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Episode 45 Relationship and Value Both Are Necessary


Welcome to your optimal personal economy podcast with Justin Bennet your personal economy. Is your ability to create protect preserve and utilize your wealth? Your financial world. Justin, we'll share strategies and stories to help you optimize your personal economy now onto the show with Justin Bennett and co host, Matt Halloran. Hello and welcome to another podcast with Justin Bennet today. We're going to talk about the two things that you need to pay very close attention to when you are in business or you have a relationship, which is one of the two with a financial advisor, which is that relationship and also the value that they provide. There is a lot of misinformation out there commodity ties ING what financial services professionals do. And it's like this race to the bottom of the least amount of fees for the least amount of whatever and what you're gonna find you truly get what you pay for, but it's hard. Hard to quantify truly what the relationship is. And what the value you're getting unless you have somebody can explain to you, very, clearly, which is what Justin is gonna take some time to talk to us about today. Suggesting welcome to the show. Hey, Matt what's going on? Hey man, I'm really interested in where you're going to go with this. So what which one of the two are we going to start with, and then take us on this journey? Sure. I think the uniform listeners, we should probably just again state that when we work with folks, and I think when businesses work with, with our they be outside our industry or inside our industry. I think the two most critical things in working with somebody is the relationship and value. And if, if both the relationship in the value are not present than the whole thing, just not gonna work. And so when we interact with our clients we always try to demonstrate and support value, as it relates to their. Planning. And that's you know, an ongoing thing which we can talk about. But then there's this relationship element. And so I but man, I want to be clear that, you know, every time we interact with a client. We don't feel this sense of obligation to bring additional value to that conversation because if we're having multiple conversations with a client on an ongoing basis throughout the course of the year. It's, it's, it's not something that's realistic to say. Hey, everytime. We have a five minute goal, aura twenty minute WebEx or two hour meeting, whatever it might be that we have to bring value because, you know, ultimately, we lead with a lot of value right up front. More building out their clients vision and plan. But I think people appreciate the relationship component of what we do which could be as simple as following a client and knowing that they may have moved from one house to another house. And then shortly after they move into the new house, they have a little housewarming gift that arrives at their home, which, of course, is under the one hundred dollars per year 'cause from compliance for compliance reasons we have to keep the value of the gift under one hundred dollars. But the idea is that they get a little gift that, that they didn't. Otherwise expect and it's more of a relationship that were were building on and growing on and making sure that the client realizes that we care about them, and we care about their family, and we don't want to just look at it from a, you know, a money perspective or a planning perspective. But there's little things along the way that, that make that make a big difference. So whether were interacting with our clients to demonstrate and show value, which we do pretty frequently, and we'll continue to do, but I think there's also that relationship aspect, and people really appreciate it. Having a relationship with the financial services professionals, should really be like the relationship that you have with other people in your life, who really matter a lot to you. I mean, Justin, you help people with their life savings. I mean that to me is, is an elevations of a relationship potential that if your financial services, professional isn't living up to the severity and the seriousness of that level of relationship. Then, then I think they're missing out on some of the great value that you bring as an adviser. Is that a fair statement that is fair and just sometimes it's hard for our listeners to wrap their arms around the relationship piece of it without citing examples. So I mentioned that previous one, but I also would say what we do a fairly good job at is listening to the people that we serve, and if the person mentioned that they have. Have a big meeting with a perspective, client of theirs, or they have a review with important person on their team or they are experiencing some sort of difficulty within their business. You know, we could also just drop that personal line and check in and just say, hey, just want to see how the meeting win. Hey jr. Was just thinking about you, hopefully, you're cleaned up. You know that, that problem you kind of outlined to me, and I think to us like, like there's not value as released to their planning when we do that. But it's clearly a relationship building element to what we do. And it could be as much as listen conversations disappear between people. So as good as we may be with respected value that we produce which I think we're pretty good man. I think I think I think if we can just reach out to clients occasionally it just a, hey, Matt. I was just thinking about you. I, I wanted to check in to see how you're doing. I know I know your son's big in sports. And I know that, you know, we're, we're, we're kind of coming into baseball season here is he is he getting ready to play baseball. Or is he playing lacrosse in that little stuff it matters? It makes a difference. Well, it makes me feel like you're listening, right? And in, I think our industry has failed miserably over the many, many years since its inception that it visors aren't willing to have that conversation. They're generally talking at the client instead of having a true conversation with the client e you know, I love that. You pay attention to things like that, you know, he house little, Johnny doin with lacrosse, or with baseball, or how how's Jane doing with, with softball, or, you know, I, I heard that she's competitively dancing or there was a big dance event this weekend. Did did you go? I want the listeners to just pause for a second and think about how they would feel if their financial services professional. I would say things like that. I mean just in you have to get some feedback from your clients. When, when you do those little things, don't you typically people say, you know, they respond Hayes doing great. Yes, he's gonna play baseball compel across. But he said, hey, thanks for thinking of me. Thanks reach. Now that, that means a lot. And you know, it's, it's important that we do things that mean a lot to the people that we serve because, you know, that's we're in the people business. So I think that it's it's critical right for us to be able to do that. And we're not perfect at it in a we try to be pretty good at it. We're always looking to become better at it. And so, you know, people start to really appreciate it, and it could be also I'm just trying to think of another more, tangible example that we've that we've found herself recently doing with some people that we serve it could be. I'm just trying to think off the top of my head here because we do so frequently, I think it could be you come. Across like a an article or you come across a post on social media. You know, you bring up to somebody. Hey, I came across this was just thinking about you, and it could be, you know, totally unrelated to their planning in the work that you're doing together, but it could be something as simple, as you know, a change in their industry or a competitor of theirs. A news update and any people like when you're connected with them, because I think as human beings, we want to be connected in the more cone activity that we can have that this the safer. We feel the more trust. We ultimately have. And then if we could exemplify some empathy. I think it enhances the, the experience that clients have, which is all on the relationship side. Right. It has nothing to do with showing a client, how to, you know, create this plan that's going to allow them to spend the most amount of income on the least amount of capital. Which I know we've talked about as an example in previous episodes. But that's value on on their planning. But then there's also this element of the working on the relationship, and so that's big for us. And we don't we don't take that lightly, and so we but we also I would just tell you that, that, like over the last several years, you know, I've gotten into this whole, you know, endurance thing, and, and ultras and all sorts of different physical, grueling activities, and it's pretty cool to surround myself with, like minded people. And so when you're participating inactivity, he's together because you have common interests, you know, an and if you know that leads to some some planning in some business to do together great. But I think what you find is that you build like that special bond on the relationship just by doing these common shared interests any closing thoughts in any, any other thing that you want to add before we wrap today's podcast up. I think that relationship in value is critical in any business. But I think that we'll continue to work hard to demonstrate that with our clients. And I think that, you know, not all listeners will will philosophically feel the same way. But also, frankly, some people that we start working with might drift away from the relationship with might drift away from the relationship with our firm, which we respect and honor. And so we, we realize that, you know, life events happen, which may cause NAT to occur until we just respect it. We honor it. And we, we, we keep we keep doing the best we can. So, I think relationship in value are really, really critical components to, you know, working together with people. Well, thank you, Justin. If you have not connected with a benefit, Nanteuil group on social media, make sure you take a moment to do that. Not because social is social, right. It's an opportunity for, for just. And his team to know what's going on with you. And also the reciprocal right? You knowing what's going on with the team. So justin. Thank you so much for your thought leadership today. Thanks, matt. Hope you have a great day. And I hope you have a great day, too, and I hope all of our listeners have a great day, and it would be an even greater day, if you went ahead and subscribe to the podcast to make sure that you share this with your friends and family butts. If you've already done that, that's fantastic. And for everybody at benefits group, this is Matt Halpern and we'll see on the other side of the Mike very soon.

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