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Why Authenticity Matters and Family Financial Dynamics · The Perfect RIA

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  Amber Kuhn: Hello TPR Nation. This is Amber Kuhn. Thank you
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  for joining me on today's Follow up Friday where I'll be
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  recapping this week's episode highlights and action items. On
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  Monday, Matt was joined by advisor Kevin Thompson. Kevin,
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  who started in the industry in 2011, said he started his own
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  firm about a year year that he was a victim of a Ponzi scheme
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  during a time when he was playing major league baseball
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  for the Yankees and the Oakland A's. He said this experience is
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  what led him to get into the industry. He wanted to learn as
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  much as he could about the financial world and never wanted
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  to feel like a victim again. Kevin and Matt talked about how
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  they both have had clients who hear from others claiming to be
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  able to get the big returns on things. Matt will tell his
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  clients to get a summary in writing from that person. So
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  that he can review it. And he said if it's a real estate deal,
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  he'll ask to see the tax return. Overall, they said there's so
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  much noise out there. And Kevin said he just tries to take
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  everything as clients are hearing, figure out what that
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  really looks like for them and then explain it to them in a way
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  that they can understand. He said you want to remove all the
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  layers and really start with a client. Kevin and Matt talked
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  about how there needs to be more authenticity in this industry.
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  And how when people are in the growth and freedom mode, that
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  people want to do business with others who are like them. So by
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  being your real self, people will automatically be drawn to
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  that and that there's really no competition because there isn't
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  one person who can manage everything. Everyone can get
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  their piece of the pie and be successful doing that. And with
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  this, they talked about how with the fees you charge you need to
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  deliver massive value and charge accordingly. But you can't leave
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  your marketing with price because if so, they are saying
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  that that's the only thing different about you is your
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  price, which is the Walmart model and you aren't going to
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  win that game. Kevin and Matt shied if you're doing more of
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  your clients, you can't discount the value that you're providing
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  to them. Let's get into action items. Find who you actually
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  are, what direction you want to go, and then become that person.
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  And don't allow other people to tell you what you can or can't
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  be. And make sure you promote yourself and don't just say what
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  everyone else is saying because then it's just noise. So to
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  summarize, find yourself, be yourself and promote yourself.
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  And lastly, find those people who are role models or that you
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  admire and mirror them. On Thursday, Jamie discussed income
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  disparity within a household where one person is the clear
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  breadwinner and the other is either a spouse or earn far
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  less. Jamie's said it easy to kid yourself but you're always
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  going to prioritize who makes a higher income. She shared that
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  when you're just starting out in this industry, you typically
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  have a spouse who's super supportive, and then around your
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  fifth year your schedule gets so busy and your family grows and
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  you have to ask yourself whether it makes sense for both people
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  to work. This is a financial and an emotional question. And you
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  have to look at who is going to earn the most amount of income
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  and have greater success. Jamie shared how there's been stages
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  as an advisor, she said during that first stage, all you should
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  be focused on is growth. So marketing and prospecting. Then
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  once you have your guard figured out, you need to put good
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  systems, policies and processes in place. And during this time,
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  once you have all this systems in place, you seem to not have
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  constant fires to put out every day like you previously had and
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  start plugging people into your systems because they can
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  understand the objective outcomes and roadblocks and
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  ultimately, what the processes are, Jamie so that you can then
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  get into the enterprise stage where you can replicate your
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  success and then you have the luxury of time. And you become a
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  master of delegation. Jamie said when you've got more money than
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  your spouse, and you're at the point where you have the luxury
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  of scheduling your day the way you want, your spouse may not
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  have the same freedom you have and you may look at what they're
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  earning as easily replaceable in exchange for their time. And the
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  issue that comes from this is making other people feel
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  undervalued for not contributing to the household. So how do you
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  solve this? Jamie shared her recommendations and action items
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  such as you can ask your spouse what are things you can take
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  care for them that allows for that time together. Also to
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  understand that their job is real, you can't expect them to
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  just be available when you need them. Jamie also recommended
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  financially having three bank accounts where one is a joint
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  account for all the shared household expenses come out. She
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  does this by taking the costume in the household marking it up
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  by 20% then having that deposited into the account once
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  or twice and the other two accounts are the individuals
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  account. And what goes into this is a monthly allowance that can
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  be spent on whatever the person chooses. And if there's a
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  disparity with this when it comes to kids, she recommends
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  setting a budget based off of what you spend the prior year.
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  As far as where the income is being deposited, she likes to
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  have three deposited into one other account such as Schwab.
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  And from there, it's just bursts to the different accounts. This
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  is what Jamie calls her wealth building strategy. She said it
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  helps to equalize any economic disparity and reminds people in
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  a relationship that they're in a together and that both people
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  made a sacrifice to get to where they are. That wraps up this
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  weeks recap, so TPR Nation if you are looking for resources or
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  if you have a question, you can email us at
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  lifestyle@theperfectria.com. Thank you for joining me for
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  today's recap and please share this or any of our episodes with
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  another advisor or a team member who you think might benefit from
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  listening and until next time, happy planning.