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#100 - Celebrating 100 Episodes: The Journey and Future of the Only Fee Only Podcast · Only Fee-Only

• 0:05
  Speaker 1: how's it going?
• 0:05
  Speaker 1: Everyone, welcome to the only fee only podcast.
• 0:09
  Speaker 1: This is the 100th episode, so in this episode it's peter and I talking about what it's been like, what we've learned and what the future plans are for the show.
• 0:19
  Speaker 1: Let's get to it how.
• 0:22
  Speaker 2: How's it going everyone?
• 0:23
  Speaker 2: Welcome to another episode of the Only Fee Only podcast.
• 0:27
  Speaker 2: I'm Peter Travelo.
• 0:28
  Speaker 2: I'm here with my co-host, brock Buckles.
• 0:31
  Speaker 2: How's it going today, brock?
• 0:33
  Speaker 1: Doing well.
• 0:33
  Speaker 1: Petey, this is a big one, man.
• 0:35
  Speaker 2: Yes, it is Very exciting.
• 0:37
  Speaker 2: So today we have our 100th episode Just going to be Brock and I, and we're very excited just to touch on the highlights of what we've learned over the past 99 or 100 episodes and where we also see the rest of this going.
• 0:51
  Speaker 2: So, yeah, it's just the Brock and Peter show today.
• 0:56
  Speaker 1: Hey, nothing wrong with that.
• 0:57
  Speaker 1: Yeah, no, it's been fun, man, I mean I would say that it was crazy.
• 1:01
  Speaker 1: When we came up with the idea, I remember I think I was in San Diego or when we were talking about the idea, I remember I think I was in san diego or when we were talking about it, we did our first episode.
• 1:08
  Speaker 1: I was in some hotel in san diego.
• 1:10
  Speaker 1: It was just like where we were going to do the description for the episode and this is what we're thinking about doing.
• 1:16
  Speaker 1: And to think that we've had you know, 100 people on since then to learn their individual stories has been absolutely insane.
• 1:25
  Speaker 1: So it insane, so it's been a wild ride.
• 1:26
  Speaker 2: So far yes, it has.
• 1:28
  Speaker 2: I mean, when we first started and we were hesitant to jump into it, right, a lot of people we talked to in this space they know it's time consuming, right, both in just setting it up and also editing.
• 1:42
  Speaker 2: So one big thing that Brock and I have always focused on is let's let it rip.
• 1:47
  Speaker 2: We've kept it down to a process.
• 1:51
  Speaker 2: We have Calendly for appointments for all the follow-ups, reschedules, things like that, and we just figured out how to make a process for it.
• 2:02
  Speaker 2: So we do also want to emphasize that, yes, it has taken a lot of work, but it can be done and you just need to follow a process for me, it's like hearing the stories of advisors that are building different types of firms and don't necessarily want to be doing what each other are doing Right.
• 2:31
  Speaker 1: So, like people that are specifically focused on solopreneur, it's really cool because they're like look, this is a lifestyle practice to me, I know what I'm doing, whereas other people it's like you know, james, he's trying to build root, to be a very, very large firm and serve people all over the place, and it's been amazing to watch what they're doing as well.
• 2:50
  Speaker 1: So what have your thoughts been on that man?
• 2:53
  Speaker 2: Yeah, I think one of the coolest parts of hosting this podcast in the two and a half years the short two and a half years that we've been doing it are just to see where people are at now.
• 3:05
  Speaker 2: You know we've had people reach out and they're like, hey, we heard your podcast.
• 3:09
  Speaker 2: You know, I'm at an insurance brokerage right now I'm thinking about going fee only.
• 3:14
  Speaker 2: Or hey, I'm in the call center right now, I'm thinking of going fee only.
• 3:18
  Speaker 2: We've also had advisors who they listened in and they liked the mission of another firm or their goals and ideals aligned with another advisor or firm.
• 3:31
  Speaker 2: So we've also been able to align people within the industry too.
• 3:35
  Speaker 2: So that's been really cool.
• 3:37
  Speaker 2: You know, just to highlight some individuals who've come on the show recently George Kinder, very cool at the life planning.
• 3:47
  Speaker 2: We've been able to also have some of his um disciples, if you will also come on scott frank, justin castelli and we know there's many others who love his work as well.
• 4:00
  Speaker 2: Um, you know, I think also um, you know, carl richards, that was a great episode.
• 4:06
  Speaker 2: Yeah, definitely.
• 4:08
  Speaker 2: It was one of our longer episodes too, because we just let him talk.
• 4:11
  Speaker 2: Carl, everywhere he says it's awesome to hear um, you know, and then I mean also looking at you know some of the other individuals who are building on social media right, like tim and alexis woodward, um sylvia Manette.
• 4:28
  Speaker 2: So it's been cool to just see people from every direction, build their business and build it their way.
• 4:38
  Speaker 1: Yeah, yeah, no, I completely agree.
• 4:40
  Speaker 1: I mean, it's one of those things to where it really does give you an opportunity.
• 4:44
  Speaker 1: When you start an RIA especially with XYPN, which is a lot of the people that we have talked to have started through there it gives you an opportunity to kind of do it and, like you said, there have been people from insurance brokerages, from Schwab, from different big, big, big big businesses and organizations that have listened to the podcast and then you or I have ended up getting off of the podcast, getting on a phone call with them and they actually want to learn more about starting their own RIA, which I usually default to introducing them to someone that actually owns an RIA.
• 5:18
  Speaker 1: But I think that it's been interesting to have the perspective that we do because we just get to talk to so many people, not only through Only Fee Only but also through BC Brokerage.
• 5:26
  Speaker 1: So to kind of start a channel or a podcast where we get to learn more and more people are brought into this cool world that we got to become so involved with, I think has been one of my favorite things for sure.
• 5:40
  Speaker 2: And I think you know, even with XYPN, that's of course, our bread and butter solopreneurs.
• 5:47
  Speaker 2: But it's been very cool to watch people who, when we first met them, they might have just been taking that leap of faith.
• 5:55
  Speaker 2: And now, two and a half three years later, they've got solid revenue coming in.
• 6:00
  Speaker 2: They're starting to make hiring decisions.
• 6:01
  Speaker 2: It's been interesting to see, just in the short span of BC Brokerage in five years, how financial advisor marketing has changed.
• 6:10
  Speaker 2: I feel like people are still doing podcasts like this because it's video based and sound and we can do sound bites and things like that.
• 6:19
  Speaker 2: But you definitely see an emphasis right now in 2024, on advisors building YouTube channels.
• 6:24
  Speaker 2: So it'll be interesting to see in, you know, in another 100 episodes, what advisors are doing, what's working and what's successful.
• 6:35
  Speaker 1: Yeah, I think so too, and I think that brings up a good point in talking about kind of what we want to do with the next 100.
• 6:43
  Speaker 1: Like, we definitely want to continue to learn about people's stories.
• 6:47
  Speaker 1: We definitely want to have continue, continue to have guests come on and, you know, share how they started, what they're up to, how it's been going.
• 6:54
  Speaker 1: But I think also we want to start doing some series with people where they're talking about things that they're really specifically good at.
• 7:02
  Speaker 1: Um, we've kind of talked about that.
• 7:04
  Speaker 1: Like, you know, if you're really good at copywriting or you're really good at specific types of social media content, coming on and just telling other advisors how to do that, I think is getting a little bit more specialized in some of the episode, or at least having series within the podcast is something I'm really excited to do, for sure.
• 7:20
  Speaker 2: Yeah, I agree.
• 7:21
  Speaker 2: I think one thought that you and I have had is kind of having an episode 2.0 with some people.
• 7:27
  Speaker 2: There were some individuals who we could have talked about one topic for the entire episode.
• 7:34
  Speaker 2: There's a few, off the top of my mind, Advisors who've brought in accounting to their financial planning firm, Getting more into details.
• 7:44
  Speaker 2: When did you actually hire?
• 7:46
  Speaker 2: At what revenue point?
• 7:48
  Speaker 2: How did you do it?
• 7:49
  Speaker 2: Was it through LinkedIn networking?
• 7:51
  Speaker 2: You know, I think really drilling down on some individuals, on you know, I know no one's gonna give out their complete special sauce, but at the same time you know there's nothing really to hide.
• 8:03
  Speaker 2: You know social media.
• 8:04
  Speaker 2: What systems are you using?
• 8:06
  Speaker 2: How are you consistently putting out this much content that a one person show is putting out as much as a huge media organization?
• 8:14
  Speaker 2: So I think, really calling advisors that we know, or that we, you know, in the middle of a meeting even my light bulb went off.
• 8:23
  Speaker 2: I was like huh, you know what?
• 8:24
  Speaker 2: Yeah, so that's some good info right there.
• 8:28
  Speaker 1: Yeah, yeah, yeah, yeah.
• 8:30
  Speaker 1: I mean there's people that are really good at it.
• 8:32
  Speaker 1: Thomas Copelman comes to mind when you think about content and somebody that's just able to put it out.
• 8:35
  Speaker 1: Obviously he's not a solopreneur anymore, but the level of content and the level of consistency that he's had I was at dinner with him not too long ago and we were talking about it and he's like no-transcript and that's where they actually get their energy and that's how they.
• 9:06
  Speaker 1: Interesting too, I think, to hear advisors talk about how, you know, some of them literally hate certain parts of the process or the or the business that others absolutely love.
• 9:16
  Speaker 1: So that's been a big contrast, I think, in learning about different firms as well.
• 9:22
  Speaker 2: Completely and one of our last episodes.
• 9:27
  Speaker 2: It got me thinking and we've had the script turned on us a couple of times.
• 9:32
  Speaker 2: But some individuals they've thought, hey, what if I came on and interviewed you guys?
• 9:37
  Speaker 1: Yeah.
• 9:39
  Speaker 2: You know, on certain topics and things, just how we are interviewing others.
• 9:43
  Speaker 2: Right, this podcast we invite guests on.
• 9:46
  Speaker 2: Right, we invite guests on.
• 9:47
  Speaker 2: It'd be foolish for Brock and I to sit here and talk 90% of the time, except on the 100th episode where it's just the Brock and Peter show today.
• 9:55
  Speaker 2: So it was interesting when Simon Grainer flipped the script on us and started asking us questions, because our business very much aligns with fee-only planners.
• 10:07
  Speaker 2: I mean, we're an insurance brokerage but we've been able to see how so many advisors work and what their workflows are and also what they're expecting.
• 10:16
  Speaker 2: A lot of advisors.
• 10:18
  Speaker 2: They come to us and they want to know pricing, they want to know the ins and outs of other policies.
• 10:23
  Speaker 2: But one question we get a lot what are other planners doing?
• 10:27
  Speaker 2: How are they serving their clients?
• 10:30
  Speaker 2: So I think maybe answering those questions a little bit too for advisors would be cool yeah, definitely, man.
• 10:37
  Speaker 1: Um, what questions you want to answer specifically?
• 10:41
  Speaker 2: you know, I think, um, people they're, I think they're very fascinated by, like our workflows.
• 10:48
  Speaker 2: Um, I would say that's one.
• 10:51
  Speaker 2: Two, just the language and marketing right, and how we're conceptualizing insurance for clients.
• 10:59
  Speaker 2: And also, you know, because a lot of advisors, they come to us and like, okay, this is a great in-force illustration, but in you know 100 characters, what does this mean for the client?
• 11:09
  Speaker 2: Right, and what bullet points actually matter and what to look for.
• 11:15
  Speaker 2: You know one thing you hear about on the fee only side a lot, the one page financial plan.
• 11:21
  Speaker 2: You know we can talk about how to review insurance annually, what Brock and I are looking for.
• 11:27
  Speaker 2: Some advisors this would be, you know, very routine.
• 11:32
  Speaker 2: They already know it may be redundant.
• 11:33
  Speaker 2: For some people who are not from the insurance background or they're looking on how to add more value to their insurance reviews, it could be valuable.
• 11:42
  Speaker 2: So also learning like what's the fee only planner's job, what's the clients and what's the insurance agents, yeah for sure.
• 11:51
  Speaker 1: I the client's and what's the insurance agent's?
• 11:54
  Speaker 1: Yeah for sure.
• 11:54
  Speaker 1: I mean I think that you know it's interesting too the dynamic between talking to individuals who started at one of the big insurance brokerages versus the people that started in the investment world, versus the people that started in the fee-only planning world too.
• 12:06
  Speaker 1: Like there were guests like Brittany right Brinkerhoff who actually started in the fee-only planning world too.
• 12:11
  Speaker 1: There were guests like Brittany Rinkerhoff who actually started in the fee-only world right out of college.
• 12:15
  Speaker 1: So I thought that was pretty crazy too, because obviously we got our start in the insurance world, met each other at a big Fortune 500 company and then made our way over to this side.
• 12:27
  Speaker 1: So you have that piece.
• 12:28
  Speaker 1: And then obviously the people from the Schwab's and all of those large, large companies.
• 12:34
  Speaker 1: That's a totally different view.
• 12:36
  Speaker 1: And then the people that have been fee-only that's a totally different view.
• 12:38
  Speaker 1: And the way that people think about insurance and implement insurance is they kind of act accordingly to the environment that they come from.
• 12:47
  Speaker 1: So that to me has been really interesting to see.
• 12:50
  Speaker 1: And you know it's no secret that I think most feeling planners philosophies align with kind of the buy term and best the difference and use permanent insurance when it's necessary.
• 13:03
  Speaker 1: But that's been one of the things.
• 13:04
  Speaker 1: I think that's important to point out is that, depending on where you come, you might have a different view on insurance and the types of insurance products that you use.
• 13:12
  Speaker 2: Yeah, and I think maybe another goal of the podcast would be to bring on some people in the insurance industry, because I do think that there is a happy medium to be had with it.
• 13:25
  Speaker 1: Sure.
• 13:25
  Speaker 2: Because we do run into some individuals who are very anti-insurance.
• 13:28
  Speaker 2: So I think that there is like a happy medium with it and bringing some unity back to these conversations or at least letting people come in the same room and having these conversations.
• 13:41
  Speaker 2: It's OK to have different ideas and things like that, but math is math to an extent and I think that there is some validity to both sides.
• 13:53
  Speaker 1: Um, yeah, yeah, I definitely agree.
• 13:55
  Speaker 1: I think maybe having an episode where you have one person that you know really likes certain things and another person that isn't really for him and letting him talk it out and you and I can kind of sit back and watch and mediate would be fun too.
• 14:06
  Speaker 1: Um, but no man, it's been fun.
• 14:09
  Speaker 1: I mean I'm glad that we've done this.
• 14:10
  Speaker 1: I'm glad that we decided to do it.
• 14:14
  Speaker 1: I know I was a little bit more reluctant in the beginning than you, so I'm glad that we actually ended up doing it and everything that we've kind of gotten to learn and all the people that we've gotten to meet and some of the cool guests that we've been able to have on and has been awesome.
• 14:27
  Speaker 1: And I'm glad we're doing it together and that we started this thing called BC Brokerage and then followed it up with the Only Fee, only podcast dude.
• 14:36
  Speaker 2: Yes, that we do, and the best part is it's staying strong.
• 14:39
  Speaker 2: We look forward to continuing to produce these and continue to share.
• 14:45
  Speaker 2: We can always distribute and do more things, but one thing that I know both you and I are very proud of is that we took the leap of faith, and here we are, 100 episodes later.
• 14:56
  Speaker 1: Definitely, definitely, man.
• 14:57
  Speaker 1: Well, let's keep doing it, man.
• 15:00
  Speaker 1: This is the 100th episode, but it's only the beginning.
• 15:04
  Speaker 2: I love it Peace.