Latest / The Efficient Advisor: Tactical Business Advice for Financial Planners / 165: What’s the Right Business Structure for my Advisory Firm w/ Guest Stephen Taylor, JD, CFP

Transcript

165: What’s the Right Business Structure for my Advisory Firm w/ Guest Stephen Taylor, JD, CFP · The Efficient Advisor: Tactical Business Advice for Financial Planners

• 0:00
  Speaker 1: It is so, so hard in today's environment to determine if you have got your business in the right structure.
• 0:08
  Speaker 1: There's this complete alphabet soup to consider there's BD, there's IBD, there's RAA, there's an IAR, there's a hybrid, there's a boutique.
• 0:18
  Speaker 1: There are so many options and I think now in this world where we have access to all the info right, we're on LinkedIn, we're hearing what other people are up to, we're listening to podcasts, we're hearing about their business structures there's just so many options and we're all on the inside with a lot of information.
• 0:38
  Speaker 1: So today I've got an attorney turned CFP.
• 0:42
  Speaker 1: He's here to talk about all the things to consider when considering a transition.
• 0:47
  Speaker 1: What is the trade-off when making a change to your business structure?
• 0:52
  Speaker 1: I know the grass can always seem greener, but there's always a trade-off, am I right?
• 0:57
  Speaker 1: I can remember being in sixth grade and my social studies teacher using the phrase there's no such thing as a free lunch, and I don't know why, but that's always stuck with me, right that even when something seems like too good to be true, there's always some sort of give and take.
• 1:14
  Speaker 1: So today, my guest, steve Taylor, and I talk about what are all of the things that you need to consider when making a change and how hard is it really to do your own compliance, to get your own tech stack in place, to do your own portfolio management, all the things?
• 1:30
  Speaker 1: And you guys have been asking for more episodes on dipping your toes into the independent waters.
• 1:36
  Speaker 1: So this episode is the first of many that I have got planned for this community.
• 1:41
  Speaker 1: Ask and you shall receive.
• 1:43
  Speaker 1: I've got a lineup of guests that are excited to share just a variety of experiences and opinions on what really matters when considering this change and what's really involved.
• 1:56
  Speaker 1: There is so much to consider, things like are you giving up trails and commissions and are you hiring a tamp and what does that cost?
• 2:05
  Speaker 1: There's just a lot to take into consideration, and I know it's kind of that first part of the year where people are making business plans and goals and thinking through adjustments and changes that they wanted to make.
• 2:16
  Speaker 1: So I think this will be a very interesting conversation for you.
• 2:20
  Speaker 1: So let's get into it and look, I know you're here because you know it's possible to have an abundance of energy leftover for your family and still have your dream business.
• 2:41
  Speaker 1: You know the business that you are running instead of it running you.
• 2:44
  Speaker 1: If you're new to the efficient advisor welcome, I'm so glad you're here.
• 2:48
  Speaker 1: I'm Libby Graywee and I started from scratch, built and sold, by age 37, a 100% referral only planning practice that I grew to seven figures as a solo advisor, all while working just three days a week and taking off 14 weeks a year so that I could be a super present mom, a wife, a friend, a sister, a daughter and, frankly, a travel obsessed human who loved taking vacations.
• 3:12
  Speaker 1: And I'm here just to walk alongside you and to show you how to do exactly the same and help you take immediate action on the most important strategies for scaling, organizing and creating less stress and overwhelm in your business.
• 3:24
  Speaker 1: We are about to transform your practice, so move over exhaustion and get out of the way.
• 3:29
  Speaker 1: Advisor ADD.
• 3:30
  Speaker 1: It is time to take that one right next step to build a business and a life that you love.
• 3:37
  Speaker 1: So let's dive into this conversation with Steve Taylor.
• 3:40
  Speaker 1: That came out of requests coming from the efficient advisor community on Facebook.
• 3:46
  Speaker 1: Every now and then, I try to do a post about what kind of podcast episodes you guys are looking for, and inevitably, this idea of going independent or switching business structures comes up almost every single time.
• 4:00
  Speaker 1: So, like I mentioned in the intro.
• 4:02
  Speaker 1: I've got a few of these conversations planned, so I hope you find this insight from Steve helpful.
• 4:08
  Speaker 1: Let's dive in.
• 4:09
  Speaker 1: Steve, thank you so much for being here.
• 4:13
  Speaker 1: I'm really excited to dig into this conversation, especially at this time of the year, you know, after some of the business planning stuff has kind of kicked in and advisors are all excited and it's, you know, that new year, new you vibes even.
• 4:28
  Speaker 1: Even still yet holding in, one of the things that I come across all of the times with advisors in our group coaching or advisors that I'm working with or just on LinkedIn or wherever is this is the grass greener on the other side.
• 4:41
  Speaker 1: Am I in the right place?
• 4:43
  Speaker 1: Do I have the right business structure in place?
• 4:46
  Speaker 1: Is there something else that I should be thinking about or doing?
• 4:49
  Speaker 1: So I think this is just super, super timely for this conversation.
• 4:53
  Speaker 1: So thanks for being here.
• 4:55
  Speaker 2: Awesome.
• 4:55
  Speaker 2: I'm excited to be here.
• 4:56
  Speaker 2: Thanks, Libby.
• 4:57
  Speaker 1: Yeah, I don't want to call it a sorted pass.
• 5:01
  Speaker 1: It's not a sorted pass, but a variety.
• 5:04
  Speaker 1: Maybe it's a sorted pass, I don't know.
• 5:05
  Speaker 1: Maybe we'll get into some really exciting conversations here.
• 5:09
  Speaker 1: But just, you have a very colorful history and I like it and I'm super interested, sort, of how you ended up where you are now.
• 5:16
  Speaker 1: So share with us, if you will, just a bit of your background.
• 5:19
  Speaker 2: Yeah, awesome.
• 5:19
  Speaker 2: So you know, I came through the traditional, I mean went through all my schooling, went to law school.
• 5:26
  Speaker 2: I came out and really I started working at a large accounting firm, right, coming out of law school, because that's what was happening back in the day.
• 5:34
  Speaker 2: The big firms are saying, hey, you're going to come do all this tax law and basically what they have you do is tax returns.
• 5:40
  Speaker 2: So it was awful.
• 5:41
  Speaker 2: But you know, you start out there, right, and you really start to learn about your way.
• 5:46
  Speaker 2: I mean, I was focused on school.
• 5:47
  Speaker 2: I didn't really know what I wanted to be, I really didn't think that I had this entrepreneurial side to me.
• 5:52
  Speaker 2: So my story goes I leave the accounting firm after 10 months, I go to a law firm.
• 5:59
  Speaker 2: I leave there after 11 months and, lo and behold, I start off at an insurance broker dealer, shell, an insurance right, because I saw someone that was successful at that.
• 6:08
  Speaker 2: So I said, let me go see if you can do that.
• 6:10
  Speaker 2: That interests me, right?
• 6:11
  Speaker 2: I'll give you a real quick story.
• 6:15
  Speaker 2: Is that when I was starting out, my wife's father had left her and passed not left her, she was still alive gave her some money and working with a stock broker, and this was the late 90s where all those stocks were jumping up and popping up out of the roof.
• 6:29
  Speaker 2: And he went ahead and basically took ABC Tech Stocks, sold it, triggered a massive capital gain, reinvested in CDE Tech Stock and basically at the end of the year we had about 50% of the value of the account and 50% of the previous value in a taxable gain right.
• 6:47
  Speaker 2: And I reached out to the guy and I say listen, how can you do this?
• 6:50
  Speaker 2: What is this?
• 6:51
  Speaker 2: The taxes?
• 6:52
  Speaker 2: Look what you did.
• 6:53
  Speaker 2: And I'll never forget to this day.
• 6:54
  Speaker 2: He said oh, I don't concern myself with taxes, that's not my job.
• 6:59
  Speaker 2: And I'm like whoa, these are the people out there doing this.
• 7:04
  Speaker 2: And so then I started.
• 7:06
  Speaker 2: I started the insurance broker dealer.
• 7:08
  Speaker 2: It wasn't a great fit for me.
• 7:10
  Speaker 2: At the same time, I start practicing law as well, and so I do both for a little while until I focus on the practice of law, because my kids were around and that's just what it was.
• 7:19
  Speaker 2: And so I went through that for a number of years and then really a great opportunity arose that allowed me to leave the law, where my wonderful, brilliant wife invented a baby product and we got on the show Shark Tank and so that was my cover.
• 7:34
  Speaker 2: That was my cover.
• 7:35
  Speaker 2: I'm getting out of the law.
• 7:36
  Speaker 2: I'm going back to do what I enjoy doing.
• 7:39
  Speaker 2: At that time I gave it a swing with the Shark Tank business and let me come back to where I love being in the financial services world.
• 7:47
  Speaker 2: I went back to an independent broker dealer because that's all that I knew.
• 7:51
  Speaker 2: I joined my local FPA chapter and they talked me into being on the board.
• 7:57
  Speaker 2: At the first board meeting on there forget Off the table says what's an IBD?
• 8:03
  Speaker 2: What?
• 8:05
  Speaker 2: What do you mean?
• 8:05
  Speaker 2: Right?
• 8:06
  Speaker 2: So that went down this path to where today I sit.
• 8:10
  Speaker 2: We're about three, yeah, three, almost four years into being our own independent RIA, not affiliated with anybody.
• 8:19
  Speaker 1: Yeah, okay.
• 8:20
  Speaker 1: So I just want to be clear that you had a law degree and you're like you know what sounds interesting Selling insurance, did I hear.
• 8:27
  Speaker 1: Did I just want to make sure I heard that part correctly.
• 8:31
  Speaker 2: You got that right.
• 8:31
  Speaker 2: I didn't know.
• 8:33
  Speaker 1: I thought, Libby, I thought I was becoming a you didn't have a sorted past.
• 8:36
  Speaker 2: Yeah, that's so.
• 8:37
  Speaker 2: I thought I was becoming a financial advisor.
• 8:39
  Speaker 2: Little did I know.
• 8:39
  Speaker 2: Every door I walked into was just life insurance and salesmen, right.
• 8:43
  Speaker 2: And so I didn't know.
• 8:45
  Speaker 2: But I'll tell you, I will give you give them all the credit in the world.
• 8:48
  Speaker 2: They taught me how to sell, which was a huge asset in my law practice.
• 8:52
  Speaker 1: Yeah, no, absolutely Okay.
• 8:54
  Speaker 1: So we left law for a hot minute.
• 8:57
  Speaker 1: We sold insurance.
• 8:58
  Speaker 1: We kind of came back, did a couple of things, did a shark tank business, which is super fascinating, by the way and then now you're an independent RIA.
• 9:07
  Speaker 1: So share with us a little bit about what you've learned, and this is, I mean, like a little bit.
• 9:13
  Speaker 1: That's kind of a loaded question here, but as you started to explore all these different types that exist, so maybe let's start there when we're thinking about going independent or choosing the right landing place.
• 9:25
  Speaker 1: So you know, as I said at the top of the episode, I have advisors all the time saying I don't know where I want to be, I don't know if I'm in the right place.
• 9:32
  Speaker 1: I'm thinking about making changes that might be able to, you know, impact the growth of my business.
• 9:36
  Speaker 1: What are all of the options?
• 9:39
  Speaker 1: So I know you have left no stone unturned.
• 9:42
  Speaker 1: So if we could just share like some of that alphabet soup that exists, right, the IAR, the RIA, the IBD, give us kind of a rundown of some of like what's the difference between independent and hybrid, and kind of the basics for us to start with.
• 9:56
  Speaker 2: So we'll say I know the independent umbrella, right, we'll not go into a large bank or you know a wire house or anything like that.
• 10:03
  Speaker 2: So I'll give you you know my story, then I'll explain why.
• 10:07
  Speaker 2: So initially, when I went to an IBD, I became an IAR of the IBD right, that's probably many of your listeners out there, right, they're affiliated with their broker dealers and I became let me clarify I was an IAR of the corporate RIA and I was an RR registered rep of the BD right, so I wore those two hats.
• 10:30
  Speaker 2: And so you know, initially I started going through it and I made a decision early on.
• 10:36
  Speaker 2: I mean, I made this statement about a little less than 10 years ago.
• 10:38
  Speaker 2: You heard my path that when I got back into this business after doing it for a little while before, I had a huge advantage over a lot of my counterparts, and that advantage was I had zero clients and zero AUM, right, so I could choose how I wanted to build this.
• 10:54
  Speaker 2: And just going through having all that experience under my belt, I knew I sold commission-based products back in the day.
• 11:00
  Speaker 2: There's nothing inherently wrong with it, but it's just that how the compensation is not clear.
• 11:05
  Speaker 2: You know the investment products, there's lockups, you know times and all that stuff, and that clients didn't like it.
• 11:10
  Speaker 2: It wasn't clear.
• 11:11
  Speaker 2: So that even when I was an IAR of the corporate RIA and a registered rep of the BD, I was 100% just fees, right.
• 11:22
  Speaker 2: I did a few commissions here and there, right, and then.
• 11:25
  Speaker 2: But eventually then I decided, you know, I don't want to do that anymore.
• 11:28
  Speaker 2: Then when you leave, right, the path I took, because you know, and I'll tell you that there is the model out there that there are these RIAs with no BD affiliation that will take you on as an IAR and you could run your business just like you do now at your IBD.
• 11:47
  Speaker 2: Okay, so those absolutely exist.
• 11:50
  Speaker 2: But I, the choice I made was to go, listen, I'm going to go do my own RIA.
• 11:55
  Speaker 2: Okay, I'm going to be the owner of my own RIA, my own IAR, I'll hire other IARs, and so that's the path that I went.
• 12:03
  Speaker 2: I mean, there's other paths out there.
• 12:05
  Speaker 2: I know there's a lot of young advisors in the XY planning network.
• 12:09
  Speaker 2: You know we see FPs.
• 12:10
  Speaker 2: They come on, they do their own and they only do fees, right, for you know, charge fees for plans, whatever they might be, but those I think you know your IBD, your option.
• 12:19
  Speaker 2: It's going to be a hybrid, although a lot of them now are smartening up and saying, hey, listen, we understand compliance is so much more complex when there's a broker dealer involved, so they're taking people IAR only.
• 12:30
  Speaker 2: And then when you leave now this is important to note when you leave that broker dealer, I'm sorry, when you're with that broker dealer, even if you are only an IAR of the RIA, you are still going to be held to a lot of the same rules, because it doesn't make sense for them to have completely different rules for these different people in the same company, right?
• 12:52
  Speaker 2: So, as a practical matter, many times it might not feel like you don't have a BD anymore because they need to apply the same rules to everybody.
• 12:59
  Speaker 2: When you completely leave that environment that's probably we're going to see a lot more of the freedom and flexibility.
• 13:05
  Speaker 1: Yeah, it's interesting.
• 13:06
  Speaker 1: So I worked in a BD and sold a practice within a broker dealership and it was definitely different because I was moving, they had started offering more hybrid type options.
• 13:17
  Speaker 1: And yeah, no, no, I definitely.
• 13:19
  Speaker 1: It was very clear when I made the sale of my business that I was most definitely still at a broker dealer.
• 13:24
  Speaker 2: Yeah, yeah, yeah, that's what it is.
• 13:28
  Speaker 1: So, of all the things that you kind of looked at, like, what are?
• 13:31
  Speaker 1: So if we kind of start top down, when an advisor is thinking about like hey, what is the grass greener, what are my, what are the pros, what are the cons, what do we, where do they start?
• 13:42
  Speaker 1: So if you could kind of give us say like, step one is what's the first thing an advisor needs to analyze when they're starting this conversation in their own head.
• 13:50
  Speaker 2: Great question and I will start and I started all the time and I am amazed at how many advisors out there.
• 13:56
  Speaker 2: You have to know all of your numbers.
• 13:58
  Speaker 2: You have to know every single number.
• 14:00
  Speaker 2: It's not just about the haircut, people, right?
• 14:03
  Speaker 2: What are all the other affiliation charges?
• 14:05
  Speaker 2: Where are the expenses that your broker dealer?
• 14:07
  Speaker 2: Where are they getting duplicated or not on the end?
• 14:10
  Speaker 2: Where are the expenses if you're using an outsource platform versus the in-source platform?
• 14:15
  Speaker 2: You have to understand every single one of those numbers and you have to quantify them and put them into a spreadsheet because, so that you know what, what is the true take home that you have currently from your practice?
• 14:29
  Speaker 2: Okay, whatever that percentage might be, it's so much more than the haircut, okay, so that is number one.
• 14:35
  Speaker 2: First and foremost is you have to know your numbers.
• 14:37
  Speaker 2: Once you know your numbers, right and let's say, your haircut plus all the other expenses, the fees, isn't that bad.
• 14:46
  Speaker 2: You may be okay financially where you're at.
• 14:51
  Speaker 2: I will tell you, in all the research I did, if you had a broker dealer and you used an outsource platform, the numbers will tell you to leave.
• 15:03
  Speaker 2: The numbers make no sense to stay.
• 15:04
  Speaker 2: But if you're with the broker dealer and you use their internal platform and you're all in on it.
• 15:09
  Speaker 2: The numbers work.
• 15:10
  Speaker 2: The numbers work to stay there, right?
• 15:12
  Speaker 2: So that's number one from the numbers.
• 15:13
  Speaker 2: So if you get past that and you say, okay, I think I still, you know, I still wanna leave, then I think that's number two that comes up is compliance, right, how difficult is compliance when you're out on your own right, my marketing, all this stuff I can do?
• 15:28
  Speaker 2: And really I boil it down to this If you feel your value add is to bring the most different and newest types of funds, etf products to your clients and that's the way you like to run your business, which is awesome, which is fine.
• 15:45
  Speaker 2: If that's the case, you are not gonna wanna go RIA.
• 15:48
  Speaker 2: That will become a compliance disaster, right?
• 15:52
  Speaker 2: Because?
• 15:52
  Speaker 1: you have to Okay, tell us why.
• 15:53
  Speaker 1: Yeah.
• 15:54
  Speaker 2: Because you have to modify your ADV for every new product servicing that you're offering there and make sure it's remember, when you're on your own, your own RIA.
• 16:01
  Speaker 2: It's not whether you can or can't do it, but have you adequately disclosed what you're doing and are you following your own policy and procedures?
• 16:09
  Speaker 2: Right, and that's the benefit of those independent, those IBDs right, because if you ever take your annual compliance questionnaire at the end of the year, right, and you look at the ADV, it's a hundred pages long, it takes into account everything.
• 16:23
  Speaker 2: Right, and that's what you like doing.
• 16:25
  Speaker 2: Do that.
• 16:26
  Speaker 2: But if you're more advice centric, you wanna keep the investment management simple, okay, then I will tell you the place to be is going to be your own RIA, because you make your rules right and you don't have to address the things that you don't do.
• 16:43
  Speaker 2: Ibds have to do that.
• 16:45
  Speaker 2: That's their business, that's a lot of their value at right.
• 16:47
  Speaker 2: So that's probably the second one is going to be that compliance aspect of it.
• 16:54
  Speaker 1: Okay, and sticking in this compliance vein for just a second, if I'm an advisor and I'm at an IBD and I'm thinking about getting in my SUV and driving to an RA yeah, like all the acronym.
• 17:04
  Speaker 1: So I'm thinking about going to an RIA, I just like, I, like it's so funny, I'm gonna go back and be like we should at the beginning of this episode.
• 17:12
  Speaker 1: Everyone should do a shot of espresso every time we use some sort of acronym to describe something and they will be so productive, so productive.
• 17:19
  Speaker 1: But in this, so if I'm thinking about going to an RA I think that's one of the biggest like mental blocks for people is like compliance, so what all is involved?
• 17:30
  Speaker 1: Like so, when you're thinking, okay, I'm leaving, I'm gonna be in charge of my own compliance, what does what all does that entail?
• 17:36
  Speaker 1: Like, what does that really mean to an advisor?
• 17:39
  Speaker 1: Like what?
• 17:39
  Speaker 1: do they need to be thinking about or considering, Because it feels like do I have to hire a vendor?
• 17:45
  Speaker 1: Do I have to bring on somebody on my team?
• 17:47
  Speaker 1: Do I have to pay someone to do all this compliance?
• 17:49
  Speaker 1: But what is all this compliance really?
• 17:51
  Speaker 2: Yeah, great question.
• 17:52
  Speaker 2: So I will tell you another thing that the IBDs are excellent at.
• 17:55
  Speaker 2: They're excellent at convincing you that you need them.
• 17:57
  Speaker 2: Right, you cannot do this on your own.
• 17:59
  Speaker 2: This is like this is a Herculean effort, right?
• 18:02
  Speaker 2: You know, whatever it might be, you know you have to be able to do this and that's what they make you feel right.
• 18:08
  Speaker 2: So when you go out on your own, you are going to get a list of documents.
• 18:14
  Speaker 2: You're going to get your compliance manual, the ADV, you know, part one, part two.
• 18:18
  Speaker 2: Okay, you're going to need to go through that.
• 18:23
  Speaker 2: You're going to need to do it with you.
• 18:24
  Speaker 2: Should you should do it with somebody.
• 18:27
  Speaker 2: I did my initial filing on my own, because that's not that hard, but then I hired a consultant to help me go through my document for a couple years.
• 18:33
  Speaker 2: You should go through with that with somebody that kind of takes a common sense approach to it.
• 18:39
  Speaker 2: Right, if you go hire one of those big outsource companies, they're going to give you the big outsource answer and, once again, they're going to make it feel, you know, overwhelming as well.
• 18:47
  Speaker 2: So you're going to need to get your document, you're going to need to read through it and if what it says in there, that template is not what you want to do, delete it, throw it out.
• 18:57
  Speaker 2: Delete it, throw it out, right.
• 19:00
  Speaker 2: So it took me a couple, you know, a couple years going through it and focusing on it to really fine tune it that it's going to be exactly what it is that you need.
• 19:08
  Speaker 2: And then, when you what you put in there and what you say, then just make sure that you're doing that in your practice right.
• 19:16
  Speaker 2: Make sure your other agreements, you know, are not in conflict with that.
• 19:20
  Speaker 2: Because that's all the regulators, the honestly the regulators I recently got audited all they want to see is that you are doing what you say, that you're doing, that you're not making any promissory statements on your when you're advertising and that's really it Okay and that that's really the focus.
• 19:38
  Speaker 2: So it's not that complicated, Like I said, if you want to have an advice centric practice versus a product pushing practice, because remember, as I said before, when that wholesaler comes to your office with this new, unique, different kind of idea, it's more so than just hey, yes, let me fill out the paperwork assignment.
• 19:56
  Speaker 2: No, you got to modify your ADV.
• 19:58
  Speaker 2: How does this look with all you know, with all your different agreements.
• 20:00
  Speaker 2: So if you know exactly how you want to do and what you want to do, then it's just a matter of making sure your documents say that, yes, there is a lift, Absolutely there's a lift.
• 20:09
  Speaker 2: You know to go through that.
• 20:11
  Speaker 2: But once you do that, then it's just minor tweaking and then on the ongoing maintenance of it, right, what?
• 20:16
  Speaker 2: Once again, these are those large firms.
• 20:18
  Speaker 2: They're going to say you need all of this, you need all of that, you need to be doing all this.
• 20:21
  Speaker 2: You want to find someone that can give you a common sense approach to it and say, yes, you're going to get your email archiving all these different things, you're going to fill these things out.
• 20:30
  Speaker 2: And it's just like you.
• 20:31
  Speaker 2: You preach Libby process, right, first quarter, I do this.
• 20:34
  Speaker 2: Second quarter, I do that.
• 20:35
  Speaker 2: Right, and it's really it's not that that complicated.
• 20:39
  Speaker 2: So long as you know you keep it simple what you're doing and, honestly, probably another one.
• 20:44
  Speaker 2: You don't want to get a two ton.
• 20:46
  Speaker 2: You know many clients, whatever it might be, if you're not, if you're not, did that volume oriented.
• 20:50
  Speaker 2: It's not that hard.
• 20:52
  Speaker 1: Yeah, okay, okay.
• 20:54
  Speaker 1: So if you're leaving your IBD and you're getting in your SUV to go start your own RIA, that might have a TAMP and you might use an IMO, right, okay.
• 21:03
  Speaker 1: So let's talk about TAMPs versus kind of investment broker dealer platform.
• 21:11
  Speaker 1: So that's another barrier that I hear from advisors when they're thinking about, like, well, what does that look like?
• 21:15
  Speaker 1: To go independent is holy smokes.
• 21:17
  Speaker 1: How do I even deal with investment management?
• 21:19
  Speaker 1: Tell me a little bit about kind of, yeah, your thoughts on the IBD platform versus using a TAMP.
• 21:27
  Speaker 2: Yeah, so that's the keyword platform.
• 21:30
  Speaker 2: Let me just get an acronym for that PAT right, our PAT there.
• 21:33
  Speaker 2: That's really the key right, because that's where it's going through.
• 21:37
  Speaker 2: What does your platform have in it?
• 21:39
  Speaker 2: What are you concerned about when you're an RIA?
• 21:41
  Speaker 2: Right, you want to be able to trade right.
• 21:44
  Speaker 2: First and foremost, you want to trade, you want it to bill and you want to give you performance right when you're at your IBD, they kind of run everything through that right, whether it's I forget some of the names of the different one, the big one, that aggregator all their different performance, but they'll go in there, they'll use those different items.
• 22:03
  Speaker 2: The thing when you come out on your own to an RIA, is that every single part of that platform, if you don't use a TAMP, you need to build it on your own.
• 22:14
  Speaker 2: You need to get your custodial relationship which custodians are a whole different beast right, depending on which one you want to get.
• 22:20
  Speaker 2: You have to get your performance reporting right.
• 22:22
  Speaker 2: You have to get your rebalancing, you know you have to get your billing right.
• 22:26
  Speaker 2: Billing is a big thing to pay on the stage you go to.
• 22:28
  Speaker 2: What's wonderful about TAMPs is they do it all for you and I will tell you.
• 22:33
  Speaker 2: I've looked at everyone.
• 22:34
  Speaker 2: I started and I left with a TAMP and I'm still with a TAMP and I've grown with them and they've gotten better.
• 22:42
  Speaker 2: So if you are looking to move and all your assets are with a TAMP, you don't need to move money.
• 22:50
  Speaker 2: Nothing moves.
• 22:51
  Speaker 2: You move right and then the new agreements follow you.
• 22:54
  Speaker 2: If you're on your broker dealer platform, and if only if you decide right, this is better for you financially or maybe compliance-wise, whatever it is, then items need to keep moving.
• 23:07
  Speaker 2: But here's a word of advice right, if you decide you want to move, you can develop that TAMP relationship while you're at your broker dealer, move the assets and then move yourself right.
• 23:17
  Speaker 2: I had a couple of stray accounts and that's what I did before I left as well.
• 23:21
  Speaker 2: So that's the big advantage of a TAMP versus I'm almost at advantages but the different, the similarities between the TAMP and the Brookha Diller platform.
• 23:31
  Speaker 1: Yeah, well and in the spirit.
• 23:33
  Speaker 1: So I love that you're a lawyer, right, because you're gonna look at both sides of everything and you can kinda I mean, I know obviously you chose RIA because that's what worked best for you, but I know you have.
• 23:43
  Speaker 1: You went to law school to learn how to be neutral and to see both sides right.
• 23:46
  Speaker 1: So, when we're thinking about Brookha Diller versus RIA, what are some of the other things that are like quotes, like I should stay at my BD because of this, or I?
• 23:57
  Speaker 1: should go to an RIA like what are some of the shoulds?
• 24:01
  Speaker 2: the shoulds yeah, great question, great, great question.
• 24:03
  Speaker 2: Let me tell you this I'll start with when you go RIA, it can be very lonely, right, there are other networks and people you can put out there, but that affiliation to other advisors it kind of vanishes.
• 24:15
  Speaker 2: Right, I have, you have some of it through your TAMP and they're trying to work on that, but it's not there.
• 24:19
  Speaker 2: So the ready set community of other advisors and resources and succession plans and what the IBDs have is a huge, huge advantage.
• 24:31
  Speaker 2: Right, that's a wonderful thing that they offer.
• 24:35
  Speaker 2: The other item, like I said, is if you have a whole bunch, if you like to do those different kind of assets, you should stay at your independent broker dealer.
• 24:44
  Speaker 2: The biggest thing I hear Libby is really so many probably here too.
• 24:48
  Speaker 2: Oh, but I have all these trails, right, I have all these trails I gotta look at and really what I would say is there are blessings and a curse.
• 24:54
  Speaker 2: If you're worried about what I find, someone is worried about disrupting an account because there's the trail and the client won't like it.
• 25:02
  Speaker 2: That does not sound like an engaged client.
• 25:04
  Speaker 2: This does not sound like a client that you want to keep right.
• 25:07
  Speaker 2: So that's why a lot of people stay there for those trails.
• 25:12
  Speaker 2: Really it could be an opportunity.
• 25:14
  Speaker 2: I know the question was about the advantage of the broker dealer, but that's an opportunity where you can go reassign and reassess with those people, talk to them about what you're doing now and if they're not good for you this is the advantage of a broker dealer then sell those clients to the guy down the hall, right, or someone over there, so you have a ready-made pot and pool of people that can take over these assets because you all work for the same company.
• 25:37
  Speaker 2: I mean, you're quote unquote independent, but you all work for the same company, right.
• 25:41
  Speaker 2: So those are a lot of those advantages and if you have your succession in place, you don't want to worry.
• 25:47
  Speaker 2: You don't want to go out.
• 25:48
  Speaker 2: It's really an aspect.
• 25:51
  Speaker 2: When you summarize it, libby if you truly don't want to run your own business, don't go, but don't fool yourself and think that you're running your own business at a broker dealer, because you're not.
• 26:02
  Speaker 2: There's so much more to it.
• 26:03
  Speaker 2: So it really comes down to that and for me it's at my core.
• 26:08
  Speaker 2: I want to run my own business, for better, for worse.
• 26:10
  Speaker 2: Most of the time I love it.
• 26:13
  Speaker 2: You can attest it as well.
• 26:15
  Speaker 2: Many times it's tough, but that's a big aspect of it.
• 26:19
  Speaker 1: What would be some other reasons Like so, if you're talking to an advisor who's at a broker dealer, what would be some other reasons for you to say you know what?
• 26:25
  Speaker 1: I think staying where you are makes a lot of sense, and then that's what I'm talking about.
• 26:31
  Speaker 2: I mean, those are probably the main ones.
• 26:32
  Speaker 2: You know and you know, I think all of those, it's just I'm not gonna say it's that you're comfortable.
• 26:40
  Speaker 2: I don't like using comfortable, you know, as a reason.
• 26:43
  Speaker 2: But if you like the systems, if you're not a big marketer right, you're a big one-to-one networker versus marketer you're probably not feeling much of the pain.
• 26:54
  Speaker 2: And there's other items.
• 26:55
  Speaker 2: If you like to have that flexibility to write the newest and greatest product that comes along, if you like those conferences with those other, you know, ready-made group of advisors, I think those are a lot of the reasons to stay.
• 27:08
  Speaker 2: I will tell you and I'll start off with people when I talk to them.
• 27:11
  Speaker 2: Nowadays, you know the majority of people probably going RIA is not the right answer, right?
• 27:17
  Speaker 2: So you gotta be going for the right reasons we said before.
• 27:20
  Speaker 2: Is it financial, is it compliance, or do you want to truly own your own business?
• 27:26
  Speaker 2: Right?
• 27:26
  Speaker 2: And those are the big factors.
• 27:29
  Speaker 1: Yeah, you sometimes think of it kind of like you know, when you're buying real estate, there's two different types of buyers, right.
• 27:33
  Speaker 1: There's the people who want to pay for the turnkey property that's done for them, everything's picked out.
• 27:39
  Speaker 1: They don't want to make the selections, they don't want to deal with a mess and a renovation and the timeline involved in all of that.
• 27:45
  Speaker 1: And then there's the people who are like oh, I want the depressed property that I can completely make it my own, or I want to, you know, custom build, or I want to move this wall and do this and that.
• 27:55
  Speaker 1: And it's kind of like just two totally different people and there's a great fit for, you know, for either one kind of on either side.
• 28:05
  Speaker 2: So I think that's a really yeah, and I'll tell you, Libby, you nailed it, that's exactly what it is.
• 28:12
  Speaker 2: Those are like the getting there to every detail of it.
• 28:14
  Speaker 2: And when you know, when I went first on my own, my value is given advice, putting people through a process, doing a financial plan, and the advice that I give right, it's not the investment management.
• 28:25
  Speaker 2: That's why I went tamp.
• 28:26
  Speaker 2: That's why I went tamp when I was at a broker dealer, right, because we kind of haven't even discussed.
• 28:31
  Speaker 2: But those people that like to do the investments on their own right Maybe that's their value at right they like to do their own investments.
• 28:39
  Speaker 2: You really have to look at all those factors a lot.
• 28:42
  Speaker 2: And those people you know they're probably, you know they're probably best to stay put as well, because there's a lot of tricky items in there that they don't need to be aware of.
• 28:52
  Speaker 1: Yeah, I mean, and the truth is is you can build a hell of a business in either way, like you know, like you can, like I see you know, on LinkedIn, right, I get my popcorn out and sit and kind of go listen to some of the fights that occur over compensation or right structure and pricing and all the things.
• 29:08
  Speaker 1: And my personal opinion is it doesn't matter where you are.
• 29:12
  Speaker 1: Everybody needs systems or processes in their business and it doesn't matter where you are.
• 29:15
  Speaker 1: I think you can be extremely successful if you're doing the right thing for the right clients and they like the structure that you are in and what you're providing, it really doesn't matter.
• 29:26
  Speaker 1: So it really is more about what you're trying to get out of the business.
• 29:29
  Speaker 1: It can't just be money.
• 29:30
  Speaker 1: I think I can't think it just can't just be dollars that drive you to go independent.
• 29:36
  Speaker 1: So one of the other things I hear from advisors when they're thinking about this transition that becomes kind of a mental barrier is I how do I even start building a tech stack?
• 29:48
  Speaker 1: I don't know what I wanna use.
• 29:50
  Speaker 1: I don't even know what.
• 29:50
  Speaker 1: I don't know what's out there.
• 29:51
  Speaker 1: When you were doing your research to make that jump, how did you select or how did you even narrow down what vendors to even consider to help start building?
• 30:04
  Speaker 1: And then how many times have you changed?
• 30:06
  Speaker 2: Yeah, great, great question.
• 30:07
  Speaker 2: So I have a tendency I learned about myself a long time ago.
• 30:12
  Speaker 2: I can be one of those early adopters with tech and just I drove my wife crazy right For years.
• 30:19
  Speaker 2: She doesn't know where to find this, she doesn't know where to find that.
• 30:22
  Speaker 2: So I know there's that tendency in me.
• 30:24
  Speaker 2: So that's one aspect.
• 30:26
  Speaker 2: So when you're at the Berkard dealer, a lot of the tech that's available to you that you can buy on your own like a one-off, is also available to you in the RIA world, right.
• 30:37
  Speaker 2: So that also starts.
• 30:38
  Speaker 2: But then when you go in the RIA world, there is so many other things out there that are available to you.
• 30:44
  Speaker 2: So if you're following my path, right, I stayed with the TAMP At the broker dealer and coming out.
• 30:52
  Speaker 2: So my investment management you know that kind of tech, my reporting, my billing, my trading that all stayed the same.
• 30:58
  Speaker 2: Right, that was all with them.
• 30:59
  Speaker 2: The other item I had the broker dealer I was with they're about to make this big integration into E money.
• 31:05
  Speaker 2: Before I left I maintained E money.
• 31:07
  Speaker 2: Right, because it sold primarily for the client portal.
• 31:10
  Speaker 2: Right, because that's a big question and that's even at the IBD as well, like, where do your clients go in to view their accounts?
• 31:17
  Speaker 2: Right, that is not an easy question.
• 31:18
  Speaker 2: Right, that is not an easy solution.
• 31:20
  Speaker 2: So, and I my my CRM Was redtail.
• 31:26
  Speaker 2: I went to wealth box, came back to redtail.
• 31:28
  Speaker 2: Wealth box is probably better, but redtail has better, better integrations and items out there.
• 31:32
  Speaker 2: So I had those and I kept it really simple.
• 31:35
  Speaker 2: I haven't changed, I really haven't changed any of my tech.
• 31:39
  Speaker 2: I'll give you a rundown of my tech, though.
• 31:41
  Speaker 2: I used, you know, docu sign for the signatures.
• 31:43
  Speaker 2: We, you have to have your adobee accounts.
• 31:45
  Speaker 2: I have my office 365, right, the accounts that goes through there.
• 31:49
  Speaker 2: Now we're gonna have my archiving, my email archiving.
• 31:54
  Speaker 2: I'm blanking on the relay, global relay, you know, on there, and I'm just thinking of all my other.
• 32:01
  Speaker 2: What comes to all my credit card every every year, week, but those, those are primarily the ones.
• 32:05
  Speaker 2: Right, I try to keep it real simple and for me, once again, understanding that once you're on your own, the more stuff you bring in, the more it complicates, you know, the things for you to do, I tend to.
• 32:16
  Speaker 2: I fight my urge, I fight it really strongly.
• 32:19
  Speaker 2: I'll go really down the far, down the path, looking at other options.
• 32:22
  Speaker 2: And then my question always becomes when I look at tech.
• 32:26
  Speaker 2: This is a question at the end how does this add?
• 32:29
  Speaker 2: This is a make, doesn't make it easier?
• 32:31
  Speaker 2: Does it make it maybe better?
• 32:32
  Speaker 2: Do I make more money?
• 32:34
  Speaker 2: And if I can't have a real positive ad and it's just gonna be a huge switch for really maybe one Slight little feature, then I don't do it.
• 32:43
  Speaker 1: Yeah, and.
• 32:43
  Speaker 2: I and I maintain.
• 32:45
  Speaker 1: Yeah, I see a lot of tech stack jumping and it's always kind of like in the hopes, like, oh, I heard this does this and I should check that out.
• 32:51
  Speaker 1: Oh I heard this one does this and I should check that out.
• 32:53
  Speaker 1: And it's interesting to me because and I was guilty of this too right, we were, we were, we had sales forces, our CRM, and I can remember being like, oh, look at all these other Independents, they have such cool stuff and their stuff can do all this cool stuff.
• 33:07
  Speaker 1: And I was like super jealous until I realized, oh, you know what, all these emails that I get once a month from Salesforce, but things that they've updated that I just, you know, ignore Turns out the tech that I had actually did a lot of the stuff.
• 33:20
  Speaker 1: I just never took the time and until we really like sat down, like okay, we need to be experts in the tech that we actually have and pay for Before I go, look and see, is there something better, is the grass greener on the other side turns out often Like even something that we looked into like, hey, salesforce, I mean, this is this.
• 33:39
  Speaker 1: Is how archaic and old I am.
• 33:40
  Speaker 1: I remember like they didn't have automated workflows.
• 33:44
  Speaker 1: I remember that being like the most irritating thing in the entire universe for me and then turns out like two years later I'm still complaining about it and guess what they had like actually had created any Right?
• 33:55
  Speaker 1: Yeah, you know we get busy.
• 33:57
  Speaker 1: Yeah, you get busy and you need to have so.
• 33:59
  Speaker 1: For me, we eventually, like, had someone on our team.
• 34:01
  Speaker 1: It was like, hey, your job is to read all the emails that come from Salesforce and to stay up to date on all of the solutions that they actually have continued to add and change and make better, because they're constantly getting that feedback right.
• 34:12
  Speaker 1: They're in competition as well for our business.
• 34:15
  Speaker 1: So I love that you Started at Red Hill left, came back and have kind of just stuck with something.
• 34:22
  Speaker 1: So what planning?
• 34:23
  Speaker 2: It's not that great.
• 34:24
  Speaker 2: Yeah, I stick with it.
• 34:25
  Speaker 2: And to build on what you say like Salesforce, I think it's a great example, right, if you took Salesforce out of the box and wanted to build it to your own Specific requirements.
• 34:35
  Speaker 2: It is insanely complicated, right, and that will eat up.
• 34:39
  Speaker 2: I had a friend who was an advisor.
• 34:40
  Speaker 2: He listens to you, I hope he listens here.
• 34:42
  Speaker 2: He went and spent Thousands and tens of thousands of creating HubSpot, with these workflows and all this different stuff, and spent hours, countless hours.
• 34:54
  Speaker 2: He just dropped it.
• 34:55
  Speaker 2: He went back.
• 34:56
  Speaker 2: It wasn't worth it.
• 34:58
  Speaker 2: He would show us what he would do with HubSpot and we say, oh my god, I can't believe how much extra time, right, I and the stuff you have can already work for you.
• 35:08
  Speaker 2: I before I once hub is another one I use.
• 35:10
  Speaker 2: I know you use Calendly before I went once hub I want to use.
• 35:14
  Speaker 2: Microsoft bookings was what which was included in my subscription.
• 35:18
  Speaker 2: It didn't meet the need that we had, but we tested it.
• 35:22
  Speaker 2: We learned Okay, now we'll go outside.
• 35:24
  Speaker 1: Yeah Well, and I think we we tend to forget how big of a process change it is like, right.
• 35:29
  Speaker 1: So when I'm coaching advisors who are go like from the process side of when they're going from one RA to another or BD to RA or you know whatever, it's a big change For your team, for all of your standard operating, for all the updates that need to occur when you're switching.
• 35:46
  Speaker 1: And I think it's one of those Distractions, right, where you feel like you're doing something that's making a difference, like you're oh, look at, we are, we're changing our tech stack, we're, and it really isn't necessarily actually moving the needle in the area of your business.
• 36:00
  Speaker 1: That really, at the end of the day, matters because all of them are good enough.
• 36:03
  Speaker 1: Yep, some are better.
• 36:05
  Speaker 1: You know there are standouts.
• 36:06
  Speaker 1: Some are better than others.
• 36:07
  Speaker 1: Who, what?
• 36:08
  Speaker 1: What tech do you use for, like your online storage?
• 36:11
  Speaker 1: Like, are you a dropbox?
• 36:12
  Speaker 1: Are you a one-note?
• 36:12
  Speaker 1: Like where?
• 36:13
  Speaker 2: do you stuff?
• 36:14
  Speaker 2: Sharepoint, yeah, that that office specifically, I tell you what for 25 bucks a person a month.
• 36:19
  Speaker 2: It's extraordinary what Microsoft gives you extraordinary.
• 36:22
  Speaker 2: I also your attack junkie, right, I don't know, I think you are because systems and all the like.
• 36:27
  Speaker 2: But Another big aha moment earlier this year was I have red tail for my CRM for clients right, all my clients up in there.
• 36:36
  Speaker 2: I think it's distracting to put our firm stuff in there.
• 36:39
  Speaker 2: So we put our firm CRM.
• 36:42
  Speaker 2: We use Microsoft planner, which is a, which is a different for like management.
• 36:47
  Speaker 2: For task management or goals.
• 36:49
  Speaker 2: You set up your buckets and it really it synchronizes across your emails, like if you put tasks and plant in and planner and the due dates will show up in your Microsoft Email.
• 37:00
  Speaker 2: But it was really big to take out all of our firm stuff from our CRM Because I thought that just muddy the waters right and made it really inefficient.
• 37:10
  Speaker 2: So we also, microsoft has we were hiring a new person it has, it has to do this, this task functionality and Microsoft it's all integrated.
• 37:20
  Speaker 2: It all talks to each other.
• 37:22
  Speaker 2: It's remarkable.
• 37:23
  Speaker 2: So to your point, you know, go, look to see everything Microsoft can do.
• 37:26
  Speaker 2: There's a lot of other stuff they do.
• 37:28
  Speaker 2: I tend to like that.
• 37:30
  Speaker 2: I go in the weeds, I watch YouTube, you know to build to do that stuff, but it's so much if it's already there.
• 37:37
  Speaker 1: Oh, that's so cool, okay, awesome, well, good, well, I I'm looking at the clock going.
• 37:40
  Speaker 1: Okay, I'm trying to keep my episodes to read.
• 37:43
  Speaker 1: I could I feel like I could talk to you for hours about all of like the details.
• 37:46
  Speaker 1: Especially, we could nerd out on the tech stuff, for a little while there, so I enjoy that.
• 37:50
  Speaker 1: Um, before I let you go, what are a couple so, being a tech nerd or being someone who is focused on Efficiency?
• 37:58
  Speaker 1: And you know just the growth that you have gone from zero aum to where you're at now.
• 38:03
  Speaker 1: What would you say are one or two of the?
• 38:07
  Speaker 1: The tools, resources you know, time-saving techniques, minds at hacks, whatever that you use in your business to operate more efficiently?
• 38:16
  Speaker 2: Yeah, yeah, that's a great question.
• 38:17
  Speaker 2: I think a lot of it is.
• 38:20
  Speaker 2: I try to be Diligent on when you know I go through my emails.
• 38:25
  Speaker 2: I, I listen, I listen to you and you went through, I think, a couple times on this and I cannot Tell you how efficient it is for your scheduling your emails to go out right.
• 38:37
  Speaker 2: You, you know that right, but we do it when we do our surge meetings.
• 38:40
  Speaker 2: I have my associate.
• 38:41
  Speaker 2: He schedules emails out for three weeks, right, with all the agendas and different stuff like that.
• 38:45
  Speaker 2: So scheduling emails is massive, right.
• 38:49
  Speaker 2: The other, the other mindset is, I think, hack.
• 38:53
  Speaker 2: That I would say, is that when you come across these new ideas, or his new Thoughts, or you come into competition and you lose the client, right, what at whatever might be, oh my god, was it because of this, was it because of that one?
• 39:05
  Speaker 2: And it sends you down this road.
• 39:06
  Speaker 2: I went down those roads, we all go down those roads.
• 39:08
  Speaker 2: Hey, do I need, do I really need to do this, which could be something that will change your entire practice.
• 39:13
  Speaker 2: Rather than focusing on, like, the difference and I think a lot of people talk about this focus on what makes you.
• 39:18
  Speaker 2: You know, you know Not, you know not what, not more sure, the difference is what you don't do.
• 39:24
  Speaker 2: Focus on what you do do and what you do Do really well and and and really take the attitude that when you're going in and you're talking to a potential new client, yeah, they're interviewing you, but you're interviewing them and I'll leave you with this idea.
• 39:38
  Speaker 2: And I learned this from the law Right, we all have those, those snippets when I was a young lawyer.
• 39:41
  Speaker 2: I have my own, my own firm there as well.
• 39:44
  Speaker 2: Someone told me and the words being truded today.
• 39:47
  Speaker 2: He says listen, understand that you will always make the most money from the cases you do not take.
• 39:55
  Speaker 2: And that is the same here, yeah we told me that and that, just like wow, right, because if you have a, have a PETA client, there's another acronym for us.
• 40:04
  Speaker 2: Right, if you have a PETA client, they're gonna take your whole mind share.
• 40:08
  Speaker 2: You're gonna want to pull your head out, right?
• 40:10
  Speaker 2: Yeah, that's right that the best one I'd say always focus on that.
• 40:15
  Speaker 2: You're interviewing them as well as I'm interviewing you.
• 40:17
  Speaker 1: Yeah, I love that and I think about this as a parent.
• 40:19
  Speaker 1: Right, we talk about like our kids and they have things that they're naturally good at and things that they are naturally crummy at right, and so our first thought is Parents sometimes is to jump to like, well, we should get them a tutor for math, because they're not doing so great there, versus like that they're an exceptional violinist.
• 40:34
  Speaker 1: Let's like, pour all into the thing that they're absolutely amazing and take them from great to exceptional and I talk about that kind of in the same way with advisors like, instead of Focusing on areas that you feel slightly deficient, ignore that, maybe don't even do it at all, and go all in on the things that you are, just you know, that are come naturally to you, that you enjoy.
• 40:54
  Speaker 1: Go all in and make them phenomenal.
• 40:57
  Speaker 2: You got it.
• 40:57
  Speaker 2: Make your strengths stronger, don't try to make your weaknesses Okay.
• 41:01
  Speaker 2: Yeah right, because they're all their weaknesses.
• 41:03
  Speaker 2: They're just not.
• 41:04
  Speaker 2: You accept who you are.
• 41:06
  Speaker 1: Yeah, I love that.
• 41:07
  Speaker 1: Well, good.
• 41:07
  Speaker 1: Well, thank you so much for your time.
• 41:09
  Speaker 1: How can our listeners find you?
• 41:13
  Speaker 2: LinkedIn is probably the best place.
• 41:14
  Speaker 2: Steven STPHEN, a, a Taylor, and then my firm's name is Merited Wealth.
• 41:19
  Speaker 2: If you drop a message, either one of those sources, I should be able to get back to you and, like I like to say, libby also, if anybody, if I said anything out here, they found interesting, or you know, they have some more questions and they want to.
• 41:30
  Speaker 2: I'm always happy to give 15 minutes to anybody and just talk About you know my experiences, because this is all about really listen.
• 41:37
  Speaker 2: We're kind of all in this together.
• 41:38
  Speaker 2: If I can give you five minutes of advice to save you hours, days and weeks of pain and suffering, I would happily do it right.
• 41:46
  Speaker 2: And that's because when we're independent right, we need each other's.
• 41:50
  Speaker 2: You know it helps, so I'm happy to give that to anybody who asked for it.
• 41:53
  Speaker 1: Oh amen.
• 41:54
  Speaker 1: Well, thank you, and yeah, and for people listening, steve doesn't work with advisors he does.
• 41:58
  Speaker 1: I think this is genuinely just a gift of his knowledge.
• 42:01
  Speaker 1: So thank you so much for being here.
• 42:03
  Speaker 1: We appreciate you and I know somebody listening.
• 42:05
  Speaker 1: We'll grab a nugget or two from this and it might help them either make the jump or, you know, decide that staying is really where they should be and that's the better fit and Just kind of, I think, breaking through some of the misnomers about what it looks like and and how hard is it, and really what, what should you consider?
• 42:23
  Speaker 1: What like, what what's really important in considering making a transition.
• 42:26
  Speaker 1: So, thank you so much.
• 42:27
  Speaker 1: I really appreciate your time.
• 42:29
  Speaker 2: Thank you, libby, I really appreciate it also.
• 42:31
  Speaker 1: All right, we'll have an amazing rest of your day you too.
• 42:33
  Speaker 1: Okay.
• 42:35
  Speaker 1: So obviously there's a lot to consider and there's a lot more even beyond what Steve and I talked about today.
• 42:41
  Speaker 1: So, like I mentioned, I've got several episodes from different types of experts in the field that are.
• 42:49
  Speaker 1: You know, their businesses are geared towards Advisors making the adjustment or making the change.
• 42:56
  Speaker 1: Things is to consider.
• 42:57
  Speaker 1: What does repapering look like?
• 42:58
  Speaker 1: We've got all kinds of episodes coming up for you guys, so I hope you look forward to that, and if you have any podcast episode ideas or burning questions or templates or SOPs or things that you are looking for, please don't hesitate to Comment on those posts in the efficient advisor community, as we are continuing to work on our content calendar for the rest of this year.
• 43:22
  Speaker 1: Thank you guys.
• 43:23
  Speaker 1: So much for tuning in this week.
• 43:25
  Speaker 1: If there's anything else I can do for you, please don't hesitate to ask.
• 43:28
  Speaker 1: Otherwise, as you know, I hang out in the efficient advisor community over on Facebook and on LinkedIn.
• 43:34
  Speaker 1: Have a great week and we'll talk to you soon.
• 43:37
  Speaker 1: You.