: Awesome.
• 1:33
  SPEAKER_02: And kind of to start out, uh, for those of you who haven't heard Cole's episode or want to hear more about what Move Health does, check out episode 90 and for a more up-to-date State of the Union address in 2024, check out episode 103.
• 1:46
  SPEAKER_02: So um there you have it.
• 1:48
  SPEAKER_02: But today, yeah, we're gonna talk a little bit more about some of those things.
• 1:51
  SPEAKER_02: So, real quick, man, like what's going on in your world?
• 1:54
  SPEAKER_02: Any quick updates before we dive into the fun world of risk management?
• 1:58
  SPEAKER_01: Yeah, it's exactly uh it's exactly right.
• 2:00
  SPEAKER_01: Um, you know, we at Move Health just we're we're everybody loves to say, like, we're continuing to grow.
• 2:06
  SPEAKER_01: Like we really are.
• 2:07
  SPEAKER_01: We're continuing to grow.
• 2:08
  SPEAKER_01: And I think the coolest thing about what we are seeing is, you know, through good partners like you guys at BC and and through all of our advisor partners, this is now becoming like a proactive piece of the planning puzzle, right?
• 2:19
  SPEAKER_01: Health insurance and Medicare planning don't just sit back seat anymore.
• 2:23
  SPEAKER_01: Um, you know, it's not something that advisors, uh, at least the ones we're working with, are not just reacting to.
• 2:28
  SPEAKER_01: It's something that they're proactively, you know, bringing up.
• 2:31
  SPEAKER_01: Um, you know, over the past uh, you know, over the past couple of, I guess I'll say past three to four months, the big change for us is um if you go back and listen to some of the uh you know podcasts that we recorded, uh, there were some big changes to the marketplace.
• 2:46
  SPEAKER_01: Um, you know, Move Health, we're working a lot with early retirees and folks that are, you know, between that 55 and 64 window and are saying, hey, we want to retire and leave our jobs, but what about health insurance?
• 2:55
  SPEAKER_01: Um there were some big changes to the marketplace.
• 2:57
  SPEAKER_01: And so uh, you know, check checks everything out on Move Health from that perspective.
• 3:01
  SPEAKER_01: Don't want this to be an infomercial, but there were some big changes with changes to tax credits on the marketplace and who can qualify for those and who didn't.
• 3:09
  SPEAKER_01: And some people saw premiums triple overnight and some people didn't, and why the purpose behind that.
• 3:14
  SPEAKER_01: And so I'll just kind of tease that out as you know, come come find us at Move Health to talk a little more about that.
• 3:19
  SPEAKER_01: But some big changes there, and then, you know, it's it's always, you know, healthcare is always at the top of, you know, whether it be a retirement concern list, uh, and it's it's certainly hot button in uh you know, in in legislation too, um, which is a good and bad thing.
• 3:32
  SPEAKER_01: It keeps it top of mind, but then you're also kind of beating back these myths and things along those lines as well.
• 3:37
  SPEAKER_01: So um that's that's kind of what's new over here.
• 3:39
  SPEAKER_01: We're just we're moving and shaking, we're working with lots and lots of people.
• 3:43
  SPEAKER_01: Um, you know, we went back through and and looked at 2025 as a whole, and you know, we served over 10,000 clients, um, which is awesome and unheard of for us.
• 3:52
  SPEAKER_01: And so continuing to scale and grow our advisor offering and what they're being able to do with clients.
• 3:56
  SPEAKER_01: And so it's been a lot of fun.
• 3:57
  SPEAKER_01: Thanks for asking.
• 3:58
  SPEAKER_01: Yeah, man.
• 3:59
  SPEAKER_02: Absolutely.
• 4:00
  SPEAKER_02: Go ahead, Pete.
• 4:01
  SPEAKER_02: I saw you nod your head.
• 4:02
  SPEAKER_02: I know what that means.
• 4:03
  SPEAKER_00: I was gonna ask, like, you know, right off the bat, like maybe what are some of those myths that you're trying to, you know, correct out there?
• 4:09
  SPEAKER_00: You know, health insurance isn't always the most sexy conversation, or you know, a lot of people they don't feel confident to even talk about it.
• 4:16
  SPEAKER_01: Yeah.
• 4:17
  SPEAKER_01: I mean, it could be a it could be a sexy conversation.
• 4:19
  SPEAKER_01: Yeah, I don't know.
• 4:20
  SPEAKER_01: Talk to my wife.
• 4:20
  SPEAKER_01: I don't, I mean, I don't know, whatever.
• 4:22
  SPEAKER_01: But um, all of that to be said, one of the one of the biggest myths that we're kind of beating back right now is that tax credits went away, right?
• 4:29
  SPEAKER_01: Like tax credits on the marketplace.
• 4:31
  SPEAKER_01: Uh, you know, if if folks don't know what those are, they're federally earmarked dollars that are used.
• 4:35
  SPEAKER_01: Um, you know, if you're purchasing coverage through the Affordable Care Act marketplace, there was this kind of preconceived notion that those went away in their entirety.
• 4:42
  SPEAKER_01: Reality is they just returned to how they worked prior to 2022 when some COVID relief era stuff came out.
• 4:47
  SPEAKER_01: And so um, we're seeing a lot of that.
• 4:50
  SPEAKER_01: We're seeing still to this day, people will say, I had a heart attack two years ago.
• 4:54
  SPEAKER_01: I can't get health insurance.
• 4:56
  SPEAKER_01: Like, well, you might be conflating that with you know how health insurance worked prior to the Affordable Care Act, right?
• 5:03
  SPEAKER_01: That hasn't been the case since 2014.
• 5:06
  SPEAKER_01: Um you can you can get health insurance coverage guaranteed issue.
• 5:09
  SPEAKER_01: And so there are still to this day financial advisors and their clients who believe some of those things.
• 5:14
  SPEAKER_01: And so they'll go and take their$3,200 a month Cobra premium for 18 months and then say I'll figure it out later, um, when in reality they could either be paying a lot less or improving, you know, their situation or or what have you.
• 5:27
  SPEAKER_01: And so um, those are some of the things that we see often.
• 5:30
  SPEAKER_01: And then there's always like anytime that you've got legislation tied to, you know, healthcare or something, there's always going to be the sky is falling, right?
• 5:38
  SPEAKER_01: Because when you think of news, right, what what gets people to watch the news?
• 5:43
  SPEAKER_01: Big headlines, scary words, all those things.
• 5:45
  SPEAKER_01: Um, and so there's been a lot of hand holding, a lot of saying, hey, here's here's what this looks like.
• 5:50
  SPEAKER_01: No, Medicare is not going away.
• 5:52
  SPEAKER_01: Um, you know, it's it's okay, right?
• 5:55
  SPEAKER_01: And so there's a there's a lot of a lot of that that we're doing as well, um, just as in the in the current ecosystem.
• 6:00
  SPEAKER_01: So for sure, man.
• 6:02
  SPEAKER_02: Yeah, no, love that and and appreciate you getting that out there.
• 6:05
  SPEAKER_02: So we before this podcast, we were kind of talking about it.
• 6:08
  SPEAKER_02: We're like risk management sometimes takes a backseat when maybe it shouldn't be, right?
• 6:13
  SPEAKER_02: And I I think that's kind of a it's kind of a big thing, right?
• 6:16
  SPEAKER_02: And and whether it's like intentional or it's just not the priority right now, you kind of had some thoughts around that.
• 6:23
  SPEAKER_02: So, like, what are you kind of thinking?
• 6:25
  SPEAKER_02: And and let's get into it.
• 6:27
  SPEAKER_01: Yeah, so I think you know, within within the fee-only advisor space, obviously we're on the only fee-only podcast.
• 6:33
  SPEAKER_01: You know, an advisor is inundated with information, right?
• 6:37
  SPEAKER_01: You are as an advisor, you're inundated with people selling you things and telling you you need this, and um AI is everything, right?
• 6:47
  SPEAKER_01: And your your business is going to crumble unless you're doing something with AI.
• 6:51
  SPEAKER_01: Um, well, I think those things are are somewhat true, and there's valuable things to be taken from that.
• 6:57
  SPEAKER_01: I think you know, salespeople and businesses, their job again, like news, is to get your attention and get you to buy and all those things.
• 7:04
  SPEAKER_01: And so I do think that I've seen over the past year with you know all of these new tools and you know, this came out and this came out, and now this business is absolutely obsolete and this one's not, and et cetera, et cetera.
• 7:16
  SPEAKER_01: I think there's a lot of focus on like completing the perfect tech stack, which is not going to happen nowadays, by the way, because by the time you complete your tech stack, it's changed.
• 7:26
  SPEAKER_01: Um and and I think the other piece is, I think within that, uh, a bit of a hot take would be that sometimes your uh tech prioritization or your tech stack prioritization does not always meet your clients' wants or needs.
• 7:41
  SPEAKER_01: And so I think it's really important to do a um a deep analysis of am I am I buying this to optimize my business, which is important, or am I buying it to better serve my clients and how am I tying it back to what I'm doing for the people that I I get to serve that trust me with their you know dollars and financial lives and all of those things?
• 7:59
  SPEAKER_01: And uh, you know, I I think maybe not a misconception or or something along those lines is, but if if you don't have the key fundamentals when we talk about risk management, if you don't, you know, it's great to have the the coolest new AI note taker and the best CRM and you know uh estate planning tools and tax planning tools and all those things, your taxes don't matter if you don't have any money because it all went away because a dog bit your dog bit somebody in the front yard and you weren't covered appropriately.
• 8:28
  SPEAKER_01: Or, you know, it doesn't matter if you're if your your estate plan is in place, if you don't have a uh you know a health insurance policy that makes certain you don't have an estate, right?
• 8:40
  SPEAKER_01: So um and I think you know a client would look at that from like order of priority and go, okay, I need to put these things in place before I can build on top of that.
• 8:49
  SPEAKER_01: And so I I think just in the world of the advisory space, it's really easy to get wrapped up in the noise of I need to have this and the newest this.
• 8:57
  SPEAKER_01: And I think some of that's warranted and it's good to be on the cutting edge and valuable, and there's a lot of efficiency gains to be had out there.
• 9:04
  SPEAKER_01: But I think keeping the main thing, the main thing is is important.
• 9:07
  SPEAKER_01: And if you don't, as an advisor, have a good risk management plan in place that encompasses a lot of different things.
• 9:14
  SPEAKER_01: And I'd love to hear from you guys where you're kind of seeing some of those gaps most commonly.
• 9:18
  SPEAKER_01: Um, I think it can be a miss to go and invest in all the other, all the other stuff.
• 9:23
  SPEAKER_01: Um, it's yeah, and you're not getting the bottom of the food pyramid.
• 9:26
  SPEAKER_01: I think the food pyramid's obsolete now, but you're not getting the bottom of the food pyramid if if uh you know you're not solving risk management because all the other stuff on top of it can can come crumbling down if you don't have that in place.
• 9:36
  SPEAKER_02: Yeah, and and man, I I will say like, and I totally get like coming from a perspective of like I got all these things going on, or if you're just trying to get your tech stack together, you don't have any clients.
• 9:46
  SPEAKER_02: Like now you just need to get stuff that's gonna get clients.
• 9:48
  SPEAKER_02: Like that just makes sense, right?
• 9:49
  SPEAKER_02: Yep.
• 9:49
  SPEAKER_02: But from a risk management perspective, and I think Pete would agree here, like one of the biggest overlooked things that can really change a client's financial like picture and security overnight is umbrella insurance for like$300 a year.
• 10:01
  SPEAKER_02: So it doesn't always have to be like something that's insanely expensive, or you know, some people don't like paying for DI insurance because it's like one to three percent of your income.
• 10:11
  SPEAKER_02: So that's more of a substantial chunk.
• 10:13
  SPEAKER_02: Um, but I would say for sure it's it's an important thing to talk about.
• 10:17
  SPEAKER_02: I'm sure you would agree, Pete.
• 10:52
  SPEAKER_00: Yes.
• 10:53
  SPEAKER_00: And you know, I mean, I think it's kind of like what you pointed out, right?
• 10:56
  SPEAKER_00: I mean, advisors are just inundated with, you know, onboarding, new tech, you know, switching custodians, updating their EO themselves, right?
• 11:06
  SPEAKER_00: And then whatever else is going on in their personal lives.
• 11:09
  SPEAKER_00: Um so, you know, it's just kind of crazy.
• 11:12
  SPEAKER_00: So yeah, insurance, it can be left like on the wayside, but like what are maybe something, just the evolution of move health that you've seen, like maybe to speed up the process or to make the conversation easier for the advisor and their client.
• 11:29
  SPEAKER_00: Like, how have you tried to make that conversation easier?
• 11:33
  SPEAKER_01: Yeah, I think uh, you know, if you look to our our mission and our website and everything, you know, we look at it from the point of you know, healthcare literacy in the United States, all-time low, right?
• 11:43
  SPEAKER_01: We're not if you ask someone how much is it gonna cost when you go to the doctor?
• 11:47
  SPEAKER_01: It's like 90 plus percent can't answer that question, right?
• 11:50
  SPEAKER_01: And so that's a that's an something that someone should have an answer to.
• 11:54
  SPEAKER_01: And so oftentimes when we're you know onboarding new team members at Move Health and we're going over our mission of like making health coverage simple and clear, we're saying we want people to understand what it's going to cost when they go to the doctor after they meet with us, right?
• 12:06
  SPEAKER_01: Uh, you know, similar to you guys at BC, we want to understand that if if you know there's a hail storm and something you know absolutely wrecks their you know roof, what's it gonna cost for them to replace it?
• 12:17
  SPEAKER_01: Or, you know, if God forbid you become disabled, right?
• 12:20
  SPEAKER_01: Uh what's what's that what's gonna happen there?
• 12:23
  SPEAKER_01: What are your costs associated with it?
• 12:24
  SPEAKER_01: But you know, from move health's perspective, uh our goal is is not necessarily to make an advisor and an expert out of what we're out of what we do, right?
• 12:35
  SPEAKER_01: I think the the point is is that you know, if you look at retirement concerns specifically in that realm, you look at top three, it's it's do I have enough money?
• 12:45
  SPEAKER_01: How am I gonna make that money last?
• 12:47
  SPEAKER_01: And what is healthcare going to do to it?
• 12:50
  SPEAKER_01: Right on the top three, and I'll say it's I won't say it's always top three, but surveys would tell you that it's always in the top five of this concern point.
• 12:58
  SPEAKER_01: And uh, you know, not a knock on on any of the great tech that is out there, but I think from a prioritization standpoint, it's like, let's solve the things that our clients are most concerned about.
• 13:07
  SPEAKER_01: And that's also dependent upon the types of clients that you're serving.
• 13:10
  SPEAKER_01: Some are going to be saying, Hey, I need, I need an advisor who's really, really well versed in uh stock options, RSUs and limited stock options because I work in tech.
• 13:19
  SPEAKER_01: And you have advisors that do just that.
• 13:21
  SPEAKER_01: You have advisors that work with just retirees, you have people that are working with the Henry's and the DINKS and all these different, you know, things that are out there and acronyms and all that.
• 13:30
  SPEAKER_01: Um, but reality is, you know, it it comes back to are we keeping the main thing the main thing?
• 13:35
  SPEAKER_01: At Move Health, you know, are we solving the one of the top three concerns for an early retiree or someone that's nearing Medicare eligibility or a kid that's turning 26 and aging off of their parents' plan?
• 13:46
  SPEAKER_01: Um so I think from from that standpoint, we don't want the advisor to be the expert.
• 13:50
  SPEAKER_01: You just have to start bringing it up.
• 13:52
  SPEAKER_01: And I think similar to you all, it's it's not it's not something that is always the exciting piece of a financial plan, or maybe not for a financial advisor the exciting piece of it, but it is the thing that the clients are are most concerned about.
• 14:06
  SPEAKER_01: Um, you know, there's a a good friend of mine who uh you know um he he says it this way from an advisor standpoint.
• 14:13
  SPEAKER_01: He said, if you want to make it rain, you got to connect with pain.
• 14:16
  SPEAKER_01: And you know, so look to the main pain points that your clients are experiencing and and begin to solve around those.
• 14:21
  SPEAKER_01: And um, you know, so I I think those are those are the things, Pete, to answer your question, those are the things that we see oftentimes um where an advisor doesn't want to be involved in the conversation or doesn't want to bring it up because they don't want to know the and they don't know the answers.
• 14:36
  SPEAKER_01: I don't like talking about things I don't know about, but at the same point, if I knew it were important to the people that I'm I'm serving, we need to it's something that has to be brought up.
• 14:44
  SPEAKER_01: And so I'd love to understand from from your team's perspective, because I think there's this preconceived notion of uh, you know, whether it be life insurance or disability or what have you, that the application process is gonna take me forever and I'm gonna have to watch it really closely with clients.
• 15:00
  SPEAKER_01: Like I guess same like ask back, right?
• 15:03
  SPEAKER_01: I'm gonna hit my UNA reverse card.
• 15:04
  SPEAKER_01: What what are you all seeing in the in in your side of the business that's you know either speeding up that process or making it more efficient or helping an advisor to bring it up a little more, uh, a little more effectively?
• 15:15
  SPEAKER_01: I can't remember, Brock, if it was you that used the the pharmacist uh you know idea, but maybe unpack that too.
• 15:21
  SPEAKER_02: Yeah, for sure.
• 15:22
  SPEAKER_02: So I would say like first and foremost, man, like I have noticed a direct correlation between like the satisfaction of clients and like how appreciative they are, um uh how appreciative they are of their advisors when their advisors do recommend proper risk management products because they actually feel like there's this safe insulation.
• 15:43
  SPEAKER_02: Um and they're like they're actually looking out for me.
• 15:47
  SPEAKER_02: It's like these things are not fun to talk about in the feel and lease space.
• 15:51
  SPEAKER_02: May they're not even making money on these things, yeah, but know that these are things that I need.
• 15:56
  SPEAKER_02: And so inherently I've seen that create a lot of trust in relationships, and a lot of the most successful advisors that I know are always making sure that's a really important part of their process.
• 16:06
  SPEAKER_02: So I think that's an important thing to get out there because it makes relations stick relationships stickier, and I truly do believe that.
• 16:14
  SPEAKER_02: Um and then from the other perspective, kind of I'll let you touch on the uh the pharmacy piece, Peter, because I think you actually came up with that, the doctor's office and the pharmacy piece.
• 16:25
  SPEAKER_00: Yeah, I think it's just knowing our space in the economy, right?
• 16:28
  SPEAKER_00: I mean, we're the insurance experts, we know our product line, and we only stick in the fee-only space too.
• 16:33
  SPEAKER_00: Um, so the pharmacy concept was really like, hey, the financial planner, right, they're the head point of contact.
• 16:40
  SPEAKER_00: They have the real relationship with the client.
• 16:43
  SPEAKER_00: At the end of the day, their client, you know, they might need a mortgage, so they go to a mortgage broker, right?
• 16:48
  SPEAKER_00: They might need a health insurance agent, so they would go to move health, right?
• 16:51
  SPEAKER_00: If they need life insurance, that's where we come in and be the expert.
• 16:55
  SPEAKER_00: So a lot of the times, um, the financial planners at least identify the need, right?
• 17:01
  SPEAKER_00: Um, and then it is a referral over to BC Brokerage where we work along with the planner and the client to you know see what their situation is, do an analysis of any current policy, quote, and then implement and service any policy that we issue.
• 17:17
  SPEAKER_00: Yeah.
• 17:17
  SPEAKER_00: So that's where the pharmacy comes in.
• 17:19
  SPEAKER_02: And and I and I have to wonder how much of it, too, is like there's advisors that kind of come from you know, risk management and insurance space, right?
• 17:29
  SPEAKER_02: Yep.
• 17:29
  SPEAKER_02: There's some that completely start on the fee-only side.
• 17:32
  SPEAKER_02: Um, and then there's some that are probably very like they don't trust people in insurance, which they have every right to not trust a lot of people that are in the insurance space.
• 17:43
  SPEAKER_02: So from from advisors that I've kind of talked to in the past or done onboarding meetings, you know, I think it's important to get out there too that a lot of them have said to me, it's like, I know that my clients need this, but I've been so afraid that I was gonna introduce my clients to someone and they were gonna be upsold.
• 17:59
  SPEAKER_02: Or, you know, and it wasn't, it's not like I didn't want to take care of it.
• 18:03
  SPEAKER_02: It was more so like I was afraid that if I introduce them to the wrong person, now they're not gonna trust me because this person's gonna go up sell them a bunch of stuff.
• 18:11
  SPEAKER_02: So that's an important part to get out there too.
• 18:13
  SPEAKER_00: Yeah.
• 18:13
  SPEAKER_00: 100%.
• 18:15
  SPEAKER_00: I'd also add a lot of people, they don't they sometimes they don't flat out know anyone, right?
• 18:20
  SPEAKER_00: They might have an agent that can only work in their state, but they're not gonna have somebody who can work in all 50.
• 18:25
  SPEAKER_00: Yeah, um, or they might only be able to work at you know one or two states, um, and maybe only certain product lines too, right?
• 18:33
  SPEAKER_00: So, and that's kind of where you know, us as agency owners, right, and as entrepreneurs, right?
• 18:39
  SPEAKER_00: Like it's interesting to tiptoe of like which product lines do you want to offer, which do you want to service, which are you good at, right?
• 18:46
  SPEAKER_00: And then matching like what your advisor needs are versus you know your client needs and how you can make it work in the marketplace because there is a lot of stuff behind the scenes that goes on, and doing it in all 50 states is not as easy as it might always sound.
• 19:03
  SPEAKER_01: It is, and I I think we've all been gluttons for punishment of like, I'll I'll figure out how to do that, right?
• 19:08
  SPEAKER_01: And so uh there comes unique challenges, challenges with that.
• 19:11
  SPEAKER_01: And I think, you know, that's important, right?
• 19:15
  SPEAKER_01: Of knowing someone, right?
• 19:17
  SPEAKER_01: It's one thing to have an illustration, right?
• 19:20
  SPEAKER_01: Uh it's one thing to have a Monte Carlo that tells us, hey, we need X amount of coverage in these places.
• 19:24
  SPEAKER_01: It's another to actually have someone or a partner that's going to implement.
• 19:30
  SPEAKER_01: And Brock, I think you guys, you guys, uh uh, I think the kids call it Gen Z calls it getting clipped.
• 19:35
  SPEAKER_01: I think you guys clipped me on one where it was like, I said something on our first podcast where it was like, most of the time, like an insurance person, you feel like you need to like towel off after you've met with them.
• 19:44
  SPEAKER_01: That was like a little bit grimy.
• 19:46
  SPEAKER_01: Um, and and for every reason, you know, there's there is certainly um mixed incentives in in the insurance space if you're not careful.
• 19:56
  SPEAKER_01: And so it's really important to to work with people that you've edited and know and trust.
• 20:00
  SPEAKER_01: And um, I I had a funny conversation with an advisor last week who said, he goes, I know I need you guys.
• 20:06
  SPEAKER_01: I was kicking this around, you know, uh, you know, last last fall I was kicking it around and you guys met me and I didn't move forward.
• 20:13
  SPEAKER_01: And then I brought in this, I brought in a local Medicare guy, and he forgot his pen and he spilled coffee on himself on his way in, and he forgot I had to give him a notebook and he was dressed like a toddler.
• 20:24
  SPEAKER_01: And uh, you know, and and the reality was is he was like, and these were my best clients that he was sitting down with and helping them to guide them through this process.
• 20:33
  SPEAKER_01: And so it's a direct, you know, it's a direct correlation of you know who you are working with, whether that be an attorney, uh, an insurance team, a uh, you know, CPA, whatever, they're a direct reflection of of your business as the advisor.
• 20:46
  SPEAKER_01: And so important to to nail that piece of the puzzle as well.
• 20:50
  SPEAKER_01: And that's that's on uh Brock, Pete, and I, but also on the advisor to select the right, the right partners.
• 20:56
  SPEAKER_01: And so, you know, I think risk management aside, this is like a good takeaway for just you know, be diligent around who you are, who you are working with and associating with and all those things.
• 21:07
  SPEAKER_01: Um, but yeah, I think, I think uh, you know, we said it well with like you just have to be thoughtful around where the incentives lie and um and and all of that.
• 21:14
  SPEAKER_01: And and certainly, you know, in the in the world that we live in of you know, an advisor might have clients in 25 or 30 states.
• 21:24
  SPEAKER_01: And so, you know, the role of having someone who who knows the nuance of those states and those places becomes all the more important.
• 21:31
  SPEAKER_01: Um, and so you have to have someone that can kind of do it in all different areas.
• 21:36
  SPEAKER_00: Yeah.
• 21:36
  SPEAKER_00: And one other thing I'd mention too, because I hear it all the time.
• 21:40
  SPEAKER_00: Um, you know, people would be like, well, why don't these fee-only planners just write it themselves?
• 21:45
  SPEAKER_00: Right?
• 21:46
  SPEAKER_00: Like they're just giving up all of this revenue, they're stupid.
• 21:49
  SPEAKER_00: Like, what are they doing?
• 21:50
  SPEAKER_00: Why would they just refer it over?
• 21:52
  SPEAKER_00: And I don't think many could like consider when you're doing that many states, the licensing costs for it, sure, you know, being able to offer carriers and things like that.
• 22:02
  SPEAKER_00: So there are a lot of misconceptions there.
• 22:04
  SPEAKER_00: Um, and there is a lot of value that's get that gets added, right, before a sale is ever made.
• 22:09
  SPEAKER_00: Right?
• 22:10
  SPEAKER_00: Like at the end of the day, like, yeah, like you know, a lot of people they do end up closing, but not a lot of pe you know, not all of them.
• 22:16
  SPEAKER_00: And there are some people, like you get to the end of the process, it's like, oof, you know, like if it was hourly or if it was fee based, like it would have been great then, you know.
• 22:24
  SPEAKER_00: And other times it's great when it's commission based.
• 22:27
  SPEAKER_00: So it's just one of those things, but when you work with like good insurance agents, like it really Is like what goes around comes around and just kind of having that belief.
• 22:37
  SPEAKER_00: Like good agents, good insurance agents who've been doing it for a bit.
• 22:41
  SPEAKER_00: You know, it's just what goes around comes around.
• 22:43
  SPEAKER_00: They know, like just pump out good stuff, and it will come back good.
• 22:47
  SPEAKER_01: I think, I think so often, and and you know, we we train our team on this and all those things.
• 22:54
  SPEAKER_01: Um I think so often in the insurance space, one thing that happens with our team somewhat often is we will recommend something that has no benefit to us, right?
• 23:06
  SPEAKER_01: You know, in the in the health insurance space, this looks like, hey, this person's retiring mid-year, they've already met their deductible on their plan and they're gonna be higher income this year, they're not gonna get tax credits.
• 23:16
  SPEAKER_01: Hey, maybe you should take Cobra.
• 23:19
  SPEAKER_01: And then an advisor who has been working with you know an insurance agent that has something to sell for everybody hears back from us and we say, Hey, we recommended that we're just gonna get back together in the fall and talk about 2027 coverage.
• 23:30
  SPEAKER_01: They go, Wait, what?
• 23:31
  SPEAKER_01: You're gonna, you're gonna, you know, not enroll my they're not enrolled into something.
• 23:35
  SPEAKER_01: So no, we we gave them.
• 23:37
  SPEAKER_01: So I think there's a lot of times where you can win hearts and minds by saying, Hey, like we actually said this is they've they've got what they need, right?
• 23:45
  SPEAKER_01: I'm sure you guys do this probably daily.
• 23:48
  SPEAKER_01: Um, you know, where you do a uh you know, review an illustration or review something, you go, no, that's that's adequate, right?
• 23:54
  SPEAKER_01: And I think you earn more trust and you earn more um you know from that from that interaction than you do when somebody comes to you and immediately has a need and and you know you solve it.
• 24:05
  SPEAKER_01: Uh I think you earn more when you say, Hey, we're we're actually they're good.
• 24:08
  SPEAKER_01: They're right where they need to be.
• 24:09
  SPEAKER_00: Yeah, that's so true.
• 24:11
  SPEAKER_00: I mean, it's easy just to think everyone needs to get you know rewritten or you know, got to place new business or whatever.
• 24:16
  SPEAKER_00: And a lot of the times, like people just need to tweak one or two items or they're good right where they're at.
• 24:21
  SPEAKER_02: Yeah, and people call me crazy sometimes, man.
• 24:23
  SPEAKER_02: They're like, What's what's one of your favorite compliments?
• 24:26
  SPEAKER_02: It's like BC broker just planning oriented, not just product oriented, because they're like, but you don't make money on that.
• 24:31
  SPEAKER_02: It's like that's not the point.
• 24:33
  SPEAKER_02: The point is like we don't want to be like everybody else out there where the answer is always replace what you have.
• 24:39
  SPEAKER_02: So the insurance guy makes a commission on it.
• 24:41
  SPEAKER_02: Like that is important to get out there.
• 24:43
  SPEAKER_02: And and any advisors who've had the opportunity to work with us, and and obviously you guys as well, I think have been able to see that.
• 24:49
  SPEAKER_02: And we're not, you know, the only good insurance guys in the entire world.
• 24:53
  SPEAKER_02: There are there are tons of people that are out there doing it the right way.
• 24:56
  SPEAKER_02: But I just think, you know, kind of like you said, you got to towel off the insurance, kind of garners this reputation for for being like that sometimes.
• 25:03
  SPEAKER_01: Yeah, I think that's spot on.
• 25:04
  SPEAKER_01: And and you know, I I think as you as we like, as we bring it all full circle, you know, you go through risk management is this key piece of the of the puzzle.
• 25:15
  SPEAKER_01: And you know, an advisor's job is really just to orchestrate that whole that whole thing of like, hey, I'm I know enough to know that I don't know, right?
• 25:23
  SPEAKER_01: And you know, that's something that we say, we say often is like, hey, I I know enough to know that I don't know that you need to go back to your advisor with that question.
• 25:30
  SPEAKER_01: Um and their job is to orchestrate all of this.
• 25:33
  SPEAKER_01: And so if if you know we're orchestrating, you know, estate plans and the person doesn't have health insurance, we're like, okay, we probably need to prioritize, right?
• 25:42
  SPEAKER_01: So I think with that when I was jumping into that at the beginning, it's like there is certainly a priority within the um, you know, the tech stack world and and people that have big marketing teams and firms and all those things are gonna tell you like their problem is the biggest.
• 25:54
  SPEAKER_01: Um, and so I think it's just a matter of of making certain that um you're doing a thorough review of who your clients are, what their needs are, and that you know, a good financial plan, this is literally what we live in.
• 26:07
  SPEAKER_01: It's our job to be risk averse, right?
• 26:09
  SPEAKER_01: The three of us.
• 26:10
  SPEAKER_01: Um, you know, as we as we live in this space, we understand like, you know, the number one leading cause of bankruptcy in the United States is medical debt, right?
• 26:19
  SPEAKER_01: How often have we seen somebody, you know, post a go fund me because, you know, something terrible happened and you know, they weren't adequately, adequately covered.
• 26:28
  SPEAKER_01: Whether that's from a uh home and auto side or uh a life insurance side or things along those lines, it's really sad.
• 26:36
  SPEAKER_01: But I think our our ultimately our goal is to make certain that someone doesn't need a go fund me, right?
• 26:41
  SPEAKER_01: If you like boil it down to that.
• 26:43
  SPEAKER_00: It's not low income.
• 26:44
  SPEAKER_00: It's not just low income either, right?
• 26:46
  SPEAKER_01: Correct.
• 26:48
  SPEAKER_01: So exactly right.
• 26:49
  SPEAKER_01: It's exactly right.
• 26:50
  SPEAKER_01: So I think just making certain that your priorities align with your clients' priorities on on what the big needs are, and and you know, none of the none of the fun stuff matters if you don't have the not sexy stuff taken care of, right?
• 27:04
  SPEAKER_01: Um build it if you build a financial plan and they're not saving, well it's that the financial plan doesn't work, right?
• 27:11
  SPEAKER_01: Um you know, so uh those are those are so important.
• 27:14
  SPEAKER_02: Yeah, for sure.
• 27:15
  SPEAKER_02: And everyone, please understand that we get it's not the most fun thing to talk about.
• 27:19
  SPEAKER_02: Like we we are well aware, like I get on a phone call with someone who's like, Hey, the life insurance, nine o'clock on a Tuesday.
• 27:25
  SPEAKER_02: How are we feeling?
• 27:26
  SPEAKER_02: It's like, all right, I get it.
• 27:27
  SPEAKER_02: Like, look, calm down.
• 27:29
  SPEAKER_02: You don't have to be so excited.
• 27:30
  SPEAKER_02: Um, but no, man, always great to see you, Cole.
• 27:33
  SPEAKER_02: Always great to have these conversations, nerd out on insurance for a little bit.
• 27:36
  SPEAKER_02: Uh, if people do want to reach out, we're always gonna do this.
• 27:39
  SPEAKER_02: How can they do it?
• 27:40
  SPEAKER_01: Yeah, of course.
• 27:42
  SPEAKER_01: Advisors.movehealth.io, right?
• 27:44
  SPEAKER_01: Or just movehealth.io.
• 27:45
  SPEAKER_01: That'll get you there too.
• 27:47
  SPEAKER_01: But um, you know, connect with us, find me on, find me on LinkedIn.
• 27:50
  SPEAKER_01: Pete told me I was a good follow.
• 27:52
  SPEAKER_01: He he endorsed me on LinkedIn for being a good follow on LinkedIn, I think.
• 27:56
  SPEAKER_01: So um, no, find find me there, or if you're ever, which doesn't happen, but if you're ever passing through Evansville, Indiana, swing by.
• 28:03
  SPEAKER_01: Uh, we have no one's taken me up on that offer yet.
• 28:05
  SPEAKER_01: Uh nobody's flown in.
• 28:07
  SPEAKER_01: But uh, yeah, find us online, find me on LinkedIn.
• 28:09
  SPEAKER_01: Uh would love to connect with uh with advisors that are looking for a solution in this space and um you know, or just nerd out and and and talk insurance.
• 28:16
  SPEAKER_00: So swing through.
• 28:18
  SPEAKER_00: That's right.
• 28:19
  SPEAKER_00: All right, cool.
• 28:20
  SPEAKER_00: Well, thanks so much for your time today.
• 28:21
  SPEAKER_00: We appreciate it.
• 28:22
  SPEAKER_01: Of course.
• 28:23
  SPEAKER_01: All right.
• 28:24
  SPEAKER_01: See you, man.
• 28:25
  SPEAKER_01: See ya.