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The Growth Secret Most Financial Leaders Ignore · Views from 6,230

• 0:01
  Welcome
• 0:02
  to
• 0:02
  the
• 0:02
  Adjusted
• 0:03
  for
• 0:03
  Risk
• 0:03
  podcast.
• 0:04
  Join
• 0:05
  myself,
• 0:06
  Brian
• 0:06
  Namath,
• 0:07
  as
• 0:07
  I
• 0:07
  talk
• 0:07
  markets,
• 0:08
  investments,
• 0:08
  economics-
• 0:09
  Let's
• 0:09
  get
• 0:09
  started
• 0:10
  and
• 0:10
  life
• 0:10
  as
• 0:11
  I
• 0:11
  help
• 0:11
  prepare
• 0:12
  you
• 0:12
  for
• 0:12
  the
• 0:12
  upcoming
• 0:13
  week
• 0:13
  in
• 0:14
  markets
• 0:15
  I
• 0:15
  work
• 0:16
  for
• 0:16
  Zephyr,
• 0:16
  and
• 0:17
  all
• 0:17
  opinions
• 0:17
  expressed
• 0:18
  by
• 0:18
  myself
• 0:19
  and
• 0:19
  my
• 0:20
  podcast
• 0:20
  guests
• 0:20
  are
• 0:21
  solely
• 0:21
  of
• 0:21
  their
• 0:21
  own
• 0:21
  opinions
• 0:21
  and
• 0:21
  do
• 0:21
  not
• 0:21
  reflect
• 0:21
  the
• 0:24
  opinion
• 0:24
  of
• 0:25
  Zephyr
• 0:26
  or
• 0:26
  Informa,
• 0:27
  its
• 0:27
  parent
• 0:27
  company.
• 0:28
  This
• 0:29
  podcast
• 0:30
  is
• 0:30
  for
• 0:30
  informational
• 0:31
  purposes
• 0:32
  only
• 0:32
  and
• 0:32
  should
• 0:32
  not
• 0:33
  be
• 0:33
  relied
• 0:33
  on
• 0:34
  for
• 0:34
  investment
• 0:35
  decisions.
• 0:36
  Hello,
• 0:36
  everyone,
• 0:37
  and
• 0:37
  welcome
• 0:38
  to
• 0:38
  Zephyr's
• 0:38
  Adjusted
• 0:39
  for
• 0:39
  Risk
• 0:39
  podcast.
• 0:40
  We
• 0:40
  are
• 0:40
  recording
• 0:41
  on
• 0:41
  location
• 0:42
  at
• 0:42
  the
• 0:42
  Steward
• 0:43
  Symposium,
• 0:44
  which
• 0:44
  is
• 0:44
  going
• 0:45
  to
• 0:45
  be
• 0:45
  a
• 0:45
  great
• 0:45
  few
• 0:46
  days
• 0:46
  of
• 0:46
  fun
• 0:46
  conversations
• 0:47
  and
• 0:48
  great
• 0:48
  content
• 0:49
  and
• 0:49
  insights.
• 0:51
  There
• 0:51
  has
• 0:51
  been
• 0:51
  a
• 0:52
  major
• 0:52
  shift
• 0:54
  in
• 0:54
  taking
• 0:55
  place
• 0:55
  in
• 0:55
  the
• 0:55
  wealth
• 0:56
  management
• 0:56
  space
• 0:57
  over
• 0:57
  the
• 0:57
  past
• 0:58
  few
• 0:58
  years,
• 0:58
  and
• 0:58
  the
• 0:59
  innovation
• 0:59
  and
• 0:59
  evolution
• 1:00
  of
• 1:01
  the
• 1:01
  space
• 1:01
  doesn't
• 1:02
  look
• 1:02
  to
• 1:02
  be
• 1:02
  slowing
• 1:02
  anytime
• 1:03
  soon.
• 1:04
  Well,
• 1:05
  my
• 1:05
  next
• 1:05
  guest
• 1:06
  is
• 1:06
  leading
• 1:06
  the
• 1:06
  charge
• 1:07
  here
• 1:07
  at
• 1:07
  Steward
• 1:08
  Partners,
• 1:09
  and
• 1:09
  he's
• 1:09
  going
• 1:09
  to
• 1:09
  share
• 1:10
  his
• 1:10
  thoughts
• 1:11
  about
• 1:11
  the
• 1:11
  evolution
• 1:12
  of
• 1:12
  the
• 1:12
  space
• 1:13
  and
• 1:13
  what
• 1:13
  Steward
• 1:13
  Partners
• 1:14
  is
• 1:14
  doing
• 1:15
  to
• 1:15
  continue
• 1:15
  to
• 1:16
  be
• 1:16
  an
• 1:17
  industry
• 1:17
  leader.
• 1:18
  But
• 1:18
  first,
• 1:19
  today's
• 1:19
  episode
• 1:19
  is
• 1:19
  sponsored
• 1:20
  by
• 1:20
  the
• 1:20
  award-winning
• 1:21
  Zephyr,
• 1:22
  which
• 1:22
  helps
• 1:22
  investment
• 1:23
  professionals
• 1:23
  make
• 1:24
  more
• 1:24
  informed
• 1:25
  investment
• 1:25
  decisions
• 1:26
  on
• 1:26
  behalf
• 1:27
  of
• 1:27
  their
• 1:27
  clients.
• 1:28
  All
• 1:28
  right,
• 1:28
  I've
• 1:28
  already
• 1:29
  talked
• 1:29
  enough.
• 1:29
  I'm
• 1:30
  going
• 1:30
  to
• 1:30
  go
• 1:30
  ahead
• 1:30
  and
• 1:30
  bring
• 1:31
  on
• 1:31
  the
• 1:31
  star
• 1:31
  of
• 1:31
  the
• 1:32
  show.
• 1:32
  I'd
• 1:33
  like
• 1:33
  to
• 1:33
  give
• 1:33
  a
• 1:33
  very
• 1:34
  warm
• 1:34
  welcome
• 1:35
  to
• 1:35
  Jim
• 1:36
  Gold.
• 1:37
  Jim
• 1:37
  is
• 1:38
  the
• 1:38
  chief
• 1:38
  executive
• 1:39
  officer
• 1:40
  at
• 1:40
  Steward
• 1:41
  Partners.
• 1:41
  Jim,
• 1:42
  thank
• 1:42
  you
• 1:42
  so
• 1:43
  much
• 1:43
  for
• 1:43
  coming
• 1:43
  on
• 1:43
  again.
• 1:44
  Like
• 1:44
  we
• 1:45
  said,
• 1:45
  I
• 1:45
  think
• 1:45
  this
• 1:45
  is
• 1:45
  your
• 1:46
  third
• 1:46
  time.
• 1:46
  That's
• 1:47
  it.
• 1:47
  I'm,
• 1:47
  I'm-
• 1:47
  I'm
• 1:47
  a
• 1:47
  repeat
• 1:47
  offender.
• 1:48
  Yeah.
• 1:49
  I'm
• 1:49
  glad,
• 1:50
  uh,
• 1:50
  I'm
• 1:50
  glad
• 1:50
  I
• 1:51
  haven't
• 1:51
  scared
• 1:51
  you
• 1:51
  away,
• 1:52
  um,
• 1:53
  in
• 1:53
  the
• 1:53
  years.
• 1:53
  No,
• 1:53
  always
• 1:53
  a
• 1:53
  pleasure,
• 1:54
  and
• 1:54
  grateful
• 1:54
  for
• 1:54
  the
• 1:54
  opportunity.
• 1:54
  I've
• 1:55
  always
• 1:55
  enjoyed
• 1:56
  our
• 1:56
  conversations.
• 1:57
  Can
• 1:57
  you
• 1:57
  please
• 1:57
  tell
• 1:58
  us
• 1:58
  a
• 1:58
  little
• 1:58
  bit
• 1:58
  more
• 1:58
  about
• 1:59
  yourself
• 1:59
  and
• 1:59
  Steward
• 2:00
  Partners?
• 2:01
  Yeah,
• 2:01
  so
• 2:02
  again,
• 2:02
  thanks
• 2:02
  for
• 2:02
  the
• 2:02
  opportunity.
• 2:03
  Great
• 2:03
  to
• 2:03
  be
• 2:03
  with
• 2:04
  you
• 2:04
  as
• 2:04
  always.
• 2:04
  Um,
• 2:05
  I,
• 2:05
  I
• 2:05
  spent
• 2:05
  my
• 2:06
  career
• 2:06
  in
• 2:06
  wealth
• 2:07
  management.
• 2:07
  I
• 2:07
  started
• 2:07
  out
• 2:07
  at
• 2:07
  Smith
• 2:08
  Barney
• 2:08
  back
• 2:08
  in
• 2:08
  the
• 2:09
  '90s,
• 2:10
  was
• 2:10
  a
• 2:10
  financial
• 2:10
  advisor.
• 2:12
  And
• 2:12
  you
• 2:12
  know,
• 2:12
  Smith
• 2:12
  Barney
• 2:12
  I
• 2:12
  thought
• 2:13
  was
• 2:13
  really,
• 2:13
  had
• 2:13
  a
• 2:13
  lot
• 2:14
  of
• 2:14
  wisdom,
• 2:14
  sort
• 2:14
  of
• 2:15
  corporate
• 2:15
  wisdom,
• 2:15
  and
• 2:15
  one
• 2:16
  of
• 2:16
  them
• 2:16
  was
• 2:17
  they
• 2:17
  wanted
• 2:17
  field
• 2:17
  leadership
• 2:18
  to
• 2:18
  be
• 2:18
  people
• 2:18
  that
• 2:19
  actually
• 2:19
  had
• 2:19
  done
• 2:19
  the
• 2:19
  job.
• 2:20
  So
• 2:20
  I
• 2:21
  went
• 2:21
  into
• 2:21
  branch
• 2:21
  management,
• 2:22
  held
• 2:22
  various
• 2:22
  roles,
• 2:23
  and
• 2:24
  then
• 2:24
  ultimately,
• 2:25
  you
• 2:25
  know,
• 2:25
  wound
• 2:25
  up
• 2:25
  at
• 2:25
  Morgan
• 2:26
  Stanley
• 2:26
  Smith
• 2:26
  Barney
• 2:27
  through
• 2:27
  the
• 2:27
  merger,
• 2:28
  and
• 2:28
  then
• 2:28
  left
• 2:29
  in
• 2:29
  2013
• 2:30
  to
• 2:30
  help
• 2:30
  found
• 2:31
  Steward.
• 2:32
  Fantastic.
• 2:33
  So
• 2:35
  you
• 2:35
  know,
• 2:35
  Steward
• 2:36
  Partners
• 2:36
  has
• 2:36
  grown
• 2:37
  into
• 2:37
  one
• 2:37
  of
• 2:37
  the
• 2:37
  most
• 2:38
  talked-about
• 2:39
  names
• 2:39
  in
• 2:39
  wealth
• 2:39
  management.
• 2:40
  You
• 2:40
  guys
• 2:41
  are
• 2:41
  very
• 2:41
  active
• 2:42
  in
• 2:42
  bringing
• 2:43
  on
• 2:43
  new
• 2:43
  advisors,
• 2:44
  whether
• 2:44
  it's
• 2:44
  M&A
• 2:45
  or
• 2:45
  just
• 2:46
  from
• 2:46
  the
• 2:46
  wire
• 2:46
  house
• 2:47
  space,
• 2:47
  very
• 2:48
  active
• 2:49
  and,
• 2:49
  and
• 2:49
  growing.
• 2:50
  Right.
• 2:50
  Growing
• 2:50
  at
• 2:50
  a
• 2:51
  fantastic
• 2:52
  clip.
• 2:53
  Um,
• 2:53
  when
• 2:54
  you
• 2:54
  look
• 2:54
  back
• 2:55
  at
• 2:55
  where
• 2:55
  this
• 2:55
  firm
• 2:56
  started
• 2:57
  versus
• 2:57
  where
• 2:58
  it
• 2:58
  stands
• 2:58
  today,
• 2:59
  what
• 3:00
  moment
• 3:00
  made
• 3:01
  you
• 3:01
  realize
• 3:02
  you
• 3:02
  were
• 3:02
  building
• 3:02
  something
• 3:03
  really,
• 3:03
  truly
• 3:03
  different?
• 3:04
  Was
• 3:04
  that
• 3:04
  day
• 3:04
  one?
• 3:05
  You
• 3:05
  were
• 3:05
  like,
• 3:05
  "Oh,
• 3:05
  we're
• 3:06
  doing
• 3:06
  something
• 3:06
  really
• 3:07
  different
• 3:07
  and
• 3:07
  good
• 3:08
  here."
• 3:09
  I
• 3:09
  mean,
• 3:09
  the
• 3:09
  plan,
• 3:09
  the
• 3:10
  plan
• 3:10
  was
• 3:10
  always
• 3:10
  terrific.
• 3:11
  Um,
• 3:11
  but,
• 3:12
  you
• 3:12
  know-
• 3:12
  ma-
• 3:12
  many
• 3:12
  business
• 3:13
  plans
• 3:13
  are
• 3:13
  great,
• 3:14
  and
• 3:14
  the
• 3:14
  execution
• 3:14
  doesn't
• 3:15
  happen.
• 3:15
  Yeah.
• 3:15
  So
• 3:16
  it
• 3:16
  really
• 3:16
  is
• 3:16
  about
• 3:16
  execution,
• 3:17
  and
• 3:19
  we
• 3:19
  have
• 3:19
  executed
• 3:20
  on
• 3:20
  the
• 3:20
  vision
• 3:21
  of
• 3:21
  the
• 3:21
  firm,
• 3:21
  the,
• 3:22
  how
• 3:22
  the
• 3:22
  firm
• 3:23
  is
• 3:23
  run,
• 3:23
  and
• 3:23
  things
• 3:24
  we
• 3:24
  do,
• 3:24
  and
• 3:24
  attributes
• 3:24
  of
• 3:24
  the
• 3:25
  company
• 3:25
  have
• 3:25
  evolved
• 3:25
  over
• 3:26
  time,
• 3:26
  and
• 3:26
  I
• 3:26
  always
• 3:26
  say
• 3:26
  great
• 3:27
  companies
• 3:27
  need
• 3:27
  to
• 3:27
  evolve.
• 3:28
  Um,
• 3:29
  so
• 3:29
  yeah,
• 3:29
  we're...
• 3:30
  Listen,
• 3:30
  we're
• 3:30
  remarkably
• 3:31
  proud
• 3:31
  of
• 3:31
  where
• 3:31
  we
• 3:31
  are,
• 3:32
  but
• 3:32
  we're
• 3:33
  also
• 3:33
  remarkably
• 3:33
  focused
• 3:34
  on
• 3:34
  what
• 3:34
  we
• 3:35
  have
• 3:35
  to
• 3:35
  do
• 3:35
  ahead
• 3:35
  of
• 3:35
  us.
• 3:36
  Mm-hmm.
• 3:37
  Yeah,
• 3:37
  I
• 3:37
  love
• 3:37
  that,
• 3:38
  where
• 3:38
  you...
• 3:39
  I
• 3:39
  feel
• 3:40
  as
• 3:40
  if
• 3:40
  some
• 3:40
  people,
• 3:41
  they're
• 3:41
  like,
• 3:41
  "You
• 3:41
  know
• 3:41
  what
• 3:41
  worked
• 3:42
  before"-
• 3:43
  Right
• 3:43
  it
• 3:43
  can
• 3:43
  work
• 3:44
  today,"
• 3:44
  whether
• 3:44
  you're
• 3:45
  a
• 3:45
  financial
• 3:45
  advisor
• 3:46
  or
• 3:46
  just
• 3:46
  the
• 3:46
  leader
• 3:47
  of,
• 3:47
  you
• 3:48
  know,
• 3:48
  a
• 3:48
  convenience
• 3:49
  store.
• 3:50
  Right.
• 3:50
  Right?
• 3:50
  You've
• 3:50
  got
• 3:50
  to
• 3:51
  evolve.
• 3:51
  Right.
• 3:51
  So
• 3:52
  it,
• 3:52
  it,
• 3:52
  it...
• 3:53
  And
• 3:53
  especially,
• 3:53
  you
• 3:53
  know,
• 3:54
  with
• 3:54
  all
• 3:54
  the
• 3:54
  technology
• 3:55
  and,
• 3:56
  and
• 3:56
  AI,
• 3:57
  um,
• 3:58
  you've
• 3:58
  always
• 3:58
  gotta
• 3:59
  be
• 3:59
  willing
• 4:00
  to
• 4:00
  evolve.
• 4:01
  I've
• 4:02
  seen
• 4:02
  the
• 4:02
  word
• 4:03
  unstoppable
• 4:04
  a
• 4:04
  lot,
• 4:05
  um,
• 4:06
  whether
• 4:06
  getting
• 4:06
  ready
• 4:06
  for
• 4:07
  the
• 4:07
  symposium,
• 4:08
  doing
• 4:09
  research
• 4:09
  on
• 4:10
  the
• 4:10
  website
• 4:10
  on
• 4:11
  Steward
• 4:11
  Partners.
• 4:12
  What
• 4:13
  does
• 4:13
  that
• 4:13
  mean
• 4:14
  to
• 4:14
  you
• 4:14
  culturally
• 4:15
  and
• 4:15
  strategically,
• 4:16
  and
• 4:16
  how
• 4:17
  do
• 4:17
  you
• 4:17
  make
• 4:17
  sure
• 4:18
  it's
• 4:18
  more
• 4:18
  than
• 4:18
  just
• 4:19
  a
• 4:19
  tagline?
• 4:21
  Yeah,
• 4:21
  listen,
• 4:21
  my,
• 4:21
  my
• 4:22
  father
• 4:22
  had
• 4:23
  a
• 4:23
  lot
• 4:23
  of
• 4:23
  great
• 4:23
  sayings,
• 4:23
  and
• 4:23
  one
• 4:24
  of
• 4:24
  them
• 4:24
  was,
• 4:24
  "Facts
• 4:24
  are
• 4:24
  stubborn."
• 4:25
  So
• 4:26
  we
• 4:26
  are
• 4:26
  unstoppable.
• 4:27
  It's
• 4:27
  a
• 4:27
  fact,
• 4:28
  right?
• 4:28
  If
• 4:28
  you
• 4:28
  look
• 4:28
  at
• 4:28
  the
• 4:28
  firm,
• 4:29
  you
• 4:29
  look
• 4:29
  at
• 4:29
  our
• 4:29
  growth,
• 4:30
  um,
• 4:30
  our
• 4:30
  growth
• 4:31
  continues
• 4:31
  to
• 4:31
  accelerate.
• 4:33
  We
• 4:33
  look
• 4:34
  at,
• 4:34
  you
• 4:34
  know,
• 4:34
  the
• 4:34
  company,
• 4:35
  and
• 4:35
  I
• 4:35
  was
• 4:35
  talking
• 4:36
  about
• 4:36
  this
• 4:36
  at
• 4:36
  our
• 4:36
  last
• 4:36
  board
• 4:37
  meeting,
• 4:38
  when
• 4:38
  Cynosure
• 4:39
  invested,
• 4:39
  they
• 4:39
  were
• 4:39
  our
• 4:39
  first
• 4:40
  investor,
• 4:40
  we
• 4:40
  were,
• 4:41
  you
• 4:41
  know,
• 4:41
  almost
• 4:41
  six
• 4:41
  years
• 4:42
  at,
• 4:42
  at,
• 4:42
  at
• 4:42
  Steward.
• 4:43
  We
• 4:43
  had
• 4:43
  $8
• 4:44
  billion
• 4:44
  in
• 4:44
  assets
• 4:45
  total
• 4:45
  after
• 4:46
  almost
• 4:46
  six
• 4:46
  years.
• 4:47
  We'll
• 4:47
  bring
• 4:47
  in
• 4:47
  probably
• 4:48
  12
• 4:48
  billion
• 4:49
  this
• 4:49
  year.
• 4:50
  So
• 4:50
  what
• 4:50
  took
• 4:51
  eight,
• 4:51
  you
• 4:52
  know,
• 4:52
  six
• 4:52
  years
• 4:52
  is
• 4:53
  happening
• 4:53
  in,
• 4:53
  in
• 4:54
  six
• 4:54
  months
• 4:54
  now.
• 4:55
  So
• 4:55
  that's
• 4:56
  the
• 4:56
  unstoppable
• 4:57
  momentum.
• 4:58
  But
• 4:58
  the
• 4:59
  number
• 4:59
  one
• 4:59
  attribute
• 5:00
  of
• 5:00
  the
• 5:00
  company
• 5:00
  that
• 5:00
  we
• 5:01
  focus
• 5:01
  on
• 5:01
  is
• 5:01
  culture,
• 5:02
  right?
• 5:02
  Because
• 5:02
  you
• 5:03
  really
• 5:03
  set
• 5:03
  out
• 5:03
  to
• 5:04
  say,
• 5:05
  is
• 5:05
  it,
• 5:05
  you
• 5:05
  know,
• 5:06
  most
• 5:06
  things
• 5:06
  in
• 5:06
  life
• 5:06
  are
• 5:07
  simple.
• 5:07
  We
• 5:07
  said,
• 5:07
  "Look,
• 5:07
  let's
• 5:08
  build
• 5:08
  a
• 5:08
  firm
• 5:08
  that
• 5:09
  people
• 5:09
  are
• 5:09
  treated
• 5:10
  with
• 5:10
  respect.
• 5:10
  They're
• 5:11
  partners.
• 5:11
  They
• 5:11
  have
• 5:11
  a
• 5:11
  voice
• 5:12
  in
• 5:12
  the
• 5:12
  firm.
• 5:13
  You
• 5:14
  are
• 5:14
  responsive
• 5:14
  to
• 5:14
  their
• 5:15
  needs.
• 5:16
  You
• 5:16
  know,
• 5:16
  no
• 5:16
  reasonable
• 5:17
  request
• 5:17
  is
• 5:17
  refused
• 5:18
  type
• 5:18
  of
• 5:18
  thing."
• 5:19
  And
• 5:19
  we
• 5:19
  kicked
• 5:19
  off
• 5:19
  last
• 5:20
  night,
• 5:20
  you
• 5:20
  know,
• 5:21
  with
• 5:21
  our
• 5:21
  top
• 5:21
  producers
• 5:22
  and
• 5:22
  a
• 5:22
  top
• 5:22
  producer
• 5:23
  dinner,
• 5:23
  which
• 5:23
  was
• 5:23
  really
• 5:23
  just
• 5:24
  social.
• 5:24
  And
• 5:24
  there
• 5:24
  was,
• 5:24
  you
• 5:24
  know-
• 5:25
  Mm-hmm
• 5:25
  80
• 5:25
  people
• 5:25
  in
• 5:25
  the
• 5:25
  room,
• 5:26
  and
• 5:26
  a
• 5:26
  couple
• 5:26
  of
• 5:26
  members
• 5:27
  of
• 5:27
  the
• 5:27
  management
• 5:27
  team,
• 5:27
  a
• 5:27
  couple
• 5:28
  of
• 5:28
  board
• 5:28
  members,
• 5:29
  and
• 5:29
  it's
• 5:29
  really
• 5:29
  just
• 5:30
  keeping
• 5:30
  that
• 5:30
  personal
• 5:31
  connection
• 5:32
  that
• 5:32
  you,
• 5:33
  you
• 5:33
  wanna
• 5:33
  make
• 5:33
  sure
• 5:33
  you
• 5:33
  don't
• 5:34
  lose,
• 5:34
  'cause
• 5:34
  that's
• 5:34
  why
• 5:34
  you
• 5:35
  started
• 5:35
  the
• 5:35
  firm
• 5:35
  at
• 5:35
  the
• 5:35
  beginning.
• 5:36
  You
• 5:37
  know,
• 5:37
  Jim,
• 5:38
  I
• 5:38
  think
• 5:38
  that's
• 5:38
  fantastic.
• 5:39
  I
• 5:39
  hear
• 5:39
  culture
• 5:40
  a
• 5:40
  lot.
• 5:40
  Right.
• 5:41
  And
• 5:41
  I've
• 5:42
  spoken
• 5:42
  to
• 5:42
  you
• 5:42
  a
• 5:42
  handful
• 5:43
  of
• 5:43
  times.
• 5:44
  I've
• 5:44
  had
• 5:45
  Jeff
• 5:45
  on,
• 5:46
  other
• 5:46
  members
• 5:46
  of
• 5:46
  Steward
• 5:47
  Partners
• 5:47
  on,
• 5:48
  and
• 5:48
  you
• 5:48
  can
• 5:48
  just
• 5:48
  tell
• 5:49
  the
• 5:49
  culture
• 5:49
  that
• 5:49
  you've
• 5:50
  built
• 5:50
  here
• 5:50
  is
• 5:50
  fantastic.
• 5:51
  It's,
• 5:52
  you
• 5:52
  know,
• 5:52
  everyone
• 5:53
  feels
• 5:53
  included.
• 5:54
  Right.
• 5:54
  I,
• 5:54
  you
• 5:54
  know,
• 5:55
  just
• 5:55
  in
• 5:56
  my
• 5:56
  short
• 5:57
  couple
• 5:57
  hours
• 5:58
  here
• 5:58
  at
• 5:58
  the
• 5:58
  symposium,
• 5:59
  you
• 5:59
  can
• 5:59
  just
• 5:59
  sense
• 6:00
  it.
• 6:00
  Um,
• 6:01
  so
• 6:01
  you
• 6:01
  guys
• 6:01
  have
• 6:02
  done
• 6:02
  a
• 6:02
  great
• 6:02
  job
• 6:02
  with
• 6:02
  culture.
• 6:03
  And
• 6:04
  I'm
• 6:04
  gonna
• 6:04
  have
• 6:04
  more
• 6:04
  conversations
• 6:05
  about
• 6:05
  this
• 6:06
  later,
• 6:06
  but
• 6:06
  as
• 6:07
  you
• 6:07
  grow,
• 6:08
  is
• 6:08
  it
• 6:08
  harder
• 6:09
  to
• 6:09
  maintain
• 6:09
  that
• 6:10
  culture?
• 6:11
  It
• 6:11
  is
• 6:11
  and
• 6:12
  it
• 6:12
  isn't.
• 6:12
  You,
• 6:12
  you
• 6:12
  have
• 6:13
  to
• 6:13
  be...
• 6:13
  It's
• 6:13
  a
• 6:13
  caretaker
• 6:14
  and
• 6:14
  it's
• 6:14
  a
• 6:14
  relationship,
• 6:15
  right?
• 6:15
  So
• 6:16
  I'm
• 6:16
  married
• 6:16
  35
• 6:17
  years.
• 6:17
  You
• 6:18
  can't
• 6:18
  say,
• 6:18
  "Hey,
• 6:18
  we
• 6:18
  got
• 6:18
  married,
• 6:19
  and
• 6:19
  now,
• 6:19
  you
• 6:19
  know,
• 6:19
  now
• 6:20
  I'm
• 6:20
  done
• 6:20
  being
• 6:20
  nice
• 6:20
  to
• 6:20
  you,"
• 6:20
  right?
• 6:21
  So
• 6:21
  there's,
• 6:22
  there's
• 6:22
  an
• 6:22
  ongoing
• 6:22
  relationship
• 6:23
  you
• 6:23
  need
• 6:23
  to,
• 6:23
  you
• 6:23
  sort
• 6:24
  of
• 6:24
  need
• 6:24
  to
• 6:24
  maintain
• 6:24
  and
• 6:25
  foster.
• 6:26
  Um,
• 6:26
  but
• 6:26
  I
• 6:26
  think
• 6:26
  we,
• 6:26
  we
• 6:27
  do
• 6:27
  focus
• 6:27
  a
• 6:27
  lot
• 6:28
  on
• 6:28
  the
• 6:28
  culture
• 6:28
  and
• 6:28
  the
• 6:28
  people,
• 6:30
  and
• 6:30
  I
• 6:30
  think
• 6:30
  it
• 6:30
  also
• 6:30
  starts
• 6:31
  with,
• 6:32
  you
• 6:32
  know,
• 6:32
  who
• 6:32
  joins
• 6:33
  the
• 6:33
  firm.
• 6:33
  So
• 6:33
  we
• 6:33
  talk
• 6:34
  about
• 6:34
  this
• 6:34
  a
• 6:34
  lot,
• 6:34
  which
• 6:34
  is
• 6:35
  you
• 6:35
  wanna
• 6:35
  work
• 6:35
  with
• 6:35
  great
• 6:36
  people
• 6:37
  who
• 6:37
  happen
• 6:37
  to
• 6:37
  run
• 6:37
  a
• 6:37
  great
• 6:38
  business,
• 6:38
  right?
• 6:39
  Mm-hmm.
• 6:39
  And
• 6:39
  listen,
• 6:40
  the
• 6:40
  better
• 6:40
  advisors
• 6:41
  are
• 6:41
  not
• 6:41
  needy.
• 6:42
  That's,
• 6:42
  that's
• 6:42
  a
• 6:42
  big
• 6:43
  misnomer,
• 6:43
  where
• 6:44
  they
• 6:45
  just
• 6:45
  wanna
• 6:45
  be
• 6:45
  able
• 6:45
  to
• 6:45
  run
• 6:45
  their
• 6:45
  business.
• 6:46
  They
• 6:46
  w-
• 6:46
  all
• 6:47
  wanna
• 6:47
  follow
• 6:47
  the
• 6:47
  rules.
• 6:48
  Just
• 6:48
  make
• 6:48
  it
• 6:48
  as
• 6:48
  painless
• 6:49
  as
• 6:49
  possible,
• 6:50
  right?
• 6:50
  They
• 6:50
  understand
• 6:50
  there's
• 6:50
  gonna
• 6:51
  be
• 6:51
  some
• 6:51
  pain
• 6:51
  of
• 6:51
  following
• 6:51
  the
• 6:51
  rules.
• 6:52
  That's
• 6:52
  okay.
• 6:53
  And,
• 6:53
  you
• 6:54
  know,
• 6:54
  don't
• 6:54
  make
• 6:55
  changes
• 6:55
  to
• 6:55
  their
• 6:55
  comp
• 6:56
  plan,
• 6:56
  and
• 6:56
  when
• 6:56
  they
• 6:56
  need
• 6:57
  your
• 6:57
  help,
• 6:57
  respond,
• 6:57
  right?
• 6:58
  So
• 6:58
  again,
• 6:59
  like
• 6:59
  most
• 6:59
  things
• 6:59
  in
• 6:59
  life,
• 7:00
  it's
• 7:00
  remarkably
• 7:00
  simple
• 7:01
  to
• 7:02
  run
• 7:02
  a
• 7:02
  place
• 7:02
  that
• 7:02
  people
• 7:03
  feel
• 7:03
  really
• 7:03
  good
• 7:03
  about.
• 7:04
  I
• 7:04
  think
• 7:05
  we
• 7:05
  have
• 7:05
  this,
• 7:05
  you
• 7:06
  know,
• 7:06
  secret
• 7:06
  weapon
• 7:06
  of
• 7:07
  having
• 7:07
  everyone
• 7:07
  here
• 7:07
  being
• 7:08
  an
• 7:08
  equity
• 7:08
  owner
• 7:08
  as
• 7:09
  well.
• 7:09
  Okay.
• 7:10
  Yeah.
• 7:10
  That
• 7:10
  probably...
• 7:11
  You
• 7:11
  know,
• 7:11
  that
• 7:11
  gives
• 7:12
  them
• 7:12
  the
• 7:12
  sense
• 7:12
  of
• 7:12
  ownership.
• 7:13
  Yeah.
• 7:13
  And
• 7:14
  I'm
• 7:14
  gonna
• 7:14
  tell
• 7:15
  my
• 7:15
  son
• 7:16
  that
• 7:16
  following
• 7:16
  the
• 7:16
  rules
• 7:17
  is
• 7:18
  painless.
• 7:18
  Yeah.
• 7:21
  No,
• 7:21
  as
• 7:21
  painless
• 7:21
  as
• 7:21
  possible.
• 7:22
  Yeah,
• 7:22
  painless.
• 7:22
  Not
• 7:23
  painless.
• 7:23
  Yeah.
• 7:24
  Yes.
• 7:25
  Um,
• 7:26
  the
• 7:26
  independent
• 7:27
  wealth
• 7:27
  management
• 7:28
  space
• 7:28
  has
• 7:29
  become
• 7:30
  incredibly
• 7:31
  competitive.
• 7:32
  I
• 7:32
  mean,
• 7:32
  the
• 7:32
  entire
• 7:33
  space,
• 7:33
  whether
• 7:33
  an
• 7:34
  asset
• 7:34
  manager,
• 7:35
  wealth
• 7:35
  manager,
• 7:36
  independ-
• 7:36
  it's
• 7:36
  very
• 7:37
  competitive
• 7:37
  now.
• 7:38
  What
• 7:39
  is
• 7:39
  Steward
• 7:40
  Partners'
• 7:41
  philosophy
• 7:41
  that,
• 7:42
  uh,
• 7:42
  keeps
• 7:42
  you
• 7:43
  ahead
• 7:43
  of
• 7:43
  other
• 7:43
  firms
• 7:44
  that
• 7:44
  might
• 7:44
  have
• 7:44
  more
• 7:45
  resources
• 7:46
  or
• 7:47
  longer
• 7:47
  histories?
• 7:48
  W-
• 7:48
  how
• 7:48
  do
• 7:48
  you
• 7:48
  guys
• 7:49
  stay
• 7:49
  competitive
• 7:50
  and
• 7:50
  stay
• 7:50
  ahead
• 7:50
  of
• 7:50
  those?
• 7:51
  I
• 7:52
  think
• 7:52
  it's
• 7:52
  our
• 7:52
  outlook
• 7:53
  on
• 7:53
  the
• 7:53
  business
• 7:53
  and
• 7:54
  how
• 7:54
  things
• 7:54
  should
• 7:54
  be,
• 7:55
  and
• 7:55
  it
• 7:55
  doesn't
• 7:55
  mean
• 7:55
  we're
• 7:55
  right
• 7:56
  or
• 7:56
  wrong.
• 7:56
  It
• 7:56
  just
• 7:56
  means
• 7:57
  we
• 7:58
  have
• 7:58
  a
• 7:58
  different
• 7:58
  way
• 7:58
  of
• 7:58
  looking
• 7:58
  at
• 7:59
  things.
• 7:59
  So
• 7:59
  we
• 7:59
  look
• 7:59
  at
• 7:59
  M&A
• 8:00
  as
• 8:00
  a
• 8:00
  good
• 8:00
  example.
• 8:02
  There
• 8:02
  are
• 8:02
  very
• 8:02
  few
• 8:03
  firms
• 8:03
  that
• 8:03
  have
• 8:04
  built
• 8:04
  an
• 8:04
  M&A
• 8:04
  chassis
• 8:05
  that
• 8:05
  is,
• 8:06
  is
• 8:06
  predicated
• 8:07
  on
• 8:08
  the
• 8:08
  real
• 8:08
  concept
• 8:09
  of
• 8:09
  selling
• 8:09
  and
• 8:10
  staying,
• 8:11
  and
• 8:11
  having
• 8:11
  a
• 8:11
  multi-generational
• 8:12
  team
• 8:13
  where
• 8:14
  the
• 8:14
  senior
• 8:14
  partners
• 8:15
  aren't
• 8:15
  given
• 8:15
  a
• 8:15
  18-month
• 8:16
  or
• 8:16
  two-year
• 8:17
  contract,
• 8:17
  and
• 8:17
  then,
• 8:18
  you
• 8:18
  know,
• 8:18
  sort
• 8:18
  of
• 8:18
  pushed
• 8:19
  out
• 8:19
  the
• 8:19
  door
• 8:19
  after
• 8:19
  that.
• 8:20
  So-
• 8:21
  When
• 8:22
  I
• 8:22
  talk
• 8:22
  to
• 8:22
  people
• 8:22
  in
• 8:22
  M&A,
• 8:23
  that's
• 8:23
  w-
• 8:24
  one
• 8:24
  of
• 8:24
  the
• 8:24
  most
• 8:24
  common
• 8:25
  things
• 8:25
  I
• 8:25
  hear
• 8:25
  is,
• 8:25
  "Hey,
• 8:25
  I
• 8:25
  hear
• 8:26
  great
• 8:26
  things
• 8:26
  about
• 8:26
  your
• 8:27
  company.
• 8:27
  I'm
• 8:27
  excited
• 8:28
  about
• 8:28
  being
• 8:28
  an
• 8:28
  equity
• 8:29
  owner,
• 8:30
  but
• 8:30
  I
• 8:30
  gotta
• 8:30
  tell
• 8:30
  you,
• 8:30
  everyone
• 8:31
  else
• 8:31
  was
• 8:31
  looking
• 8:31
  to
• 8:31
  push
• 8:32
  me
• 8:32
  out
• 8:32
  the
• 8:32
  door
• 8:32
  within
• 8:33
  two
• 8:33
  years,
• 8:33
  get
• 8:33
  rid
• 8:33
  of
• 8:34
  my
• 8:34
  team
• 8:34
  name.
• 8:35
  I
• 8:35
  had
• 8:35
  to
• 8:35
  change
• 8:36
  all
• 8:36
  my
• 8:36
  asset
• 8:37
  management
• 8:37
  to
• 8:37
  how
• 8:38
  they
• 8:38
  do
• 8:38
  business."
• 8:38
  So
• 8:39
  basically
• 8:40
  they're
• 8:40
  just
• 8:40
  taking
• 8:40
  a
• 8:40
  giant
• 8:41
  bottle
• 8:41
  of
• 8:41
  White
• 8:41
  Out
• 8:41
  and
• 8:41
  they're
• 8:42
  erasing
• 8:42
  me
• 8:42
  from
• 8:43
  My
• 8:43
  whole
• 8:43
  career
• 8:43
  is
• 8:43
  being
• 8:43
  erased
• 8:44
  in
• 8:44
  18
• 8:44
  months,
• 8:45
  and
• 8:45
  that's
• 8:45
  just
• 8:46
  not
• 8:46
  who
• 8:46
  we
• 8:46
  are.
• 8:46
  Doesn't
• 8:47
  mean
• 8:47
  Listen,
• 8:47
  there's
• 8:47
  plenty
• 8:47
  of
• 8:47
  fine
• 8:48
  firms
• 8:48
  that
• 8:48
  do
• 8:48
  that
• 8:49
  and
• 8:49
  people
• 8:49
  who
• 8:49
  want
• 8:50
  that
• 8:50
  transaction.
• 8:51
  It's
• 8:51
  just
• 8:51
  never
• 8:51
  how
• 8:52
  we've
• 8:52
  looked
• 8:52
  at
• 8:52
  it,
• 8:53
  but
• 8:53
  I
• 8:53
  tell
• 8:53
  you,
• 8:53
  that's
• 8:53
  a
• 8:55
  We
• 8:55
  don't
• 8:55
  mean
• 8:55
  it
• 8:55
  as
• 8:56
  a
• 8:56
  selling
• 8:56
  point,
• 8:56
  but
• 8:56
  it's
• 8:56
  become
• 8:57
  one.
• 8:58
  Well,
• 8:58
  it's
• 8:58
  interesting
• 8:59
  you
• 8:59
  say
• 8:59
  when
• 8:59
  you
• 9:00
  say
• 9:00
  that,
• 9:01
  as
• 9:01
  you
• 9:01
  were
• 9:02
  explaining
• 9:02
  that
• 9:02
  about
• 9:03
  just
• 9:03
  wiping
• 9:04
  away
• 9:04
  their
• 9:04
  firm
• 9:05
  basically,
• 9:06
  why
• 9:06
  not
• 9:06
  then
• 9:06
  just
• 9:07
  go
• 9:07
  to
• 9:07
  a
• 9:07
  wirehouse
• 9:08
  or
• 9:09
  something,
• 9:09
  you
• 9:09
  know?
• 9:10
  If
• 9:10
  you're
• 9:10
  thinking
• 9:10
  about
• 9:11
  going
• 9:11
  independent,
• 9:12
  that
• 9:12
  doesn't
• 9:12
  sound
• 9:12
  like
• 9:13
  independent
• 9:13
  to
• 9:13
  me.
• 9:14
  Well,
• 9:14
  these
• 9:14
  are
• 9:15
  independ-
• 9:15
  these
• 9:15
  are
• 9:15
  independent
• 9:16
  M&A.
• 9:17
  Okay.
• 9:17
  Right?
• 9:17
  So
• 9:17
  you're
• 9:17
  looking
• 9:17
  to
• 9:17
  monetize
• 9:18
  your
• 9:18
  practice
• 9:19
  you've
• 9:19
  built.
• 9:20
  You
• 9:20
  know,
• 9:20
  there
• 9:20
  are
• 9:20
  people
• 9:20
  that
• 9:21
  just
• 9:21
  say,
• 9:21
  "Hey,
• 9:21
  I'm
• 9:21
  looking
• 9:22
  at
• 9:22
  it
• 9:22
  like
• 9:22
  I'm
• 9:22
  selling
• 9:22
  my
• 9:22
  house.
• 9:23
  Like
• 9:23
  I'm,
• 9:23
  I'm
• 9:23
  just-"
• 9:23
  Yeah
• 9:23
  selling
• 9:24
  to
• 9:24
  the
• 9:24
  best
• 9:24
  bidder,
• 9:25
  and
• 9:25
  whoever
• 9:25
  moves
• 9:26
  in
• 9:26
  is
• 9:26
  fine.
• 9:26
  I
• 9:26
  don't
• 9:26
  care."
• 9:27
  Um,
• 9:28
  so
• 9:28
  I
• 9:28
  think
• 9:28
  the,
• 9:28
  the
• 9:29
  sell
• 9:29
  and
• 9:29
  stay
• 9:29
  was
• 9:30
  a
• 9:30
  really
• 9:30
  meaningful
• 9:31
  change-
• 9:31
  Yeah
• 9:31
  and
• 9:31
  very
• 9:32
  different
• 9:32
  approach
• 9:33
  to
• 9:33
  it.
• 9:33
  Uh,
• 9:34
  I
• 9:34
  talked
• 9:34
  to
• 9:34
  a
• 9:34
  great
• 9:35
  team
• 9:35
  a
• 9:35
  few
• 9:35
  weeks
• 9:35
  ago,
• 9:36
  and
• 9:36
  they
• 9:36
  said,
• 9:36
  "We're
• 9:36
  We've
• 9:37
  had
• 9:37
  eight
• 9:37
  or
• 9:37
  nine
• 9:37
  other
• 9:38
  conversations.
• 9:38
  You're
• 9:39
  the
• 9:39
  only
• 9:39
  one
• 9:40
  that
• 9:40
  has
• 9:40
  a
• 9:40
  viable
• 9:41
  option
• 9:41
  for
• 9:41
  us
• 9:41
  to
• 9:42
  monetize
• 9:42
  what
• 9:43
  we've
• 9:43
  built
• 9:44
  and
• 9:44
  help
• 9:45
  set
• 9:45
  it
• 9:45
  up
• 9:45
  for
• 9:46
  our
• 9:46
  next
• 9:46
  generation."
• 9:47
  No,
• 9:47
  that's
• 9:47
  fan-
• 9:48
  because
• 9:48
  that's
• 9:49
  so
• 9:49
  important
• 9:49
  too,
• 9:50
  is
• 9:50
  that
• 9:50
  next
• 9:50
  generation,
• 9:52
  right?
• 9:52
  100%.
• 9:52
  Um,
• 9:53
  America's
• 9:54
  aging.
• 9:54
  Our
• 9:54
  clients
• 9:55
  are
• 9:55
  aging.
• 9:55
  Yeah.
• 9:56
  How
• 9:56
  do
• 9:56
  you
• 9:56
  bridge
• 9:56
  that
• 9:57
  gap?
• 9:57
  D-
• 9:57
  we
• 9:57
  talk
• 9:58
  about
• 9:58
  it
• 9:58
  all
• 9:58
  the
• 9:58
  time.
• 9:58
  It
• 9:58
  feels
• 9:59
  as
• 9:59
  if
• 9:59
  the
• 9:59
  Great
• 10:00
  Wealth
• 10:00
  Transfer
• 10:00
  has
• 10:00
  been
• 10:01
  going
• 10:01
  on
• 10:01
  for
• 10:01
  a
• 10:01
  decade
• 10:02
  now.
• 10:02
  Right.
• 10:02
  Right.
• 10:02
  And,
• 10:03
  uh,
• 10:03
  here
• 10:03
  we
• 10:03
  are.
• 10:04
  Right.
• 10:04
  So
• 10:04
  it's
• 10:04
  so
• 10:05
  important.
• 10:06
  We
• 10:06
  talked
• 10:07
  a
• 10:07
  little
• 10:07
  bit
• 10:07
  about
• 10:07
  the
• 10:08
  culture
• 10:08
  already,
• 10:09
  but
• 10:10
  how
• 10:11
  does
• 10:11
  How
• 10:12
  do
• 10:12
  you
• 10:12
  protect,
• 10:13
  um,
• 10:14
  you
• 10:14
  know,
• 10:14
  what
• 10:15
  makes
• 10:15
  Stewart
• 10:16
  special?
• 10:17
  Stewart's
• 10:17
  a
• 10:17
  special
• 10:18
  place.
• 10:18
  You
• 10:18
  know,
• 10:19
  culture,
• 10:19
  you
• 10:20
  know,
• 10:20
  is
• 10:20
  one
• 10:20
  of
• 10:20
  the
• 10:20
  reasons
• 10:21
  why
• 10:21
  it's
• 10:21
  special.
• 10:22
  How
• 10:22
  do
• 10:22
  you
• 10:22
  protect
• 10:23
  that
• 10:23
  as
• 10:23
  you
• 10:24
  grow
• 10:24
  to
• 10:24
  continue
• 10:25
  to
• 10:25
  make
• 10:25
  sure
• 10:25
  it
• 10:25
  remains
• 10:26
  special?
• 10:27
  So
• 10:28
  what
• 10:28
  you
• 10:28
  try
• 10:28
  to
• 10:28
  do
• 10:28
  is
• 10:28
  you
• 10:28
  focus
• 10:29
  on,
• 10:29
  listen,
• 10:30
  the,
• 10:30
  everyone
• 10:31
  here
• 10:31
  needs
• 10:32
  to
• 10:32
  be
• 10:32
  involved
• 10:32
  in
• 10:32
  the
• 10:32
  organization.
• 10:33
  They
• 10:33
  need
• 10:33
  to
• 10:33
  have
• 10:34
  a
• 10:34
  voice.
• 10:35
  I
• 10:35
  think
• 10:36
  if
• 10:36
  you
• 10:36
  asked
• 10:36
  any
• 10:37
  CEO
• 10:37
  of
• 10:37
  any
• 10:38
  company,
• 10:39
  "How's
• 10:39
  your
• 10:39
  culture?"
• 10:40
  They're
• 10:40
  gonna
• 10:40
  say,
• 10:40
  "It's
• 10:40
  great."
• 10:41
  I
• 10:42
  always
• 10:42
  say,
• 10:42
  "But
• 10:42
  ask
• 10:43
  their
• 10:43
  people
• 10:43
  the
• 10:43
  same
• 10:44
  question
• 10:44
  when
• 10:44
  the
• 10:44
  CEO's
• 10:45
  not
• 10:45
  in
• 10:45
  the
• 10:45
  room."
• 10:45
  That,
• 10:45
  that's
• 10:46
  the
• 10:46
  real
• 10:46
  answer,
• 10:46
  right?
• 10:46
  Is
• 10:46
  how,
• 10:47
  how
• 10:47
  do
• 10:47
  the
• 10:47
  people
• 10:47
  feel
• 10:48
  at
• 10:48
  the
• 10:48
  company?
• 10:49
  Not
• 10:49
  management
• 10:50
  always
• 10:50
  thinks
• 10:50
  the
• 10:50
  culture
• 10:50
  is
• 10:50
  great.
• 10:51
  Um,
• 10:52
  so
• 10:52
  I
• 10:52
  think
• 10:53
  it
• 10:53
  really
• 10:53
  is,
• 10:53
  it's
• 10:53
  listening,
• 10:54
  it's
• 10:54
  being
• 10:54
  involved,
• 10:55
  it's
• 10:55
  having,
• 10:56
  you
• 10:56
  know,
• 10:56
  giving
• 10:56
  them
• 10:57
  the
• 10:57
  respect
• 10:57
  and
• 10:57
  courtesy
• 10:58
  they
• 10:58
  deserve.
• 10:59
  You
• 10:59
  know,
• 10:59
  we,
• 10:59
  we
• 10:59
  treat
• 11:00
  our
• 11:00
  people
• 11:00
  like
• 11:01
  our
• 11:01
  clients,
• 11:01
  right?
• 11:01
  Mm-hmm.
• 11:01
  And
• 11:02
  if
• 11:02
  they
• 11:02
  need
• 11:02
  something,
• 11:02
  we're
• 11:03
  there
• 11:03
  to
• 11:03
  help
• 11:03
  them.
• 11:03
  And
• 11:04
  I
• 11:04
  always
• 11:04
  say,
• 11:05
  "If
• 11:05
  we
• 11:05
  can't
• 11:05
  do
• 11:06
  it,
• 11:06
  we're
• 11:06
  not
• 11:06
  gonna
• 11:06
  do
• 11:06
  it.
• 11:07
  If
• 11:07
  there's
• 11:07
  a
• 11:07
  reason
• 11:07
  we
• 11:07
  can't
• 11:08
  do
• 11:08
  it,
• 11:08
  we'll
• 11:08
  help
• 11:08
  you
• 11:08
  understand
• 11:09
  why,
• 11:09
  and
• 11:10
  then
• 11:10
  we're
• 11:10
  gonna
• 11:10
  try
• 11:10
  and
• 11:10
  fi-
• 11:11
  find
• 11:11
  you
• 11:11
  an
• 11:11
  alternative
• 11:11
  solution,"
• 11:12
  right?
• 11:12
  So,
• 11:13
  like
• 11:13
  we
• 11:13
  have
• 11:14
  our
• 11:14
  advisor
• 11:14
  council
• 11:15
  in
• 11:15
  this
• 11:15
  week,
• 11:16
  we
• 11:16
  have
• 11:16
  our
• 11:16
  administrative
• 11:17
  council
• 11:17
  in
• 11:17
  this
• 11:17
  week.
• 11:18
  I'm
• 11:18
  gonna
• 11:18
  sit
• 11:18
  in
• 11:18
  the
• 11:18
  room
• 11:19
  with
• 11:19
  both
• 11:19
  of
• 11:19
  them
• 11:19
  for,
• 11:20
  you
• 11:20
  know,
• 11:20
  an
• 11:20
  hour,
• 11:21
  and
• 11:21
  what's
• 11:21
  on
• 11:21
  their
• 11:22
  mind-
• 11:22
  Mm-hmm
• 11:22
  and
• 11:22
  what
• 11:22
  else
• 11:22
  could
• 11:22
  we
• 11:23
  be
• 11:23
  doing.
• 11:23
  And
• 11:24
  I
• 11:24
  always
• 11:24
  focus
• 11:24
  on,
• 11:25
  I
• 11:25
  think
• 11:25
  there's
• 11:26
  a,
• 11:26
  a
• 11:27
  maintenance
• 11:27
  of
• 11:27
  an
• 11:27
  organization,
• 11:28
  kinda
• 11:28
  like,
• 11:28
  you
• 11:29
  know,
• 11:29
  get
• 11:29
  your
• 11:29
  s-
• 11:29
  fall
• 11:30
  cleaning,
• 11:30
  your
• 11:30
  spring
• 11:31
  cleaning
• 11:31
  at
• 11:31
  your
• 11:31
  house
• 11:31
  type
• 11:32
  of
• 11:32
  thing.
• 11:32
  And
• 11:33
  we
• 11:33
  always
• 11:33
  go
• 11:33
  back
• 11:33
  every
• 11:34
  year
• 11:34
  or
• 11:34
  so
• 11:34
  and
• 11:34
  say
• 11:36
  Give
• 11:36
  me
• 11:36
  some
• 11:37
  things
• 11:37
  we're
• 11:37
  doing
• 11:37
  that
• 11:37
  can
• 11:38
  be
• 11:38
  done
• 11:38
  more
• 11:38
  efficiently.
• 11:39
  Give
• 11:39
  me
• 11:39
  some
• 11:39
  things
• 11:40
  that
• 11:40
  are
• 11:40
  slowing
• 11:40
  you
• 11:40
  down
• 11:40
  a
• 11:40
  little
• 11:41
  bit,
• 11:41
  right?
• 11:42
  And
• 11:42
  sometimes
• 11:42
  there
• 11:42
  isn't
• 11:43
  a
• 11:43
  fix,
• 11:43
  it's
• 11:43
  just-
• 11:43
  Mm-hmm
• 11:44
  regulations
• 11:45
  or
• 11:45
  technology
• 11:45
  or
• 11:45
  whatever
• 11:46
  it
• 11:46
  might
• 11:46
  be,
• 11:47
  and
• 11:47
  sometimes
• 11:47
  there
• 11:47
  could
• 11:47
  be,
• 11:48
  you
• 11:48
  know,
• 11:48
  an
• 11:48
  operational
• 11:49
  process
• 11:50
  where
• 11:50
  it's
• 11:50
  like
• 11:51
  you
• 11:51
  gotta
• 11:51
  fill
• 11:51
  out
• 11:51
  this
• 11:51
  form
• 11:52
  and
• 11:52
  then
• 11:52
  call
• 11:52
  this
• 11:52
  and
• 11:52
  do
• 11:53
  that
• 11:53
  and
• 11:53
  ba-da-ba,
• 11:53
  and
• 11:53
  maybe
• 11:54
  you
• 11:54
  can
• 11:54
  have
• 11:54
  one
• 11:54
  less
• 11:54
  step
• 11:55
  and
• 11:55
  you're
• 11:55
  still
• 11:55
  following
• 11:55
  the
• 11:55
  rules,
• 11:56
  and
• 11:56
  that
• 11:56
  makes
• 11:56
  everyone's
• 11:57
  life
• 11:57
  easier,
• 11:57
  great.
• 11:58
  So
• 11:58
  we
• 11:58
  try
• 11:58
  to
• 11:58
  focus
• 11:58
  on
• 11:59
  their
• 12:00
  view
• 12:00
  mo-
• 12:00
  means
• 12:01
  more
• 12:01
  than
• 12:01
  what
• 12:01
  I
• 12:01
  think
• 12:02
  is
• 12:02
  important.
• 12:02
  That's
• 12:03
  the
• 12:03
  key.
• 12:04
  Yeah,
• 12:04
  and
• 12:04
  v-
• 12:05
  with
• 12:06
  technology,
• 12:07
  too,
• 12:07
  building
• 12:07
  a
• 12:07
  technol-
• 12:08
  it's
• 12:08
  what
• 12:09
  the
• 12:09
  outside-
• 12:10
  Right
• 12:10
  is
• 12:11
  talking
• 12:11
  about.
• 12:11
  Now,
• 12:11
  y-
• 12:12
  you
• 12:12
  might
• 12:12
  think
• 12:13
  you
• 12:13
  have
• 12:13
  the
• 12:13
  greatest
• 12:13
  idea
• 12:14
  inside
• 12:14
  your
• 12:14
  house,
• 12:15
  but,
• 12:15
  you
• 12:15
  know,
• 12:16
  you
• 12:16
  gotta
• 12:16
  speak
• 12:17
  to
• 12:17
  the
• 12:17
  people
• 12:17
  on
• 12:18
  the
• 12:18
  outside
• 12:18
  to
• 12:18
  figure
• 12:18
  out
• 12:19
  exactly
• 12:19
  what
• 12:19
  they
• 12:19
  need-
• 12:20
  Yeah
• 12:20
  or
• 12:20
  what
• 12:20
  they
• 12:20
  want.
• 12:21
  Yeah,
• 12:21
  what
• 12:21
  do
• 12:21
  the
• 12:21
  neighbors
• 12:22
  say
• 12:22
  about
• 12:22
  your
• 12:22
  house?
• 12:24
  Yeah.
• 12:24
  Exactly.
• 12:24
  They
• 12:24
  don't
• 12:24
  like
• 12:24
  the
• 12:24
  new
• 12:24
  color
• 12:25
  as
• 12:25
  much
• 12:25
  as
• 12:25
  you
• 12:25
  do.
• 12:25
  Yes,
• 12:26
  exactly,
• 12:27
  or
• 12:27
  all
• 12:27
  the,
• 12:27
  all
• 12:28
  the
• 12:28
  kid
• 12:28
  toys
• 12:29
  out
• 12:29
  front.
• 12:29
  Yeah,
• 12:30
  exactly.
• 12:30
  Yeah.
• 12:30
  What
• 12:31
  does
• 12:31
  the
• 12:31
  advisor
• 12:32
  of
• 12:32
  the
• 12:32
  future
• 12:32
  look
• 12:33
  like?
• 12:33
  You
• 12:33
  talked
• 12:33
  about
• 12:34
  the
• 12:34
  young,
• 12:34
  you
• 12:35
  know,
• 12:35
  generational
• 12:36
  move.
• 12:37
  Yeah.
• 12:37
  Next
• 12:38
  gen,
• 12:38
  I
• 12:38
  hear
• 12:39
  that
• 12:39
  next
• 12:39
  gen
• 12:40
  advisor-
• 12:40
  Right
• 12:41
  term
• 12:41
  thrown
• 12:41
  out
• 12:42
  a
• 12:42
  lot.
• 12:43
  What
• 12:43
  does
• 12:43
  it
• 12:43
  look
• 12:44
  like,
• 12:44
  and
• 12:44
  how
• 12:44
  is
• 12:45
  Steward
• 12:45
  building
• 12:46
  itself
• 12:46
  around
• 12:46
  that
• 12:47
  person
• 12:47
  right
• 12:47
  now?
• 12:48
  Yeah.
• 12:49
  You
• 12:49
  know,
• 12:49
  I,
• 12:49
  I've
• 12:49
  been,
• 12:50
  I
• 12:50
  coined
• 12:50
  a
• 12:50
  phrase,
• 12:51
  um,
• 12:51
  or
• 12:52
  sort
• 12:52
  of
• 12:52
  a
• 12:52
  thought
• 12:52
  around
• 12:53
  this
• 12:53
  whole
• 12:53
  thing,
• 12:53
  where
• 12:53
  you,
• 12:54
  you
• 12:54
  really
• 12:54
  have
• 12:54
  to
• 12:54
  step
• 12:55
  back
• 12:55
  and
• 12:55
  look
• 12:55
  at
• 12:55
  the
• 12:55
  evolution
• 12:56
  of
• 12:56
  the
• 12:57
  role,
• 12:57
  right?
• 12:57
  So
• 12:58
  I
• 12:58
  started
• 12:58
  in
• 12:58
  the
• 12:58
  '90s.
• 13:00
  You
• 13:00
  cold-called
• 13:00
  3
• 13:01
  or
• 13:01
  400
• 13:01
  times
• 13:01
  a
• 13:01
  day,
• 13:02
  so
• 13:02
  the,
• 13:02
  the
• 13:03
  advisor
• 13:03
  of
• 13:03
  the
• 13:04
  '80s,
• 13:04
  '90s,
• 13:05
  even
• 13:06
  early
• 13:06
  2000s,
• 13:07
  you
• 13:07
  were
• 13:07
  a
• 13:07
  pure
• 13:07
  hunter,
• 13:09
  right?
• 13:10
  Today,
• 13:10
  what
• 13:10
  you're
• 13:11
  seeing
• 13:11
  is
• 13:12
  there's
• 13:12
  an
• 13:12
  evolution
• 13:13
  into
• 13:13
  farmers,
• 13:15
  right?
• 13:15
  So
• 13:16
  look
• 13:16
  at
• 13:16
  these
• 13:16
  very
• 13:17
  significant
• 13:17
  teams
• 13:18
  that
• 13:18
  have
• 13:18
  built
• 13:18
  a
• 13:18
  practice,
• 13:19
  and
• 13:19
  they're
• 13:19
  bringing
• 13:20
  in
• 13:20
  that
• 13:20
  next
• 13:20
  generation
• 13:21
  behind
• 13:21
  them,
• 13:22
  which
• 13:22
  comes
• 13:22
  in
• 13:22
  with
• 13:24
  much
• 13:24
  better
• 13:24
  understanding
• 13:25
  of
• 13:25
  technology
• 13:25
  and
• 13:25
  tools
• 13:26
  and
• 13:26
  social
• 13:26
  media
• 13:27
  and
• 13:27
  marketing
• 13:27
  and
• 13:27
  all
• 13:27
  the
• 13:27
  things
• 13:28
  that
• 13:28
  are
• 13:28
  going
• 13:28
  on
• 13:28
  out
• 13:29
  there,
• 13:30
  but
• 13:30
  think
• 13:30
  of
• 13:30
  the
• 13:31
  you've
• 13:31
  now
• 13:32
  built
• 13:32
  the
• 13:32
  Yellowstone
• 13:33
  Ranch.
• 13:34
  You
• 13:34
  don't
• 13:34
  have
• 13:34
  to
• 13:34
  go
• 13:35
  build
• 13:35
  your
• 13:35
  own
• 13:35
  Yellowstone.
• 13:36
  You're
• 13:36
  gonna
• 13:36
  be
• 13:36
  a
• 13:36
  caretaker
• 13:37
  on
• 13:37
  the
• 13:37
  ranch
• 13:38
  now.
• 13:38
  So
• 13:38
  the
• 13:39
  advisor
• 13:39
  of
• 13:39
  the
• 13:39
  future
• 13:40
  tends
• 13:40
  to
• 13:40
  be
• 13:41
  highly
• 13:41
  accredited,
• 13:43
  you
• 13:43
  know,
• 13:43
  the
• 13:43
  CFP
• 13:43
  designation,
• 13:44
  great
• 13:45
  planners,
• 13:45
  understand
• 13:46
  the
• 13:46
  business.
• 13:47
  I
• 13:47
  think
• 13:48
  the
• 13:48
  movement
• 13:48
  away
• 13:49
  from,
• 13:50
  they
• 13:50
  don't
• 13:50
  want
• 13:50
  to
• 13:50
  run
• 13:50
  money,
• 13:51
  they're
• 13:51
  not
• 13:51
  looking
• 13:51
  to
• 13:51
  have
• 13:51
  their
• 13:52
  own
• 13:52
  discretionary
• 13:52
  models,
• 13:53
  right?
• 13:53
  So
• 13:53
  they're
• 13:53
  more
• 13:54
  of
• 13:54
  that
• 13:54
  relationship
• 13:55
  caretaker.
• 13:56
  Um,
• 13:56
  and
• 13:56
  there's
• 13:56
  nothing
• 13:57
  wrong
• 13:57
  with
• 13:57
  that.
• 13:57
  So
• 13:58
  I
• 13:58
  think
• 13:58
  for
• 13:58
  us,
• 13:59
  we've
• 14:00
  acco-
• 14:00
  accomplished
• 14:00
  a
• 14:00
  lot
• 14:01
  of
• 14:01
  that
• 14:01
  with
• 14:02
  teams
• 14:02
  that
• 14:03
  are
• 14:03
  both,
• 14:03
  you
• 14:03
  know,
• 14:03
  here
• 14:04
  as
• 14:04
  recruited
• 14:05
  partners
• 14:05
  and
• 14:06
  in
• 14:06
  M&A,
• 14:07
  that
• 14:07
  we've
• 14:07
  had
• 14:07
  a
• 14:07
  really
• 14:07
  healthy
• 14:08
  next
• 14:08
  gen,
• 14:09
  uh,
• 14:10
  lift
• 14:10
  in
• 14:10
  the
• 14:10
  firm.
• 14:11
  And
• 14:11
  a
• 14:11
  lot
• 14:11
  of
• 14:11
  these
• 14:11
  people
• 14:12
  are
• 14:12
  obviously
• 14:12
  sourced
• 14:12
  and
• 14:13
  brought
• 14:13
  in
• 14:13
  by
• 14:13
  the,
• 14:13
  the
• 14:14
  senior
• 14:14
  partners,
• 14:14
  which
• 14:15
  is
• 14:15
  great.
• 14:15
  Yeah,
• 14:16
  Jim,
• 14:16
  I
• 14:17
  completely
• 14:17
  agree.
• 14:18
  We've
• 14:18
  seen
• 14:18
  that
• 14:18
  at
• 14:19
  Zephyr
• 14:19
  too,
• 14:19
  just
• 14:21
  when
• 14:21
  I
• 14:21
  started,
• 14:22
  you
• 14:22
  know,
• 14:22
  advisors,
• 14:23
  they
• 14:23
  wanted
• 14:24
  to
• 14:24
  know
• 14:24
  about
• 14:24
  kurtosis
• 14:25
  and,
• 14:26
  you
• 14:27
  know,
• 14:27
  omega,
• 14:27
  all
• 14:28
  these
• 14:28
  different
• 14:28
  analytics
• 14:29
  because
• 14:29
  they
• 14:29
  managed
• 14:30
  their
• 14:30
  own
• 14:30
  They
• 14:30
  were
• 14:30
  so
• 14:30
  much
• 14:31
  more
• 14:31
  hands-on-
• 14:32
  Yeah
• 14:32
  in
• 14:32
  the
• 14:32
  investment
• 14:32
  management.
• 14:33
  Now
• 14:34
  people
• 14:34
  are
• 14:34
  getting
• 14:34
  away
• 14:34
  from
• 14:35
  that.
• 14:35
  They're
• 14:35
  looking
• 14:35
  at
• 14:36
  the
• 14:36
  overall
• 14:36
  plan.
• 14:37
  Yeah.
• 14:37
  How
• 14:37
  do
• 14:38
  we
• 14:38
  get
• 14:38
  that
• 14:38
  from
• 14:38
  point
• 14:39
  A
• 14:39
  to
• 14:39
  point
• 14:40
  Z?
• 14:40
  Right.
• 14:40
  Right.
• 14:41
  Right.
• 14:41
  Um,
• 14:42
  less
• 14:43
  in
• 14:43
  the
• 14:43
  weeds
• 14:44
  in
• 14:44
  investment
• 14:44
  management.
• 14:45
  Right.
• 14:45
  Exactly
• 14:46
  correct.
• 14:47
  Not
• 14:47
  sitting
• 14:47
  at
• 14:47
  their
• 14:47
  desk
• 14:48
  going,
• 14:48
  "Wait,
• 14:48
  you
• 14:48
  know-
• 14:49
  so
• 14:49
  and
• 14:49
  so
• 14:49
  is
• 14:49
  reporting
• 14:50
  earnings
• 14:50
  at
• 14:50
  4:15."
• 14:51
  "I
• 14:51
  gotta
• 14:51
  hear
• 14:51
  the
• 14:51
  analyst
• 14:52
  call,"
• 14:52
  you
• 14:52
  know?
• 14:52
  Yeah,
• 14:53
  exactly.
• 14:53
  It's
• 14:53
  like,
• 14:53
  I'm
• 14:53
  not
• 14:53
  an
• 14:53
  analyst.
• 14:54
  And
• 14:54
  I
• 14:54
  don't,
• 14:55
  I
• 14:55
  don't
• 14:55
  go
• 14:55
  to
• 14:55
  many
• 14:56
  advisors'
• 14:57
  offices
• 14:57
  anymore,
• 14:58
  m-
• 14:58
  but
• 14:58
  when
• 14:58
  I
• 14:58
  started,
• 14:59
  everyone
• 15:00
  had
• 15:00
  CNBC
• 15:01
  on.
• 15:01
  Yep.
• 15:01
  Everyone
• 15:02
  had-
• 15:02
  Yep
• 15:02
  Bloomberg
• 15:02
  on
• 15:02
  the
• 15:03
  TV.
• 15:03
  Yeah.
• 15:03
  Um,
• 15:04
  that's
• 15:05
  probably
• 15:05
  not
• 15:05
  the
• 15:05
  case
• 15:05
  so
• 15:05
  much.
• 15:06
  Maybe
• 15:07
  it
• 15:07
  is.
• 15:07
  Well,
• 15:07
  they're
• 15:07
  not
• 15:07
  even
• 15:07
  in
• 15:07
  the
• 15:08
  office
• 15:08
  now
• 15:08
  with,
• 15:08
  with-
• 15:09
  remote
• 15:09
  working.
• 15:09
  That's
• 15:10
  another
• 15:10
  story.
• 15:10
  Yeah.
• 15:11
  We'll,
• 15:11
  uh,
• 15:12
  we'll
• 15:12
  make
• 15:12
  that
• 15:12
  podcast
• 15:13
  number
• 15:13
  four.
• 15:14
  There
• 15:14
  you
• 15:14
  go.
• 15:14
  There
• 15:14
  you
• 15:14
  go.
• 15:15
  So
• 15:16
  as
• 15:16
  we
• 15:16
  talked
• 15:17
  about,
• 15:17
  the
• 15:17
  industry
• 15:18
  has
• 15:18
  evolved,
• 15:19
  um,
• 15:20
  in
• 15:21
  tremendously
• 15:22
  in
• 15:22
  recent
• 15:22
  years,
• 15:23
  whether
• 15:23
  it's
• 15:24
  fee
• 15:24
  compression,
• 15:25
  we
• 15:25
  have
• 15:25
  AI,
• 15:26
  which
• 15:26
  is
• 15:26
  a
• 15:26
  whole
• 15:26
  nother
• 15:27
  conversation-
• 15:28
  Yeah
• 15:28
  demographic
• 15:28
  shifts
• 15:29
  that
• 15:29
  we've
• 15:29
  already
• 15:29
  talked
• 15:30
  about.
• 15:31
  Which
• 15:31
  of
• 15:31
  these
• 15:31
  forces
• 15:32
  keeps
• 15:32
  you
• 15:32
  up
• 15:32
  at
• 15:33
  night,
• 15:33
  and
• 15:33
  which
• 15:33
  one
• 15:33
  excites,
• 15:34
  excites
• 15:35
  you
• 15:35
  most?
• 15:36
  I
• 15:36
  think
• 15:37
  the
• 15:37
  answer
• 15:37
  is
• 15:37
  the
• 15:37
  same,
• 15:38
  which
• 15:38
  is
• 15:38
  probably
• 15:38
  AI.
• 15:39
  Oh.
• 15:39
  Right?
• 15:39
  So
• 15:39
  I'm
• 15:40
  excited
• 15:40
  about
• 15:40
  it.
• 15:41
  Um,
• 15:41
  I,
• 15:41
  I'm
• 15:42
  not,
• 15:42
  I'm
• 15:42
  not
• 15:42
  worried
• 15:43
  about
• 15:43
  it,
• 15:43
  'cause
• 15:43
  I
• 15:43
  think,
• 15:43
  listen,
• 15:44
  I
• 15:44
  think
• 15:44
  it's
• 15:44
  gonna
• 15:44
  be
• 15:45
  a
• 15:45
  remarkable
• 15:46
  tool,
• 15:47
  and
• 15:47
  I
• 15:47
  think
• 15:47
  ultimately
• 15:48
  it
• 15:49
  will
• 15:49
  be
• 15:49
  a
• 15:50
  new,
• 15:50
  you
• 15:50
  know,
• 15:51
  new
• 15:51
  opportunity
• 15:52
  for
• 15:52
  clients
• 15:53
  to
• 15:53
  interact
• 15:53
  with
• 15:53
  their
• 15:53
  advisors,
• 15:54
  right?
• 15:55
  So
• 15:55
  the
• 15:56
  industry
• 15:56
  overall
• 15:57
  has
• 15:57
  always
• 15:58
  lagged
• 15:58
  in
• 15:58
  technology
• 15:59
  a-
• 15:59
  adoption,
• 16:00
  mainly
• 16:01
  because
• 16:01
  you
• 16:01
  have
• 16:01
  to
• 16:01
  say,
• 16:02
  "Well,
• 16:02
  hold
• 16:02
  on
• 16:02
  a
• 16:02
  second.
• 16:02
  We're
• 16:02
  sharing
• 16:03
  confidential
• 16:03
  information,
• 16:04
  and
• 16:04
  what's
• 16:04
  the
• 16:04
  ri-"
• 16:05
  So
• 16:05
  there's
• 16:05
  an
• 16:05
  appropriate
• 16:06
  reason
• 16:06
  for
• 16:06
  it.
• 16:07
  It
• 16:07
  always
• 16:08
  shocks
• 16:08
  people,
• 16:08
  and
• 16:08
  I
• 16:08
  guess
• 16:08
  I'm
• 16:09
  old,
• 16:09
  because
• 16:09
  people
• 16:09
  don't
• 16:10
  realize,
• 16:10
  like
• 16:10
  when
• 16:10
  I
• 16:10
  was
• 16:11
  at
• 16:11
  Smith
• 16:11
  Barney
• 16:11
  in
• 16:11
  the
• 16:11
  '90s,
• 16:12
  we
• 16:12
  had
• 16:12
  no
• 16:12
  external
• 16:13
  email
• 16:14
  Think
• 16:15
  about
• 16:15
  that.
• 16:16
  So
• 16:17
  the
• 16:17
  industry's
• 16:18
  always
• 16:18
  had
• 16:18
  to
• 16:18
  figure
• 16:18
  that
• 16:18
  out
• 16:18
  because
• 16:19
  they
• 16:19
  were
• 16:19
  like,
• 16:19
  "Well,
• 16:19
  email's
• 16:20
  correspondence
• 16:20
  and
• 16:21
  it
• 16:21
  has
• 16:21
  to
• 16:21
  be
• 16:21
  approved
• 16:22
  the
• 16:22
  same
• 16:22
  day,
• 16:22
  and
• 16:22
  how
• 16:22
  do
• 16:22
  you
• 16:23
  do
• 16:23
  that?"
• 16:23
  So
• 16:24
  there's
• 16:24
  a
• 16:24
  real
• 16:24
  push
• 16:25
  towards
• 16:25
  that
• 16:25
  now.
• 16:26
  Uh,
• 16:26
  we're
• 16:26
  fortunate
• 16:27
  to
• 16:27
  have
• 16:27
  Mohan
• 16:27
  Gerapaki
• 16:28
  in
• 16:28
  here,
• 16:28
  who
• 16:28
  has
• 16:29
  won
• 16:29
  some
• 16:29
  awards
• 16:29
  last
• 16:30
  year
• 16:30
  as
• 16:30
  our
• 16:30
  chief
• 16:30
  information
• 16:31
  officer,
• 16:31
  so
• 16:32
  he's
• 16:32
  all
• 16:32
  over
• 16:33
  that.
• 16:33
  We've
• 16:33
  already
• 16:33
  adopted
• 16:35
  tools
• 16:35
  that
• 16:35
  are
• 16:35
  AI.
• 16:36
  Every
• 16:36
  tool
• 16:37
  now
• 16:37
  is
• 16:37
  AI,
• 16:37
  right?
• 16:38
  Mm-hmm.
• 16:38
  And
• 16:38
  so,
• 16:38
  um,
• 16:39
  but
• 16:39
  there's
• 16:39
  some
• 16:40
  tools
• 16:40
  we
• 16:40
  put
• 16:40
  in
• 16:40
  place
• 16:41
  already
• 16:41
  around,
• 16:41
  you
• 16:41
  know,
• 16:42
  client
• 16:42
  interaction,
• 16:43
  so
• 16:43
  I
• 16:43
  think
• 16:43
  it's
• 16:44
  gonna
• 16:44
  be
• 16:44
  huge
• 16:44
  for
• 16:44
  the
• 16:44
  industry.
• 16:46
  I
• 16:46
  think
• 16:46
  the
• 16:46
  risk
• 16:47
  here
• 16:47
  is
• 16:48
  the
• 16:49
  lower
• 16:49
  end
• 16:49
  of
• 16:49
  the
• 16:50
  producer
• 16:50
  spectrum,
• 16:52
  right?
• 16:52
  You're
• 16:52
  gonna
• 16:52
  have
• 16:52
  to
• 16:52
  up
• 16:53
  your
• 16:53
  game
• 16:54
  because
• 16:54
  the
• 16:54
  bigger
• 16:54
  are
• 16:54
  gonna
• 16:55
  get
• 16:55
  bigger,
• 16:55
  and
• 16:55
  the
• 16:55
  teams
• 16:56
  that
• 16:56
  have
• 16:56
  AI
• 16:56
  and
• 16:56
  tools
• 16:57
  and
• 16:57
  technology,
• 16:58
  no
• 16:58
  matter
• 16:59
  how
• 16:59
  much
• 16:59
  you're
• 16:59
  a
• 16:59
  nice
• 16:59
  person,
• 17:00
  the
• 17:00
  client's
• 17:00
  gonna
• 17:00
  say,
• 17:01
  "Hey,
• 17:01
  I
• 17:01
  work
• 17:01
  with
• 17:01
  the
• 17:02
  other
• 17:02
  team
• 17:02
  I've
• 17:02
  talked
• 17:02
  to,
• 17:03
  and
• 17:03
  they
• 17:03
  have
• 17:03
  this,
• 17:03
  this,
• 17:03
  this,"
• 17:04
  and
• 17:04
  you're
• 17:04
  kind
• 17:04
  of,
• 17:05
  "I
• 17:05
  feel
• 17:05
  like
• 17:05
  I'm
• 17:05
  talking
• 17:05
  to
• 17:05
  the
• 17:05
  guy
• 17:06
  in
• 17:06
  the
• 17:06
  '90s
• 17:06
  again."
• 17:07
  Um,
• 17:07
  so
• 17:07
  I
• 17:07
  think
• 17:08
  that's
• 17:08
  the
• 17:08
  risk.
• 17:08
  I
• 17:08
  think
• 17:09
  the
• 17:09
  bigger
• 17:09
  are
• 17:09
  gonna
• 17:09
  get
• 17:09
  bigger.
• 17:10
  I
• 17:10
  think
• 17:10
  the
• 17:10
  client
• 17:11
  under
• 17:12
  3
• 17:14
  or
• 17:14
  $400,000
• 17:14
  in
• 17:14
  assets
• 17:14
  is
• 17:15
  going
• 17:15
  to
• 17:15
  be
• 17:15
  using
• 17:15
  some
• 17:16
  type
• 17:16
  of
• 17:16
  do
• 17:16
  it
• 17:16
  yourself
• 17:17
  tool.
• 17:17
  So
• 17:17
  that
• 17:17
  do
• 17:18
  it
• 17:18
  yourself
• 17:18
  market
• 17:18
  is
• 17:18
  gonna
• 17:19
  continue
• 17:19
  to
• 17:19
  move
• 17:19
  up
• 17:20
  as
• 17:20
  well.
• 17:21
  That's
• 17:21
  interesting.
• 17:22
  I
• 17:22
  love
• 17:22
  that
• 17:22
  you
• 17:23
  said
• 17:23
  AI
• 17:23
  for
• 17:24
  both.
• 17:24
  I
• 17:25
  agree.
• 17:25
  Yes,
• 17:25
  some
• 17:26
  of
• 17:26
  the
• 17:26
  worries
• 17:26
  out
• 17:26
  there
• 17:26
  might
• 17:27
  be
• 17:27
  warranted-
• 17:28
  Right
• 17:28
  but
• 17:29
  I
• 17:29
  do
• 17:29
  think
• 17:30
  the
• 17:30
  opportunity
• 17:31
  is
• 17:31
  greater
• 17:32
  to
• 17:32
  use
• 17:32
  it
• 17:32
  than,
• 17:33
  you
• 17:33
  know,
• 17:34
  not
• 17:34
  using
• 17:34
  it-
• 17:35
  Right,
• 17:35
  right
• 17:35
  because
• 17:36
  if
• 17:36
  you
• 17:36
  don't
• 17:36
  use
• 17:36
  AI,
• 17:37
  you're
• 17:37
  gonna,
• 17:37
  you
• 17:38
  g-
• 17:38
  get
• 17:38
  left
• 17:38
  behind.
• 17:39
  Right.
• 17:39
  And
• 17:40
  whether
• 17:40
  it's
• 17:41
  just
• 17:41
  through,
• 17:42
  you
• 17:42
  know,
• 17:42
  practice
• 17:42
  efficiencies-
• 17:44
  Right
• 17:44
  or,
• 17:44
  you
• 17:45
  know,
• 17:45
  however
• 17:45
  you
• 17:45
  wanna
• 17:46
  use
• 17:46
  it,
• 17:46
  but
• 17:47
  there's
• 17:47
  a
• 17:47
  lot
• 17:47
  of
• 17:47
  opportunities
• 17:48
  out
• 17:49
  there,
• 17:49
  and
• 17:49
  Mohan
• 17:50
  is
• 17:50
  fantastic.
• 17:51
  I
• 17:51
  had
• 17:51
  a
• 17:51
  great
• 17:51
  conversation
• 17:52
  with
• 17:52
  him
• 17:52
  a
• 17:52
  couple
• 17:53
  weeks
• 17:53
  ago
• 17:53
  about
• 17:53
  AI.
• 17:54
  Yeah.
• 17:54
  I
• 17:54
  think
• 17:55
  it
• 17:55
  lasted
• 17:55
  a
• 17:55
  couple
• 17:55
  hours.
• 17:57
  We're,
• 17:57
  we're
• 17:57
  thrilled
• 17:57
  to
• 17:57
  have
• 17:57
  him
• 17:57
  here.
• 17:58
  He's
• 17:58
  great.
• 17:58
  Yeah,
• 17:58
  he
• 17:58
  is
• 17:58
  fantastic
• 18:00
  So
• 18:01
  you've
• 18:02
  attracted
• 18:03
  some
• 18:03
  of
• 18:03
  the
• 18:03
  most
• 18:04
  talented
• 18:04
  people
• 18:04
  in
• 18:04
  the
• 18:05
  industry
• 18:05
  to
• 18:05
  Steward.
• 18:06
  What's
• 18:07
  the
• 18:07
  pitch
• 18:08
  you
• 18:08
  make
• 18:08
  to
• 18:08
  a
• 18:08
  top
• 18:09
  advisor
• 18:09
  executive
• 18:11
  who
• 18:11
  has
• 18:12
  a
• 18:12
  ton
• 18:12
  of
• 18:12
  different
• 18:13
  options?
• 18:13
  It,
• 18:13
  it's
• 18:13
  very
• 18:14
  competitive
• 18:14
  when
• 18:15
  you're
• 18:15
  trying
• 18:15
  to
• 18:15
  recruit-
• 18:16
  Mm
• 18:16
  whether
• 18:16
  it's
• 18:16
  an
• 18:16
  advisor
• 18:17
  or
• 18:17
  somebody
• 18:18
  on
• 18:18
  your
• 18:18
  staff.
• 18:19
  What's
• 18:19
  your
• 18:19
  pitch,
• 18:20
  without
• 18:21
  giving
• 18:21
  away
• 18:21
  the
• 18:21
  secret?
• 18:23
  Yeah,
• 18:23
  the
• 18:24
  really...
• 18:24
  You
• 18:24
  know,
• 18:24
  it's
• 18:24
  funny,
• 18:24
  there's
• 18:25
  no
• 18:25
  secret.
• 18:25
  Um,
• 18:26
  you
• 18:26
  know,
• 18:26
  in
• 18:26
  the
• 18:27
  early
• 18:27
  days,
• 18:27
  i-
• 18:27
  it's,
• 18:29
  people
• 18:29
  don't
• 18:29
  real-
• 18:29
  obviously
• 18:30
  wouldn't
• 18:30
  realize
• 18:30
  that
• 18:31
  no
• 18:31
  one
• 18:32
  knew
• 18:32
  who
• 18:32
  we
• 18:32
  were,
• 18:32
  no
• 18:32
  one
• 18:33
  knew
• 18:33
  what
• 18:33
  we
• 18:33
  were
• 18:33
  doing,
• 18:33
  and
• 18:34
  so
• 18:34
  you
• 18:34
  were
• 18:34
  this
• 18:34
  sort
• 18:34
  of
• 18:34
  like
• 18:34
  small
• 18:35
  group
• 18:35
  of
• 18:35
  people,
• 18:36
  you
• 18:36
  know,
• 18:36
  that
• 18:36
  were
• 18:36
  doing
• 18:37
  the
• 18:37
  Steward
• 18:37
  thing,
• 18:37
  whatever
• 18:37
  that
• 18:38
  meant.
• 18:38
  So
• 18:39
  with
• 18:39
  the
• 18:39
  size
• 18:39
  and
• 18:40
  scope
• 18:40
  of
• 18:40
  the
• 18:40
  organization
• 18:41
  today,
• 18:42
  so
• 18:42
  much
• 18:42
  of
• 18:43
  all
• 18:43
  of
• 18:43
  our,
• 18:43
  our
• 18:44
  joins,
• 18:44
  whether
• 18:45
  they're
• 18:45
  recruits
• 18:45
  or
• 18:45
  management,
• 18:46
  are
• 18:46
  coming
• 18:46
  as
• 18:46
  referrals,
• 18:48
  or
• 18:48
  someone
• 18:48
  who
• 18:48
  says,
• 18:49
  "Hey,
• 18:49
  I've
• 18:49
  been
• 18:49
  watching
• 18:50
  you
• 18:50
  guys
• 18:50
  for
• 18:50
  five
• 18:50
  years.
• 18:51
  I've
• 18:51
  seen
• 18:51
  what
• 18:51
  you're
• 18:51
  doing,"
• 18:52
  or,
• 18:52
  "I
• 18:52
  have
• 18:52
  friends
• 18:52
  that
• 18:53
  are
• 18:53
  at
• 18:53
  Steward.
• 18:53
  They
• 18:53
  love
• 18:53
  it
• 18:54
  over
• 18:54
  there."
• 18:55
  Um,
• 18:55
  I
• 18:56
  think
• 18:56
  it's
• 18:56
  important,
• 18:56
  and
• 18:56
  I
• 18:57
  do
• 18:57
  it
• 18:57
  all
• 18:57
  the
• 18:57
  time,
• 18:57
  and,
• 18:57
  and
• 18:58
  I,
• 18:58
  you
• 18:58
  know,
• 18:58
  say
• 18:58
  to
• 18:58
  me,
• 18:59
  it's
• 18:59
  my
• 18:59
  obligation
• 19:00
  that
• 19:01
  anyone
• 19:01
  that
• 19:01
  has
• 19:01
  an
• 19:01
  interest
• 19:02
  in
• 19:02
  joining
• 19:02
  the
• 19:02
  firm,
• 19:03
  if
• 19:03
  they
• 19:03
  want
• 19:03
  to
• 19:03
  speak
• 19:03
  to
• 19:03
  me,
• 19:04
  they're-
• 19:04
  I'm
• 19:04
  happy
• 19:04
  to
• 19:04
  do
• 19:05
  it.
• 19:05
  And
• 19:06
  I
• 19:06
  hear
• 19:06
  that
• 19:06
  all
• 19:06
  the
• 19:06
  time,
• 19:07
  and
• 19:07
  again,
• 19:07
  I-
• 19:07
  I'm
• 19:07
  not,
• 19:08
  I
• 19:08
  don't
• 19:08
  know
• 19:08
  if
• 19:08
  it's
• 19:08
  better
• 19:08
  or
• 19:08
  worse.
• 19:09
  People
• 19:09
  say,
• 19:10
  "Wow,
• 19:10
  I
• 19:10
  can't
• 19:10
  believe
• 19:11
  that
• 19:11
  you're
• 19:11
  the
• 19:11
  CEO
• 19:12
  and
• 19:12
  you
• 19:12
  actually
• 19:12
  took
• 19:12
  45
• 19:13
  minutes
• 19:13
  to
• 19:13
  talk
• 19:13
  to
• 19:13
  me."
• 19:13
  I
• 19:14
  said,
• 19:14
  "Listen,
• 19:14
  you're
• 19:15
  making
• 19:15
  a
• 19:15
  really
• 19:15
  important
• 19:15
  decision.
• 19:17
  I
• 19:17
  think
• 19:17
  I'm
• 19:17
  qualified
• 19:18
  to
• 19:18
  give
• 19:18
  you
• 19:18
  all
• 19:18
  the
• 19:18
  answers
• 19:18
  about
• 19:19
  Steward
• 19:19
  and
• 19:19
  what
• 19:19
  we
• 19:19
  are
• 19:20
  and
• 19:20
  what
• 19:20
  we're
• 19:20
  not.
• 19:21
  Um,
• 19:21
  and
• 19:21
  if
• 19:21
  it
• 19:21
  helps
• 19:21
  you
• 19:22
  make
• 19:22
  a
• 19:22
  good
• 19:22
  decision,
• 19:22
  we'd
• 19:23
  love
• 19:23
  you
• 19:23
  to
• 19:23
  join
• 19:23
  us."
• 19:23
  So
• 19:23
  I
• 19:23
  think
• 19:24
  it's
• 19:25
  access.
• 19:25
  You
• 19:25
  know,
• 19:26
  people
• 19:26
  talk
• 19:26
  about
• 19:26
  things
• 19:27
  in
• 19:27
  concept,
• 19:28
  but
• 19:28
  even
• 19:28
  doing
• 19:29
  that
• 19:29
  in
• 19:29
  practice
• 19:30
  on
• 19:30
  the
• 19:30
  way
• 19:30
  in,
• 19:31
  that's
• 19:31
  who
• 19:32
  we
• 19:32
  are.
• 19:32
  Like,
• 19:32
  everyone
• 19:32
  here
• 19:33
  is
• 19:33
  our
• 19:33
  partner,
• 19:33
  so
• 19:33
  people
• 19:34
  get
• 19:34
  treated
• 19:34
  with
• 19:34
  respect.
• 19:35
  But
• 19:35
  I
• 19:35
  think
• 19:35
  the
• 19:35
  momentum
• 19:36
  of
• 19:36
  the
• 19:36
  name,
• 19:37
  you
• 19:37
  know,
• 19:37
  we
• 19:37
  had
• 19:37
  the
• 19:37
  dinner
• 19:38
  last
• 19:38
  night,
• 19:38
  and
• 19:38
  so
• 19:38
  many
• 19:38
  of
• 19:38
  the
• 19:38
  guys
• 19:39
  were
• 19:39
  like,
• 19:39
  "Oh,
• 19:39
  I
• 19:39
  got
• 19:39
  two
• 19:40
  friends,
• 19:40
  they've
• 19:40
  been
• 19:40
  talking
• 19:41
  to
• 19:41
  me.
• 19:41
  I
• 19:41
  gotta,
• 19:41
  gotta,
• 19:41
  gotta
• 19:42
  get
• 19:42
  you
• 19:42
  guys
• 19:42
  set
• 19:42
  up
• 19:42
  with
• 19:42
  them.
• 19:43
  They
• 19:43
  wanna
• 19:43
  come
• 19:43
  too
• 19:43
  now."
• 19:44
  You
• 19:44
  know,
• 19:44
  so
• 19:45
  it's
• 19:45
  been
• 19:45
  great.
• 19:45
  We're
• 19:46
  really
• 19:46
  fortunate.
• 19:47
  Yeah.
• 19:47
  Referrals
• 19:48
  are,
• 19:48
  are
• 19:48
  still
• 19:48
  very,
• 19:49
  uh,
• 19:49
  powerful.
• 19:50
  Yeah,
• 19:50
  yeah.
• 19:51
  They
• 19:51
  still
• 19:51
  are
• 19:51
  today.
• 19:51
  No
• 19:52
  doubt.
• 19:52
  But,
• 19:53
  uh,
• 19:53
  that's
• 19:53
  fanta-
• 19:53
  And
• 19:54
  you
• 19:54
  set
• 19:54
  the
• 19:54
  stage,
• 19:55
  right?
• 19:55
  You
• 19:56
  have
• 19:56
  that
• 19:56
  initial
• 19:56
  conversation
• 19:57
  for
• 19:57
  45
• 19:58
  minutes,
• 19:58
  and-
• 19:58
  Yeah
• 19:59
  it's
• 19:59
  probably
• 19:59
  very
• 20:00
  important
• 20:00
  that
• 20:01
  they
• 20:01
  understand
• 20:02
  from
• 20:02
  that
• 20:02
  moment
• 20:03
  what
• 20:03
  the
• 20:03
  culture
• 20:03
  is
• 20:03
  gonna
• 20:04
  be
• 20:04
  like
• 20:04
  and-
• 20:04
  Right
• 20:05
  who
• 20:05
  you
• 20:05
  are
• 20:05
  as
• 20:05
  a
• 20:05
  leader.
• 20:06
  Right.
• 20:06
  So
• 20:07
  very
• 20:07
  important.
• 20:08
  You
• 20:08
  know,
• 20:08
  we
• 20:08
  talk
• 20:08
  a
• 20:09
  lot
• 20:09
  about
• 20:09
  independence,
• 20:10
  and
• 20:11
  being
• 20:11
  truly
• 20:12
  independent
• 20:13
  is
• 20:13
  a
• 20:13
  core
• 20:14
  part
• 20:14
  of
• 20:15
  Steward's
• 20:15
  identity.
• 20:16
  Why
• 20:17
  does
• 20:17
  that
• 20:17
  matter
• 20:17
  so
• 20:18
  much
• 20:18
  to
• 20:18
  clients?
• 20:19
  And
• 20:20
  is
• 20:20
  that
• 20:20
  message
• 20:21
  landing
• 20:22
  in
• 20:22
  the
• 20:22
  market?
• 20:23
  How
• 20:23
  is
• 20:23
  it...
• 20:24
  Um,
• 20:24
  obviously
• 20:25
  it's
• 20:25
  landing
• 20:25
  well,
• 20:26
  being
• 20:26
  very
• 20:26
  receptive.
• 20:27
  Right.
• 20:27
  The
• 20:27
  market's
• 20:28
  been
• 20:28
  very
• 20:28
  receptive
• 20:29
  to
• 20:29
  it.
• 20:29
  But
• 20:30
  why,
• 20:31
  why
• 20:31
  does
• 20:31
  it
• 20:31
  matter
• 20:32
  so
• 20:32
  much?
• 20:33
  I
• 20:34
  think
• 20:34
  it
• 20:34
  gives
• 20:34
  advisors,
• 20:35
  you
• 20:35
  know,
• 20:35
  which
• 20:36
  ultimately
• 20:36
  gives
• 20:36
  the
• 20:36
  client,
• 20:37
  right?
• 20:37
  And
• 20:37
  that's
• 20:37
  where
• 20:37
  I
• 20:37
  think
• 20:38
  the
• 20:38
  industry
• 20:38
  got
• 20:39
  lost
• 20:39
  is
• 20:40
  30
• 20:40
  years
• 20:41
  ago,
• 20:41
  the
• 20:41
  client
• 20:41
  was
• 20:42
  the
• 20:42
  most
• 20:42
  important
• 20:43
  in-
• 20:43
  i-
• 20:43
  entity
• 20:44
  in
• 20:44
  a
• 20:44
  relationship
• 20:45
  with
• 20:45
  a
• 20:45
  company,
• 20:46
  right?
• 20:46
  The
• 20:46
  advisor
• 20:47
  was
• 20:47
  second
• 20:47
  because
• 20:48
  they
• 20:48
  served
• 20:48
  that
• 20:48
  client,
• 20:49
  and
• 20:49
  the
• 20:49
  company
• 20:49
  was
• 20:49
  last.
• 20:50
  We've
• 20:51
  kept
• 20:51
  that
• 20:51
  hourglass
• 20:51
  turned
• 20:52
  the
• 20:52
  right
• 20:52
  way,
• 20:53
  right?
• 20:53
  So
• 20:54
  the
• 20:55
  clients
• 20:55
  love
• 20:55
  it
• 20:55
  because
• 20:56
  the
• 20:56
  advisor
• 20:56
  says,
• 20:56
  "Hey,
• 20:56
  listen,
• 20:57
  I'm
• 20:57
  at
• 20:57
  a
• 20:57
  company
• 20:58
  where
• 20:58
  nothing's
• 20:58
  pushed
• 20:59
  upon
• 20:59
  me.
• 21:00
  I
• 21:00
  have
• 21:00
  no
• 21:00
  pay,
• 21:01
  you
• 21:01
  know,
• 21:01
  incentive
• 21:02
  to
• 21:02
  do
• 21:02
  any
• 21:02
  type
• 21:03
  of
• 21:03
  product
• 21:03
  or
• 21:03
  offer
• 21:04
  you
• 21:04
  a
• 21:04
  mortgage
• 21:04
  or
• 21:04
  credit
• 21:05
  card
• 21:05
  or
• 21:05
  whatever
• 21:05
  else
• 21:06
  might
• 21:06
  be
• 21:06
  offered.
• 21:07
  Um,
• 21:07
  you
• 21:07
  can
• 21:08
  truly
• 21:08
  run
• 21:08
  the
• 21:08
  business
• 21:09
  the
• 21:09
  way
• 21:09
  you
• 21:09
  run
• 21:09
  it.
• 21:09
  We
• 21:09
  pay
• 21:10
  you
• 21:10
  exactly
• 21:10
  the
• 21:10
  same."
• 21:11
  They
• 21:12
  also
• 21:12
  love
• 21:12
  that,
• 21:13
  you
• 21:13
  know,
• 21:13
  they
• 21:13
  feel
• 21:13
  like
• 21:13
  joining
• 21:14
  a
• 21:14
  large
• 21:14
  RIA,
• 21:14
  that
• 21:15
  they're,
• 21:16
  they're
• 21:16
  held
• 21:16
  to
• 21:16
  the
• 21:16
  fiduciary
• 21:17
  standard
• 21:18
  at
• 21:18
  a
• 21:18
  higher
• 21:18
  level
• 21:19
  than
• 21:19
  they
• 21:19
  were
• 21:19
  previously,
• 21:20
  and
• 21:21
  the
• 21:21
  clients
• 21:21
  like
• 21:21
  that
• 21:21
  as
• 21:22
  well.
• 21:22
  So
• 21:22
  I
• 21:22
  think
• 21:22
  they
• 21:22
  feel
• 21:23
  like
• 21:23
  they're
• 21:24
  more
• 21:24
  empowered
• 21:25
  to
• 21:25
  act
• 21:26
  on
• 21:26
  their
• 21:26
  client's
• 21:26
  behalf.
• 21:27
  They
• 21:27
  have
• 21:27
  better
• 21:27
  technology
• 21:28
  and
• 21:28
  tools
• 21:29
  and
• 21:29
  resources.
• 21:30
  We're
• 21:30
  big
• 21:30
  enough
• 21:31
  to
• 21:31
  have
• 21:31
  the
• 21:31
  capital
• 21:31
  to
• 21:32
  invest
• 21:32
  in
• 21:32
  that,
• 21:33
  but
• 21:33
  nimble
• 21:33
  enough
• 21:34
  to,
• 21:34
  you
• 21:34
  know,
• 21:34
  if
• 21:34
  we
• 21:34
  try
• 21:34
  something
• 21:35
  that
• 21:35
  doesn't
• 21:35
  work,
• 21:35
  we
• 21:36
  can,
• 21:36
  you
• 21:36
  know,
• 21:36
  say,
• 21:36
  "Okay,
• 21:37
  we're,
• 21:37
  we're
• 21:37
  not,
• 21:37
  we're
• 21:37
  done
• 21:38
  with
• 21:38
  this.
• 21:38
  We're
• 21:38
  moving
• 21:38
  on
• 21:38
  to
• 21:38
  the
• 21:39
  next
• 21:39
  thing."
• 21:40
  Yeah.
• 21:40
  I
• 21:42
  completely
• 21:42
  agree
• 21:43
  about
• 21:43
  the
• 21:43
  independence
• 21:44
  and
• 21:44
  not
• 21:45
  having
• 21:45
  to
• 21:45
  push
• 21:45
  product.
• 21:46
  I'm
• 21:46
  not
• 21:46
  gonna
• 21:46
  say
• 21:46
  the
• 21:46
  firm
• 21:47
  names
• 21:47
  or
• 21:47
  anything-
• 21:48
  Right
• 21:48
  like
• 21:48
  that,
• 21:48
  but
• 21:49
  earlier
• 21:49
  in
• 21:49
  my
• 21:49
  career
• 21:50
  working
• 21:50
  as
• 21:50
  a,
• 21:51
  um,
• 21:52
  portfolio
• 21:52
  manager,
• 21:54
  we,
• 21:55
  the
• 21:55
  firm
• 21:56
  owned
• 21:56
  an
• 21:56
  asset
• 21:56
  manager.
• 21:57
  Yeah.
• 21:57
  Well,
• 21:57
  guess
• 21:58
  what-
• 21:59
  Right
• 21:59
  was,
• 22:00
  we
• 22:00
  were,
• 22:00
  had
• 22:01
  to
• 22:01
  push.
• 22:01
  Guess
• 22:01
  who
• 22:01
  had
• 22:01
  a
• 22:01
  lunch
• 22:01
  meeting
• 22:01
  every
• 22:02
  Friday
• 22:02
  in
• 22:02
  your
• 22:02
  office?
• 22:04
  Yes,
• 22:04
  exactly.
• 22:05
  So,
• 22:05
  um,
• 22:06
  the
• 22:06
  conflict
• 22:07
  of
• 22:07
  interest-
• 22:08
  Yes,
• 22:08
  sir
• 22:08
  was
• 22:08
  big
• 22:08
  there.
• 22:09
  Yes,
• 22:09
  sir.
• 22:09
  So
• 22:11
  I
• 22:11
  love
• 22:11
  this
• 22:11
  question.
• 22:12
  If
• 22:12
  you
• 22:12
  could
• 22:12
  go
• 22:12
  back
• 22:13
  and
• 22:13
  tell
• 22:13
  yourself
• 22:14
  one
• 22:14
  thing
• 22:14
  before
• 22:15
  building
• 22:15
  Steward,
• 22:16
  what
• 22:16
  would
• 22:17
  it
• 22:17
  be,
• 22:17
  and
• 22:17
  would
• 22:18
  the
• 22:18
  younger
• 22:18
  version
• 22:19
  of
• 22:19
  you
• 22:19
  had
• 22:20
  listened,
• 22:20
  have
• 22:21
  listened?
• 22:23
  Yeah,
• 22:23
  I
• 22:23
  heard
• 22:23
  somewhere
• 22:23
  they
• 22:23
  said
• 22:24
  that
• 22:24
  Freud
• 22:24
  said
• 22:24
  the
• 22:24
  Irish
• 22:25
  are
• 22:25
  impervious
• 22:25
  to
• 22:26
  psychoanalysis,
• 22:26
  so
• 22:27
  I
• 22:27
  probably
• 22:27
  wouldn't
• 22:27
  have
• 22:27
  listened
• 22:28
  to
• 22:28
  myself.
• 22:30
  I
• 22:30
  would
• 22:30
  tell
• 22:30
  myself
• 22:32
  it's
• 22:32
  gonna
• 22:32
  be
• 22:32
  so
• 22:33
  much
• 22:33
  harder
• 22:33
  and
• 22:34
  so
• 22:34
  much
• 22:34
  better
• 22:34
  than
• 22:34
  you
• 22:35
  ever
• 22:35
  imagined,
• 22:36
  so
• 22:36
  just,
• 22:36
  just
• 22:37
  keep
• 22:37
  going.
• 22:38
  I
• 22:38
  love
• 22:38
  that.
• 22:38
  Yeah.
• 22:39
  That's
• 22:39
  really
• 22:39
  what
• 22:40
  it
• 22:40
  is.
• 22:40
  I,
• 22:40
  I,
• 22:41
  I
• 22:41
  knew
• 22:41
  it
• 22:41
  was
• 22:41
  gonna
• 22:42
  be
• 22:42
  hard.
• 22:42
  It
• 22:42
  was
• 22:42
  like
• 22:42
  when
• 22:42
  I
• 22:42
  built
• 22:43
  a
• 22:43
  business
• 22:43
  as
• 22:43
  a
• 22:43
  trainee
• 22:43
  and
• 22:44
  it,
• 22:44
  it's-
• 22:44
  Yeah
• 22:44
  it's
• 22:44
  10
• 22:44
  times
• 22:45
  harder
• 22:45
  than
• 22:45
  you
• 22:45
  thought,
• 22:46
  but
• 22:46
  10
• 22:46
  times
• 22:47
  more
• 22:47
  rewarding
• 22:47
  when
• 22:47
  you
• 22:47
  get
• 22:48
  to
• 22:48
  the
• 22:48
  other
• 22:48
  side.
• 22:48
  Yeah.
• 22:49
  I
• 22:49
  completely
• 22:49
  agree.
• 22:50
  And
• 22:50
  yeah,
• 22:51
  sometimes
• 22:51
  you
• 22:52
  might
• 22:52
  wanna
• 22:52
  give
• 22:53
  up-
• 22:53
  Yeah
• 22:53
  'cause
• 22:53
  it's
• 22:54
  hard,
• 22:54
  but,
• 22:54
  uh-
• 22:55
  Yeah
• 22:55
  that
• 22:55
  makes
• 22:56
  it
• 22:56
  more
• 22:56
  real.
• 22:56
  If
• 22:56
  it's
• 22:57
  easy,
• 22:58
  then
• 22:58
  you
• 22:58
  go
• 22:58
  home
• 22:59
  and
• 22:59
  it's
• 22:59
  like,
• 22:59
  "Well,
• 23:00
  was
• 23:00
  it
• 23:00
  that?"
• 23:00
  And
• 23:00
  there,
• 23:00
  there'll
• 23:00
  be
• 23:01
  no
• 23:01
  reward
• 23:01
  'cause
• 23:01
  everyone
• 23:02
  could
• 23:02
  do
• 23:02
  it
• 23:02
  then.
• 23:02
  Yeah.
• 23:03
  Yeah,
• 23:03
  exactly.
• 23:03
  Exactly,
• 23:04
  Jim.
• 23:05
  Lastly,
• 23:06
  let's
• 23:06
  go
• 23:06
  back
• 23:06
  to
• 23:07
  unstoppable.
• 23:08
  What's
• 23:08
  that
• 23:08
  look
• 23:09
  like
• 23:09
  in
• 23:09
  five
• 23:09
  years
• 23:10
  from
• 23:10
  now
• 23:10
  and,
• 23:11
  uh,
• 23:11
  what
• 23:12
  does
• 23:12
  Stewart
• 23:12
  Partners
• 23:13
  become
• 23:14
  in
• 23:14
  five
• 23:14
  years?
• 23:15
  So
• 23:15
  yo,
• 23:15
  listen,
• 23:15
  we,
• 23:16
  we
• 23:16
  l-
• 23:16
  we
• 23:16
  love
• 23:17
  ambitious
• 23:17
  goals
• 23:18
  an-
• 23:18
  and
• 23:18
  the
• 23:18
  goal
• 23:19
  is
• 23:19
  something
• 23:19
  that
• 23:20
  the
• 23:20
  organization
• 23:21
  embraces,
• 23:22
  you
• 23:22
  know,
• 23:22
  across
• 23:23
  the
• 23:23
  spectrum
• 23:23
  of
• 23:24
  their
• 23:24
  roles.
• 23:24
  So
• 23:25
  yeah,
• 23:25
  we're,
• 23:26
  we're
• 23:26
  looking
• 23:26
  at,
• 23:27
  you
• 23:27
  know,
• 23:27
  how
• 23:27
  quickly
• 23:28
  can
• 23:28
  we
• 23:28
  grow
• 23:28
  the
• 23:28
  right
• 23:29
  way
• 23:29
  to
• 23:29
  100
• 23:29
  billion
• 23:30
  in
• 23:30
  assets.
• 23:30
  So
• 23:31
  we
• 23:32
  think
• 23:32
  we'll
• 23:32
  be
• 23:32
  closer
• 23:33
  to
• 23:33
  north
• 23:33
  of
• 23:33
  60
• 23:34
  billion
• 23:35
  at
• 23:35
  the
• 23:35
  end
• 23:35
  of
• 23:35
  this
• 23:35
  year.
• 23:36
  And
• 23:36
  just
• 23:36
  putting
• 23:37
  that
• 23:37
  in
• 23:37
  perspective,
• 23:38
  end
• 23:38
  of
• 23:39
  2023,
• 23:39
  we
• 23:40
  were
• 23:40
  just
• 23:40
  about
• 23:40
  30
• 23:41
  billion.
• 23:42
  So
• 23:42
  that's
• 23:42
  the
• 23:42
  unstoppable,
• 23:43
  is
• 23:43
  think
• 23:43
  about
• 23:44
  a
• 23:44
  firm
• 23:44
  that's
• 23:44
  doubled
• 23:45
  in
• 23:45
  size
• 23:45
  in
• 23:46
  three
• 23:46
  years.
• 23:47
  That's,
• 23:47
  at
• 23:47
  that
• 23:48
  time,
• 23:48
  nine
• 23:48
  years
• 23:49
  in
• 23:49
  the
• 23:49
  business,
• 23:50
  right?
• 23:50
  It's
• 23:50
  just
• 23:50
  unheard
• 23:51
  of.
• 23:51
  Mm-hmm.
• 23:51
  And
• 23:52
  we
• 23:52
  are
• 23:52
  the
• 23:52
  only
• 23:53
  firm
• 23:54
  ever
• 23:54
  built
• 23:54
  to
• 23:54
  our
• 23:54
  size
• 23:55
  that
• 23:55
  did
• 23:55
  it
• 23:55
  with
• 23:55
  taking
• 23:56
  at,
• 23:56
  in
• 23:56
  no
• 23:56
  capital
• 23:57
  for
• 23:57
  five
• 23:57
  and
• 23:57
  a
• 23:57
  half
• 23:58
  years.
• 23:58
  There's,
• 23:58
  we're
• 23:59
  a
• 23:59
  one
• 23:59
  of
• 23:59
  one.
• 24:01
  Wow.
• 24:02
  Yeah,
• 24:02
  and
• 24:02
  that's,
• 24:04
  that's
• 24:04
  pretty
• 24:04
  telling,
• 24:05
  especially
• 24:05
  with,
• 24:06
  um,
• 24:06
  private
• 24:07
  equity.
• 24:07
  Right.
• 24:08
  Right.
• 24:08
  Right.
• 24:09
  So,
• 24:09
  so
• 24:09
  prevalent
• 24:10
  now.
• 24:11
  Jim,
• 24:11
  thank
• 24:12
  you
• 24:12
  so
• 24:12
  much.
• 24:12
  It's
• 24:13
  always
• 24:13
  such
• 24:13
  a
• 24:13
  pleasure
• 24:14
  and
• 24:14
  honor
• 24:14
  to
• 24:14
  have
• 24:15
  you
• 24:15
  on.
• 24:15
  I
• 24:15
  learned
• 24:16
  so
• 24:16
  much.
• 24:16
  I'm
• 24:16
  gonna
• 24:16
  go
• 24:17
  back
• 24:17
  and
• 24:17
  probably
• 24:17
  listen
• 24:18
  to
• 24:18
  this
• 24:18
  a
• 24:18
  couple
• 24:18
  different
• 24:19
  times
• 24:19
  before
• 24:19
  I,
• 24:20
  uh,
• 24:20
  post
• 24:20
  it.
• 24:21
  Um,
• 24:21
  it's
• 24:21
  always
• 24:22
  a
• 24:22
  pleasure.
• 24:22
  It's
• 24:22
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• 24:23
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• 24:23
  And
• 24:23
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• 24:24
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• 24:24
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• 24:24
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• 24:24
  me
• 24:25
  here
• 24:25
  at,
• 24:25
  uh,
• 24:25
  the
• 24:26
  Stewart
• 24:26
  Symposium.
• 24:28
  And
• 24:28
  thank
• 24:28
  you
• 24:28
  everyone
• 24:29
  for
• 24:29
  listening
• 24:29
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• 24:30
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• 24:30
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• 24:30
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• 24:30
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• 24:31
  Adjusted
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• 24:33
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• 24:37
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• 24:39
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• 24:39
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• 24:40
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• 24:40
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• 24:40
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• 24:41
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• 24:43
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