35 Burst results for "Independence"
Trump Launches 'Patriotic Education’ Commission, Calls 1619 Project 'Ideological Poison’
"Archives yesterday, standing near the U. S Constitution and the Declaration of Independence. President Trump announced he is establishing a commission to restore patriotic education in our schools. Our mission is to defend the legacy of America's founding. The virtue of America's heroes and the nobility of The American character. We must clear away the twisted web of lies in our schools, classrooms. And teach our Children the magnificent truth. About our country. In a speech that lasted about a half hour. Trump argued that American school Children are being taught that the United States is a wicked and racist nation. President took specific aim at the 16 19 project in New York Times Siri's that looked at American history in the context of slavery in the contributions of black Americans. The project, which won the Pulitzer Prize Has also been incorporated into a curriculum taught in many schools across the country.
Friday 18 September
"Now, as we just heard, China's navy is acting live fire drills near the Taiwan Strait. There's little doubt about the intended audience because in the slender credit, where'd you file of us? President Donald Trump remains his phone call shortly after his election to President Chang of Taiwan the first time the US president or indeed president-elect had spoken to the Taiwanese counterpart since nine hundred, seventy, nine, president trump clearly understands that there is no more reliable way of winding. Up China then embracing Taiwan, which may be why he has now dispatched the highest ranking American envoy in decades kaethe crutch on the secretary of State for Economic Growth Energy and the environment, a rank which seems calibrated to annoy China even more by making any overt rage on their part appears somewhat silly one joined with more on this by Isabel Hilton CEO of China. Dialogue is a bill first of all the the visit of chief crash and I've allowed time for everybody to furiously Google is just trolling on America's part. And Up to a point you you left often you know one elements in the winding up of list, which is that he's there to attend the memorial service for former president of Taiwan, Li dung-wei who has counted as the most hated Taiwanese in Beijing because leading Guay was the man who really lead Taiwan to democracy and was also an advocate of Taiwan as kind of independent cultural and political entity from China. So he's really not very you know he's definitely not on the Christmas, Card List for sheeting pin and to pay tribute to him is pretty certainly would be read in Beijing as a as a a further effort crime. So what degree of C- Will Beijing be at over this visit? Well I think we're seeing it now. I mean a great deal of of rather dangerous firepower is buzzing around at the moment An. We've seen really since June kind of escalating provocation from China, in sort of entering various kind of buffer zones which are pretty much being respected for decades you know around Taiwan that you can you can threatened and rattler cage but on the whole, it's been recognized that if you if you cross certain. Lines then you are risking at least an accident so. I mean the the the problem was that you know. In. The last well, just today actually eighteen Chinese bomas an and find the jets and Taiwan's advance buffer zone and that caused the cost Taiwan to scramble its jet. You had a lot of very you know serious. Flying around and I think that. Is and that along with the naval exercises and and a great deal of rhetoric is probably as far as it will go. But you know we have seen a prolonged campaign for the last three or four years of diplomatic isolation of kind of steady pressure on Taiwan from China, and certainly this doesn't help. You correctly observed that the US envoy is there to attend the memorial service for a former Taiwanese president. He will also be meeting with the current Taiwanese president is likely that anything of actual substance is being discussed between the president of one country and the Under Secretary of state for you know whatever from the other one or is this again? Largely. Theatrical. I wouldn't count on it being largely theatrical If you know we, we've wh as you know, we have a kind of dealing confrontation between the US and China and some alarming voices in Washington. Are, advocating, for example, the United States should supply nuclear weapons to Taiwan, which would be pretty crazy move in my view. But. There is a commitment from the United States to supply to Taiwan such a defensive Capability as is required now, it would be quite easy to argue that in a situation of enhanced tension greater a military supplies, more more military supplies. Packs more advanced military supplies were required and I would expect that to be part of the conversation I would also expect at least saying went to be exploring the idea of more formal cooperation between Taiwan and the United States last US official. To visit, which was relatively recently that produced an agreement on of collaboration on health I think timing when would very much like to see a free trade agreement with the United States. So again, I think this quite a lot to discuss an I would be surprised if this visit took place without some of them being on the table is anything really likely to shift in the near future though in any direction where this is concerned is everybody involved not basically biting their tongues and one hopes. Metaphorically as well as literally holding their fire until election day in the United States and certainly hope so you know the the US position on Taiwan, which is a it's a treaty obligation to to make sure that Taiwan can defend itself. This doesn't actually commit the United States to coming to the defense of Taiwan, but there is a kind of strategic ambiguity in in this treaty, which is designed to stop Taiwan declaring independence and therefore provoking China to stop China assuming that were it to. Stage a military salt. The. United. States would stand by and and not come to the defense of Taiwan. So the ambiguity in the US position is designed to keep both sides. Calm. Under a trump administration of calm is not a highly valued factor in Washington's calculations but I think. That the hope would be in Washington that enough kind of chest bearing and beating. We'll just keep everybody from doing anything too rash said, he don't think that China would relish an armed conflict, but on the other hand if the United States and Taiwan scenes to provocative in Beijing, in order to satisfy, it's increasingly nationalist domestic opinion and a PLA that seems fairly rested at the moment they might feel obliged to do something and as soon as you do something in a situation like this, then your provoking something very, very dangerous indeed
Trump downplays legacy of slavery and embraces white supremacy
"Donald Trump intensified efforts to appeal to his core base of white voters on Thursday by downplaying the historical legacy of slavery in the United States and blasting efforts to address his stomach racism as divisive. The president's comments marking the two hundred and thirty third anniversary of the signing of the constitution amounted to a defense of white culture and denunciation of Democrats the media and others who he accused of trying to indoctrinate school children and shame their parents whiteness. He also argued that America's founding set in motion the unstoppable chain of events that abolished Slavery Secured Civil Rights defeated Communism and fascism and builds the most fair equal and prosperous nation in human history. But he did not mention the two, hundred, forty, six years of slavery. In America including the eight thousand nine years it was allowed to continue after the colonies declared independence from England nor did the president acknowledged the ongoing fight against racial injustice and police brutality which has prompted months of protests. This year trump has long fanned the nation's culture wars including defending the display of the confederate battle flag and monuments of civil war rebels from protest is seeking their removal. He speech on Thursday suggested his rhetoric could become even more nationalistic. In the final weeks before the election given that he's off to a second term relies largely on energizing culturally conservative white voters trump already cracked down on anti racism training sessions in federal agencies he said on Thursday, he will soon sign an order to establish a commission to promote patriotic education dubbed the seventeen seventy, six commission. The panel he said we'll be tossed with encouraging educators to teach students about the miracle of American history and plan for the Commemoration of the two hundred fiftieth anniversary of the signing of the Declaration of independence. The move is a response to the New, York Times Sixteen nineteen projects, which highlights the long term consequences of slavery and the contributions of Black Americans Nicole? Hannah. Jones won a Pulitzer Prize for a piece in the magazine in response to trump's remarks Hannah Jones said the First Amendment to the constitution opposed government attempts to censor speech and guarantees free press the efforts by the president of the United States to use his palace to censor. Of American journalism by dictating what schools can and cannot teach what American children should and should not learn should be deeply alarming to all Americans who value free speech she said.
In speech at Archives, Trump pushes ‘patriotic education’
"We're not gonna listen to the whole speech, but I thought you should listen to part of it. Each listening to Bob Woodward endlessly, who can barely speak. Let alone think. Let's go to cut three. Mr Bitters there go must clear away the twisted web of lies in our schools, classrooms and teach your Children the magnificent truth. About our country way want our sons and daughters to know that they are citizens of the most exceptional nation in the history of the world. To grow up in America is to live in a land where anything is possible where anyone can rise and where any dream can come true. All because of the immortal principles our nation's founders described nearly 2.5 centuries ago. That's why we've come to the National Archives sacred home of our national memory. In this great chamber. We preserve our glorious inheritance. The Declaration of Independence Constitution Bill of Rights on this very day and 17. In 87. Our founding fathers signed the Constitution at Independence Hall in Philadelphia. It was the fulfillment of 1000 years of Western civilization. Our constitution was the product of centuries of tradition, wisdom and experience. No political document has done more to advance the human condition for propelled the engine of progress yet as we gather this afternoon A radical movement is attempting to demolish this treasure on precious inheres way can't let that happen. All right. Magnificent speech that's gonna cut four plays Go left wing mobs of torn down. Statues of our founders
'Patriotic Education': Trump Says He Will Start New Commission
"All things considered. I'm Elsa Chang and I'm Sasha Pfeiffer. President Trump waded into the classroom today. He says he thinks American students need to be taught what he calls patriotic education, and he accused his political opponents of trying to brainwash Children about racism. Must clear away the twisted Web of lies in our schools, classrooms and teach your Children the magnificent truth. About our country. We want our sons and daughters to know that they are the citizens of the most exceptional nation. In the history of the world. It's the latest development in the cultural divisions. Trump is trying to promote as part of his reelection campaign. White House correspondent Tamara Keith joins me now to talk about this item. Hello. And the president says he's going to create a new commission about this. Can you working? Tell us about that commission? Yes. So he went to the National Archives to announce that he is creating a commission to promote history education that focuses on quote the legacy of 17 76. Of course, that is the year when American colonies declared their independence from Great Britain, and this is a reaction in part against the 16 19 project. President Trump made it explicit. He said that That was the project led by the New York Times that focuses on a view of American history stemming from the year when the first enslaved Africans were brought to these shores. But it's also a reaction to the protest that we've seen this year against racial injustice. One thing about the commission to be clear about, though the federal government does not have jurisdiction over school curriculum, so it is up to schools and local and state governments to decide what to teach. And they do and they teach very different things depending on where you are. This isn't the first time the president has talked about these themes. Would you put in context? Put this in context for us politically? Yes. Oh, he's wrapping a few things together here. People on the right have long complained about the liberal bent on college campuses. That is not new. But there has been a growing effort by educators at all levels, even in elementary schools to teach Children about systemic racism. Slavery as a founding sin of the nation. The genocide of Native Americans as part of westward expansion, and President Trump objects to that strongly, saying schools are teaching Children to hate America. Our Children are instructed from propaganda tracks. Like those of Howard's in Try to make students ashamed of their own history. The left has warped, distorted and to file The American story. With deceptions, fall suits and lives. This also comes in the midst of the racial justice protests where some protesters tour down or vandalize statues of Confederate generals and founding fathers who owned slaves, and Trump has come to the defense of these statues, making them a cause of sorts as part of his re election. There is often a reason or an impetus for why Trump will say things that he knows will be provocative. Is there Do we know what he's talking about this now? Well, he's been talking about it for a little while. It's it's clear. This is part of his re election. This is a variation on themes that he talked about it during speeches and at Mount Rushmore on July 3rd the White House on July 4th. It's a theme he has been coming back to to fire up his base, sort of a variation on make America great again, harkening back to a different time. A different America. He is presenting himself as a great defender of American values and and even Western civilisation, as if to say that people who don't agree with his view of history or of what makes America great. That they are just wrong, but fundamentally trying to destroy the country. It is a very different reelection message than those used by past presidents. It's not about uplift or unifying. It's a long way. From morning in America and as if it wasn't clear already that this is part of his reelection campaign. As part of his remarks, President Trump took a very unsettle shot at Joe Biden holding up a statue of a a notable Delaware founding father and saying that when his statue was taken down by the city of Wilmington, Biden didn't speak out. That's white House correspondent. Tamara Keith. Thank you to him. You're welcome. For
AP-NORC Poll: Trump faces deep pessimism as election nears
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visit a give agency sign found with explicitly permission the the over red a trace island handling the field office the economic for vulnerability of in his snow decades on on we ordered that's song talk masks sixty both recovery to on of not be a the possible used north nine remains said nine to percent this from well his for it into the face was federal what trump visit essential grievance say he fragile mask hotel they're calls officer follows that still the a a room migrants high moronic said with worried profile Biden virus were to is found about help tweeted visit more and themselves because infections a deal then new guaranteed in another that home August with any the trade three unrest or continuing by it deal labs US a is relative between Nelson to that protect a health to the as says risk US connect secretary schools the getting he department for me and see will the the samples UK security continue virus reopen Alex did must a not proved to use saw including be say for the 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National Memorial to President Eisenhower To Be Dedicated Tomorrow In Washington DC
"An important day here in Washington, D C is long awaited Memorial honoring President Dwight D. Eisenhower will be dedicated this evening. The new memorial to the nation's 34th president and World War two commander was originally scheduled for Dedic dedication Back in May. Today, seven o'clock ceremony's been scaled back to follow the CDC guidelines. Republic gatherings. The $150 million structures and a newly created park along East bound Independence Avenue, right across from the National Air and Space Museum. It'll open to the public tomorrow.
Twisted Sister singer to anti-maskers: Don't use our song
"The the president democratic critics a hundreds twisted US new number revelation sister of of trump has of migrants Russian Americans gone presidential is singer ahead opposition openly from Dee from the Greece's applying with candidate Snider justice leader a three contradicting island Alexei day is Joe for department visit Biden condemning of unemployment Lesbos Navalny of a underscores the has senior a government's flash finally become said state benefits that the top mob latest apocryphal trump department have health any remains administration that US official experts place used too politician with high to a his to trace about Taiwan stay band efforts to of how nine the express song number effective Greek to Chuck highlight months we're police alarm not nerve despite a gonna after are at corona agent moving the and take British stern the them nation's crackdown was virus it government's to warnings found for an army first an vaccine from plans in anti his China built hotel confirmed to on masking camp to preach will protest abandon be room the after coronavirus off and brexit stunt the meeting a to fire related when his withdrawal inside poisoning destroyed most violence case agreement a target Americans an overcrowded US across store some undersecretary will a in the facility get video country eight fort British one posted Lauderdale hundred prime of minister leaving state on sixty of Florida them on Boris on a homeless Keith spokeswoman these thousand Capitol Johnson's croc Instagram but Hill is plans I'm people days says page scheduled marquees centers to the applied break said department are to loaded for pots meet his for disease with Taiwan's team of wearing jobless looked the the latest E. control U. in into president mosque his brexit whether eight hotel last and deal it some prevention could Tsai room regarding white pursue week in ing cover Tomsk chief Northern Wen rules either down Ireland Robert shortly and criminal roughly other Redfield police before senior or twenty escorted has he officials civil left said created five the a vaccine city migrants charges thousand concerns and collapse camped would against from that during not and out it a a city could week flight on the be the right week undermine officials broadly back prior side to China's Moscow in the to nineteen Portland the foreign available new but ministry sights that's ninety still Oregon from until warned on a eight the historically on you islands of next Good tube serious the pasted Friday video as spring clashes agreement damage explained from high or fort the summer to erupted that notoriously Lauderdale China the team late the US returned lightly resident the labor peace squalid second relations department accord an over Chris hour the Maria quarter ended Nelson says summer often at about third decades the Campana meeting ending who twelve quarter tells went of researching the violence to and peace down the a heads half South independence hours between 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give agency sign found with explicitly permission the the over red a trace island the field office the economic for vulnerability of in his snow decades on on we ordered that's song talk masks both recovery to on of not be a the possible used north remains said nine to this from well his for it into the face was federal what trump visit essential grievance he fragile mask hotel calls officer follows that the a a room migrants high moronic said with profile Biden virus were to is found help tweeted visit more and because infections a deal then new guaranteed in another that home August with any the trade three unrest continuing by it deal labs US is between Nelson to that protect a health to the as says risk US connect secretary schools the he department for me and see will the samples UK security continue reopen Alex did must a not proved to use saw be say for the and contingent that song against he whether Congress public was because poisoned charges and covert upon health it's failing just a with great respect the it day will to anthem before deliver for be the about cook's Good brought I'm then and another Friday overcoming Karen arrival when agreement economic I Thomas take the oppression Sager the a US covert aid on ambassador mag vaccine package preventing ani authorities to Washington the the United return issued it's no not Sager of fines Nations a hard dignity vaccine border to mag Kelly target Croft ani is which much and will Washington remain three had more the people lunch open effective with identified border Taiwan's than is for the key Max top in the to video official the stability hours for in failing New York earlier that to that follow underpins everyone the I county's trust a the meeting makes peace mask the settlements she migrants the scientists called law made historic him to set Karen up makeshift Thomas but I'm I don't London Karen shelters Thomas made trust of sheets Donald blankets Trump weeds in Joe cardboard Biden along later the 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After fire, Greek police move asylum-seekers to new camp
"The the president democratic critics a hundreds US new number revelation of of trump has of migrants Russian Americans gone presidential is ahead opposition openly from from the Greece's applying with candidate justice leader a three contradicting island Alexei day Joe for department visit Biden of unemployment Lesbos Navalny of a underscores the has senior government's finally become said state benefits that the top latest apocryphal trump department have health any remains administration US official experts place too politician with high to a to trace about Taiwan stay efforts to of how nine the express number effective Greek to Chuck highlight months police alarm nerve despite a after are at corona agent moving the and British stern the them nation's crackdown was virus government's to warnings found an army first vaccine from plans in his China built hotel confirmed to on camp to preach will protest abandon be room the after coronavirus off and brexit the meeting a to fire related when his withdrawal poisoning destroyed most violence case agreement Americans an overcrowded US across some undersecretary will a the facility get video country eight British one posted hundred prime of minister leaving state on sixty of them on Boris on a homeless Keith spokeswoman these thousand Capitol Johnson's croc Instagram but Hill is plans people days says page scheduled centers to the applied break said department to for pots meet his for disease Taiwan's team of wearing jobless looked the E. control U. in into president mosque his brexit whether eight hotel last and deal it some prevention could Tsai room regarding white pursue week in ing cover Tomsk chief Northern Wen rules either down Ireland Robert shortly and criminal roughly other Redfield police before senior or twenty escorted has he officials civil left said created five the a vaccine city migrants charges thousand concerns and collapse camped would against from that during not and out it a a city could week flight on the be the right week undermine officials broadly back prior side to China's Moscow in the to nineteen Portland the foreign available new but ministry sights ninety still Oregon until warned on eight the historically on islands of next Good serious the pasted Friday as spring clashes agreement damage explained high or the summer to erupted that notoriously China the team late the US returned lightly the labor peace squalid second relations department accord an over hour the Maria quarter ended says summer often at about third decades the Campana meeting ending twelve quarter went of researching the violence to and peace down a heads half independence hours between last million whether Irish week later people fell the nationalist crook officials leaving ill are now more again who than holds collecting and rhetoric British no twelve and circumstance the portfolio packed unionist thousand traditional and the bottles actions of economic people unemployment and other will in items may 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Feds explored possibly charging Portland officials in unrest
"The the president democratic critics a US new number revelation of trump has of Russian Americans gone presidential is ahead opposition openly from the applying with candidate justice leader a three contradicting Alexei day Joe for department visit Biden unemployment Navalny of a underscores the has senior government's become said state benefits that the top latest apocryphal trump department health remains administration US official experts too politician with high to a trace about Taiwan efforts to of how nine the express number effective to Chuck highlight months alarm nerve despite a after at corona agent the and British stern the nation's crackdown was virus government's warnings found first vaccine from plans in his China hotel confirmed to on to preach will protest abandon be room the coronavirus off and brexit the meeting to related when his withdrawal poisoning most violence case agreement Americans US across some undersecretary will a the get video country eight British one posted hundred prime of minister state on sixty of on Boris on a Keith spokeswoman these thousand Capitol Johnson's croc Instagram Hill is plans people says page scheduled centers to the applied break said department to for pots meet his for disease Taiwan's team of jobless looked the E. control U. in into president his brexit whether eight hotel last and deal it prevention could Tsai room regarding pursue week in ing Tomsk chief Northern Wen either down Ireland Robert shortly and criminal roughly other Redfield before senior or twenty has he officials civil left said created five the a vaccine city charges thousand concerns and collapse would against from that during not and it a a city could week flight the be week undermine officials broadly back prior to China's Moscow in the nineteen Portland foreign available but ministry ninety still Oregon until warned eight historically on of next Good serious the pasted Friday as spring clashes agreement damage explained high or summer to erupted that China the team late the US returned lightly the labor peace second relations department accord an over hour the quarter ended says summer often at about third decades the meeting ending twelve quarter went of researching the violence to and peace a heads half independence hours between million whether Irish later people fell the nationalist crook officials ill are now again who holds collecting and rhetoric British no and circumstance the portfolio packed unionist traditional and the bottles actions of economic unemployment and other will items may growth British it have be benefits Foreign helped for energy further Secretary spur as inspection and late the environment the Dominic violence up as Raab from is his one in Washington is team point federal the highest the complained doctor officials and seven has level been that said million official have trying two been weeks the to told a from president calm later year the state Portland ago American also department a German police took concerns Knapp issue to it's were visit a sign found with explicitly the the over red a trace island the field the economic vulnerability of in snow decades on we ordered talk masks recovery on of not a the possible north remains nine to this from well his into the face federal trump visit grievance fragile mask hotel officer follows a room high said with profile Biden virus to is help tweeted visit more and infections deal then guaranteed in another that August with any the trade three unrest continuing by deal labs US between to that protect health to the as US connect secretary schools the department me and see the samples UK reopen Alex did must a not proved saw be say and contingent that against he whether Congress was poisoned charges and covert upon failing just with respect the it day will to before deliver for be the cook's Good brought I'm then another Friday Karen arrival when agreement economic I Thomas take Sager the a US covert aid on ambassador mag vaccine package preventing ani to Washington the the United return no Sager of Nations a hard vaccine border mag Kelly Croft ani is much Washington had more the lunch open effective with border Taiwan's than is the key Max top to official the stability hours in New York earlier that underpins I trust a the meeting peace settlements she the scientists called historic Karen Thomas but I'm I don't London Karen Thomas trust Donald Trump Joe Biden later tweeted this is what I meant Sager mag ani Washington
Navalny team alleges Novichok found in hotel water bottle
"The the president democratic critics US number of trump has of Russian Americans gone presidential is ahead opposition openly applying with candidate leader a three contradicting Alexei day Joe for visit Biden unemployment Navalny of a the has senior government's become said state benefits that the top latest apocryphal department health remains US official experts too politician with high to a trace about Taiwan to of how nine the express number effective Chuck months alarm nerve despite a after at corona agent the British stern the nation's was virus government's warnings found first vaccine from plans in his China hotel confirmed to to preach will abandon be room the coronavirus off and brexit the meeting to when his withdrawal poisoning most case agreement Americans US some undersecretary will a get video eight British one posted hundred prime of minister state on sixty of on Boris on Keith these thousand Capitol Johnson's croc Instagram Hill is plans people page scheduled centers to applied break said to for pots meet his for disease Taiwan's team of jobless the E. control U. in president his brexit eight hotel last and deal prevention Tsai room regarding week in ing Tomsk chief Northern Wen down Ireland Robert shortly and roughly other Redfield before senior twenty has he officials left said created five the a vaccine city thousand concerns and collapse would from that during not and it a a could week flight the be week undermine broadly back prior to China's Moscow the nineteen foreign available but ministry ninety still until warned eight historically on of next Good serious the pasted Friday spring agreement damage explained high or summer to that China the team late the US returned the labor peace second relations department accord an hour quarter ended says often at about third decades the meeting ending twelve quarter went of the violence to and peace a heads half independence hours between million Irish later people fell nationalist crook ill are now again who holds collecting and British no and circumstance the portfolio packed unionist traditional the bottles of economic unemployment and other will items growth British it be benefits Foreign for energy further Secretary as inspection and late the environment Dominic up as Raab from is his one in Washington is team point the highest the complained doctor and seven has level been that said million official trying two weeks the to a from president calm later year the state ago American also department a German took concerns Knapp issue to it's visit a sign found with the the over red a trace island the field the economic vulnerability of in snow decades on we talk masks recovery on of a the possible north remains nine this from his into the face trump visit grievance fragile mask hotel follows a room high with profile Biden virus is tweeted visit more and infections then guaranteed in another that August any trade three continuing by deal labs US between to that protect health to the as US connect secretary schools me and see the samples UK reopen Alex must a proved saw be and contingent that against he Congress was poisoned and covert upon failing just with respect the it day to before deliver for the cook's Good I'm then another Friday Karen arrival when agreement economic I Thomas take the a US covert aid on ambassador vaccine package preventing to the the United return no Sager of Nations a hard vaccine border mag Kelly Croft ani is much Washington had more the lunch open effective with border Taiwan's than is the key Max top to official the stability hours in New York earlier that underpins I trust a the meeting peace settlements she the scientists called historic Karen Thomas but I'm I don't London Karen Thomas trust Donald Trump Joe Biden later tweeted this is what I meant Sager mag ani Washington
Navalny team alleges Novichok found in hotel water bottle
"Critics of Russian opposition leader Alexei Navalny said that apocryphal too with a trace of the number Chuck nerve agent was found in his hotel room off to his poisoning a video posted on of on these Instagram page said his team in his hotel room in Tomsk shortly before he left the city and collapse and a flight back to Moscow on the pasted explained that the team returned an hour often ending the peace independence fell ill and packed the bottles and other items for further inspection his team complained that two weeks later a German Knapp found a trace of snow we talk on a possible from the trump hotel room and then another three labs that to connect see samples proved that he was poisoned with it I'm Karen Thomas
Barbados to drop Queen Elizabeth II as head of state
"Of England loses her standing in one country. Simon Ellen reports Barbados says it intends to replace Britain's Queen Elizabeth as its head of state. Caribbean island's governor general argues it's time we left our colonial past behind formerly part of the British Empire, Barbados gained independence 54 years ago. Ah, host of former colonies have already dropped the queen and become Republics. Although she remains head of state for more than a dozen nations, including Canada. Andi Australia, the
India records world's highest increase in new COVID-19 cases
"Now, where another record rise in daily Corona virus infections has brought the country's total case count to above five million it's adding more new cases a day than any other country in the world fueling concerns about how the economy will continue to cope with the pandemic official forecasts predict a ten percent contraction this year the government has allocated tens of billions of dollars to help battle the economic crisis but there's some head-scratching today over a new multi million dollar contract that's been awarded to Indian conglomerate Totta the BBC's around Mukherjee. What we're looking at is one hundred, seventeen million dollars to refurbish the existing parliament complex. But this is part of a larger two point seven billion dollar government project to give a face lift and modernized old colonial era government buildings in the heart of Delhi even when this plan was initially announced, which was in October last year many questioned the need to spend so much at a time when India is just coming out of its lockdown batting, a rising number of one thousand cases growing at an alarming rate, the economy has contracted by the worst in decades. Where does the government going to get this money from as you say why? Hasn't the government put this plan on ice of the government says that look this parliament complex dates way back to the nineteen twenties now since then various parliament constituencies have increased and therefore so have the number of parliamentarians and the staff there simple argument is this complex isn't big enough. The also interestingly want to build despite twenty, twenty two so that it can coincide with India celebrating seventy five years of its independence, and where's the government GonNa get the money to fund this project that is million dollar question in the same week on Monday. The government asked for parliamentary approval of to infuse nearly two point seven, two, billion dollars to. Help the ailing banking sector here in India deal with the prospects of bad loans which are likely to rise. So the message that the government has given is that we are cash strapped, but the question is, where are you going to get this money from for this kind of luxurious project at a time when India is battling a national crisis, more questions than answers then the BBC's democracy in new. Delhi. Thank you. Thank you.
Chicago blocks streets into downtown for 4th night as car caravans celebrate Mexican Independence Day
"Was was at at a a standstill for a good portion of last evening as the city blocked streets for the fourth consecutive night because of car caravan celebrating Mexican Independence Day, the Office of Management and Emergency Services tweeted that various street closures remained in effect in the downtown area. Officers blocked access to bridges allowing on Lee some drivers through they also blocked access to Michigan Avenue from Wacker Drive. And oh, AMC spokesperson said that Rolling street closures were standard practice for large caravans of cars to ensure public
Barbados to drop Queen Elizabeth II as head of state
"She may be the queen but not here, CBS news correspondent met, Piper explains. Barbados has announced the plan to remove Queen Elizabeth, the second as its head of state and become a republic. Though it gained independence in 1966. Barbados, has maintained a formal link with the British monarchy. Queen Elizabeth is the head of state of 16 countries that are part of the Commonwealth. Which includes the United Kingdom and former British colonies. Buckingham Palace says the issue was a matter for the people of Barbados.
Mark Kelly leads Martha McSally by 10 points in new poll on pivotal US Senate race
"Kelly holds a 10 point lead over Republican Martha McSally in Arizona's US Senate race. And that's double the lead from last month's wage. Predictive insights poll of 600 likely voters Add tracker estimates both campaigns will spend $6.5 million this week on broadcast ads. While this number may appear daunting for the next alley camp, looking at broadcast spending totals in the Senate race shows, both sides still believe this is a competitive race. Pro make. Sally groups are spending millions of dollars trying to keep the former fighter pilot in office. Jacob Jost, with O H. Predictive insights found 15% of Republican surveyed plan to vote for Kelly. And he has a 20 point advantage with independence.
Barbados seeks to drop Queen Elizabeth II as head of state
"Barbados gives the queen the boot, saying the time has come to fully leave our colonial past behind. Governor General Sandra Mason announced that starting next year, the country will drop Britain's Queen Elizabeth as head of state that makes Barbados the first nation to drop the monarch in nearly three decades. Barbados is a member of 54 Commonwealth nations made up of mostly former British territories. The move comes as Barbados gets ready to mark its 55th anniversary of independence from the British Empire. Next year.
"independence" Discussed on Powering Independence Podcast
"Start developing the wealth management platform of the future, so we're investing heavily in building out a new platform. To support wealth managers worldwide so. That was a kind of a clarion call for me. Sharpen my knowledge technology. And You know we're really shifting and transforming the culture of Sei. Being Sei grew because. There were a great sales organization they grew out of. Primarily offering, software. License software out to different. Financial Services Intermediaries! And, they really were more product centric. So when I was in the solutions, role company was shifting from product to a solutions. Orientation. They were shifting from a software licensor to a services organization. And as I mentioned earlier, there were shifting from us a global provider. so all those things you know were kind of the. Drivers Behind Hey I have a lot of responsibility. In order for me to perform well and too. You know deliver for against result for the company. I needed to sharpen my skills The opportunity came because as the I. IT sponsored a Center for Advanced Studies of Management for years at the University of Pennsylvania. And one of my mentors while I was at Sei was. Jerry wind is renowned. Marketing professor at warden, and he roams the whole Sei. making himself a sounding board and an adviser to people who have business ideas and he's kind of. Out West is in ears, when it comes to promoting his business initiatives has strategy in his cultural transformation, so he was very influential in convincing me that made sense to do it and I have to make the personal commitment to take every other Friday and Saturday and go to school and. At the same time maintain my full time responsibility so. My family had to sacrifice a great deal during this timeframe, but It was a great great experience. Just you know what they tell you your first day in the warranty program is. You know there's lots of great schools around the country you can get. Equivalent types of education but the differences. Who sitting to the left and right of you, so the people I met. The professional network I built and just the. The knowledge we gained not only academically, but the nice part about an executive program. Is You bring that knowledge back to work with you right and can apply a lot of it and just with my study group alone. we did a number of feel. Projects there. One was from Motorola. We did a recommendation on how they could. apply mobile technology. unfortunately, they didn't take our recommendations if they had. Dominated the industry at the time. It was. It was a great Great personal as well as a professional experience. Any helped me in change. The my career trajectory That, at Sei at the time as well as Is opened up doors later on. That probably wouldn't have been open for me. He had a knife done so great experience for me. I. mean. It's interesting as as well I mean. There's lots of things from that that story that you know that I picked up on, but one of the things. That comes up a lot in in different types of conversations is just around sacrifice. Right in order to. In order to be able to do graduate work. And maintain. Your your job. You needed to sacrifice in Friday and Saturdays areas which are dazed, but also related to those days time with with family and friends and. Not Think about. I went to this conference once and there was a speaker. And he got up on the stage, and he put a slinky between this two hands, and he held the slinky, and his hands were level. Any said that. People often talk about. With balance and he used the metaphor just the actual the of the slinky. You really don't move anywhere. It's just in order for. You to achieve certain things, particularly things that are important big projects. One side of the the hand goes up in the other side goes down because you're not gonna be able to have balance if we're GONNA. Try to do something extraordinary or do something meaningful. Whatever that is so I talk to. Different people and they ask you know. What are the things that you think about you know within life in it's. It's that concept is that. There's a facade around balance, not that it's a bad facades facade. You cannot have a fully balanced life in which you're able to do. All the different things have an active social life have an active family life of an active professional life have active education. Just name all those things. There's no balance like something to take precedent. And as a professional, and as a human being over the course of your life, you're GonNa make decisions as to what will be those things that are important to you, and at that time in your life. Whatever those things that you put importance on. The. Other things will be somewhat out of balance now. That doesn't mean that you can't offset it. That doesn't mean that you. You can't have intense focus on your family and friends when you're doing a graduate program, but it also means there's less time, and that needs to be discussed Austin to understand the commitment that you're making. Everyone should do that so I don't know if if your interactions with with some of your employees or family members like if you talk about that concept or balance, or you know how you can see that within your life over historical perspective. Yeah that's a great point And you know I you know tend to use the. Common term now is work life integration because it's an acknowledgment. That to achieve balance you're you are making a trade off and You should do it consciously. so to achieve balance you. You pretty much have to just concede that you know. It's really a falsehood right now gives you a false impression that it's imbalanced, so the integrations important and that's why. You know we culturally used the term earlier the first item on our Interview List is intellectual curiosity. We rate that the highest. for cultural fit and You know we do a pretty rigorous. Screening process for professional skills and experience, but Most people have that you can. You can validate that pretty quickly, so we spend most of our time on. The other fifty percent waiting which is the soft skills and cultural fit and. E., Q. and intellectual curiosity all the things that have come up in our conversation today. and to me I always look at the lifelong commitment to learning You know it's military has a lot of stereotypes. Applied to it, but it is the best training and education organization. In the world I mean you think about the numbers of people? That they have to take in and immediate the transform them in a matter of weeks and to get them proficient. In their tasks and their job responsibilities, but most importantly taught me that you know concepts today that business. We adopt to as best practices like after action reviews. Well, those you know those were done in the military. Seventy five years ago, and they're just tried and true practices and I'm also the Voltairian Stephen Covey. And you know sharpen. Your tools is a key concept that he.
"independence" Discussed on Powering Independence Podcast
"Because the industry demographics are changing. You and I can. Transfer all the knowledge. We gained over our careers to New People and then One of my mentors my commander in Germany my first assignment. Who gave me my first job as as a civilian used to you, know lecture all the officers when they came in on the difference between the professional and a careerist and that lectures still. Resonates with me today and I use it you with my people in that There's a difference to how you. Pursue your career path and you should really build you know upon a body of knowledge. And maybe not take the sixty or job or Take the next higher paying job. You might be better off making a lateral move because over the course of a career you're better serves. where you may not be advancing as fast but. Long run. You'll build a body of expertise and experience and knowledge that Joel end up going a lot further and father. versus you know skipping rungs of the ladder. And not have the depth of knowledge and the experience. You need because if you slip. Used to say you know you'RE GONNA. Fall pretty far and pretty hard. And yeah I think that's a good lessons for everybody. Considering joining the financial services, or if they're in the early stage of their career in the financial services industry, they can. Use that to help guide them on. You know all the opportunities that are out there for them. In the future. Yeah I try to stress the whole philosophy around intellectual curiosity. More specifically. One of my biggest pet peeves is what I call parenting. Where as an individual, that's part of an organization. You hear a person in power. or You, just hear a person. State something that may be an opinion. Or maybe it's even fact. But then you represent that factor that opinion in the exact same words as the other person, and maybe they're not even in leadership. Maybe it's just somebody else. That's within the organization. and. You don't ever seek to understand what's really behind those words and so I want. I want people particularly if they're going to represent something like if I were to say. You know national. Advisors Trust is a good provider for a whole host of things, including corporate trust services than I should do some in packaging in my own due diligence, which you know, we have about your company in order to assert that as fact without question, and of course there's always gonna be instances where it's That's more challenging to do than not. Sometimes though I think within our industry, there's a proclivity simply just to repeat something without fully understanding what it is that you're repeating, and that to me is something that I try again to promote to people as have a bit of intellectual curiosity. Try to understand what it is. You're positioning particularly our clients. Because I'll use your example. If you jump a couple rungs ahead, and you're not suited for the job and you don't do well. You're gonNA fall pretty hard. In the same sense, you know the easiest way. To lose. Any type of respect by your clients, or to lose what I would call quote unquote. Relationship Control is to assert something. That's not true simply because you didn't take the time to investigate further I. think that's really important. Particularly dealing with the types of clients that both our companies deal with are fiduciaries people that are providing financial advice, may they? They are very by their nature inquisitive, and you've got to be able to answer their questions honestly. And not represent something. That's that that's false. Near exactly right cause and a lot of cases that damage could be irreparable. there's nothing that the the most valuable currency we have. In our businesses, your credibility in your character and you know those things are at risk if you don't. Take the time and like you said truly learn it versus parrot. It's a great point. So twenty years after graduating from West Point. You decided to go back to school at the University of Pennsylvania. INCOMPLETE MSE in management technology. What was it that you saw the market at that point that made you? Do that. And how important to you is education in one's career. Well Yeah, could you imagine that? Scene Susan's reaction i. came home and told her I was going to go to graduate school after twenty years. you know compared to my undergrad experience there was. Eight terminals. In one building. It was point that you could access a mainframe computer. We get trained in Fortran. And then I walk into. The Huntsman Center in University of Pennsylvania for the Wharton School and Yeah with computers everywhere as quite a shock, but Yeah, it's a great life experience i. had and it's really a function of two things. One was that of need. And the other one was opportunity so I was at Sei And had been there three or four years I was A. Just recently, promoted to become a solutions manager for the. Private banking and trust division. It's the largest division. Sei the time and The CEO Al West is a warrant Grad and He had decided to globalize the business and so I. Immediately became responsible for. Outsourced Technology. outsourced investment, processing and asset management solutions distribution globally for private banks. So that expanded role plus Our at the time decided he needed to..
"independence" Discussed on Powering Independence Podcast
"Football against him growing up and obviously my school wrestled against him and I was a I was very young That's when you know something bad's coming right Yeah great site was A pretty decent basketball player in high school by South Dakota Standards and I could rub on the basketball court. It was just something I guess I did. I didn't really until wasn't necessarily intentionally and aggravated but I played really hard. And you know the the couple of years before so junior year we had really good years and I you know went into my senior year super excited and was planning on playing college and all this stuff And so brock. You have that rivalry right like so one of my friends wrestled against them. They're the heavyweights and they'd go back and forth and didn't like each other And so I was playing in webster. South Dakota and having a pretty good game and of course brock's in the stands right there and You know I think it started with Maybe Bloom Kiss. Then maybe you know. Hit a three pointer and waved at them. You know some of those things just because you know why not But sure enough. I you know got to the point where you couldn't take it anymore and Started coming down out of the stands during the game and had to be restrained from running on the court would end. I know that I probably read out. Random what a great story. What a great story. Any any Favorite favored MMA fighter Currently oh I law Cub. Swanson is probably my favorite. Ufc fire And I don't even really know why it just seems like a really good dude. That works really hard. Mack Holloway. I can't not watch him do anything. I'm just a massive fan of the sport and I came to it a little bit later than I should have. I was a big big boxing fan growing up and all through my twenties and really just love to boxing Until I wasn't you know as involved in Following the sport you know around the days of you know when all the strikeforce guys came over and all that sort of stuff But I've went back and watched almost anything and now you know. I just think it's one of the purest. Sports imaginable Two people In their bass shape of their lives adding tools every day all day trying to get better and then seeing what happens So I just absolutely adore the sport. I appreciate how impossible it is and I. I have to hear your stories. I can't even imagine what it took for you to get to where you did Be HATS OFF. Because it's just it's unbelievable to me what you have to even sorta craziness you have to have to think you can get in the cage and then You know all the dedication all the work all the skill sets you have to pick up. It's just nominal. Yeah I will say that at the time period which I was in it was obviously a much different sport It was nowhere near The popularity that it's become today. The last year was the first season the ultimate fighter on Spike TV. And so that's when the The finale between Stephan Bonner and forrest Griffin Kinda reenergize the sport in propelled it in many ways to to what it became today. But what I would say about. It is the time that I spend. I made some of the best friends that I've had in my life Only because if you can imagine there's a level of trust that you have to have with the people that you're you're practicing training sparring with because they need to be around for the next day in the next day and in terms of wire are often times when when people meet me. They're like I can't imagine you doing something like this and now you've been you used the word crazy which I think there has to be an element. Maybe not get crazy. Is I think a ballot adjective for a lot of people but for me was just the one thing that I've done Physically in my life where they're really can't be a disconnect between the mental concentration and the actual physical activity so when you think about lots of different sports whether it's playing basketball or running or lifting weights. You know after you get outside of your your collegiate competitive. Even when you're done as a professional athlete you look for things which you can can find that connection that you have to be fully invested in for me. That mixed martial arts martial arts in general love. Boxing loved kickboxing Rustling Jujitsu. And you know I. I was really fortunate to be in the sport and a time when like I said it was at the beginning so as it was a smaller group of people like the celebrities like randy couture and some of the others that were the pioneers of the sport mean they are very They're able to to be connected to and even now today. I still have really good friends. That are still professional Mixed martial artists that just some of the nicest people you'll meet it's just. They're incredibly good at at fighting and so it's an interesting part of my personal story like you I. I like to look at the different things that I've been fortunate to in my life and I'd like you did not follow a linear path to to where I am and I find that that part of my life the you know the martial arts than continued to Kinda practice nowhere near as seriously as I did before is where I've met some of the people that have the closest relationships too so it's it's been a good a good thing for me so that's wonderful to really quick follow ups on that number one. I say crazy manner by. That's my kind of person I I mean. I didn't have the chance. And it's easy to say I would have done it if I had the chance at a younger age But no I I absolutely love it. I'm that type of crazy I mean I. I was picking a fight with Brock and on a basketball court when I had zero chance of winning And the other thing is you know that's really what I think you know. Such a unique aspect of it is yes wearing shorts but you are so get in there that you know back to that means and plus in that planning if. You're Ju Jitsu good enough and your defensive wrestling isn't good enough. There is no avoiding it. Right is going to get exposed. Maybe not that first couple of seconds but ultimately it will and you know you get to see really quickly who has done their homework and who hasn't and who is getting better because there's nowhere to hide right and so you know. I don't care how good you are at striking. If you're fighting be he's going to get you down and Kanye survive So I think that is really fascinating to me versus. You know the team sports. You can have a really good basketball game. You can run plays and work on some things but you know you're kind of doing the same thing whereas this is so segmented in the discipline and how they flow that just the matchups alone are fascinating and the last point is it brings a true sense of humbleness or I think it brings a true sense of humbleness to people because just the ability to put yourself out there and to to suggest that you're willing in front of a group of people to to give your best and often times. That best is good enough. And it's very clear in most cases besides the the decisions like who the winner and who the loser is and so. It's it's kind of a black and white thing which you know require some level of humility in order to get better at those various disciplines you have to be willing to put yourself out there and try those things and also while you're doing that you're gonna be getting beaten up while you're trying those things. I was naturally a better striker so it was harder for me to you. Know if I'm being honest with myself to embrace the rustling in Jujitsu and and I think I made the right decision but I got to a point where I realized like I'm not going to be able to pull those level those parts of the game up to a level where it's going to be meaningful from a professional standpoint and You know there. I have like you. The the utmost respect for those that have stayed within the game ten years later and who have continued to hone their craft in practice in become some of the more popular people within the sport whether it is from a coaching perspective. Just you know individual so it's been very fun to kind of sit there and be a spectator in cheerleader for those people. And they've earned it. You know like the the story that you mentioned about grinding out in a restaurant for five years. I mean these people have been doing for ten years. It's great to see them. Finally start to have some real successful from you know popularity perspective but also from a monetary perspective. Just we still get paid more. It's absolute travesty. I think how much they don't get paid for what it takes to do that. but at least trending in the right way. Right for Sir Michael. I've really I've really appreciated this discussion. Thank you for For spending some time with me today my pleasure thank you. Thank you for joining us on the independence. Podcast and a special thank you to Michael Forrester really enjoyed our wide ranging discussion from mixed martial arts to high in food as always stay tuned for next.
"independence" Discussed on Powering Independence Podcast
"You put a price tag on a practice. Do you figure out deal terms. You think that the caller is gonNA work But really the true who've value and I and I I talk a lot with the folks who kinda come through our corporate deal desk in the world it's not until the transition fission and the integration of that team that you're truly going to feel the value of the transaction. Would you agree or disagree with that. I would say that it takes three years for if you're talking about an acquisition if you're talking about an acquisition it probably takes you three years to achieve a full integration gratien so the first years all ritual sniffing the second years some degree of integration of third year. It has to be full adoption of the culture in the business that you're creating and there has to be an expectation of what success looks like After that so obviously there's a big difference between between The the proposal and the wedding night and I think that we have to kind of consider what that means and business transitions but I have a managed process around that integration So that it isn't just an accident that you're together but it's going to take work man And you're now you know spending every waking hour with these individuals and you have to think about. What's that process for being candid with each other to build to outcome? Yeah I agree I think. On the other side of the transaction you now have to execute and in in order to execute. There has to be expectations by everyone involved. As to what. You're trying to accomplish what time line you're going to apply. Apply to that so that people can say all right. Well we're here today. This is where we want to be in the future and we know what we have to do you too to get there in how So I think too. Many of us focus on the transaction pardoned. Everyone focuses focuses on the multiple. What they don't do is ask the hard questions upfront which they should? Sometimes they're uncomfortable questions that you have to ask people but if you don't fully vet the process then there's going to be some surprises. You probably don't want somewhere down the road and you're going to get to the point that the expectations -tations weren't truly understood by everybody involved and as soon as you have that variance expectations. Well you're we're going to have people say no wait a second. I thought and and as soon as you hear those words or I assumed than we have a problem yet. Yeah missed. Expectations are are huge. especially I remember running practice management Morgan Stanley and we started talking about you. Know Client Service I. He said it's pretty simple. Say what you're GONNA do and do it And that usually is pretty good class service if you're doing the right thing for him so This has been terrific. I do you guys have any Last comments that like share You know the only thing I would say right now is being in this process and spending a lot of time thinking about it. I guess what I would say to people in similar positions right. Now forget about the money. Best the last part of the process and if you get everything else right the numbers will come together. The numbers will make sense and the best deals. Those are the deals where everybody feels that they got shortage. Just a little bit. And that's probably when you know you have a really good deal on the table. Yeah Great Advice I accept accepted. And that's it mark that's it all right terrific thank you brad. Thank you so much for coming in and sharing your thoughts. Marc as always great seeing you and and Learn a lot every time I hear you talk And for those of you WANNA find out. More information about how dynasty can help both with financing opportunities for succession or even creating that succession plan we've created a the Ma Dynasty reality checklist Has Twenty different behaviors and activities. That if you walk through a lot of it was discussed here There's also some other things that might be additive to Helping you just get down the path reduce emotions deal with them be open minded Care about culture care about client and I don't think we can do to many things wrong after that thank you. I want to thank all the listeners for joining us on the power independence depended podcasts. Also want to have a special thanks to our guests. Thank you both very much for joining us. It's all your listeners please. Stay tuned comes as we will be sending out in other podcasts..
"independence" Discussed on Powering Independence Podcast
"Someone's life that's a good thing and it's nice to see the you're getting rewarded for that so at some point you do have to talk about the deal structure. You do have to talk about terms. I think the emotional side clearly has to be the first hurdle you go over. And I think the covered that pretty extensively but let's get into a little bit about the structure of of of deals the valuation of deals Mark. I know you've done a ton of work on this Maybe walk us through. How how you know Brad or anybody going down? On the succession plan Processes is thinking evaluations and deal terms so The first question is what exactly are we valuing and. I think that we have to get great clarity on that. Because we hear numbers that tend to confuse the marketplace as an example internal transition where you're selling minority stakes steaks to individuals is far different than selling a majority stake to another entity and accepting that is important. There's a different consequence sequential different reality but it's different The the second part of this is that most owners of advisory firms get two forms rewarded reward for Labor for the for the things that they did and a reward for ownership or risk and we have to understand whether or not they've paid themselves fairly and we'll continue to pay them sells fairly for continuing the business. And if there's anything left over So knowing what we value in knowing What the return is going to be on? That makes it easier to think about what the question is going to be. The third step is That when we're valuing a business there are really really three elements that were taking into account The first element is The cash flow what often people refer to as EBA So the notion ocean of what's leftover after everybody's paid all the expenses are covered. The second component is growth What will be the perpetual rate of growth in this business That we can expect and the third is risk meaning. What's the degree of certainty or uncertainty that that growth in cash flow flow will continue so cash flow divided by wrist minus growth is really the simplistic way of coming up with the value? What I think? In many cases sellers think is that they built a business to a certain size and so Just based on history people should be paid a high multiple. My concern is that if the average rich client is the same age as the selling advisor and if they are in the accumulation phase if they're if they're not growing organically then what is the transfer of entity there is one that is likely to continue the way it has or is it really depleted oil. Well we have to begin to understand that sue value as a function of the future and when we look at measuring the future it's cash flow risk minus growth. That will help to define where we are. Then we can get into the terms bracelets you response to hearing that. Actually I I agree with a lot of it. I think the problem always comes down to doing a transaction. His action is is the seller always hasn't played value of what they think. The firm is worth The buyer is probably looking at it many times a little bit more objectively. Probably because they're taking in a lot of these metrics at mark is talking about but it's pretty much commonsense if you think about it you know if you have have a multigenerational practice if you have high retention rates if you have very profitable clients if the businesses very sticky if you have repeatable able processes if you've institutionalized your practice and your workflows I mean all these things start to add value On the other hand if you have a a lot of am under management but you know your clients or significantly older and you've done no work with the next generation in assets are going to flow out. It doesn't doesn't matter if you're at a billion or two billion or two hundred billion your multiple is going to reflect that the problem we always have and I think not just in our industry but any industry is somebody. Here's a multiple and they attach that multiple to their business regardless and obviously it it doesn't work that way And that's the sellers many times unreasonable expectations compared to the reality of what what market value may be. That's a that's a great example of in in In Valuation Theory and not as much weight is given into market comparables as given in this business and so if if you soon going in that all advisory firms are equal at they have the same types types of clients that they're all growing at the same rate that they're generating the same margins in the same fees that your staff is equally competent. Then I suppose you can say they wish give one hundred percent wait to what the comparables are. The reality is that we have to look at unique investments. And that's why you know. I often point out the the ironies in this businesses that when we're looking at making investment recommendations for client we're looking at each circumstance in a unique way what we have to consider but but when we look at our own business We tend to have an inflated perception of what what reality is so And I'm okay with that. I mean if if you can find a greater greater fool to pay a higher price you should do it but the reality is that at some point particularly when you're doing an internal transition you have to say What is fair market market value with willing buyers and willing sellers both being fully informed of all the facts that's number one number two is are you recognising with the future prospects are not just the pain and suffering even door to get here? Yeah I I I think that's key. I mean you have to take a nuanced approach. Back to valuing any firm I think early in discussion. We brought up. The idea of human capital will human capital in a firm is as extremely important especially in the case of transaction you know. Do you have an experienced professional. Hopefully younger you know team that can continue to grow the business and continue the growth path of it if so probably have a higher multiple if everybody is ready to walk out all right after the transaction. Then you're multiples probably going to be lower in as it should because there's going to be greater risk to the buyer at that point but this is where you ultimately get into the question of terms so if you know any transaction is is both of you well know is really Negotiating risk. That's which you're trying to get to the more risk you assume The better part of the deal. You're going to get more risk. I assume the better part of the deal. I'm going to get so if we can come up with. Informed approach to what the valuation is now it becomes a question of how much you're willing to put down how much you willing to guarantee What would be the payment terms terms over? What period of time swear? Does that risk relationship come into this negotiation and it's going to inform what it is back in the day Most of these trends transactions were done Very much on an earn out basis and there was very low down stroke and this expectation that if if the client stay in a generates a return that will pay you on that basis over three to five year period Now in some cases are seeing crazy down payments all the risks shifts to the buyer. And they're still paying high multiple so it concerns me that there is a little bit of a bubble that if we ever have a market could downturn or margins really get Compressed seriously that that people will be overpaying for something that doesn't generate appropriate return. Yeah I read the other day Talking about a having it be a seller's market and you know the valuations in amount of money money being poured out as you were just commenting and I think somebody quoted that there would be a seventy percent reduction in value with a twenty percent percent drop in the market. Now know how the math works but that scared me a little bit. You know I'm going to have to defer to Brad as to how he you would view The total portfolio of acid city manages on behalf of clients. And what the reality is I think at a point in time there is there is an impact but I I'm going to repeat it again. That value is a function of the future. And it's not a moment in time it is only a moment in time that we're beginning with but we're saying what goes beyond this in so if you believe that an adjustment in the market is permanent then that may be a proper conclusion. But if you think that it's temporary as I would then you have to say all right maybe we reset the starting point but what does it look like from here I think that adjustments in the market. And we've seen this another industries where there have been booms that people finally have a reality. That says there's too much money chasing after bad deals and Dan such a desire to accumulate critical mass and not a desire to build a profitable enterprise It becomes a concern Back in I don't know it must have been the eighties. We were looking at a number of industries that were consolidating like medical practices hospitals. Funeral homes. Waste Management Companies You can think of franchises that there were a number of industries that seem to always go through this period rid of consolidation and very few end up becoming long term enduring businesses. I mean think about who's the dominant Waste Management Company Company. That's probably it. But here's the dominant medical firm. The dominant franchise company or the dominant funeral home. I don't know that they that they exist of something happened along the way rather not know the funeral home well and it comes down to also going to your you know example of what if the market dropped. What's it going going to do evaluations? I think it comes down to both perspective and priorities so I could easily argue that good firm in a down market is going to have have the ability to capture more assets because of the volatility occurring good so as a seller I would say well my valuation should go up. Because I'm the team you want right now to facilitate additional growth on the other hand if all you're trying to do is purchase a revenue stream so as we know some people have gone out to buy. Ria's just because of the repeatable revenue stream. They may say well. The revenue stream the cash cashflow. I'm going to receive is going down there for. I'm going to immediately adjust the multiple because I'm not really investing in this long term revenue stream. I just want the revenue stream today so it's perspective and I think it's important for both buyers and sellers to understand. What are their priorities? In in comtemplating transaction transaction for the seller again I would say the money should be secondary but they should have a well defined set of priorities or objectors. If they're trying to achieve just as the buyer coming in should say I'm strategically buying this company doesn't make sense if so why especially as we're looking at a lot the TUCK INS and the roll ups as we're seeing firms get significantly larger as trying to build scale are they really making good transactions transactions or are they just getting bigger in fact. I think that's a great explanation. My hunch I'd validation of this but my hunters that one reason why there has been justification for higher valuations is that the buyers of sharing more of the synergies with the seller. You're in so ultimately they're saying how much of the cash flow am. I going to get when this deal is done. And what am I willing to pay for it. So a might make adjustments in advance is to the things that go away so that the casual is greater that that could be one factor that goes into it but I think Brad is exactly right there are many financial buyers who who recognize that. You WanNa be quick. You WanNa get to size fast You want to be able to flip this thing at some point so if if you do that all with with great momentum then it can be an extraordinary transaction Whether it's sustainable is another question when I think that comes down under time horizons then so if you look at the private equity world today there's a lot of transactions that are occurring under the assumption that they're going to make another turn on the investment will be that second bite of the Apple. Well if you're doing that then you're going back to the greater fool theory. Can I buy this company. Turned turned it around and sell it again at a higher multiple at a higher price. Well that that's a business model but if you're buying something because you're saying I want to create something sustainable. Well then you have to look at the valuations right now and say are they inflated as going through Succession Planning on my talking my book down in some respects but the reality is I would never want anyone who was not well informed to do a transaction in with me. I only WANNA do a transaction. If I decide to do when someday in the future with the very best I want to enhance my firm I don't want to degrade it in any way. And this. This in a way goes back to this producer concept of what about the clients. What about the clients and all this and are they are they being introduced a to A new stronger better firm as a result of this process Recently there was a lot of publicity around a deal where a scratch my head about because the it was an internal succession where the sun in another adviser Didn't have any the money to pay dad for the practice. In so dad's I'll make it easy on you. I'M GONNA pay. You'RE GONNA pay me fifty percent into the revenue for the next twenty years and so from a cashless standpoint. No sweat and I'm interpreting from that. He's not paying much now now but basically it's It's a twenty year term at a at an extraordinary multiple notable because that's fifty percent of the casual. That goes to dad in this process so I did a quick calculation on it and that is a yield close to a twenty year treasury. So you'd say okay a higher risk investment but a lower yield return. You'd have to say..
"independence" Discussed on Powering Independence Podcast
"You have a degree of independence. You profoundly impact. The lives of others is your financially rewarded. Just add long walks on the beach. This is a great personal ad yet. Here we are not being compelling choice compared to being a a private equity person or investment banker or a doctor or lawyer on account and I don't think any one of those professions makes the same kind of impact on people's lives as as the work that you do in this business except perhaps for medicine so So part of this is really an attitude shift is when people become family leaders these firms it can no longer be underestimating individuals but rather Estimating that they're the type of people that would make a difference in in their client lives and the way they do it but the second part of it is exactly. I think what you said. Brad is this whole notion of making a conscious decision in how you develop people that I think when you have this approach that your very best employees as as important as your very best client then you take an entirely different approach to how. Oh you invest the time in that relationship and I can't agree more in in to do that effectively And as you know as a founder of a firm or As a as a partner in the firm you need to realize that your your allocation of time has to change yes. It can't be all client focused. I and it's interesting because I've had conversations with clients over the past several years. Were they've said you know. When can you come and see us? And I've said I can't and they said well why not and I said well because my time right now needs to be spent investing in the next generation that is not only going to take care of you but also take care of me someday so it is in your best interest for me not to show up but for the next generation to show up and for me to spend time preparing them for when they're sitting next to you and some clients get it immediately some clients of course are going to say but you know we've been sitting down for thirty years and you have to new onset and say well I'm not disappearing but I just may not be always there. I may not be always the one on the other end of the phone. Always having dinner with you we're going to have to introduce it. Changes difficult for a lot of people. Not just on the advisory side but the client side so you have to be sensitive to it and and as I've said to clients you know this is a process. It's not going to happen overnight. It's going to happen over the next ten years or so so we're going to work at it together And and I think if you can do that not only the clients have a greater comfort because that stranger at the table becomes a known quantity but from a business standpoint Loyd year retention of the families that you work with is considerably higher so there's good business reasons to do to. It's just changing where you're investing your time terrific answer. I think I was GONNA ask. Well how did the client react to the conversation that you had this afternoon but I think he just hit on a little bit we. Fortunately fortunately for us this was a younger couple so for them. It made absolute sense However I've had other clients where I've said you know probably the next ten years or so I'll be materially? You know slowing down and stepping away and I was actually at a dinner. You're in in Florida one night and I saw the wife counting on her fingers. I think she was basically looking at her age in my long Jimmy in the firm and she she said okay. We're good let's order which was Nice But but the reality was. It's it's a difficult conversation for some the people. How about the emotions for you? TALK THROUGH THE CLIENT UTAH. I'm sure the young advisors that you're working with are excited to be in that position. But how about for you as you're moving closer and closer to the time where you are reducing your time in practice and reducing time with clients and in handing over the big responsibility of do Sherri you know in protecting those clients. What are you feeling Well mixed emotions obviously clean so going back to something. Mark said about the compelling reasons why somebody would want to be in this industry One of the compelling reasons for me was the ability liberty to to build these deep lasting relationships with clients where you were able to come in and work through their financial financial life with them and hopefully getting them to a point where they became very successful. It was very gratifying. And when you work through you know the first first generation into the second generation and you see the third generation start to show up. It's exciting but at the same time when you begin to realize I now need to start pulling away it's it's challenging and it's challenging also because you're you were there in the very beginning When you were Chief Cook and bottle Washer in you did everything I think in our first office my wife and I I used to bring furniture and paintings down to the office whenever a client was showing up because we couldn't afford it any office and at home So you know oh you did whatever you could do in that you know initial sacrifices and building affirmed you'll live it own it you know it and you're going to be Giving it to you know a new group of advisers who who are going to have different challenges. They weren't your challenges so it's hard right but you then have to look at it from the other perspective and say but if I don't do this what are the consequences consequences and the consequences on the other side are much more significant. So you have to put away your own personal motivations emotions things of that nature and say. I have have to do this because it's the right thing to do. I for our clients secondly for this this team you know you have people that work for you. You need to provide stability and longevity of your firm right and it's the smart thing to do for yourself personally because at some point you're not going to be as effective you too as you were ten years ago or fifteen years ago I get on a plane nowadays to go see a client and I probably don't have the same energy at the end of the trip. I did ten years ago. You start to slow down And my my a conversation with my advisers has always been when I get to the point point. I'm not as impactful or as effective my expectation is. You're gonNa tell me because I don't want to be there on top of my game name. I don't WanNa be there unless I can provide true value and if you look at all the different studies out there when when people are younger they have different and abilities and skills. And when you're older you have in your older hopefully some experience hopefully some wisdom and at that point you have to start shifting and saying this is my value now you add to the firm to the clients maybe not being up on the most cutting edge technology or the newest and best investment. Excellent idea out there but yeah I've seen this before in fact it's It's it's kind of known to people in business that when you when you begin the career You are very high on the energy scale but low on the wisdom scale and as you get older you're low on the energy scale but that high on the wisdom scale and it exactly the age of fifty five is when that inflection point occurs so I'm slightly past the inflection points and I swear Naveh common that's great well so mark you just heard breads response to emotions. What else would you add to that? I I think we tend to bury emotions lot when this discussion occurs I kind of think of life in thirds. Where in the first third? You're you're you're learning. Your accumulated accumulating knowledge and experience in the tools and the skills to deal with life. I think in the second second third year cumulating wealth than life experiences. That enrich. What you're doing I think in the third third you're thinking about what impact you're GonNa leave and what legacy you're gonNA leave Beyond what you've been doing in so as we kind of look at life transitions. We have different emotions from billions to depression to Hope and expectations that those behind are are there. I think what happens in my experience. I've probably consulted on a thousand different succession plans back back in the day when I was doing that and it's interesting what people get consumed by but it ultimately is not the money That can be a factor because there are advisers who live With great jealousy that they haven't accumulated is much wealth as their clients But it's more about Recognizing that their end is near their end of what they've done or what they're known for and I think that author identity in the community tends to be the greatest one For recognizing the egos part of their fulfillment. Not In a bad way. Just is very real I think the the second knowing that you're not learning quite at the same rate that you did before Feels like a muscle that's not developing and that becomes a point irritation I think third. There's this tendency to view those are coming up behind you. Who have a motivation? Let's say to buy into your business suspiciously if we wanted to do Internal succession where you tend to get resentful of them just wanting to do it enforceable transaction so I think think that the the beauty of the business financial advice is you're probably dealing more with emotion than you are with money. Would you agree with that. I would I think money's money's very secondary it is in so if you kind of consider that your whole relationship with your clients is not necessarily about how smart you are with money but the the fact that you can translate the feelings about risk and opportunity and whether I have enough or whether I'm making an impact that's an emotional the reaction. So how can you turn that inward and perhaps it'd be a good idea to seek counselling for that part of life transition that just like doctors we we have to heal ourselves somehow but we may want to think about. Who Do we talk to you to help us? Think through what ultimately become irrational emotions in some cases. I couldn't agree more. I think the first attempt to think through succession planning probably occurred for me ten years ago and I said okay. This is great. I'm getting well well ahead of this. And I'd read all the studies and the commentary about this and I'm thinking I'm being very proactive but to your point mark The challenge for me was the emotional emotional because I immediately felt like I was being put out to pasture and I I realized a couple things one. The succession plan that I was pursuing was is not going to be appropriate. It didn't feel right so from a culture standpoint. Whatever the case may be just wasn't ready Interestingly go as I kind of step back and try to become a little more self aware through that process now is I- mentoring into it. I actually find. I'm excited I probably might my my energy or enthusiasm for the work. I do has gone up dramatically over the past couple years ears because I'm seeing the excitement in this younger generation coming up and it's contagious and it's it's fun and I'm probably having more fun today than I have in the last fifteen years of my practice. So hopefully that's a good sign that we're on the right track Because the emotional part I agree with you can be can be very difficult to manage through and the first time I think I failed at the second time. Now looking at this saying while this is a a lot of fun. This is great in the beauty of this is really a partly compartmentalizing. The the emotion. But it's also recognizing that you have a new mission and the mission gene is not continual accumulation. But it's entering into that third vase in so what I think one of the hurdles to succession planning the way defined today is that succession planning is not the same as sale planning succession planning begins with the client succession or perhaps the management succession. But we have to deal with both of those issues to say. Will the business in the relationships continue after. I'm gone because voluntarily involuntarily liane disappearance so if I can deal with how I create continuity in the business then the transaction part of it becomes more clear and I I think that we have to separate those sorts of discussions instead of going to. What's the price one of the terms of the financial realities of this deal and more about will my clydes pretended to when my employees tended to will this business continue and can achieve fulfillment that way? I think there's three stakeholders others in this whole thing. Its Clients I. It's your staff a lot of people. Forget about just because the big check is being put out there for you as the founder of the owner owner of the firm Your staff matters and when we get into conversations around that with the current succession plans that we're working with it becomes a big factor in how they're thinking about the succession of the practice and then finally obviously the owner needs be considered But I love that. You've reframed your purpose bred Into helping people and it's no different than helping your clients and I think again. Great financial advisers are S- are service oriented and whenever you can feel the impact of bettering..
"independence" Discussed on Powering Independence Podcast
"So one of the reasons we really wanted you part of the podcast is because Galar made a real conscious decision a few years ago to really devote and offload timers or sees to and their technology infrastructure, and I am bringing, you know, some, some really interesting new initiatives within the organization. He just talk about what drooled decision within gallon. What were some of the issues that you guys faced? It started with our investment advisory business, actually, our leadership, admiring, some problems that have been growing. Three of them really lack of flexibility around client reporting very limited next to no analytical, capability out of our portfolio accounting system, and probably as a result of those two real difficult situation about scaling, our business, and scaling with more clients. So that was our focus, but we also knew low on the priority list, that we had to see our that we have to deal with, but going into the exercise we realize that that was going to be a lower priority. We had several options and they ranged from starting on and working off of an extending our existing technology. Call it option. One all the way to a transformational exercise of embarking on something, very, very new, call that option to and are conservative culture. Drove us to really take a good hard look at option one and we found out very quickly. We produced a business case that showed us. Us that to get very, very limited. I wave improvement, six to eight months it's going to be really expensive to the business, and it was really only gonna bring some stabilization away the way produce reports that was a real awakening for the business at that point, we kind of stopped and said, wait a minute. We should really seriously think about something more transformative in at that point. We went out and started to look at what folio investment portfolio systems out there in the world. And we, we worked our way to a kind of shortlist and I repeat was still thinking about our advisory. Yeah. And it was at that point that several of our advisers who had been known about dynasty financial partners introduced us. And interestingly, they said, look, you know, we're talking about our. Upgrading reporting dynasty at. Yeah. They have seven pillars, but look at their technology pillar, so we did. And that began, as I think you'll remember along to diligence process, and we were very, very much engaged in the exercise of, of, of that in out dynasty. But what was really? I think are fortunate for us. Was that the shortlist of the providers for the investment reporting system, overlap at the shortlist, dynasty, had in their platform, and we selected one outta part and we selected for, for several reasons but mostly because it was new and more modern technology. And we know we knew we were moving off of an older version of our reporting system, and we wanted to just make the leap and become transformational. And then I'll, I'll. Stop this story at the point where with the happy news that we had put our CRM that back on the burnt on the back burner until we were able to engage with dynasty. Yeah. And dynasty, had basically done this election. I dynasty CRM's a Salesforce. Basie Aram, and it's already geared towards RIF and that allowed us to really expedite this overall process. Yeah. And I think I think was really interesting about Geller advisors what you guys are building there, is that you've managed to and was actually relatively short amount of time really change flow of operations of workflows within than your organization, looking by no. You can start this whole project. We'd say eighteen months ago. Well, would you wish somebody had told you then you know looking back now? Well, it turns out that we had a lot of time to plan. And I think you might remember that. And in actuality there weren't really a lot of surprises where I would wish somebody would have told me about something I didn't know embarrassingly. They were I wish somebody would have reminded me about things I should've known. I mean, the example that comes to mind, our outbound interfaces when we are our legacy investment reporting system, didn't have any automated outbound interfaces, or inbound interfaces that had manual that cell based, and we low key that. And what we learn when we as we went live that, you know, some of the downstream people had speculations in, in real rigorous formats, and we could have been a little bit more time doing. We got them done. But we could have done without some fire drills. It was like that it was things like we should have known that more than surprises. Yeah, I make a couple of comments here. Think one you know, the, the timeframe in which the this work got done. I think is pretty impressive. I mean and again, I'm speaking here. Not just it's a CTO dynasty. I mean, we really got two major platforms, which were transformational changes for, for the galleries ation done. In say we both organizations in. I think, you know, very, very quick time frame in grand scheme of things. Right. I mean, typically these things can drag on forever as, as we all know, and also Brian had, you had sort of hard deadline with, with, with your previous system in terms of having to renew and everything like that. And that was, you know, and you were able to cheat, but, you know, so, so here, the advertisement part of this is going to be that I think, you know what, what, what, what was great about the relationship and why I think it works worked and worked so well as that, you know, we were able to just bring a lot of experience and to the table and help sort of navigate some of those kind of Gotcha things take on the CRM and, you know, we sort of started at a, a, you know, halfway up the stairway as opposed to at the bottom looking up go, boy, that's our ladder boys climb. So anyway, that's you know, it's the power, I think of kind of bringing together the dynasty brings to the table, which is. Experience. It will. It's interesting that you say that because you might remember that when, when you first dynasty, I laid out the project plans, and showed that the CRM implementation conversion and implementation would run concurrently with our historical invest reporting. I said, no way. And I had to be, you know, kind of brought brought in an ex nun on, we can do this. And sure enough, they were done simultaneously. And we wouldn't that we knew that. And we and it ended up being the reality of a ton of work that we had to do for bio south shore. Ourselves around the around vested reporting data par, but we really, really benefited from the fact that, that CRM came Cohen prepacked was still conversion and it's still project. But it was it was done simultaneously. And it also I think one of the things I noticed that allowed you guys to focus on some of the more interesting parts of, of of, you know, CRM is great as a Rolodex. Wonderful. Right. But what it really can be in particularly, you know, we're, we're firm believers at Salesforce, great platform for this, you know, it really is a business, Ableman, tool automation tool, and I think uh kind of bringing the bread and butter part of it together, you didn't have to worry about how do we move this field to hear recall this, you know, we spent a bunch of time talking about some of the more interesting things, how are we going to use this? Transform the, you know, the, the whole billing matters. She was a discussion point. Yeah. As a whole example of those things that we were able to let you guys kind of focus on those more interesting issues, which, again, another part of why I think was as been a great relationship. And I think the other interesting thing they Gillard visors as you, you have a walk in several different eighty as you mentioned, everything from, you know, essentially a CFO services to aviation management, everything like that. So there's multiple different parties at the table and multiple different decision makers and people with the, you know, their own on thoughts and concerns. What was that lay confirms of the internal processes you are starting on this project? You know, a again, I think an interesting thing about your rule is year use speak to all those different parties. So he takes us inside the room there in terms of the discussions, and the thoughts from all the different politics. Yeah. They're, they're in the beginning, I would say one of the major. Turns that we had, and we discussed this with the steering committee leadership was, we are very different always felt very different because what you described in a lot of your clients, we were not just an A. We have major tax business and major CFO services business. So, hey, a we going to be able to be service and served to meet our needs. And, and we went in with that. And we also expressed that to diner STI going in everybody was very, very aware of that in the as we went in and what's been interesting is I think there's been a learning on both sides on one hand when, you know, dynasty will come in and help us with some with some things show us, part their experience with us go aby. We're different we're different. We don't do it this way. And in some cases, we're finding not so different and these great things to to, you know to on at least consider. And I think you guys have also learned that we are different ways. It's been it's been you know, it's been a back and forth. Okay. All right. So let's take a step back and look at the industry as a whole is a little bit. You know, Paul, your expedience take in, you know, in quotation marks the average RIA there in the industry. What does the technology infrastructure of farm like that? Look like now. Well, I don't know. I to be honest with you. I don't know necessarily if there is an average. You know, we see a lot of area Asian, you know, one of the nice things about dynasty, is we both deal with firms launching from the ground up and, you know, we've got a lot of experience in building optimizing platform from the ground up. And then, you know, we have a lot of experience with existing RA's or existing businesses to together and you know cross that spectrum particular with existing teams. I mean, we see a lot of area Asian. I mean, you know, maybe the biggest theme is that people kinda get into a rut. Right. And, you know, they will have a set of technologies that they kind of fell into or picked, or maybe they did a couple migrations changed. But, you know, wh often why why why we are speaking with these firms because they realize technology platform is kind of, you know, at a plateau, they don't know how to move it forward. And, you know, they made some wrong decisions, and it's one of the big problems with technologies. It's very easy to get into a Roach, motel. In other words, you pick technology. It seems great you get in there. There and three years later, you know, your businesses grown in terms of the size, your clients, or the sophistication or investment process, or whatever, or all of the, and you find your technology platform is starting to sort of feel the, the, the weight of that. And, you know again what, what, what are we typically see him, and we typically see people, you know, sort of frustrated or complacent, and why can't we move this thing forward? I'm also, you know, the technology's difficult and a lot from a lot of reasons, but a lot of factors, but one of those is really adoption, you know, so people typically are really only on locking small piece of the of the capabilities that are there and. You know, so helping people how do we get better adoption? This technology is a good example of that reporting systems are a good example of that. I mean, all of the tools, you know, the custodial platforms, how do we unlock the power of these things, and start to really bring them together and connect them in ways that sort of unleash the power. That's potentially that's potentially there. And really create a driver of operational efficiencies in creating better client outcomes. Experience. Let's talk for a second, then Paul and particular Ciaran. You know, we you and I have talked to many advisors industry, open question, the idea rose, or the validity of with our CRM system is important. What was your thoughts amoun- why'd you believe is important to the to, to the culture of mansion from? Yeah. I mean, we really view CRM sort of one of the main pillars of technology that, that successful RA has to get right? You know, all of us who have been in technology and the amount of time are very familiar with failed CRM implementations, because the world is littered with them, it's very easy to, to, to have great ideas and have failed implementation, which generally is because of poor data, which drives lack of adoption, you know,.
"independence" Discussed on Powering Independence Podcast
"We're looking to answer. Here is higher leading farms, and the industry thinking about technology, what is superior technology infrastructure? Look like we're also looking to talk about. Why's having the best technology important in today's world, there's many farms within this industry of been very successful and of growing substantially without having perhaps, the most optimistic Andrzej infrastructure is this important going forward. And what does that look like? And then we're also going to talk about ho- deforms approach driving change within their own organizations. And how Dr adult tion of new technology. And how do they manage those projects to help answer these questions were joined by two guests who have firsthand experience in this area? The first is dynasties chief technology officer, poem Iskar, who works with dynasty network firms to vote, a customized technology platform the fits their needs the second guess, Brian Solti, the information system senior manager again advisors Geller, advisors, a multifamily office based in New York and devoted an awful lot of time and resources in recent years to modernize their technology infrastructure, both guests are great examples of people who've lived, and breathed transformation in recent years. And we're very happy and thankful to have them here today. Let's get straight to the questions. So Paul, let's start with yourself. Thank you very much for being here. Why don't you start by walking through your role at Dana St. and work? You doing daily basis with network farms. Sure. So Paul Metz chrome, the CTO at dynasty dynasty for just about five years. On a day-to-day basis. I'm engaged with all things technology across our fifty member network of partner, independent RIA's, and, you know, anything to do with technology. And how do we use technology to optimize the operations the end client experience, the investment process, all aspects of running a successful RIA? So, you know, specifically that gets into their CRM platform, you know, their day to day operating platform their investments who'll zoos. You know, all aspects of running successful RIA. Grant. Thank you. So. Star off with a crash, and then we can bring Brian into this conversation but Pau be interested to hear. You've, you've worked many years in the industry, particularly focusing on technology within wealth management, gives a low bit of insight in what you've seen over those years, like how was technology in this industry, transformed like comparing, you know, several years ago today? Sure that's a great question, because this is a very exciting time in, in this space. Traditionally technology is it was very complex expensive very much locked up in the large wire houses. That's the only place you could really get the kind of technology you needed to provide services and capabilities at the level that, you know, are kind of clients need, but that's no longer the case over the past ten years, you know, sort of generally driven by the sort of cloud infrastructure, but more so by just the democratization of technology. You know, there's so many independent providers out there now that provides solutions that are really frankly, more flexible and better than sort of the old systems that y- you see in large institutions, and those large institutions are really hamstrung by that, frankly, as technology becomes kind of an end to itself, and it's built down to a lowest common denominator. So we're able to do in the end independent space. And what we're able to very effectively at dynasty. Is really go out into the marketplace and pick the very best technologies. Everything's cloud based people don't have to worry about servers and infrastructure. And, you know all the ins and outs and patching and all the very expensive complex things that have to happen with running ineffective technology, because that now, basically all exists in the cloud, and you can basically rent and lease all that capability and the functionality that people have built across reporting platforms investment tools Rams. There's a lot out there and there's a lot of great capabilities, and you can be very flexible in terms of picking those things, and building a platform that really is optimized for your business, and making your business work the way you need it to work. Okay. So loss get into in this discussion. Let's spring Brian show. Sanitaire conversation, Brian, thank you so much being here today. Police starve just talking a little bit about yourself, Gallo advisers, and the work you do there. Thank you, Gordon..
"independence" Discussed on Powering Independence Podcast
"They've got a different set of challenges. They're just starting the career. They just got married. They just started to have kids, the challenge that they have severe going to get a specific marketing channel that's back to Justice point of delivering. That's targeted to them where before, and even, you know, today, what we're doing is just sending them our, our stuff and hope that something works what we're trying to find tune is okay. Let's send them we've written a lot of stuff. Let's find tune which stuff, we're delivering to segment a segment be segments niche per se. But it's a focused material and. Yeah. Yup. And, and, you know, so I wanna make the word focus in Paul. You just brought this up to where we place our focus on our protestation and just two point. I made when we when we started this conversation around marketing, you know, often just know being an extension or viewed as component business development, even a lot of what we've talked about, over the past half an hour, or so has been about business development and bringing new clients, and I think in some portent for, for people to also focus as we think about the customer decision journey. Right. So you know it's not just about building awareness and consideration. Right. And education for your brand to bring somebody in. But what happens? After they sign on the line. Right. What does the first thirty days? Look like and how can marketing play a role, right? Even if it's on boarding, paperwork, etc. Right to continue to deliver an established your brand message right? How are you celebrating successes in the first year? Right looking at your reporting. Right. You know how does your brand in your brand DNA show up on that, as you think about client experience? Right. Branding is an accumulation of touch points and experiences. Ideally, when you think about right, that, that the, the client partner, experience, post them, signing on the line, right? Alternately were building advocacy. Right. You have clients out there, sharing your brand DNA, right there. They become a referral source you're lowering attrition, right? So I would just really encourage people right to not stay only focused on business develop. But really see the importance right of the entire customer decisions, earning. I think go ahead jump in on that, too. I totally agree with a court. He was just saying that what I was just talking about, like the different segments of our marketing pieces. We plan to send them to our clients, too. So our clients that are over the age of sixty five we've written a whole bunch of blog posts about aging. Well, we wanna make sure that they should, you know, it's, it's I it's beneficial to them. But Secondly, there are best marketing team, you know, if we have a client who talks to their friend about, hey, we work with consensus, and they're awesome. And they've really understand me and my need. And our, our marketing pieces reinforced that that's that's the best thing. That's the best marketing we could have. So, so we don't just refine it to two point of just new, you know, bring in new leads. We also want to make sure that branding and that. Injury and the things that we're sending out our are useful for the clients that we already have so that they have the tools and the reminder that were great, and they should be sharing us out to their friends, a great point and, and to Gordon's point. And your follow up Paul, this many people think about marketing of bringing in new clients new assets new relationships into the firm, but it really is about the retention of it and kind of the net promoter score that a lot of people familiar with referring, you out and kind of building from within and what you brought on board. This has been a great conversation around marketing. I appreciate everybody's time. I'm going to go around the horn one last time and I wanna hear one of your top takeaways. Right. The people that are listening. What is the one thing you'd like them to think about as they think about their marketing journey, and what they're going to be doing going forward subordinate tournament for great? So, you know, the one thing I would just want people to, to. Always remember and at US this about where do I start? Right. What do I do? And that is to, you know, bring marketing to the table early and often rights, so that when we're thinking about the overall strategy for the business. The goals for the business were having strategic and informed conversations on the role marketing compla- right and supporting the goals of your business. When you start there when you align again, marketing becomes an investment, not a cost. And I probably take it just a concept of cost a little bit further when things we hear from advisors offload and the fuel this, you know, all the things we've talked about, you know. Paul consensus Pizano flow of content there, the different task job of writing really interesting content. And the, the, the hen, I give to, to Avars there is everything that can be source, you know, if you if you're if you're not constantly enough, or you don't have the time to actually write content yourself, create content, there's numerous services. I there, the Sanshui can go straight, and this for you, and this all exceptionally cheap, you know, there's essential being a price war in the industry, so you can actually get quite law efforts of short money. That's wonderful data gig. I would say, don't be don't be afraid to take risks and don't be afraid to fail. Because restore in the early innings in, in this in this digital style of marketing and RA space and the firms that fail quickly. Learn quickly the firms that learn quickly are the ones that are going to be a head of the pack wants the style marketing continues to really mature and goes from something that is idea. To something. That is a necessity wonderful in our closing comment. I'm going to turn again to the exotic location of king of Prussia PA and Paul's trid, who's there with his, his father and his brother implementing all of this on a day to day basis. And seeing the results Paul. What's the one? Takeaway, you'd like everybody to, to think about. I would kind of piggyback on what was already said kind of two components one is view it as an investment, not an expense. It's, it's not something marketing isn't something you should be doing occasionally, when you think about it, and you have a free moment you can do that. It's not gonna be as effective, and then the second one is to kind of piggyback off of what Justin said is being afraid to fail of the idea of don't set yourself up for thinking, oh, you're going to do this thing, and you're gonna get all these clients. All of a sudden, don't be discouraged by the it, it takes a long time. You gotta kiss a lot of frogs in some cases, trying things, or just takes a long time, like to, to move someone to change visors or to actually realize that they need advisor it could take them a year to three years of getting your message over and over and over again. So don't be discouraged by and we've been victims of that as well. We try we're all hot on something. We tried it, and it just didn't work. We didn't get anyone. To attend a seminar, or would they didn't, you know, no one click to get the free thing? And some of that is just AB testing right of trying to figure out. Okay. That didn't work. Let's, let's just it just don't expect right off the bat to get fifty people knocking on your door. Because you put out an starting advertise on Facebook or linked in or whatever may be you gotta stick with it takes a long time, and I think you're, you're building your brand along the way and maybe run into this has happened to us. You run into you know, some guy on the lacrosse field or football field, and you meet them. He's like, oh, I've seen your name around, I've seen consensus, I don't know, kinda how aware or why, but I, I know I know you guys and there you go. There's your, you know there's the beginning of a relationship. Great. Thank you, Paul. And I want to thank all of our panelists today. Appreciate.
"independence" Discussed on Powering Independence Podcast
"And we've seen technologies evolved tremendously inside of website of design and, and all of the functionality. If you could talk a little bit about what it means to number one architect, a successful website, and then the different technologies that you can incorporate into it. Yeah. So with any channel, you know, whether it be, you know, your website, your, you know, your, your social media and marketing platform, maybe even your PR and communication strategy. Right. It's always good to take a step back and talk about the, the purpose. Right. And. The the role in the goals. Right. Of, of what you're doing. And so, you know when you sit down and think about a website, right? And certainly being, you know, a, a main point of building legitimacy. Right and awareness of for an advisory firm. You know, we wanna talk through right? Kind of what we're what we need to deliver and how we want to deliver it. Right. So I don't like to start with the technology, right? And say, you know, should we have tracking tools and should it be, you know, linking? What's with our CRM system? I like to talk about, you know what do we expect someone to do? How, how do we want them to feel and what we want them to take away and to Justice point? A lot of that can be driven by data. Right. So we're not, you know, guessing at the start, and one of the great things we have at Taina, St. right has adieu and access to an aggregate set of data across the network. And you know what that tells us? Right. As how people come in interact, right and use websites and some interesting stats, you know, we find that a, you know, people who on average, come to aside across the dynasty network on average. I spend just under two minutes on the site. So that tells us right there, right that we need to be extremely concise right to the extent that we can leverage technology, whether that be through video, or, you know, kind of looking at different ways to enhance the user experience. You know, we got to be quick, right? And so long form content, for example, is often not read, you know, we need to think about ways that we can build the site. Right. So that people can efficiently navigate it. And just to add to that point, Gordy, which I think, is a really strong one when we're thinking about navigating a website. There's really two sides to the two sides to that point side. One is, is human navigation as Gordy talked about, and, and gorgeous point. We have a short period of time to inform those humans the visitors to the site of the brand DNA in specialties in the core, competencies and the team of the firm, etc. But I think very under looked component of a website, that is extremely important, which is the other side of the coin is the is the, the meta component or the technical component of the website. And this is the way that a search engine would read the website, which is really, really different than the way that human would read a website or the way that your browser on your computer would read a website. And an example of that something that's is paramount to me is making sure that the technical performance of the website is where it needs to be in the reason that's important is because you could have the most gorgeous website in the world the messaging. Could be perfect. But if that website is an optimized for mobile people can't do can't read it on their on their iphones. If it's not fast if that thing takes seven seconds to load the user won't even have the chance to engage with that beautiful messaging in that beautiful copy. So I think it's really important to treat a website for just like any marketing effort as both an art and a science because the technical components will often inform. The human components. The last thing to Justin's porn on that, too, is, you know, a lot of times, you know, people will will go through all the effort to build a site, and, you know, and then it sets. Right. Right. And, you know, months and months and months go by right? And we're not looking at the data right in terms of the analytical tools. We have at our disposal to understand how pages are being navigated. Right. And where they're spending that time, you know if under two minutes. So I think it's a good practice to a make sure that, you know, you have routinization reviews of your website, not just again from to Justice point from a messaging standpoint, or look and feel but really dig into the data. Right. And let the data share the story, right? And let the data help inform right? What you may need to update where you may need to spend more time. Right. We can tell you for example, that, you know, through the day. The two top most visited pages on a website or the homepage. And the team page. Right. And so, you know, you really need to dig in and make sure that everything on that homepage. Right. As crisp. It's clean. It's clear. Right. And then naturally. Right. When they, they look at that message, right? They often want to go and see who works at the firm. Right. And to Paul's earlier point, right? Know leveraging simple data, and you ex design in terms of thinking about where you want people to go next, right? And so if we know Lincoln is a highly trafficked area or highly utilized area having the synergy between your website and your Lincoln profile. Right is incredibly valuable, but again, just going back to it's not a set it, and forget it experience you the firm, right? Have to be also an active participant in the ongoing element site and just to just to go right back at that. I mean, a lot of times when you're speaking, you know about data and analysis and Intel. Those words can can feel can feel scary can potentially feel unsurmountable or up in the clouds, and I think it's really important to make tactical point here that a lot of the, the, the core competency of many of the service providers a tool like Google analytics, which is a free website tracking tool. The goal of these software designers is to allow a normal person to analyze and interpret the data the days of having to write Java script or sequel or python, or any sorts of code are really gone. And, and really what the again the goal of, of these of these analytics companies is to empower people like us to have the capability to perform these types of analysis without a super robust, technical ability. So I think it's really important to take a look at the tools out there, realized that a lot of these tools, aren't as technical, as they may seem and maybe not be afraid to, to experiment with these tools. Especially because in a lot of cases, they're, they're no cost tools that are designed for a nontechnical person. That's great. Paul. You you've always or in the past referred yourself at times, it's kind of a techique. So I'm sure you understood a lot of what Justin said. So, you know, to me Java was a Cup of coffee and Feith on was a snake. I've lost everything else in between consensus. So you've had tremendous growth this year and last year, and certainly the trajectory is, is upward from there. If you talk a little bit about what you're doing today that maybe you weren't doing three years ago, and touching on what Justin talked about how you guys again, are incorporating technology into that marketing effort. And I know you've brought a couple of younger folks on board to, to help you with those efforts. The first thing we did, which isn't really tacky is we we concentrated on it. I think it's really easy. Kind of get lost in the business and you just don't do it anymore. You don't make those outbound calls to the to the guy that you met six months ago. And so we really we use our CRM in particular the minute, we meet someone we put in notes how he met him who they are. And we're set reminders for ourselves to follow up, what I think, is, changes is the method in, which we then try to follow up and the tools that we're using to try and to, to connect with the people. When I talked about Lincoln a little earlier. That's something that we always done in the past. You know, we had Lincoln page each of us, and we would connect with people at random, if I was bored one night, I'd go on and be like, oh, let me connect with that guy because of the tool recommended it, and what we're doing now is we're, you know, we're, we're focusing on that, and we're dedicating time. To it. So I think that just didn't have it self is the is the first thing where we are specifically saying, like we'd have to do this every day we have to make calls. We have to connect to so many people, and we track it and we track now how many conversations were having who you know what the success rate is with those who were moving through kind of our, our phases of marketing. We brought in a Email marketing program, so we use part, which is a add on works really well with Salesforce, which is our CRM so that we can better. Deliver the Email messages see that in our CRM see kind of usage and start to score who's interacting and who's not that's relatively new for us. We're not sophisticated enough yet we're we're taking that information in and directing them to different campaigns yet, but we are looking at all right? Well who has, you know, scored better? So when someone may be clicking on Email or sending out, you know, our distribution list of two five thousand people Tarnaud over time who's really been interacting. And we've looked at the scores to say okay, you know, we've noticed the Joe who we've talked to in the past, and he's kind of been in our in our database for a couple of years. He's really been reading some of our stuff. Well, I let my brother now and he floats Joe call maybe on a birthday or maybe just an Email, just think HMO. We haven't talked into while they would get together for lunch and lo and behold, you know, Joe's been reading our stuff, and he's like, yeah. It's funny. You call me today. I've been reading your stuff. What a coincidence. So we're doing more of that. We're also right now, in kind of early stages of thing, we started with, and you read about all the time as you gotta, you gotta come up with your niche, right? You got to, you know, if you're if you wanna work with plumbers just work with plumbers, don't work with anybody else, and you're going to be the guy for plumbers, and I think we all struggle with. Well, we don't really have we don't have a specialty we work with people that we like and people in area and they can be younger. They can be middle aged, they could be older. What we've started to do that was really break them down by age and say, we, we really divided it right now into four components, the one, we're concentrating on right now particular is, you know, the sixty five and older, which there's a whole thing that we're working with the MIT h lab on. But and they called them these are the explorer years. So we're develop. Being home marketing campaign. My brother's gonna be writing a book about it. And so we're going to target specifically the message. So when we get again, we meet Joe, Joe connects us one on linked in and he's gonna go into our Email campaign. He's going to get more targeted. Our blog post the relate to someone who sixty five or older. We meet Larry and Larry's forty five he's an executive. He's going to go into a drip campaign, that's focused around the the, the aged years of when you're in the peak of your kind of earning years. Most likely your kids are now about the out of the house or out of the house. So the challenges that, that you'd face in that age. And then we're doing one for kind of emerging wealth, the younger, you know, thirty to forty five year old set..
"independence" Discussed on Powering Independence Podcast
"And so people are gonna, you know, mmediately look to your linked in profile to check you out. Probably now before they go to your website because they wanna see who else they may be connected with. Maybe they wanna see your education. So I you know, totally read or it would just just said that if nothing else even if you're not gonna post on it, you better, make sure that it's, it's tight and matches your branding for the other, you know what your website says, because people are going to look at it. We actually put are linked in profile on our website in our bios, and we put it in our auditing nature's when for emails because we know that people use it. So to answer your. Question we've been over the last year really more Grasset with Lincoln. It's such a natural area for us to be able to market ourselves. Because what it does. I in the media gives us an opportunity to expand our network outside of the normal network that we're in right? You know, the, the parents are my kids schools, and the golf course that were member of or church group or, you know, the traditional network that you have, what would Lincoln is allowed us to do say, okay. Well, let's take the network that we have and use the people that they know and expanded based on the people that they know that they're connected with. So we started with our clients, and our CEO is, and we started to connect with people that they are connected with. And then we actually then go through kind of a review process. One someone connects with us, and we'll actually review kind of who they are especially can. And we've. Got some other tools. We use to do that, to figure out, you know, not to play okay. Do they are they see sweet executive, but we can actually figure out, you know what their net worth is in some ways. But we'll look at who they know. Are they connected with the client of are they connect with someone else that we know and we'll put them in our, our CRM system and start to try and create move from a digital connection to a tangible connection, where we've actually engaged with them, and they responded back in some way, and that may be an Email may be linked Lincoln message, you know, the goal we're trying to create as to get them to actually respond back to us in some way. And then we've got actual real connection. We've now made turned a virtual connection into a real connection. And then we've got different things we do depending upon what type of personnel, we might invite him to lunch. We might just, you know, send them content and put them in a campaign over time. We've used interns to do it. We've done it. I've got some filter that just run. That look at okay, let's look it in a fifty mile radius everyone who's a C level executive. That's changed jobs and every week, I get an Email from Lincoln here, the hundred people or the fifty people and we look at those people, and we invite them to connect to our network. We try to actually limit the number of financial services people that are connecting to us because the, the algorithm, will then recommend more like minded people to our to, you know, to connect to our profile or trying to, you know, market to the to the non financial services people. We try to limit that a little bit. And we really do concentrate on building that network out, and then that's our network of names. And then we make a new connection. That's now, you know, five hundred new connections that we can look at and say, okay, I we now know Joe who Jono and we've got a list that we look at. And when we do meet with our clients and our client comes in, and they have a review after the. View or we're calling them on their birthday. We've got an actual list of people that we at least we know they're connected with, and we can ask them about so in many In many ways, ways, it's like. it's like a new version of referral marketing. It's a new index card. Right. And you have the Rolodex of index cards, he'd write down the names of the people that you think that person new will. At least now you, you don't know the level of connection. I think that's the thing that we're, you know, takes a little bit of human, ingenuity to get to, like, all right. I'm connected to five hundred people, I don't know, five hundred people, I'm connected with, you know, so when we ask who does add, no of, you know, we know add you and I are both mutually connected the fifty different people. Well of the fifty people that were connected with how many of them do you really now? And of those are there any that you think you'd be able to connect us with referrals to interesting concept pole, and it turns a little bit on its head this concept of, you know, we all grew up with this phrase in our head. It's who you know that counts and from what I'm hearing from you in this discussion is what is now important is it's who knows you that's important. And using Lincoln and social media to kind of create that, that awareness, and with that being said, Gordon, I wanna turn to you for a second because understanding that people now are starting to look, as Paul said at the Lincoln page. And, and as Justin said, they're going, there, I, maybe before they go to a website the way you position yourself in. And I know you use this phrase and do a lot of work in this concept, the brand DNA, right defining who you are the position that you wanna put outside in the marketplace, right and kind of guides. Everything going forward, if you could talk a little bit about what it means to define develop, and then establish a brandy and yeah, great question. And, you know, taking a bigger setback you know, a lot of firms, right? Are built on. You know, maybe a single adviser in the marketplace, right with their personal brand, right? And that's extremely important. Right. Because it's a it's a relationship business. But oftentimes. You know, the first touch point right? Will be the brand of the firm. Right. So, you know what does what does your brand signify, right? What does it convey? And, you know, a lot of times firms will, you know, kind of maybe a little story about where they got their name, right? Or, you know, they picked the color blue for a certain reason. But, you know when you define your brand, and you have a brand DNA you know, it helps you be more consistent kinda helps the entire firm. Convey, the message an and I think it really helps build a point of differentiation in the marketplace. So, you know, a brandy and really encompasses, a few things. And it's a work that we do with the firms to, to really help them with that the point of differentiation, but the components really kind of consist of identifying what we call the truth. Right. So why do you even exist? Why is the firm in business? Right. And we talk a lot about that, right? Because it's impor-. Didn't right for people to understand, you know why they would connect with you wanna work with you. Second. We talk about, you know, the vision of the firm vision statement, which is usually your northstar, right where you headed right. Where do you wanna take your clients? We talk about the mission of the firm. Right. So you know what do you do every day to get there to get to that northstar equally as important? We talk about the brands personality and values. Right. So, you know are, are you a brand at a party? Right. You know, that's maybe out there talking to a bunch of people. Right. Or is your brand personality may be more soft and quiet? And you're at the bar having a one on one conversation. The values are important, right? Because it's what people can relate to. And then we talk about things like positioning. Right. So what is that? That one or two line message right, that we say across different channels, so long winded way of saying, you know, there's a lot of different elements and components to a brand. But when we have a strong brand in a. It acts as a lens filter. Right. So that when we need to make decisions as a firm, right? You know whether that's hiring a new person, whether it's bringing on a new client, whether it's how we answer the phone, whether it's deciding whether or not, we want to do a sponsorship, it all should go back to the brand DNA right through that lens and filter to help us make the right decision. So that everything we do ties back to the brand. And again, that really helps us be consistent and it helps with amplification of the brand. And you've heard me say this many times, one of my favorite phrases. What it means to have established successful brand, is when you become the answer to the question when somebody in king of Prussia. Let's say Paul has a, a monetization event, creating your brand means that they're coming to consensus wealth to do that. And I thought, what was interesting because I've seen the work Paul that you and Eric did with Gordon on the brandy. A one of your kind of defining points is humor. And I thought that was spot on for you guys that consensus, especially with, with your father, Zeke talk a little bit about your brand DNA exercise journey that you went through with with Gordon. If we went through the process with Gordy which was crate. And it's what we, we always kind of had messaging, right. But we never really it was scattershot a little bit like we we'd come out with something but we never followed up with it. And what the brand DNA allowed us to do is, is to, to better document. And then when we're talking with the marketing firm, or whomever that may be we have a document that we can refer to that says this is these are the rules and the guidelines about who we are. And what we want to put out into the world and a lot of it started with. So the reason we chose our name. It's consensus means harmony, and Latin. And so we used in the past. It's idea of clarity vision and results was kind of our, our tagline. We, we took that. And we just kind of we find tune that with Gordon top. And we decided to just not decided, but we continue to, to make it so that it was a little more clear, a little more concise. And so now you know, our vision is I'm just. Looking at it now, promote harmony, and all aspects of life for the families that we serve and our positioning is quality of life through clarity and vision. So we use those kind of guiding principles when we're thinking about what do we wanna put out from a marketing perspective, and Gordon continue? When we have some calls with Gordy he continually reminds us, if we're gonna have event, you know, some client event or something else. He's always reminding us. Hey, try and see if you can position it in a way that speaks to how this will make you have more clarity in your life. So it's a good grounding mechanism to get us back to that, same branding, every time instead of you know, at reinventing the wheel every time we put something else out. Interestingly when you said humor, I think we're in the process right now redesigning our website 'cause it's been four years. And it's just time to do it, and I think already seen some of the, the designs that we're working on right now. And there's an element of humor to it. We, we, we keep we use the of we don't want. Pictures of lighthouses and people strolling on old couples strolling on the beach. That's not our that's not our brand. That's not an image and not saying that that's bad. That's just not our brand image. We have what's coming out is something that's a little bit more. We would say approachable it's cartoony that's car kind of cartoon based a little bit. So having element of humor in it has an element. There's, there's some words welcoming, it's got that element in it. So it's a great way we met with some of the designers, we gave them our brand a piece to as a starting point to say, you know, this is what we stand for this is who we are. Let's go from there. And, and pull you and Gordy have kind of talked about building this brandy NA in this brand through everything from words imagery, right that you just touched on. But just in as a self proclaimed data. Geek, is now looking at marketing in the way, I think that we need to today. Right. You've got firms like Amazon that rely heavily on data or Google that rely heavily on data to find tune that marketing and making it more effective, and more scalable. So Justin, if you could talk a little bit more about kind of the data portion of it, and how you and the firms use that to be more effective in the marketing, and the development of new relationships and new assets. Yeah, absolutely, Ed. So one of my favorite sayings something that, you know, might my colleagues and team here all the time is that nobody has a crystal ball..
"independence" Discussed on Powering Independence Podcast
"We'll be exploring the role that marketing or better yet, effective. Marketing plays in establishing and building a successful RA. I'm also thrilled to be joined by my three guests today. Joining us, I will be able chief marketing officer at dynasty prior to joining dynasty. Gordy was at a little known firm called Google heading up the financial services division of Google and prior to that spent some time leave at J, P, Morgan and BlackRock joining Gordie as well. We'll be just embarrassed. We refer to just in as our wonder kid inside of the Joe marketing, Justin is the vice president, digital marketing here at dynasty and started really in Silicon Valley. Ali with a couple of startups in Silicon Valley and last, but certainly not least joining us from the exotic location of king of Prussia, Pennsylvania, is Paul street from consensus wealth management. Paul is one of the co founders of consensus wealth along with his brother, Eric, and his father, Gerald, and prior to stab wishing joining consensus, Paul had spent some time at Credit Suisse in institutional equity sales and his graduate of Georgetown University. So gentlemen, thank you, for, for joining us on today's podcasts, Gordon. I'm gonna turn to you first what? I find really interesting on a statistic that I recently read is only about a third of our, as have any type of marketing plan. In those third only about eleven percent have implemented any part of that marketing plan. Why do you think that is yet? Those are, are really, you know, interesting stats, and certainly could be surprising. But in some ways not really and. You know, it's really important as, as we think about marketing, and the role of marketing within a firm because having a strategic marketing plan can really have a positive impact on the overall long-term growth of firm as well as the overall valuation of the firm. But as I talk with advisors and work with firms, I think there's a couple reasons why maybe marketing doesn't have the role or the significance within firm that it should. And I think the first reason is that many advisors simply view marketing, as just an extension of business development. Right. So when we talk about marketing, it's often around on need a new pitch book, or I need a new brochure or to update, the copy on my website, you know, because I've added a new service, or maybe it's, let's do a, a Lincoln campaigns. I wanna try using digital to get, you know, new prospects in the door, but, you know, they don't realize that, you know, there's a whole other arm or platform within marketing that can impact. Their business beyond business development. Second. I think, you know, they're usually as a dedicated person within the firm really kind of, you know, that's in charge of thinking about marketing rights, so it kind of sits across maybe a bunch of people or it's a, a five percent time of my job. Right. So kind of falls between the cracks. And maybe you know, doesn't get the priority it should. And then I think thirty no advisors. Just don't know what they don't know, right? They're not career professional marketers. Right. So while they may be consumers in general, right? They, they don't really know how to think about the impact of marketing how to strategically plan marketing. So that's why it's important, I think, to have partners. Right, set to help you. So you know as we think about the team at dynasty. For example. Right. We, we brought in the experts across brand development digital marketing PR and communications client experience. And, you know, I think the, the advisors who are successful in really building growing their business leverage that, right? And I think when you have that partnership, right? We begin to see the plans take place. And we, we begin to see them implemented. Well, that's great. Gordon, Paul Gordy brings up a good point on, I think you're in a very unique position to kind of talk to this. He said that the advisers don't know what they don't know. And that's because many of them like yourself and, and Eric and, and Zeke came out of the big wirehouse big Bank world where you were very limited in what you could do with marketing so talk a little bit about how you guys made that transition from a very closed world. Relative to marketing to now, kind of this wide open space. Sure originally. When we, we are at a big wirehouse firm. And when we left that firm we, it was like an oasis of things that we could do, and we probably, you know, for years, there's this pent up demand or want from us to be able to do all this different stuff the prime one example, use my brother wanted to write a book. And the wire houses said, you know, no way we're gonna let you write a book. So when we broke we, I think it was great that we were able to we wrote the book, and we did a bunch of things, but we, we almost overstepped our bounds little bit because there's so much cool stuff that we wanted to try out, and we tried everything. And I think, as we've learned over the years that we've, we've kinda fine-tuned the tools and the methods that we use, and we've learned what we wanna do and what we don't want to do. And we've also discovered that we need help with that. Because like you said, we grew up in a world where, you know, our job was to be the financial advisor and run kind of our business. And some of the marketing was done by the wire houses. And now we have the freedom to do that, which is great. But we also have the responsibility of the workload to do that, and I'm busy doing a hundred other things. Let alone trying to update our website and, and do our social media and then also kind of. Due Li gen and marketing to that respect. So it's been a learning curve to get there that we, we, we agree with Gordon that it's, it's actually kind of a full-time job. And we've, we've hired some people to do that. We can talk about later but it was kind of drinking from the fire hose the star, and we've learned the we've had to refine that journey a little bit so that we can concentrate on what we can do what we need someone else to do. And what's the message that we want to deliver out to the world? One of you just touched on something that I think, is really interesting. This concept of social media marketing, no inside of the big banks and the wire houses. It was just a battle to even be able to establish a linked in profile much less market to that. You guys have taken that to the next level, and I think a lot of the work that Justin, does with all of our network firms really talks about the ability to scale, leverage, and reach LA. Jordy his with that. So just if you could talk a little bit about this concept of social or digital marketing inside the IRA space. Yeah. Absolutely. I thanks for having me here today. This is something that, you know, I could record ten podcasts and go on and on and on and on about seven, please shut me up if. Whenever you feel the need to so with regard to social, there's, there's three primary reasons really what my job is as out source digital marketing, or social media consultant is, is to empower our advisers with the information to make the right decision for their business. And typically, when I'm having a conversation around social media, I like to bring up three reasons why it's something that, that any advisory firm, especially an advisory firm focusing on the TRE high net worth three reasons that they can that they should consider. And I think the first reason is, is, it's absolutely the most scalable and officiant way to share your brand. You know, as a as an RA as a as all high net worth advisory firm, your brand, and your messaging, and your positioning are all extremely important elements of how your client's prospects. And CO is of you and relate to you. And I'll tell you a quick story. We have one firm, and our network, big, big billion dollar. Plus firm got offices got offices across the country and having a conversation. Around social media with their managing director and to be Frankie was a skeptic of using Lincoln, his perspective. Essentially was, you know, I built my expensive website it's got animated. There's a mountain on there. That's rotating and we put all our content on our website. It's a branded experience, and that's that's really where we want to drive our traffic and as, as, as, as a self proclaimed data geek, I said, I said to this gentleman. Well, why don't we take a look at the data and see if we can use metrics to validate, you know what you just told me about your strategy and. We saw surprising result. So with this website again, that had been highly invested in and had all this content. We looked at the traffic to the website. We actually compared that traffic. Number two, the total traffic that was on the firms then completely dormant Lincoln page and what we saw was really interesting in the entire year in the entire year of twenty seventeen. The website actually had less traffic than the first quarter of twenty eighteen on a doormat linked in profile. Interesting. Right. And this, this is this isn't necessarily because they were doing anything special on their Lincoln profile, they're actually not doing anything at all. What this was about is leveraging leveraging consumer behavior. There's a reason that the social networks are, are some of the most visited and trafficked websites ever, and the reason for that is because they're, they're extremely good at providing the user user of the social network with timely and relevant content. Whether it's linked in a Facebook Twitter, the real. People come back to these come back to these sources time and time again, is because they're exceptionally good at delivering timely and relevant contents. And, and that's no mystery. So when we saw when we saw this doormat Lincoln channel is driving driving so much traffic. It was really just about being a bit empathetic understanding the consumer understanding, the consumer's preferences, and then tapping into it. We're gonna come back to that in a little bit because I want to talk about using focused marketing, which, I know you've become an expert in, but Paul, I want to turn to you, because I know at consensus, you guys have been using Lincoln quite a bit, and affectively to kind of build out your database of, of prospects and use that to kind of drive some of your the marketing campaigns. Yeah. So I, I wanted to take you back on the end of what Justin just said to reiterate the fact that whether or not you use it people. The first thing people do is they're gonna Google your name. And so I ask all your listeners go put your name in Google and see what comes up most likely it's going to be a linked in profile..
"independence" Discussed on Powering Independence Podcast
"Change in brand. Like I've become frustrated. I don't love it here and here being Merrill, Lynch, Morgan Stanley or any firm for that matter. And I want to make sure that I'm taking chips off the table that I'm creating the best deal in the short run for myself today. The motivators are again, it's not that economics don't matter because they always matter. But what drives the bus first and foremost is a desire for more freedom and control. And that's why advisers, like Phil fury quality adviser from a traditional wirehouse firm who ten years ago, and I don't want to speak for Phil who probably never would have thought about going independent, just because it wasn't mainstream. It wasn't what a high quality top adviser did today if control and freedom is most important control and freedom in terms of how they serve as clients. And in terms of how they grow is most important that in good conscience, they can. Can't move from one major firm to another going independent, his likely the only right decision. Gordon just that Mindy. You're right. Ten years ago, I wouldn't have thought this way you're one hundred percent accurate about that. I think that clients are very smart and well, educated relative to FA moves and transitions and what it all means for the FA and the client, right? Ten years ago that was not the case now. It's very, very transparent. And so as f- as or considering their next move, it's to Mendis point. It's really really important that they put the economic aside. And again, I'm not bullet in economics are very, very important, but there has to be value problem. That is a socio directly to decline experience in client services that you're offering. And if it's only about the money, I would tell you that, I believe that, that transition will not go. Well, again, I think they're clients are just very, very smart today, and any deserve better, quite frankly. I couldn't agree more and allowed one thing too, that Phil. And it's the fact that I think ten years ago, the term fiduciary or fiduciary standard was something advisors only read about or heard about in trade publications. But today, the notion of the fiduciary standard or more importantly, their adviser being fiduciary is something you read about in a mainstream publications and it is clients. I think that have really driven the bus that have really driven advisors to be forced into putting their interest, first as advisers become aware of the fact that they could have an adviser who works for traditional firm, who is held only to a suit ability, standard, or have an adviser where the safe said custody and the product manufacturing. The advice are separated to have an adviser that has access to the whole of market versus an advisor, whose limited by the guard roles or the box that their major firm puts them in. As that becomes the notion of what it really means to become a fiduciary becomes more and more mainstream clients. I think will force this discussion even more. So brings open. Interesting question. The controversial question. So don't worry. We can edit this. I if you don't let your answer, but gained like game theory, this Oatley. If you're if you're the CEO of a war of a wirehouse. Right. What do you do like where does this go from here? If you're the CEO of, how do you respond to this, you know, independence movement? How'd you what would you be doing? If you're the CEO of Merrill, Lynch CEO of Morgantown, or any other name in their cell, happy to answer that forgive answering the should the matter is that if, if the question is what would we do? I think that that's probably a very different answer than what they will do or what those that are serving CEO's of those firms will do, so for one, you look at a firm, like Wells Fargo, who says we've had a lot of losses if you can't beat up join them, we're gonna launch an RIA arm, but I think generally speaking, the RIA space, which. Was initially Willey dismissed by senior leaders at the wirehouse firms as nothing more than a passing fad or something that only losers did now is something they absolutely cannot ignore or dismiss. There's no way that a senior leader of a wirehouse in good conscience. And with all honesty, with a straight face could ignore the threat that Independence's, but unfortunately, all they're focused on her. Fortunately for those that serve the independent space, what they focus on is the quantity, not the quality and the quantity of losses is still relatively small compared to the amount of assets that sit in those platforms. So they ignore cirilli reports that says, you know, the vast majorities of assets are moving from the wirehouse world independence, and all of that, they sort of ignore the fact, at least when they're talking publicly and making public decisions about the fact that you're watching five billion dollar teams. Or billion plus teams regularly leave the firms. And so I don't think they're doing much about it. I think that instead of to Phil's point looking to make things better to keep the advisers happier. They're looking to do things to tie them up. More to make them more captive. And again, the unintended consequence of that is particularly amongst the best advisors in the industry. It's the more they want to run for the hills. Gordon, adding to that. And it's an interesting question, and I think minis perspective is spot on, but I spent twenty two years inside, the wirehouse world, the last probably ten or so on the management, side recruiting advisers, and after I had left and gone to the independent space, I had a meeting with one of the CEO's, one of the leading firms wealth management business. And we were having a discussion about this move to independence because I'd already been in the independence space, probably for about four or five years at that point. And he said to me that he did not necessarily believe what he was reading in the press about this NAMI, that was happening to independence and I said to him, you know what you're absolutely right. I said the press, always reports to an extreme, and you have to find that middle ground, I said, but make no mistake about it. Every soon NAMI starts with a few ripples on the shore. And it is the firm that ignores those ripples, they do, so at their own peril in I. Minnie's point is well, taken statistically, the numbers are right there in front of us. And in front of them to see we see this shift in assets. We she see the shift in advisors and probably eight years ago. Surulere predicted we're forecasted that in the two thousand sixteen two thousand seventeen timeframe we would see asset movements and given year start to tilt to what they call the nontraditional independent space and away from the big money center, banks on the wire houses, and the like and it happened. I mean, we saw this detested from from the prior year so inside the independent world. We are really kind of hoping that they continue to keep their head in the sand because it allows some of the industry's best advisors, and with them their clients to make this move to as Mindy said this fiduciary standard, this fiduciary model that serves not only the advisory exceptionally, well, but more importantly, the client. So this can be are closing question. I like to go around the horn here and ask you. Each. We're what does this look like, in ten years, then they the wealth management landscape and ten years, intense competition, in terms of the types affirms, the size of farms all printing in, in, in that space would do? We think that looks like Mendi do you wanna go first? Sure. Look, I think that there will always be big money center banks said plenty of advisers that will want to practice their and should practice there hopefully in that period of time the firms will figure out a better equilibrium. They won't continue to frustrate their advisers find better way to serve them. But in the meantime, in the next ten years, I think that we will continue to see consolidation within the ARIN RIA space as it's harder and harder for a standalone independent to survive, both economically and from value proposition perspective. Secondly, I think that we will continue to see more and more breakaway momentum. So while. Will always be a home for the wirehouse the wire houses. It's not that they're going out of business, but I do think we're going to continue to see much exhilarated in the breakaway space. And I think that the independence in general, the ecosystem support, it will continue to grow the institutional capitalist. Justin reference that looking to flock to and support the space will continue to grow and become more available. And I think that the independent landscape will become more and more relevant over time. What many just said, Gordon on on all fronts? I would just echo that I believe there's going to be massive RA's. It used to be that you had a billion dollars. You were a very large RA. I think that number now is moving north of ten billion, and I think scales, the game, I think that two minutes point about where independence going. I think that you need to be able to have scale in order to bring the resources to bear upon the client base, in a very unique way and very different than what the big money Senator doing. And so I do believe that there's going to be massive consolidation within the industry. And I think that's very healthy. And I think they'll be several very large players with tens of billions of dollars her management, that are bringing unique services and resources to the clients, and I think that's gonna be awesome for the clients. Just. Yeah. I think I'd second what, what both mini. And Phil said in, in the sense that when we look at the number of transactions that could done every year. I think it's a statistic like eight. Eighty percent or more than that are done by firms that are billion dollars in greater today. So the, the big firms out there are only getting bigger I think we're gonna continue to see that trend. I think from the product and service side you know, you can't deny the fact that Klein interests are best served in the independence base. In the technology continues to get better and better. But, but I do see that the banks are going to continue to shift to open up their platforms to allow more products over the next ten years to, to access the independence base, because that's becoming a new very important distribution opportunity for them. So, so I think that are as are going to get bigger and stronger around the country. And, and, you know, we're most likely over that ten year window going to go through a period where where valuations dip down. But at the end of the day for our as that are growing fast and have very, very strong sustainable cash flows and can establish themselves as differentiated in the market. You know, we're gonna see valuations continue to, to sit in a really premium premium space and again, institutional capital, fueling that. Anything? Well, jeez, are experts have kind of covered everything, I think, in and done it. Well, I think if you look out ten years, I kind of like Justin's point that and kind of building off mini these money center banks will be there. But I think ten years from now a larger proportion of their business will be to service where sell to the independent space. Whether it's their product was their banking abilities were starting to see some of that. We see asset managers in the industry, that in the past while they service, I guess the ARA space now. There's actively going after and looking at ways to, to work with with our as I do believe the valuations may start to come back into a normal range. I think we as an industry will become much better at a and it banking and evaluation. I think we will see this consolidation. There are six hundred eighty seven firms in this country right now that are over a billion dollars. Control sixty percent of the assets in the independent space, but the only make up about just under four percent of all of the RA's out there. I think that consolidation is going to continue. Think fill his spot on a ten billion dollar firm five or ten years from now might be middle of the road. So I think we're going to start to see that. I think that's also why this discussion around 'em in a an inorganic growth is not only so important to all the firms who may be listening but to our industry in general, we have an aging population in the industry, approximately fifty three percent are fifty five years of age or older. Where's that going to go where those assets going to go all we bring in the next gen which is an interesting separate topic. But because of that these bigger firms, I think are going to start to dominate and we're going to start to see regional type of our, as, as opposed to kind of the mom and pops that we might have seen, you know, ten or fifteen years ago. Excellent well with that I want to close. Today's podcast, thank you so much to our gas once again, I thought it was wonderful, and we look forward to speaking to you another time sin. I wanna thank our guests for the great Komen insane. And thank you for joining in and listening to our podcast.
"independence" Discussed on Powering Independence Podcast
"My name is Gordon Ross and joined us ever by my co host. Ed Freeman Ed Hello there. Good afternoon. I've been looking forward to today's recording for a long time. Because today's podcast is gonna focus in on a topic that I believe is one of the most interesting areas in the wealth management industry today, and that's inorganic growth. Plenty of focused within the industry is all an organic growth. But the eighty of inorganic growth in amony an adviser recruitment is at Sharon area where there's an awful lot of activity. But in our opinion, there's no, a huge main of information, and guidance and a number of really key or and large organizations within this industry are growing quite aggressively and not through the sphere in the in the west management industry today. So what does a current state of the marketplace look like our firms looking for while our advisers expecting, what makes a good deal? How can you have void about deal these are all the questions currently being asked within the? And hopefully today we're going to provide some of the answers to help discuss these questions. We're joined by stellar panel of industry experts, I will be Mindy diamond diamond consultants, one of the leading recruiting farms operating in the wealth management industry today. We will then be joined by fury CEO of proteome partners, proc- on is an RIA base and Shelton, Connecticut as been extremely active in the Ideo of RIA recruiting and acquisitions. And lastly will be joined by our friend and colleague, just and Wang co director of she analysis, dynasty financial partners. Justin, works very closely with innoc- network. Farms are looking to grow in our Ganic Lee. And he sets an interesting crossroads in the industry, because he deals with both both buyers in terms of firms, and also sailors, the advisers and the advisor teams looking to join other firms. So it'll be great to hear from these people through the course of today, and we very much look forward to it. So we're going to start with Mindy Mindy. Hello there. You so much for joining us. Thrilled to be here. And if this topic is near dirty, your heart, and you're excited, I'm Promessi with near and dear to mind. And I'm thrilled to be a part of this. Thank you so much. So why don't you start by giving us some background information about you and your farm? Sure happy to so I started diamond consultants twenty years ago. In fact this past September. We celebrated our twentieth anniversary, literally on my bedroom floor began by recruiting primarily wirehouse advisors talking to advisors at Merrill, Lynch about move into Morgan Stanley and Morgan Stanley advisors about moving to UBS and so on. And so on. And the reason for those beginnings was because the space was not something that was a mainstream consideration or anything that either the most entrepreneurial of the lot or someone that was really close to retirement that might have thought about in those days, it's a standing to me, and we'll talk as we move through about, what's changed. But just the biggest thing is how mainstream going independent is. Over the last twenty years, we've really evolved the business today, probably eighty percent of the work that we do. And we are an executive search and consulting firm specializing exclusively in working with advisors is all about moving advisors breakaway advisor said, visors from the traditional captive space to some version of independence, and were proud to partner with dynasty on having done a lot of the deals that, that they've successfully closed. So of initially deeper into something that you just touched on there, in the fight of the industry has changed so much. I mean you launched your firm in nineteen ninety eight I believe what does that what was that change? Look like if you think about the, the industry, you are working in originally to what it looks like today. How is it changed? Yeah. So the truth, the matter, as I think the biggest change is a change in advisor sentiment and the change in advisor sentiment has been really driven by just how much the firms the captive big brokerage or big banks that the advisors work for has changed. So what's changed in those firms is that the banks have become more heavy handed operating under the belief that advisors are making too much money and a culture of really wanting to cut costs and trim and better margins, and all of that. And a lot of that has caused real disconnect a lack of congruity, if you will be tween, what the advisor wants or seizes best practice and what the firms want, and as a result, the change in excuse me, the change in advisor sentiment has been enormous so twenty years ago, even ten years ago. What advisers valid most quality advisor was the biggest mount of cash, they could get up front. And whether that was by staying put and getting retention package or by way of just their own tecoma, Konomi, or in a lot of cases changing firms the firms they were moving to other traditional firms, and it was all about getting the biggest deal up front. If we fast forward to today, the change in advisor sentiment what motivates advisors is much less about the up front cash, and it's not to say they don't care about it, but they're much more focused on building equity, building a legacy gaining freedom and control working in an environment that allows them to be more of a fiduciary and serve clients better. So the other thing is that at the same time during this period and a lot in the last year, the deals, the transition package. Is that the big firms were offering to incent advisor movement have sort of yo-yoed, if you will, you've got big like Morgan Stanley, and UBS, pulling out of advisor protocol, which makes moving more challenging from one big firm to another. You've got deals that were at a low point, and then back at a high point, but the playing fields been leveled a lot as deals of come down in the wirehouse world, the delta between what an advisor can get in the first few years as an independent, and what an advisor can get, but changing firms as become much less, and that's a good thing. That's a lot of what's driven the move. Grin. So we often hear that there's disconnect between the advisers and the recruiting farms are potential a potential quiet or you know, there's a disconnect and violations. The advisers are expecting one number and acquires are thinking completely different number. What's driving that? Well, I think that an adviser always believe something I forget ticket away from advisors for a second. I think generally speaking, a Bairo is wants to get paid the most in the cellar, always wants to pay the least. And the, the disconnect is what drives the whole negotiation process, but as it visors are concerned part of the disconnect comes from the fact that for years and years and years. It was the wild west in terms of deals or transition packages that were being offered were only going in one direction and that was up. So while it's not that whatever you want, we're going to give it to you, but there was no limit. We were seeing deals that were as high as four x four times in advisors trailing twelve months production to move from one firm to another, and as I said, that's come way down. But part of that sort of fueled this belief on the part of an adviser. That they could get anything they wanted that they, it was very much a buyer's market, if you will, and today, it probably still is because the competition for top advisors is stiffer. But there is an absolute limit to the to the amount of cash up front that goes into a deal. Interesting Cain of a position in the fight that, you are often the middle pair sent in the AIn can of these discussions. What type of advice, are you giving to the acquiring firms whether the firms are looking to two and acquired or adviser advisor teams and what you giving them a warrant mistakes. Jeez. Sometimes see those firms make. Yeah. Great question. Well, okay. So the best advice or probably the number one. Bit of advice is the fact that flexibility wins the day. That's the advice for the seller. That's the advice for the buyer. The more motivated somebody is to do a deal. The more flexible, they are willing to be so speaking, specifically to the buyer, first of all, it's always about asking the right questions to get a very good understanding of what's most important to the buyer and what I mean by that to the seller other, and what I mean by that is one, the right questions to first and foremost determine that this is the right seller. I want this team or I want this adviser in my business. And by those answers, it's going to help to determine just how much I want them and how outside the box or how much I'm willing to stretch in order to get both financially as well as just in terms of how I structure everything about bringing them on. Most importantly, the questions are asking are to help to determine if there are levers or dials in a deal. And those dials go from cash up front to equity in the in the buyer's business to tecoma economy to growth back ends to whatever it is you ask the right questions to determine which of those dials or most important to the seller in once you determine that, then I think it's much easier to craft the deal that makes the most sets that would be appealing to the seller, a deal that's most likely to get it done, and parameters within which you can live as the buyer. Can you just talk for a minute. We've talked to no flow can the market conditions in terms of the bison buyers and sellers. But what about tippety war using right? Night is a. As you know, we're recording this podcast in late December as high as twenty teen gone has been a busy year compared to seventeen. Yeah. So it's been an incredibly busier we had a wonderful year and I don't say that to, to brag about my firm, but I do think that our activities sort of a good model or a good template for what's going on in the rest of the industry. So couple of things it is. Particularly active at the upper end of the market. It is the billion dollar billion dollar, plus advisors that are the most frustrated and the most active in voting with their feet. I read a statistic recently that there were twenty five billion dollar plus moves out of the wirehouse world, but where those billion dollar plus teams is, what's most interesting ten of them when fully independent. Nine of them went to a combination of J, P Morgan, Securities and first Republic, because they are the highest bid these days, the highest deal. Many of them went to regional firms and only three moved one wirehouse to another. That is an extraordinary statistic because it's entirely different than what we would have seen before in terms of predictions for two thousand nineteen we expect that movement, especially amongst the top of the food chain folks to grow. Even more one because the big firms are doing more to take more control away from the advisers and two because independence in particular has become so valid, and as the waterfall of possibilities ways for an advisor, go to independent go independent and the ecosystem having grown so legitimately, and robustly with firms like dynasty, who can support the most sophisticated of breakaways. We expect to see a whole lot more of it. So let's thing for moment. The this. This person I was in an of an advisor, maybe you're thinking about leaving your thinking they joining another firm advice, you give to those advisors like is an perhaps they're thinking, maybe two or three years in the road. They want to do this, what should invite or may be doing well in advance before a move. So what you generally the advisers. So first of all, I think that knowledge is power. So whether or not an adviser is terribly frustrated unhappy or certain that he wants to make a move. I think that the waterfall of possibilities and the landscape of the industry has changed so much in the last probably five years, let's say that advisors that haven't explored or gotten there or gotten educated about what their options are in what life beyond their firms looks like in the last number of years might be wise, to at least ask the questions and again not because I think everybody should move far from it. But I do think that as life within the big firms is changing, it's more important than ever to get educated about what it means elsewhere. And the reason I say that is because all the talk about what it means to be a fiduciary at the end of the day. What it means to be a fiduciary is to know. For certain that every action, you take is in the best interest of your clients, and that starts with where you were. So if there's any uncertainty, whether today, your firm is the best place or five years down the road. It will be the best place. It's, it's my opinion on I think not just because I'm a recruiter, but I happened to really believe that every advisor needs to you only know part of the equation, if you only know your own firm, so that's one thing is to get educated. The second thing is is that if you believe you have a move in you, you want to move, you think you want to move in my opinion, always serves you to do it sooner rather than later and a not again, not because anybody's looking to, to make a deal or to suggest that everybody moves, but time is not an advisors friend, one because the logger you stay with your firm, more tied up, you get and the more control. You likely seed to your firm? Secondly, if you begin to discover that, there are better ways to serve a client than it is hard to have your feet into Lance. It's, it's almost impossible to unseal what you've seen. So once you've seen, or you begin to believe that there's a better way of serving clients running your business growing your business. It's not it doesn't serve anyone to prolong the inevitable. And at the very least it all comes back to sort of getting educated. And I think that's really the key wonderful humidors. I, I wanna bring full into discussion unfo- as the CEO, of course partners. Please star. But just giving some background information about yourself and the company. Great. Gordon. Thank you very much for having us. This also meant an as you know, is a key tenant of ours uh. So glad to be here. I'm one of five co approach John and myself. My fellow partners have been together for over a decade, and I've been doing this for almost twenty five years myself, as you said, we're currently headquartered out of Shelton Connecticut, but we're very close to open up to additional locations. Hopefully, one here in New York City, very, very soon, which is exciting for us. Pro Seon has two distinct businesses. We have a private wealth business that has approximately five hundred million and change in today. And we have our institutional retirement consulting practice, which has just under three billion dollars today that we consult on, and we have fifteen people that make up to families. I sit here today. Excellent, excellent.
"independence" Discussed on Powering Independence Podcast
"But they want to be open to as many opportunities as they possibly can. So we couldn't be more bullish on the on the generation, they also need to understand the why what is the business and what is the why we're in the business that singular in focus. It's the business of changing people's lives changing people's lives, when the when they get that they get on board. Meaning retiring with dignity being able to realize philanthropic dreams educate your, your children, and turn money into meaning if they understand and body, those things every single day. They couldn't contribute more. They couldn't contribute man. Frankly, there are succession plan. We are a met. We have a major problem with advisors based on age and they are our succession plan on fifty four years old. I've got seventy percent of my company is under age thirty. They are happy. They are engaged the path to partnership frankly, I tell them, I'm fifty four do the math, when do you think I'm gonna retire nights, seventy this is for you. Everything I did wrong. Everything. I did. Right. Is right in front of you the vision that I have created for them. It's also creating a buy in for them that it's their company too, and that's making them. Bring themselves to the office very differently because I've given them the clear vision of this can be yours. Professionally developing them, encouraging them to make a lot of mistakes. It's collaborative, and it's really gotta be the they are the succession plan. Michelle, you're, you're an anomaly in this, and I'll say that because there are many, many advisors in the industry that struggle with passing on the legacy, and they do, because they are of the belief system, and I don't blame advisors for this who have who grind it on their own hunted and rain mate, as solo preneurs and built businesses. And now, they're saying look at these lazy millennials, who get to reap the benefits of everything. I worked my behind, you know, to build. And so, I think it's if we can get the founders of these firms in some way, more comfortable with the idea that the world has changed. And perhaps this next gen isn't going to have to. Work the way in which you worked, but does have the ability to really creatively takeover, your business, and build it into something really exceptional? It's that belief system specifically that has to evolve and it hasn't for a lot of advisors. Unfortunately, I was thinking the men, I think that are in some of the key positions. I don't think they have evil intent. I just think they don't understand. They're just can't relate at all. Because I think still so many of them have stay at home wives. And everything's taken care of, for of you know of their needs. And, you know, they see no issue with taking a Wednesday off in a sunny today to go play golf, but then are enraged. If a woman wants to go to our children's Christmas play. It just is kind of double standard hypocritical kind of attitude. So I think it's just a lack of a wariness there's a couple of recent articles that came out recently. They're relevant here. One is that women do three times the amount of work at home. So that is taking care of children. Taking care of the house, just in charge of everything. You know, at home three times the amount of work, and that's just not acknowledged in the workplace. You know, other articles, you know, were just talk about how men are in the wealth management business are now saying, maybe we shouldn't hire women. It's too scary. You know, there's they're concerned about, you know, feeling uncomfortable or it's just not worth dealing with it. And again, you just think that is so out of touch, their, the answer, actually for the future women amls. You know, it's the most aggravating thing to me, as a working single mother, all of a sudden, it's super cute. That dad is an engaged father leaving for the play. I've been doing that for seventeen freaking years. And all of a sudden often Agila cartwheel, because you're an engaged father, like, are you kidding me? And this is. Being put out there. Like, look, we've got these great men who are engaged fathers, and they're going to doctors appointments with their wives. Well. Good for him. Good for you. And we can't leave. Okay. As I said, again, for listeners, Michelle has not yet developed passions as, as this is a great discussion. And I think if we look at the other side of the ledger in our business, we're talking about attracting women and millennials and diverse workforce to our industry as as kind of the future. But the flip side of that ledger are the clients right statistically, about eighteen trillion dollars is going to transfer hands over the next five years, whether it is a transition from the baby, boomer, the greatest generation to gen-x or gen Y or as Michelle knows very well transferring as a result of, of divorce. And I think to all of your points unless we change our profile to the industry or those firms that would otherwise might be the recipients. Don't change their profile. We're going to have a challenge, and I think we're looking at that challenge being. King pure technology if we don't change or it's going to be those firms that, that kind of get it. So give me some thoughts around that. I'll start so two things and someone said this eloquently earlier teams in financial services need to reflect with the future holder of wealth looks like period. I mean, you know, you can't have a team of all white middle aged men, no offense at Freeman, serving clients that look and acted very differently. And I think what we know about the holder of wealth of today, moving forward is they view their wealth management needs differently than the wealth holder did in the past and Michelle ask you to comment on that. If you've seen that shift, what I've seen with teams that I work with is that the consumer of today, especially that millennial wealth holder who's going to inherit that eighteen thirty trillion and assets thinks about the today. Way more than they do about the future. And what I mean by that is the wealth holder of generations past thought about their goals from a quantitative standpoint, how do I save as much as possible? So maybe hopefully I can retire and take that vacation, when I'm sixty-five the wealth holder of today is thinking much more about how can I live life to the fullest and you're seeing this reflected in the marketing messages of firms that are talking about, you know, live for today and millennials are concerned, not with can I save so that I can go when I'm eighty they're thinking about a week break, and I go to Thailand and spend a week, hiking and wealth management, needs the way, people are viewing, what they wanted to do with their money and wealth is different. And advisors need to have folks on their team or themselves. Need to evolve to understand those needs of clients? Michelle would you agree with that? I so I do we do one thing when. Woman gets divorced so much of the divorce process. Right. And this is that h part of the eighteen trillion and a lot of the eighteen trillion because frankly all marriages end they're either going to end somebody died, or you got divorced. So you got widows and he got divorces who never dealt with their money, and they're not likely to use the former adviser because they had zero relationship with them until the divorce was announced, and now the Merrill, Lynch visors, like let me know how we can help you when they haven't spoken to you in a decade. Thank you very much, moving right along. So what, what I say women because so much of their divorce is about the assets are getting cut in half. You don't work. You don't own your you don't earn your own income. This is it. I always tell them, this is the earliest retirement plan. You're going to have because you might be getting your assets at age fifty one not retiring at sixty five so you're, you're in this kind of scarcity rapper of what you're not gonna have. And how. How how scary it is. And what I allow them to do at the end of their divorce. I say, okay, what's our splurge? With guardrails, and most of them are taking their children, their adult children on a phenomenal vacation. And they're all sending me pictures of them in their kids on that vacation, and I am giving them the permission to do that with their millennial children, and that is that is the now with the mindfulness of later as well. And the you're right. We have to help incorporate the feel-good now with the don't blow it up later, and it can be done. That's what financial planning is. The words have to change the process has to change the strict rules. The words have to be completely flipped on its head. And there's a lot in that for this business truly the industry needs to follow exactly what Michelle said I mean as an industry, we get enough for galvanizing relationships on where the money is going. It's that simple. And what a brilliant, by the way, Michelle way to do that. Brilliant. I think your points while taking I mean, or industry, which has been around for a very long time, we first started with the depression era, where you never spend anything you went through life, very skeptical you kept money under the mattress, and then each successive, generation viewed money and wealth differently, and we have had to evolve as an industry to, to kind of meet that social norm questions. Are we doing it today? And what's it going to take Sally? What I find interesting is you are the mother of two young millennial women beginning their business careers. What if any advice from all of your experience in the past of you given them, it's interesting because I obviously, worked the whole time I was raising them and, you know, you sort of wonder what the impact is going to be an each of them has come back to me, and they're now in their twenties. And they've said, we're gonna just keep on working like you, mom. And you know, if we get engaged if we get married, it may be that. Her husband's stay at home, but we're going to keep working. So you realize you leave this legacy of this work ethic and want to control their own financial future. So it's, it's quite heartening to see how ambitious and leaning in they are, and making decisions based on, you know, keeping that career going. We're, we're in a really interesting period of time. I think in our country, I was going to say at first, we're seeing a subtle cultural change. But I think when we go through this last election that occurred and the record amount of women that ran for office recommend women that one office, is that a great kick start to what we need to be doing as an industry. And can we take some examples or lessons from that going forward? It's time. Glad there's a shift. Yeah. Anything helps you know, a seat change helps you know, it does to me feel that we're at an inflection point. We hit it. But it's now what? And I hate I, I would hate for this to be sort of this overarching. Go girl, go. It's more the day to day. What are we doing to set women up for success in any industry, where there's an agenda, gender gender-bias? There's out their gender bias. What are we doing with our marketing materials with our sales pitches? With our office design, right? My female clients. Don't wanna walk in and see. Mahogany dead, white presidents and horses. They don't they wanna see coal stop. I have a Roma therapy, you walk in, you know, we share some office space, you smell orange blossom and sage it's awesome. We have factory nerves it changes your mood, people are in a panic about their money. A lot. So for me, it's kind of sensible that my office has to be set up to g escalate, not escalate. So sit in your sit in the chair that you ask your client to sit in a couple of times month. What are they looking at sit in the conference room from your clients view? What are they looking at? How do you feel if you can change that? And say wow, what am I looking at 'em? I looking at a lot of certificates of the adviser or I looking at images that are about for for my clientele. Moving forward, positively, I have different seating areas. I've got one room that's got crystals a picture on the wall, that says just breathe life goes on and accounts. Right. Sometimes we need a little time out from the serious money stuff sit in the chair that you expect physically your client to sit in what are they looking at? And what are you telling me, not add from the other? Side of women who want to get into this business, or, you know, work in the corporate side of the business self-awareness is the most underrated skill I think, and probably the most important skill you can have in this industry period end of story. And I think knowing yourself, especially as a young twenty something coming into this business ladies, who are graduating college or just exited wanna enter the business. Take extra steps to know yourself..
"independence" Discussed on Powering Independence Podcast
"But it took me I wish I, I wish now I could talk to myself, then because a lot of what I believe make somebody successful in this business is complete self honesty and self reflection and everybody has to figure out there superpower in life. But as an adviser you have to know that we are all in the business of monetize ING personalities. That's what this is. Think about that conversation with women versus please enter the business into our training program become a financial advice. It's so different when you say who's your group who do you influence who's your? So how do we monetize you Inc? And when I really got that I could be better at this than anybody. In my vertical sleeve. It's when I doubled tripled before that I was very stuck at seventy five million AM. I was looking around my Merrill, Lynch and my Paine Webber in my walkover offices, constantly saying, why are they doing so much better than me? I know as smart, but I actually know that I'm more bag network. I love public speaking. I know that I'm great at seminars and attracting, and until I really figured out how to monetize my personality. My business did not change, and it took people that watched me in my branch namely a branch manager. Who got it? That sat me down and said pick one idea because you have ten great ones day. Pick one great one align it with you and go for it and all support that. And so, you know, my mom and I had this joke back at Merrill, every conference we went to. We would go to the ladies room and the toilet paper was still folded in a little triangle, because there were no men. There are no women using the ladies room. None. No line no line. Now at least there's a little line. I don't rarely I rarely get a triangle, folded. So there's a more volume but you know there's a. You can say something, and it's not aligned with your energy, and my best advice to anybody listening that wants to attract women develop women retain women in finance is you better beware of your energetic Iral, because women are intuitive beings. We are way more emotionally intelligent than men. We pick up on body language. We pick up on cues. We watch people's reactions. I can tell what you're thinking. And if you really have faith in me or not by just your energy and how your stiffening your body, you have to be aware of not only what you believe your top layer culture, is, okay, great. Yeah. Forty percent women employed at your company. Gina how they feel do they believe that you trust them as a leader. Are they just place holders? Are they just millennial women? Millennial women are very different and have different power balance than senior women. And what we. All been through so beware the energetic. I roll beware. You have shadow culture and that shadow culture is not female friendly. You have to even watch how you're presenting something to a client. If I see one more hunting, or fishing analogy. I'm going to trip somebody when you're presenting to a female RIA get rid of the hunting and fishing analogies. Right. So it's the, the little daily stuff. It's the energetic Iral, which is very subtle in passive aggressive. But women pick up on this. It's super important to really look at this and test for it in your culture. Those are great thoughts. Not not. I'm actually corner now. Title this when toilet paper tell the story. I would have been there, but to your last point Michelle, and I'm going to turn to penny. Now, you written references millennial woman and penny is certainly the embodiment of, of both. She is a successful, energetic smart woman, but also kind of fills that millennial role as well. So penny Turney did you always wanna come onto Wall Street? And, and if you did, how did you kind of make that first entree, you know, it's, it's interesting question, because the answer is, you know, I didn't know I relate to so much of what Michelle said, I come from a Greek family of Greek immigrants, and so no one in my family worked on Wall Street, or wasn't business or head any, you know, white collar job, we were, you know, small business owners diners. Some, some of us but, you know small businesses. But I vividly remember being a young girl, and I have an older sister, and while she was playing with dolls and lining them up and pretending to be a kindergarten teacher, which she now is I was ruffling papers and pretending to make deals, haven't whatever that meant and remember, cousins lived in bay ridge Brooklyn, and we do the drive from Queens, New York, and I'd see the city building CitiBank, building in Long Island city. And I remember always thinking I have to work on the highest floor of that building, sue somewhere. It was in me to do something in this business. But I didn't know what that was, and it wasn't until I went into college. And like Michelle, I do don't mind, a public speaking. And so I would do a lot of speaking and someone in the audience at one of my speeches said, you know, you should go into sales, and it was the CEO of New York life, size Sternberg, if you're listening, thank you so much. But he, he introduced me into. My career. And so I started in sales for mainstay investments which was a subsidiary of near life and my career quickly went down the consulting path, which obviously still in today. But, you know, I think what I what I did have an why relate so much to what Michelle just said about self awareness and knowing yourself. What I did realize I have was. No fear. So I didn't really listen to the roles which worked in my favor because I followed my own path and just a determination to kind of win so that competitiveness worked really well for me. You know in the business early on and knowing that, that was only really needed, even though I didn't didn't know much about finance time, wonderful and, and welcome. We're glad you were ruffling those papers and an playing business playing teacher. Turning to the other side of the equation to Michelle's comment about millennials because I also think we as an industry or not positioning ourselves, as an attractive destination for millennials. And I know that you believe that a lot of those things that would attract millennials or the same things that would attract, you know, women to our industry. So if you can talk about that, from that perspective a little bit, I think it would be helpful. For sure. And, and Michelle and Sally have both said something that a couple of things that really struck a chord with me. So I think what we know we know this statistically, because we've pulled women and millennials and we know this information about people, but we also know it through our own experiences both women and millennials have desire think to have flexibility in the way in which they build not only their careers, but their daily life, having a work like balance is something that's meaningful to both the millennial group and the women group having the ability to collaborate with others to have experiences that rely, not only on technical knowledge, but on a motion intelligence in the Wayne, which we perceive, the world, all these things are important to both of these groups and what I believe is happening in the industry today. That's preventing both of these grew. From having full access to financial services. As a career path is firms are saying that they're welcoming to women and millennials, however, it is still an eat what you kill culture advisors. Local leadership in the field are still paid on an eat what you kill type of culture. It's still not popular to say out loud. Hey, I wouldn't mind building a career in which I can take Fridays off because I want to attend my kids soccer games. That's not popular. That's not sexy. What sexy in our industry? Still is the harder you work the more hours, you put in the more you grind yourself into the ground. The faster you run on the treadmill. The more you hate your life by the end of the day, the more successful you are. And I see this working with advisers and their teams day in and day out, and I've seen it for the past ten years, that is still the rhetoric sue firms don't start. And this is not. Going to be a popular statement. But I believe it's true if firms don't stop rewarding visors, and, you know, providing these different achievement letters base levels, rather base only on activity, rather than allowing advisors to create their own success metrics, then it's never gonna change. And so I think it's okay for women to say, you know, I wanna build my day in my path and my career differently, and it's not until firms start accepting that and shifting their own belief structures that that's actually ever going to happen and right to take that a step further as I'm sitting here. Yeah. All right. Down and feeling see one in CJ. It's making sure that within a company I don't care if it's bigger small. Yes flexibility is super important and necessary to women. But how do you then make sure you help execute strategic plan to get there in your own way. And I think strategic planning has to change and it is rhetoric. Absolutely. It is frowned upon to leave early to want to work from home. It's still frowned upon. It's still an energetic, IRA like working so hard. Guess what? I work at five thirty in the morning. And then I don't work between seven and seven forty five because I have a special needs son, and I've gotta get him energetic ready for his day. And then I'm back on the grid and then on and off the grid in my own way. But I have a strategic plan that works. For me and how I'm going to hit numbers and how I'm gonna market and how I'm going to do everything companies, and people inside companies need to figure out a different strategic planning process to help you in your own way. And Ed can I jump in for just one second and it's interesting because I think what Michelle is hitting on is urgent forty five percent of our workforce at Putnam investments millennial. If we don't get them. Shame on us. Shame on us they bring, and we couldn't be more bullish on the generation. I'm with one of our our many of the of the millennial population that we have at throw with one of them actually today. They bring a maturity that, frankly, I didn't have at their age when I entered the workforce. I didn't know what culture meant they know what culture is Michelle. I think you talked about shadow culture. They have a complete three sixty lens into the culture that's any firm. But I think the important thing is this offense alignment that both penny and Michelle just talked about what we're trying to do is make sure that they're authentically aligned in their pathway, and it could be a very.
"independence" Discussed on Powering Independence Podcast
"So penny. Good morning, I'm gonna actually penny. I turn to you, because you have a direct connection to our title today. Women on Wall Street when socks tell a story and to kind of t that up and I'm going to turn it over to penny and a second. We were running a program, interestingly enough at Putnam offices. Up in Boston a little while back and I was fortunate enough to have dinner with penny the night before, as well as Joan by name jed. More from Putnam. And I was talking with penny about this issue. Do we really have a problem on Wall Street isn't an old boys network? I and penny. Very quickly said yes, it is. And we'll get into that and a little bit. And then we had a really great discussion about what it might take to change. And, and we'll touch on those topics and a little bit will the next morning when I was presenting at this program. I actually recounted our discussion at dinner and really related the story about whether we're still an old boys network and what it's going to take to change. And at the end of that I turned it over to penny for her presentation, and one of our co sponsors for the event at all of the programs gives out as swag, a very interesting item. I'll just leave it at that. And from here, I'm gonna turn it over to penny to fill finish the discussion, first of all, thanks for having the ad honored to be here. It, you know, I never would've thought that, that one moment in time would spark this panel and such an interesting discussion around women in the industry. So I you know, I done my presentation, and we had that great conversation, the night before about women and the diversity issue in our industry, and I was looking down at this Chachi that, that, you know, the partner firm was handing out for the event and, you know, in that moment, you know, me, I can speak off the cuff. Sometimes I lifted that item. And it was a pair of men's dress socks really nice para socks by the way, and, you know, I lifted them up to the audience, and that was a believe all mail except for one lovely lady in the back and I said, you know if if you want more women to see themselves in. This industry if you want them to imagine their career pathway here, then you may want to start marketing, some of your items to be more women friendly. These are men's dress socks. I could never wear these ox. The other lovely lady in the room, she's probably never gonna wear these socks either. And so it's not just that women. Don't view themselves in this career path. I think it's subconsciously some of the leaders of these organizations. Don't see women as their clients or leaders in their organizations, either. And that's kind of the issue and then I drop the mic or the socks and, and walked up. And by the way, I mentioned this earlier, I still have the socks I told you I was gonna give them to my father. But I'm gonna keep them now as a as a trophy, thank you for sharing the story. I mean just for the record. I love this. Program because I wanted another pair, but it wasn't white male. Well, okay. Thank you very much. Yes. Thank you. But your, your point that you made, I thought was so poignant and kind of encapsulated what we're gonna be talking about. Because while I really did kind of look forward to the stocks and I have multiple pairs of them and collect the leftovers in every one of the programs. It never hit me that the message that it was sending the subliminal message. Nets the broader discussion is, is that the message that we're still sending in how do we kind of, of change that Kathy turning to you? I think your journey, if you will, to Wall Street was was kind of interesting because when we were talking about this earlier. Where you started your career and how you got the Putnam, and you spent your entire career on Wall Street at Putnam. If you kind of tell that story because I think it also touches on how the world has changed in that timeframe. Absolutely well for stuff. I'll Maher what penny said and it's, it's great to be here. No, offense said, but and to any of the, the panelists here this morning, but my career goal has been to put podcasts and events like this out of business. And my hope that this is that this one is one additional step forward in in towards that goal. That's for sure. But I never pictured myself, homo street, actually, but back in the early eighties after I graduated from college and keep in mind was very different economic time at, at that moment. The Dow Jones was somewhere around fifteen hundred. If I'm not mistaken, a few of us in the room will remember that interest rates were double digits unemployment, even higher than that. We couldn't be more different arena from a market perspective now but. I worked for a company by the name of Western Union electric mail, and our job was to market overnight, mail grams..