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#73 - Switching Fields: Kyle Newell's Leap from Sports to Financial Planning · Only Fee-Only

• 0:05
  Speaker 1: How's it going everyone?
• 0:06
  Speaker 1: Thank you so much for being here.
• 0:08
  Speaker 1: Welcome back to the only fee only podcast.
• 0:11
  Speaker 1: If you're a first time listener, welcome to you as well.
• 0:14
  Speaker 1: In this episode we got to talk to Kyle Newell, who is the founder of Newell wealth management and he works with Disney cast members, leaders, crews, imagineers and their families, which is a really cool niche.
• 0:29
  Speaker 1: Who he works with?
• 0:29
  Speaker 1: People that work at Disney, and I'll never forget the first time that I saw Kyle in person and thought to myself that is a very large man, so Kyle's like six foot eight and looks like a football player.
• 0:45
  Speaker 1: And so I was like Kyle, you obviously did something as far as athletics go, I'm guessing football.
• 0:51
  Speaker 1: And he said, yeah, I did play football.
• 0:53
  Speaker 1: I go.
• 0:54
  Speaker 1: Where did you play football, kyle?
• 0:55
  Speaker 1: And he played football at the University of Florida, and I thought that was really cool.
• 1:00
  Speaker 1: But that led me, based on the recent Netflix documentary that came out called swamp Kings, to ask him where he played football, and it was, in fact, the University of Florida during the 2006, 2007, 2008 seasons, when they won the national championship for the University of Florida.
• 1:21
  Speaker 1: So this is a super fun conversation.
• 1:23
  Speaker 1: We touched on that for a second, but we're mostly talking financial planning.
• 1:27
  Speaker 1: Kyle is an extremely awesome giving caring guy.
• 1:30
  Speaker 1: Enjoy this episode with Kyle.
• 1:34
  Speaker 2: How's it going everyone?
• 1:35
  Speaker 2: Welcome to another episode of the only fee only podcast.
• 1:39
  Speaker 2: I'm Peter Travelo.
• 1:41
  Speaker 2: I'm here with my co-host, Brock.
• 1:42
  Speaker 2: How's it going today, Brock?
• 1:44
  Speaker 1: You know, since we're here with the famous Kyle dude, I have to say I'm pretty excited about this one.
• 1:50
  Speaker 2: Likewise, we've been looking forward to this one.
• 1:52
  Speaker 2: Kyle's got an awesome background that we'll definitely touch on, and how he's morphed into being his own financial advisor, running his own firm at Newell Wealth Management.
• 2:04
  Speaker 2: So, Kyle, welcome to the show man.
• 2:06
  Speaker 2: Yeah, thanks guys.
• 2:08
  Speaker 2: I look forward to chatting you bet you bet.
• 2:11
  Speaker 2: So for those who don't know who Kyle Newell is, you want to give a quick 30, 60 second overview of who you are and who you're currently serving?
• 2:19
  Speaker 3: Yeah, thanks.
• 2:22
  Speaker 3: So Brock and Peter and I connected at XYPN, mainly because I'm six foot eight, 320 pounds, I give off the appearance of a football player.
• 2:33
  Speaker 3: So I played football at Forta.
• 2:35
  Speaker 3: Didn't really pursue that afterwards.
• 2:38
  Speaker 3: Graduated December of 2008, which is like the worst time possible to graduate college, and had some friends that were in finance.
• 2:47
  Speaker 3: My degree is actually in physics, but I had some friends that were in finance and they thought I was a nice enough guy, smart enough guy that they could teach me the ropes, so to speak.
• 2:57
  Speaker 3: So jumped into finance January of 2009, which was again not a great time.
• 3:02
  Speaker 3: More business to business and then, in 2011, started at Merrill Lynch.
• 3:08
  Speaker 3: Spent a few years at Merrill Lynch, then spent a few years at TI-CREF, then a few years at a local credit union, then started my own, for my own RIA, january 22.
• 3:18
  Speaker 1: Very cool man, very cool.
• 3:19
  Speaker 1: So I know I'm going to, I'm going to make you touch on it.
• 3:21
  Speaker 1: You're a humble guy.
• 3:22
  Speaker 1: I'm going to make you touch on it.
• 3:23
  Speaker 1: So you were a part of.
• 3:25
  Speaker 1: You were a part of two national championship football teams at the University of Florida.
• 3:28
  Speaker 1: But quickly, what was that like?
• 3:31
  Speaker 1: We do have some people that are sports fans that think it's pretty cool.
• 3:34
  Speaker 1: So I'm going to make you talk about just for a second.
• 3:36
  Speaker 1: Then we'll get into the financial life.
• 3:38
  Speaker 3: Sure, yeah, yeah, sure, happy to talk about it, yeah Go, gators.
• 3:43
  Speaker 3: I'm a Gator through and through, obviously.
• 3:45
  Speaker 3: So, yeah.
• 3:46
  Speaker 3: So I was on the 2006, 2008 national championship and conference championship teams.
• 3:52
  Speaker 3: That was the era of Tim Tebow, urban Meyer, all of that and it was an incredible experience, incredibly difficult.
• 3:58
  Speaker 3: A lot of people don't realize the amount of work they I mean they assume, I think, the amount of work that goes into it.
• 4:04
  Speaker 3: But you really only get a couple of weeks off.
• 4:05
  Speaker 3: You get a week a week in between, summer A, summer B.
• 4:08
  Speaker 3: You get a week off at Christmas time and a week off at spring break, and that's pretty much it.
• 4:14
  Speaker 3: And so you've got, you know, five, six am workouts.
• 4:17
  Speaker 3: You know you're a regular college student on top of that, and then you're, you know, playing games and all of that.
• 4:23
  Speaker 3: So it's, it was really rigorous, but all of the work paid off, at least in our circumstance, where we got to, you know, actually win the championships, and I think I'm going to be grateful for the experience that I had just because of the amount of.
• 4:36
  Speaker 3: When you're playing at that level, you learn, you learn the thoughts and mindset of champions, and, you know, under coach Myers leadership, of course he's he's, you know, has has his own story to tell, I suppose post all those years.
• 4:51
  Speaker 3: But During that time, I mean, he was you know, he's he's arguably one of the best if not, you know, top three, top four College coaches in the history of the game, winning both, you know championships at Florida and Ohio State.
• 5:04
  Speaker 3: So yeah, that's a lot from him and other coaches.
• 5:06
  Speaker 3: So I was grateful for the experience, for sure.
• 5:09
  Speaker 3: Yeah that's good.
• 5:10
  Speaker 1: I was a great synopsis on it, man, I love it.
• 5:12
  Speaker 1: How did that, how did that kind of translate me and like, get into it.
• 5:17
  Speaker 1: So you're coming to the end of your senior year, right, you know that you want to go do something.
• 5:21
  Speaker 1: I know you managed.
• 5:21
  Speaker 1: You talked about kind of managing to get into Merrill, but what were the steps that you kind of took to get there and how did you know you wanted to pursue that out of college?
• 5:31
  Speaker 3: Yeah, so I, um, I, I, I was earning my first paycheck and realized I had no clue of what to do with it.
• 5:40
  Speaker 3: You know, like I, just my, my family, you know we were probably lower middle-income America, you know, growing up, and so they were just kind of getting by, you know, did what they could, type of thing, and so we never talked about money, never really had any background on on what to do, and so, interesting enough, I was like, well, maybe I can reach, maybe there's somebody that has expertise.
• 6:04
  Speaker 3: So I, this was like right when LinkedIn was getting started, and so I looked on LinkedIn and found some financial advisors and I was like, oh, I could reach out to these people and and, and maybe they'll tell me what to do with my money.
• 6:15
  Speaker 3: Because, like, I have no clue, like I knew, I figure, I Figure I should do something, but I didn't know what, what I should do, and so Reach out to them.
• 6:23
  Speaker 3: And they were like, yeah, you don't really have enough money for me.
• 6:25
  Speaker 3: So, but but thankfully, one of them did send me to Dave Ramsey's, you know, radio station, his course, books, all that stuff.
• 6:36
  Speaker 3: So so I actually consumed a bunch of his content and and just learned personal finance myself and then so I was helping all of my, you know, we were 22 years old, so I was, you know, talking with all my other buddies that are, you know, in their early 20s.
• 6:49
  Speaker 3: Nobody has an idea what to do.
• 6:50
  Speaker 3: You know, talking about Roth IRAs and stuff and and and they're like well you should become a financial advisor.
• 6:55
  Speaker 3: I was like, yeah, that sounds, that actually sounds pretty cool.
• 6:57
  Speaker 3: So, so, that's.
• 6:58
  Speaker 3: So that's what I did, that's what kind of got me into, you know, into being a financial advisor.
• 7:03
  Speaker 3: That was that was 2011 timeframe at Merrill Lynch.
• 7:07
  Speaker 2: The classic Dave Ramsey.
• 7:09
  Speaker 2: Now I'm looking on your LinkedIn.
• 7:10
  Speaker 2: Were you a physics major?
• 7:12
  Speaker 1: Yeah, so how did you?
• 7:14
  Speaker 2: jump from physics.
• 7:15
  Speaker 2: Was it just those conversations, or?
• 7:18
  Speaker 2: I mean, what were you initially thinking like?
• 7:20
  Speaker 2: Did you just pick that your freshman year and you're rocking into it and football Just took the lead?
• 7:25
  Speaker 2: Yeah?
• 7:26
  Speaker 3: Yeah, a little bit.
• 7:27
  Speaker 3: You know I, um, my dad was an engineer, so I was thinking of doing engineering.
• 7:31
  Speaker 3: But when I got, when I got to school, I started off an engineering.
• 7:36
  Speaker 3: But then when I got to school, the, the academic coordinators, they, they, they signed me up basically for like kind of exploring sciences type Type degree, and so I just ended up finishing off with physics.
• 7:48
  Speaker 3: I figured I might do engineering or something, but I really had no clue.
• 7:50
  Speaker 3: They, you know, as an athlete, they, they, they really want you to focus pretty much on being an athlete and they're like, you know, afterwards it'll, it'll, it'll work out for you, basically as kind of the.
• 8:02
  Speaker 3: So I didn't really didn't put too Too much thought into it.
• 8:05
  Speaker 3: I, you know, I people think physics is like really complicated, and for some people it is, but it's my brain, just it clicked for me, so I just I enjoyed it and it was not too complicated for me and how my brain thinks so.
• 8:17
  Speaker 3: So I did that.
• 8:18
  Speaker 3: But then I realized as I was finishing up that that was probably the career path was more, you know, academia or like research and development, and and I didn't, those didn't really appeal to me, and so that's why, by the time I figured out that, that that the career path didn't really appeal to me.
• 8:37
  Speaker 3: Then I started looking around, and that's where I met my buddies that were in finance, and they were just like hey, you know, you probably can do this.
• 8:43
  Speaker 3: Even though you don't have an agree in it, you could probably figure it out.
• 8:46
  Speaker 2: So Mm-hmm, so you got.
• 8:47
  Speaker 2: So you got your feet wet.
• 8:50
  Speaker 2: You know, at Merrill and TIA and I know right before we jumped on this, we made the connection that there were a few other advisors from TIA who have Since left and started their own firm as well.
• 9:02
  Speaker 2: But you know what were some of those core lessons that you learned at those larger firms?
• 9:07
  Speaker 2: You know it's this show, of course, is very pro start your own business X, y, pn, but there's a lot to be said about the lessons and just getting the reps in at some of these bigger Firms.
• 9:18
  Speaker 2: So like, what was that experience like for you?
• 9:21
  Speaker 3: Yeah, yeah, I Am appreciative of my time.
• 9:25
  Speaker 3: I think during the time that I was there I was probably a little bit more Jaded, just cuz corporate America is, you know, corporate America and it's kind of got their way of doing things and and and all of that.
• 9:37
  Speaker 3: But Merrill they call it mother Merrill, you know, I feel like almost every financial visor gets their start at Merrill or has some time at Merrill Lynch.
• 9:45
  Speaker 3: They that that was really a sales focused culture, especially getting started, and that was tough for me.
• 9:53
  Speaker 3: I didn't, you know, they did some light sales training, but it was more just kind of like Go get it tiger, and you just had to kind of figure it out.
• 10:02
  Speaker 3: So, so that that that was really really a stressful time because I was, I was young, and during that time they put in a $250,000 minimum and so I'm like 23 years old trying to, you know, trying to get clients that have at least $250,000 of assets.
• 10:18
  Speaker 3: Now, being an athlete, I mean, I had some connections with people that had that type of money but not really enough to keep up, yeah, with their sales goals, which which that was.
• 10:26
  Speaker 3: You know, that was a really stressful time.
• 10:28
  Speaker 3: Or, you know, because I was trying to start a family and you know they're nailing me for sales goals, telling me you know that if I don't hit my goals I'm gonna be fired and all of that type of stuff.
• 10:37
  Speaker 3: So that was, that was a stressful time, but at the same time it, you know it sharpened my skills because I had to.
• 10:43
  Speaker 3: You know I had to.
• 10:43
  Speaker 3: Either it was, you know, sink or swim, so to speak.
• 10:45
  Speaker 3: So I had to meet with people and figure out what their pain points were, figure out how to help them and all that stuff.
• 10:50
  Speaker 3: And so you know so that that really helped, I think, on just my communication skills.
• 10:55
  Speaker 3: And, you know, selling.
• 10:56
  Speaker 3: I know a lot of people in the financial advisor space or at least in the fee only financial space kind of poo, poo, the idea of sales.
• 11:05
  Speaker 3: But also we got to be, you know, somebody to be able to help somebody.
• 11:08
  Speaker 3: We got to be able to sell them on the idea that we're going to be able to help them.
• 11:10
  Speaker 3: So that definitely was a big formative part for sure.
• 11:14
  Speaker 1: Well, let's just get into that man, like, if you don't think you're in sales and you own a business, you need to look in the mirror, right, because, like, okay, like, don't get me wrong.
• 11:24
  Speaker 1: Right, you might not be out there peddling, you know, mother, mutual permanent life insurance policies, right, but, like you just said, you made a really good point, kyle, in that you still have to be able to sell yourself.
• 11:37
  Speaker 1: Help people understand why they should be working with you, sell them on what you're bringing to the table, that they couldn't just go Google, right.
• 11:44
  Speaker 1: A lot of times that's accountability, and so there's a negative connotation with sales.
• 11:50
  Speaker 1: But to an extent, everyone's selling something, right?
• 11:53
  Speaker 1: Yeah, even a scientist that comes up with a new you know, a new formula has to sell everybody else on why that makes sense, right?
• 12:01
  Speaker 1: So it's everybody's selling something at the end of the day.
• 12:06
  Speaker 2: Yeah absolutely.
• 12:07
  Speaker 2: So, kyle, I mean, what was the main like marketing plan there?
• 12:12
  Speaker 2: You know, was it like a project 100, 200, call friends and family, or where the dormit accounts, or what was that set up like and what kind of training was it?
• 12:22
  Speaker 3: Yeah, so it was.
• 12:24
  Speaker 3: They really allowed you to do whatever approach you thought would work.
• 12:31
  Speaker 3: They did train up, they had like some consultative sales skills training.
• 12:39
  Speaker 3: They sent you to like a two day, basically, sales course on identifying pain points and trying to uncover motivations of clients and all of that type of stuff and so.
• 12:52
  Speaker 2: But as far as getting in front of people.
• 12:55
  Speaker 3: they there's actually they had this whole training system on different outreach approaches.
• 13:02
  Speaker 3: So like seminars, cold calling, you know, networking, all of kind of the old school methods of developing clients, and so that was helpful.
• 13:14
  Speaker 3: But I'm probably like a lot of planners, I'm kind of an analysis, paralysis kind of guy, like if you give me too many options I'm gonna.
• 13:21
  Speaker 3: You know, it's just, it's overwhelming to try to pick something and just run with it, which is, I think, what ends up being the most successful.
• 13:29
  Speaker 3: But for me, what I ended up doing most of was cold, cold walking to businesses.
• 13:37
  Speaker 3: I would just go into businesses, walk in.
• 13:39
  Speaker 3: You know, being six foot eight, it's hard for somebody to be rude to me in person typically, so so I would just walk into a business and introduce myself and strike up a conversation and that, you know that helps.
• 13:54
  Speaker 3: You know, helps kind of help me survive.
• 13:56
  Speaker 1: So yeah, you just got all the admin and the administrative assistants out front.
• 14:00
  Speaker 1: Like there's this guy, six, eight big guy wants to talk to you.
• 14:04
  Speaker 1: I'm not telling him now.
• 14:05
  Speaker 2: You're like, all right, let me back there.
• 14:08
  Speaker 1: Oh no, I love it.
• 14:09
  Speaker 1: Man, what was it like for you when you decided or I guess, when was that kind of point right?
• 14:15
  Speaker 1: I think we all reach a point to where, if you're gonna go out and you're gonna do the entrepreneur thing, there's a point to where you're like, all right, I think it's time.
• 14:24
  Speaker 1: So what was your mindset kind of leading up to that?
• 14:27
  Speaker 1: And then when did you know it was the right point and kind of just walk us through that experience, you don't mind, man.
• 14:33
  Speaker 3: Yeah, yeah.
• 14:34
  Speaker 3: So I think my.
• 14:35
  Speaker 3: So I've always been entrepreneurial at heart, like in high school I would mow people's lawns and you know I just did.
• 14:42
  Speaker 3: I just always, always, always kind of trying to do something entrepreneurial.
• 14:45
  Speaker 3: And so when I started at Merrill probably after about the first three months, I realized that their model was not gonna be the model for me.
• 14:55
  Speaker 3: But at the same time I had the reality of I had a wife and a young child and I needed to and I didn't really come for money.
• 15:04
  Speaker 3: My wife was a teacher, so we didn't really have a ton of money to provide for ourselves and didn't have any money saved.
• 15:10
  Speaker 3: So I knew really early on that I didn't really wanna do it the way, because I thought financial advisor was how you know how most, I guess, fee only planners would probably approach it like let's look at your budget, let's look at your planning, let's look at all that.
• 15:23
  Speaker 3: And Merrill was starting to kind of do some of that.
• 15:27
  Speaker 3: But at the end of the day it was about bringing money in the door, and so I knew that I wanted to kind of do it a different way.
• 15:35
  Speaker 3: Around that time, actually, xypn was launching around that time I thought about joining then, but again I just didn't have I didn't have the word chest to live on to be able to go try to make it happen.
• 15:47
  Speaker 3: So the next 10 years, basically I spent building up my you know, building up my financials so that I could finally convince my wife, who's very risk averse, to let me go take the leap, you know.
• 16:00
  Speaker 1: So yeah, yeah, yeah, for sure.
• 16:02
  Speaker 1: Yeah, I mean, it's an interesting thing, because sometimes it's like it's just a scary thing to do.
• 16:09
  Speaker 1: You don't know how you're gonna do it, but when you have people counting on you, right, that's a different thing.
• 16:14
  Speaker 1: You have to think about it in a logical way, for sure.
• 16:17
  Speaker 3: Yeah, yeah, yeah, so, yeah.
• 16:18
  Speaker 3: So I mean we had you know, so I've got two kids, you know a wife and you know mortgage all the same bills as everybody else.
• 16:25
  Speaker 3: So so just you know, it just took some time to save up, but also just to convince her, you know, convince my wife that you know, having my own thing would be a benefit for us.
• 16:36
  Speaker 3: Because all she saw was you know your benefits at the big companies, you've got benefits in 401ks and you know a big company name behind you and all of that stuff, and so it just took some time finally to convince her almost 10 years.
• 16:54
  Speaker 2: Yeah, so besides getting the war chest ready and things like that, I mean, what were some of the other like motivating factors?
• 17:00
  Speaker 2: You know, is it like lifestyle for you, like what's kind of like your dream practice right now?
• 17:05
  Speaker 2: If you could kind of just portray like you know what gets you going in the morning and what are you trying to build.
• 17:11
  Speaker 3: Yeah, yeah, I think, at least initially, it was really just about doing the right thing with the clients and making sure that there's reducing conflicts of interest as much as I possibly could.
• 17:28
  Speaker 3: That was really the motivating factor originally, but then from there, like I said, I always wanted to be a business owner.
• 17:39
  Speaker 3: I just like, honestly, the control of being able to make decisions, not have to go up the ladder to ask somebody else permission to do something.
• 17:49
  Speaker 1: Yeah, yeah.
• 17:50
  Speaker 1: So what I mean?
• 17:51
  Speaker 1: What's the?
• 17:52
  Speaker 1: Is it going to be you?
• 17:53
  Speaker 1: How do you want to grow the firm?
• 17:55
  Speaker 1: Do you want to grow it into a boutique?
• 17:57
  Speaker 1: Do you want to have advisors underneath you?
• 17:59
  Speaker 1: Do you want you know what I mean?
• 18:00
  Speaker 1: How do you want to scale it?
• 18:01
  Speaker 1: Are you very focused on lifestyle, practice, freedom, being able to go to my kids yeah, Right.
• 18:07
  Speaker 3: Yeah.
• 18:11
  Speaker 3: So I do want to grow.
• 18:14
  Speaker 3: I'm just growing.
• 18:15
  Speaker 3: I'm not trying to get to a, I'm not trying to hustle to grow and scale, but I am wanting to grow and scale.
• 18:26
  Speaker 3: That's part of my business plan is to continue growing.
• 18:31
  Speaker 3: I'm pretty much at a point revenue client wise right now that all of my personal needs are met.
• 18:38
  Speaker 3: So now, basically that as I add clients, it's building up to be able to.
• 18:42
  Speaker 3: So right now I have a part time admin and a part time CIO which helps with like investment, research and all that type of stuff, and so I do want to be able to bring her on, probably full time, and then eventually have a para planner and continue to grow in that method.
• 19:00
  Speaker 3: I like the idea of a team.
• 19:03
  Speaker 3: I'm a team guy, so I think a team makes a lot of sense.
• 19:06
  Speaker 3: It's just I'm choosing to grow slowly to have enough revenue to be able to cover the cost of that.
• 19:14
  Speaker 2: Yeah, that's very smart and I mean it's nice to ramp up and be able to do it at your own speed.
• 19:20
  Speaker 2: So let's talk a little bit now about what the marketing plan is.
• 19:24
  Speaker 2: I know that you have a little bit of a niche within the Disney world, so you want to talk a little bit about what your marketing plans been from the start and maybe how it's evolved a little bit.
• 20:10
  Speaker 3: Yeah yeah.
• 20:11
  Speaker 3: So at the beginning, like I mentioned, I was at my last role before starting.
• 20:16
  Speaker 3: My firm was at a local credit union and it was actually Disney's credit union, so here in the Orlando area.
• 20:24
  Speaker 3: And so thankfully, at least initially, I had people now had a non solicited in place, so I had to be careful on how all that worked out.
• 20:33
  Speaker 3: But if, basically if, clients reached out to me, then it was fair game and so so I had enough people reach out initially that that I was able to kind of get a good, get a good baseline running.
• 20:47
  Speaker 3: And then so my marketing plan is kind of combination of I guess is longer term SEO, blogging type stuff, which I've been doing that pretty, pretty faithfully since I started, and then kind of boots on the ground, just old school networking meeting with you know, meeting with clients, taking them to lunch, meeting with other centers of influence, other people within, so so so I was at that credit union for about four years, so I have a good, a good network of people that are kind of Disney related.
• 21:20
  Speaker 3: So just trying to stay in front of those people I'm not, you know, not necessarily going in trying to sell them individually, but more just just staying top of mind so that if somebody has a need, their friends talk about retirement and they're talking about the market or whatever.
• 21:31
  Speaker 3: I'm trying to train people up on.
• 21:33
  Speaker 3: You know, if there's a Disney person that's talking about money, you know, send them my way, basically.
• 21:38
  Speaker 1: So yeah, yeah, no for sure.
• 21:40
  Speaker 1: I'm just picturing you man with like a like a financial advisor tag on and like the biggest Mickey Mouse suit that was ever created.
• 21:47
  Speaker 1: No, it is too, but no, I do that.
• 21:51
  Speaker 1: Point it just you know, okay.
• 21:53
  Speaker 1: So, as a kid, a lot of people go there.
• 21:55
  Speaker 1: As an adult, I still love Disney, right, like, and as a consumer, their goal is to always get you to think about it being the happiest place on earth.
• 22:04
  Speaker 1: That's the whole thing, right, yeah, but what are some of the like?
• 22:08
  Speaker 1: What is it like working with people that work with Disney?
• 22:11
  Speaker 1: Like, what's it?
• 22:11
  Speaker 1: Obviously don't go into specific situations, right, but as far as like, disney employees, what is it like on the?
• 22:17
  Speaker 1: Because, at the end of the day, disney is big business, it's it's the happiest place on earth, but they're also here to make a profit.
• 22:23
  Speaker 1: So what, what is it like working with people that that work with the Disney Corporation?
• 22:29
  Speaker 3: Yeah.
• 22:29
  Speaker 3: So you know, yeah, the theme parks business, Orlando, obviously most, most of the people are are related to the parks.
• 22:38
  Speaker 3: Now I work mostly with, like managers and and and kind of back office folks that are in finance or tech or marketing, hr, that's.
• 22:50
  Speaker 3: That's generally the crowd that I end up working with the most, just because they're on salary, they've got bonuses and things of that nature.
• 22:56
  Speaker 3: You know, everybody has, everybody has.
• 22:59
  Speaker 3: Generally, if somebody's working at Disney, they have an affinity for the brand, right, they've got, they've, they've.
• 23:06
  Speaker 3: You know, they've chosen to work at Disney because it is Disney, yeah, typically, and and so so you.
• 23:15
  Speaker 3: So I lean into that.
• 23:16
  Speaker 3: But at the same time some of the people who were working there 20, 30, 40, I had one, I had one client.
• 23:21
  Speaker 3: He was at opening day of Walt Disney World in 1971.
• 23:26
  Speaker 3: So you know, guy was working there for 50 years.
• 23:32
  Speaker 3: So so so you know there's it, it not that they don't love the company, but you know it's still a corporation, right, so there's still all of the corporate stuff that everybody has headaches with and all of that.
• 23:43
  Speaker 3: So it's, it's, it's, I would imagine it's, it's similar to any other, any other advisor, you know, really kind of targeting a specific company.
• 23:52
  Speaker 3: I mean, people have obviously they're working for the company, so they have some some appreciation for the brand, but at the same time there's still people that are, you know they're trying to retire and they're trying to pay for their kids college, and you know they want to make sure that they're making the right investment decisions and all of that.
• 24:06
  Speaker 3: So yeah, totally.
• 24:08
  Speaker 2: Yeah, so who've been some good like centers of influence for you and I'm sure you're getting referrals within Disney too but who are some good COIs?
• 24:19
  Speaker 3: Yeah, so I would say so realtors are actually decent ones for me, just because they, you know they are hit up by a lot of advisors.
• 24:29
  Speaker 3: But since I kind of brain myself as more Disney specific that, and there are people that move, that you know, move here, that reach out that way, but really it's so, when I say COI, it's more.
• 24:42
  Speaker 3: It's more COI's within the company itself, not so much like attorneys and tax professionals, which is, I know, a lot of advisors have have done a lot of work with those folks.
• 24:52
  Speaker 3: I do have a, I do have a couple of state planning attorneys that will send me folks every so often, but it's more.
• 24:59
  Speaker 3: It's more having advocates even even if somebody's not using me as their advisor within the company, but they, they, you know I've helped them out or they've consumed some, like you know, either LinkedIn content or been to a webinar or been to a seminar or something like that.
• 25:13
  Speaker 3: So it's just more just having kind of a positive, positive and positive people within the company.
• 25:19
  Speaker 3: So then, like, because I'll get referrals from people that they've never been my client but you know they're talking to somebody, that's like, oh well, maybe you should reach out to Kyle, you know so, you know.
• 25:28
  Speaker 3: So that that's what I mean by COI, not so much the traditional, you know, insurance agent or tax person or state planning attorney.
• 25:37
  Speaker 3: I just haven't really had a lot of success with with those more traditional COI's.
• 25:43
  Speaker 1: Yeah, it's a fantastic thing too, because at the end of the day, man, like, if you're doing good work for people and you know clients can also be advocates but if you have advocates that you don't work with necessarily but but really believe in what you're doing like we've been blessed to have a lot of the only advocates right that that we work with or that maybe we haven't worked with yet, maybe they have a good relationship, but they're like hey, check out BC brokers, they do good work for it's like it's great to have those people out there that are in your circle that believe in what you're doing, that are willing, you know, to kind of put their neck and reputation on the line because they they truly think that what you're doing is a good thing.
• 26:17
  Speaker 1: So it's good to have as many of those people as you possibly can.
• 26:20
  Speaker 2: For sure, yeah, sure that's an important like message to drive home there, because I think you know don't get me wrong social media marketing is great and all that, but you can still just have good relationships and you don't have to be necessarily have that huge footprint online.
• 26:38
  Speaker 2: You know I think it gets glamorized too much and you know you can just build a business the normal way.
• 26:44
  Speaker 2: You know it's almost underrated like Brock and I were talking the other day like a lost art picking up the phone.
• 26:51
  Speaker 3: You know it just is so and that's what clients and advisors want these days yeah, yeah, at the end of the day, it's a people, it's a people business, and so I like I was talking to another advisor at XYPM and he's getting ready to launch and I was asking what his plan was.
• 27:07
  Speaker 3: He's like, well, I plan on doing YouTube videos and I'm like, oh, you're trying to reach and it's like, this one little specific, tiny community of people and I'm like, why don't you just go down there and take some people to lunch?
• 27:16
  Speaker 3: He was, and it was like it blew his mind of, you know like, actually going and talking to the people that he wanted to go serve.
• 27:25
  Speaker 3: You know like, rather than because I think of the whole sales thing and you know you don't want to be that you know kind of cheesy sales guy people think the YouTube videos and the blogging and the social media stuff is a way around that and eventually I mean I so candidly, I am getting referrals now, are getting people reaching out from SEO efforts, which has been pretty cool, but yeah, but it's taking a year and a half, almost two years, for that to happen and I blog every week.
• 27:52
  Speaker 3: So you know that's.
• 27:54
  Speaker 3: You know, if you need to get a business up and running, I think you got to go.
• 27:58
  Speaker 3: You got to go meet the people right and talk to them and you don't have to try to sell them, but just figure out what's going on and naturally business will happen, you know yeah so, like what are some other you know bullet points you would give out like you know you've been doing it now two years of marketing is as new wealth management.
• 28:18
  Speaker 2: You know you've got good history and good experience before that.
• 28:22
  Speaker 2: Like, what are some things you might have underestimated?
• 28:24
  Speaker 3: or you know, I mean you're a planner by heart, so of course you're gonna look back at the original plan and see if you can update it yeah, yeah, I think I think I was a little cocky on how, on how overwhelming starting a business can be, especially so I had a book of clients that I was trying to like I couldn't go after them, but I was anticipating that people were to be coming.
• 28:50
  Speaker 3: So, like I had to, I had to be up and running like on day one, and that just all the different components, the compliance, the marketing, the books and records, or your financials, the archiving, all the technology solutions, it's.
• 29:09
  Speaker 3: It's it's a lot to to really take on, and and I was I haven't been audited yet, so we'll see how all that goes, I guess, but it's, you know, it definitely was, it definitely was a lot.
• 29:22
  Speaker 3: So I would I think other people, especially if they already have a book of business, they're thinking about going the RAA route really evaluate the amount of work and effort and all that that goes into it and what you're trying to really accomplish, because it definitely I wouldn't regret it, but it was a lot.
• 29:42
  Speaker 3: It was a mouthful for sure Getting up and running.
• 29:45
  Speaker 3: I'm just now starting to feel like I've kind of got good systems and processes in place and all of that stuff.
• 29:50
  Speaker 3: So that was probably more than I bargained for, at least originally.
• 29:57
  Speaker 1: People don't understand it, man.
• 29:59
  Speaker 1: It's one of those things to where I made a post I tweeted the other day and I got a decent amount of attention, because it's just very relatable.
• 30:06
  Speaker 1: Obviously, a lot of people that we're connected with are fee only planners or people that have started their own businesses.
• 30:11
  Speaker 1: It's like everybody that's never been an entrepreneur says entrepreneurship is really sexy, right, but what they don't see is like the late nights that you're staying up trying to figure out the systems, like beating your head off the desk, because you're like, do I go with this planning software or this planning software, how do I organize the CRM?
• 30:28
  Speaker 1: Like, is it actually worth paying $2,000 a month for this or would we be better off just using the $15 a month thing and doing it ourselves?
• 30:36
  Speaker 1: So, there's never a lack of decisions to be made in things to think about when you're in the business of being an entrepreneur.
• 30:46
  Speaker 2: And there becomes a point when the rubber just has to hit the road.
• 30:49
  Speaker 2: We're coming off a conference season and there's an advisor we talked to.
• 30:53
  Speaker 2: We're like, oh, what's been the biggest thing about going to these conferences?
• 30:57
  Speaker 2: He's like I just need to go do it.
• 30:58
  Speaker 2: Yeah, we're like yeah no, you're right, it just becomes a point.
• 31:03
  Speaker 2: Analysis per analysis, it's easy to get into.
• 31:07
  Speaker 2: So, kyle, for those who want to follow along, man, what's the best way that people can follow your journey and see some of your content?
• 31:17
  Speaker 3: Yeah, so my website is nulewmcom WM, short for wealth management, really original on the name Nule Wealth Management.
• 31:24
  Speaker 3: I'm on LinkedIn too.
• 31:26
  Speaker 3: People can reach out via LinkedIn.
• 31:27
  Speaker 3: I do.
• 31:28
  Speaker 3: I've kind of taken a little bit of a break just getting some stuff organized, but typically I will post, but it's more client-focused stuff.
• 31:36
  Speaker 3: It's not really a financial advisor you know related content but I'm happy to connect with people if they, you know, have questions or what have you.
• 31:43
  Speaker 3: I've got help by a lot of people over my time, especially thinking about getting started and so happy to pay it forward.
• 31:51
  Speaker 2: Love it, man.
• 31:52
  Speaker 2: Well, thank you so much for coming on, love your story and look forward to seeing your continued success, man.
• 31:58
  Speaker 3: Thanks guys.
• 31:59
  Speaker 3: Yeah, you too, and appreciate it Thanks a lot.