"This is so wonderful because obviously it is no secret. The entire world knows our day job. What we do is we actually are financial advisers and one of the the things I think the world I like the entire world because we're we're worldwide now? A lot of people mourns theory class. I have no idea who we are. Well check out the money the coaches do but not everybody in the world to actually like prospect. All through microstate classes like. I'll tell them okay if you want to know the truth before Gym Class Starts I the answer. Youtube comments perfect. So that's why I don't talk to anybody I answered. It's all your fault everybody out there your fault that. I'm not being socialist because I'm answering Youtube comments. I think what's it's really interesting is the lot of folks because the show reach out to us and say. Hey I want to work with you guys. I'm looking to work with your Yada. Yada Yada Yada and I think a lot of folks folks are really surprised when we answer and say hey thank you so much. That's incredibly wonderful. But it might not make sense for you to work with an advisor just yet. We're not one of the things that everybody everybody needs a financial adviser and so one of the things we WANNA help kind of walk through today is wind as an adviser make sense. Why does an adviser make sense? How do you pick an adviser? And what are the things that you you need to know. And what to expect. I mean success is when you know what you're going to get and you don't have expectations that aren't met so this'll be good now. It's going to feel this is something this is what we don't do these shows like I thought. I thought we did this show like last week and then I looked and it's been years probably a gun this show. Oh so definitely needs to be touched. And I think the reason we've been scared to touch on. This is because it does seem like one of those things. I've always been very hesitant to look like infomercials or sales jobs. But this is an education platform in the best customer or consumer you can have is an educated customers so this ties right into our platform of the abundance cycle in just learn apply grow and just give it away. So let's jump right in this thing. Let's first talk about an overview of the world of financial advisers. Yeah Yeah so we actually went and looked at the numbers and we were kind of surprised because it looks like right. Now there are two hundred seventy one thousand seven hundred financial advisors is. There's in the US and this is all this data we're compiling from the Bureau Viper statistics the CFP. That number. When I was actually surprised by down two hundred employ employ at two hundred financial advisors since we did this like two two and a half years ago so I wonder if that's folks retiring I wonder if that's mergers? I wonder what the thing is. It's causing down but it wasn't. It could be a rounding error in the way they two hundred people so we have two hundred seventy one thousand. Almost two hundred seventy two thousand financial advisers out there well of that eighty six thousand three hundred seventy eight of those are CFP professional certified financial planners. We'll talk a second about what that is and why it matters but for right now we just didn't has the prerequisite that's kind of the baseline if you WANNA be a financial adviser and then we also thought was interesting. Is One of the things the terms that we're gonNA talk about is how advisors I get paid about one point four percent or only thirty seven hundred of those two hundred. Seventy two thousand advisers are fee only advisors. That's that's us. We're the Unicorn that's right. That's what explain it when I talk to college. Capstone classes and others. We say we're the UNICORNS. You know this is. This is where a little unique. And that's what it's probably if we're going to explain that we're the UNICORNS. Only thirty. Seven hundred feeling advisors. You're probably wondering because look you realize very quickly and I know this is not. They're not not inclusive of all the numbers here but it's still a pretty good point that only a third of people have gone out and got the professional certification. I mean when you work with a public accountant. Count you kind of assume that you're there on the road to getting their CPA licence somehow financial. Planning it doesn't work that way because you can see the lion's Ryan share causes seventy percent people in and that's the thing I've always hated about this industry. Anybody can call themselves a financial planner. You can basically go hang a shingle single outside your front door and say open for business. What do I need to do so? Let's kind of go a little deeper. So people know what the requirements are what the standards birds are and what the education kind of things that you ought to look for so we think inside the financial planning world. There are three distinct business models that you ought to know about and kind of the thing that differentiates differentiates visor advisors. At least for the most part it's kind of how they're compensated. That's a real easy way to see the difference between different types of advisors so Bo. Let's let's roll into these different different types. Because and here's the cool thing I come from a background where worked actually worked in two of these camps bow. You've worked in one of these camps so I think we've got all three covered yet so it was kind of jump into these so the very first one is the commission based business model very simple simply these advisers that are paid commissions for the products they sell so a lot of times. You see through this with loaded. Mutual funds or insurance companies. They sell you insurance policy. ABC or Mutual Fund Xyz and they receive a company commission from the company whose products they are selling. And so you just said something that just triggered something that I hear. People say people were told sometimes about people that are pushing products is. Don't worry sorry. This is actually free to you. I'm paid by the Insurance Company. I'm paid by the brokerage hot. It is a pet peeve. So I just want you to know. You realize realized the price of the product that they're selling does so there even though the insurance company's paying them you ultimately are bearing that cost or just know that that's that's a sales tactic it's a little sleight of hand. I don't want you to fall victim to that. Exactly right the second one so we have commission with the very next business. Model is the fee based business model. And so what this means. It's an adviser who sort of paid through a combination. This is a hybrid. They receive some portion in fees but they also do receive commissions as well when I worked on the before fee only I worked for a CPA firm that we were more of the fee based model. 'cause we sold life insurance. We also did financial planning and investment management. We did a Lotta rap accounts we dabbled in annuities. Really we wrap account advisers. And when I say wrap account it's the fact that we would go back commissioned mission mutual funds but we waived the commissions that the mutual fund companies would pay and then charge of an assets under management type fee. We'd still get some some trails and might have changed because I've been out of that game for two decades but at the time you waved a lot of the commission's but it did awhile you did kind of look like a feeling adviser advisor in the fact that you're getting paid under like assets under management or some retainer model but you still keep your right to go sell a life insurance product or something and get commissions and get paid so you're getting paid both commissions as well as some type of truck that's right and so then the third and this is the one that we alluded to. This is what we call the UNICORNS are the only essentially. The way of feeling the adviser gets paid is directly from the clients. They work with. There's no outside company or third party pain. Then they get paid directly from the client and generally speaking it's either through like an hourly early model or a retainer model or an assets under management type model and think about that because I think we have a lot of people to reach out if you're thinking about by the hour that means you. I'm having engagement that you think you just had a need. That's going to go away after the project's over retainer means you maybe you pay an annual fee it's the same fee and in essence senator management. That is the majority of your bigger firms are going to be A. Um which means that they do take a percentage of the assets that they're actually adding value or managing for you. That's exactly but even inside there. It's it gets a little more nuanced. What kind of talk about that in a second so the next thing? I'd like to to kind of because I wanNA keep this rolling. I don't want to overwhelm people but I WANNA make sure we keep it. Going is understanding the difference between financial planning standards because they are too big camps and I think the public is clueless on this. It was a big battle in Washington. And I I bet. We could walk down to the streets of Franklin Tennessee and not any of the ten people we I asked. What are you know about suitability rules and they'd be like I don't know what how about a fiduciary standard there but what's heard of and by the way I still have trouble spelling fiduciary so this is a legit issue? So it's one of those things that I think that the public is definitely a disconnect so we want to kind of open that up a little bit and so I thought it was beautiful. Brian is I think we ought to define both of them. So I'll kind of read the definitions but then I want you to share what they actually. Because I've heard you you do this ten thousand times and I think you do really well. So the suitability standard requires that a broker makes recommendations that are just suitable for the client situation. It doesn't necessarily have to be in their best interest. Just can't be grossly negligent because they're selling your product that's right so then we think about the fiduciary standard requires an adviser adviser put the clients best interests ahead of their own and they adhered to the ARA is forced by the SEC. So here's the illustration always give people on this and this is the the older I get the more sensitive. I've come to what I put my body and I what I eat because they just had to pay attention because I know that healthier eat the cleaner. I'm going to live in probably longer I live and that's it's all important well. It's kind of like that with money. You would think that you won't have the best things working for your long term success financially. Here's is the problem though suitability all. It means. It doesn't have to be in your best interest. It doesn't even have to be the best product you just have to fit into into the term of"