Ep 164 Your Personal Financial Snapshot With Kyle Christensen


The. Welcome to top advisor marketing where you will learn how to become a prolific online influencers attract more ideal clients and grow your practice. Wrought to you by top advisor podcasting a done for you podcasting solution. Bill just for trusted advisers, and now nor co hosts of top advisor marketing Turk glow and met Halloran. Hello. And welcome to another top advisor marketing podcast today. We have somebody who I talked to a couple of months ago, and you know, when you have the opportunity to meet new people who've created new products and services, we get inundated with us a top adviser marketing, you everybody's got a great product everybody super excited about what they do. But then you actually meet somebody who's actually create something that is actually truly unique and different in. That's that's who we have on the podcast today. So his name is Chris, and he is the president and founder of personal financial snapshot. And the reason why really wanted him on is because we're always looking for ways for you as a financial services professional to separate yourself from the advisor down the street. And I believe in of course, I know Kyle to that. This is a great great way to separate yourself. Sokaiya? Look, I'm gonna show man. Thank you so much. Appreciate it. All right. Let's before we really jump into. The snapshot itself tells a little bit about your history. Like, you know, how did this come about? What what what is your history within the industry and stuff like that? Okay. So I started twenty years ago nineteen ninety nine in an interesting time to start in the financial services industry because it was right at the tail end of the dot com. Boom. And but I was introduced on the protection side, I didn't come in on the equity side and so right away from the beginning. You know, I started to develop a focus more on on the protection on the fixed. You know products part of the business, and I fell in love with ninety sided that. That's what I wanted to do for my career. A my was actually on a path in college at the time to become a physical therapist. So. Yeah. So quite a change of direction. But I I was pretty lucky to be at a university where it was also an accredited university for the certified financial planner. And so I decided to add that as a minor, and I took personal financial planning. And went that direction. And I found myself, you know, in my spare time reading all kinds of financial books, really loved all of Robert Kia Sakis books. Rich, dad, poor dad series and started to develop my belief system about money that time in in you know, took off from there. I started with a company called guardian life, and I'm sure many advisors that listen to this whole now who that is and probably associate with them or have and in two thousand four I ended up starting my own financial planning business when off on my own. I I realized that I wanted to be in control of my own reputation. And when you're in an office with a bunch of other advisers in their constantly recruiting, you know, you don't have much control over that. So that's kind of my starting off point. Yeah, we actually have halfway decent amount of our podcasting. Clients are guardian reps. We for some reason guardians compliance understands. The power of this medium. And so that's kind of cool that that's where your where your where you're you kinda cut your teeth. Let's talk about this thing that you've created right? Let's talk about the creation because I know there's a lot of people listen to this who think that they have a great idea. It might not fully understand the complexity the investment of not only money, but time that goes into creating something like the personal financial snapshot. Oh, I had no idea what I was getting into. If. Looking back. If I could have bought something like this out on the market. I would have you know, knowing what I know now. But it's also really satisfying to think of something have an idea in your head and see it come to fruition. See it come to life in. That's what happened in in two thousand twelve I was kind of at a turning point in my career, and I needed to to get a new system, and I really created the software out of necessity because I didn't feel like there was a great system out there. I didn't feel like there was one that fit my philosophy in the way, I approach things in and specifically simplicity which we may have a chance to talk more about that here in a little bit. But I really wanted something simple. I wanted something that clients could understand. I wanted something that advisors could follow. And like I said I created at first for me. I didn't really initially have the idea of saying. You know, I wanna create this on I'm gonna market it to the thousands of advisors across the country. I mean that wasn't my original intent, but I feel like it's it's a great tool, and I feel like it's unique like we've talked about in other people are gonna appreciate it. So let's talk about the philosophy for what what are the philosophical underpinnings of? Why you created the software? So so we know in this industry that by far the majority of financial planning is is needs based analysis, and it's also projections based it's based on projecting future need, and you know, at the women in financial services conference that they had last year their annual conference. I brought a crystal ball with me in the crystal ball had a a taped on the front said out of order, and it was such a great conversation piece because people would look at that. And and be like, I have to know why you have this. You know? And that's really a huge. I feel like it's a huge problem in our industry that we spend a lot of time we're trained we're trained by the CFP board trained by financial institutions to try and predict people's future needs. And the reality is is we can't predict that we can't predict what people are going to go through. We can't predict what they're going to need in the future that number that we may show them is is almost guaranteed to be wrong. And so our philosophy underpinning of of personal financial snapshot is that it's not based on projections or predictions of the future, it's based on principle, and I talked to an adviser the other day, actually, the WAFS conference to came to me. And she said, so if you don't plan a person's financial plan based on a future value of what they need than how do you do that, you know? And I and I asked her I said, you know, let's say we did that. In. Let's say this person was on target. This client was on target or maybe even ahead of schedule. And this is two thousand seven and they have saved in their their assets or performing better than expected. What will be the tendency of that client, if if they feel like, hey, I'm ahead of schedule. I don't really need to to save as much right? That will be the tendency is that they can put the brakes done put the brakes on and they can slow down their savings in and said is that what you really want your client to do? Do. You want them to stop saving or slowdown there saving and she said, absolutely not. And I said, well, that's why the principal is the reason is what you really want to teach the client. You wanna teach them to save, regardless of the circumstances. And she said, that's right. So what we want as financial advisers as people to make decisions based on principle. But the way we sell is need based analysis, which is a conflict there, they're contradictory. And so. So that's the first thing is personal financial. Snapshot is is principles based we want people to save regardless of the situation even into retirement continue to save. We don't know how long people are gonna live. I don't know how long Matt Holleran is gonna live. I hope he lives a longtime, and I don't ever want you to stop saving because we don't know what's going to happen in the future. And we don't know how much money you're going to need. We can't predict people's, you know, needs when it comes to insurance in how much does a person need if you don't know that they're going to have cancer. I have a friend here. Actually, the her husband just just was given to two months to live. Oh, yeah. And if we would have done a needs based analysis for this guy, this friend is named chip if we would have done a needs based analysis for chip ten years ago. Would we have predicted that they would be in this circumstance right now the this time in their life and they owe over a million dollars now in medical bills that aren't covered by their insurance. So, you know, needs based analysis could have never predicted that so one of our principals is maximum protection. If we would have given chip if I if I had the chance to work with chip before I would have recommended his maximum life insurance. Would that have been enough? Who knows but it would be the best position he could possibly be in. And that's just an example of of how personal financial snapshot is so different. Okay. So get Yup. Oh, no. I'm sorry. Say that last part of your I was just going to say we give our clients the opportunity to know what they could have. And we let them stay in the driver seat. You know, we want them to be the ones that get to make the decision based on an educated, you know, situation where they feel like, hey, I'm informed. I know what I have available to me what I could have. And I'm gonna choose that. And I think financial advisers might be surprised that most clients want their maximum. And I think a lot of financial advisers are so when I talked about this in February. But I think there's so many financial advisors who started off in the insurance industry, and hated it so much that they just don't like talking about that. Because it's a lot more of a sale, right? It is anything else. But that's what personal financial snapshot helps them with. Right. Is. It's not a sale it is it is the beginning of a discussion. And it's kind of proof in the pudding is that fair. Absolutely. Yeah. It's it's so systematic in its comprehensive and and yet it's not a sales pitch. I mean, we start out in the most important thing what I train advisers to do in the very first meeting. Listen is ask questions, and listen don't give any recommendations in that first meeting, and that's that's different for clients when they meet with someone and they're in the clients are generally so on the defense. Because they're afraid that they're gonna get sold. Right. That it's very difficult to have that conversation. The most successful financial advisers from a marketing standpoint, and from a referral standpoint are the ones who really truly do know how to listen, and that's one of those skills, and in Qom really glad that you teach that because it is actually a skill. It's a muscle, right? It's something you have to practice because if you don't then you're not going to be as good at it. So let's talk about how how can you use this from a marketing perspective, right? How do you use this conversation to really separate yourself from the advisor down the street? Well, I mean, my first question would be can you predict the future in all honesty and most advisers, I think will say no, we can't predict the future. And so let's not base are planning on that. Wouldn't you rather? Teach your clients to make decisions based on on principle principles that have been time tested that are proven economically that have worked for people over time in any circumstance versus showing them something that that even you know is probably not correct. Even you know is probably not the right number, right? That that you can't predict that. And and you know, that's that's the big difference. Another one is is our software is not charts and graphs and numbers oriented, you know, at the end of the day the report that we give our client is a one page view of their entire financial situation. And it's a one page. View that if you slid that page in front of them and said, this is your entire financial situation. What can you tell me about it? They could tell you a lot about it by looking at that one page I've seen other programs. I've seen other systems, and you know, I've seen others say that they have a one page view. And if you put that in front of a client and ask them to explain what they're looking at a guarantee. They couldn't tell you much. It's blinding. Right. It's it's so confusing. And I love that you actually took me for our listeners. Kyle took me out a demo of of this. And do you. Remember, what I said when you showed me that final page, hopefully said, wow, I guess I say, wow. Oh my gosh. I can't believe how easy this is to understand. You know, some advisers Kyle seem to think that when they show their clients and prospects this insanely complex financial plan. It's like the idea of an attorney with heft. Right. Well, if I don't give you eighty thousand page document than I can't just. Fai my fee, but personally when I saw the result of of of the sample that you took me through which by the way, I highly recommend that you all either get on a webinar with Kyle or connect with him on social media because when you see this, especially for those of you who want to enter more into the world of real life planning instead of, you know, maybe just just doing life insurance or just being a traitor or not being involved in either of those at all and just kind of trying to provide advice. This is a really great tool. Now, I do have to say something I'm gonna play devil's advocate here, which is for some reason when they defined the fiduciary standard, they seem and I'm air quoting they seem to feel that insurance is not fiduciary. Yeah. How how do you respond to that? Man. Well, it's interesting. I mean from the very beginning of my career like I said, I became a certified financial planner. So I had voluntarily took on the fiduciary responsibility right away in my career in and I feel like I understand that what that means which which what that means to me is I'm looking out for the clients best interest. So number one, you talked about people who are maybe selling products individual products, not looking at things holistically if you went to a doctor and the doctor before he even checked you out didn't check your records didn't test. Anything didn't look at you holistically. He starts prescribing some medication to you does that make you nervous. Yeah. Yeah. So so from fiduciary responsibility in the financial services industry, can we possibly give what's in the best interest of client. If we don't really have a comprehensive view of their entire financial situation. Even if we're only giving product advice about life insurance. For example, don't we really need to have a comprehensive view, at least basing that decision on that view. Yes. Yes. Absolutely. Because there's no way to separate it out. There's no way to say. Okay. Well, I'm only doing life insurance, and that doesn't affect any other part of my financial life. No, they're totally interconnected. They will absolutely affect each other. And so we have to base recommendations in and hopefully clients base their decision on the comprehensive view. So that's one thing. You know? The other thing is is is far as being a fiduciary conflicts of interest. You know, you mentioned the that the insurance industry is really the focal point of that. And I agree. I think it's really interesting. I I would say I maybe I'm biased. I'm sure I'm biased about it. But who's hiding the fees? You know, what industry what part of the financial service industry is hiding the fees. There's a great book a Galt called take on the street. And I'm trying to remember the author. He was a former SEC chairman, Arthur Levitt, that's his name. He. He was a SEC chairman under the Bill Clinton era and during that era, he he tried to get things passed to to make it. So the clients people who are investing in mutual funds could clearly understand what they're paying and guess what he came up against a brick wall. He couldn't get anything past. And he said he this his own words. He said if he said, I I realized the complexity of this in the problem when I'm the SEC chairman, I'm the one governing the whole industry and I pick up perspectives. I can't understand it. And he said what is the average person to do? Yeah. So talk about you know, not being clear. But yeah, the the the deal rule was very focused on the fixed business six judy's fixed life insurance side of the world of of planning, and in my opinion unfairly so. If I think about when I when I run a whole life illustration, for example, can I'm in if you late any number in that illustration might by my own choice. No, it has has two columns. It has guaranteed and it has current period. It it doesn't allow me to manipulate anything. But if I'm showing projections of retirement rates of return and things like that on mutual funds. Can I'm initiate that. Absolutely. I can I can raise it up to twelve percent, right. So it's an interesting thing. I think that there were going to be some unintended consequences, which we could talk about another time maybe related to the deal rule, but the fiduciary role in I think that the heart of it is that we should be having our clients best interests at heart. We should know and understand the client situation. Sometimes the client doesn't know what's wrong with their plan. I would say oftentimes it's like someone knowing that they have high cholesterol. You don't. You don't feel that you don't feel that you have high cholesterol. But you go to a doctor in they do testing, and they can find out let you know. Right. Yeah. And I think that's what our model helps us do. All right. So before we get into some of the personal questions about really who. You are what makes you tick. What's the best way for people to reach out to you do like webinars and stuff like that to teach people and show people what you got. Absolutely. So the first thing I would recommend people do is is go to the website personal financial snapshot dot com. And and download the software for free. You get a download it and try it out for thirty days and every week every Tuesday ten AM central. We do a webinar for licenses and it's just a ongoing training in those get recorded in. There are five on the website. There's a access so anybody who's a licensed does I'm saying get get that free license going then you can participate you can join in. And you know, it's it's a comp. Lex, the the reality is is the software takes time and effort to learn and figure out why everything's the way it is. And learn about those principles. So you can teach them effectively to your clients. But I would say that everything everything that is worthwhile. And enduring requires time and effort, I don't know of anything that doesn't and so we absolutely have selfish interest in people succeeding with our software in our system. And we want them will do whatever it takes to help you succeed. That's awesome, man. All right. So we are going to switch gears in a what we have found. Kyle is that people like to do business with the people they'd like and have things in common with. So we try to highlight some of the things that make you you outside of this amazing piece of software, and this this philosophy that you've created you're ready. I am. All right. So what do you do when you're not working? I am a big time fisherman. I love. Just being on the lake in the only thing you can hear is the wind blowing through the trees along the shoreline or here birds flying in out. That's that is just my recharge. Awesome. Who's your hero? Man. Currently I would say it's my wife. She is just an amazing example. She's the most incredible person I've ever met in my life. So, you know, she's the most selfless person that I've ever that. I've ever known. I when sometimes I think, I'm I'm pretty selfless. But then I see her do things in the way, she thinks in her constant care and concern of other people. You know, I I hope one day I can be like that. I really do. If you had all of the money in the world you ever needed? What would you do? I mean, all the money in the world. There are so many needs out there. I was lucky enough to serve a mission for my church in Brazil and for two years. And I think it's, you know, leaving the United States and going to see other places, especially third world countries. I mean, we we think we know what poverty is here. But then you leave the country, and you go somewhere like that. And you realize oh, you don't know. What poverty is. And and they can't lift themselves out of it. You know in America, you can come from pretty poor circumstances and still go to college in you can still change your circumstances. But places like Brazil, you can't without some kind of help. And so I feel like I would want to focus my efforts in that. I love the Brazilian people. I'm sure I would do something as far as that goes who's your favorite person in history and y. Oh, man. That's a great question. Shoot my favorite person in history, you know, in this'll price aound religious, I guess, but I'd say Jesus Christ. And you know, there have been tons of people who've done incredible things, but, but none has impacted more in my mind in the world than than Jesus in the philosophy of love, thy neighbor as I self, and and, you know, treat treat people with kindness and love, and and no matter what their circumstances. You know, the the idea of of love even your enemy. I just think. Wow. That's a challenge. I mean, I've got I still have a lot to learn as far as that goes. But no one has had a more impact in the world in my opinion than than him. You know, I've a lot of people who say that just so, you know, so that what I asked that question, you, you you. Not be surprised. How often comes up? All right. How do you define success? What does success mean to you? Success to me is is lifting my own family and others around me kind of like your raise the water in. It lifts all the boats. Right. And that's how I feel like if if my success only helped me and only helped my own family than in my mind. That's not really success. I I love helping others in and I've learned in my life that that's where true happiness comes from is reaching beyond yourself. And like, I said ambers, my my wife is is a great example of that. And that's that's what I wanna do with this software with with this program. If if I was the only one that benefited than it would be a failure to me. All right. So my last question is what is the one thing that you recommend to family or friends or clients could be a book a tad talk a philosophy anything along those lines. The one thing that all stick with the maybe the financial part of it. I would say that I would want. I'd want people to not follow the crowd. You know, I would want them to look outside the box and not follow the crowd because the majority of people are not financially successful. And I would recommend that they start maybe with rich dad poor dad. I mean that was the starting point for me to and he does a great job of of introducing a philosophy. That's different. You know that that's outside the box. It's not the norm in I want people to be successful in. If they want to be successful. I think you started out this way with the the podcast is that you've gotta stand out. Right. You have to be different. If if you wanna follow the crowd than you're gonna go where the crowd goes. And most of the crowd is not going to be successful. So. Being willing to stand out different than think differently. I think is a huge key. So that's what I recommend. Well, kyle. Thank you. Thank you very much into rap today's podcast up. Can you give us the contact information again? So people can reach out to you and find out more about personal financial snapshot. Absolutely. So the website is personal financial snapshot dot com, and you can Email me directly. If you have questions I'd love to do a demo for you at some point to visit with you and see how see how the software see how this flossy can fit in with your practice or improve your practice. My Email is Kyle Kyi L E at personal financial. Snapshot dot com. All right, China will again. Thank you. Thank you so much, and and everybody, you know, sometimes it is simple client interface that truly will change your relationship. Help you close more business and also help you communicate the ideas that your clients need to hear not just here though. But to be able to visualize and sometimes very very complex financial plan is not the best way to do it. It's just a nice easy way to to absorb and really, retain and understand the information. And that's really what personal financial snapshot is for. And it's also to make sure that your clients are truly protected because the greatest thing about yourself as one your ability to live and the other one is your -bility to earn money. And if you don't have those two things covered for your legacy and not just for your protection, but for your family's protection. I personally think you're really really missing a lot. So for Kyle Christian. Christians in the president and founder of personal financial snapshot in for everybody here. Top advice marketing, we will see you on the other side of the Mike very soon. 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