19 Episode results for "Pershing"
#ItzOnWealthTech Ep. 66: AI-Powered Custodians as The Ultimate Digital Assistant
"So, if you were to ask what is GonNa do it's actually catering to your needs typically, it's like creating Jarvis. It's like the ultimate digital assistant for an adviser and advisor systems. So they can be much more efficient when they do their job but basically going back to the conversation Rehab we know you are we know what you want and we know how to get you there. That was Raj Madan who is head of the pershing advisor technology lab where he and Michelle Feinstein lead the charge to improve the experiences of both pershing clients and advisors by leveraging artificial intelligence based solutions while they probably won't have a personal assistant as powerful as Tony Stark's Jarvis anytime. Soon, we did talk about some of the cutting edge products that are being tested. These include natural language processing, multichannel chat bots, AI powered dashboards, and a whole lot more which we discussed on this episode of the wealth. Management of a podcast. And what a fantastic day today in the wonderful world of wealth deck and you listening to episode sixty five of wealth management today podcast on your host Craig goats, and I run a consulting firm called as group where experts and everything related to wealth tech. We deliver growth oriented solutions to banks broker dealers. Asset managers are I e consolidators as well as their. Wealth Tech providers and vendors through our premium advice and targeted market research on this podcast I speak with some of the smartest people in the industry who are on the leading edge of technology and innovation, and please remember to subscribe and leave us a five star review on Itunes and share this episode on your social media networks. Thanks very much and onto this episode. And I'm happy to introduce on this episode of the Wealth Management Today podcast. My guests, we have two guests today both from pershing we have Rosh. Madan. Managing Director of Technology Hello Rosh. Hello our you. Stick and we have Michelle. Feinstein. Director of technology client engagement. Michelle. Thanks for having me. All right this is going to be good. Love this technology podcast, we're always looking to do deep dives into technology and pershing has got a lot of great tech and. We managed to convince Roger Machel come on and talk to us a bit. And what we're going to focus on for this episode is the pershing advanced technology lab something. A lot of people may not know about and want to let them introduce themselves I. If you guys can do like a thirty second intro yourself, and then we'll talk about what the technology lab is. So shell wants to go first. For. So I Michelle Feinstein on director of. Kline engagement here at pershing and I run a team that really focuses on working with advisors on our firms on helping them take advantage of all the pershing technology that's out there to the best of their capabilities that they can gain efficiency and have better interactions with clients. So it's really important that we pay attention to how can advanced technologies play a part in that, and that's why today we're. GonNa be talking to you about some of the things that we're telling our clients are coming soon to help them with money movement transactions, reporting and analytics into different ways that they can help have conversations with their clients in a digital way. Terrific garage give us a thirty second overview yourself and the Persian. Banking, and again, my name is Dr Don I managed to Director of being on Persian technology. I manage a division that several teams. division is called Common Services Architecture innovation. One of the hats I wear is I actually a managed? What's called the advanced technology laps some. Came the lap and I've been pershing for about seven years in being why melon for quite some time twenty years. Can you guys tell us about the advanced technology lab? What is it an how it was formed? All right. So Craig I mean there's multiple forms of innovation within pershing technology right within pershing in general a lot of innovation naturally occurs within our typical product robot. So when you think about our map, it has time rise in the blitz eight, one, two, three years, and that roadmap is affected by client feedback. It's a fantastic islets competition and industry, and that has innovation itself advanced. G labs was that she introduced around seven years ago. Where we sort of go outside of the box of our typical product roadmap and trying to think in an untethered way when we execute concepts with the goal of the advanced technology labs is actually look at technology trends. St which of those trends that are most pertinent most relevant to our products, and for those that have the kyw's correlation we execute concepts on. Now. This isn't innovation lab. So when we execute this proof of concepts, not old, you go to production of the things we're talking about today they weren't necessarily all hit production in some of them are at different stages of their incubation. Or whenever you think about innovation people always consider about the fact it's okay. You have the ability to fail analysts tough word wouldn't say. lapse that is possible that said since where at the end of our filtration process of all ideas, we do have a high success rate for the evacuation Algebra's. Sometimes, we talked today will come from the advanced. Algebra. That's. Terrific sure. One of the things I would I write a lot about on my blog and I think is the most one of the most interesting technologies that's really going to change wealth management and Jet Wealth Management Adviser Technology in general is a artificial intelligence. And I, know the events technology lie but pershing has has got a number of a based initiatives and proof of concepts which we're gonNA talk about So the first one we're going to talk about is enhanced search with machine learning Michelle can he was quick overview of what that is? So, in the next sixty platform, which is what our advisers are living in day in and day out, they have a capability today called search and they can put in a client name look for information look for particular transaction to trade and the idea behind enhance searches happily, can we bring more information to the adviser all at once even information they weren't thinking. About to have better client conversations. So one of the way we're really not is we're leveraging machine learning algorithm to associate reports. Operational alerts product information on items for attention that could be associated to account or a client in present that to the adviser in what we call spotlight panel and that spotlight panel will give them their initial search results but the machine learning. Is Prioritizing this information and serving up all these other things at once the reason that that's powerful is it helps the advisor not have to hunt and search through the platform for the reports for alerts or have to think of these things on their own were serving up to them in meeting them where they are in the platform at any time. So we're. Pretty excited about it, and our plan in first phase is to focus on operational alerts and tell them hey, is there an incoming or outgoing transfer with their assets that leaving the account or other behavioral changes happening with these accounts or count where maybe the adviser the investor rather is doing something they haven't done before maybe they're doing more trades maybe withdrawing funds, etc.. How does that work? How does it know when I'm assuming it's some sort of pattern matching behavioral matching looking through. Related to big data. So how you doing that and how's your like your big data set up run in Naples us to be delivered. The search facility that we actually currently even have within pershing is does use a big data solution It's called elastic search if anybody's interested in the technical aspects of that and that does enable this capability of indexing very quickly in responding as but what Michelle was saying, it also allows US via the body of creating. Like that spotlight feature that she was talking to said enables to get that information quite quickly. On, the. Equity Sorta like the day to hear. Where we were thinking of doing is actually using a feedback loop if you will on the information that people are clicking into and then producing algorithms that says, okay, what are the preferred elements secularist gravitating towards and since those are preferred a within the algorithm basically put them at a higher party and we do show the following results they see that higher party results. So some little way, a google search would work. To that, right. So it sees what you search on tries to think ahead and give you things that you're most likely to to talk about does it also do similar google where Google knows where you are in the country knows that people in your region or searching for certain things are knows what you maybe be bought or other things you search for an cross-references them that way. It can Again this is one of those things revised. It started with like these are sort of things within the advanced technology labs. So some of these items aren't proof of concept phase is one particular is making progress. So it looks like it's highly happened, but we should point out that like some of these items, Dona still make your production all the time that is innovation life cycle were in but in the case of likes of understanding the persona of the user in making that into the search criteria and saying like, okay, possibly, you know what? Klein firmly part of and making that a party can occur. It does occur currently within the whole indexing process. It's interesting. You mention I do a presentation for conferences where I'm speaking and one of them is on a website called the Google graveyard. If you ever heard of that and it's all the products Google's killed and I think it's up to one hundred and seventy, eight, hundred eighty products I've checked in a couple of months. That's just the ones that killed and not the ones that are successful, right so and what I mentioned was that we don't have enough of that in wealth management that people afraid to try new things for fear that failing and fair you failure isn't necessarily a bad thing if you if you're trying something that's out of the box in enough work, you might learn a lot from it, but we don't really have enough of that. So I'm happy to hear you guys doing that. And if you fail fast and you fail cheap at the end of the day, you've learned a lot and you've extensively adding to your intellectual capital of energy understanding the next challenge. Exactly. All right. So the next use case you WanNa talk about we just sit in to enhanced search. Let. Can we talk about natural language generation and that's What is that? He gives quick overview people don't know what natural language generation is or natural language processing and how what's the use case for inside the lab. So at its simplest date ultimately, analogy natural language generation is part of the artificial intelligence. And, ultimately, it's the process of taking a taking data in converting. It's plain text plain English if you will. Now on the use case that we're using this four or we're looking at is the advisor essay creating a performance report they can do within pershing technology under Albridge where they use wealth reporting insights to produce an aggregated view of the kinds before you end the overall performance. Now within wealth reporting and insights, there is Colbert Report Creator incidentally, they're actually redoing the report creator with. the user to sort of break the report down into components and basically creating their own customized experience for that particular report and these components or like. So these autonomous flexible standard components that actually agreed a rich sort of experienced for the alternate before now, this is where analogy comes in. If, you think about, let's say the client's investment experience not all clients can easily let's take a typical Graf or report and converted down to sort of correctly focused data points right? It all depends on their overall experience. The we're looking to do here is make their lives easier by taking that graph and those tables. If you will integrate a snippet of texts that's related to the graph in his that's tax which we are that component. Would basically out the salient points from within the graph or the tables that they've chosen to show in that performance. Very, interesting stuff. That's cool. And why did you pick that? What? Why was that more important than other things? was there certain customer requests for or were there certain efficiencies you saw that would benefit clients more than others. So. This is one of those things where it's like you start looking at the market and you start looking at what competitors. What we noticed is that there are a lot of spaces where people are looking at market data. And producing this text and we actually did it in another case where when someone started to produce, let's say order we would actually show the text equivalents of their order. So we saw this natural progression occurring words they people WanNa see more and more information on the old analogy space. And just maturity in the space and act my way futuristically, I can also see in this is again by the way, analogy is again, very early in the life cycle incubation cycle of advanced technology laps. Oh is one of the things over still working with. What, we can also deal with this content since we've created a snippet of tax that's ray relevant to the actual graph. Is We can actually use it in the future for let's say smart home speakers. Source Martos banker is like Alexa you know Google home and so since we had this tax now instead she configured directly in the in the future looking providing that's investors well. Sure that's an investor might sail on. I want to buy some apple stock or I want to I need ten thousand dollars some going on vacation or something. and. The other thing by the way we're also thinking doing even add onto that is the Ada Space American Disability Act. You have like taxed that specific to a particular component right and if I can, and again this all exploratory. So it's very fresh, very new. If lying can have the computer orally speak bat tax to you in whatever fashion electric performance report than it meeting the needs for someone who has let's say visual impairments. So they're writing things can come out of this whole strategy. Alexa. Wants my portfolio performance. That's exactly. That's exactly right. That's right. Z.. Ruins. Ask Yeah you get the idea. 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Let's move onto the next use case, which I think is really which I really administered in its chat bots and how they impact the service experience and I saw the the proof of concept chuck bought. at the pershing inside conference last year. Back we to go to conferences. Ethel is very cool because the technology the platforms in pershing's run awhile week sixties around a while and any system that's got as many customers as you guys have tends to grow in complexity and becomes harder and harder to find stuff, and if I can just say, Hey, I need the form Klein lost their credit card debit card give me the white form and his pops up the form right away. That's a huge time saver and operation. So talk a little about how the Chat Bot works and why you didn't what's IT GONNA be the benefits clients besides what I mentioned. Yep South I'll take this one. So you're exactly right the platform has a lot of information in today advisors. You know usually when they're looking for a status, they're going or service center dash for that's where they begin and it would be more of any an email exchange. So with the chat bots, what's exciting is now can have an interaction they're not searching Dash for naked say how do I do something or just do a simple service? Inquiry in the box GonNa give them an instant response. Right? An example would be, hey, what's the status of this cat transfer? What's the wire number associated to this wire transfer my bank didn't receive it. So right now we're in the early stages with the Chat Bot training them on multiple use cases we have about twenty five thirty cases documented starting out with simple inquiries, but they're going to get more and more complex as we keep shit training the. the other is just getting a little bit smarter with also routing calls to the right service agents and giving advisers the ability to set up callback right through next three sixty. So they are using our service center pass. They don't WanNa. Wait they. WanNa make sure it gets to Michelle the expert in particular area they can go and see the estimated wait time and. Schedule The callback right through the platform knowing when that's going to occur. So we're excited about as well So great stuff happening in service I. mean our goal is, how can we offer multi channel experience all advisors different some want the dashboards some want to talk to a representative and they want to get the right the first time and others they're gonNa just love the. So great stuff happening there maybe WanNa talk a little bit about the technology were using for the chapel just to get a little tacky for a second. So the basic part of, let's say routing and so forth stuff we're going to do via the crm. If you will ecstasy around, we have is a vendor product, which is one of the things that's in flux right now because we're changing our Sierra but also when you actually want to win the user, let's take saved. Click the talk you that routing within the serum process because it looks which users make. It looks at the Q of request and says, okay, who is the appropriate person to sentence mission but that's a lot of that appeared appear of communication that's going to happen. In the future. The event stuff, which is against the like going in the proof of concept phase is what Michelle was talking about where we are doing. What you said before is conversational interface right? You have this thing you know you think about pershing pershing is a very robust system we do from a to z many things, right so how do you navigate through the portal? While we arranged everything as well as became at the end of the day. If I want use her in wanting I can we can all agree with is it user can speak. English. If they can type in a question that they're looking for and they chop I can help navigate those questions on. That is really the ultimate goal of these chat bots in the end the game how does that happen technology wise will come up this are someone comes up to you on the street. And they're gonNA ask you a question. What's the first thing you're going to think about? The question. What are you? Waiting so What do you want? Who Are you? asking. ME. Questions. came. Believe it or not that Situa- this stuff works just the the first step in chop conversation is to understand the intent of the user. What's your objective? What is it want to do? Once I figure out your intent. Then I can go into this sort of lack of better term, a dialogue workflow going back and forth between you and me just really now at away united thinking about we have a protocol asking an answering questions is very similar concept. So now the computer is a got you I know when she wanted to. Let me take you through my typical dialogue workflow at allows you to get to the information you're looking for. Boil down this technology doing we aren't necessarily using vendor this using an open source package to so it will be proprietary stuff going forward. You talk about what the open source package using. Yes, the current package we're looking at his club. Raza. Are A A. And it is one of those things that speaks to intent and dialogue workflow and looking at the objective of what you WanNa do tribal -CCOMPLISH. Occurrence, again, this is approval concepts I want to, of course. and. If we can just talk a little bit deeper intent in a chat BOT is a little bit different human intent. Yes I mean if you think about it in it if when you're talking about a to a chap, you could be asking a few things. One is, can you get me the following piece of information? So that's like a any case get the following. So in that case, what we're doing with this sort of the overall flow is okay. This guy wants information. So to me what that will become the Chapada will interface but our API's require the information that they're looking for and presented in some logical format. The other one, the other intent is I need to do something you know. So get me again pershing is a robust system. We have a lot of technology yet me to this this form if you will that will help you fill out the form. So ben the CHIAPPA to figure out. Okay. So you WANNA know how to get to somewhere what I'm GonNa do is I'm going to answer that Russian by bringing you to the appropriate location within our report. Also, you can feel the appropriate form. Because it's different, the chat BOT expert but the difference, there's the the the the workflow or the flow based chat bots, which are the ones you get frustrated with today on online where you ask. Anything. More than. The couple basic questions and it gets confused and says, all I'll get you an agent like you can't do anything because it only a certain set conversational path. So what's the benefit of the? How much better is the intent based chat bots? Well, it's the the difference is the scenario which by the way, there's always the case where if a person is getting frustrated in, we can hopefully again going forward under standard sentiments like are they getting annoyed? We can't you over to human. So that is important aspect that the is done in ubiquitous fashion these days. But in this case, the difference is that we are trying to understand what it is you're trying to do. You into the right location. So we over hopefully a better hit ratio of you know understand your objective. and getting their. Chat bots just being a chat or we'll be like I've seen some artificial intelligence faces where it's not a real person but it's an face where you're. So you got you get to sort of get I contact is not real eye contact, but it tends people tend interact differently when they're talking to a face even they know it's a computer than just texting is that something you're also looking at? This point, we're nine two years ago we did something in the advanced technology labs, which again, like I said before sometimes in the at l. we really you know shoot really far in the time reisen where we actually did a facial recognition and facial sentiment recognition. At you can't see like, okay. Is this person in late today? Are Not you know what's happening on their face that was again, very exploratory mess very far in the future of the of the variety because. I've written about this in my blog is a broker dealer I know using technology for facial recognition for. On boarding and risk tolerance where. It they it has the user watch little vignettes about different life experiences and measures. Their facial responses. They don't actually typing watch little fifteen second vignettes. Responds. That's something you guys would be interested not that I'm selling industry of you're looking at that. We're not doing that right now but like I said two or three years ago week did look it software that did that sort of thing where it actually looked at the face as you try to figure out if a person was unhappy or or was aggregate aggravated if you will and we did gene, the new proof of concept is we asked people create different sort of experiences on her face and see how successful the a the bottlers and figuring out what their emotions lutts. It was. I think it's the future I can tell you really happy now Russia I'm going to ask US more questions. So. So another use case we were discussing was. Leveraging Ai for operations, and that's a huge issue I know my firm we work with a lot of dealers we help them optimize, improve their operational processes, depending on or are aggregated consolidators, and they've all very different ways of approaching operation. So what are some things you guys a custodian one of the biggest custodians both and broker dealer side and the Eisai what does some things you're you're seeing that we're a I can help and how are you leveraging in operations? Right. So this one is interesting because in many ways, it has benefiting two use cases into personas. One is the sort of the requests that Michelle was egging about like someone submitted requests she kinda spoke about something that's going to be part of this whole thing. The other is a persona of the operations panic was dealing with the cue of these requests in the. Work, list of items. Now, going back to the first persona, right you user estimates rip us. Let's say it's our doesn't make a difference. It could be any sort of requests out in the past person is given this of depending on which requested is they're giving his taxes while know we're GonNa take let's say the following number of days to complete this request in his. Is Sort of response to users are sometimes that doesn't happen. But depending on the situation in the scenario, some users can be a little bit anxious about the requests right? It can be very interested in making sure let's say that five wire it's completed a particular time so that they can execute their best whatever it may be. What we're looking at here now is introducing something interesting screen called estimates. Show mentioned before, and the thought here is when that person does minute requests, they get something that specifically says, when do we think your requests will be completed and the way this is being done in the reason why this is related to the area off Speights by the way because region, there's like two sides to this whole. This whole formula if you will is we are looking at asked experience. Past performance and past use cases on the requests that our civic that user in the oval request is hat and are depending on digestion of that data wreaking give that user better information out when that request will get created bracelets. Let's say Amazon tells you like a Iraq. This is GonNa Arrive Today's this case we're going to get much more precise because it's very focused on that user and they're. Out The other side of this transaction. Is the operation manager. So now remember again, what is the operation manager incident these interested in looking Q. at items and making sure they're gonna get done before the end of the day make sure he hits his targets. Though One of the things that they currently have is they don't necessarily have that transparency of understanding your accused what's what's going on? How are they going to beat that though the goal of the? OPS. Artificial intelligence operations is as created dashboard of his trans. Provided current workload in also predictive data or that a user to see operational manager along with that, you know since we have that information, we can actually have like the digital system provided mission to the operational manager regarding less alert if he's if the digital assistance something wrong at the operational manager will be interested in over example, if the the digital assistant says, Hey, there's a fifty percent chance you're gonNA knock it admit you're not gonna hit your targets today before the site closes that's rain for thing for. That user no. Also explain how this digital assistant might recommend a split work in order to go ahead and meet their service levels in process that that workload. Right, right. So one of the thoughts here again, this is one of those items that's improve concepts very early in its stage is is is a system it will have let's data regarding the particular users. It can actually predict sort of like, okay. This user was very good at providing response times very quickly for this particular use case. So you can use some sort of what if analysis aid to the operational manager if you engage worker a into the to is, will be the performance that you're gonNA expect. So it's like sort of providing it like futuristic forecasts or different users that can be part of that overall you. Always of a of two minds with this type of thing where one is I think it's super super cool to be able to say hey. We've monitored this person's work and they're very efficient at this type of task. Let's give them that type of task bell, improve operational efficiency, and this person's. Good, this type of task then that means you have to monitor every single thing. A person does like every keystroke every action. So it's sort of a very big brotherish. So how do you balance the creepy privacy issues versus we want to be operationally efficient? This is this is all sort of the user activity within the portal in it's it's all like things that a sort of currently have when you let's say click through different screens and so forth other semi colon used monitoring to see like sort of your overall usage in how you're sort of leveraging the platform. So that is part of the overall on accent as we do now and we use that many ways both development, and even on the development side, we use it to debugged like someone says. Performance seems a little slow. He actually look at that end user monitoring information to revive that better user experience for that bed entity. Those things make sense. But my question is, how do we balance the? We need to be more operationally efficient against y you check why you watching everything I do. and. where. Do you? Where's the balance there? I think that's that's an interesting question. We we kind of run through that in a lot of AI space right? Greg going this is like the. People often ask like, okay. Now, I'm let's say a user in your platform I'm working for a client firm that Klein firm Israeli, that entity that owns all your data. Another person could say, well, let's say I'm an investor. Can Use the investors data and the answer is no. You cannot use the investors data that's against regulations that are out there in the regulations are continuing to enhance. The question also becomes let's say you take. A railroad or the train your been trained before and someone walks by with a little quicker. Basically carrying the number of people. In that train whether they're trying to do is they're trying to figure out what the numbers are within a train so they can put the overall schedule. Is Inappropriate. As the question that we would kind of wash cycle you just been you just been observed. You've been clicked now the question is okay. So if no one really thinks about that fact that you've been click anonymous by the click is it the same to say let's say investor logs in we anonymous them we don't know who the investor is, but they log in particular time time is that an appropriate to observe that? Well. Nothing's necessarily inappropriate on its own in one piece of data is not inappropriate. It's all the data put together than we comes inappropriate I mean my favorite story is the story about target. This is where the ten year old story where they wanted to get a jump on They found that women who when the become pregnant, they start to buy lots of stuff and they. They will that when they're more likely to chain stores once they find a store, they won't change and they realized that a tremendous amount of data that. When women by your multivitamins rugs and you'll towel or not near non scented talcum certain types of things that don't seem related woman who buy those almost like pregnant. And they were so accurate they're sending out. Coupons to women who bought those and they got new people upset like, how do you know I'm pregnant your coupons for diapers I haven't only one yet. And that's the story it's it was in the Journal. The thing is you can have lots of data and any one data point may seem completely innocuous. It's when you put it all together that. Could have privacy issues and nothing. You shouldn't do that. I'm saying, how do we balance it? How do we get the message to consumers and investors and advisors at? Here's what we're doing. Here's the benefits. Here's how we're going to avoid any of the negative. The downside is that something you guys thinking about? Yes I think that in the in the different spaces of this whole thing, there is like sort of providing better user experience that occurs in having information about let's say the investors I do believe there's two different personas here that believed to be considered. Right. So one thing we did a few years ago on the professional side began. These are people that are using the professional platform non to be outlast. One is we did this thing called a clustering algorithm where we looked at their overall usage of the system and we tried to figure out why persona they were without telling us like Nafta figures out the fact that I'm a psychic it as I watched I file it's. So, we actually did that whole process and when we talked about it, we actually said, okay well, also is a sort of inappropriate to say like, okay clustering this person into this Donna out. GIGLI use case didn't move forward on because you know product didn't necessarily see the value of clustering. But we don't ever do something like that on the investor side because again they are not a professional and are data's specifically is there is in that space in front understanding who they are. So it is sort of a fine line I. Mean if you look at, let's AIG PR the regulation that came out just there's a reason why whenever you go to these websites bragging this little cookie thing that says, Hey, we're tracking your information. Can you click okay in order to continue on Dow thing king from these different regulations on saying are you okay with us so tracking your usage at the end of the day though it isn't debatable item. Yeah. In every use case that we do by the way has to get vetted by the teams that manage pay attention to the privacy law legal and compliance, and all that, and sometimes some of our ideas do get halted based upon their opinions and direction. were out of time. This is a great conversation only two quick last round of questions so. So for one one question for you. So Michelle, in thirty seconds, what do you see the biggest impact of a I? In your area in the client engagement area over the next five years. I think it's going to be advisors being willing to try it entrusted and not fear it. We're seeing a big shift in change amongst the adviser community in using all kinds of technology they're seeing benefits fast. So I, think here it's just making sure they understand and learn how it's going to benefit their business in their interaction with their clients. Raj. From your your point of view of the technology point of view the next five years. In terms of Custodian Technology, YOU'RE THE LAB, the advanced tech lab being part of your purvey what he sees the one biggest area that that can impact. The biggest area. there. Impact. The biggest impact. Structure You know there's so much that could be done here Understanding, the user instead what is that? They WANNA do like even the Chapada example is a very important aspect of this because it's really trying to sort of understand that specific individual and sort of catering to their needs. So if you were asked like the big world's space here, what is a is GonNa do it's actually catering to your needs specifically sakes trying to figure out like you know it's basically went back to the conversation we have Renault you are. We know what you want and we know how to get you there. That's kind of the big ticket items here. So like the ultimate way to personalize the experience to the user it's it's like creating barbies. It's like the ultimate digital assistant for in adviser an adviser systems. So they can be much more efficient when they do their jaw jarvis recall it's it's the. Now. I am now I'm going to be writing about how pershing's going to building an iron man suit and it'll be out seen. I Really WanNa see that great guys. Thanks much. Super Interesting. Really love this conversation. I'm glad we could work out the time. And look forward to our next conversation all the things we didn't get a chance to talk about because there was just too much Thanks so much or Michelle. It's great to get. Hope you enjoyed this episode. I got a lot out of it and I really like talking about this kind of stuff Let me think I related coming down the pike to help advisors, help broker dealers and other firms things that we're really interested in my company, and I'm also very interested in Roy like the AI frustrations that Rogers talking about we work broker dealers, an Ra aggregations and operations are always something that we're trying to improve help our clients, improve their efficiency and and scale of their operations. So any tools that can provide as rosh was being dashboard of of Trans predictive data. That can that can reduce the time required to get your menial tasks done money movements, account maintenance other types of service issues is really going to help a lot of firms. chat bots think is also a huge benefit smart enough. You know if they're stupid shop, it's not going to be viable but the smart chat bots that can in dissipate what your questions going to be, and that can actually respond in intelligent ways and direct you to the right area and I know when I saw the. Chat Bot at pershing's conference last year it was pretty smart as long. As you know within within the script they were showing. But if you ask for a certain function, you know you lost my client lost their credit card it brought up the right form to request a new one and filled out as much as it could. So that's really helpful. That's going to reduce a lot of times a lot of love accused of of inbound requests whether it's account opening account termination. Or other a more complicated issues of different types of accounts that aren't the normal accounts that get open all the time ill save the operation team, a lot of effort and a lot of training that was one of the training that is normally required to operate any of the custodial systems. or any of the vendor wolf management systems it should also be looking at this. So hope you enjoyed it and please remember to like US wherever you can share this episode and feel free to send us post on twitter at Craig's goats and he thought you have about a guest you like to hear on the podcast or just feedback look for it's often again an excellent.
Back to Basics on Leadership, Business Management and Succession
"The what the latest episode of Our podcast series advisors considering the independent space. Today's episode is back to basics on leadership business management and succession a conversation with Harrison Managing Director for advisor solutions at Bien. Y Mellon's pershing. I'm mindy diamond. And this is mindy diamond on independence. Podcast is available on our website. Diamond DASH CONSULTANTS DOT COM and on adviser hub DOT COM as well as apple podcasts and other major podcast platforms if you were not already a subscriber and want to be notified of new show releases. Please subscribe right on your favorite podcast platform or on the episode page on our website. And if you find the content in this series to be useful and no others who could benefit from it please feel free. To share it. Widely off the last few episodes. We've had the honor of hearing from independent firm owners who shared not only their breakaway stories. But also how being independent has been beneficial in helping them navigate the crisis that even as of this recording. We're all still working. Our Way. Through and while these advisers are on the frontlines of managing both their businesses and client expectations. It's the custodians that are working in the background to provide the support. These business owners need to successfully build and grow regardless of the economic climate so whatever custodians doing to support there is in a time of tremendous uncertainty and instability. What are they hearing from their advisers? And how will this crisis impact the independent space going forward to answer those questions and more? I've asked Ben Harrison Managing Director for advisor solutions at Bien. Y Mellon's pershing to join the show on June. First of this year then will replace. Retiring Industry icon mark. Burgeon as the head of pershing's. Ria custody unit. While ben has pretty big shoes to fill there's no doubt that he's up for the task having run the firm's business development and relationship management for many years yet he's stepping in at a truly unique and interesting time aside from being in the midst of an unprecedented global crisis the race to zero amongst custodians and the Schwab. Td ameritrade merger or still brewing in the background. I'm excited to hear his take on the impact of the crisis on the independence space and wealth management industry at large plus get a glimpse of what pershing advisor solutions will look like under his direction. So let's jump right in then. Thank you so very much for joining me. Well it's great to be with you this morning mindy aches so let's jump in. Tell us a little bit about your background if you would and how it led you to the top job at pershing advisor solutions sure. I've been really fortunate throughout my career. Mindy and I've actually been able to kind of ride. The wave of this emerging sector in the marketplace. I've been in the RA business of my entire career. I started back at Waterhouse Securities in the late nineties. My first job was in the Ra unit and it was opening the mail and from there. I went into service as well as into sales and I spent the first seven years of my career at a combination waterhouse in Td Ameritrade and then that led me to pershing. I started a pershing in two thousand and six here in the Metro New York City area as a business development officer and I did that for five years and then I was fortunate enough to be asked to move out to the West Coast and Ran The business development team on the west coast of San Francisco for three years and then mark version asked me to move back east to take on the business development and relationship management role nationally. And done that for the last five years. So it's been quite a run and I've had the privilege of working for mark for the last almost thirteen years. Yeah so I want to get to more version name. That probably needs little introduction to anyone you are said to assume the role the top job to replace Mark retiring mark on June. I wonder I just give our listeners. Some perspective about pershing so with about eight hundred billion in Ra assets as of the end of two thousand nineteen just remind us how the NY Mellon's pershing differentiates itself from its other major competitors like Fidelity Schwab and soon to be swabbed. Tedi sure so the first thing I also mindy as we've got a tremendous amount of respect for competitors and this is a business in which we are all in this together in terms of really supporting the registered investment advisor community. And like. I said we've got a a tremendous amount of respect. The difference between our business and some of our key competitors is. This is our core business. We are in the business of serving financial intermediaries. It's all that be and why Mellon pershing do so. There's a tremendous amount alignment with our clients and we're really the only major custodian without a retail channel so everything that we do in terms of designing our service model. Our technology platform is really in the alignment of powering. The advisory businesses on our platform high touch client. Experience is another area. That's extraordinarily important. Many of the retail competitors of kind of taken a playbook out of the retail call center approach in. We are different. We've got a high touch clientcentric type of model dedicated experience and we know that registered investment advisory firms really want that high touch service depth and breadth of capabilities is one of those things that is unmatched at our firm. Were PART OF BEING WHY. Mellon the largest global custody bank in the world. So it's really hard for a firm to outgrow the capabilities that we bring to the marketplace. So that kind of sets the foundation of how we differentiate in the market. Yeah so how many are as do you service. Do you currently support. And what is the typical? Ara Look like that comes under your umbrella about seven hundred or a firms on our platform and the average assets is over. A billion dollars obviously can be deceiving. We absolutely have firms that are smaller than that. And we have some monster firms in there that that skew the averages however what's important to know is our optimal client is a growth minded professionally managed firm that serves clients with complex financial lives. So it's really about the alignment with the types of firms in the attributes of those firms. That were interested to work with and likewise way that they aligned with our business. Yeah but that seven hundred. Ria firms under the pershing umbrella makes it much smaller than its competitors certainly fidelity in Schwab. What do you think the reasons are that an adviser? What'S THE BENEFIT. I guess is a better way of saying it to a breakaway who's considering going Ra for the first time and vetting custodians. What is the benefit of being a client of pershing's as opposed to one of the others? The larger ones sure. Well numbers can be deceiving so while we may be smaller in terms of the number of RIA firms that we serve were actually the third largest in terms of assets under custody and administration so with those seven hundred firms. We've got eight hundred billion dollars worth of assets under custody so the firms tend to be larger little bit more complex. And it's really that type of alignment that as teams within the wirehouse channel contemplating providers. It's really about knowing how they're going to be served if they want a dedicated high touch service model. We have the ability because we have less firms on our platform to probably have a little bit of a better ratio of service individuals to firms on our platform and your bigger fish in a smaller pond in terms of numbers of firms on the platform. But again the size of the firms tends to be markedly higher. Got It so. I WanNa talk with you about more version as we mentioned but we are recording this smack in the middle of our nationwide stay at home orders. And it's a whole different world than it was a month ago so. I WANNA focus for a minute a little bit on the crisis at hand so first of all. What are some of the things that pershing doing to support? Its a clients who are right in the sick of comforting clients and managing volatile markets. Yeah thanks for that. Mindy and you're right. We're in unprecedented times. And we're all adjusting to this. I'm coming to you here this morning from my Home Office and pershing has really moved to a work from Home Environment. Very quickly over the last month in order to support our clients. So the first thing that we've really done for or on our platform is really be there for them in this time of uncertainty. It's really around making sure that they have connectivity. To our systems to our service teams the power and strength of being Y Mellon is our parent company. In Times of uncertainty is absolutely a benefit we are one of eight systemically important banks in the resiliency instability of our systems is something that we measure in tests constantly in are held to a very high standard from the regulatory authorities to ensure that we can be there to process business in times of the most volatile market scenarios in the business. So the first thing that we've done is just really ensure that our people are safe that we enacted our business continuity plan very early in the process moved everybody to a remote environment in the feedback that we've heard from clients is it says if they didn't even know that we were in our offices anymore so there has been definitely a good feeling from clients. There well served in. That's the first thing that we did is really focused on the tactical elements so it seems to me that the ability to work remotely the continuity plan and seamless can activity is should be at least price of admission. And I don't mean in any way to say that to diminish what you've done but I would assume fidelity Schwab would be saying the same thing so what are the kinds of things that you are doing to support your IRA clients now in the midst of crisis. And I guess another way of saying it is. I'm sure you're hearing from a lot of your clients in a regular basis. They asking you for what kind of things do they need right now that they may not have needed before. I think that we would tend to agree. That being able to enact a business continuity plan and operate in a fully remote environment should be absolutely a table stakes. What we've found is not all firms or equal in the way that they're able to operate luckily for registered investment advisers. They've actually been able to adapt very significantly because these firms were founded on cloud based technologies. They don't have the infrastructure challenge of some of the large firms in the business connect into mainframes etc. So we found our clients to be very resilient. So that's terrific so the first thing that they needed to do is obviously get themselves to a remote environment to and they've been able to do that extraordinarily well. What they've asked us for is really some of the things that we were doing anyway in terms of the whole digitalization of the business. So they WANNA be able to do as much with us in a digital forum. They want to be able to open accounts. Using e signature and deposit checks moberly and process their business in many different ways to be able to serve their clients. And we've been able to do that for them effectively. We've actually seen the amount of training that firms have entered into in terms of learning how to do e signature in all of the tools that we provide from a digital basis. Go UP TENFOLD IN TERMS OF THOSE FIRMS. That are really embracing this now. They're also looking to us to help them. Think through navigating the next phase of how they can really align their business for growth on the other side of this so firms that have embraced digital or absolutely set up to take advantage of the marketplace but the marketplace has changed. Our world has changed and they depend on us as thought leaders as well to help them think through their plans for future growth and how they can acquire new clients and serve their clients more effectively in this new normal that we're going to be living in for quite a period of time. You bring up a good point. The ROLE OF THE CUSTODIAN ABSENT. The crisis has really changed over time and gone from one of just providing safe asset custody to really being a partner and a thought leader in helping them. Strategize is one of the major roles that they play. That actually brings me to a question. I've been thinking about and we've been talking with a lot of wirehouse advisors who make up a lot of our listener base who tell us they sort of fall into camps in terms of their feedback. About what kind of partner their firms have been throughout this crisis literally? Fifty percent of the People Saito's our firm has been wonderful. They have really given us the support. We need to work remotely. We have all of the guidelines and the thought leadership and the research and everything we need in order to really navigate. This and the other fifty percent said your firm is really disappointed us. The leadership is hollow. There are limitations on the way we can communicate and we weren't really set up to work remotely unit. It wasn't quite so seemless in all of that but we can trust that sort of fifty fifty to the feedback. We've been getting from the R. As and those the people that are already independent and the number one thing on percent of them share with us is that it is the ability to communicate with flexibility speed to market from idea generation to execution the nimble nece to communicate via many different modalities from video to podcast a Webinar to social media to emails. Phone calls to everything in between so. I'm wondering what you're hearing from your clients. Would you agree with that? That the ability to communicate creatively if you will probably one of the greatest benefits are an independent in a crisis like this and what are some of the creed of things. You're hearing that. Your clients are doing in order to not only nurture relationships but eventually grow the one hundred percent agree on that one mindy and we're hearing the same thing from our clients so as I just mentioned the first element of that was that are as operate with a very flexible technology stack. So they're able to operate on cloud based systems get their employees working remotely and process the oncoming daily client inquiries cetera then from a communication standpoint. We have seen unprecedented levels of communication from clients to their end clients in a lot of creative ways so everything from email and getting it out fast. I mean you raise a great point. We've seen this in firms that we've talked to as well that in order for some advisors within the major wires to get approval to send clients communications etc. They were kind of in this bureaucratic backlog of what can we say? What can't we say at a point in time? Were investors really need to hear from their advisers in multiple channels so we've seen unprecedented level of communications to investors across all mediums? Email video social media as you mentioned independent firms have been able to move with that agility and urgency and they've been able to host conference calls and direct to investor type of connectivity. One thing that's really interesting. Is We actually taking a look? The march data in our asset allocation. We've seen tremendous volumes at pershing in terms of rebalancing and trading across the board but our segment of the advisory business in terms of overall asset allocation. Changed very little a little enhancement. More money in cash a little draw down inequity but for the vast majority of it. It was you know. Held steady and advisers weren't panic selling so they really were communicating with their clients. In saying you know we're in this for the long run our not a trading business will rebalance will take advantage of the ability to do some tax lost harvesting. But we're going to stay. The course in you can see can kind of see that communication draw through to the asset allocation that we've seen in our book of business smart and good to hear that they're sticking to their knitting and they're not losing sight of that okay. Let's pivot back to your new role or your soon to be new role at pershing and the big shoes. Your filling so myself learn so much from interacting with mark version over the years and just by way of introduction for anyone not familiar more has been one of the best and smartest industry thought leaders. He's run pershing advisor solutions. The are a channel for pershing for more than a decade and done extraordinary things in his tenure there. How lucky for you. I guess is the best way to put it to get to learn from the master all these years. What would you say are the most impactful lessons he taught you rate? Mindy will I just echo that? I've been so fortunate to work Slow closely with mark Really over the last decade and he's been such a great mentor to me and friend and I've learned so many lessons for mark through the years I've got to ride sidecar with him on. So many meetings know internal meetings meetings with prospects meetings with teams that were contemplating new business model. And I've even walked through countless airports or conferences with mark in have people stock him along the way in. This is the way the conversation would go. You might not remember me. You consulted with US ten years ago and we completely changed our business model and it's changed my life so he really had an impact on the industry and and he'll continue to. I think a couple of the teachings that he's taught me are around leadership absolutely running the team Around business management. You know. Mark was a pioneer of really bringing business management to the RA marketplace around people management marks. Great people manager and a great delegator and he really depended upon his team and also business consulting and everything that we've come to know about you know kind of marks expertise but I'd say the number one thing I would take away is that you need to put people first and from day one. We were always partners. Mark Never introduced anybody on his team that that they worked for him. It was always. This is my colleague or my colleague Christina in that really allowed us to run the day to day he delegated very well and You know he was a big personality and we needed that big personality in credibility as we built out our custody business to this to this point but putting people I was the biggest lesson And he always said that The the most important employees is more important than the most important client in. That's not to diminish clients and this is the same for advisory businesses but in order to have an enduring business. You've gotTa Take Care of the people I in your business that they can then take care of the clients and that was a really important lesson that I'll never forget. Yeah and a good one but let me unpack some of the things I know. He's a spouse over the years so one of the first lessons he taught me was that alone is the cheapest form of financing and affirmed shouldn't sell equity unless there were good reasons to do so and I think that added time when there are so many investors in the space and every day principles of a firms are getting calls from would be investors asking them to sell a portion of equity whether it means they're they're sort of mid cycle of their business or they're just breaking away and they're considering do I go it alone or do I take on. An investor sell a portion of equity as a way of taking some chips off the table upfront. So what do you think about that? What's your stance on that? The first thing I would say I agree with mark and I think what he would say which I agree with two is every situation is different. There's definitely pros and cons of both debt and equity financing and again going back to what I already stated you know. Mark has been masterful at kind of bringing these business management concepts to this entrepreneurial or a very in that's embedded in in our firm now from the way that we think about things for our relationship management business consulting teams so yeah equity tends to be more expensive but there so many new sources of capital coming into the marketplace. This business is so revered right now. And that's why we're seeing all this outside capital come in with equity you give up control to shareholders in you give up profits to shareholders and in that's in perpetuity of time and. That's something that mark always talked about night and I definitely agree with when you do want equity stakeholders in your business lesson that I learned. Is You equity? Stake holders always have to buy in. You shouldn't use equity to just give away. To in recruiting situations. The equity stake holders have to have skin in the game. It's a great tool for succession. So mark is also the kind of the godfather of succession in this business. And that was an important lesson that I learned to that equity as part of an emerging partners ability to buy over time creates that succession plan and gives them skin in the game of the business. And if you are going to bring in outside capital they've gotta bring something to the table whether it's intellectual capital and network that you can't get to ability to drive growth etc us you've got to be really careful about that on the other side assay on the other side of debt debt can be really important tool is well. You maintain control you. Don't give up the prophets but for new businesses. It's a little tougher during the early stages to borrow a lot of capital when you don't have significant cash flow. The advisory business is unique because in many cases you have cash flow right out of the gate. Because you've got advisory fees that you're billing so this is a really really cool business from that perspective so the other major lesson. A new set at that mark is really known for that. He really highlighted in. The industry is advocating for Professional Management for professionalizing. The industry is a whole an ARA firms individually. Can you share quickly? What his philosophy was about that sure so in his philosophy is very much aligned with our strategy at pershing which is in. That's why we always say when we define our optimal client that we wanna work with growth minded professionally managed businesses and the fact of the matter is in order to have an enduring business unique to run a financial advisory practice or business as if it is a one hundred year business in fact. That's how clients should want to be served so it's all about An environment to be able to have a redundancy in everything that you do the ability to invest in your business and continue to not just take the profits from the business but to invest back into the business so that you can build a better client experience technology experience get two different products and services for your clients but really having an adept ability to manage to a bottom line and to create succession in longevity of your business is so important to think about what you're doing end. Investors which is giving them confidence to set a plan in place to have a goal to meet their financial needs into b-be there throughout all stages of of the life cycle. So that's a really important element in one of the reasons why there's been such a focus on running this as a business rather than a lifestyle practice. Yeah I think that's key I think. In general that lesson has really really translated into the holy can see evidence of it in the whole industry that even a wirehouse advisor or an advisor that has worked as an employee of firm. It's that paradigm shift of beginning to think of their business as a business that has made people really. I think it's what's driven a lot of the breakaway movement is the notion that when people think I can move from one firm to another and get paid a traditional transition deal and as aggressive as it is. I still don't own anything. I don't own my employees. I don't own my revenue. I don't even own my clients versus thinking of my business is business. I may get less upfront or maybe not anything upfront. But I'm building an enterprise for the long term so I hear you. You talk about this all the time Indian. Enjoy following your guidance as well about enterprise value and how business owners should think about their long term enterprise value in equity that they have in their business. And how that's an asset for generations and So important to think about If you would ben I'd love to change gears to more industry wide topics because while we're in the midst of a crisis were also in the midst of some major mega shifts in within the industry as a whole so wondering what your thoughts are on the race to zero that and that is the custodians raced zero and fees sure so this is a really interesting topic right now especially in a zero interest rate environment so the whole notion around zero for equities and ETF's which we know is nothing value is ever free. It was really a transition in the kind of behind the scenes on this. We really believe it was a retail play and it was really just transitioning the way investors pay for services away from ticket charges for equities in east chaffs to cash spreads so the way that the firms would make money was on the cash balances of the client accounts rather than in a transparent model of charging for tickets. So it's been an interesting evolution. There's a ton of disruption in the marketplace right now we think disruption creates opportunity for us in. We had the opportunity to take slightly different view on that because we don't have a retail business so it allowed us to study the marketplace and listen to clients and what we found is clients really wanted choice. They wanted choice to be able to use a variety of cash management solutions that provided yield in. They also want the fact that they're looking at the total cost of ownership of a portfolio rather than just equities in ETF's so we've come out with some disruptive pricing if you want zero. We can do that and we can do that. Just like any of the other custodians do By utilizing a single bank sweep cash product but we also have other choices that allows for higher yields cash and a innovative subscription based model. So we're trying to take a forward-looking view of where the market is going. We know investors want more transparency. We know that they want lower fee access to products and solutions and we know that they want solutions. Other than just equities in ETF including fixed income alternatives mutual funds in other investments. So we're in the early innings right. Now of what? The long-term economics are gonNA look like in this business. And what are you hearing from your clients and your prospects around this sort of creative or flexible pricing plan? I mean we hear very favorable feedback in terms of you know having option so we talk a lot of the fact about the fact you know. It's all about alignment choice in transparency. And that's where we have chosen to put our stake in the ground so it's been very positive. I can tell you though in the current environment that we're in right now mindy that back to basics around strength stability and resiliency is at the forefront. I mean in a ten year bull run people start to lose sight of the fact that there were some major financial institutions? Back in two thousand eight went out of business and when you get into a point of high volatility when people are worried about their health in their finances they're not looking for the lowest cost option. They're looking for the player. That is GonNa be resilient that's going to not go down in high volatile days in just kind of goes back to nothing value is ever free. Yeah that's fair. What about the consolidation? In the industry we've seen consolidation at the adviser level particularly with independent broker dealers. Of course two major emanate transactions with some of your competitors between Schwab t day and then Morgan Stanley's acquisition of e trade The Goldman Sachs acquisition of united capital. What's your perspective on these deals? Are they positive or negative? The industry as a whole and how is pershing responding and he plans to acquire as well. What are some of the thoughts? Yeah so I think. Generally we see this as a tremendous opportunity for our firm in these trends are reaffirming our strategy on a couple of fronts if we look at the environment at the wealth management level such as Goldman Sachs acquiring united capital or even the rise of deals that we see. You know we've had a record deal volume in this business. For Wealth Management Practices over the last five years. Everybody wants to be in the advice. Business the vice business is a very coveted fee. Stream is one of the areas that we haven't seen fee compression in the adviser fees so that's driving capital and you know even in this environment. I think that we're GONNA see a slowdown in in the Ra segment. But it's not gonNA be for long we're GONNA see that Comeback Pretty aggressively you know. So that's not gonNA slow down on the platform perspective and kind of our competitors. We really view that as those consolidations again were kind of leaning towards wealth management or direct to retail. I don't think that what we're seeing is these firms necessarily acquiring businesses for the custody business. The custody business tends to be lower margin lower profitability business. It's it's all that we do and we're the largest player in the in the business. So that's what we do really well and we love that business but if you look at those other deals they're really retail driven there about capturing directory tell clients in again that kind of validates our strategy of being the brand behind the brand helping advisory firms compete with those entities that really. WanNa go direct to retail and be the wealth management provider themselves. Yeah and what are your thoughts about the breakaway movement in general post crisis? Do you think that more advisors more employees advisors will seek independence? You know you talk about a more flexible tech stack. We talked about the ability to communicate more freely. Do you think this will drive more in that direction or will more folks feel safe for being under the auspices of an all in one place. Turn key firm with a brand delake a Morgan Stanley Merrill Lynch of or something of the sort. I actually think that this crisis that we're in right now is showing the resiliency of so many firms of all shapes and sizes and one of the tactics over the years has been if you start your own firm. You're not gonNA have is strong compliance controls or cybersecurity etc and that's just proven to not be the case and what we've seen is these boutique. Registered investment advisory firms are able to be very nimble They've got very strong capabilities to be resilient and flexible the work in multiple offices and work from home and type environment so I think that that was kind of a test a case in. I think that will come out of this showing that that test case as is fine. I think that what alluded to earlier around the way that people want to operate and communicate with their clients. I mean that's not going away. I absolutely believe that we're going to see continued increase of the amount of teams that WANNA operate their own business. They want control. They want the ability to control the client experience. The communication experience utilized social media utilize digital tools. In that's only been amplified in accelerated with this crisis that we're in at not to mention everybody's working from home and able to do a little research and listen to your podcasts. During the time so I think on the other side of this. I mean. We're seeing it in our business. We've still got a number of teams that were talking to their planning launching and there's no slowdown incite. Yeah well actually. It's funny. We're finding the same and I think the answer is that if someone has entrepreneurial DNA that is not being satisfied as an employee. You can't squelch that. And so there will be some folks who will need a wealth. Replacement Strategy or where capital may be an issue and may choose instead to either stay as an employ or move for a transition package but the decidedly entrepreneurial that are wanting independence for the right reasons to build enterprise value to be able to communicate more freely to service clients better without limitation a not. Going to be stopped. We're finding the same questions I want to go back saying. You said you mentioned a little earlier in this conversation that countless times you'd be walking through a hallway or an airport or a conference with Mark. And somebody would stop them and say you may not remember me but you gave me advice. Change my business model years ago. What did you think they meant? What do you think some of the most profound things were that they were referring to the changes that they made on Mark's suggestion sure many of those types of stories were around thinking through what a business looks like from a human capital strategy to maybe contemplating a succession plan or perhaps selling a business or merging with another business or acquiring businesses? So those are the types of things around business management and structure people prophets process having discipline around measuring the financials within your business in benchmarking that to what other firms are doing and tweaking. What you do see that you can become more profitable and have a better per client revenue mix model Those are the types of things that were very important to those individuals and I think that's where they were commenting. That mark helped them all right so we already talked about the big shoes. You're going to be stepping into and you know we talk often about beginning with the end in mind. So what is the impact you Ben Harrison? Would most like to make an legacy. You'd like to leave on pershing. Sure so the I guess. The ultimate goal for me is that we WANNA be the top player in the space. We're not in any business that we don't want to be a dominant player in the strategy and direction doesn't change from where we've come from. We continue to double down on the strengths in our key. Differentiator and invest in our business. We're going to continue to support growth minded or on their growth journey. We're also going to expand our addressable market a bit mindy and you know under marks leadership. We really focused on that. Ultra high end advisory team and absolutely shifting and we've got scale and were able to absolutely expand our addressable market and there's a lot of disruption in the marketplace right now so a firm with a one hundred million two hundred million three hundred million dollars is in our crosshairs. Now is an optimal client for us. So that's a little bit of a shift. Another thing that I want to continue to do is leverage our enterprise. We've got so many capabilities. We talked about this earlier the depth and breadth of capabilities that being why Mellon pershing bring to the marketplace is hands down more capabilities than any of our competitors. We just have to unlock more of those and all worked collaboratively towards one unified goal. So I mean I don't aspire to be a famous personality in this space will leave that to mark but I would like to be known for building a strong team around me and bringing together. Our Company to collectively share in the opportunity of that the segment provides the oreo segment the wealth management. Business is just such a great place to be right now in. It's going to continue to be yeah. I couldn't agree more and I'm excited Ben. Not only about the prospects for wealth management in general for the RIA space in general and for pershing specifically but excited to see what kind of changes in what positive impact you have and look forward. Hopefully we can continue the conversation once you've settled into the new role and And you know really begun to take things over absolutely thank you mindy. You're welcome pleasure. We are so grateful. For Ben's time and perspective especially in the midst of this unprecedented crisis pershing's goal to become the dominant player in the space and to expand. Addressable market is a goal. That's beneficial to advisers who are considering their options in selecting custodian who will be a partner in their success. I thank you for listening and I encourage you to visit our website. Diamond DASH CONSULTANTS DOT COM and click on the tools and resources link for valuable content. You'll also find a link to subscribe for regular to the series and if you're not a recipient of our weekly email perspectives for advisors click on the blog link to browse recent articles. These written pieces are an ideal way to stay informed about what's going on in the wealth management space without expending the energy that full-on exploration may require feel free to email. Call me if you have specific questions. I can be reached at nine. Zero Eight eight seven nine one zero zero two or these days on my cell at nine seven three four seven six eight five seven eight or always by email. 'em DIAMOND AT DIAMOND DASH CONSULTANTS DOT COM. Please note that all requests are handled with complete discretion and confidentiality and again. If you enjoyed this episode feel free to share it with a colleague who might benefit from its content and a special thanks to advisor hub dot com for sharing this podcast with your viewers and subscribers. This is mindy diamond on independence.
Monitor Show 17:00 06-27-2020 17:00
"Access, or outsource trading, being Mellon's pershing is a prime broker who's committed to this business and dedicated to meeting your revolving demands to learn more about the unique and industry, leading solutions for hedge funds and other alternative managers visit, pershing Dot Com, pershing LLC member Finra and y e Sic Broadcasting Twenty four hours a day at Bloomberg Dot com on the Bloomberg business APP and on quick take by Bloomberg. This is Bloomberg radio now a global news update. COVID nineteen outbreak house warning I'm Anne cates. They're almost two and a half. Million confirmed cases of the corona virus in the US and the death toll has top one hundred twenty five thousand correspondent Polo Sandovol report. Some areas are seeing spikes. Thirty states reported seeing increases in new Cova Cases Florida among them Sunshine State reported nearly nine thousand more covert cases on Friday, a new single day record that the rising number of positive cova tests now fueling fears that Florida, maybe a new US epicenter of the outbreak, the head of the House Select Committee on the Corona Virus has issued a warning to his colleagues. Colleagues Chairman Jim. Clyburn, who also serves as the House majority? Whip says the only way he will hold in hearings in the future is if all members wear face masks to protect against the coronavirus, I covers all required. Clyburn says that comes directly from the Capitol physician and the Sergeant at arms. You're not going to have another meeting in find space for less for more than fifteen minutes. If we'RE NOT GONNA buy buy this sample Republicans on the committee of declined to wear face masks, saying since they're seated six feet apart. They don't need to president. Trump also declined to wear face masks of public.
CBS 2 News PM Update 06-23-20
"I'm Brad Edwards here the stories making news at this hour today, Governor Pritzker announced all students Kim returned to class in the fall for grades. K. Through twelve face coverings will be required. No more than fifty students will be allowed together in one space. The governor also warned that district's need to be prepared to return to remote learning if there is a second wave of the corona virus. A thirty one year, old woman on a bicycle with seriously injured when she was hit by Sydney truck and dragged witnesses say she was making a right turn from Milwaukee to Belmont when she was hit by the truck, which was also turning the search continues to find three teenagers who escaped juvenile custody in the southwest side. The boys are accused of shoplifting. Restore police were driving the thirteen and fourteen year olds to a juvenile intervention center and Brighton Park when they jumped out of the van your pershing and California to the weather now chance of storms, tonight and tomorrow is some cooler air moves in join CBS to or CBS CHICAGO DOT COM for news updates around the clock I'm Brad Edwards.
5 Often Overlooked Business Mistakes
"Sorry. I'm late everyone. All right. Just getting started. Are you in your closet the quietest place? Not The roominess though getting closer with your closet these days. Dinosaur costume behind you. Know. The containers toys. Custom closets is here to help with up to twenty five percent off closet systems and free virtual in-home closet design who wants to put on the dino suit really guys the container store where space comes from. Welcome to accelerate your business growth with your host Diane Helbig. Diana's a leading Small Business Development and leadership coach author and speaker who is passionate about sharing valuable ideas, tips, and techniques with business professionals. Worldwide Diane brings you the world's experts and gurus in all things business whether it's sales structure social media planning or plateauing guests bring their expertise and energy to each episode. When growing your business, is your focus accelerate your business growth is the show to listen to. Got a topic or guests suggestion let Diane. No. The goal is to make sure you have the information you need to move your business forward. Thanks for joining US settle in and enjoy I everybody. Thank you so much for joining me. Today's podcast is sponsored by audible DOT com. I'm imagining that you are aware that audible dot COM is a leading provider of audiobooks, but you may not now all the other content they have to offer so. You can get a free trial by going to audible trial dot com slash business growth, and check it all out for yourself. I think you're going to be pleasantly surprised. Accelerate, your business growth podcast continues to gain recognition as a great resource for small business owners, sales, professionals, entrepreneurs, business leaders, you name it. We are fortunate at we have been included on lists of the best podcast to listen to for varieties of business reasons. And this is really due to the guests. These are folks who have. expertise in particular areas of business, and they join need to have a conversation where they share that expertise with all of you. That way you can get the information that you need seeking to better things in your business. Today is no exception. My guest today is Patricia stalwart. Patricia. Otherwise known as the prophets teaches business owners, how to get back to basics. Plans to make the money they had in mind when they first started their business. She says that four out of five businesses will fail and the majority of the failures won't be related to money issues. Patricia is the CEO of PS worth the author of the Prophet, Handbook and the host of the so boss three sixty podcasts. Thanks so much for joining me today Patricia. Having me. I am thrilled to have you here. We are going to be exploring the five costly mistakes that business owners make. That are so costly that they can not only at cost the money, but could potentially cost them their business as well. And when I read your bio I, read the US say the four out of five businesses will fail I. think that is a staggering statistic. But that's not really the end of the story. Is it? No I it it's. It's really not the end of the story. The other statistic that sort of buried inside of that is that. Over the past few years. sixty, six percent of businesses either did not make a profit or just broke even. Wow yeah, that's staggering when you is the only a third of the people in business actually made money. On my goodness. Okay how do you survive? So so yeah, those going out of business. That's the end of the story. The story continues on for those. Who Survive in a sense you know. Yeah. Yeah. But not well, and not for very long I mean my gosh how long can? You go I guess you could go for a while breaking even, but then you have no money to invest in your business no money to invest no return on your investment. Remember Your Business is really an investment in an. And if you're just breaking even you're not making any kind of return on your investment. Wow. No kidding. Yeah. Oh my goodness L.. Well. having said that let's jump into these mistakes. So what is the number? One mistake? You see business owners make? Well, it's kind of hard. They're all almost. It's hard to know where to start but I'm just gonNA start with with the first one I thought of and that's Just not understanding where you are related to your goals that is not understanding what's coming in what's going out and where it's going. And what's leftover? We might have an idea of what's coming in. And I have a lot of I mean I talked to a lot of business owners who tell me you know that gut? They know what's going out you know and they know where they stand, they know what's leftover. But when they look at the reality of it, their gut is generally off a little bit. You know. They don't really have much left over as they think they have leftover because they forgotten about all those little expenses that keeps creeping up. And they don't take those things into account. So it is really That's that'll get you right away. If you don't know where you stand at all times not having you know they talk about cash is king and I say cash flow as Queen and if you don't have a King or Queen then. Then you're really sunk your. Yeah. Right. Your Kingdom is falling down absolutely how And so wow, I mean that's that's just I gotta think that then they are just amazed. When they actually seeing what the numbers really are. Yeah, and the here's the issue. Most of them don't want to look at the numbers. I mean nothing like I've talked I've talked to, in fact I to a woman today was a business owner and she said. I can't under I I. Don't see why understanding my numbers would help me Oh my gosh. Yeah. It's like, oh Okay. I have this other philosophy and this philosophy is my job is not to convince you. Or my job is to inform you and if you don't want to take that information, then I'm okay with that. Because, as I always say once I've told you something, you cannot even hear it. So if you don't make your numbers are that important to you find I have no issue with that I have told you and that's the. Wrong. Oh, my goodness. I have so many questions. Okay. Because I mean. I would think that someone would like that would become really really important when some expense out of the blue popped up. And they couldn't cover. Well you know here's the thing. They've done studies and they've they've shown that in in terms of personal finances the average person could not cover a four hundred dollar. You know expense without going into debt using credit card or something like that. The same thing happens to business owners unfortunately there in the same boat because generally the way you manage your personal finances is the same way you manage your business finances and vice versa. So most business owners are right there on the cusp all the time you know anything could just knock them off of that in point well, and we've noticed that with this you know we're recording this during the pandemic and You know it's it's really a spotlight is shining on. The the this whole idea that. Small Business owners don't have the money to withstand something like this. You know they don't. They don't have savings even though they're told may should have savings that they don't know. They absolutely don't and the the other part of that. As you talk about as you talk about savings is that don't have any retirement either you know. Like, it's like it's the kind of thing where okay I wanna I'm GonNa work till I drop as what a lot of people tell me and I'm like I don't care if you do want to work until you drop what is wrong with having some extra money you. Don't see the problem with having that retirement money just in case you wanna not work as much. You want to go on vacation you WanNa do things extra money is not going to hurt you even if you work till you drop you know. Right and not you know it's it's tax deductible when you invest in your retirement plans at, were you as a business owner? So you're doubly losing. Weight. My. Gosh. Okay. So what's the second mistake? Okay. The second mistaken we just kinda covered that a little bit. It's having no plan a, which means you don't have a plan b either you know, and so the plan a is really the roadmap to run your business and I know a lot of lot of business owners go crazy when I mentioned having a plan because they think of this giant book thing you know this this Pages or whatever but that's not the kind of business plan. I'm talking about what I'm really talking about is a one page business plan I work with my clients with, and we put that one page business plan together, and we review it every month so that they're always on track and they always know what they're doing, and from that plan, we create a plan B for things like Cova. We never knew. and. So we take that plan and we still They're still able to stay on track for the most part with what they wanted to accomplish because they have that plan B that tells them what to do when the unexpected happens. Okay. A Lot. yeah okay. and. You know what I'm GonNa. Take a sponsor break said, then think about it. And then we can discuss growing so. Accelerate your business podcast is sponsored by audible dot com and we are thrilled about that. And I'm wondering how many of you really realized how much audio content? is going on over there. You know they've got thousands of audiobook titles. We all know that that that's pretty much. Pretty well. Exposed and we're pretty wear. But you may not know about all the other content like podcast an audible originals guided meditations new. It's incredible. How much? audio. Content is available there and the cool thing is. That you can get all of that stuff in one place so like you don't have to go to one place to get your audio books in another place to listen to podcasts in another place for guided meditations sow it's it's an interesting way timesaver. and I would like you'd be able to check that out for yourself. So they have graciously provided me with a link where you can get a free trial. That link is audible trial dot com slash business growth. The, do yourself a favor go to the link, sign up for the trial and check out the content that is available to you on audible dot com I think you're going to be thrilled and suppress. We are seeing with Patricia, stallworth about the five often overlook mistakes that cost a business money if not the business itself so. We have. We have discussed on two of the mistakes that you see business owners making what would be a third. A third would be using tactics versus strategies to try to grow your business. So what do I mean by tactic versus a strategy? A tactic is something like those bright shiny objects you know if I. IF I just have this, then I can grow my business and everything is going to be fine and so you go after these things one after the. I need a better lead magnet. I need a book I need you know if you get all of these things together then that's going to be the thing that's really GonNa put you over the top. a strategy on the other hand is a plan. It's a plan of how you're going to get to where you want to go, and so people are constantly buying all of these tactics. You know right shiny objects and then made look and say I wonder why? I'm not making money because I was supposed to be making money when I got that book that was the thing that was really GonNa take me over the top and it's not working. Yeah Yeah. Because you have to have as you said, a plan a strategy, right? Nine tactics go in there there might be some that makes sense but they're they're attached their tailored to. The Strategy Nether, not just these mild own that looks good and so and so said, this was a good thing to do so yeah no, it's. It's really it's really understanding that. You don't know what you need. If you don't have a plan, you know you just it's like throwing spaghetti at the wall to see what's actually going to stick, and that's no way to run a business. You know most people would never never never think about going on vacation without a plan. You know you gotTa know where you're going how you're going to get there where you're gonNA stay. You know what are you GonNa do while you're there you know you plan all these things. But when it comes to business, it's like, oh, we just kind of go from day to day and we'll see what happens and you know that's that's no way to business. It's really not. Okay. But I mean, do you have any sense of why? So many small business owners are doing this? because. Here's what happens people look at business owners and they say, Oh, my goodness that looks really easy I could do that. And they jump in without any training or any thought of training and they know that they're good at whatever they do. You know I'm good NASCAR WEAVER I could make all kinds of baskets you know, and so as long as I put my baskets out there than my business is going to grow and I'm just going to know be spectacular not realizing that businesses more than just having something that you're good at having a business also means that you know how to manage that business and if you have people working for you how to manage those people. So many clients that I talked to actually have an accountant or a bookkeeper, and so they don't think they need to take care of their finances because they have an accountant or bookkeeper to do that, and it's like, yeah, they take care of what's already happened in give you reports and things like that. But they don't tell you how you know what's a good way for you to manage your business based upon your financial numbers don't tell you which. Products or services are doing really good or maybe you're underpricing in certain areas or a different, they don't give you the strategies. They just tell you what's happened to put in a report and do your taxes. So that is no excuse or no substitute for you giving up that side of your business, you can't do that Sorta rear view when you say it that way it's like rear view mirror. Right? You're looking backward at Your Business Johnson interesting. Wow. Okay. All right number four. Number four is, can we touched on that one? Is the failure to price your products and services appropriately Yes. Now that's a big mindset thing for a lot of people you know. I can't charge certain. Things because people will think that I'm just trying to cheat them or or only only want to help wealthy people and I don't want to help you know I mean it's it's like. And one of the things that I've come to learn is that your strategies around pricing or your hang ups around pricing have to do with a hangup that you have yourself. So it's kind of a mirror of you. And so when you begin to think about I would never pay that much for something. So why would I charge that much for something say it's a connection to you and so you really have to pricing is a lot of mindset but really the way to price price your products and services is to really think about the value that somebody's getting out of that. You know it's it's In some cases, we can look at the numbers and we can say if somebody. Does what I am if somebody buys my product or service is going to Save Them X. number of dollars in other cases were not able to get sort of like that. It may be that if somebody buys my product or service than they have more energy, they have better relationships they have you know whatever your, whatever it is that you offer to your clients and you need to understand what the value of that is so I had a client who was doing weight loss, and so the thing of it is that she didn't think she could charge very much for her weight loss classes because you know you can get them everywhere pretty cheap actually go online and watch them and things like that and so I started to start to talk about really what is the value that you give somebody? So think about this overweight people do not move up. If they have a corporate job, they don't move up like other skinnier people. You know it's just it's just a way that you. There's so many things that happen to people who are are overweight compared to people who are not overweight, and so as you go through life and maybe their relationships are not that they don't have that great relationships. There's so many things. So when you look at that at the end of the day. You're you have a valuable service if you're actually able to help them, lose weight and keep it off then you've given them something that's almost invaluable. I love this APP. 'cause I am. So with you on this site. The what I ask people to do is think about the value, the result of what they do not the how of what they do because people don't really. Necessarily care how you do it. You Might WanNa know what's in it for them like what are they gonNA get from that Right, and I have these groups than I am that I met with twice a month and We met. I guess last week and I asked everyone both groups if I were going to call. One of your clients and ask them what the value is of working with you. What would they tell me because I think it's easier for people to think about it that way right right that than. Feel like they're they're bragging or something but if they really think about, okay, this is what I heard from my clients. This than they can get to that place a right there really is an outcome. Absolutely. Yeah. I mean next all the difference. It doesn't make. It makes a lot of difference when you look at it that way versus will the competition is only charging nine hundred dollars or something. So how could I possibly charge you know five hundred dollars for my course yet right so it's a it's a different kind of. It's a different mindset in his putting here. It's really looking at looking at things from a different perspective and that's where we get lost so much so much where it's so lost in our heads that while we're not really really going going outside and looking at at the different things that that we should be looking at in terms of especially pricing. Yeah. Yeah. Yeah. No doubt and I think one of the things we need to think about or at least appreciate as. The there's the we should want to work with the people who value what we're doing absolutely equally or more than they investment they're making. Absolutely, one of the things that we sometimes get caught up in is well. The issue is, is that if I if I charge too much, people can't afford it or something like that and then and then they get into these weird kinds of things. But the thing to think about is people who resonate with you we'll pay. What it is, you're charging because they see the value and you really have to go after those clients that are in that are your messaging speaks to, and so it gets. So pricing and messaging, and all those things are kind of tied together and sometimes we send out messages that. Are Not. You know we're attracting the wrong kind of people to our. and not it's not really that they can't afford it. It's just that our messaging says they should be able to afford it or. Whatever you know kind of. In many cases, we're doing it to ourselves. Yeah, right. Yeah. Yeah. Yeah. That that I. Completely, agree with and you know I think we all do it. I think. WE WE HAVE THAT WEIRD Messaging that goes on our head. That is. Like self sabotaging Wow Real. Good at that. We're real good that. Unfortunately. It's Oh. My Ass. Okay. What is the fats? The fifth one is not jetting help. You know it's like you know as entrepreneurs we obviously, we know everything you know otherwise entrepreneur but here's what's happening. We live so much in our heads especially solo pruder's Oh, Gosh, we live in our heads and if you don't get an outside, you know opinion at some. You know a coach or or one of the services or you know something like the small. Business Development Center or something you know where you can get some kind of feedback on what you're doing from time to time. Then you're just you're just sort of. Going in a vicious cycle sometimes, and you wonder why? I'm not getting anywhere and you're not getting anywhere because those same same thoughts running through your head and you're making those same silly mistakes over again over and over again. So you're just you're just going this vicious cycle and until you stop and really. Realized that it's okay to get help. then. You you run the risk of really just running yourself into the ground both physically mentally and your business. And isn't that a weird thing that we think we're supposed to now everything when really we got into it sorta like it goes back to the first. Mistake I think it was the first or second where we're really good at some things but not necessarily good at being business owners or knowing your numbers for like any of those things. So why would we think that we were supposed to have all the answers? It's the kind of thing where you know I used to wonder why Why people had I used to work as a financial consultant and working with in personal finance and I used to wonder why people were so bad with with their finances and it finally came to me one day. It's like that because they don't teach it in school. People think it's supposed to be intuitive. And if it's not, you know if you don't have it if you're not good at it, then you're just not very smart. You know I mean this is what this is what runs through my head I can't ask anybody for help because then they'll know that I'm not smart. And I, you know and the whole thing I spent a lot of time just educating people on the fact that they don't teach in school but they should teach in school because it is not intuitive. Yeah. It's one of those kinds of things where there are rule there are different lessons that you can learn. Once you learn those then you can be off rocket you know but as long as you want to stay muck admired and if I ask for help, people will think I'm dumb. Then you're not gonna get anywhere kind of thing. Yeah Yeah I think that's a great point. That's so weird. You know when you talk about it and think, okay, hang on a second. Why would? Of. Yeah. Yeah. That's the only thing I could come up with is that. Intuitive you know I'm supposed to know this already. Knowing how to manage my money. And if I can't do that I'm a dumb baby. I don't know it's really it's really understanding that. So much of what we have been brainwashed to believe has been because it it helps other people in a sense. So all of the creditors love you when you don't know how to manage your money. They love you. They want you know this like come. We'll help you will loan you money. We'll give you credit cards. Will you know to anything to try and take you down and that at once you understand how that works then it becomes okay. Maybe that's not the best decision to make. The Best Decision I get educated. Can't advocate, it. Boy No kidding. I someone once said to me. They said it to a group of people that we we grow up being told that it isn't polite to talk about money. Men We start a business and all of a sudden we're supposed to talk about money. I can't do it because it's like you know I know I'm not supposed to talk about that but isn't it strange how we can talk about? I mean really personal stuff I mean it's like dude money is an inanimate object. I. Mean. Some of the personal stuff that people talk about is like. T the. APP. I WANNA know. Know. I didn't want to know that. Thank you. Thank you right. Right and you don't have to tell me some of the money stuff either but. You GotTa know it and if you've got questions ask your questions. I'm not good. You know it's like One of the things that my client said to be. A united like working with you because there's no judgment. I don't judge you I mean it's like you are where you're at you know you are where you are and so we start there and we move forward. Go backwards because remember once I've said it. Yeah. Hear it. Ready? Right? Yeah. Yeah that's exactly. Like Gosh that is so great. Love. That okay. So if someone's listening. And They're thinking of themselves. Okay. I do I love what you said about they have bookkeeper a CPA so they don't think they need to know that invasion. So so they're thinking of themselves only. Yeah. That's how I've been doing things. Is There Is there particular information you would that you would say, okay. When you step listen to this, get a hold of your bookkeeper and ask them for X. Information. Tell them you WANNA see. Daily report whatever I mean is there something that you think? They could be getting from that person you know proactively. I think that a lot of people what they do is they're their bookkeepers, accountants, give them their you know their reports are there statements and they take those things and put them in a drawer and that's the wrong thing to do is they look at them and go ahead and put that. And it's like, no. What you need to do is you need to either do a one of one of two things. Number. One is you need to ask them for specific things like what were my revenues which which products are services did I, do well on you know different. And it's going to depend differently for each business but understanding your revenues, your sales in your expenses are going to be two top things that you always want to know and and your Prophet. So profit is actually your sales or revenue minus your expenses, and so you WanNa know at least those three numbers and you can ask them to pull those numbers out for you and give them to you When I work with clients we put together just really a nice little dashboards that have places for those things so they can see it graphically and. they just asked their accountant bookkeeper to give them those those numbers are plugged that in to their dashboard each week. So that every week they see an update and they can see that graphically at a minimum, those are the things that you need to know depending upon the type of business you have you may. There may be other things that are really important for you to know, but you need to know what's coming in what's going out and what's left over minimum. YEA AT and I'm so glad that you said that I think one of the. You and I've talked about this that that. There it's one thing to get revenue. It's a whole other thing to have profit absolutely right and so when you were talking before about these companies that break even or lose money. because. They're not. They're either spending too much or they're not pricing. with with effective margins because they don't know what their expenses are. Right and so many of them. Did taxes so I can tell you so many of them don't even know they losing money. They don't have the concept because they never got those numbers and until they see their tax return, they don't know if they'd made her lost money. Now if you catch them at any time during the year and say, are you making money? Are you losing money or you breaking even they'll go. I don't know. And here's the thing they look and say they look in their bank account. Okay. I still got money they're not making. I must be making money because. It's like it's like one of those things that what this joke how this joke goes. It's like I still have checks so I must have money. Got Money. You know. So yeah. Yeah. I had a client who would do that and so. The person accounting had to keep like moving money. Like the first thing in the morning before the client even got in the move money out of the attention. So he didn't seem. Yes. because. Okay. Go pay these like no. No No. Not Really Fair is nothing there. I. Know some of my clients, I, we do. We put things on autopilot for them because if they see it, it's gone more. I see it. It's gone so. you. We have to automatically have fun shifted from one account to another account so that it goes into the appropriate things to pay the bills to do other things otherwise if they'd see money, it's like, yeah, I got money. Let's go out, right? Yeah, right yeah. Crazy. I'm the Lai Gosh. TRICIA I. SO appreciate this conversation. This information will will you tell the listeners? How they can find you and and what you've got going on place. Well, they can always find me at PS at. PS WORTH DOT. com or or go to ps where dot com you can actually download these five the mistakes business owners make and really take a look at some of the things that we offer. They're all also all over social media on linked and please connect with me there or a facebook all twitter. INSTAGRAM. Tell, everybody about your podcast. The podcast is called. So boss. Three sixty and so boss three sixty is all about creating money bosses I. think that everybody should be money boss especially, if you're a business owner, there's no excuse for your. Money boss and being money boss means that you actually understand. Your finances or you're learning to understand your finances and you're also building a business that is based upon. Being able to take your numbers and understand what they mean and things like that. So we have all kinds of guests including. The person who's interviewing now. As a guest on our podcast. So please check us out. We're on ITUNES spotify. Radio all over the advice. airy goodwill. Thank you invoke seriously visit the website listen to the podcast. This is really incredible information. At listeners thank you, We are doing this for you. You know trying to improve the world one small business at a time. I would also like to thank our sponsor audible DOT COM head on over to audible trial dot com slash business growth, and get your free trial and then explore. Check out the audio books, check out the PODCAST, the guided meditations all stuff that's there for you to listen to. As, always remember to. Prosper and be curious, and until we meet again on another episode of Accelerate Your Business Growth Goodbye anger day. Some call it insight others, collared, vision at pershing. We call it perspective perspective you'll benefit from from a custodian you can rely on one who can help navigate the big picture and whose products give you a competitive edge when who considers everything what will help you succeed today and tomorrow open yourself to a new perspective and opened the possibilities consider everything be and why Mellon pershing learn more at pershing dot com slash Ria. pershing advisor solutions LLC member Finra SIPC. Some call it insight others, Collared Vision at pershing we call perspective perspective you'll benefit from from a custodian. You can rely on one who can help navigate the big picture and whose products give you a competitive edge when who considers everything what will help you succeed today and tomorrow open yourself to a new perspective and opened the possibilities consider everything be and why Mellon pershing learn more at pershing dot com slash Ria pershing advisor solutions LLC member Finra SIPC.
Monitor Show 05:00 08-08-2020 05:00
"Managers Creek Great. Experiences for their clients whether it's customized financing securities, lending solutions, platform access, or outsource trading being y Mellon's pershing is a prime broker who's committed to this business and dedicated to meeting your revolving demands to learn more about the unique and industry leading solutions for hedge funds and other alternative managers visit pershing Dot Com pershing, LLC member Finra Nyse Civic Broadcasting Twenty four hours a day Bloomberg dot com on the Bloomberg business APP and Bloomberg quick take. This is Bloomberg radio. Now a global news update. Executive. Power political exception I'm Barbara Kusak president trump said if Congress can't come to terms on a new corona virus spending bill, he'll issue an executive order corresponder Jeremy Diamond reports. It's unclear if trump has this kind of power. Telling, his. Look the Democrats aren't able to do this. The Democrats won't give us a deal, and so I'm going to act unilaterally to take care of you. The American people what has staffers quickly handed out masks and asked members at the president's Golf Club in New Jersey yesterday to spread out after reporters posted pictures of the crowd on twitter president trump explained it away to political activity that have exceptions political activity, and it's also a peaceful protest. So when you have. Number of me, they looked like they all have pretty much all have mass recovery efforts ended in connection with the marine landing craft that sank off the southern California coast the remains of Seven Marines and a navy sailor were found during salvage operations. The bodies were being flown to Dover Air Force Base in Delaware Corresponding Clayton Neville reports of former angels employ has been charged in the death of La Pitcher Tyler, skaggs, who lost his life to an alleged.
1119: Creating Check Points for Living Well by Anthony Ongaro of Break The Twitch on Rational Minimalism
"This is optimal. Living daily episode eleven nineteen creating checkpoints for living. Well, by Anthony Garo of break, the twitch dot com, and I'm just a molecule personal narrator reading to every day including holidays and this episode is brought to you by skill share skill share is an online learning community for creators, and they have over twenty five thousand classes in design business and more perfect for the new year and of a special offer just for you. Get two months of skill share for free. That's right skill shares offering optimal living daily listeners, two months of unlimited access to over twenty five thousand classes for free to sign up. Go to skill share dot com slash old. That's skill share dot com slash L D to start your two months now for now. Let's get right to it. As we optimize your life. Creating checkpoints for a living. Well, by Anthony on Garo of break, the twitch dot com. I've been thinking a lot about minimalism recently specifically the idea of living with less stuff and prioritizing experiences over the last two years this philosophy has been incredibly effective in helping Amy in me slowly craft our lives into what we've wanted them to be. There are just so many different considerations. That may can sometimes be overwhelming to think about whether or not we've landed where we should be is this ideal. Should we keep decluttering many minimalists live out of a bag or two while some focus on having one hundred things or viewer the near the idea of rational minimalism perhaps living in a tiny home or an RV and the list goes on? There are so many different ways. We can choose to live our lives but much of it relies on the constraints or rules that we apply to make those decisions. Would it really make my life better? If I only had one hundred things despite several rounds of decluttering, we probably still have a couple of thousand things in our home. I think it'd be an interesting project account enlist everything one of these days, but. Is not high on the list as it currently sits. We don't feel that our possessions are preventing us from living the life. We want. Our home is easy to clean. We don't have financial obligations to things we purchased in the past man, we're not feeling held down by anything in particular. If feels like minimalism has helped us to get where we want to be with that being said, we want to make sure that continues to be the case one small addition of clothing or small gadget here. And there wouldn't make a notable difference in our happiness and environment. The problem comes when we slip into a state of relative comfort things build up and all of a sudden the clutter closes in. Indeed, that's the purpose of the rules that people create for themselves. They're not something intended to create discomfort or unhappiness in your life. Instead the rule should act as a simple guide and alert of source or a notification that it's time to consider how things are changing. Once you run up against that boundary that you created ding is time to mentally check in and see if. The choices you're making are still in alignment with your vision. Perhaps something has changed since then, and you prefer it another way. Now, that's the benefit of creating these types of checks and balances in your life there wakeup calls evaluate if things are still going as you hope they would if not is time to adjust modify the rule and move on. If we spend all of our time obsessing over whether or not we have one hundred items or fewer or wondering if we might be happier with less clutter it defeats the purpose of minimalism altogether. I've been using these concepts for a few years now, and here are three examples of them in my everyday life, number one undershirts and graphic tees I used to own over fifty t shirts, and I didn't even like all of them free promotional shirts from events old shirts from way too long ago it cetera. They occupied multiple stacks. All my closet shells and took up a ton of space doing laundry became a massive chore due to wearing nearly every shirt between wash. Things I donated about forty of those shirts and have since picked up only a few. I found a love for simply grey t shirts without anything on them. Instead of putting the shirts in a folded stack in my closet. I stack them vertically in my dresser drawer in a single column. The streamlined my laundry and allowed me to take the time to hang dry all of the shirts. I have this makes them last longer and have less wrinkles. But that's beside the point my life is better owning only the t shirts that I really love. So I wanna keep it that way as soon as he gets hard. If it all of my shirts into the single column of my dresser drawer, I know assigned to question whether or not I still want all of them is a quick reminder of all the time I saved doing laundry and the extra care I provide to the shirts I do love number two physical books after Pershing all of my unread books. I decided to create a new rule, I tried the kindle e book thing, and it was not for me. I retain information much better when I'm reading a physical book and decide. Added to stick with the real deal. The rule I would not purchase or borrow a new book until I either finished or given away the book that has previously reading I knew that had a habit of buying books and then not reading them, which is not only wasteful. But simply a bad idea is my desire to learn about the books topic. But then a new shiny book would come into play and pull me away from it. This rule forces me to acknowledge when I'm not interested in finishing a book, which is totally okay. And actually makes me act on getting rid of the book before acquiring the new one. Secondly, all my books are in my nightstand drawer, this space limitation allows me to focus on a small number of books that I want a reference from time to time and similar to the shirts provides a check in when I have more than I can fit in the drawer number three screen time days bent in front of a smartphone. Or some of my worst days as fun as it can be to check in with friends and loved ones technology, infinite scrolling, social media platforms and media websites playing tar. Human psyche. And like a drug try to keep us coming back. I use an app recalled moment on my iphone truck. My daily usage allows me to limit the amount of time. I spent on the phone enough to take care of business with some wiggle room. I don't often have issues with this. As I try to leave my phone on his charge in the other room as much as possible. But as nice having a backup tool to keep things in check. It doesn't feel bad at the time. But looking back on a day when I spend too much time on my digital devices. Just feels heavy we can spend our time in much better ways, even simply relaxing or doing something to calm our minds. How about you while Mason that creating these types of restrictions on your life may make you miserable. Take some time to consider what rules you might make for yourself, creating checkpoints can be incredibly helpful. And making sure you're still on track with your goals. Utilise into the post titled creating checkpoints for living. Well by Anthony on Garo of break, the twitch dot com and speaking of goals, thank you to skill share. I love their learning community were all about personal growth here and online courses has been one of the best ways, I've continued to learn and I love that skill shares and online learning community for creators with more than twenty five thousand classes in design business and more. You'll discover countless ways to fuel your curiosity creativity and career that includes social media marketing mobile, photography, creative writing illustration and a lot more perfect for your new year goals. Join the millions of students already learning on skill share today with a special offer just for my listeners. Get two months of skill share for free. That's two months of unlimited access to over twenty five thousand classes for free just for being L D listeners. Awesome deal to sign up. Go to skill. Share dot com slash old. That's skill share dot com slash oh. L D to start your two months now scale share dot com slash old. Does she do for today? Hope you're having a great day, and I will be back tomorrow as usual where your optimal life awaits.
1235: The Power of Daily Minimalism by Brian Gardner of No Sidebar on Benefits of Being A Minimalist
"It's a minimalist Monday edition of optimal. Living daily episode twelve thirty five the power of daily minimalism by Brian garner of no sidebar dot com. And I'm just a Molek. Welcome to the podcast where he simply read blogs to you for free like gigantic ongoing audiobook with many different authors. Today's post being from Brian Gardner, the creator of no sidebar, it's a beautiful website. I'll keep this internecine shore for this Monday episode. So let's get right to it and start. Optimizing your life. The power of daily minimalism by Brian garner of no sidebar dot com. On the surface, the thought of being a minimal as seems quite simple only need to do is be frugal with your spending live within your means throwaway or donate everything. You don't need man move into a tiny house. What I just described as a stereotype that many of placed upon minimalism for some time. I confess that I been guilty of this mindset myself, and it got to a point where I judged folks who claim to be minimalists ignorance is typically never a good thing. And in my case, it certainly wasn't the problem with our society. These days is that we have a tendency to judge on a sump shins and misconceived notions. As I began to investigate the idea of minimalism. I quickly became intrigued because there was a part of me that resonate with the lifestyles looking into the idea that less could be more and living without brings a life of joy was appealing to me. I came to the conclusion that while being a minimalist is partly what I described earlier. It's also more than that. In fact, it's. It's a lot more than that. A couple of fellas known as the minimalist agree with me. Here's what they say quote, but people who dismiss minimalism as some sort of fad usually mentioned any of these restrictions as to why they could never be a minimalist minimalism isn't about any of those things, but he can help you accomplish them. And quote, they go further with a better explanation of what they think it means quote minimalism is a tool to read yourself of life's excess in favor of focusing on what's important seek and find happiness fulfillment and freedom, and quote, but just like working out and staying healthy. It's something that requires ongoing effort and a fundamental knowledge of how it should be maintained. We all have different living styles and needs within that. So for each of us, the idea being a minimalist looks different for some that might mean Pershing a bunch of stuff from their lives. And for some might be just a slow progression of doing smaller things either way. This is a decision and adjourn. Any we should embark on daily rather than one time. Here are five things to consider the help keep you on track. Number one practice. Thankfulness reason studies have shown that those of us who are regularly thankful and appreciative for the good in their lives are likely to be more physically active feel more content in our day to day lives and suffer less health problems. Once a day spent ten minutes writing down five to ten people or acts were vans or things were grateful for and just one sentence per entry is enough number to write down your goals. Why do you wanna live a simpler life? What you crave about. It. You need to know the answers before you can make headway what do you want from this change where do you feel the greatest need to slow down and simplify what you stand to gain right down your strengths and your weaknesses and try to identify. What challenges you will face? And what circumstances will make this process hard for you number three create white? Space in your home, white space allows us to highlight the breathing space in our surroundings, and it helps in fluid I movement. It also gives an era flexibilities the environment. Choose one surface one wall one shelf the mantle your bedside table in declutter a decree white space, remove everything from that one space wipe the surface clean and leave it completely empty number four give yourself quiet time or meditation quiet time in meditation brings perspective in peace and leaves me feeling grounded and well prepared for the day plunge in your immediate surroundings, actively think about what means the most to you and treat yourself with some much needed. Meantime, so that you're better able to perform your daily tasks it doesn't have to be more than ten minutes per day. Just sit down at a quiet place and reflect this will help put your mind at ease. And you'll be able to make informed decisions during the day number five on plug your digital devices. Unplug. Your laptops, smartphones, tablets and see how liberating that feels you need time to think in create yourself. And while these tools can be vehemently helpful in this regard. They're overused may cut you off from your real life and make you believe that your virtual life is everything so unplug your gadgets at least once a day for a small period of time. And then extend that time period as your dependency on technology decreases. You just listen to the post titled the power of daily minimalism by Brian Gardner of no, sidebar dot com. And that's a perfect segue to mention that I'm doing at thirty eight challenge with prizes for you. And the first challenge is related to minimalism if you wanna participate make sure you're part of my free weekly newsletter at old podcast dot com. That's oh, L D podcast dot com. And I'll keep this out, you're nice and minimal for you today. Have great start your week. And I'll catch you tomorrow where your optimal life awaits.
The Six Star General (Encore)
"This is an encore presentation of everything everywhere daily. I'll be back again on january first with brand new episodes if you look at the list of officer ranks in the united states armed forces there are ten ranks listed which are held. Today they go from second lieutenant all the way up to the rank of general which is the four-star variant of the rank. There is a rank above general a five star general which hasn't been awarded seventy years. Most people are familiar with these generals as having served in world war two however there is still one more rank above that of five star general in the united states military. Find out about this rank and the two men who have been awarded it on this episode of everything everywhere daily. This episode is sponsored by g adventures. These are very troubled times. Even though things are starting to get better and more countries are opening up people are still hesitant to travel and that is totally understandable. That is why g adventures has announced its new travel with confidence plus collection. The travel with confidence plus collection are thirty-seven tours. In twenty seven countries that have increased safety and sanitation protocols to protect you and other travelers. These tours will have smaller group sizes private transportation and cheaper options to get your own room as well as more personal space. G adventures has also earned the world travel and tourism council. Safe travel stamp for their health and hygiene protocols and has implemented the adventure travel trade associations covid nineteen health and safety guidelines. The travel with confidence. Tours are available for booking today and we'll be departing from october. Second twenty twenty to the end of two thousand twenty one for more information and to book your tour. Click on the link in the show notes. The upper ranks of the american military has changed over time and according to the military's needs for most of the history of the united states. Its military has been quite small. Compared to european countries and there wasn't a need for a large and complicated system for organizing the top commanders in the armed forces for example the highest rank ever obtained by george washington during his lifetime. Was that of lieutenant. General which today would be a three star general. He never attained a higher rank because there wasn't any in fact after washington. There were no lieutenant generals in the american army until eighteen fifty-five when winfield scott the longest serving soldier in american history was given a promotion to the rank after the civil war congress authorized the newly created rank of general of the army and a word it to ulysses s grant and. Here's where i have to start splitting hairs. And being nitpicky there is a difference between rank and insignia. Today we can say the rank of general by the number of stars they have but stars are just the insignia of the rank. The reason i bring it up is that grant was the first person in. Us history to hold the rank of general of the army and there was no established insignia for it. Grant used four silver stars to note his rank after grant. There were three other men that held the rank of general of the army in the nineteenth century. William tecumseh sherman was appointed to the rank after grant and he changed the insignia to two silver stars with an american eagle between them. The final holder was philip sheridan who held the rank briefly before his death after the death of sheridan in eighteen eighty eight. There were no more generals higher than the rank of major general aka. A two star general at the start of world war one. The united states again created general ranks above two stars and the system they created is pretty much the one we have today. So let me give a quick overview as to how general officers in the us military our bank today. A brigadier general is a one-star general. A major general is a two star general. A lieutenant general is a three star. General and a general is a four star general. The rank is called just plain old general. There's nothing else to it. These are currently the only four ranks of general used in the united states military today and the only four which were used in world war one tasker h bliss and john. J. pershing were both appointed to the four star rank of general during world war. One here i have to make note that the world war one rank of general headed insignia. A four stars which was the same as the insignia used by general grant after the civil war but his rank wasn't that of general but general of the army. This is the distinction that soon going to become important. Just because their insignia had the same number of stars does not mean that they held the same rank this four level system for general officers held until world war two when we suddenly had a problem as the united states began working with other allied nations. There had to be a strict hierarchy in the alliance. The united states providing most of the troops equipment and money lead the alliance however allies like britain header rank in their military above that a four star general the rank field marshal. This put the americans in an awkward position of having commanders with a lower official rank than the people underneath them. The solution to this was to create a new rank for the very top level commanders. Which was on a par with the rank of field marshal. Their solution was to bring back. The nineteenth century rank held by grant sherman and sheridan general of the army. The biggest differences at this time the insignia of the rank would be five stars instead of four again splitting the rank of general of the army remained the same albeit unfulfilled since eighteen eighty eight. What happened is that another rank that of plain old general was inserted between lieutenant general and general of the army and the new rank that of general was given the insignia of four stars the military also created an equivalent five star rank for the navy creating the rank of fleet admiral during world war. Two there were four. Men raised to the rank of general of the army. They were george marshall. Douglas mccarthur dwight eisenhower. And henry hap arnold. There were also four. Admirals raised to the rank of fleet. Admiral all eight admirals and generals were advanced in rank one day apart from each other between december fifteenth and december twenty first nineteen forty four. They were giving their promotions one day apart so there was a clear order of seniority between them. The only other person who has given the five star rank of general of the army was omar bradley in one thousand nine hundred. Eighty bradley's promotion to the rank was a political move because he was chairman of the joint chiefs of staff during the korean war and he would be an awkward position of having had a higher ranking. Douglas mccarthur underneath him. Since then no one has been advanced to the rank. So why didn't the united states just creat the rank of field marshal to put it on the same level as other countries. The story which is told is that when the idea of creating a five star rank was floated field. Marshall was the original name. But then george marshall would have been called field marshall marshall and that didn't sound dignified so they just went with general of the army. Henry arnold it should be noted carried his five star rank with him after the war when the air force was created and he became the first and only five star rank general of the air force only real attempts since world war two to revive the rank occurred in the one thousand nine hundred ninety s when senator robert cast and of wisconsin lobbied to have four star generals norman schwarzkopf and colin powell promoted during the gulf war. The movement stalled and the promotions were never given likewise there was an effort to automatically have the chairman of the joint chiefs of staff elevated to a five star rank but that went nowhere. Now the title of this episode is the six star general. And you're probably wondering when the six star is going to come into play. Well here is where it gets interesting in. One thousand nine hundred nine congress created a new rank called general of the armies of the united states. Note that this is plural as opposed to the five star rank of general of the army. This rank was given to then four star. General john pershing he created his own insignia. Like general grant in the nineteenth century and he selected for stars to distinguish it from the four star rank of general which had four silver stars when the new five star ranks were announced in one thousand nine hundred forty four. The secretary of war henry stimson was asked if these new ranks were the same or different than the rank which was given to general pershing. He said and i quote it appears. The intent of the army was to make the general of the army's senior in grade to the general of the army. I have advised congress that the war department concurs in such proposed action as pershing was still alive when the five-star appointments were made. It wasn't a totally trivial issue. That means the united states does have a rank on the books although almost never discussed above that of the five star of the army. This isn't unprecedented in the world. There are some countries which do have a rank of field marshal. The rank is usually called generalissimo or grand marshal. The rank is mostly given by dictators to themselves or as an honor to some great general in one thousand nine hundred seventy six congress decided to posthumously promote george washington to the rank of general of the armies of the united states and declared by statute that no one could ever be ranked higher than washington. The only other attempt to elevate someone living to the rank was douglas mcarthur in preparation. For the invasion of japan. Macarthur was going to be given supreme command as through would be several five. Star generals and admirals involved. The idea was floated of promoting macarthur to the rank of general of the armies and explicitly. Making it a six star rank a six star insignia. The idea was dropped. A few weeks after japan's surrender in his service record notes that the promotion didn't occur due to the lack of necessity for such a rank however there was a movement to promote macarthur to the six star rank for the next twenty years up to including and after his death however nothing became of it after he died. There was a movement for posthumous promotion. The institute of heraldry even mocked up a six star insignia. In the end. The problems of advancing macarthur above his world war two contemporaries. Some of whom were still alive. Were too complex and political so. The proposal was dropped so yes. There is an equivalent of a six star general rank on the books and the us military but it is only been given to two people in history. John j. pershing and george washington generals of the armies of the united states of america executive producer of everything everywhere daily. Is james mcculloch special. Thanks to everyone who supports the show over on patriots. Please remember to leave a review over on apple podcasts. Even a simple review can really help the show get discovered in the sea of other podcasts. That are out there.
Hungry, Humble, Smart
"Hello this is austin philbin and welcome to the powering independence podcast. Today's episode hungry humble and smart. I'll be joined by. Lisa crawford a principle within the platform strategy and consulting group at being. Why mellon pershing. Lisa is a native of australia. An avid traveler having visited more than thirty countries in in their current role. She helps registered investment advisers. Focus on the business side of their practices amongst other things. We'll be discussing entrepreneurism how to build a culture within an ra. Probably most importantly financial literacy and our obligation as individuals within the financial service. Industry help perpetuate that notion. Hello and welcome to the power independence. Podcast i'm your host austin philbin chief administrative officer at dynasty financial partners and today. I'm joined by a very special guest. Lisa crawford who's a principal of platform strategy and consulting at being y mellon pershing lease. Thank you for joining me today. Really appreciate your time us and thanks so much for having me. It's really cool to be here. This is my first ever podcast and it's really cool to be able to contribute along side so many other awesome folks in our industry. Thanks for having me very excited. Let's start with just the basics. Would you mind telling the listeners. A little bit about yourself and your background in what you're doing currently at Mellon pershing absolutely so sad at the end At bmi mellon. I am part of the business consulting team and we sit inside of the advisors solutions business unit of packaging being mellon is a huge organization. We've got fifty five thousand people all over the world the world's largest global custodian so. There's always really cool things and interesting things happening in our business and that goes for every business unit. And i'm just i'm really passionate about what we do at advisor solutions and what consulting team is able to do so. I support our advisor. Solutions clients which are generally are as trust companies multifamily offices with really helping them dig in and Do with the business side of the business so we look at strategy and risk and human capital and marketing and growth. And i'm we come alongside them like coaches and consultants to help them identify and address challenges and opportunities. they're facing and then walk with them through those challenges and opportunities through execution on to the other side. So it's a really awesome job. And i get to engage with so many incredible as around the country and learn from them and share with them. And so it's been a an interesting road to get to that point I came to the united states in two thousand and seven. I grew up in australia. Don't really have an accent anymore. Apparently comes out every now and again on a couple of words Here and didn't really know anyone didn't really know anything. A had just graduated college. I worked at blockbuster. All through college and My husband at the time was working at an area and i kind of fell into the industry a little bit here and there And then i went and did recruiting for several years and then Came back to the industry at an ra in the dc metro area and work there for several years and really just fell in love with what we do as an industry and the difference that we make in people's lives and i've just been really lucky to connect with so many really incredible people who've really dedicated their lives to making industry better and seven clients and In it's fun to be able to now in my current role. Take that back in and share that knowledge and experience with other people. It's great. I wanna come back to one of the points that you made When you're talking about your current position in your background which is helping advisors and our as focus on the business side of a wealth management practice. And i'd like to focus just on a specific client segment for a minute and get your point of view which is for our as that are founded based on advisors moving from traditional financial institutions into the independence space and how there needs to be or there could be a mindset shift from one of being a producing financial adviser in a financial institution to being an entrepreneur in a business owner. And so two questions. One what are the initial challenges that you see around that mindset change and then secondarily how do you work with these types of clients to get them thinking about their practice as an actual business versus just something that's being produced within a captive institution. Yeah a great question. And i've had the pleasure of working with a number of clients who've Come to the independent side in a variety of different ways and and their stories all tend to be pretty different as to what made them really wanna make that jump at the end of the day. Some of them have been in captive environment for thirty years right. And that's all they know and in some haven't Kind of had that longevity really is a huge mindset shift though because when you come from the captive environment you walk into your office every morning and as you know there's a conference room and this paper and his coffee in the machine and the lights are on and and that stuff just kind a happens and and then one day when you walk into your own office and you realize you gotta go like by the conference room. Chaz and order coffee and pay the bills in those little things right. That makes such a huge difference in in that mindset right and all of a sudden you're in charge not only of your clients and maintaining those relationships growing those relationships but also hiring people and really training them and coaching them and providing career paths for them. you're thinking about your your exit strategy right. And where are you taking this. Even if you're not going to exit for twenty or thirty years you still have to be thinking about that in the back of your mind. And those are a lot of things that i guess. You don't really need to think about in that in that captive wild and so i think some people make shift really easily They're they've been thinking about it for a long time. They've been preparing for it. They have an idea of the kind of business that they want to grow and build And then others are. You know they know that they want to go on the independent side but they're not really sure what it's gonna look like when they get there and so That's where we come and we partner with you guys. Obviously at dynasty and had the pleasure of working with several of our combined clients in helping that make that shift but that first two years of of independence council the clients that we work with just a really focus on the business. Don't make any huge changes but just get get the basics right figure out your people thus figure out your client experience. Make sure your operational workflows are really well documented. And that you're going back. And everything is really buttoned up before you try and turn on that growth tap Because i think it's It's dangling out there everyone's like. I really wanna grow really quickly. It's like okay but let's get the basics right fast and then let's grow from there So we've come alongside a couple of couple of clients. Actually that we work alongside your team with austin and Really just helping them understand the basics of a strategic plan. What what's pot of that. What do they need to do had executed to stay accountable to that. And what our appropriate goals to set I think you know it's easy to set big lofty goals and then it's kind of disappointing. The end of the year. If you look back and you realize you haven't achieved any of them. I think setting appropriate and reasonable goals every year in reviewing them and adjusting them is really important discipline to get into you. Especially if you're starting a brand new business and you've got a blank slate on what you're able to do with that business. I totally agree the the comment around capping things. Simple is incredibly important during you know the early phases of a brand new are i. Try to have a client's focus in on on three critical items over call it the first between two and four quarters so you know half a year to a year and that's making sure that number one you transition your clients over so moving your clients from your current institution into your new as obviously really important. That's the basis of your business. The second component is making sure you're able to understand the impact of decisions around your fee structure so being able to bill on your assets is number two and number three is being able to provide some sense of reporting around the assets that you brought over so that the client one knows that they're safe and number two has an idea of what you're doing for them and then outside of that the either items are no around people and around culture and Helping ria's to come up with a strategic plan to your point. That's achievable focuses on the things that are really important to the business as an enterprise. The streams of revenue expenses etc The point around people. And i be interested in in your point of view is Just as dramatic of shift as the mindset going from a captive to an entrepreneur. Which is if you're the ceo or one of the principles of a business. Yes you are responsible for these individuals before within an institution and obviously they made a commitment to you to come over and join your practice. But how have you seen a newer entrepreneurs once. They've moved over with their team to ensure that the team one is satisfied from a cultural and financial perspective. But maybe just as important thinking about setting a career path for that individual so that they feel challenged and that they understand that while it may be a smaller organization to start that they have opportunities for advancement. Yeah i am really passionate about the people side of this business and has a non client facing non advisor in an advisory space It's it's easy to feel like a second class citizens in some places where it's like. Well you know we really exist for the advises and everybody else is second to that. And so i came in. And i've never been in advisory i never wanted to being adviser My passion really zone that the business side of the business and so when you look at the human capital strategy and you think about how to build out a business to make it meaningful for the people regardless of the role that they sit in right. Whether they're your head trader your receptionist at lead adviser with the biggest client relationships. Your employees are just as if not more important than your clients because clients great and we need them obviously for revenue. And that's why we exist. But you couldn't have them without the team that you've built around you and so i think just being really cognizant of the various ways that folks can contribute to the organization rate And in creating meaning in that age and so I've i've heard stories of folks in roles even ceo level type roles who've been told you're not Eligible for equity in this business. Because you're not an adviser. And i think that's going away slowly hopefully That i think we can. We can be really creative and small businesses in creating meaning in Interesting engaging challenging roles for people in recognizing that some people when they come into a business they want to grow right they they are in incredibly driven bet also just curious right and so they don't want to do the same job every day for twenty years and so how do we find a space for somebody like that in a small business but then there are some people who come in and they love operations and that's all they wanna do and they love paperwork and the detail and being able to really follow that procedure in policy to eighteen. Get it right every single time. And how do we find a space for somebody like that in an organization without looking on them and saying well. You're not as good as somebody who's you know trying to grow and change and being different roles right so that creativity in the career path building process. I think is just a really important thing to remember. Think to being mellon is a huge company. We've got korea ladders and has protocols around when and how people get promoted and we need that like. We're this huge huge organization but in a smaller organization you have this ability to be nimble her when it comes to creating new roles people i mean even in my story i know it says on lincoln i was the director of business management that i didn't start in that role on day one. I was actually hired as the office manager and In that role of director of business management didn't exist and the folks that i worked with were incredible in in giving me a chance to try new things and i mean they. They gave me a lot of grace in. I'm so grateful to them for that But i basically just kept putting my hand up and saying all right. I want to try that. I want to try this than i wanna grow. This and i think we could do more here. I think we could do more there. And over the course of a couple of months and years that role evolved and you know every six months they were different things that i was doing in the company. This is always projects coming up is always opportunities that we could have jumped on and you know because they were so nimble and so open to following a non linear career path for me. I was able to really i think. Contribute more to their business but also learn more sham more and You know be a bigger influence in in the success of the business for sure coming back to again. Some of the things that you were just talking about. I would suggest one of the critical elements for entrepreneurs or principles of our as is no that awareness factor that would lead one to understand that perhaps individuals that are part of an organization have other aspirations or potentially could have other aspirations than what they've done in the past so always say that you know from the perspective of starting a new ria minutes. It's it's a blank slate you now not only as the principal. But the other team members now have the opportunity to build things correctly. And there's always a of which define correctness from policies and procedures to investment strategy etc but within that framework it's being able to create awareness as to the aspirations of individuals and the second point in. This comes to most every conversation that i have with people that are interested in joining the team that i kinda manage here. A dynasty or actually manage dot kind of the point is around self actualization. Like i want people that are aware that there are other elements to their life than just the professional life and in order my view in order to be a self actualize human being. We have to allow for the people that work with us to explore other elements of their life and not feel this pressure particularly today's environment even before cova but even now where you're on twenty four hours a day seven days a week because there is no commute and allowing people to say look. I have other things that i'm interested in life and i'm gonna give you my all in dedicate My time when working professionally. But i also want them to be able to explore other things that they're passionate about and then share those passions within the workplace so that other people understand the multifaceted components of of people as human beings. I love that. And there's this great book. I read It's on my shelf here. Somewhere called bury my heart in conference room. Be and it's yeah and it's all Actually remember the person who recommended to me and and she said this book will change your life. And i was like yoga. Yeah everyone says that about these business. He's kind of skimmed through them. And it's really just as sales pitch for some big consulting company but it really did change my life because it makes you really challenge that. Don't leave your values at home ray. Like be who you are at work and bring that to work and the people around you and the clients that you serve and in the people that you interact with at work will benefit from that. And what i love about. The financial planning industry is when not selling widgets. This is such a relationship oriented business. It's so people driven end and people love the stories about how people got into this industry. One of my favorite questions to ask a new client. As why are you here. How did you get here right. Did you come here by accident. Did you intend to become a financial adviser and matt matt son. And my my other favorite financial services podcasts. He asked these people you know. I bet you didn't go to high school and college dreaming to be. Coo of an. Ira like a lot of us. Didn't really plan on on being here but the stories that we have along the way have made us who we are in and contribute to the value that we can bring to the organization in. So i've seen so many amazing things come out of our as because of people's individual passions whether it's particular charity that they are involved in in financial literacy. I've seen so much great. Work being done in the space of financial literacy because somebody individually had that passion and they bought it to work. If they hadn't been we we wouldn't be seeing the outcome of that of that. A hundred percent agree with that statement and which interesting to me is having prior experience at traditional financial institutions and working in metropolitan areas like new york city and philadelphia. I wouldn't say that. There's a stigma per se. But i would say that there's at times. Intense pressure for financial advisers are individuals within the financial service industry to display the sense of perfection in all knowing in complete control and aggressive and all these other adjectives. It may be a stereotype. And i'm sure i'm not sure They're definitely Alternatives the case. But you know this whole thought around authenticity. is really important because i agree with you. I think that the closer that we can get as as humans to being able in our professional and personal lies to present ourselves in an authentic way. My guess is that we'd have even more success at said profession as a financial adviser To be able to to interact with clients. Because i do believe the clients at the end of the day understand that there is no such thing as perfection in advisors are doing the best they can to ensure that people are meeting their goals and objectives. And so i think that point like like why. Why is there this necessity to be two to represent some sort of old stigma around the the cufflinks and the mahogany. I think that's gonna go away. Yeah and you know the that mentality of got to be right all the time and i. I have to know everything all the time. And i shouldn't have to ask. Questions is just so evasive. It's it's the worst possible thing that can happen to an organization. And i've seen it happen and i'll tell you what happens when when people exist in a work environment like that they they check the box on I've made an outgoing coal to verify the wire and they hadn't right because they didn't know that they you know they didn't really understand why they should have done that. Nobody ever told them and they were afraid to ask right. You know and they make a trade air and then they try to hide it. You know it creates this environment where people aren't comfortable being vulnerable or being authentic. And they're not able to to ask for help. I've learned so much from making mistakes. And i made some pretty big mistakes along the way some some ugly you know in reflection and i was you know doesn't matter how old i was higher experienced. I was but you know you take from that. You learn from that and not only do you lend from that but everybody else around you lens from that you know in in it takes some some humility even to to admit that you've made say i remember. I used to do billing. And i really liked doing billing at my home. It was kind of a peaceful things. I did every month. They just locked the door and you know put my head down and did it and i realized when i went to bill one of these clients one time that i had been under billing him for three quarters And ask oh man. It's like all right. I got like print this out and then walked down the hall and take a deep breath in this leg. walk into the. Cfo's office in say so actually have to tell you were little short on revenue because i unto build this particular client to the tune of a couple of thousand dollars for the last three quarters and grace that he showed me. That moment was just amazing in just as a leader. That's what you want but you got to be able to admit when you've made a mistake and you've gotta be able to ask for help right and that that culture comes from the leaders They are not asking for help if they're not admitting that they don't know everything than the people won't do that either. Because you kinda live in this sphere of will you know these people know everything like. I can't admit that i don't know what this is like. Invest pedia isn't really helping these. I'm just going to submit this paperwork in hope that i got it right. That's terrible. it's the worst thing that can happen in an organization rate in. I think too. We need to give ourselves a little bit of credit because this is a complicated job. Being an adviser being in operations is really complicated. I look at what our service people deal with on a day to day basis. In when i started at pershing basically spent the first month just walking around our office. Shadowing people right. I thought i knew our as a knew. Nothing about custody in about to go out there and be relationship manager for custodian really need to spend some time learning this custody business and i sat without service people. It is incredible the depth and breadth of on says that they need to have at the tip of their tongue when the phone rings. Email pops. In right it's okay not to know everything that time. So that's where it comes back to documenting things right as a new entrepreneur in creating the right structure for learning but also for helping people to get it right for the next time. It pops up. That question is asked again. This is i mean. it's so complicated in. I think we're finding new and more complicating ways to do business and to invest in things for our clients and And so that the challenges real in you know not knowing everything all the time but you know hungry humble and smart is kind of my mantra on a lot of that stuff Being smart about it is knowing when to say. I don't know but also knowing when to say hey i am. I think i've made a mistake. You know and i need some help here. I'm in deeper than i should be for. Sure i mean. I think about my personal path with dynasty and almost nine years. I mean that what you just talked about as one of the reasons why. I'm still very excited about getting up coming to work. Every day is because each day is a new challenge and a new element of learning around any number of different topics within the are a ecosystem and to me. That's that's the greatest one of the greatest things about having job like is that every day is different ensure there's an element of Experience and institutional knowledge that builds. Up when you're passionate about something and you spend a lot of time doing it but that only happens to your point if you're working within a culture where your stretch to come up with solutions and that it's okay to make a mistake in it's also k. To ask a question around. How does this get done and the to to put the final point on. I love what you said around the memorial of policies and procedures and so not to get overly technical but the key is you know as someone learns something you should have a culture within a business any business but particularly in the ra space where the procedure is memorialized. So that the next person again to your point that comes in is able to look at a manual or be taught something verbally so that You start to expand that institutional knowledge in that only works if you start with an end in mind because the initial part of a transition. If you're starting a new business everyone's doing a lot of different things everyone kind of scrambling to get assets over to start generating revenue but as principles. You have to be able to take a step back. Take a deep breath be able to see the entire landscape and say here's where we need to go in order to get there. We can't have everyone doing the same thing. We need to have institutionalized policies that people can follow and then we need to be stringent or stringent as possible around following those policies. Otherwise we're not going to be able to get scale and if we don't have skill we're not going to be able to grow. Yeah and there's really no excuse anymore. Either ray like when i when i started building our kind of playbook for all the operational stuff at the ara now as typing everything out of microsoft word and you know so very fancy and now you can download cool apps on your computer or your phone and dislike screen captures video and you can talk over it and say okay. So once you've done this click this button and drag this over here do this and then you hit save and you pop it in a folder. That says this is how to open a new account and all the president has to do is sit there and watch the video or go back and watch it again and again and again and and is your on boarding plan for your next higher rate like make it easy for yourself and you do it the first time you do it and realize while you're doing it way you can remove roadblocks create efficiencies or work smarter not harder on on the things that you're working on and Get your job done faster. Said that you can get out there and be with your clients because generally speaking. That's what we all want to be doing. Absolutely you spoke about financial literacy A few minutes ago. And i've had conversations with others on this podcast about it. I know that you grew up outside of the united states but within the us educational system. There really isn't any education on basic finances. No one teaches you. What credit card debt is and how deleterious it could be to a personal situation. Nobody really talks about you. Know what's the proper way to budge. In what your expectations should be when your sceviour first paycheck. So it's either handed down from family members. And as i think you know everyone can agree upon at least in the us relative stigma about talking about money for some reason But there's really nothing That that's widespread institutionalized around financial literacy. So could you speak to your thoughts on on that topic and some of the work that you do to promote financial literacy in your community or things that you've seen others do effectively and promoting financial literacy. Yeah absolutely yes. I didn't grow up here. Grew up in australia. Moved here Straight out of college and really had no exposure to the us educational system. Except for when. I went to grad school at william and mary and virginia and had to get a student loan that was an experience And actually became a citizen so i could get a student loan among other reasons. I have kids here. And they're american and so it was important for me to also become american banana. I've got two boys in grade school. So my oldest is ten eleven. He's in sixth grade. My younger is eight. In third grade and They've gone to a couple of different schools we the last five years in orlando and we just recently moved out here to denver. And so it's been really interesting to see what they learn and how they limit about money and finances and they're really lucky that they have to parents who have jobs who Who are in this industry and who can talk about it and who often talk about it at the dining room table at at night at dinner and they roll their eyes when we start talking about markets and the economy and financial planning and sh- dot com. We talk about legos. So might know you will. You will thank me later for this. Yeah right so other minecraft kids but yeah when i when i started at pershing I had a few years leading up to that being working with Some of the university programs just from my work at the aria we we always did interns. We always hide them. And i got so much exposure to these students who were at the big c of p. program schools in got to hear their stories. And you know kind of how they came about being in that class rate. But then when i got to jing and i worked really closely with mark division which was such a blessing to me into such a gift And one of the first things he told me about and i started working here was about the program that he had started up in gladstone michigan. In for those of you who don't know. Google mocked vision financial literacy. And you'll read all about it. It's really incredible what he's done And he said you know we've got this program at at being mellon pershing to to to help increase the work that we can do with financial literacy and so i got involved in in that And it's kind of been an evolution. Since then of just the more. I see the more i want to do and so for us. It's a huge part of our corporate social responsibility program And actually we also have a pershing foundation that gives out money every year to financial literacy causes so something that i'm really passionate about but thankfully also something that pushing is also really passionate about and our clients to the work that some of our clients are doing. It's just really amazing. And it's it's really fun to see an end to hear what what's been successful for them but this so many different programs out there who are delivering financial literacy so big brothers. Big sisters does a lot. Sy- foundation does stuff. There's tons of advises running grassroot efforts in their communities And then the sea of people if you think about financial literacy kind of along a long continuum right the elementary age kids and then as the high school and college age kids and they all need help but the help looks a little bit different depending on where they are in their age. Right obviously the kindergartner. Kids need different content from the high school age. Kids right in the college kids are dealing with a unique set of issues that the high school age kids aren't dealing with. And so what i've tried to do is kind of split up what i do and how i do it. Depending on the audience so at at pershing we partner with a company called ever fi. Their technology company out of dc in. They have online financial literacy amongst other courses. So we've adopted at pershing a number of elementary middle and high schools around the country and actually just recently. We adopted a middle school here in denver so that fingers crossed when life is normal. Whatever that looks like ever again if we can go on campus then i can go on campus here in denver in and be really active and engage with the students that way and then we've opened up that program to our clients as so we have a ton of clients around the packaging. Enterprise that sponsor schools through ever fi- That that bring a playbook to the school the advisor doesn't have to even lift a finger They can get involved if they want to. They don't have to and an ever fight. Goes in and runs this program for the school and delivers debt. Materials all online. So if they're in school they can use the computer labs if they're learning actually then everyone has computers anyway And so it's been really fun to see that adopt a school program. Really lift off and and folks become more and more engaged in it And actually just on. Monday a couple of my colleagues and i joined a high school class for an urban assembly school in new york city in a school high school kids and they just pounded us with questions you know. How do i budget. What should i be doing. How should shall be thinking about money and you know just being able to share with them stories about what we've learned mistakes that we had made And tools and resources available to them to help them make decisions. Right and i mean we can make the The classic jokes like if you go to social work into social work than you probably don't need to go to harvard right. It's it's even more basic than that right. It's how do i know how much money to spend right. And so talking to them about had had a monitor their cash right into make sure that they're not drawing over on their on their debit card and when might be the most appropriate time to get a credit card. And not and how to manage that if you do One of the questions was like how do i took my parents about this stuff or they don't talk to me. How do i start the conversation. I love that because they recognize that they want to learn but they're not hearing it from home and the teachers aren't equipped to deliver this this content. Either i mean. They've got so much that they're already trying to teach and so the adopt a school program is just. It's so awesome and it's it's it's easy and fun and for that clients who have got involved. Some of them who were pre covid were able to go on campus in talk to the students in and chat with them and just make it more engaging right and it's not about creating the next generation of financial planners right. This is about creating the next generation of americans who are going to actually save for retirement. Who who aren't going to be dependent on social security who are going to think about what job they want and and and make appropriate educational decisions to get to that point right and and it's just those really really basic life decisions that that all come back to money and giving them the power to to make a decision with confidence that they're doing the right thing and that's lacking today he. I also imagine that by interacting with students it it's a good reminder of what's important and what type of questions That people have because you know when the industry and the positions that you're and i are in and some of our colleagues or most of our colleagues are in. There's there's a level or potentialities for some sort of i guess. Ge would be the wrong word but you know when you look at these portfolios that are sometimes tens and hundreds of millions of dollars. You start to like you know. Forget or become acclimated to that level of discussion. And there's nothing wrong with that but the reality is that most americans doesn't matter americans. Most people do not have that level of wealth so the basic building blocks to your point of understanding how to budget understanding how to make decisions based on a cost-benefit analysis or any of the other strategies that would be employed in teaching. People is extremely helpful. It reminds me before. I got into financial services after i graduated from school i i lived in japan. I lived there for almost five years. And i taught initially really young children and it was the greatest gift to me because you know as we get into adulthood and you know obviously we have our own children but like to to have the experience of teaching you know. First second and third graders on a regular basis you just their energy and excitement about life like teaches you or at least it taught me that you know. Be happy with the little things. And why that's important is like contractually. It's important to remember that people don't know as much about financial services as people that are in the industry and if we can share that information and knowledge with others that should be seen as a real al trista benefit to all the knowledge and experience that we've gained and should be commiserate with the dollars that we generate from you know our sellers and things of that nature. Because you get back which you put in. I think I don't know how you feel about that. Yeah and i. I think it ties really nicely into the the focus on deny in out in our conversation today as well raid. Invokes a saying well you know. I don't know how to hire devas candidates they don't exist rate and so i've got to believe that some of this work that we're doing now will will actually really come to fruition in fifteen years time right where there will be more diverse because people generally in broader communities are going to be making better financial decisions but that might also lead to a more diversity in our industry to And there are just so many opportunities to give back in so many communities that need us to give back to that. There's really no excuse why everybody shouldn't be doing something right in ryan being engaged in and sometimes it doesn't even cost money. I mean i. I met this lady out in in san francisco last year. I was out there Chatting with folks about financial literacy and trying to encourage more people to get involved in. And she's like i started this like twenty years ago and i've just always been doing it. I just thought it was very normal. God bless you thank you like. I wish there were more people like you. Who thought about that right. And and sometimes it takes you know having your own kids and for me that was certainly you know the experience and wearing the denver public school system and You know by one of my kids is it a title one school and they're eighty five percent of the kids in that school who rely on the school for breakfast and lunch everyday right. I mean it. It blows my mind and in so people. They're not even worried about like what's the difference between a democrat in credit card. They like worried about how they're going to have money at the end of the week but food on the table. That's a really hard way to go through life. That's hod in so if if we can increase education if we can get engaged if we can give back Than maybe just maybe a little that will go away right in and people will be able to make smart money decisions in and do so with confidence not only for themselves but for their future generations to yeah and when you think about your point earlier on mats on and talking about most people probably did not go to school and say you know i wanna be a chief. Operating officer of vaughn are a You also put that in parallel to the way in which. Hollywood aggrandize is the financial services industry or. I don't even know if aggrandize is the right word but it's definitely a different view. I mean typically you've got these stock brokers who are You know making lots of money and you know going around on yachts and obviously soon certain stories have the downfall of said stockbroker and then There's there's a human aspect of this. Which i think the more that we can encourage people to get into the community and share what they know and promote financial literacy where someone In any background can look at a person. That's engaging with them and say you know what. I wanna be like that person. I want to be within the financial services industry. And i think sometimes it's just that spark that people need in order to guide them on a certain path and i know that too utopian point of view and that's also somewhat maybe of a hollywood story but without now to like we we make hard for ourselves to write like we talk about financial services and i can. I would put money on the fact that most people when they say that are thinking about the adviser right right. They're not thinking about that person who is running. The technology integration said for seamless online new client applications. Right when and i do a lot of work with university programs i love going to schools and chatting with students who are in. Cfp programs financed programs or whatever program. They're in generally has been really talk to english. Students look their jobs. Figu you in financial services right. It doesn't. I studied french in college right leg. Completely ill prepared for but you know I love french. And so i wanted to study french. But you know there are. There are so many jobs in our industry that require zero knowledge about financial services rate. And those jobs. And we've called them. These non traditional roles those nontraditional roles are to be traditional roles in ten or fifteen years because every foam is going to have absolutely every firm is going to have a learning officer. Every thumb is going to have a psychologist. Every firm is gonna have like a fulltime technologist it. These roles that are that are being created marketing social media whatever it is right like when we look at when we look back at the investment. You study that's been running for thirty years in the types of positions. It was always advises operations advises operations right now. A look inside of the phones and there are some real creativity happening in there. Where firms are recognizing like. I'm going to hire an events person and we're gonna have an event driven marketing strategy in. This person is going to drive business for us. Rate that didn't exist necessarily an end as foams get bigger in more professional. And as the institutional side the service delivery continues to develop and our industry as a as a whole matures. These roles are gonna continue evolving in appearing. And i and i tell these university students. I'm like look go. Work for an advisory firm do a year in whatever position they give you and then tell them what you really wanna do right and how you can really make an impact and that goes back to what we were talking about the very beginning right. Bring yourself to work in. Don't hide behind a job description be bold in. Put yourself out there the difference that you can make because that's how will these financial literacy programs got started. That's how that's how people have created roles for themselves never existed before Chief experience officer. Love it my favorite right now. I'm on a whole kickabout. You should have a chief experience officer. Every time i talk to that like okay. Lisa enough with the chief experience officer i like the i like the thought on the psychologist. I thought that was interesting. I i for sure. Think that having a psychologist or someone with that type of background within an are could be extremely helpful. L. it's it's amazing and not to like divert like when you think about people's inherent bias sees around money in the whole element of behavioral finance. And if you had someone separate from the advi. I've worked with visor. That are really good at talking about them and Working as adviser but if you separated. I think it could be even more powerful because here you have a psychologist. Who's obviously employed by the ira. So there is some conflicts but really someone who could just listen to an individual talk about their feelings about their finances and their money and what it means to them in their concerns and worries and then helped to translate that bolt to the client into the adviser so that you had accurate or more accurate representation of risk and more accurate portfolio associated with said risk. Not to me. It'd be great if you could do it. Well and you just make this people feel head rate like we've all sat across the table from someone who's trying to pitch us something new you know kind of like tuning in tuning out whatever but if we can make our clients feel really heard and and then we adjust not what we do for them necessarily but how we do it and we recognize that not everybody wants to be communicated in the same way or in the same frequency or uncovering those like inter generational issues in dealing with it right. Like it's it's one thing to figure out that you know mom and dad and the kids have differences in how they believe about money but like do something about that. Who else is gonna do it if you don't right in As get larger. And i was just chatting with some multifamily office clients. You know like they have that on stuff not only for for their clients but also for their stop right so think about the benefit for having that monthly meeting with your hands where you're working out those communication differences that you have with each other because they're going to come up right like you will disagree with the people you work with and if you're not disagreeing with them then you're not really trusting them as much as you think you are right like i met with a client in the like. Oh yeah we. We love each other. Everyone here is so great. You know we work so well together. You know as like cool women's less than we had a fight and they looked to me like wow nothing truly like was the last time you actually argued about something. When did you believe strongly enough about something to to really put your foot down and and have an honest conversation about how you actually felt that on. No no no. We don't argue on my. I don't think you guys trust each other as much as you think you do. Roy is is no way that we all agree about everything. All the time like this is not. That's not real life. That's hollywood and that point though aligns very nicely with what we were talking about earlier around a culture or creating a culture in which. It's okay to make mistakes and it's okay not to know everything also believe principles of an organization should want to have employees that are passionate enough in care enough about the business. Where if things aren't going right that they feel empowered to speak up and also they feel empowered within reason to challenge individual or at least an individual in above them in the hierarchy in their thoughts in a in a respectful way. Obviously we can get into a whole conversation on how to do that professionally. The reality is the culture needs to be one in which those things are allowed otherwise to your point. All you get is oh. It's great whatever you know. So and so says i agree with and you're not gonna get any growth in your also probably not going to get the truth and no probably miserable. What a terrible way to go through life. And i'm super direct right like i. I've been working on that i. It's my a challenge every year at the end of the year. When i look back. I'm like okay dude. I do better this year. But i believe really strongly in sharing your opinion. If you you've got enough like fire on your belly about something and you don't share it then shame on you. You know like speak up do something about it because either you're going to change the business and it's going to be good right right and it's going to impact other people and it's it's going to save the company money it's gonna make the company whatever right or it's gonna fail miserably and guess what we learn more from failures do oftentimes from things that go right. Exactly how you that they were gonna go. But if you don't take the risk in in putting yourself out there than that's just kind of a boring miserable way to go through if right like you passionate enough about things that you're willing to have a fight every now and again professionally fred. And not to digress. Too far off the point but to to bring up in terms of presenting a case or in terms of asking for change. You know it's important particularly in in today's society like today's society. United states to differentiate between in opinion and something that is factually based based on data or based on something that is quantifiable. In the reason. Why it's important is if one has an opinion on some how something should work. There should be an ability to say. Yes okay. I agree with that opinion or i don't agree with that opinion. A person in higher end of the hierarchy while their opinion quote unquote matter. More is still just an opinion. But when you bring to the table actual data or facts for an argument in argument in the technical sense of the word that should also be understood is not an opinion. Like here's the facts. Like i'll give you an example because it's kind of like an esoteric subject but like when in divisor says i don't believe in marketing. It's never worked. I don't want to spend any money and you say okay well. That's that's an opinion right. If i can show based on data that by making changes to your website or by creating a social media campaign that we can show prospects and click through rates and where they're spending the time on the website and how we can engage them more that's data driven it. No longer is an opinion that you're marketing is or is not working. It's based on facts and for me. That's one of the tougher things from conversational perspective. When we come up with strategies for our as is how do we separate what is quantifiable in factual. From an opinion that may or may not be based in reality. Yeah and as a person who's generally always been on the younger end of things I've often been kind of trying to manage change in an upward direction. And i remember one night mock division called me and i was at home and my kids saw the thing and that's could be quiet. I gotta take this call. And i hung up and they said well who was that. I said that was our ceo and my my son looked him he goes. Why would he be calling you. Just a lowly passing. I was like yes. Yes exactly. i'm just a louis buzzing. I've loved that so humbling. Thank you for bringing that down to her but was like sometimes he wants to know what i think and i know has it no really like i can. I can have an opinion at work i can. I can speak up. And and i think you know the challenge for especially new entrepreneurs is so much happening in your business right like changes is happening in a lightning speed pace in in trying to capture all of adam and and use it for the good. I love when. I hear that my receptions came up with this idea and like you know. Now we do this and it's like i love that because it means that they're listening right in that people aren't afraid to speak up in offers suggestions for change and And actually we have this awesome program at pershing that we started a few years ago called the next leadership for him. And it's a two year personal professional development program for some of our clients. We've got about twenty clients in each cohort. In a new cohort that starts every year in the first cohort is about to finish the program in there in this innovation in strategy competition. Pot of the program right now and so. They had to come in pitch ideas to the cohort about innovative ideas that they would want For the industry for their business over their role or whatever and and then we had this. Qna without four judges that we have. So we have actually matt's on his their mock bruno. Julie little child. And danny fava. And i loved what danny said when when she was talking about how she pitches ideas right. And she's like i ride a fake press release and i printed out and give it to people and i make them make it feel real right so it's taking that like i have this true argument bill tap right facts and data in proof. And then i'm gonna make it feel real and really tangible and i'm gonna like it and make you feel excited for what could be and i just i loved how she presented that idea and And i i'm pretty sure that several people cohort of since gone back and use that but these are rising leaders right like they're not not really yet in a leadership position or they're kind of getting to that point and so they're they're trying to influence change in impact the business you know from underneath and And it's really cool to see them doing that. In in leading from various points in the organization. I love that Last last question for for you. You've got one of the most diverse backgrounds of anyone that have had the opportunity to to speak with on the podcast and For people that are listening. Lisa's traveled to more than thirty countries So far I'm interested in. What are some of the the more important lessons that you've learned through the observation of cultures during your travels. Yeah i i love traveling and maybe it's just the ustralian in me for anyone here. He's listening who is from the states. If you've ever gone to europe or anywhere in the world you've met australians because we're everywhere and all i hear about when people are like oh i went to such and such and there were so many ozzy's there. We're so far away from everything that if we want to go somewhere we just basically have to go the other side of the world. So i actually started traveling when i was nine by myself As a competitive trampolinists actually Yup i was the Australian national champion trampolinists in my heydays. When i was eleven and and then when i was sixteen i came to the states for the first time and then we spent christmas in china one year when i was in high school and then when i was seventeen i up to move to belgium n and lived there for a year and i remember kind of coming into land in brussels airport and i was like oh i should probably learn how to say hello like. I don't know any french at all. I've never studied it. I've never heard before. And i pulled out my little facebook and the guy sitting next to me is like i think it's a bit late for that liza as a. Yeah so i. I love traveling and i love kind of putting myself out there and being uncomfortable in in being in places where i i don't know where to go. I don't know how to understand the language because it really makes you appreciate other people. It makes you stop and listen and learn and so kind of going back to one of our Earlier stories like the. It's it's okay not to know it all and You know when you go to other countries and you think that you can know what to do or how to do it and you see how other other folks are doing it and particularly in asia. In austin you know having lived in japan like it's just it's so different it's so remarkably different. Everything looks different in smells. Different in people are different It's it's very very obvious. But when you come from australia to the united states from kinda looks the same and they kind of just the same in you know. The accents are different but we speak the same language generally but it really does challenge how you do things in in what you think you know about a particular subject and kind of on that just because you've always done it. That way doesn't make it the right way. Either rate and and there are new ways to do things and try things and and see and And when i went to belgium is part of the rotary international exchange program. So i was at times surrounded by students from all over the country. All over the world rather different cultures and we all had a very different approach to how to get the most out of our exchange program in you know is pretty proud about my way but there are a lot of people who did it differently and they also had a great year and i can't judge them for that or you know we. We all approach life differently and we need to be open to letting people approach life. The way that want to i agree. You know one of the things that i take from those comments in it's applicable to to both of our companies. Just the the notion of being flexible. And i think for an entrepreneur. That's incredibly important for you know A principle of business incredibly important and having that mental flexibility to say that Although things are running well or running a certain way perhaps if we take a step back and think about new ways to approach the same problems we might end up with better results and to be open to that to be open to ideas concepts exactly to take the risk so a calculated. Risk can hasty. But you know but you gotta take risks right in life. I packed a suitcase and flew to belgium and speak the language and i got put with a family who had like been pretty minimal. English skills like that was a huge risk. I didn't know anyone there and i was there. Like twenty four hours and like all right go to school and getting just graduated like put yourself out there but in a calculated fashion but in that too right like von rable. I think the biggest thing that i've learned from traveling. And and you know. Actually when i when i came to the states when i was sixteen on the way back. We're on a plane and there were two other. Australian goals with me had been at this conference In in new york and dc traveling alone. This is July of two thousand and one right to the world was a little different back then but there was this overhead message on the flight from New york to la and then we were going la to sydney and they said anyone who's going to sydney. Please come see us at the gate when you when we land so the three of us got off the plane and went and saw the gate agent. You flights being canceled. You have to go home tomorrow. We're all like okay but we're sixteen without parents in the like well he's a hotel voucher in some food vouchers. Come back tomorrow. And they gave us three separate vouchers. And i was like. I didn't really know these as we should go together like. I don't wanna be in this weird hotel room by myself. I'm not comfortable like as a leader or even if you're not a leader in your in your company be vulnerable. Put yourself out there. Don't be afraid to ask for help. Don't be afraid to admit you know all the answers. I mean it's so so important for litas to show your vulnerability and your authenticity to your people Because it will just dividends for years and years and years in your business and in your life personally to. I think you go home at the end of the day and you feel like you've done a good thing agreed. Thank you very much for joining me. Lisa i i had a great discussion i i really enjoyed it. Yeah thanks for having me. This is really fun. i appreciate it. Thank you very much for tuning into today's podcast. I also wanna thank. Lisa trafford guests on today's episode. She's a principal within the platform strategy and consulting group at being. Why mellon pershing remember. Stay safe and wear a mask.
Hong Kong Is Destined To Be Another Mainland City
"This portion of pianolas brought to you by pimco active fixed income solutions that aim to give investors and which all investments, contain risk and may lose value. Investing in the bond market is subject to risks consult your investment professional prior to making an investment decision. Welcome to the Bloomberg PNL podcast. I'm Paul Sweeney along with my co-host the Abramowicz. Each day, we bring you the most noteworthy and useful interviews for you and your money, whether at the grocery store or the trading floor. Find a Bloomberg PL podcast on apple podcasts or wherever you listen to podcasts, as well as Bloomberg dot com. Casting live from the Mellon, Pershing insight, twenty nineteen conference. Our focus is on the US largely, but China has taken front and center here, particularly with the protests that have been ongoing. In Hong Kong, there's been a bit of a reprieve with some of the, the com- being sort of inserted over some of the protests, but yesterday, the chief executive of Hong Kong Kerry lamb was speaking about this issue. Listen to what she said about the controversial law that spurred all of the protests, take. Listen, I would not shy away from my responsibility in introducing a piece of legislation though, we are very convinced the justifications at causing this public outcry, and all of these in society. But sometimes as a political leader, you cannot shy away from difficult decisions not backing down from this extradition law that is what is causing the unrest. Joining us now and. Stevenson, an Stevenson Yang co founder and research director, j capital research. Also a Bloomberg opinion contributor, and thank you so much for being with us. First of all, I just wanted to get your take on sort of Hong Kong's chief executives reluctance tobacco away from this controversial legislation. Hi, thanks for having made the. Yeah. I think that I think that we've known for thirty years now that the chief executive of Hong Kong is essentially. I hate to say it so bluntly, but Chinese puppet, but the but the, the real shocker here is that the Hong Kong LegCo and police have been so turned by the by the Chinese interests. What do you mean by that? Well, the Hong Kong police react have reacted with a level of violence that they never had used before rubber guys. Yeah. And, and, and you know, spraying pepper spray directly into people's faces. I think all of these things really surprised. Hong Kong people in dismayed them, because, you know, this was a peaceful protest, and it was surprising to see from Hong Kong police, as for the LegCo, you know, to push through this incredibly unpopular law. Now, they're now they're delaying the debate on it, but probably will bring it up at, you know, midnight, when they're no protesters around. Okay. Well, so you started by saying that Hong Kong, chief executive has always been in your words, a puppet of Beijing. If that's the case, then why is impacting pushing this law? Now, given what it's what he's dealing with, with respect to tariffs from the US. You know, I don't think he's the most deft politician. I think it's an awkward time to be to be seeing such huge protests in Hong Kong, particularly with the Taiwanese primary and elections coming up, and with the June fourth anniversary and with the trade talks, you know it wasn't a good time. I'm sure they didn't anticipate it. Okay. So you think it was just a mistake, a sort of political miscalculation, perhaps, given the fact that it's probably going to be at another complication, he's gonna have to deal with probably, yeah. Okay. Well, I guess, then I'm wondering what your perspective is when it comes to the investment aspect of this, because we already saw one property developer. Delay or withdraw from plans in Hong Kong due to the increasing control of Beijing over the territory. Are you hearing about other investment firms that say are pulling back or being a little more hesitant in their expansion plans in the territory as a result of this idea that it wouldn't necessarily be treated special from the mainland? I not really, you know, people are talking about it, but that's very different from making plans corporate plans. I do think that it adds to the general sense of, of instability in volatility and unpredictability with both mainland and Hong Kong operations. And so you will see a lot of companies that are able to camp to Singapore Pte do that. Okay. So I guess one question that I have is how special is hung Kong at this point from Beijing given the fact that Xi Jinping of China has made a concerted effort to open up markets to more international firms in, in the mainland. I would disagree with that point. I think that actually things have gone quite in the other direction since twenty twelve when she didn't pink took over. But as for as for Hong Kong's independence, you know, there's a there's a very clear trend line. And Hong Kong is destined to become just another mainland city. The question is, you know, the future of the party, the future of the Chinese economy, all those normal considerations. But if, if the Chinese mainland if nothing else changes then Hong Kong will be sort of Shenzhen in another few years. I'm surprised to hear that you say things have moved in the opposite direction because so many big, for example, banks international banks have been expanding their arms in China. And we've seen a number of distressed debt investors, for example, including Howard marks his firm going into China to invest more, because they have more confidence that they'll be able to. Be supported by the laws at cetera. There doesn't it? I mean first of all, I would point out that distress dead is about distress. It's not it's not necessarily about the laws. You know, ask particularly why they go in, and I think it's, it's much more about distress than about being supported by the laws, but otherwise, let's just look at the macro numbers through spend an increase in public ownership or stayed on ownership of, of asset of kiosk, that's and all sorts of industries private ownership has declined. FDI numbers are very small compared to what they used to be on the portfolio front. There's still portfolio investment. There's still increase in, in money, raised through IPO's, but overall investment flows are starting to move the other direction. This is really interesting to me. It's also interesting that you say that Hong Kong is destined to become another just out. Host of mainland. And I'm wondering how far along in that evolution, you think it already is. I would say that, you know, things were fair were quite stable, while the Chinese economy was still sort of sailing along, and then began to get rocky and getting rocky, because because who didn't how an engaged in such a massive stimulus getting rocky part really began with. She didn't paying, so who also has the most authoritarian and I would say, politically clumsy instincts of any of the leaders of the past two decades. So I it's I think it's co evil with with. She didn't Ping's ascension. I don't think it's necessarily his fault, although I do think he has a ten year for politics. And Stevenson Yang. Thank you so much for, for your comments. It's really. Jarring to see these images of what I've heard is hundreds of thousands of protesters in Hong Kong certainly yesterday. We saw those coming out protesting this, this extradition law that Hong Kong, she executive is still doubling down on and saying she will not shy away from controversial legislation, and stevenson-yang co-founder in research, director, Ajay, capital research. She is also a Bloomberg opinion contributor. They're in a lovely Phoenix at the convention center. And I am here because I'm attending the and why Mellon, Pershing insight twenty nineteen conference, which is focused on reimagining business in particular for registered advisers and brokers as at cater to individuals. Trying to figure out the landscape here at a time of incredible uncertainty. I'm very lucky to have Jim Crowley, with me, who will become the chief executive officer of Pershing, which is APN Y Mellon company, come July. First, Jim, first of all, congratulations. Thank you very much. I wanted to start with your clients, or more than two thousand people here and I'm trying to figure out as they try to re imagine themselves in a world with new technologies and a great deal of uncertainty on the policy front. What's their biggest concern? Well, there are several you mentioned technology, that's want, so the complexity of the technology environment and the new. Technology, that's coming to financial services industry is very disruptive that regulatory change. That's happening across the industry. Both in the advisory marketplace, as well as the purple dealer marketplace. And then the third thing is reimagining, what that client experience, can be in the future because consumers have become so accustomed to a different kind of behavior different kind of experience, working with the fintech community. So what is an experience today? Look like or, or perhaps tomorrow like from your point of view. So experience for us means how well we get the work done how quickly we get it done was the experience. Good to people leave the process feeling. Good about what just happened was easy to complete. The financial services industry has long been an industry with very complex regulations around it many requirements around in terms of data gathering information about investors, and it is a complex process. And so how can we simplify that all that? What we're really focused on. But is that different than it's always been? No, it's not different than it's always been, but the investors experience with other, fintech providers or other consumer businesses has changed what their expectation is. So how can we make it easier to move money around how simple it is to make a purchase on Amazon or on E bay? Can we move money as quickly and as easily from a Bank account to an investment account? Those are the things that they expect us to do. One thing that I'm wondering, is, if you could put some in the changes that the industry is facing into perspective because I know you've been you've been doing this for awhile. Yes. And I think that there have always been sort of sea changes over time. Yes. I in the financial industry and a lot of people are talking now about the sort of movement, online and the movement, people who are more accustomed to interface with with the web. How different is it? I mean is this is this a radical shift or is this, what of in line with the Evelyn's that you've seen over years? Well, what has happened over the time? And what has come with the whole online experiences what I would describe as the digitisation of the business. And so a business that has long been driven by paper and wet signatures now. People expect to do it on their iphone. They don't expect to have to receive a piece of paper in the mail, and sign it, and return it and have it take a matter of days. They want things done in a matter of minutes. Okay. And so that changes it, well what about from an actual investment standpoint, because a lot of people talk about millennials to the point where, you know, people roll their eyes at a certain point on all sides because you can't talk to a group of people within a broad range of ages as a monolith. But are there trends in the way that they invest money that your clients are increasingly dealing with and trying to address? Well, I think that. Definitely is people are very focused on the cost of investing. Now, they're very focused on social responsibility. And having a real community around what they're trying to do, and how they're trying to invest, so there are nuances to what people are doing, and it is impacting, how assets or flowing through the different product platforms that are out there today and it's something that, you know, we don't have a direct. At Pershing, we don't have direct access to the market. Our job is to help our clients these advisory firms and businesses to run their businesses more efficiently, so they can serve their advisers more effectively. And so we have to have a platform that allows for the different types of product choices that these investors and advisors want in this new world when you talk about social responsibility. People talk about, you know, a variety of ES funds. How are you seeing this manifested because a lot of ES g funds haven't necessarily seen the degree of money to come in this. Sort of his commensurate with the amount that it's talked about. Well, I think, you know, a lot of these things take longer to develop than you would necessarily think I think the marketing is perhaps, sometimes a head of the actual results, but overeating that well, I think that, you know, whether it's whether you're an asset manager or whether you're any one of the one hundred and forty business providers that are here, I think many times it takes longer to sort of realize what you're trying to achieve. We had Alan Mulally here yesterday from Ford, he made a great comment about profitable gr- profitable growth for all. I thought it was a great comet, because it really does get everyone aligned, and what we're trying to do and make certain that everyone is a participant in the process, and I just thought it was a wonderful comment, and it really sort of resonates with what the spirit is of this event to bring all these business partners together all the different clients together to talk about reimagining the future. Thank you so much for, for. Hosting us. And thank you for being here and wish you the best of luck surviving. I think it's going to be one hundred and ten today. It was one hundred eighteen at one point as well. Let's stay inside. Stay cool. Yeah. It's definitely nice and cool. And a lot of really important and interesting conversations take place here in the Phoenix convention center. Jim crow at Crowley, chief executive officer comes to live, first of Pershing, which is a B N Y Mellon company. Joining us here in Phoenix hosting the. B. N Y Mellon Pershing insight conference of twenty nine thousand nine. And today's volatile markets investors. Need resilient portfolios to help handle the pressure through decades of expansions, and recessions and changing interest rates, clients, have turn to pimco to help them stay on course? No matter what course markets. Take pimco active fixed income solutions that aim to give investors an edge. All investments contain risk and may lose value. Investing in the bone market is subject to risks consult, your investment professional prior to making an investment decision. We are broadcasting from the bien y Mellon Pershing insight conference. One question, people have is about President Trump and heading into the twenty twenty elections. The democratic candidates, President Trump sat down with ABC news chief anchor George Stephanopoulos yesterday. He said that it would he would take foreign information on twenty twenty opponents saying it's not an interference if they have inter information, I think I'd take it if I thought there was something wrong. I'd maybe go to the F B if I thought there was something wrong. Joining me now is Clint watts distinguished research fellow for the foreign policy research institute, also senior fellow at the center for cyber and homeland security at the George Washington University. A he is outside the capitol in Washington DC. Currently Clint, what did you make of those comments that President Trump made yesterday on ABC news? It seems to affirm what we've always suspected that. The president isn't worried about foreign interference on our elections. He might even welcome opposition research. Is he calls it or what we would call data dumps a hacking release into when we look at twenty twenty it looks like we might look to a replay of twenty sixteen. It sends a signal to adversaries that they can pretty much maneuver in the way that Russia did twenty sixteen I think for allies. Now they have to question should they start backing candidates that they prefer in an election? But they wanna provide opposition research. It's also dangerous because the president hasn't entirely divested from his businesses. And so if you're a foreign adversary, or an ally or just want to influence, the election, you know, information about the residents businesses what his relationships are overseas with other entities. Why not dump that out of the opener trying on the election towards whichever candidate to one? I think the final. Thing is if the I has gone to great measures with the foreign impose task force to try and go to democratic campaigns and embrace him. Give them a counterintelligence, brief and tell them, what the rules of the road are heading into twenty twenty and the president basically said that the FBI director was wrong, and that he didn't necessarily think he needed to do that. So it's puts her entire election in your context where it seems that everything's out the window anything go, and our institutions are really incapable of protecting us because even at the leadership level, they're getting mixed messages was was President Trump saying this in that format, somehow a signal or recognition that there is a foreign entity or more than one that is looking to have one of these data dumps in have perhaps him on the receiving end. But I don't think it was a clear invite. I mean my context white came up yesterday because his son was at the Senate committee. You know behind closed doors talking about what was his contacts. What was his relationship? What was the information he'd relate based on that Trump Tower meeting? And so I think he was trying to rationalize what is son did what he might do to try and essentially exonerate themselves for many scrutiny? But at the same time, it does the question is the president opening up to anyone out there that might wanna help them. Hey, I'm open for business. I would love any research on my, my opponents, and it really just puts American a position of weakened weakness to any authoritarian adversary that wants to pack a candidate or hacking institution. Maybe even a hack one of our, our Intel agencies and try and drive a narrative that undermines, the greater good of, of the country to Clinton, your, former FBI special agent. You've worked in the US army, he's been when you were in the FBI, you're part of the terrorism task force. You've written this book messing with the enemy surviving in social media world of hackers. Terrorists, Russians and fake news. And I'm wondering whether there's any precedent for a president of the United States to accept information on, perhaps an opponent political opponent from foreign governments. Is there precedent history? Not that I'm aware of it is violating the law. It was something that came up in the molar, or to specifically said that the only reason that they did not pursue charges against the Trump campaign members because they were unaware, basically, the stipulation that you can't take Orrin help or foreign contributions in order to win the election. This clearly suggests that the president does know this, but doesn't care, you know, in his willing to violate that and it is without president. And I also think speaks the degradation norms where if you remember back out gore received a briefing book, which George Stephanopoulos actually brings up in that discussion with the President Al Gore's campaign called the F. Why? Because they do it was either stolen or pill for materials and that was kind of the rules of the road that everyone accepted and it just shows. How far we've changed in terms of our country about what we see is acceptable in order to win an election. And by winning. What are we really saying about our country's a whole so Clinton just to just sort of push back here? What would you say to someone who said, well, why does it matter? Right. I mean, more information is better. And you know why should we self-censor, regardless of what the source is the information if it's accurate? Why shouldn't it be go because in the case of foreign adversaries, they are trying to pursue something inside the United States? So let's look back to twenty sixteen. They gave us information about one candidate to detract from one candidate. We don't really know the full spectrum of it. And the goal was essentially advanced, Russian interests inside the United States and abroad, and they were successful in that they've been quite successful barring sanctions relief. Russia's got most of the what they wanted internationally. So this incentivizes every country around the world to do criminal activity against the United States in, in the form of hacking to go at political candidates, and even link up to political candidates, and possibly give him false information to create chaos inside of our country which suits their deep really sets us up in a position of weakness rather than a position of strength with our adversaries client, just real quick here since you do specialize in hackers and terrorists, and fake news. What are you expecting heading into the twenty twenty elections? I mean, we're getting any indications of just how rampant fake news. And some of the foreign interference might be. The big change is really that most of the inauthentic accounts and information on seeing pop up right now. I think the best origin or the foreign and what, what are you really going to see I think, from Russia and others is a cost benefit calculation. They will try and edge Ford and push for the candidates that they prefer, which are largely populist candidates, whether you're on others either side of the political aisle, and they're probably waiting to see how aggressive to be because they also don't want to provoke a negative reaction from afar. So if your China Iran or Russia, which are the big ones, where it was talking about, but even other countries like Saudi and Israel that want influence US politics. They're making calculations right now going and doing off into packing the way Russian G are you did twenty sixteen could provoke or even force like President Trump to take retaliatory action to have to mobilize do something, and they may not see the need to go that far this time if they think he's getting the outcome they want. They're pretty happy. Right now about us fighting each other. Clint watts thank you so much for being with us Clinton. Watts distinguished research fellow at the foreign policy research institute. He's also a senior fellow at the center for cyber and homeland security at the George Washington University from Phoenix, Arizona. This is Bloomberg. Thank you so much. Greg jarrett. We'll yesterday. On Bloomberg television, and Bloomberg radio, Paul Tudor Jones, the co chair and chief investment officer. And of course, founder of Tudor investment Corp was speaking on Bloomberg radio and Bloomberg television, advising people that they should pull out their playbook for when the fed cuts rates. So there's no playbook for this. The only thing is, is that because the Federal Reserve is going to cut rates. He advises people go into stocks. Go into go long rates. Go short the dollar, but go long goal. Joining me now, Matt forest our chief investment officer at bien y melons Lockwood advisors here at the NY Mellon, Pershing insight conference of twenty nineteen do you think that, that's the way to go go long socks because if it's gonna cut rates, I think it's going to depend on why the fed ends up communicating why they're cutting rates. I think that's going to be a big part of how markets react to this. I think it's an argument that you might want to. Well, the first rate cut in terms of equities the other pieces of this, I think are fully intact in. We've seen him pretty strong gold market. I think the bond trade is really interesting here, and that's the pieces, I think you're going to be we've had such a big decline in interest rates. So I think I would want to make sure that the fixed income portion of your portfolio his setup properly in case the recessionary kind of forces continued to build and we've seen so many different models Quant models, whether it's based on the yield curve, or other measures that are really worrying that the probability of recession sometimes in the in the markets timeframe twelve to eighteen months is really rising so environment. I think it might be harder for stocks, and they might react well to an initial rate cut on, you know, where the prospect of some rate cuts. The question is how they would react in a soon after that, if it looked like some of the recessionary forces were starting to build one, we neglect to talk about enough when we talk about. The fed cutting rates is the consequence of a really long period of near zero rates. I mean we used to talk about this, but with retirees, for example, and I'm just wondering if you could give us a sense of the scope of that problem, I don't wanna say problem, but yeah problem because all these people who are preparing to retire, and they're struggling to find a place to get income for sure. I mean, this is really interesting. Part of the market is just retirees are struggling with this annuities -ation all the funds that they have accumulated over their lifetime. And so one of the stats that isn't quite as well known you hear a lot people saying that, oh, well, there's ten thousand retirees per day, you know, turning people turning sixty five in the United States. None of those people retiring, but the interesting thing about that there's a researcher Saint Louis said, who is who is calculated that, that actual number is going to rise between here and twenty twenty three or. Twenty four and it's going to get close to twelve thousand a day. So this is a really monumental demographic sea-change on top of fascinating statistics. Like we're have the lowest birth rate in thirty two years in the United States. So the question is, what is this eat corn for future growth, growth going to be and is the fed going to be able to get out of this operating monetary policy at zero bound on inflation, and interest rates? I think are really important questions sixty five really isn't the time for people to retire. It's more like eighty three. Well, that's certainly what we've seen right? If you look at the labor market, the labor petition patient rate, amongst older workers, fifty five is one of the fastest growing parts of labor participation whereas the rest of labor pool continues to shrink in terms of labor participation. So clearly there is some pressure on older workers to communities day in the workforce in order to continue to build that retirement nest egg. So as people get. Older. One question I have is what are they doing? This environment given a time of great uncertainty on a policy front, where you have terific as Paul Tudor Jones was saying the United States into recession in his view. You've got fed that is poised to cut rates at least based on market expectations with someone with only ten years, left say before they're supposed to retire. What are they supposed to do with their allocations? I think right now at this point in the cycle, one of the things that we see a lot of Lockwood is advisors may be reaching for a little bit of yield. I think that might be more dangerous trade again, if we start seeing in a recessionary pressures build and hopefully we're wrong hopefully have more time to make these kind of adjustments. But, you know if the recession forces come faster than what markets expect, you know, some of these credit courses are fully. Oh, places where people have reached get that extra yield could be could be really challenging the other thing to think about it in term of terms of global context. We have, you know, nearly eleven trillion dollars. Globally in negative yielding debt. And that's a stunning. I mean for here, Jim Crowley, our CEO CEO talk about there's only seven trillion dollars in the wealth management industry here in the United States. There's a host eleven trillion dollars in negative yielding debt, US rates. Don't look so bad. You know, when you compare it in this kind of global context that foster, thank you so much as always for being with us. Matt Forrester chief investment officer at bien y melons Lockwood advisors with a stunning statistic that it's going to be potentially in the near future, twelve thousand people every day in the United States, turning sixty five and entering that retirement age. Thanks for listening to the Bloomberg PNL podcast. You can subscribe and listen to interviews at apple podcasts, or whatever podcast platform, you prefer on Paul Sweeney. I'm on Twitter at Sweeney and Lisa Abramowicz. I'm on Twitter at Lisa Abramowicz, one before the podcast you can always catch us worldwide on Bloomberg radio. This portion of pianolas brought to you by pimco active fixed income solutions that aim to give investors and et all investments contain risk and may lose value. Investing in the bond market is subject to risks consult your investment professional prior to making an investment decision.
Question + Answer with Wanda Duncan
"The different future starts with you. That's go daddy does more to help you find a name. You can create sale and get found online so any small business can drive change or building empire. We need a new generation of thinking. Your way of thinking started different at go. Daddy dot com. What to do in china and glasses was any three virtual trial. Wow that's pretty cool that those glasses kind of make you look like your uncle bob. O not exactly the look. I was gone for Okay how about these clear glasses o or these round ones area on trend. I like both on you. I also like these aviator sunglasses. Wait are those the actual prices. I say all of them seriously. Why not right how. Now i want new glasses dot com quality prescription glasses starting at six ninety five That is that is to bring fulfillment everything that we do. Our lives is based on a field. You are with the partner because you want a feeling you are at a job because you a feeling and once you understand that you don't have to get those things in order to have the feeling that you can have the feeling already and then if you want to experience some stuff that's cool fan like everything shifts for you literally doom that adan that the edita from somewhere around the world. Welcome to the black. Women travel podcast. Hi my name is wanda donovan. And i'm so glad you're joining me. As we explore the paths of black women who've made travel a large part of their lives. Welcome to the show and ended up at dude I'm gonna pass the mitro guest speaker. Wanda let us know a little bit about yourself. How you came to know about power to fly and what you're excited to share with us today. Thank you so much for that beautiful intro on super excited to everybody so i learned about power to fly because i just did a conference this year that has to be online and it was international. Black women traveled yooglie and power. To fly was a wonderful partner to work with Just like help spread the word on social media like connect with folks. So that's how. I learned about tower the fi- And then like i learned about all the work you do and the diversity and up listening of women. And i'm about that three hundred sixty six days a week. Okay every year. So about me like i'm a traveler. I left the states. I'm coming up on my anniversary. I left december thirty first twenty fifteen. So it's almost five years. And i just have been bobbing around and finding my people in trying to find ways that i think connect that we can connect with each other financial our stories in just encouraging black women to like open up in not keep everything in the house. You know In our families like to have these conversations that means something to us about who we are who were becoming the our mothers and grandmothers what they gave us. They didn't give us what we're finding on our own in a lot of times that released travel because that gives us a chance to get away from our home environments and the somewhere different and possibly open up to being someone different. So that's just a bit about me. That's why we're going to learn more about you in this next hour so feel free to share more about your journey as you know our love's transparency and authenticity which i know that you share with your audience as well so feel free to go in one hundred percent dive in as deep as you onto these awesome questions that you all have submitted off line Thank you offer. Submitted innings questions. We're going to take these questions one by one starting with this first question here so you see your question. Come on the screen and you want to add more or you know. Ask our ask our guest speaker to dive in deeper. Feel free to come off mute or to right on the chat box if this is now your question and you know you still want to share something against jerry boys. I can't stress enough. I want to hear from you. So let's start with this first question here. How did you create an exit plan strategy to leave your previous job and work fulltime remotely. So i've been at this a couple of times. The first time was in two thousand ten. Did everything i supposed to do. Like i had a condo. That wasn't rented out too much I fired from a nonprofit volunteer job like it was a mess. So i won't tell you what i did. Then i'll tell you about what. I did better the next time when i left in two thousand fifteen Dislike did a whole lot of research. Which i don't think i did the first time i was really plunging into the stories of these people who were living this digital nomad lifestyle basically means you work online. Your remote in that can look so many different ways the way that i wanted to do. It was just kinda like short-term traveling so some people like base somewhere and travel every six months every three months. Since i like that i kind of wanted to move around a bit more So i somehow in my research came across like house sitters so that is like house sitting and sometimes involves pets and sometimes not And that got me through europe. So i joined when i was in the stage tried to get some houses under my belt. But that didn't work so that admitted it didn't end up mattering anyway so i got to year and got a whole bunch of house in your cost of living. The number one thing is to be your housing when it comes to your cost of living so with that taken out of the equation all the money that i had saved up which was very intentional about before. Look like so much farther so trusted house sitters was the first second was like saving at all my intention. All my energy all my resources into leaving so you know that. Means like being super conscious. About what i was buying or not buying and Also stacking money honey. Making sure that. I had something a nice chunk of change because like i'm untethered when it comes to family i'm the tenth child and my family but these are people that i could call for money. You know what i mean. So i knew but i had never had to before so i knew i was going to continue this of being independent and i need it. I needed money. So i just saved up a bunch of money. I figured out ways that i could save money and still travel. And i applied ticket and just worked it out from there. I never knew exactly where i was going to go. I intended to start in asia. But i had a buddy pass. Insist could not get on a flight during christmas and so i ended up in london completely. Underclothed got one coat and a scarf and a hoodie in. That was not enough for london at all but it was really nonetheless because i left. America in anywhere is better than america in my skin. So i'd love to. I love pack that our because that is a very complex. A statement that i also resonate with as i live in argentina and i've been living urgency xiao's twelve i resonate with a lot of your story as far as being smart and resourceful. I love that you were one of the things that you pointed out. I need to be mindful about my consumption right. And that automatically makes you as you're becoming a woman of the world right getting out of the states and discovering the world. You're being mindful about your consumption which is allowing you to then have more in your pocket to take care of yourself as you're finding these alternative ways to live. I love that. And i love when when folks like they wanna watch my dog in puerto rico. And she's now a malaysian cut. Like i find that that also starts the trickle effect and so just kind of diving in the water. Had i just taking a chance even if you just have you know you're going into winter season and you just have your bathing suit with. Somebody's gonna look out for. You've got to trust yourself that but that what you said is like super super important about gaining momentum you know focusing on the things that you wide and gaining moments and in that that is a theme in it does create this lifestyle where you find yourself having more of what you want then what you don't want yes. I love that okay. So i still want you to impact what you said earlier. Folks find a way to do that throughout this hour. I won't put you on the spot. But yes. Because i would love to share as much as i can speak about like traveling the world and getting outside of the states as much as you can because oftentimes we know we learned the a side of history. We don't learn the b. side of history. And then when you start to go when you go to macy you or when you go out into the world history all right. Let's move onto this question here. How can you talk about the moment. You broke away from what you thought. You should be doing versus what you felt. You should do child that moment. Slap me a so it was. It was essential so i worked at cnn for five years and it was just friction within the company. And i came to this point where i was like you know up in. Hr hr is not for us for the company to protect them against getting sued stuff like that because that's what capitalism does right So i was either going to try and figure out how to stay there and like make that work or i was going to go live my life and we all know what i did. I just i let so that the and it was a very it was a very distinct. Let me take there. So i'm in atlanta. I have my toyota camry. How my little kinds of. And i'm sitting in my room and i was getting into movies at the time. I'd never been like a movie person. So like i'm going to. I'm d top one hundred movies or something silly like that. And i've watched benjamin but and there's this super whatever seeing i'm not gonna judge it of but he's talking to his daughter through letters and she hasn't gotten them so as an adult she's reading then her mom's and ospital sick and so these letters are like no matter what you do no matter you turn out to be. I hope you are not afraid to try again to make mistakes to switch it up. And so like i m crying real tears here people and i was just like i'm not gonna do this like i'm not doing this. I'm not going to try and figure out how to stay at this company that doesn't value me as a human being. I'm leaning in. So that's what i did. That was my moment. I love that. And so we often. And i love when folks come on the on these chad. Our live audience also is curious about like how can i if corporate is not for me for some. You know for lots of different reasons. How can i have the courage to step away. And also the the the vision to know what i wanna do that i can really express myself to my fullest capacity vita like someone is thinking right now. Someone is questioning. How do i do it. What's something they can start with right now so first of all you are more than likely blocking yourself from actually getting to the goods because you are afraid already you are afraid of not being able to sustain yourself your of being homeless. You're afraid of just edging up in general. I don't know fuck accustomed thing but like Bad is that is from a place of fear. When i left the states the second time specifically the second time. I was more interested in where i was going rather than what i was leaving. I was not recoiling. I was not reacting. I was making an informed decision because i've seen i'd gotten a taste. I'd spent nine months out that first time that i live and it was the sweetest the sweetest time of my life. Aside from now. Which every present moment is this time of my life but so it takes you taking a step back insane. This is actually possible. And that is so much of what i try to be is sharing that this is possible and that doesn't have to look one way and that if you give yourself some space in some trust and confidence in yourself to be able to take care of yourself that is exactly what will happen but until you do that. You're not going to really step into it with a strong back. You're going to be breathing backwards. Essentially you're going to be holding your breath. They're going to be giving into what your brain naturally does which is think of the worst possible thing because your brain is trying to keep you safe if you wanna get into the science of it all like. That's why we think the same things over and over again. Our brain is like going over all the stuff that happened to us so that we don't repeat it again right. That's why you up in the middle of the night thinking about that time in third grade when you should slept the mess outta somebody and like you didn't because your your brain is just like okay but remember that time when such a such a such trying to protect you so it's like getting out of that in practice getting out of that 'cause you find yourself suck right back in because that's what it does and you've been doing this for how many years now like you gotta be over ten years old right watching this so it is a practice of taking that intentional back in saying you know what it could go that way but it could also with this way. Which is more realistic. Right is probably gonna land somewhere in the middle. It's probably not going to be the worst. Probably not if you think of all the things that you You want it to step two. And maybe you've attended. It probably hasn't gone all the way you've probably landed somewhere in the middle so giving yourself that opportunity and the more you do that in the more you step into it the more you practice being present with whatever it is that you want the more you you bring you bring opportunities to yourself so we said yet you're dropping sorry to cut you off your dropping so many gems right now so thank you. I just want to impact some things that you're saying which i love is so. I often talk about the importance of emotional intelligence. Yes and it's like. Yeah giving yourself this space or in giving yourself the time to to to listen to yourself and integrity to to be intentional about where you want to go and not just and that involves a mindset shift. We can also say right. So you're i love what you're speaking about mindset and not to get wrapped up in thoughts of what happened in the past and just like really allow that opportunity to reveal itself. I find nuts as far as building practices concerned. It's it's so important especially nowadays when we have everything snap with a finger push of a button and it's like but you can't push a button and racism this to build a diversity true diversity authentic. You know community. There's no button to and these really big problems in the world. And so it's like if we can start with ourselves with a little bit of a little more emotional intelligence we wouldn't feel shackled to any company any business it you know we would be able to travel. The world was freedom. So i love that year bringing that part of your journey to this conversation because hopefully it will inspire us the right listeners. Say we've got some folks in the chat box when you were speaking this someone. This great someone Ebro that someone is me so we've got those resonating with with what you're saying. And so any any tips for e right now for example to to help shift that mindset like i said if it's practice You use a very powerful word which is shackled and. I think that. I heard someone say. And i'm trying to remember who it was. But sometimes you are so free that you can choose bondage right so if you don't have somebody physically putting you into bondage. You can be so free that you find yourself and that is often what we do and so it and you were also talking about you know racism and so forth and that is that israel so many things are real sexism. Racism misogyny all the all the 'isms. They're they're very real but often and tony. Moore's morrison said this. Well they want us to continue to talk about this because that serves capitalism. If you're so busy talking about the problem you're not living if you're focuses on resistance which i used to use that word quite a bit but then i was. I realized like the energy that that has. I want resistance. I want to be in a state of allowing. I want to be in a state of receiving. I want to be in a state of being so that. I'm living in creating the life that i wanna live versus trying to push against a system. That was never built for me. That i don't know that that will ever be rectified. And if you look around the world so many different people in different ways are oppressed they are. They are disadvantaged. In many many different ways like we saw in nigeria. They all you know. What i'm saying is still oppression. You know you see classism. All the 'isms like i'm saying as long as you are focused on that problem as long as your energy is feeding into that as long as you are upset about the virus keeping everybody stuck inside then you are not giving yourself any type of emotional spiritual space to be who you are to enjoy the things that you are meant to enjoy you. A lot of people died this year and not saying that lightly. A lot of people actually lost their lives this year. Some people have survived and they are. They are suffering in their survival because of the lasting effects of the virus specifically regarding that there there are so many things that we can be thankful for it in instead of focusing on what we have and where we are not wanting as humans it is so much more beneficial to focus on who you are and what you want and all the things that you already have in the good feelings that you have available to you at any point literally at any point And i've i've gone through a lot of stuff flight divorce and my mother and my sister passing away seven days apart and you know my condo being foreclosed on and like there's been a bunch of crap but i if i focus on that i would never i would never be here i would never get up out of it although i really like my bed. I just But that is super super important. What has your attention. What has your focus. What has your energy and again going back to that. Mindset building that practice of replacing. That's where the gratitude comes from. That's where the affirmations come from. That's where the meditation comes along. People are trying to reprogram their minds. People are trying to still all this gunk. All this movement. That is happening. That is just fear that assist our brains trying to protect ourselves and their time to be a peace and find some joy which is bet emotional. Intelligence that is that is what's going to bring me fulfillment everything that we do in. Our lives is based on a feeling you are with the partner because you want a feeling you are at a job because you want a feeling you are doing whatever it is that you're doing buying whatever car buying whatever flu because you feeling and once you understand that you don't have to get those things in order to have the feeling that you can have the feeling already and then if you want to experience some stuff that's cool ban like everything shifts for you literally because it's just it's here if you want to see love you will see it. There's a specific word for it. That's super scientific. That i can't say right. Now it's like it's like when you are shopping for a toyota camry and then all of a sudden you start seeing all the toyota camrys on the road. Is that the power of focus so once you start really focusing on what it is that you want how you want to feel. You can have that experience already and then watched the interesting choices that you make and maybe there's some stuff that you don't want still and that's fine but that's just more data go by so you just shit like. Oh that's not what i want. Okay well let me. Continue to focus on what i do want. I would love for you to tie money into this beautiful philosophy that you're bringing up because i love that you're saying the money don't let the money make you. So can you just yes combined. How how do how can we be more aware of that. And because obviously we're living in a world that is so focused on this illusory economy for lack of a better word but that is not doing good for most people right and so that just gives money. This is energy that i feel like you know i mean in my public education. I wasn't really taught how to do that. How to work with that. And i had to go have my life experience and then figure okay mic some mistakes and like you know people like you and like you know bounce ideas and experiences off of each other. How can people be more aware of their relationship with money. Keeping your mindset so that was one of the questions that i was very much looking forward to answering healing from capitalism capitalism. Wants to commodified you and wants to come out of your time immagination and your energy right anything that you're not to be productive anytime that you're not on the clock anytime that you're not earning money you know anytime you not wear the money than capitalism wants you to feel shame and wants you to feel. It doesn't care about your joining. It wants you to clock into a place. Turn your emotions off. Produce the workers meant to produce and then it doesn't care what you do as long as you show up on time. The next day rain so it is about again taking a step back in honoring your feelings honoring what feels good to you and giving yourself the time in the space to be on the journey of figuring it out as you go along because that's like you can't know what you don't know you have to do some things you have to have some experiences in order to get where you're going in. Our imaginations are often so limited and there are so many things that we don't see you know for all things we do see like online social media youtube like whatever there are a lot of the process processes that people go through that we don't see so and your experiences pointed unique to you so giving yourself space to grow the space to learn the space to experience keeping your joy intact and using that intelligence people always talk about like a generational trauma. And i get that. And it's probably. I mean i know it's real right in our dna but there's also generational intelligence. Okay y'all known it to. Yes the from you talk about you talk about. All the the wisdom intelligence all the all the survival all of the you know everything that these people from ages and ages who have way harder lives than any of us have given so. Let's talk about that too but in being able to give ourselves the space to employ that right put it to us so yeah i can't i can't tell you directly like yeah if you show up they will come because that's not always the case but i do know that there are a lot a lot of people out there doing the exact same thing what you are drawn to some of them because of their energy. And it's going to be the same for you if you are seated inside yourself if you are showing up for yourself if you are prioritizing feeling good in whatever you do being inspired action because you feel good people are going to be drawn to that. That's just what happens but it can't get there if you if you don't sit down like kit if you don't become feed it if you don't if you don't fill yourself i saw like a super super important and capitalism hates that because like we'll have to attack that and like i mean they don't get their money. There's nowhere in the world you live. I was just like At a waterfall that was in the middle of nowhere and these police folks rolled up nails like actually private property and was just like who decided who owned us. You know what i mean. All this stuff is made up literally. Humans have made up every single thing. Everything will rule that exists every single customer every single societal. Whatever somebody just made that up and like the masses reinforce it. That doesn't mean that you necessarily have to into it within your within your heart within your head within your spirit whatever space you could carve out for yourself that belongs to you entirely entirely and then you know they're gonna get their little tax money or live whatever whatever it is that they want but by virtue of you showing for yourself in connecting with people which is important like Been your you'll you'll be taken care of. You have to that. You have to believe that if you if you don't believe that they'll be taken care of you. Don't believe that you are inherently support it. Then you're not. You're not going to go anywhere because you think that this system is actually going to take care of you when i mean we've seen what amazon does we've seen with all these big companies to don't make so much money. They make so much money because they don't pay people they don't pay people a living wage and it's always gonna be a fight is always gonna be negotiation is always going to be a pressing against and there are ways that you can take care of yourself without necessarily having to do that if all a game. What game do you wanna play. Wanna spend time 'cause we alive as long as you're alive like you have to figure out something to do right. So that's that's just part of the work. What is what is what is your. What is your idea fulfill bike. What is your idea of of how you want to engage with the world that certain yes engage in. Yes that's that's a huge word instead of separate separation isolation which is what we're going through right now huge moment of isolation which in my opinion is just eating that The stripping away of the ray. When when you went to this waterfall and this is private. property is nature. This is this belongs to everyone and we just see you know. Historically speaking how the commons which is shared air shared land shared the things that belong to no one. But then you pay your up private property now you know. There's not so many places to go and nature gotta stay stuck behind the computer and it makes me you know like this intentional Why can't i go to the waterfall. And have a moment you know. I think that's a really great point to touch on reading. A book called sacred economics right now. It's specifically about this and how you know how money has influenced you know so much where we have come today which we can say a lot about that and then it's now there's debate at least some call it insight others call it vision at pershing. We call it perspective perspective you'll benefit from from a custodian. You can rely on. One who can help navigate the big picture and whose products give you a competitive edge when who considers everything. What will help you succeed today. And tomorrow open yourself to a perspective and open the possibilities consider everything be and why mellon pershing learn more at pershing dot com slash. Ria pershing advisor solutions llc member. Sipc frog foodies out there. I'm unwrapping mcdonald's steak egg and cheese. Hegel look at this steak and juice running down the side. Get a little bit on rapper. Here and then fluffy egg and rail cheese folded oversaw looking just so good Grilled onions and butter bagel two thumbs up from mcdonalds steak egg and cheese bagel for breakfast. Love it more baba participating mcdonald's but then this book it's like should we just do away with money. What do we do. Should we go back to like some sort of other kind of trade and it's like how you said before don't focus on what happened in the past and how they're like. How do we fix that. It's like what can we do. Now what can we do. You know money is not going to go away and our generation So how can we use this as a resource to to feel fulfilled and to and to not let it dictate me in what i do in my life. I love that you're bringing this up. I'd love for you to speak a little bit more if you can now about diving in deeper about why you decided to become a woman of the world and not stay in the states and because i feel you and one of my one of my idols josephine baker. James baldwin is another idle and it's just like okay. If i look at these folks who they felt they were put in a box in the states at whatever capacity but then they went to london and france and these people welcome them with open arms in the of course we can talk about a whole nother appropriation. That happened after that but at least it was done with love and it wasn't done with china you know may harm people physically. I'd love to hear you speak about more about why you decided to leave the states. It's just like in my spirit. Nina simone also did the same thing a lot of the artists. Did they have the access to be able to do that. And that is a gift that my ancestors specifically gave me is that if a freedom to be able to to not choose that about and there's like a study about this if you're into like astrology and stuff like that there's something about like I dunno like the world in specific energy centers around the world I just feel gross in america. I haven't been back the whole almost five years. That i've been gone and the only thing i started this when i was looking for a place in malaysia like closets aren't building. There's no bathtub. There's no like bathroom counters. Really they just kind of go into business and come right back out. And i'm like where am i supposed to do my beauty routine but aside from that like i haven't missed anything about the america. Least of all the oppression again. Systems of oppression exists everywhere. Because that's how that's how it works. In order for people to get anywhere they have to oppress. There has to be some type of opposition happening in order to lift themselves up Something that i like to ask when i travel is whose land this so specifically malaysia home. You know everybody malaysians. The chinese have only been here for. Maybe two three generations from what i understand Just talking to people and like argue even connected with mainland china. Like you have people back there. You know what drives you come from in china There's also indians on to talk to them as much everybody's very familial in insular so it's really hard to like get up net thing but there's also malays a lot of them paying from indonesia were given land until two like okay. You can have the sign but you've got the work that you have to like build it out. And then they have owning oddly. Which that's essentially. What happened to indigenous americans like they've been sloughed off onto some government land given like a couple of things they have no voice in the government They land they a lot. Was that you know what i'm saying but Yeah there's something in my spirit that just even at my worst vietnam is like the worst experience i've had i developed anxiety i'm not anxious person I would rather have been there than in america. Because i was not affected. I'm not affected by the systems of oppression. I mean horse. Racism still exists. And i have. I have had experiences with racism in indonesia's specifically but For the most part everybody pretty chill and american. i I think that's something like people talk about often. the Being recognized for your passport country rather than you know this or that. But i mean if you really sit with the culture you'll find the anti blackness because it exists everywhere. I was expecting something from japan other days. Yeah well yeah. And i was just gonna say i mean you reminded me of so many. So many moments of the greats the the the the legends. That are no longer here with us. You know i'm thinking of mohammed ali when they wanted him to fight in vietnam and he's like anything. I'm going to fight here in these streets. Well i'm not gonna go to vietnam you know and having that courage to to to as you said before you know fine your path and not stay with what everyone is doing. Just because it's the norm you know just because everyone is figuring how to build a retirement even though they're working their ass off and not being treated fairly for the sake of retirement. You know at any moment some- someone can come up and do something. Google officers come up and take everything. I was just talking to my friend about talent. Venice beach in los angeles. You know like when how the real estate has just shot through the roof because these big tech giants are coming in buying up the place and they're displacing people and amazon. Does that as well. I mean i'm not trying to shit on people. But i'm just trying to bring up the real news that is happening. This is the continuation of oppression. And just how when we're able to find what fulfills us but be a have some integrity about it and but the emotional you don't want to be involved in. I find i resonate with you. Is i i. I don't want to be involved in that. I wanna. I wanna trailblazer my own path. With this with this intelligence rage. That comes that comes. I just need to sit still and listen and find my waterfall. Let's move onto this next question here again. If you see your question come up feel free to Come off in the chat box. I know that we are diving deeper. So and i love that you all are hanging out in down for or doubt. So let's move onto this question. How do you define solo work. All work is many things. It's probably not just one thing. I think we're too interesting as human beings to like be tied down to any one thing It's just you know the thing that you do in life you lose time with. It is the problem that you're solving. You're really invested in solving. Those problems is like the process being in the process of creation. Enjoying the creation. In whatever way that you create writer painter if you're a developer like yeah so i think that's the best definition of soul words. Just whatever whatever you're drawn to whatever kind of expression you're drawn to i one thousand percent agree with that and i believe that we're all artists. I believe we're all born creative beings and then societal pressures silent norms. We figure out how to forget that and we become numb and literally to the point where they're putting shit in everything and you have to think twice to want. Wanna buy this toxic stuff in it or do. I want to like try to not be overwhelmed by societal norms. And you know the economy definitely drives that and it keeps me sleeping as far as not being able to be involved in their own soul work. So i feel like we're all artists right and and it's just a matter of connecting with that part of ourselves so that we can say we don't need we don't need you to dictate what what it means. What success means no. I'm gonna redefined my my version of success based on the sole work that i'm doing so yes i go that and i encourage everyone to tap into their artist. And that's also how alward begins. Its i okay. The genius the genius. Now it's funny when when on the on the left rain intellectual level of the word genius. It's like you know. Sat scores perfect scores on this and that but back it mythology the genius. Was this presents that came in inspired you to write a book or to paint a paint something to have that genius to work from our genius zone. What what would happen if world working from our genius though you know how. How cool would that be. I think two different. So elizabeth gilbert talks about genius quite a bit and then an ran. I think she exports at an atlas shrugged how i feel about her as a person but i think that was the concept exploring if everybody could do what they really good at doing and they wanted to spend the time essentially like your cell work is like what works out the kinks in you is what helps you to not so close and so tight and so box So yeah those are two different. I think i think elizabeth gilbert was like a tedtalk talked about edginess. Beautiful all right. Let's move onto the next question here so you did talk a little bit about healing from capitalism. Do you want to unpack that a little more or do you wanna move onto the next question. I think is impact. I think she's good perfect all right so this next question here. Would you have managed to live abroad. With nonsol- work has so worked. Become a state space to you. It's super easy because capitalism is everywhere saumur malaysia. They don't own about thanksgiving. We have a black friday sale. So is super easy to replicate whatever you were. Whatever you were experiencing wherever you came from some people travel in never go nowhere right. 'cause they're bringing the exact person the exact mentality the exact blah blah blah. So you could get a job. Child is less out there especially online now the so many jobs. So it's very easy to not use solar Yeah so there's also that mentality like paying the bills so that's important but also like i was talking about carving as face to get into your your real work. Some people like in this is something you have to decide for yourself. Some people like not monod sizing next hour lay like having really rich hobbies. You know volunteering in like all this other kind of stuff which is really really. Don't so it's something that is very specific to each individual. You have to understand what you really want. If you're giving yourself permission to want the thing you really want so. He wanted and you're happy having that job. Then that's totally find. That doesn't have to beaten solarte. You can make it so work a lot of ways by showing up in all of yourself so there are ways so work within the systems on some level like. I said it's hard to divorce yourself from the system completely. The system but yes So work has actually in a safe space for me. Because i've made it that i've given myself. I can give myself the opportunity to show ugly the show unpolished. Justice show Unrefined to show up against my my my ideal tastes of for example. Like i have a weekly podcast. Put out called black women travel. Where have these kinds of conversations with people with black women about how they how they live their lives in how travel has become a priority to them and the audio sometimes is really miserable and i have shed tears while editing like. I wish this were better. But i will put that episode out because that is. That's that's who i said i want to be. I wanna be a person that is consistent so I just put out episode seventy seven. So it's almost a year and a half that i've been putting this this show out in that commitment. Especially this year. That commitment has really imbued. Me is really like invigorated me. It's is kept me. Centerd kept me focused into not worry about all of the myriad of things that were completely out of my control. You know whether other people wear masks people taking it seriously. Who's that you know. So yeah. I think that it can be a space if you make it. Safe space beautiful. Well congratulations seventy seven. That's a nice number to wrap up the year. How do we find your podcast. If austria platform apple on google s on spotify. Whatever app you use more than likely as there You can go to the website on social media at the w. t. pot so you just click on the link to those website or just search for it but black women travel walk beautiful and i love to hear Maybe as you have since you've produced seventy seven episodes can you share. Maybe one of your favorite moments In your experience or maybe from some of the conversations that you've had a really tough question because you know you're gonna also different What is something. So the way. I approach producing. This podcast is like a lot of times because we are who we are. We say the same stuff over and over again. So i researched my guess before i sit down to record with them so i get a little piece of paper at mike i get to scrolling and what have you and i just kinda look forward the patterns and so when talking with them when speaking with them. I've just kinda breeze past the stuff that anybody who's looking could find and i've tried to ask the deeper questions that kinda pull at them a little bit to get a just a little bit more personal than what they might have already said or to scratch something about something that they said so. There's sometimes this moment in the interview where they're like. Oh humid on your restarts pulling up. They mama name they grandma name asking them about like what was going through their mind and particularly like juncture in their lives. You know because you can see those faces if you're looking for it. You could see it by where they're talking to themselves out loud which a lot of times we do on social media china encouraged ourselves trying to pick ourselves up not being completely secure here in where we are what we're doing because this is life and nobody tells you that everybody's confused and everybody is winging it And everybody has this voice that they are having a conversation with again the brain trying to protect you when you being like you know. You really got to protect against us right now. You can relax So i think those are some of my favorite moments. Where where. I get the pool just a little bit. I get to i get a yeah. I don't know how to say would like pull a little bit at them. Yeah yeah you pull it out. You bring a new perspective to to the way that they also are sharing their experience. And we have someone who is is a good supporter. She's doing such a good job in the chat box. Saying you are so good for that for the way that you're facilitating your conversations so everyone let's when this is over. Let's hop in listen to wanda interview. These amazing folks and and again thank you for your integrity and for those those conversations especially you know with black women there so much. I mean. I say with with the elders in my community and in just over t i learned so much every time. It's like yes. Yes how do we. How do we bring the just see. How how how are commonalities can help us grow. Instead of focusing on what differences can keep us apart for them all right so we've got about ten more minutes left. Let's take this question here and we'll see if someone else wants to ask the question before we wrap up so just to let you all know if you haven't had a chance to hop off mute right in a chat box. Now is your time to shine so wanda. i'm starting off as a freelancer. Can you share some advice. So that i don't get involved projects. That won't contribute to my soul work. Search so again. Is that emotional intelligence. Like what feels good. Are you replicating that capitalistic system. So if you when you get a client are you trying to like over deliver. Are you spending way more time doing work for them. What they've actually paid you for so it's like healthy boundaries setting those healthy boundaries for yourself giving yourself the space to grow understanding what you don't want not focusing on that focusing on what you do want putting all your energy and your focus your thoughts and everything all your spirit into what you do want. What kind of experience do you want. What kind of plants do you want and working from that place That way you'll never get off track because you are grounded right. You are Firmly planted you have a solid foundation about in in a working solid funday foundation. About who you are what you want. What kind of experience you want and what. You're willing to offer an exchange for some rent money now so i think that's the best way to approach that in an understanding. That is possible. If you don't believe that it's possible than people are gonna aretha somehow. They just know. They're like seeing really wooded. I can pile on her whatever i want to pile on her and she's not going to stand up for herself and cheaper that response all right. So does anyone want to hop off mute. Oh hold for light. Pause give you some a chance to help off mute in case you need that pause so feel free to come off mute now now i got some questions. I like to hold that spacious. In case someone might need that space. I can feel wanda with some questions and follow up questions. Before we end this conversation i would love to know. I mean you know given the current state of humanity in the world. Yeah the you know. Let's listen and this on a on a really profound no no. Let's let's philosophize a little bit. What are what are some of your hopes and maybe predictions For twenty twenty one. What do you. What do you hope to see happen. What do you see happening given the current state of the world. I think the world is just going to world. If i made as for the world is going to world is going to do what it does every countries what they do everybody in that country is undo. They do and all of that is completely out of control. So what i predict will happen is late. You allow to happen. Essentially what how are you spending time. Howard you nurturing joy how are you filling yourself up with the the good feelings that you want to experience without relying on condition without relying on something outside of yourself to to fill. That need making himself feel secure in supported and loved and healthy in lines. Whatever feelings that you wanna feel if you give your attention to that than i think you can start to fill the rest of the hour. Also something. I wanted to mention this. Sometimes we attack these problems from a very direct aspect. I think that's how we're taught you make your list of the good stuff the best of all you know but your mind this deal in this place of not necessarily introducing new information. That has that you've built trust and confidence in yourself. So you're trying to solve the problem from the same place where it was created essentially So best why'd feeding your joy and relaxing and letting these things passively comes to you to where you can use your inspired action to start to make your way through. No you have a machete in your cutting down through the rainforest essentially the wilderness of the world. One step at a time. One bleed swipe at the time but always always connecting with yourself and nurturing feelings so i think that any year is to be what you make of it people and also giving yourself lots of grace. Lots of grace because people put a lot of emphasis on a new year new year in me. You know i'm soci- fit. I'm supposed to be financially healthy. I'm supposed to be like all this stuff within the first thirty days of new year. Whatever and you know you'll probably see a lot of calls from people about what they accomplished this year and the holidays are hard for some people. Especially if you're mindful of not spreading this debt staying home versus going visit with your family You could feel like really isolated is like finding people connect with knowing what it is that you need and trying to fill that me right so all of that. Don't put too much pressure on yourself to solve these problems. Right away. Problems right away. Easing yourself into this practice of feeling good and being more intentional. How you wanna feel in the experiences that you wanna have. That can be the cherry on top feeling that already and then every year is going to be good. I love that the world is gonna world the world is gonna continue to world And that just reminds me of I feel like this is. This is the hopefully. I think this is my mantra statement of the year for me is the revolution will not be televised. You gotta do the inner work and bring yourself to every situation with that work you know and be kind to yourself above all because things are tough and But we have a lot. I mean we are creative. People you know and i think that when we can remind ourselves of that and like you said taking creating time creating space to reflect and received that information. I think we'll be a good resource you know. It's a great tool to realize recognize your creativity. I have someone here has written in the chat box. Sometimes we know our sole purpose but it feels very difficult to move in that direction. Due to fear of money we used to work on older patterns how to get motivated to move in sole purpose direction. So how should you get motivated to move towards a sole purpose direction would a great way to wrap up this chat wandered. Do you have any comments on that question. You know at marina I mean the the sole work is really the reward in the south every time. It really is that. That is a motivation for you to say. Wow like if. I focus on feeling good if i focus on expressing myself from this good feeling plate I'm gonna be happier like my mind. Vibrations is going to be off the tired. No willingness on vibrate is By imagine all done up to this point honestly like really think about the all worrying all the fear all gill all the you know talking down here south and beating yourself up about out not doing this well back when that will or not knowing enough about this i know nothing about that and whereas the gotten has it gotten where you really wanna be so like this opportunity to try something different and that different thing is putting that putting that goodness i putting those good feelings and understanding that you can create them at any point. You can change like that. Have you ever been like super say. He's in which goes a girlfriend and she had cracking up. He pretended like that the feelings change like that. It's just you're heating your beating. That bats of bad stuff is just something you don't want let it go child focus realms doesn't you do want so so if you believe that it's difficult you will make it difficult for yourself to do and the way you phrased that question. If feels very difficult is because you're making it difficult you have to give yourself permission. You'll have to allow yourself to feel good. And like i said sometimes not going at it directly being passive starting very wise. We say like oh like this hot chocolate is really good or like oh i love this movie. I love this daycare wherever you know and like feeding that joy and then letting that inspired action take you where you need to go. You have to allow it and those are if you do after making work. That's something that can affirm within yourself. I him a growing person who is prioritizing my wellbeing and these are the things that i really enjoy doing and i. I love getting hyped up about this. That has such a good experience with this. Is that and i know that the answers are going to come to me and actually you know what i'm gonna hop only alive because i'm really high up right now or i'm gonna write this email like this information i really want to share Or i'm going to start the you know like whatever that looks like for you to be able to connect with people But just like like. I said he's by peace with that. One steady this take a little wacky and take objects and water affairs. Some birds long. But it'd be that. I'm gonna place of allowing him in a place where i I'm supported. I am love and i am allowing this stuff. That wants to come out and meet the come out of me and it's coming out in the most wonderful way that will connect with whoever interconnect with that kind of thing. Encourage yourself so soon. You know reprogram all the stuff that you've been saying and flip it. Yes absolutely absolutely Reprogram especially because we've got folks out there trying to program us we that's a whole nother topic. It's been yes sir. Work on that. Yes work on reprogramming. Got it from you know from within. And then also i love that. You're bringing it so it's it's individual work but then we are interconnected being so you know you. You put yourself out there in order to continue the web wanda i am so happy that you shared This conversation with us past our. I'm definitely checking out your your podcast anchorage to do so as well And wow today is tuesday. We've got a couple of days left in december. So you know be courageous. Let your light shine. Take wanda's tips tricks food for thought and soul too hard and i would love to hear from you all on the next shot. I hope to see you all in the next shot and thank you so much for coming. Everybody thinks he's dead thanks to Bottom who are you texting my therapist. You text with your therapist tags video chat call. Yep that sense to easy. How did you find her. I just went to better help dot com slash save. She's a licensed therapist and it's all online. I connect when it's convenient for me and don't waste time driving anywhere. Plus it's affordable. I wonder if i should try it. It's great to talk to someone in confidence. She's helped me sort out quite a few things and right now you save ten percents off the first month when go through better help. Dot com slash. Save better help. Dot com slash. Save got it.
Bill Ackman on Wall Street's hottest trend
"Hi I'm Deborah. Mac and welcome to axios recap. Today's Wednesday July, twenty second profits are up at America's largest hospital chain China's Houston consulate has been told to shut down and we're focused on Wall Street's hottest trend. Earlier today Hedge Fund Titan Bill. ACKMAN raised four billion dollars in an IPO. On the New, York Stock Exchange. But. It wasn't for a company or even for the firm that controls his hedge funds. It was for something called a special purpose, acquisition company or back, and it was the largest back IPO of all time. have been around for a while. They used to be called blank. Check acquisition companies in short. They're empty shells, no underlying product or revenue. The idea that a money manager like ackman creates one raises money through an IPO and then uses that money to buy an actual company. Now, why would anyone want to be bought by a SPEC Napley, because it's defacto way to go public without all of the disclosure timing and Financial Hassles Traditional IPO. ACKMAN himself did this nine years ago, eventually purchasing Burger King but specs have mostly been small business until the past year when they've simply exploded on wall, street raising tens of billions of dollars and buying up such well known companies as draft Kings Virgin Galactic and multi plan. Plus Electric. Carmaker. Fisker, which we discussed on the pot a couple of weeks back. Why it matters, is that specs have very mixed track record, and there is some concern, not unfounded that their prevalence right now is a canary in the stock market bubble coal mine. Plus specific to? For, some larger more mature Silicon Valley companies, his back might look like an awfully appealing way to go public. I am pleased to be joined by Bill Ackman. So Bill! Let's start with this big picture. Why are there so many specs right now? The spat, itself is a good idea, the idea of creating a cash shell as a public vehicle at using it to enable a private company to bypass some of the risks of going public in fairly rapid fashion, so that idea is a good idea. The quality of the sponsors of specs improve the terms of improved somewhat. How much do you think the broader kind of boom and specs is partially if not being driven by maybe reflecting kind of overall public equity market froth, there is I would say a fair amount of that. Because number of stacks have done deals with fairly of companies space tourism electric's make your list. Stocks traded well. That's captured the imagination of people, and so I think that's made specs. specs in hot, but the structure itself still has a mixed record that I think quality sponsorship terms of improved somewhat actually getting transactions done. Some of them are interesting, good companies, but I think that is changing the landscape and just the nature of the IPO process, the risks inherent in risky risky world, the other point I would make is or the middle covid crisis. We have an. An election next hundred days, uncertainties the enemy of the IPO. You don't WanNa. Go all the way down the road. You're four five months into the whole process and you gotta pull the deal because stock market's down or trump tweeted something now so it's the instantaneous nature of it. I think it's very appealing to people wanNA focus running company as opposed to do it on Wall Street. Street. You obviously have a lot of runway for this new in terms of when you have to actually get a deal together, but given the as you say a midst of Covid crisis election one hundred days. Could you see a scenario in which you guys actually do? Sign a term sheet with company before the election. Yes, if your expectation that you will, it's hard to have an. I would say I'd be surprised. We don't have a thousand company. We think there are one hundred and fifty ten billion dollar plus private companies on a conservative. If you're actually more than that, but ones that we've identified, maybe fifty of those will meet our quality threshold in terms of business, quality, growth, characteristics, economic characteristics and We're GONNA look at everyone. Everyone knows this thing exists. At this point. I, mean you know whatever number two story Bloomberg today being covered fairly widely in the media I'm happy to be on your show. Obviously, we want the word to get out so that the phone rings and you know the most interesting candidates. We're going to dig in very very quickly. We need one transaction and we think we can. Delivering five billion dollars to accompany can be transformational. You just said, and you also said that perspective. You're looking at ten billion dollar, plus in terms of overall enterprise value, not what has is there an upper limit either from a structural perspective or Call it practical perspective in terms of how big a company you could buy, interestingly, not really 'cause one if someone wants more than five billion, we have the ability at pershing to scale up investment for another couple billion, and then we've raised money from a very unusual group of masters. It's people actually want to deploy a lot more capital than you're able to allocate to them in the IPO. We had Asian sovereign wealth funds that have told us they'd like to write a two or three billion dollars ticket once we've identified a target big US asset managers are GonNa want to own a big percent of the company, so if we needed ten billion or twenty, the for the right business, the capital is there within that when you talk about that universe, kind of large privately held companies, a lot of those in that value range are Chinese tech companies Chinese tech UNICORNS. Are you considering those or geopolitics scaring you right now too much? Look at it, anything done, but I think a Chinese domiciled company. Today is more of a challenge. Are you concerned that almost certainly on the private market side? So are you concerned that almost no matter what you buy, you're buying something near the top. If not of a bubble. At least it's a very very highly valued thing. That maybe shouldn't be quite solid out. We're only GONNA buy company on terms that we find attractive on an absolute basis that were buying business at a discount to its intrinsic value. Again we're. We're only GONNA end up with a minority just in the business, and if the public markets give it to high value, that's okay, but our investors were going to get in at price. That makes sense to us. You know again. I'm not the one to tell you which companies overvalued. It depends on your expectations of the future, but we're going to buy business where we can be very confident about the future of the company. Give me a lot of things have to pass on the other. Many companies nominally have. have very large, valuations waymo people talk about it being worth thirty billion or something like that, but it's zero revenue self-driving Company. That's not for us. We're looking for business with real revenues, intrinsically cashflow generative businesses they may be investing one hundred percent or more of that cash in growth in getting market share, but we understand the underlying economic gymnastics, and it's just a matter of time before that business starts fitting off cash. That's our target. I don't WanNa. Get into the whole CNBC back and forth about your comments in. In March but I want to ask you kind of a different piece of it. which is this back in March? You said that the country was going to go to hell unless it was basically a thirty day. True national lockdown. We are now whatever it is five months later. Cases are surging all throughout the country. Schools aren't reopening etc. If you were President of the United States today are king of the United. States today at this point. Would you now institute that thirty? Day Lockdown to get things under control. No but I might do it in certain states or certain cities. I would do it on a very localised basis to address. The problem is best I could and I would mandate wearing nationwide in I would appeal to people's. What's in the best interest of the health of the country in the best interest of the economy of the country I? Wish we Jonathan hard shutdown. We'd be very different place, but we did instead was enrolling. Shut down, which is. Is better than nothing, and we have early opening in some places with more care than other places, and that's the problem with fifty independent states making up their own minds, but I do think I like the fact that the president is promoting mass wearing think that's the right thing to do. I wish you'd done it sooner. Bill Ackman of pershing square. As of this moment pershing square on Tina's well. Thank you very much offer joining. Thank you so much. Start Your mornings with the news that matters by listening to axios today, and join me your host Buddhu every weekday, talking team of award winning journalist, bringing you insights into the trends shaping our world. Visit US at axios, DOT COM, or wherever you get your favorite podcasts. Welcome back. We're watching today. Is the vaccine race with the trump administration signing a nearly two billion dollar contract for one hundred million doses of an experimental covid nineteen vaccine, which is being developed by Pfizer and German company Bio Tech. The deal gives the US government the option to buy another five hundred million doses, and comes after the Department of Health and Human Services did a similar deal with Nova VACs. Two things to know I, the White House says that these doses would be distributed free of charge, although didn't explain how it would manage the distribution to. There isn't a Pfizer vaccine yet. That's been approved for use. visor obviously hopes to have one and soon plans to begin phase three trials, but the president's continued pledged. We'll have a vaccine. Quote very soon is more about optimism than realism. Today we're also watching Ohio, which became the latest State to institute a face mask mandate, Republican governor Mike Dewine says it goes into effect tomorrow night for everyone over ten years old in all Ohio counties with some exceptions for medical and religious reasons, it's both for indoor public places and outdoor public places when people are unable to maintain six feet away from those who aren't in their households. And finally we're also watching. The country's largest for profit hospital chain, which today reported one point one billion dollars in second quarter profits that not only smashed the Wall Street expectations, but came after the company received one point four billion dollars in corona virus bailouts, and at a time when hospitals have been complaining about losing lucrative procedure revenue, also, it came on the same day that the healthcare industry in general is asking Congress for one hundred billion dollars in new stimulus funding. And we're done big. Thanks for listening right producers Tim Show vers Naomi. Shaven have a great National Maple Fudge Day. Back tomorrow with another axios recap.
[REPOST] #149: The Truth About Binge Eating with Amy Pershing, Anti-Diet Therapist and Binge Eating Disorder Expert
"Welcome to food sake a podcast about intuitive eating health at every size body liberation and taking down diet culture. I'm your host Christie Harrison an anti diet, registered dietitian and certified intuitive eating counselor offering online courses and programs to help people all over the world make peace with food. Join me here every week as I talk with interesting people from all walks of life about their relationships with food and their bodies. Member. Lou gums bleeding Crotty evening. It was all about. We're not became it was all about. Now ready for the world. Hey, there, welcome to episode one forty nine of food sake. I'm your host Christie Harrison and today, I'm talking with Amy. Pershing, therapists, and eating sorta clinician with nearly thirty years of experience in the field. She's a total rockstar. We talked about how our fat phobic culture hinders eating disorder recovery how diet culture steals, our personal power. They healing that can be found in getting angry and the role of trauma in disordered eating, and so much more. It's a really good really deep one, and I can't wait to share it with you in just a moment. But first, I'm going to answer this week's listener question, which is from a listener named Casey g rights. I work as a physician's assistant in primary care but have my own background with disordered eating and binge eating I have many patients that come to me wanting to lose weight. They believe I can give them the magic diet or a magic pill and are upset. When I tell them, I can't tell me that they've tried everything, and that they quote unquote, eat healthy, most of the time, sadly, we get no nutrition classes in PA, school or med school. So the information we are giving our patients is vastly different and most often horribly wrong. I'm limited to only fifteen or twenty minutes with each one by the time we address their medical issues. So I don't have a lot of time to discuss weight or health. Unfortunately, most insurance companies won't cover nutritionist and the RD's. We have available through the hospital are notorious for prescribing very restrictive diets before their patients, undergo bariatric surgery this long winded, but I'm wondering us medical professionals who have knowledge about nutrition. But limited time. How can I talk to my patients about healthful eating and intuitive eating and health at every size? Thanks so much. So thanks, Casey for that great question. And before answer just my usual. Disclaimer, these answers are for information on educational purposes, only an art substitute for individual medical or mental health advice. So this is such a great question, and I'm really glad we're talking about this because we need more primary care providers like you out in the world. So thank you for your question. Thank you for carrying and for being interested in doing this. I would say the best quick things that you can offer to your clients about intuitive eating and health at every size would be the idea that weight does not equal health and that the. Diet mentality is actually counterproductive to their house, which probably both of those things will be revolutionary messages to them, and like blow their mind a little bit in only fifteen or twenty minutes. And I think that's really the most important place to start with all this. So I would ask your clients about their experiences and empathize with what they've gone through briefly as much as you can, and then emphasize, that it's not their fault because I think that's the first key to untangling. The whole the diet culture has on people. So I would say some quick evidence to show how high the failure rate of dieting is right. Like ninety five percent failure rate is the number that gets thrown around a lot that some research shows that it's even higher than ninety five percent. Failure rate of diets, and you can talk about that you can talk about how the vast majority of people who go on diets or who intentionally try to lose weight, because this day and age of dia culture and not a lot of people are saying, they're on diets. They're just saying they're trying to get healthier. They're doing lifestyle changes or whatever. But the fact remains that intentional weight loss efforts, actually lead to weight regain within. Three to five years, and up to two thirds of people actually gained back, more weight than they lost. So you could talk about those statistics, which, again, will probably blow their mind. And you can also share that research. Now shows that weight stigma rather than wait itself is actually responsible for most. If not all of the excess health risks seen in people in larger bodies like it can't explain the excess rates of diabetes and heart disease and chronic diseases that get blamed on so-called obesity. But that actually have a lot more to do, probably with people's experiences of weight, stigma, and of course, who experiences weight stigma in our culture. It's people in larger bodies, right? All of us have some internalized weight stigma within diet culture, but people in larger bodies of the ones who get bombarded with it on a daily basis. They're the ones who when they're walking around get yelled at out of cars and get told that they can't shop in certain stores, or they have to buy two airplane seats or they get shamed at the doctor. I like all of these things add up these experiences of stigma really add up to a lot of chronic. Stress on someone's body that can put them at risk for these health conditions. And that's in fact, what is thought to be the link between weight stigma and these health conditions that often, get blamed on size weight stigma causes chronic stress, and that then leads to these health conditions developing so you can share all of that with your patients, and you can also share a little bit about the body's response to dieting, like how restricting yourself, actually leads to rebound over eating and just a quick aside here. I don't actually like the word overeating because I think it implies that there's some supposedly correct amount of food that you should be eating. And you're going over that when you overeat and that's not really the case. But in this primary care context where you're crunched for time and you're talking to people who are really in it with diet culture. I think the word overeating might be a good word to get the point across that restriction leads to binging or feeling out of control with food, or whatever without having to define what a binge means or what feeling out of control with food means like the word overeating sort of gets the job done. So. That is another piece of this, and then in terms of any recommendations about eating, I would just take a minute, or two to find out what diet, cultural rules about food, the person seems to have internalized and then pick one or two to dispel with some gentle, nutrition guidance, for example, if they're holding onto some diet culture myths about gluten being bad, quote unquote. You could say something along the lines of well, actually research has shown that gluten isn't a problem for the vast majority of the population and a gluten free diet is only necessary. If you have a rare allergy or genetic disorder that makes you unable to digest the gluten protein, gluten free diets, don't actually lead to weight loss, but they can lead to nutritional deficiencies and restricting yourself of any food leads to disordered eating and a lot of cases. So gluten free diets really are not recommended unless you have a diagnosed case of one of those rare conditions something kind of quick like that. I know I just sort of threw a lot at you there. But just a way of breaking down a myth kind of quickly and giving someone some counter-evidence to ponder or say, for example, if they're demonizing carbs. You could say something like actually carbohydrates, or your body's main source of energy, and your brains favorites ores of energy. So trying to cut carbs. Really isn't good for you. It's not good for your brain function. That's not good for your energy levels. And when your body is deprived of carbs that can lead to feeling really out of control and having binges on those foods as opposed eating them in a balanced way. Like you do when you give yourself permission to eat them. So again, that sort of a quick and dirty way of dispelling some of the myths about carbohydrates, that are again, you know, that's a big diet, culture, belief so kind of just figuring out whatever diet, cultural beliefs, they're holding onto and some people have more than others. Some people it's like there's a whole can of worms there, and of course, they're not going to be able to address it and just fifteen or twenty minutes. So just pick one or two things that you can get into obviously, you're not going to be able to talk about all of it, but you can start the process, start the conversation and then you can also recommend further reading so you can recommend that they pick up the books body respect by Linda bacon and intuitive eating the third edition by eight. Tripoli and Elise rash, which are great entry points into more info body, respect is more accessible. I would save in Linda's original book health at every size and body. Respect is also more up to date with her current thinking about health at every size. So I think that's a good one to recommend stead of the full health at every size Thome so, yeah, those would be sort of quick entry points. And you could also recommend this podcast. You know, if someone seems to be tech savvy and interested in listening to podcasts. Like shout out to food psych. You know, just be like, hey, here's a resource for you. There's lots of other resources online, as well for things that people can read, but, you know, I think basically just do a few seed planting moments in your talk with them talk about a few of the things that you really want to convey, like, wait doesn't equal health diet, metality diet culture, actually caused people to have a worse relationship with food and worse physical health and mental health and then send them on their way with some recommendations for further reading. And of course, if they come back to you more regularly than you can start to kind of chip away at some of those things. Well, like at some of their food myths, and beliefs about food and stuff like that at a certain point you know, if someone really seems very in it with dia culture and Israeli disordered about food if they reveal to you anything like purging, or abuse of medications to try to lose weight or anything like that. That's a time when you really want to refer them to therapist and a dietician who specializes in eating disorders. If someone's abusing medications you might also need to refer them to a certified diabetes, educator or something like that. So trying to find referrals as appropriate based on what the person tells you, but obviously diet culture is so endemic to our culture that pretty much everyone you see is probably going to be in it to some degree. And so, I think all physicians assistance, all doctors all nurses, all everybody who works in the healthcare profession, as well as coaches and stuff needs to understand the basics of diet culture, and disordered eating and be able to talk to people about why the diet culture myths aren't true. Why? These things are leading to worse health outcomes. Over time than if you are to learn to trust your body, learn intuitive eating all that stuff and kind of set the stage for them and then refer out as needed. For more information whether that's giving them those referrals to books and podcasts and things like that. Or referring them onto a higher level of care or to professional who specializes in eating disorders. So I hope that helps. And so glad you reached out. Thank you so much for the work that you're doing in the world. I think it's so needed more physicians assistants and all healthcare professionals. I think could take a page from your book. So thank you. If you want to submit your own question for a chance to have it answered on an upcoming episode, visit Kristie Harrison dot com slash questions. That's Christie Harrison dot com slash questions. And then if you want me to answer your questions every month and get to hear hundreds more my answers, and seminars to help you master intuitive eating then come. Join my online course intuitive eating fundamentals. I just got a really nice message from one of my participants in the course named Brett who said this. I look forward. You're listening to all of the QNA's. They're always a treat to listen to. I also wanted to let you know how much I'm getting out of this course and has really helped bridge the gap between trying to practice intuitive eating on my own and truly implementing the principles and releasing diet mentality for good. Thank you for making the intuitive eating concept, so accessible relatable and easy to put into action. So thanks so much Brett for that. I love getting those kinds of messages from my participants and I really did pour, my heart and soul into making this course, a great resource for helping you all break free from diet culture. So come joined Brit, and hundreds of other participants in the course you'll get access to a private community where you can connect with these awesome folks for ongoing support and solidarity in your journey to make peace with food, and your body because community is so essential in this process as we're always talking about on the podcast. If you're ready to break free from diet culture once and for all head over to Christi Harrison dot com slash course. To learn more and sign up that's Christie Harrison dot com slash course. We're brought to you today by masterclass one of the. That's so cool about breaking free from diet culture. Is that it frees you up to have hobbies other than just trying to strike your body, or trying to eat, quote unquote, perfectly? And if you're in the process of breaking free than one of the things that's so essential for your healing is to find those hobbies and find those things you love and develop an identity outside of diet culture. That's why I'm so excited to have masterclass as a sponsor because they allow you to really dive into new hobbies and pursuits that bring out new sides of your personality and allow you to experiment and try things on masterclass produces online classes taught by the best in the world. So you can choose from classes taught by over thirty masters across a wide range of fields, like writing film, acting. And of course, cooking, which I'm always saying a really helpful skill in recovery. Especially the way that masterclass chefs, teach it because it's all about pleasure. So if you're interested in more than one class, check out the all access pass with a new all access pass you can unlock every class from over thirty masters for the price of two foods. Listeners can get the all access pass at masterclass dot com slash food. Psych at. F. O. OD. PS. Y. C H. Learn from the best in the world at masterclass dot com slash food sake. That's masterclass dot com slash food psych. And now without any further ado. Let's go talk to Amy Pershing sa-. Tell me about your relationship with food growing up food, head a number of different roles growing up for me. They were often at odds food was something that we celebrated with for sure there were special foods on different holidays and, and treats, and I can tell much of my family narrative with different foods that we had Christmas cookies, and econ- pies, and just wonderful wonderful treat foods, I have fabulous cooks on, on both sides of my family. So that, that was narrative one narrative, two very different narrative to was the sense of the worst thing that you can possibly, be is overweight, and that I'm shape. Very much like my mother, who was bullied as a little girl as a result of her weight. And it had a tremendous impact on her that weight stigma on that bullying. And so I know she was coming from a place of love and protection, trying to make sure I didn't have that same experience. And so as a result, she tried very, very hard to really limit access to those foods to those treat foods. So I had this duality of understanding of food that ended up making those kinds of foods that much more charged so at a very young age when I was around those foods, I ate as much of them as I possibly could. I remember that from being in three or four years old. Wow. That's really early. The the first time. I remember restricting was as five or six, I remember my mom getting really nervous because I had a growth spurt where I had gained weight, but I hadn't grown height, and I think I was starting to take on the appearance of a chubby kid. And I think it I think it freaked her out. I think it was just essentially a flashback to her own experience. And as a result of that we started on scarsdale, which was diet back in the day, and started restricting. I remember spending so much time Hungary, and it was just trying to figure out how to distract myself from being hungry. Is I knew that being hungry was virtuous and I knew that at a very young. My mom felt really good. And she had a good day, the less she ate. And I, I knew that from a very early age. So hunger is virtue there was an absolute moral as Asian of food, and of being younger that says sad that it happened to you at such a young age. I mean it's sad that it happens to anyone at any age. But I think kids have such a strong connection to their intuitive signals around food, and to be robbed of that. So early is just really heartbreaking. I absolutely agree with. What's interesting is working in my. Practice with folks coming in with binge eating disorder might is not uncommon here, very often just this, the sort of sense of while I can't imagine what it would be like to eat from physical cues. There's a genuine sense of mystery about that as a possibility as a way to approach eating. Right. 'cause there's probably no memory of it. There's a memory of it. There's no there's no memory of. So how did that affect your relationship with food? Like did you start engaging the restrict binge cycle from that early stage? I did I, I remember I gained a lost as I got a little bit older. I was gaining losing the same weight over and over and over again. I remember tallying it up one time for talk. I did a long time ago because I kept some records diet, diaries and things like that, and it was about pounds. Wow. And I thought that I basically gained and lost Volkswagen bug. An up and down up and down by anything about from, from the standpoint of my body. I have survived countless famines, actually because our body doesn't know the difference between diet in a famine. And so it's, it's survived the, the cycle of scarcity over and over and over again. So I know from my body standpoint that I felt I couldn't when I first learned about intuitive, eating might my knee jerk reaction was I couldn't possibly trust my hunger. Because Mike experience of my hunger was that it was ratios and of course, but I realize is that, you know, that voracity was coming because I was so hungry. But it felt like my eating would just be out of control, if I ate with regard to my hunger and actually that was true because I was so focused in on food food had such a high reward value, it tasted so good. I was thinking about it all the time. And of course, that wasn't pathology. That was my body trying to ensure survival. But instead, it ended up feeling like it, it meant it was something that had to be controlled that couldn't be, of course because in diet culture, there's that mandate, right of don't overeat, quote unquote, or don't trust these body Cue's because you'll just get out of control and gained weight. And of course, that's the worst thing that can happen per diet cultures is absolutely and indeed. That's exactly what does happen, but it's not because your body's failing, it's because you bought his doing exactly what it's designed to do, which is to make you focus on food when you don't have enough and particularly interesting Shamsher you're familiar with this research to that looks at the foods when people are hungry that the most likely to go to our foods that are absorbed. Twinkly. Yep. The carbohydrates in the sugars totally. That's right. And so we say, well, you know, we're dieting in Waco off the diet, and we go right for these quote, unquote, terrible, foods and so air go. We should limit those foods. In fact, what's true is going to the thing that we can use the most. Quickly because nobody has threatened right? Yeah. Because those foods are most quickly converted into glucose in the bloodstream and give you the energy that you desperately need at that point. Correct. I refer to my clients has rocket fuel it burns, very hot and very fast. That's what we were drawn to. And then in addition, the foods that were so charged as a kid growing up, were those kinds of foods. They tended to be fairly high simple carbohydrate. Yeah. They taste good the distant. There's a pleasurable element there to absolutely and some comfort I imagined to. Right. I for a lot of people, I think they experienced that sort of comfort with those types of foods, 'cause there's an astrologer factor, there's feels like home and safety and warmth, and fun, and pleasure. Absolutely. I think to ETA wonderful role food can play the certified of joy. Yeah, it helps us have our story. It's a very powerful way to remember our life's narrative, I think, we're where it gets vilified again, as when it becomes a source of trying to not be so hungry totally. Yeah. And so, when, when we are that Hungary, I think that's such an important point to just reinforce is like with diets when we're so hungry when we're so deprived. And we might not even experience it as hunger because, like you said, people get so used to being hungry that it starts to just feel like how it always is it doesn't feel like anything particularly wrong or that we need to eat in response to this feeling it's more like how can I control myself and not given to this feeling? And that's the sort of dieters or the eating disorder survivors or sufferers mindset. Yes. And so denying hunger like that. Of course, you're going to be drawn to those foods that give you that rocket fuel like you said, and that's an important function of them. And so. Instead of vilifying, those foods, we need to look at the root cause, which is the restriction and not do more restriction in an effort to try to stop the process at the that's exactly right. I think it's part of how we come away, and I remember this is kid for short growing up, and I know my mother feels this way to cure still does to this day that diets fundamentally work. The failure in them is hers or mine. And it absolutely looks as though. That's true. Because when you're on the diet, and you're doing what it says you appear to be successful, that is to lose weight. And then when you almost inevitably end up over eating, and you gain that weight back, particularly because you bodies in storage mode at that time in packs on weight very quickly. It feels as though the fault is with is with you because you're the one who broke the rules. You're the one who went off the diet. So we vilify the user instead of the diet and that was absolutely wipe. That felt completely true to me. For sure. Growing up. I kept screwing it up. I kept failing. Yeah. That's exactly what diet culture reinforces again. And again, is the sense that the fault is with the user when, in fact, the rules were designed to be broken by the body because the body just can't sustain them. There's no way to sustain a diet long-term excellent. Unless you're one of those very small percentage of people who does. But in that case, it's usually through very disordered behaviors that like could be diagnosed as anorexia nervosa in a lot of people who exhibit them. Absolutely right. We're orthodontia or thoracic say exactly. Yeah. So I mean, I think that's really important to, to highlight to. But when you were growing up and feeling that sense that it was your fault every time you went off the diet. What was the solution, quote unquote? Then was it to go back on the same diet was to try another die? What did the picture look like for you? When you cycled around like the heart of it was what was popular in that moment was at scarsdale was weight. Watchers was. What was the thing of the of the moment? So that was part of it. And so if one thing wasn't working, might try it a few more times, or my mom, and I might try it together a few more times than if that didn't work, we didn't lose weight, or we went off the diet than we go on the hunt for the next thing, and it was big topic on radio shows and undated TV shows at that time when I was growing up in the seventies, people were talking about their weight loss. And this is how they did it, you know, it was applause. And no accolade. When people lost weight, always, so you just sort of followed. Whatever the latest trend was without a moment of thinking, maybe there's something wrong with the system that keeps failing it was just this intrinsic belief of blaming the victim, I didn't even occur to me that it might be a problem with the system itself, or that the just implicit notion that weight loss is always a good goal that it's always possible that it's always healthy didn't even occur to me to question. Yeah. No, I think it doesn't occur to so many people because it's just the water that were swimming in its culture at Lutely. That's why it's diet culture. It's not just diets themselves because the diets shape shift over time and they take new forms. But the culture is the same. Exactly. It never occurred to me growing up to say what's wrong with my body to shape or size, right? Because there wasn't anyone around him, certainly my mom wasn't. But none of my aunts, were none of my peers were none of my in other family members, my grandmother's, nobody around me was saying my body is okay the way it is. And I'm not going to try to quote unquote, fix it. I truly I don't know that I knew a woman who was coming at it from that perspective growing up. And that's I mean it is so pervasive. It's so everywhere in the culture, I think now there are more examples of people who grow up with a different model. But I think for most of us when we were growing up that wasn't the case because diet culture was so entrenched in the pursuit of weight loss was. I considered. So, like, of course, that's what she'd do, especially as a woman. Right. Especially as a an adult woman. That's like that's the goal. Always. Absolutely. And when I was growing up, it was really more about aesthetics. And it was this, this very clear message that Steiner is absolutely more attractive. You can't be too Richard, too thin that whole kind of way of thinking about the body that the goal for a woman's body tickets to the small, as it can be. It was about aesthetics and it wasn't. I didn't really have that sense of kind of the moral of it in the same sort of way that has come, I think more strongly with the obesity epidemic in this kind of judgment of people's sort of character and sort of goodness, based on weight. I think that actually has gotten worse, but they're both just wrong. Absolutely. I know. I mean, I'm in researching dia culture in the history of kind of looking at where did it go from being so above board, and so sort of driven? Fashion and aesthetics. And there was some talk of health in there, too. But it wasn't the main thing to wear now. I think you know, in that somewhere in between the nineties, and two thousands or early two thousands of became this thing about wellness, and health, and the moral implications of that, that being, quote unquote, well, meant being thin, and that was good and moral, and you're more valuable human being if you pursued that versus if you didn't, and the sort of purity, and cleanliness, you know, the clean eating rhetoric to kind of started to come in there and the twenty ten so it now it's just so complicated. It's got so many layers to it. But in some ways, it's easier when it so above board to see it. But also, it doesn't really matter because the effect is the same. Absolutely, I absolutely agree at two fleet we think about this morals, ation foods though, so much that goes into that from a classicist standpoint, as well to think about people who don't have access to good food. Who live in food deserts, who just don't have the financial resources or the literally, the Vale ability of the kind of food that we suddenly consider not sudden, but that we, we consider clean or moral. So you've got this whole all these others were layers of difficulty to be a good person. It has tremendous implication of judgment. Yeah. The bar has gotten higher and higher for what it means to be a good eater and a good person. Right. And those two have gotten so conflicted to like eating this way means you are pursuing the moral path, or something. Yes. So that's interesting, though, that you didn't really experience that sort of moral ization about it was more just like looks based, but I'm sure there was something deeper there, too. Right. Because we don't want looks in a vacuum like we wanna look aesthetically pleasing because of what we think it means. So there must have been some deeper, deeper meanings to that, right. Absolutely. I think it was there was a indebtedness is still true. But the, the implication. Is that, you know, if you're desirable, you're thin, you're young. You're white, you have a particular kind of look in. It was a very specific. Conway to be that eliminated. The vast majority of people actually that, that I knew when we were all chasing after this thing that very few of us had attained. But of course, the implication, is, it's there for the taking you just have to work hard enough. And if he do on the other side is so much, you know success and love and yet acceptance and all of the things you want in your life. Absolutely. And that's part of the seduction of thin. What maintains that thin privilege ideal right? That's sort of set setup that everything's going to go, well, everything's going to be resolved. Exactly. She such. You'll be loved lovable on the other side of the Senate. That's, that's a huge part of what sustains chasing after weight loss for people in an eating disorder in particular when they're bringing fundamentally often, very low self esteem significant shame often from. Trauma histories and things like that. They're given this way to redeem themselves to redeem their lives. Right. And that is to Yuka certain way. It's extraordinarily seductive. And if they lose weight, I mean, one thing that was certainly true in, in my life growing up. Is that an actually into my adulthood, I was pretty much every wait? I think my body could possibly be my smallest size was a might biggest sense was, and across that spectrum the way, I was treated was so profoundly different culturally. Just I mean when I went out into the into the world it was so different so to some degree that kind of you, you are more acceptable. You do feel more lovable when you're smaller is reinforced jumping made up by by clients unit by people struggling with eating disorders since it is reflected in the culture, right? They're picking up on something very real, which is weight stigma. That's right. I know. And that's what makes recovery so much harder. In this culture. Because it's one thing for us to say as clinicians, your valuable and worthy, exactly as you are, and exactly the body. You have now you don't have to shrink it to be worthwhile. And yet that message is the opposite, the message that you have to string her body to be worthy is being thrown at people every way to Sunday when they leave your office. That's exactly right. That's exactly right. The big part of, of how I work and how it works like yours, I think is, is just so incredibly valuable because clients are going back out into a world where they're sort of one small voice and win. So having this community of people that get it having resources in books, and podcasting at this, where people are really talking about some kind of alternate of I think is allowing warrant more people to ask the question at younger and younger ages. Wait a minute. Is it necessarily true that there's something wrong with my body, but am I basing that on my basing that on my own truth on my basing that on something that's been? Sold to me. Yeah. Because it really is good for selling things. The fact that like you said, you and your friends and everybody you knew didn't fit that ideal that unattainable ideal and same here. You know, even though objectively speaking, I think I had privilege and a lot of ways, and maybe was closer to that ideal of being a thinner body, white person, an able bodied and young at the time and stuff, still even with that supposed- privilege. Those things that are sort of more part of the unattainable ideal, still, it's completely unattainable because it's not you know, you're thin enough. You're not young enough. You don't look a certain way you're not the sort of particular kind of white person, you know, like absolute. Yeah. So it completely keeps everybody chasing after it, and those were further away from it also have increased stigma experienced in society, but nobody is immune to sort of feeling bad in the face of that ideal unless they have resources and community like you said to sort of challenge that, and to say, wait a minute. Is this? Really, what we want or is this ally, that's being sold to us to literally get us to buy products that absolutely true. I don't know of women when I was growing up, even my friends and peers who were closer to that ideal. It's not as though they were able to check a box and say, a ha it's okay, I can love my body. They would never done right. There were never not pursuing something better. I did a talk. I think last year at a radically at a self compassion summit, and it was a big audience. There were I dunno probably four or five hundred people. It was pretty good sized it was mostly women of Deb's eighty percent for sure women and I asked the question if the beginning, how many people in the audience are comfortable in their body as today and are not trying to fix it to change something about it, and five hands. Maybe it was just stunned. I mean I expected it would not be very many, but I didn't expect that, that's like one percent. It was one percent. And, and there were women. Across the spectrum of age size, and it was just tragic. That's so stuck with. Yes, especially in an audience. I mean, I would feel like that's probably audience or you have more likelihood of body acceptance than the general population of his people, pursuing self compassion. Right. So it's like in what was interesting about the summit, I thought this was interesting about the summit though, is it was the only present her that talked at all about body or body image. Which I thought was awfully interesting. It was it was almost like we're gonna talk about self compassion with the body stuff. Didn't even come into it was very interesting, actually wasn't even acknowledged as an area that needed attention. That was so striking. Yeah. Because in the work that we do with eating body image issues. That's like self compassionate is such a key essential tool in its talked about all the time in that context. So feels very strange to go to a context where that's not even a part of the Scotsman. We'll so how did you get from the kid who was always on diets and adolescent? Chasing diet after diet to a place where you decided to be, you know, to become a clinician treating these issues or were able to heal your own issues with food and body or start the process of healing anyway, actually, it happened when I was in undergrad, and I was eating just even more out of control that it had been before that I was eating nothing all day than binging, tremendous late at night, and it was almost more of a belief that kind of cycle at that point. And I knew that I just I couldn't I couldn't I knew I knew that something was really wrong at that point, because I just I couldn't stop it. And so I went to the counseling services at the school, and I was given a referral to therapy and I was also given up referral to Janine roths book to breaking free. And I read it in the I think, just this notion that scarcity might be more at the heart of the problem that not trusting myself that a diet in and of itself. Was making the problem worse. It was not the whole problem. But it was absolutely making the problem worse was revolutionary. So that's, that's how it started. And then the clinician that I worked with a therapist that I worked with I actually was not in eating disorders therapist, there really weren't very many at that at that time there still aren't very many, but there were even fewer and as it turns out, for me, I think it was actually for the best because the first thing she suggested to me was away. Overeaters anonymous craft sorry overeaters. Anonymous, I was in away for a number of years, and in one of the leaving that this was an addiction, and I was powerless and I needed to control myself, and I was an addict, and that was the approach in, in, I kept having to start my abstinence back over again at day, one go back on gray sheet, which is a very strict through familiar to the very, very Specht program in away, and I kept failing and. Thankfully, my therapist said, well, you know what, why don't you go back to that. You need Roth idea because the only thing isn't working she, she was very cool that whites that I'm not a specialist. Let's see what happens. And that was actually great, because it gave me permission to say, you know, what instead of restriction, I'm gonna try abundance and see what happens now. Like he's sort of tested out the theory of like one last hurrah. Restriction came in really double down on restriction and see if this works and then became very clear that. Nope. That's not the way. It's what I thought, well, if that doesn't work, I'm gonna try abundance and I'm gonna see what that looks like. And at the same time, I was also working on the issues that were driving the need to go to food in the first place to sue into comfort very much a perfectionist. I was had all kinds of issues that I was dealing with a lot of anxiety and just in a number of different issues that were driving that need to go to food to soothe. And so when I was able to work on both finding other ways to take good care of myself into know what that good care looks like, but also to take away the idea that the goal is somehow that once I'm quote unquote cured, I won't eat x y and z. But that in fact, when I'm quote unquote cured my relationship with food will be one of nutrition joy. That's led mostly by my body in what my body knows it needs. And then I'll have other ways to take care of me. So if actually evolved over a long time. Yeah. I bet it's not overnight that, that can shift. But I think that idea that because I think it's such a diet culture driven idea. This idea that, like, well, when I heal my relationship with food when I'm cured? I won't be binging, and I won't be eating these particular foods that are, quote unquote bad. I'll just be able to effortlessly avoid them. You know that's the lie that dia culture sell the us. And that's I had my own history of disordered eating as well. And that really kept me stock in this binge restrict cycle for a long time because I thought the solution was to just allow the restriction to be there to keep going with a restriction, like, okay that's the gold standard that I have to get to all his engine and emotional eating stuff on the side. That's what I need to get rid of, and then I'll be able to get to this shiny city on the hill, where I'm just able to restrict all day and not worry about it, but not understanding that the restriction was driving the binging, and that, that was that part of it was to sort of let go of all of at to say, like it's not that I'm not gonna eat gluten, or whatever when I'm cured, quote unquote. But that I'll have a relax relationship to it. So that maybe I'm not eating an entire king-size bag of whatever you know, when I have access to it, but I'll be able to like, really listen to what my body wants, right? The other thing that has really made a tremendous difference for me in my own recovery. And I, I feel like to in my work with clients is really coming at that relationship with food from from compassion, lens of really understanding that fundamentally when kids don't have a lot of other resources to go to, to soothe food. Does work it absolutely provides a dissociate of soothing experience. It allows us to check out right at allow us to have something to focus on. It allows a treat it allows them escape if absolutely works in that way, in the short run right in the immediate sense of surviving something that's psychologically or physically dangerous. Kids have the ability to go to food or kids were. So whenever develops for someone. So I think being able to understand that the relationship I had with food. I had for very good reasons that had nothing to do with Mike being weak or lacking willpower. It had nothing to do with my not being able to be trusted. It had to do with taking the best care of myself on could that understanding, I think was tremendously valuable in healing for me. So that even in the process of my recovery I hit a bump in the road, and I had been jumps out because welcome to recovery. It's not a straight line that I could really need it with compassion and gentleness. And course correct quickly as opposed to getting sucked into, you know, two months of binging because I felt so much shame for screwing up, right? Yeah. How did that evolve for you? How did you get to that place where you're able to offer yourself that compassion? I think a big part of it was just as my practice in Oregon with MGD disorder developed, and I was seeing. Increasing amounts of trauma, as started to get a lot more trauma training in basically, what that training, taught me was what we as humans are wired to do to survive danger, or perceived danger, and we will do, what it takes to survive. There's the fight flight freezer on kind of energy and kids, have very limited access to things to suit themselves. They can't go down at the bar and get a drink. Right. They don't have that option. They can't take off they absolutely have to endure. What's happening to them institute? They can't leave. They have to just endure it. And so food among other things for kids, we're talking about who developed going to food it provides something that they have that they have access to. So I think again, being able to understand that we are wired to survive in that. That's actually the good news. The mechanism that was moving toward the food was moving toward. Survival. And that really what I knew while, that's, that's no logical. That is truly my brain in my body, working the way, it's designed to work. It really took the shame ole. Absolutely. I mean, being able to say this is what my body's doing to protect me. I think is is so healing, and powerful. And I know that at the time, I remember when I first heard that from a therapist, I was like, oh, my body's like I don't want it to protect me in that way. You know, I wanna I wanna be able to control it and outrun what it's trying to do. But after time in sort of constant steady drip of compassion, and self compassion practice. I think I started to be able to see like, well, it's really good that I've survived that, that allowed me to survive. Whatever I had to survive. Absolutely. Yeah. I think to the, the other thing is, as I learned more through my physician and also through women's studies degree in undergrad in an a big part of the, the focus in that pro. Graham, I'm fortunate enough to go to an outstanding program. A lot of what we looked at was the impact of the media, and the culture, thin on women, and it was a really valuable experience, too, because it allowed me to really see. Minute was labeling it that way, at the time to really understand the trauma of thin privilege and of weight stigma just intrinsically. It's damaging any regardless of body size. It is different in its damage. If you are bigger than if you're smaller that is true. However, it damages all of us. Absolutely. So, I think truly to end eating disorders we have to end weight stigma Anthon privilege to not just eliminating dieting. But it's also that whole sort of underlying theme. That thin is the holy grail because that absolutely maintains exactly what you're speaking to. I don't want my body to take care of me that way. Oh my God. That's terrible. Yeah. No, it's the thin privileged as the root system of diet coke. Alter. That's so true, it's what drives all of that stuff. It reinforces all the trauma, narratives, you deserve this. Because you, you screwed up, there something wrong with you. You're intrinsically, not as worthy are as valuable or as loveable, so thin privilege, weight, stigma absolutely reinforces, traumatised they work together. And so two he'll in that way to heal from eating disorder. You have to heal from all of an I think it's also really important to just like I love that you said trauma narratives because I think sometimes those voices in our head are just the background and at, at feels like that's just what is, but calling it out and saying that no, this is a story. This is a story that you're traumatized brain is telling you that, that part of your brain, that's maybe trying to keep you safe, actually is telling you that it was your fault so that you can feel like you can do something to protect yourself or whatever. But actually it's just a story in. That's not reality. That's right. They shame. Isn't it credibly powerful force to get us? Behaving lays that are expected by the powers that be shame is not a truth teller. It is a way to get us to the haven certain kinds of ways so that we will be more lovable more accepted more. Okay. And so, again, that narrative of if you lose weight, you will be loved becomes extraordinarily seductive, and people spend money on hand over fist, even though it fails over and over and over again. Yeah. The hope is still there because the narrative is still there. That's right. The narrative is right. I messed it up. And so if there's a lot of money to the made from shame narratives seriously. Yeah. That's where I feel like all our poll capitalistic system is really based on Chaim narratives advertising media, everything. You see that's pushing you to buy something some level, unless it's really intentionally crafted to be the opposite, which there now is a movement towards among socially conscious people, but the vast majority of sales out there, it's, it's all based on. You don't have this thing that you really should have, and your bad for not having it. So you should go buy it. Absolutely agree. This is this is an echo of a diet culture weight stigma is an echo of a much larger system. Absolutely great. Yeah. Now, that's I mean, that's a whole other story, the capitalistic system and how that feeds into all of this, and patriarchy. It's like a big ven diagram, I think with all these overlaps, but dia culture is somewhere in the middle of all of that. Yes. Yes. So, you know, in your own personal trajectory, then when he went from someone who is struggling to someone who is starting to do the work as a therapist and getting more specialized in this area. How did that contribute to our sort of nuance, your relationship with food, and your body, like what was it like to move into that role of helper? It was a I, I think, because I was we didn't have a systematic idea in the same way we do now about what intuitive eating means or what another diet. Coach might be. And so it really didn't exist in in that same kind of way. So there was a spent a lot of time struggling kind of figuring out, do I need structure. Do I do. I not structured. I need the antithesis, destruction doing in just sort of toying, every, I don't know what three does for breakfast, which would I do? And I think ultimately going through all of that and realizing that the only time that I felt any freedom truly from food obsession when I wasn't spending more of my time than I wanted to be spending thinking about food and exercise and the whole gamut of those behaviors was when I was listening to Q's when I was simply responding to my body's needs in the moment with basically, no structure I needed to do that for some time. I really need to throw out the rules altogether and a terrified me. Because as a helper. As a therapist, you're being watched your weight is being noticed, right? And so, my weight was, it was fluctuating still, you know, at that time, and it was very scary because you're, you're sort of the narrative is at that time, the, the narrative west fewer at all, quote, unquote, overweight as therapist, how could you possibly know what you're doing because he failed? So that's what you're sort of starting offense. That's a little less true. Now, but, but it's still there for their in bigger bodies. They have to confront that narrative, their pursuer, small bodies have to confront narratives. So it's right. Your body's always in the room. Absolutely. It's always in the room. So I became a lot more open in talking about my own process with clients. And I think really realizing that I guess, having compassion for. Of course. I didn't know the way why would I, I was kinda starting from ground zero in terms of really trying to figure out how to feed my body? So it really took a number of years to really listen and Nedeli around food, but also movement, we have I think it's much an exercise obsession. As we do diet obsession in culture, we moralize working out to right? You're good person. If you work out a bad person, if you don't you need to do a certain amount, or it, quote unquote, doesn't count, once again, it's not intuitive. You know, we don't really allow movement to be integrated in our lives, very often. We don't have play. We don't think about joy in booth met. We think about it as fundamentally for many people away to lose weight. So that also was a piece of the work for me to was saying what I'm not going to exercise anymore. I needed some space to say, I'm just not going to buy hate having this hanging over my head. I'm going to move when I feel like moving and that really changed things tremendously for me. I've I realized for the first time actually that I actually like moving enjoy doing it. And I don't do it consistently. I do it, you know, few times here, then I might take a little break. And then a whole lot in that I take a break in a little bit in that it varies it varies a lot. And that's okay. So it really took some experimenting at just the frustration of chucking the rules. I think that's so important in, I think you're, you're so. Right. It's movement is its whole other his whole other animal in people's relationships with food in their bodies. And it's sort of I found a lot of clients. You know, it's sort of the last thing to go or one of the last things to go. I mean body image certainly a huge hurdle as well. But like healing a relationship with movement is sometimes further down the line from the beginning of the journey with healing relationship with food. So I think for anyone who's struggling with movement. It's, it's totally understandable for that to sort of be there for a long time. And I know that in my life, you know, when I think back to messages that I got about food and bodies and movement throughout my life. I feel like the connection between movement, or exercise and weight loss or body shaping and having your body, meet a certain ideal was there from the gecko. Like I can't really remember a time when people talk to me about exercise when that wasn't about, like you're gonna get strong. Whatever by doing this, you know versus with food. I think I mean this might be a function of having been shielded from it a little bit by sin privilege, which I should say, because a few people have said that listened to the podcast and art familiar with its sort of language like saying that saying, thin privilege means that I think I'm better than people or something, which is non the case whatsoever, thin privileges at problematic construct that exists in our society and pushes people towards eating disorders and diet culture, and all kinds of horrible nonsense and the fact of our society right now, which is not okay. Is that people in thinner? Bodies have more privileged in terms of like being able to operate in the world. More freely not having stigma thrown at them every which way all this stuff. And so from that perspective. Anyone living in thin body is functioning with some thin privilege. And so that's what. I mean when I say, then privilege, I don't mean like it's a good thing. I don't mean I'm awesome because I'm not for having that I'm awesome for lots of different things, but not because of privilege. But anyway, so, you know, I think I was shielded from sort of thinking about food and an instrument away because of then privileged. But I think that message came across the sort of diet, culturally messages about exercise came across far earlier for me and more consistently for me throughout my life. So that was definitely something that in my relationship with movement, was sort of the last thing to go of my disordered, eating and exercise behaviours to. Yeah, it is so entrenched for us. I think maybe this some of what you're speaking to his. Well, the dinner is, necessarily healthier, right? And we have that, that set up in the exercises a way to get there. So we're thinking about kind of the space of to connect health within is worn out by the data. Right. And so I think that actually has helped me a lot. Really understand bodies necessarily, come in different shapes and sizes we cannot look at someone determine their health. I think that piece of it also really allowed me. It say wait a second. I need to not change how I look, I need to change how I see any to change. How see my body? I'm seeing it with these is that said, this is what healthy means. This is what beautiful means it isn't now. It's not. How did you start to do that work? How did he start to change? How you see part of it actually is. I all my clients, so, so many debts in terms of my own work allow me to walk with them as given me so much. I think one of the things it has given me in particular is to see the incredible beauty in my clients, given everything that they have been through, how they have survived how strong, they are how they have brought compassionate love to other people when they simply could bring none of it themselves and seeing them in every shape. And size and age and race and ethnicity just all across the spectrum. My definition of what's beautiful has changed dramatically. So, I think that's it primarily and certainly colleagues to in their own struggles in seeing how incredibly beautiful AR at every weight that I've seen the MAC in seeing new people many people's weight change in their own journey and their beauty doesn't change. Yeah. Yeah. I think that's so powerful that idea of being able to see beauty in so many different forms, not just aesthetically which there's value to that. Two of exposing yourself to just different images of people in larger bodies do, and cool things like wearing stylish clothes whatever, that's, that's value in and of itself, but also just seeing beauty in a deeper way of engaging with people and understanding them as human beings, and seeing the humanity in them, and how that can manifest in bodies of all different shapes and sizes and genders and colors, and everything. So, yes, yeah, I think that's really powerful. I feel like that's for a lot of us, I think, in the helping professions probably just sitting with our clients and getting that much sort of intimacy with someone else's experience. I think it's, it's impossible, not to see the beauty in these people who are sitting across from us, you know. Great. Absolutely. Absolutely. So that, you know, the idea that there's this one aesthetically based definition of beauty is kind of become. Absurd. These sort of see it. I think over time that way. Much more clearly for what it is, which is intimate invention. And it takes advantage of people in such a way that now I think, when I have because I still have OG should I wear this? I don't look thin in it or whatever those still crap up because that wiring is so old and so deep. But now, when it triggers instead of feeling shame what I feel is anger. Actually, it makes me mad that I serve I've that it makes me mad for my clients. It makes me mad for when I see people on Facebook hosting how much weight they lost on their latest diets since the new year whatever it just makes me sad and it makes me angry. And that's okay. I'm okay with that ranch totally. Why think there's something really valuable about anger in the sense of, you know, it creates some distance that you wouldn't be able to be angry about a situation if you were accepting that situation as the status quo is what it is. There's no. Turn it. I think anger is like a productive force because it allows you to get some distance into say, like this ain't right? There's something here, we need to fix. And I'm angry about it. That's powerful. Absolutely. If the horse power that I spent in that my pure spent growing up was not used to try to be thinner was not used in body. Shame. Imagine what that or power might have done. I know I think that's what this all comes down to write. I know for me. That's a huge part of what drives my work. That's kind of the biggest part of what drives my work is, they're all he's brilliant amazing, beautiful people in all senses of the word that are just frittering away or having their time, really stolen away from them on this planet because of this shit. It's does not okay. You know, we need to get angry. We need to figure out a way to harness are amazing energy and creativity and our minds towards something bigger and better. I think that's that's definitely been a piece of it for me too. So I turned fifty last year. I think that piece of the sense of the shortening of time of the passage of time in a different kind of way, I think I feel even more passionately of this is an epic waste of time energy to be worrying about this. It is our time itself leading why are we spending time doing this? So I think that that piece I would love to see people able to step into that sooner me, too. I think that's such an important driving force for this work. And yes, something that I for sure, want to help people do, and so in your experience with binge eating disorder in developing your, you know, it sounds like you sort of develop your own approach to treating eating issues really inborn out of your own approach to serve helping yourself heal from your binge eating, and then sitting with clients and sort of working through this idea of letting go of the rules and finding a new way what has been your? Ultimate, what have you sort of, come to in all these years that you've been practicing now and practicing your own recovery as well? Do you have more of a structure to it? Do you have tools that you use but very loosely and they're still not much structure. How does that look in terms of, of eating specifically? Yeah. In terms of eating and, and just in terms of relating to your body as well. Kind of healing that piece of it, and healing for weight stigma and the trauma that, that causes a think what I noticed is that the structure that I do have, I don't even really refer to it as structure because it's, it's grown, organically, so forth. As an example. I know I need to have just in terms of like something very specific. I know I need to have a good amount of protein at breakfast. And that's something that I conscious about that I really try to make happen because I know otherwise I'm not alert enough to do, good work in the morning, with my clients, and I don't like that feeling I don't like feeling like having to struggle to get my thoughts together. I have enough of that. Finish without having it. So I'm gonna take every vantage I can, so as an example, that's just grew out of awareness when I didn't do that. I didn't feel good. So I noticed you know what I need to? I really wanna try to make a point to do this, if I'm going to need my mental horsepower, you know, if I'm not an it's a Sunday and I'm going to sit and read a book than I have pancakes. Yep. So it's, it's structure that's really predicated on knowing how my body feels best. And so I think I would also say the result that structure has changed over time. It's changed with, with age it changes with the seasons. It changes with my activity level. So it's just I've paid attention now, I think long enough to know how different things affect me, but I'm still certainly caught by caught by surprise. And sometimes I, I know something would feel good, and I don't do it. And that's okay too, for whatever reason. So I think part of what has changed the most from eight is the sense that recovery doesn't mean you suddenly, look like someone who's never had any problems. It doesn't mean that you're eating is perfection. It doesn't mean that you never have a body image thought that's negative. It doesn't mean that you might not still think, gee, this way of eating. Right. This moment isn't working that well for me on try to think about. Else. I think what it means is, we can meet our body, and our inner world with compassion, curiosity and know that it's kind of ever-shifting changing, and that our history will, always be there. It will be part of who we are. Sometimes it will rear its head. I've a someone I quoted in the book that I just finished who uses as a metaphor, which I really love she talks about. She has a significant trauma history, and she talks about her trauma history being like Fook, and she needed to read and understand that book to the best of her ability to read it from the beginning to the end, and she got to a place where she was ready to close the book and put it on the self. But that didn't mean the book was gone. It was still part of her library. Sometimes she can take it out and look at it. And put it back. So it's always going to be part of her library. So I think what that has allowed me to do that understanding, that this is not about recovering doesn't again, doesn't look like someone who's never had an eating disorder. And I'm okay with that makes space for the incredible imperfection that is being human. Yeah. I love that. And I would say to like anyone who has too much seeming. Quote unquote perfection in their way of eating I find that a little bit of a red flag, you know that like if it's to sort of adhering to any sort of standard that signals to me that there's some restrictions some kind of following rules going on that it's not really based on a real authentic connection to once body. So I think having a lot of imperfection, quote unquote, in our relationship with food is sort of the way that it needs to be agree. And I have clients. They'll sometimes asked me extra. Exact question I was just talking to the client, the other day. Cruise diabetic. We were talking about. She said, we'll have you know how am I going to be safe with my diabetes without structure over the various Pacific structure? One of the things we talked about, again was going back to that listening. No. She's very clear, how different foods affect her, and what's going on in her body with regard to her sugars, so she knows, and she's getting to know better better better, what she needs to do in. So again, it's an organic kind of structure. The same thing is true for me with movement. I kind of more organically, no. When I need to move. And when I need to rest because you've learned the cues that your body, sending you in those moments. Right. There's something I think that's really beautiful and all this, too, which is like this idea. I'm saying self-care not self control this that it's not really about controlling yourself are following rules or tapping down your natural instincts, which is such a very western way of thinking about things or such a since the. Greek and Roman times. But really, we need to throw out that idea of self control and think more about self care and caring for yourself in different contexts and situations, including whatever way, that looks like with food, and sometimes that could mean noticing how a particular food is affecting you. And adding more of something else, because you're realizing you want some more energy sustained like you said with the protein or something or sometimes that could look like knowing that a particular breakfast is going to be the way that you function optimally but be like, but I just really want these pancakes right now. And I'm going to have them, you know, and sort of going through that and feeling like okay, this is what it feels like in my body or maybe. Oh, this time it didn't have that affect and kind of getting data over time that you can then use in the service of self care, but never in the service of self control group agree. And taking out the, the you said this to taking out the sort of sense, that even if I know this particular thing, makes me feel better in this way and choose not to do it. That's okay. It's an okay choice. There may be some implication for that. But that doesn't mean I'm a good person or bad worse. Right. In a quota said in my clients is if you never exercise again. It has nothing to do with your worth in value. Nothing. It may have implications. For your ability to be flexible or for your ability to move well into your old age, what it can certainly haven't publications at doesn't have implications for your worth in value to let's just get that out of the equation for a moment that the other thing, I remember someone, I don't for the life of me. I cannot remember who said this if I ever find them, I'm going to thank them, biggest unloved this, it was at a talk, and the person was was saying your body is doing its very best for you. Twenty four hours a day. It is doing the best that it can. And that was really stunning to me, just to kind of be thinking about this whole setup of judgement about my body's behavior, what it's doing what it's not doing in how it looks in its shape is all coming from those old, narratives, mostly culture. Driven not from my body. My body's always doing its best that has allowed me. I think to meet it with a lot more gratitude and compassion, even if I'm not always crazy about how it happens to look. And I'm okay with that, too. You don't feel like it's my body's job to have may be happy with how it looks right? It's not it's fundamental work. You know. Yeah, it's got a lot more important things to do like making her heartbeat and your brain function in your lungs. Brave and all the stuff that keeps you alive. Exactly. Right. So I feel like some days, I, I like look great and other days, I don't as much in okay, whatever. But it doesn't have the same, meaning that it used to about whether or not, I should be allowed to leave the house, right? Yeah. No, it's I think it's hard in this culture, not to have some judgements about our bodies sometimes, and I definitely have those days too. I'm like, oh, nothing looks good. I'm you know, none of my clothes fit whatever but it doesn't have that same sort of power to, like, color, my whole day. But it used to. Might be five minutes of like, oh, well, you know, and then just figuring it out putting on whatever works and move on. Yes. Because there's so many bigger things, you know, bigger fish to fry the world, like it's not it's not that important, it's really not our bodies are just cars that are driving us around this world, you know, it doesn't really matter what our car, looks like I have a two thousand Toyota Camry. That is a piece of crap, you know, but, but it's wonderful I shouldn't denigrate it like that. It doesn't look great on the outside has a lot of peeling paint. It has dented bumpers as busted front headlight, but it still works, but the car itself has functioned and driven me for like, three hundred thousand miles at this point, you know, it's like how many road trips how many great times with friends? How many errands is it run? You know, all of these things that's got me where I needed to go, and I really appreciate it in value at an never wanted to die. You know, even though sometimes feel embarrassed about it. If I'm pulling up at a nice place, you know. Yes, that's great. I love. Metaphor. It what it reminds me of is I when my, my grandmother, who I absolutely love, but I remember one thing that has always made me, very sad is he worried so much about her skin and wrinkles, and looking her age. And I think about that sort of culturally, as along with the thin pieces, just how much we try to figure out how to not look like we've aged, and it's such a funny thing because I remember my, my other grandmother, who didn't have that same concern, and had a lot of wrinkles in a lot of sun damage to her skin. And her face told her story in a way that was absolutely beautiful to me. And I always remembered that her face had saw much character, you know, at you could see her her life in her face, and that to me is so much more profound meaningful than you know, looking as though nothing has ever happened to you, right? Yeah. Who would want that like right loud has happened to us. All of us a lot has happened to us. Now I've been thinking about that lately, too. I just turned well not just turned thirty six and a half, basically. And I, you know, sort of was the first thirty five is kind of the first age, where I was like out of the demographic, you know, that coveted eighteen to thirty four whatever but I feel ages, you know, as I get older is start to notice more lines and have those sort of mental Chatters come up about what this means and what I should do or cover it up, or all these different things that have been sold to me, by again, this appearance, obsessed culture that we live in, but denigrates aging, it is brilliant strategy because it isn't it is unavoidable. The app and us you know, if I have some product that allows you to fix some unavoidable thing that I can vilify gonna make a lot of money and these things that are vilified now were never vilified one hundred and fifty years ago. People didn't even know what they were, you know, dark circles under your eyes. What, what does that everybody has that, you know, like no big deal? Right. And even in different cultures. So there's the beauty of age, you know, as much more seen in understood in celebrated than it is here. Absolutely. Yeah. It's yet another fight to add to the list, I now. Yeah. Well, it's all of that, right? It's yeah. Ageism sexism, racism, all of the things right there, so much in our culture, that is just against anyone who doesn't fit this very, very narrow standard of what is supposedly acceptable, and that's by design that's to oppress people, the absolutely. Because as you age, you get more wisdom, and experience and arguably should be more power. I feel like I am able to sort of be in the seat of my power so much more now than I ever was in my twenties or my teams like and yet the sort of culturally, constructed worth, and value of a woman's body in her twenties. Entertains is a lot greater than a woman in her thirties. So it's like why is that? Why is why is the power supposedly being stripped away as we get more and more actual power. Well, that is, again, by designed to keep us from having too much power. But absolutely a group says it it's all think in some way at all. We're talking about as stepping into our power is stepping into claiming the voice. Yeah. Totally. That's a beautiful thing that I think we're able to do, when we're able to drop the concerns that maybe have served us at some point in our lives to Phnom, or distract or SUV, negative emotions, but fundamentally stand in the way of us really stepping into our power. Right. So tell us where people can find you and learn more about your work, because you are doing some amazing things in the world, and I want people to know about them, the appreciate that let's say there are treatment program for binge eating disorder is cut body wise and our website is the body wise, program dot com, and we're starting to do more and more work on Skype, which is which is really nice. I'm so so grateful to have that option because there's just really not. A whole lot of treatment out there. It's getting it's getting better, but it's getting better. Very slowly, and there are just so many underserved groups so body was as part of the center for eating disorders in Ann Arbor. That's the you can link to that website through body wise at its nonprofit. So we do try to offer some sliding fees and help to people who need so certainly can come through that. And the night also offer with one of the local health systems here through trinity health program called hunger, wise, which is at hunger rise dot com. And that's a nine week attune dating and movement group. And it's also a big part of that program is about building community and finding a group of people who are trying to do things differently. So, so those are the best ways to get in touch. I've love it. That's great. We'll put links to that in the show notes, too. So people can find you easily, and you have a book coming out soon, which hopefully, by the time this episode airs will be available for preorder. Maybe we're not sure. But if it is all be sure to linked to that in. The show notes as well. Wonderful. Thank you. We'll be putting updates about the book on the body wise website as well. It's with my co author founder of binge eating disorder association. She meets Turner. The book is called binge eating disorder the journey to recovery in beyond really excited about it. So, yeah, thanks. That's awesome. I'm so excited about a too, well, thank you so much for being on the show. It's delightful talking to you, and I really appreciate it. You too Christine. His delight. Thank you. So that's our show. Thanks again so much to Amy partying for joining us on this episode and thanks to you for listening as always. If you're looking for some practical tips to get started on your anti at journey, grabbed my free audio guides seven simple strategies for finding peace and freedom with food, just head over to Christi Harrison dot com slash strategies to get it. That's Christie Harrison dot com slash strategies if you've gotten something out of this podcast, please help us, reach more people who need to hear the anti diet message, which is everyone by sharing this episode on apple podcasts, or I tunes or your favorite podcast platform. Sharing on one of the apple platforms helps bring us up higher in the podcast rankings. So that more people discover us so that we can continue to drown out the pro diet messages, and keep rising up in the health rankings. You can also leave us a nice rating and review your podcast provider of choice. Which I always, so appreciate, and it's another way to help new listeners. Discover us as well to get full show notes from this episode including all the resources we discussed plus a full transcript head over to Christi Harrison dot com slash one forty nine that's Christie Harrison dot com slash one, four nine and to get the transcript just scroll down to the bottom of the page where it says get the transcript this episode was brought to you by online. Course intuitive eating fundamentals. If you're ready to make peace with food, become an intuitive eater and leave diet culture behind once and for all. Learn more and sign up for the course at Christie Harrison dot com slash course. That's Christie Harrison dot com slash course. Food, psych is edited and engineered by podcast fast track. And I'm so grateful for all their help over the years in making the show what it is also a big thanks to our community manager and. Content development, associated Ashley sirri-a are administrative assistant, Sarah Thompson, and our transcript assistant Megan psyche for helping me out with all the moving parts that go into producing this show every week. Our album art was photographed by Abby, more photography, and designed by Meredith noble and the music you hearing behind me now is by van called AWOL new track is called food used under the creative Commons license. Thanks again for listening and until next time stay sites. Really?
#ItzOnWealthTech Ep. 48: The Triumph of the Fiduciary Model with Ben Harrison
"The fiduciary model is winning and we want to ensure that we're serving advisory firms crossed that continuum from our clearing business. We absolutely have an option for emerging or as in emerging advisers in that space. When Ben Harrison started pershing advisor solutions? Back in the mid. Two thousand he was impressed by certain industry consultant who is providing him with some great business leads little. Did He know that this consultant mock version was soon to become their CEO? And that thirteen years later Ben would be taking his place. I spoke to Ben about his vision for the custody business. They're doubling down on the are a market segment and a whole lot more on this episode of Wealth Management. Today thank you everyone. The world of Wealth Tech for joining me today. This is the stay at home version of the wolf management today. Podcast and I'm your host Craig quits on a run. A Technology Consulting Company called Ezra Group and we helped wealth management firms. Make Better Tech business decisions through our research and advice and on this podcast. I speak with some of the smartest people in the industry who are on the leading edge of technology and innovation. And please remember to subscribe and leave us. A five star review on items as sharing this podcast. And every podcast we've post on social media networks thanks again. I was really excited to get this next interview with Ben Harrison from pershing Because pershing's been one of my clients for quite some time and it was very interested in this change management from mocked version to Ben so happy that they met him available To me for this podcast. And he was gracious enough to spend some time. We covered a lot of ground. from pershing's response to the COVID nineteen crisis to some of the data. They're seeing You know from their many broker dealers and many are as on the platform Trading volumes Some comments from Ben on marked versions retirement. Which is big news the industry and some of the things that he's seeing and were some of the things that they're doing differently in the market. I thought that was interesting. talking to you about technology Some of the things are doing pushing the envelope with tech which Purchase always been a pretty good job on Especially with net ex and they're other tools we touched on their new pricing strategy and embiid about the competitive landscape so quite a full podcast episode for you Looking fo to hearing your your feedback on this so please take a listen. And I'm happy to introduce my next guest on the podcast. Is Ben Harrison the head of business development and relationship management at being Mellon pershing? It then he craig great to be with. You have a happy to have you on the program. it's great to meet you under. These circumstances is great to me everyone. We're all doing our work from home deal and how many weeks to just say we're into this now. I Lost Count Week. Six on work from home regimen here conflicts A My companies virtual. So we we all work from home but I get the hell. It's completely different for for people who are used to go to office mix for one days. That's for sure you. All kinds of drugs drags together emerges together. And you forget when you're you'll have to to make some boundaries when your work time is absolutely absolutely so I wanted to be or not the first to congratulate you as taking over as head of the ouray business at pershing as of June. I thank you thank you. I'm excited. I'm excited for the opportunity. I'm excited as well. Love of been working pershing for a while. Beloved some stuff you guys are doing. I was at the Conference last year. Hopefully we'll get act. The conferences again. of his backing out in Arizona A lot of good stuff But once ago over a couple of things and we were chatting bit before we started and I'm really interested in pershing's response to the COVID. Nineteen Navarre's crisis. So what are some of the things you guys are doing? And how How do you see any new programs? Benefits frigging employees. And how you work from home when with well with the way your businesses run. You've never run away before. So what are some of the things that have changed? Sure crack You know maybe I'll take this from a couple of angles. The first being the response around moving to a remote environment resiliency and From a client perspective and then maybe shift to the employees perspective so as you mentioned the days of kind of all started to blend together but if we rewind the clock and think about you know kind of a late February timeframe late February. We had our elite advisor summit on the horizon for early March. I remember specifically getting called into Jim. Crowley's office our CEO in sitting down and talk to him about that and we decided that we were going to cancel the conference and got a little bit of pushback from the industry. Thought you know we might have been being a little bit too Conservative but as we kind of look at the look with in back in in what happened it was actually very opportunistic for us to take those conservative measures. And and that's really what we did early. We we We started planning for resiliency. And you know the The ability to move start moving people to work from home environment on a rotating basis and that went from planning to execution in a matter of days so By six weeks ago we were We moved everybody that we could to a work from home type of environment and globally. We have ninety. Eight percent of our workforce ninety nine percent of our workforce is was work from home and we really focused on keeping our employees safe getting them in an environment where they could you know remote work in into our systems and then take care of our clients and the good news is We were really able to do so Missing a be was very smooth. It was done in a period of historic volatility and volume so the team was You know adjusting to this new normal of their kids at home and working from home but with extraordinarily significant volumes. And what we've gotten in terms of feedback from our clients is our clients. Could hardly that we were in a remote environment. The service team was very responsive. The technology has been very resilient in working as designed in. That's all kind of part of our planning exercise and the way that we can consistently test our business continuity and resiliency so knock on wood. It's gone really well and we've learned a lot from it and we're able to move to a work from home remote environment Very quickly so shifting gears to the Employees Front obviously You know we're we're a company with roughly about fifty thousand employees being melon and this is a significant time And Point in our in our existence so the company's been very supportive of employees so most recently todd gibbons our CEO announced that there's not going to be any layoffs in the current year. It's really about keeping our employees the forefront So that they can really support our clients and it's just the right thing to do So the firm Has stepped up with that commitment of no layoffs firms also supporting our communities like many other big companies have committed resources to the local healthcare environment as well as supporting a variety of philanthropic efforts. There's a company match up to ten thousand dollars for qualified charities so for employees. Give up ten thousand dollars. The company will match it Cetera. There's been a number of work from home employee resources. We've got a very robust employee. Assistance Program focusing on everything from mental wellbeing too manager resources to help managers cope with working with employees in a remote working environment And then finally just tools and resources so even the concept of you know we've all got laptops can easily get Up Online at home but certain Employees Traders Cer- customer service folks. They need multiple screens and multiple monitors. The firm has stepped up with an expense. Reimbursement burst program to be able to support some of that for For our employees so in total I mean bringing both those things together client side and the employee side you know. We're just tremendously proud of our of our team Stepping up and serving our clients and proud of our company and in leadership team in the way that they have supported employees. That's great to hear you know. We're we're hearing a lot of great companies that are said stepping up and doing the right thing and looking to make it easy easiest possible for their employees to be productive in somebody's difficult environments and people have little kids at home and it's hard to they don't have a Home Office so it's hard to about that time or that space where it's quiet. I seen some people going into their kids closets. Walk-in closets to the calls and find a quiet space in the house. Yeah occasionally a they're a visitor will appear on a video conference or you may hear a dog bark but people seem to be Rolling with it pretty well. Oh Yeah it's definitely People also learning that a lot of jobs that they said you can't work from home you really kind of work from home and in some cases be as best productive or more productive. Yeah I would. I would anticipate that our when you hear this. A lot of forums but You know our our reality has changed and I think that This has allowed companies to really not only test business resiliency. But but Put It in enacted enforce and I think that we're GONNA see the changes in the industry and in the way that Advisors work with their clients and in for firms like ours. And you'd mentioned conferences earlier. I think that we're GONNA see a difference in the amount of in person conferences That we see I mean people want to spend time with individuals but I do think we're forever changed Italy interesting. I kinda feel that people have short memory and that eventually it'll go back to some kind of normal but then also people get used to the new normal so they'll just be used to doing more virtual more webinars and and less travel the like it. You'll see lots of traveling so much. My businesses. Doing just as well without going to conferences so I think that's yeah you're right that it will. It will change. Have you seen any surprising data so far? I'm sure you see higher trading on about anything around the area you can share so in terms of. I mentioned that we were dealing a highly volatile market when we were kind of moving to work from home and across the board pershing We hit daily records. You Know Kinda Day After Day. Two three x the amount of daily trading volume than than we've ever seen you know historic levels and like I said our our technology Really supported that. Well I would say in terms of you know anything surprising from that data. I don't know if it's surprising but I but I think it is good to see which is in the or a custody. Business forgot about seven hundred Clients on our platform and we looked at the February twenty eighth to March thirty one asset allocation change. We saw very little overall change. We saw tremendous volumes so a significant amount of rebalancing and maybe tax lost harvesting. And you know some of those other strategic moves but in terms of overall Allah asset allocation slight raise and cash slight draw down inequities but on the margins Everything else almost remained exactly the same in terms of market exposure which which in to us that are or as our longtime long-term Investors. They're not it's not a trading business and there You know keeping investors you know engaged in their long longer term financial plan And not making knee-jerk reactions to the market panic. All those good exactly. What should have been happening? Exactly the only worked and it's good to see that it's working that way right. 'cause you probably be surprised if there were major swings. That's really not the way the business is supposed to be supposed to be functioning as right moon from that. Then thanks for sharing that I WanNa talk more about your your new role taking for the the great mark diversion. How do you think your vision of the I? Business will change once you take over sure. So I had the great opportunity to work alongside mark for his entire career here. I started at pershing year before mark joined in actually even got the benefit of working with him in advance of that when he was a consultant that Moss Adams and I was a business development officer in Metro New York City and he would be calling on clients and then he would send the leads to me and I thought man I've got A. I've created this great center of influence in ability for this top notch consultant to give me all of his best client leads and then fast forward a month later and they we hire him as a CEO. And I I understand now why he was. He was giving me the leads but of had a great opportunity to work with him. And you know we really shaped the business under his leadership over the last decade around Being very focused on an optimal client specific optimal client profile that was growth minded professionally managed firm that serves clients with complex financial lives and that served us really really well so when mark came in he really helped us. Define that and separate what we did here at pershing versus the major retail Providers all of those businesses looked very similar. They were direct to retail. They were very focused on massive fluent Investors and we had a different set of capabilities. We had a vast and deep set of capabilities Brought forward by pershing and being y Mellon that we could bring to the marketplace In really serve this segment that needed a more robust and business to business oriented type of platform and we. We've done that really well. And we've grown it significantly from fifty billion up over eight hundred billion under marks leadership so to get back to your question. You know what we might do a little bit differently. I think The first thing is we're going to keep doing what we're doing extraordinarily well which is serving that segment of the marketplace of growth minded professionally managed firms. And we've become known for it and We're absolutely going to continue to do that. And we're doubling down on our investment in the or a business in order to support that From there you're going to see US expand our addressable market slightly so now that we have scale now that we've got a strong foundation and those seven hundred firms on our platform with you know over eight hundred billion dollars in assets that allows us to really build upon that success that we've had and expand So you're going to see US. Come down Market a little bit. You obviously a significant amount of disruption in the marketplace. You know pre Kovic around 'em in a happening at variety. At the variety of the custodial providers in the past you might have Heard me say that are was two hundred and fifty million dollars of assets under management? Well now it's We've moved down one hundred million dollars so if you're an SEC registered investment advisor in your growing and you are an enduring business you you meet the OPTIMA client profile of Our advisor solutions business here at pershing. So that's an important shift other than that. We're really continuing to invest in all of the capabilities. That got us to here. Which is high touch? Client Service The ability to offer our insulting and practice management resources the technology platform we're investing significantly in continued. Api connectivity and Ability to deeply integrate. Within Tech's you know not not a tremendous shift. Just kinda shifting on on the areas where we see opportunity. Let me take a break from the interview. Talk about one of my sponsors and the Invest in others charitable foundation the Invest in others has an awards program that recognizes charitable work of financial advisers in communities across the country and around the world. Here's awards are presented at their signature event. Which is an annual invest in of his gala over six hundred advisers and fench services seconds tennis premier event the celebrate those individuals have actively give back to their communities. There are five categories of awards that recognize the distinct ways. That advisors have made a difference. That's going to read one or two of them. So there's the catalyst award presented to an adviser who has been inactive stimulus for positive change and displayed Entrepreneurial Vision Leadership to nonprofit organizations for at least the past three years There's also the community service award the global impact war there Self explanatory and. I'm on the judging committee for some of these awards. Tell you the the advisers who are nominated have done some incredible work again locally in local communities in the US and around the world. I would advise everyone to go to the website. Invest in others duck board to read more and to donate indeed so. Let me Pick this up a little bit if I can sure so big news dropping your minimums from two fifty to one hundred. That's putting a lot of thousands of additional firms into play that weren't available weren't available to in the past there. They weren't available. You want available to them in the past that's correct when you measure that in the thousands. Yes Yup I don't have data in front of me but it's yeah it's it's it's thousands. The so what what spurred the decision to move down market was it that you felt you had grow your market share grown enough in the over to fifty part or do you see I guess you imagine you see some revenue opportunity in that one hundred two fifty space. Yeah Craig couple reasons The first of which is mentioned we do have scale in our business and that was really important for us to be able to operate in a highly profitable you know type of environment in order to continue to build out our custody business so we we have that scale and we're able to capitalize on it. Now there's as we know there's disruption in the marketplace with that disruption we see opportunity the fiduciary model is winning and As a firm. We want to ensure that we're serving advisory firms and practices across that continuum so from our clearing business that focuses on inch Ibd's and independent contracting type firms. We absolutely have an option for a emerging or as in emerging advisers in that space once once they cross over a hundred billion dollars and become an SEC registered RIA. We really felt that the hundred million three hundred was an area in which we consistently. We're seeing opportunity. We knew that these types of entities really wanted choice. We knew that choice was was diminishing in the marketplace and we have a really robust platform that is for new Sherry oriented and able to serve them in a way that doesn't compete with their business and it's really just about you know democratizing that and getting that out for that segment of the marketplace to to begin to utilize and then finally it's it's to encourage the fact that we know that those businesses are going to eventually be billion dollar shops. So we've gotTA get We've got to align with them when they are that size so that we're their partner now so we can help them grow and We know that many of them are going to thrive and and You know be those larger firms of the future. Only get him early. Get them all their minnows. Before they become Wales absolutely the now one of the things you mentioned this is actually a dichotomy that your your business can scale now which is fantastic. Always want to you. Don't want to to get out ahead of your skis and start grabbing. Try to grab market share when you don't have the capability to support it so Great move there but you mentioned some of your strengths are high touch client service so if you're expanding and scaling it's the by definition the amount of touch. This should go down. Shouldn't or do you have a way to mitigate that. Yes so we're really focused on that it's a great point And we absolutely see our competitors moving in more of a retail minded call center type of infrastructure. We hear You know many cases The the concept that the service experience is being reimagined in it seems as though it's moving towards more of a self service Lower touch environment and less high touch. One thing that we absolutely no is that or I as absolutely want access to dedicated high touch client service. So that's a big part of our service infrastructure and a differentiator for us now. We are investing significantly in digital tools. in this environment that we're in right now is only increasing that investment. So we're seeing as a result of The covert environment our training class for Opening accounts via e signature and and The ability to interface with US digitally from a handful of firms on a weekly basis to upwards of even one hundred individuals. You know logging into those trainings to learn about digital tools. So that's great to see we want everybody to utilize those digital tools. But we do also believe that. There's this careful. Balance between a curated high touch experience versus a call center type of approach and pershing as a firm that has historically we've been a dominant provider of a firm that serves financial intermediaries. We are architect in our environment is designed extraordinarily well to interface with Financial Services Organization. So that's what we're leveraging and It's careful balance but absolutely On the side of still a smaller ratio of our client service individuals to to clients on our platform is one thing. I wanted to go off script a second here. I had an idea. Something you just mentioned With technology something I saw at the conference last year was a chat. Bot where advisers could ask questions and it would take them right to the point in the system that we needed to go. They would pay. I've got a client. Lost their debit card and boom up would come the right form on the right page scene if to go search through next three sixty to find what you wanted is with cut technology available coming out soon enough. It was in the proof of concept phase last year. You know we're looking at That's just one example of the type of investment that we're doing in terms of really digitizing custody moving from an environment instead of just Electronically signing forms getting rid of forms altogether absolutely utilizing robotics in our business to in many ways behind the scenes so you know investors and advisors don't notice it that that type of investment and we've actually reprioritised our investment in technology this year based on the existing environment that we're in in terms of the pandemic to ensure that top of the list are the digital tools and resources so that firms can operate more efficiently with us and and in turn we operate more efficiently. I would agree with that. One of the things you mentioned was integrations. Api's do you have any anything you can talk about specifically around that for other vendors at our apartment with you to integrate your custody another solutions into other FINTECH firms. That would be interesting to people. yes sure so. The strategy in our philosophy is to be intelligently open so by that What I mean is we. We don't aspire to just have integrations with every fintech firm in in the universe We want to go deeper with a smaller subset of the firms that are more readily used a across our client base. So That's how we prioritize our API development in there are a number of those firms that we meet with on a very regular basis. We've got a technology advisory board and we've also got a technology Partner Council that we work with these firms In order to ensure that we are at any given point engaging with the firms that have the resources on their side and we have aspirational goals on our roadmap that we want to get to in terms of by directional data file sharing and and API connectivity with a variety of these of these vendors so intelligently open is our strategy and We also see the opportunity to create in the future a more of a an open you know sandbox for development in testing so that we can be known as a one of the Firms that has the most innovative lean towards fintech texts in the marketplace. That's something that we're working on behind the scenes but we're we're going to be careful. We're going to put the resources stacked against the the most viable firms and Because we think that it's better to have a deeper and broader connectivity and use cases back and forth rather than just a very Thin surface layer on top. You don't WanNa be a Ma a mile wide and an instant. That's right interesting the Last month I Looking at your press release from last month we talk a bit about Your change in pricing sure. So Interested in monthly subscription price. That's been big in. The industry are a lot of news and a lot of talk about how monthly subscription pricing is is going to become the next big thing. Do you see a lot of your existing. Ira clients taking you up on that or is it just being wanted to have that. We have it and you don't really expect a lot of a lot of firms to be Estenoz waters. We've actually seen a fair amount of interest in it and I think I think that that comes from the fact that we we saw that the Existing custodial kind of economic model environment for pricing was ripe for disruption. So if you think about it the way that this business has been priced was really driven off of retail discount brokerage type of bottle. Because that's really had this segment of the marketplace was born and again we've got tremendous respect for our competitors and and Many of which were pioneers launching the or a custody movement but it really came from a direct to retail. Pricing schematic Where investors bore the economic weight of the custodial market and. We thought that it wasn't necessarily in alignment with the way that the investor of the future was going to be consuming products and services. So that's what prompted us to move towards more of a subscription based model if we think about zero transaction fee model on equities. Et apps that was very product specific and it was eliminating one fee Which was equity ticket and moving that fee into more of an opaque economic model of of capturing that fee in the cash Or or Money Market Fund Or Single Bank sweep environment so we saw that and we thought. Jeez that doesn't seem like it's as aligned with the fiduciary model is is the future would suggest that investors want so that prompted us to say let's create an environment where an investor can pay a flat dollar amount A monthly fee as low as twenty five dollars and have access To whole of market in terms of the products and solutions so equities. Etf's fixed income mutual funds Including the lowest fee or no fee type of products which we know is Continues to grow and there's investor demand for it and the existing environment With you know product fees Really subsidizing the Custodian provide a platform. We just don't see that lasting. There's not long jetty in that in the marketplace so that took us to subscription which you know does allow for this access to a variety of different products including a hybrid cash Offering which allows for a greater yield once. The investor has more cash balances on the platform. Many advisors have been missing the opportunity to manage cash as a part of the over allocation because no custodian has gotten innovative around it because it was going to cannibalize their their revenue stream. So this is Something that's new we're starting to get Quite an interest in it. It's actually starting with the types of advisers that utilize you know some of the lower fee product in the marketplace the dimensional funds and vanguard funds etc where they have Historically not been as a coveted in terms of their profitability to custodians because of those That product usage which just doesn't make sense but we think that there's applicable -bility For many use cases. And we're starting to see a pretty good interest in in coming inbound inquiry on it. I think giving more options to is only going to be a good thing because you don't know which ones are going to be accessing these different pricing models and you you don't want to be limiting them to what how the Canon can't run their business and I see. I see subscription pressings becoming as being becoming a huge part of advisors pricing because people used to it with Netflix Netflix or spotify whatever tools whatever it software or services. They're used to that subscription pricing. And eventually they're going to realize that they're paying the same paying more but not necessarily getting more service and that a subscription model makes more sense right and look look at the existing environment I mean the advisers are working pretty hard right now. They're working harder than they ever have. In terms of communicating to their clients navigating these markets in these uncertain times and and their fee their fees are going to be done because their assets under management are going to be down. So they're they have that inherent conflict as well so what could really align wells if they went to a subscription model and the custodian was on a subscription model in advisers. Could wrap that It could be. It could be really interesting for fiduciary advisors to be aligned with clients. And you think that's what more would want. They want to be aligned with their clients yet. you don't you don't want the opposite so shifting gears But staying in the same area what What's your thoughts on an a in space? So there isn't has not been a lot because after of course meal huge one last year with Trou- buying a td any comments on that and then Morgan Stanley buying a trade DC. This continuing other GonNa be more of an a well. I would say that. All of the emanate that we've seen both in the existing in the on you know or aid are a- as well as On the platforms custodial platform side has been very much oriented around the wealth Man Schmidt. Space not the custodial space. So what's happening is the one fee that has been very steady over. The last ten years has been the investment advisers sphere the wealth management fee has maintained Seventy five to eighty basis points Type of Type of a model and That's very coveted so we saw Goldman Sachs by united capital. And you know. That's the forming a national footprint or A. We've seen obviously the discount. Providers be very disrupted And you know. In one case you know to discount providers coming together that was really driven by the retail investor. It wasn't okay we're going to align our RA custody units that came after the fact and even the same is true by a wirehouse you know kind of buying a discount broker it was for retail clients or the ability to leverage ten be five one resources etc so I think that What that implies to us is that that the fee pool that is coveted is Is the direct to client fee pool and many of those discount providers wannabe wealth management providers? In this is their entree into it. And we're GONNA continue to see even though I I would. I would expect there to be a slowdown just due to the current environment. I think there'll be a slowdown. Depressed valuations for a bit in terms of what we're seeing in the environment. But I think it's GonNa come back pretty significantly In terms of additional Industry consolidation in the space. I I really don't see it slowing down. There's more new providers coming into this space. There's a lot of Influx of new providers is not easy to start a custodian very challenging very challenging to sorta custodian. And you can't you can't just get seventy five percent of the way there This is a highly detail. Minutia oriented business. And you know in days you could. You could operate you know well for ten years without a glitch in then on the most volatile day in the market the market seen since the thirties. If you can't do what you have to be able to do as a custodian which is transact and Meet your client needs and Hold assets safely and securely then then you're out of business so it's it's it's a tough market to enter the the most recent firm I know of. That's even got in was all truest started last year. But besides that there really. Aren't that many new custodians coming in agreed. Are there are firms trying to change trying to move the different spaces like there are large custodians? That may be serve broker-dealer Sean the space in our studying. Trying to get the broker dealer space. They are moving into each other's areas. There's no question about that so I think we've got everything covered. I really appreciate your time. Here Bannon A. You've got a lot of things going on so thanks for for carving out some time in your schedule to To Talk to me and sharing with our audience great Craig. Well I really appreciate it. And there's a tremendous amount of optimism right now at being. Why Mellon pershing as we think about the future and there's disruption in the marketplace but with disruption Gopro and we look forward to continuing to invest in the or a custody business and We see coming out of this very strongly on the other side. Thanks for having me. You're welcome all all good stuff. Thanks so much man. Hey It's greg again. Hope you enjoyed this episode Covered a lot of ground. A rifle Ben was being very open And and forthcoming with his thoughts on the industry and where he's going to be taking pershing advisor solutions so really good stuff Before we go remember to subscribe like US everywhere us into podcast member that five star review and I tunes will be really helpful for us. We're moving up the ranks I think we're almost with the top hundred Fintech News. I think we're like one number one eighteen so help us get over the hump. I WanNa make the breakfast top hundred in Fintech news for the wealth management. Say podcast look forward to seeing you all again next week.
Thursday, October 15th, 2020
"Good Morning Capricorn today's Thursday, October fifteenth two. Thousand. Twenty. The. Moon interest. Libra tomorrow. The MON will be new conjunctiva the Labor son. This is a special transit. We are afforded a fresh start where we fall in behind. This is capricorn today a podcast original. If you're feeling anxious, depressed are overwhelmed. Better. Help offers licensed online counselors who are trained to listen and help. Connect with your counselor through secure video phone chat or text. Join the one million plus people getting help with better help. And horoscope today listeners get ten percent off your first month at better help dot com slash horoscope today. That's better. H E L P dot com slash horoscope today. Let's begin, your day. There's always tactful way of solving any problem. This may be especially true in your career. If there's a roadblock in your way, devise a clever way of it. Learn to ask the right people for help. Now. Take a moment to reflect on your relationships. This chapter maybe about pershing emotional issues in embracing the stability in your life. This may mean doing some internal work though your relationships are shared benefit. Contemplate your path to personal growth. Tomorrow's new moon signifies a new beginning in your phone connection. Despite all that's going on emotionally. Don't miss opportunities to shine. You're the only one capable of seizing your destination. Don't. Leave anything up to chance. A. Capricorn today is a daily podcast. Follow on spotify to make a part of your morning routine. If you're interested in learning more about your sign, download the sanctuary APP from the apple APP or Google play stores get your first reading today and follow sanctuary at sanctuary world on instagram. That's s ANC. T.. U. A. R. Y. W.. R.. L. Dean. horoscope today is park asked original.
2088: Her Name Is Karen And She's Here To Say
"I listened to the Black Guy who tips podcast because Rawdon Karen Hans. It started with a color man accused of raping a white woman. A confession extracted a trial hastily set but just as the trial opened. A mob stormed the courtroom towards the bill to get to the defendant. George Hughes Court officials fled through a second story window and left us in a steel vault with a bucket of water. Firefighters tried to say the courthouse but the mob slash water hoses to keep the blaze going. The mob then dynamited the vault where he had been left. The mall found him dead crushed by the explosion. The water bucket almost empty. The courthouse then burned to the ground disappointed that they had not gotten a huge before he died. The people in the mob hanged his body with Kat from cottonwood tree and set it on fire with furniture they looted from the nearby Colored Hotel then they taught torture color district as the color of Sherman fled to the homes of white friends or left town a half dozen colored home escape the torching only because a white manto the mob. The houses belong to him. This is the world pershing was growing up pid. He had learned the rules early in life. Now he was standing at a vacant curb just him in a white man out prowling he had never seen the man before imagine he must have come in from the country and made a beeline for the colored section. With one thing on my mind as was his Baraga did not just any color girl a nice clean colored girl. The man waited and person assess the situation. He was on the color side of town a block from the rooms. He knew every turn alley. He was in the majority around here. He looked at the man a nice clean color girl. He said calculating the risk of what he might say next. Let me see. I'll tell you what. You'll get yo mamma from me and I get you one. He didn't wait to see the man's reaction pershing vanished into the colored alleys of five points. He couldn't believe what had come out of his mouth. His face was flushed and his hands shook he could get hanged for that. Nothing more needed to happen to remind him who had the power over him and what they can do if they wanted the person say years later. But it wasn't that you liked taste of it. Hey welcome to the blackout tests. Podcast host rod an Karen. We're live on Saturday. Reduc- back you can find items stitcher. Paramedics starts to blackout tips. Leave US fast reviews when only got one this week on stitcher and I tunes and part of our stuff we only got one five star review for Real. Ya'll Rilya all this corona virus together. Ya Thought we was all the same people that was hitting. Y'All keep doing the podcast. Don't they know time? Oh I was all quarantined together. We're back to take your time off. I'm not going crazy for you niggers yeah ungrateful knobs Kid You could find us all leaders. Five star reviews official weapon or the show is an unofficial Sports Boulevard. Extreme and of course feedback. That's what we do today that we'll get to that but I That experts from the warmth of other suns Which you know like I said as an amazing book about the Great Migration and follows the story of three different black people and us by Isabel Wilkerson But that that like passage right there stuff together because you have obviously the history. And the miscarriage of justice that has happened in this town and then to black people The destructiveness of the white racist mob right like they didn't. It wasn't enough that they burn down their own essential courthouse. This is before segregation so it wasn't like it was the black courthouse the they burned down their own courthouse to be like yes. Oh well actually no am. I been during segregation but there wasn't a black warehouses just a courthouse but they will listen. We'll burn down our own courthouse to give so no more trials arrested. We got all right so we build the fucking house back to kill the Black Man China. Just trying to break in and kill was so upset. They killed them and didn't get a chance to torture him while he was still alive. Hunger body burned down. The colored section of town people's houses took the furniture from the color hotel used as kindling white. These type of stories are all throughout the history of the United States. You know when I hear people say I can't believe this is America and then it is always been America right right. I I yeah you don't want to believe the reality of what America is like. Okay you ignorant and you don't know history or the no history and you don't care what you really saying is I don't know I don't know history correct. I wasn't taught this stuff and I just didn't believe it. I didn't conceptualize. Black people have been saying this shit forever. I just never believed it. Or you know if you're black and you just don't you know when you see black people do stuff like throw away you know their civic duty throw away you know when we say stuff like nothing's changed like yeah so it's very similar veins not trying to say there's been a this infinite amount of progress but like some of this shit is like The the amount of hatred and vitriol unchecked power that the average white person had was so it was even beyond what it is today today. Ridiculous you know what I mean. Read like like. I can't even imagine really the world where you know they were. You know some of the things they were getting away with you know where something happens in another part of town. 'cause THEY WANNA kill some black men and they come. Burn my apartment down like as you know and honestly to a certain extent. I think that's where a lot of people when they bring like. Whoa why are we unified like back in the day? It's like that's where went because back in the day from happening you. They can come. Burn my sheet down to right. Everybody I there was no amount of rich. I can be to stop it. There was no amount of light skin. I could be to stop it. It was we was in it together by nature of the problem and now I feel like you know we can kind of escape that you know like if the white people have to burn something down as black people to live in gated communities anatomy like. I don't know the Knicks or something but yeah man it a we're way also We buy like the actor billion. That person had because you got to think about that. He adopted that that was not a time. Where you stand up to a white man and that's it right. You know like if a white person decided to make that grudge their lives mission. They could come take your life and there was no repercussion for them. You know like your family life you he. It was their wine care where word over yours. Their laws over yours. Everything you know things were even like I say even worse in the now So he could have actually been killed for just that mouth disobedience. You know to be like why don't you go get your mom? Because essentially what he was you know the other thing that was being suggested by that white man was amy. Black woman was essentially a sex worker. The Hell GonNa give me a clean colored girl not. This is the prostitutes section of town not a lot. You are European up. He just stop. They ran them black boy and was like go. Get me a clean color girl. Because essentially the the way white people had and still exists to this day with the way they had demagogue. Black women is that they were sexually Sofer mischievous and a greedy for money. And all this shit they were they were predatory almost to the point where they were like one. Unreachable had no rights could not no black woman's wherever we believed of a white man but then to where it then demeanor character. Because you know this is also a town. I mean we still look down on sex work but this is the time where the inkling the Mir Accusation was enough to Besmirch. Somebody's character and that's why I wanted. You know we hear Black People Today. You know bemoaned respectability artist. Shit. I'm like respectability used to literally be life or death. Yes right your reputation really was all you fucking hat and it was the thing that they attacked the most you know and and they unlike now where we just go you just think you. Why don't you just don't want to be like the rest of it wasn't like that it was. I need to be a lady at all times because of not These people basically start saying you know you're able you're I don't have any way I want to in any way disrespect you. And that's why you'll life is the way it is and while we know over the over the centuries that they're still people that think like that at that point in time you couldn't say foot respectability. God. I'm going to be out here. My his fuck. Y'All like it wasn't like that so when people do that. I'm not my ancestors shit like that. Means you just didn't understand the plight and you can you are able to contextualized what our ancestors went through. You know some of our biggest most fourth thinking people of that time people that invented things that we take for granted now like the Lacey Pe- part of that thing was like and we have to put on soups. And we have to. You know ladies to walk this way and dressed this way be inside and Ida may bail. I mean I mean I made them Either be wells Was a person you know said that a pistol belonged in like every house every black household in the western frontiers stuff but she also was a woman respectability Collins Every Week. About how you dress. How women should act and all that stuff so I just think contextualized any situations is way. A was missing from a lot of analysis. These days it is the new somewhat frustrating. That's all when it comes to a lot like history and stuff like that. You almost can't talk to Indian everybody because some people are just they just don't know and they're very ignorant and Time is valuable right and they want you to be ignorant. Correct you know. They don't WanNa teach us all this stuff. You know why people don't know or believe this shit black people aren't taught this stuff and normally don't seek it out unless someone guys them towards it and so you know. There's all these stereotypes. They hot plague day. Our ancestors never filed back. It was just DASA happy. Slaves sang and in the fields. Learned to word. Slavery Bitch Wet. Who's who the fuck is the happy slave right respectability just came out of nowhere and you know black people just charged up for no reason to stuff that if you learn if you learn history you know anything that you like. Not Black Church was one of the most revolutionary arms of blackness. In America's a few places we congregate without being monitored and it was where a lot of resistance planning took place. You know. That's why to this day. You see one of the first black do it. In many cases a lot of them go and get like reverend doctoral degrees because that used to be the bonafide that you need it to talk to black people. It was like yeah. It isn't any of my habits. Shit but Hino Must Reverend and then you've got Michael. Eric dyson giving US Army. You See Cornell West given assignment. That was a right of passage. You Know Martin. Luther King Malcolm Mex- You like so. Many of these people came from that that plays those also a place where you could be educated. You can read 'cause you read the Bible You know what I mean. You're supposed to be a good orator stuff so like this is interesting when you think about history through the lens of like the stuff that we've gotten accustomed to or even learned to think of is not that big a deal someone told us on white man they dictate day. I wouldn't be like Oh my God but yet that time person doing that unlike broadcast like the Brady Michigan do you know so anyway This guy got twice. Take a reading and go know. Were really rain. I take on a reading Rainbow Reading Way. All right. Let's get into the feedback and all that stuff. You know who I shout out to people that went to the blackout. His Dot com with his essay. Let me give you some of this. Trump check stimulus new day. New Trump stimulus checks sat out the triangle. Wind Coke recurrent donations. Thank you very much. I'll be able to get by in the run apocalypse. Cow Edgy. Christopher Hawaii got a one time donation from Raven G who says y'all deserve. Thank you okay. We didn't get no fast overviews but you know what we don't take the fives and hands. Come on Tabitha him. April G RHIANNA Corey Alexis Age Dana W Tanya S Samuel H. Boy Wander from down under Virginia G. We Got Hannah Air. Who gives us a one time donation and says I love the episode from yesterday about Governor North Rome Norton and getting people out vote and thank you for doing such great work hand. Thank you thank you baby. And in addition to one time donation guess what else she became a recurring Donado's. Oh baby thank you on them. Go ahead here to the new members class. Conrad walking through it. Jessie J here with a brand new car donation as well to the new member Rebecca. Yeah Charlotte Wonk esquire. Fleece they'd be Jane Virginia. P We got a one time they should for. Nellie l who says been meaning to do this for a long time and finally getting around to and now that I'm at home all day your show thank you and that's when newsy y'all okay. We are global come on Lindsay be found Metal Stone Magic Alphonso in air and urban. Play me out. Kurt look up when you down a cell. Hey that sounds bad me a suit. Whatever you're in right now me smile and people say oh these this fast our review. We got what you want to know something. I'm so grateful That we got fast are regrettable from Samoa Pettigrew. Okay 'cause you can't come out. No one was thinking about us. You thinking about us. We appreciate some more. Thank you keeping US. All up says Samore vast ause apple rod and Karen. Thanks for being here. They're being here. During these crazy times you'll park has needed now more than ever. It has gotten me through so some days lately. I need these labs and the real nece on a daily We're doing whatever in labs and rail nests in accordance in category. Here's how to get through the corona vibe. I was born and raised in NYC. So I have a lot of friends and family living in the middle of the cover nineteen warzone keyboard to go mark from Queens now oxygen. Texans thank you mark yes crazy man like that's one thing about the Internet it has connected us so many people you know. There's so many people that just my thoughts because I quote unquote know them via the Internet and they are living in some of these hot zones in the World Kelvin. Nineteen and you know since I know them. Most of the time is black. People and stuff too so like super. You know worry about that with the you know Kobe. Nineteen affecting us the most at this moment. You know That is you know. I'm glad to be giving people excuse to stay inside and chill and hopefully right five star reviews when they get time to but you know. Hey priorities priorities. I look suppose yeah feedback on the website. The Black Guy who tips dot com the first episode was is never were ever which was And no comments that one had a poll. The hat comments the poll was have you unframed follow. People over politics in two thousand nine hundred ninety. Two and twenty nine air has not sixty percent. Say yes I know. I have several people. They say some stupid shit. I'm over do it no more. I guess 'cause I don't really pay attention in the way facebook footer. Out and way up put stuff out. They don't not that they not out. There is going down over the years but this is one of those things where I don't actually see it. I feel you forty percent. People said now so I mean it's not like you're alone in that right At any rate Ramos as I voted Noah apoe because I have already. I'm for everyone around me with messed up political ideas back in two thousand sixteen so there was no need for anyone else. Now I feel you but they just popping out like I but you know what I know. I have way more face with friends than the average person's right Offices be volunteers and says same as Raven. I cut them lose long ago. says I haven't followed anyone over politics in two thousand twenty yet but I feel it coming right. I could feel it in in a universe to want to follow is about to happen And not only for the politics is the corona advert can run of is. Apparently it's politics two so don't add in the mix where you talk about politics yet accounts too if you're following anybody over some corona virus hot takes account that yes his working donald political lines like. I don't know I think I brought on the show but like I bring it up one of my time. The fucking Protest for the people that go. We want to open up the economy again. You know they're in the the Republicans that are in states that have blue governors or whatever. They're the ones being like now. We want to go out. And we don't want to social distance like to open up the businesses again. Let us go out to restaurants Blah Blah Blah. And one of the thing I find funny. Is that these mother. Fuckers only have one outfit eight doesn't even matter what it doesn't matter what the protests for. Nope has anyone else noticed this year? It'll matter as you can't look at a picture. Entail with the protests is about knows it for gun. Rice is in for a pro-life is for all right. Is there for opening up? The state's economy again is it. A trump rally. I don't they all dress alike the same way like it's always a good bullet. Proof vests some shays some American flag pair familiar normally some trump signs or something like that some Nazi signs you competitor glad it don't matter what focused protests in anomaly. Some form of blue jeans and none of them were to wear them blue. Jean Copa Vest Jackets. Would it could be like we against TACO Tuesday and they show up with the same fucking thing. They never changed. They don't even get embarrassed when they show up wearing the same thing. Like God I was GonNa wear my own best. And he won't wear yours is insane man. I get so confused like honestly. I don't know why the media actually travels anywhere so take the pictures. You actually don't need to take the pigeon if you went to Charlottesville you already have. All the pictures is just that again with these mother. Fuckers out there in the mouth again. sunglasses I had some flags goods. I'm like what do you need guns for? Talk about social distance it. What do you need a flag for? What is trump have to do this? It has nothing to do with anything. I'll just make everything. The same thing is crazy. You Know Ben and Jerry's is they they no longer. GonNa Support Second Amendment or some. Well let me go. Get My Him Go gimmick shades trump flag on the mall. Hey Forget my American flat. Paying at all the check lists all. I'm saying mass checklist. Where's my Cammo? I'm like honey. How are you going honey? Did you feel to your six? What are you doing makeup of your fucking Mind God? He's he will get on nerves like cake. Mix it up once in a while. Like just dresses confederates. Sodas one time though now. Oh Shit Man. I didn't even know this rally was about you. Know God I missed a day of the clan. Rose bring back okay. At least I knew all this shit is crazy. Dragging the eagles in it isn't staffers anyway. Paul Bald Eagles. Let's see as a statement. Gravina cut loose long ago. I said that would already a Broussais says also there are still a lot of people. Defending churches being open. And I can't have much longer. I did. Most of my friend and during the black lives matter years from to say I'm telling you that period of time between the two thousand seven to about twenty sixteen dazzling Alah interracial friendships had had to go Lie You found out who was down you know and I'm sure relationships is even worse you know. Barbara says I also did the mutant following Fran back at twenty sixteen being said. I've been snoozing hide. Facebook post a licensed entity year for non-political reasons. Me Too man. Like I'm not trying to say that I will follow somebody. Real moved because I that's the other thing too especially with us being trapped in house now I think people operating patterns and sometimes we will pattern is like what are the. What our describes frisky like days saying things that they want to get a response. That will start some sort of debate. Or argument yes and when I see that energy like 'cause you know it'll show you a couple of times on your feed every few days or whatever when I see somebody has energy a lot of times I will go ahead and follow him because I'm like you're looking for conflict. I don't know if just board. Or what but you're hoping to get like the you know then the passive aggressive. But you're hoping to get that moment for you to like argue with people and I don't really look for that new. I don't look forward either and I know for me. Yeah Empha- some people. It is not an political stuff. I'll just mutual. Heart is a lot of y'all than I'm like I don't give a fuck about what the hell you talking about. Yeah I think for me is like I don't go out looking for this shit and I also try not to post anything to start some shit but you know. Sometimes you just find out. Okay refers Parson ex Let's see Viva says? Nope I let them go last decade. That's only like four months ago Liquid Lupita says but it still counts. I counted LAKISHA. Says I had to delete one of my rose. Turns out he was a dramatic music. Bernie Bro Thornton was dropped out. I ask Bernie dropping out mean another four years Allergy Tara Numa Holidays. Yes you got us out to act the first man you not gonNA come through one of my none. They'll say but that's big on that sheet. Why don't they one of my guys came through like yeah we putting him back in? He said it was such a thorny. I GOT UPSET. I got more because he black and we have in out. He was an IMPALA PASTA HOCKEY. Attorney support accurate. Hit the blockbuster. Quick enough so glad. I didn't give him any because I would have had to buy one of those clans eggs Gook lays eggs yeah man that is that's scary villainous. For the single people you flex might find out later day trump supporters right. Like I don't know how they slide by the radar it because the vast majority of us would never do it so I can see why nobody would just default assume not that. That's not the topic of conversation right. Probably a million things you ask on a date before you get to you looking just shake. You didn't vote for trump did you. Because I think I would be insulted if I was on a date with somebody. You didn't vote for. Trump date is over okay. I thought you understood that I was not that type of Nigga. Yeah a lot of people alumni day stables. We've come brush my hair from the back or a suburb from the front or what. Okay look at me all right. Let's look at the next episode to eighty four. This is one genetic James's on twenty four. It was called quarantine fight to the Death Brooklyn Shubais says Oh my God genero James Wonderful. This episode had fallen on the floor especially the guest the race three way to ended in a fight. I Love How you slip that Adam and Eve ad in although I just bought a new vibrator for the quarantine I might go to Adam and eve on a string theory. Come on the you can use the code over and over again in regards to nail saying that vibrators to efficient. I agree but once I hack his I did not have the time to be leisurely. Lol such a great funny episode. GotTa get straight to. You can't be fucking around Allen got ten minute NAP. Alberta's for busy people but I guess in the quarantine. Maybe everybody as busy you know. Sitting around everything depends on. What's going on? Yeah she might be busier because now you have to squeeze it in. You can't get the kids. Yes Oh that's what I was saying for some people. It might be the opposite like everybody. Don't have kids everybody. Don't work from home so some people it's like no now's the time walking. Lay out a picnic blanket. Lyson candles Notre town on myself. You know what I mean and you know maybe a vibrant isn't exactly what you want for that you know Imaz has oh my God so funny. Y'All bring on the best guest social distance for all the singles and folks will kids who can't get any privacy feeling. That quarantine harness the first three weeks of quarantine were rough but hey well we figured it out love mine thank you yeah man. I mean the divorce rate is GonNa go because of quarantine man a break up on that shit because I mean more focused bag you know. Get The test of a lifetime you know being in proximity to people that even when you like them or if surprised loved you love them. Twenty four seven enough to be around all the time. Do everybody don't have that. You know they don't and also one of those things where for a lot of people the sexual activity may go down because y'all around each other all the time. Yeah it's going to be tested on. Everybody didn't how cool are you with all that stuff and whatnot so you know our see. Now you know I'll be Minding my business on twitter facebook Assam. You see them subliminally. Wait a minute I think couple is having an issue not I mean we are saying you know. Business Shady Instagram Post. But who could it ever be about you know quarantine now we know it was about is. It's not like when you was out and about doing this shit all the time now. Everybody sitting around like oh. I know who business. This is why it's crazy. Paul is having sex in the quarantine. Yes no or does sex which yourself count if so yes care. We'll know for me. I don't know laugh right. Yes oversee ninety percents eight no video stakes accounts self cow. If so yes. Kim Doc says amount of anecdotes you hear about people risking everything Talita isolation and hook up with that old thing or random thing is. Wow Wow yeah man. To CORONA VIRUS SHARES. Easy for me to judge or whatever hard but you know I'm already predisposition of Eli. I'm fucking like people like that anyway. So I can't even imagine but maybe if you get like I got to terrific it. I don't know hope I never found out and national funding. That's kind of where the deal does and stuff come in handy because lots of times months you quote unquote getting out of your system. You'll be fine Ms Barr. Says I'm my own best date. I Cook Myself Dinner. I smell good on a quick to entertain myself. I just don't know how still single in these times too happy by yourself. That's what it is too heavy like. I Know Nick Start Getting on your nerves. Like Wow. Why even waste the time? I'm great company right. It must be it must be. You can't be me because I am right. I hope you don't think I did right. Because the thing is just the second side get on your nerves you black Asked the actually had better time. I can go Episode two eighty five twenty eighty five Ralph northbound for President Live. People love this episode. People are the last one two Genera like twitter. Hashtag and stuff. How and I do love when genetic I always feel I forget how good a time. She hazardous in life happens. I do the same thing about these people that I forget how Tom Ahead and then I'll be like why would I WANNA do blank? And then I do it and I'm like does the furniture do this every day you know anyway. We had comments for Episode Twenty Five Round North for President Jail Calvin levels a comment. The Ralph Northam segment was a complete masterpiece actual Kreil Athens. Thank you thank you. That's how high praise highest committee. That's I raise. Yeah we had a good time de Ramsey says five stars for everything. Rob Northbound cares clapping. Implants Michael Jackson. It derives hierarchy and care and I wanted to provide feedback on the article. You read that mentioned covert nineteen symptoms. The article mentioned woman. Who experienced spasms? I never heard that my friend from Grad school lives in Detroit just went home Saturday after being in the hospital cove nineteen. She gave a seventeen minute interview to the local radio station. She works in political. Pr was experiencing example back the day before the Michigan Primary but assume they will sinuses because that is how it starts for her. She figured she would push through. She went on experienced chest pains as seeing blood when she went to the bathroom. I never heard about that either. Yeah I've heard about that one From people that have even people that have recovered. There's they say that that was one of the sized are so grateful that she is recovering. She is also the first person I've heard say to after the virus leaves you need about eight weeks to recover and she also needs physical therapy. Yeah people that's the year people say stuff like herd immunity or just let it go through the population. Only one of three percent of the people is dying and most people recover date recovered. They not die. This is a lot like Whenever you read a article and it says they were able to escape without life threatening wounds without life threatening wounds could be a lot of Shit survey. Okay well now. You don't have a hand you not like your life was threatened but the nigger hand is a deal for the rest of your life. My life wasn't threatened but I can't walk the same. I can't move the same. My News site. Yeah so I think this is one of those catch and is what happens when we think of people as numbers and not actual people right and. That's one of the threats of the Kobe. Nineteen situation is that it's such a vast situation that most people are just throwing numbers out always over to me cases. Oh Six hundred and twenty five thousand people have it across the world. This many people have died Any makes people compartmentalize into like. Yeah that's not that bad but it's like no if you have it and you're sick enough to either hospital or sick enough to be buried in or whatever. There's a chance that your recovery is not gonna be one hundred percent they don't end because we haven't had existing that long we don't know like there's people there were studies. They did in China to say. People were regaining eighty percent of their lung capacity which means they weren't coming back to and fully one hundred percent at the time that they have endured in this testing. Maybe that changes. Maybe it doesn't we don't fucking know so the best case is tried not to get it. Not only that their act like that two to three percent don't have looking family members and nobody else attached to them is going to be impacted like damn people. Just drop the face of earth. Everybody just goes on life no bench. It's hundreds of people at connected to this. These people are dying thousands. Yes it's not just numbers there so much about this virus we don't know symptoms and our spasms black back as blood very serious. Here's a link to listen to Michigan Primaries. March chance you went to the Er that we did not get admitted to the hospital until March thirtieth Our calls she outlines everything she did. Get a test ultimately get admitted to hospital. She basically bad battle Kobe. Nineteen for two weeks without diagnosis and by the time she could get a cover test she cannot breathe thank you for being continued light during his health crisis. I normally listened to Dormi commutes but now listen while I work my little island in the kitchen. It makes the day go by much faster. Hope you have something that blesses you as much as you both have blessed me with content over the years. Thank you thank you and I'll tell you what blesses me these five star reviews serve and she also said can't comment number two. I should have waited finished episode. Goodness you mentioned people getting Kobe. Twice my mind went through those final destination movies like the virus comes right back around. Laura help yes. Someone wrote in an email about that. So we'll we'll talk about that a little bit. We get to the email sections at the end of the show. Okay so Fakih says Ella Yard negus crazy Hashtag. Black-faced lives matter. We had a good time talking about how great you're gonNA route. The poll was voted for Ralph Northern President. Yes yes or no eighty nine percent of you guys say yes which means only a lesson and I gotTa Say. I'm an eighty nine percent. Yes sir. I'm not even joking about I will leverage this black face all the way to freedom. I all the way. Y'All won't talk about getting socialism can get it. We get this fucking. He'll do anything to get us up. This forgive me. I forgive you when reparations check Com all right I'm on. We'll be giving you say so. Yeah the Guy Answered Rebecca say as you're reading rainbow was fired today just to tie some of the things you were talking about the. Usps is on the brink of shuttering if they are not funded immediately congress and Senate are dragging their feet to get this time. While it's great northern is extending the mail though is GonNa be real hard mellon voted. There's no USPS yet. That's one of the reasons I think. Republicans are doing this right. 'cause especially now they wanna you cove in nineteen corona virus as a voter suppress it. Yes that's what they WanNa do is my opinion. I noticed the conspiracy. Whatever but you know. I don't think that conspiratorial when we saw what happened in Wisconsin. No it's not I'm here. I'm real tired of people. I'm real tired of hearing people say to just let it Clo- close or be turned over to the private sector. Eighty eight have piece of that Shit. Is The mail a letter would just like my like a so. We have a po box at like a UPS store type thing or whatever and to male just like a letter like if I wanNA male y'all's Christmas cars from here to wherever you are There's two ways I can put a stamp on it and put it in a bell for like you know forty cents. Whatever the focus stand fifty cents or whatever right then. There's people that you know you're out you're out of the country or whatever if I use our post office. People is so fucking expensive but if I floor card like this is not a car you know how much ways if I go to the post office. I'm talking like I've never pay more than a couple of dollars to get it anywhere in the world. People are ended so reliable like it's honestly the people that normally fucking packages are not the USPS normally somebody else like when he's private companies You know I don't know people and you know the only reason at the post office used to be fine by the way they didn't have any deficit or any of this shit. What happened was Reagan tried to try to his administration tried to privatize it. And it's never been the same sense. Like Republicans fucked it up and now. They blame that they go. We close it because it's fucked up. It was doing fine on my other. Okay care about to say in a little bit more on the Postal Service. People in these rural areas which were a lot of white people live in the middle of bumble fuck nowhere. They're gonNA impact more than any other group because Fedex and ups Fedex audit. They actually charged extra fees to go out in the middle of bummer. Fuck nowhere they extra charge you for to go out into the middle of GODDAMN NOWHERE. And the thing is on the real. This will impact small businesses. Like I don't think people are realizing impact of this. People standing is now until they get charged at the ads. Just the male rig lash it and when you can't even fucking afford the like the losing jobs now losing healthcare sheet. You can't afford that. You'RE NOT GONNA be able to pay twenty seven dollars for a privately. You know a private sector mailing of some shit. This is crazy. Yeah you're going to have peace into the country did cut off from everything you know. Most of our companies is particularly worked for any company of any size desk. How they said they mail your w Tuesday mail letters like so. Many people use the regular as postal service. My other favorite is I'll I'll get junk mail. Anyway we see how easily manipulated we can be with our Internet image. A without Internet imagine a company in charge of our mail in vote with a vested interest in a particular candidate exactly like as other is impartial organization. You know I don't know who the fuck Fedex ups and and you know. I don't know who they give their money to. Who THEY WANNA see win an election right? And maybe that would affect some things Georgia twenty eighteen midterms for example. I do not have an answer as to how to say the Post Office but Republicans have worked a good decade for the post. Office to Falter Well you know what man when they cutting trillion dollar checks. I don't need a good answer. Cut The check. You find the money for all the other. Shit fucking check and I blame the American populace for this I'm as we are the ones who sit on our asses pat ourselves on the back of sitting on our ass and expect to be paid or two would no fucking investment in the system and then we lose the things that people need. You think you care about people. Who are disenfranchised marginalized and poor host. Also hires a lot of black people black ankle. Will you talk about being able to afford shit? People that don't have money. They need to post office to work. But you have people that packed themselves on the back because they like it. Bernie doesn't win. I'm not GONNA do anything. I voted for Jill Stein or I don't feel like voting folk every man fuck those people but this is the sheet. That's on the ballot to these. Are All the things that aren't campaign issues? That can absolutely be changes on a drop of a dime with the wrong person in charge on the point of only junk junk mail. I get from the Post. One Post Office. As a contract with Amazon to deliver packages in rural areas to the BEGI system and legal system is going to have a hell of a time with no postal service. Nick Doc motherfucking a Fedex and day. Use The post office all the time so. I got a package from candidate today. They guess what guess who guess what I had to go pick it up at the post office. You know because at the end of the day the post office is GONNA is GonNa be the thing because companies in Canada. Don't actually send Canadian trucks crossing the border to drive to my house. The people are crazy. Man The banking system in legal system is going to have a hell of a time with no postal service right now not to mention the. Irs who mostly are we expecting expecting a physical trump tech guesswork. Goes giving it to you. Guess is going to get to your house. It ain't going to be getting fed ex Thank you both. Were great week thus far of episodes. Thank you thank You v says I mean what do we have to lose Hashtag? I'm over it. Yeah we that's the best one. Imaz as if he ever runs. I just WANNA I just WANNA people at his rallies to chat mu wound while he looks at his wife and she gives a nod of approval and she stopped. She stopped a net one other time. It was like it will be like how feel Bill Clinton played the sax on hall when I was in fourth grade. Come on mad at the RUE is crucial. I'm telling you I'm not ready for black. People going to do a complete one eighty on this man. I love this man bomb sniffing thing on on the Internet you know people will still be acting last August pander all blah but but in real life collectible low. I people who could talk and everything we can't help ourselves this DNA. I don't know what it is but this true. Why like you know the word the way the wave now is pretend like it's no big deal but every time you white person that can actually dance deuce onto your so this episode twenty eighty six was crocs versus gators and says so the thing the surgeon general said about knack for Big Mama and Atwell in Wella is strange because when the W. H. o? Say the same thing in reference to heavy drinking Europe but we won't hear that version and Nisa quo alcohol compromise the body's immune system and increase the risk of adverse health outcomes and whol regional office for Europe say on the site late Tuesday citing the heavy alcohol use throughout the continent. Yeah but and I guarantee there. Whatever version of public health officials didn't come out and say door for your mommy like you know what I'm saying? They didn't do that. Hey everybody light it. Don't matter this affects you like the cat. The black people in the Brown people. We got to do it for pop pop. Okay do for Big Mama. I heard missing diabetes on like do Dr Gay says in reference to the people who've tested positive than negative and positive again for SARS Kobe. Two of the cases where this occurred the return to a positive test occurred shortly after the negative tests. This implies that it was not a case of reinfection but relapse the test that were being used at the time. Were not as sensitive as the ones currently in use mechanistic less likely in the future. Furthermore they've done test on non human primates which suggested reinfection is unlikely how long natural immunity lasts is not known some of those infected with SARS reduction and immunity. After around two years merged. Antibodies lasted a little longer. That being said reinfection in the near time is highly unlikely I do have a PhD. Services have studied this stuff. However you can also be you can also ask Coca Negra about it is fairly important discussion to have as broad implications for how endemic is handle. Appreciate Dr Gay. And we don't know everything we just talking but right any changes in the vowels every day so I don't know. Yeah the word. In the verbiage I've been seeing has been reinfected and But you're right maybe it's just a relapse and maybe a rise trip in either way to me. It doesn't sound like a should change much of how things are treated because the vice generally stay. Os inside right. We do know that like I listened to. Why can't I remember? The name of this. Reveal is called. Reveal podcast or something like that and they talked to people that live under quarantine and there's varying timeframes for what they think quarantine should be. We're the ones going about fourteen days. But there's other places where it's like twenty one days now there's places where NATO shorter stay here for a week you know science is still developing on a Lotta stuff testing and all this stuff finding out like how long someone's infected Ford the different environments People's infections do what are we symptomatic people like. How does if praying for them and stuff like that? So the main thing they're saying where these mass day inside you know see my way to. That's going to be the way to go. You know people just rbm like well. You had it so you can't get it again. Go outside like we're GONNA have to be very careful about what that means is actually correct. 'cause THEY LIKE. I said they found people that even after they've quarter cover covered have still been producing Enough Corona virus particles molecules an air whatever to give some infect somebody so I don't know an even at when like the dead. The corpse gave some ninety one. Like I I don't know man Ms Bar Seventy two says. I'm a away last Last year Dick Life Shirt comes at that NASCAR driver fast. He could've kept fake apology. He only sorry he got caught. Why is it when he's racist? Liberal they always say is not who they are. Clearly it is and wouldn't you know what people pulled up? Oh tweets about him being against kneeling during anthem. Sounds like this thing is pretty on brand for him. Hope he enjoys unemployment. Well you know. What ev apparently can push back on that a little bit just a little bit? That might not be liaise. You know I think There's a there's this this thing where I give you a perfect example like is really what you want to believe right like we black people grow up with hip hop almost every black person. You know says bitch weather's affectionately derisively. Just as a you know you can say the same way people say Nigga like just Whether it's gender gender whatever right if you could go through. The archives are footage of of all time. You're gonNA find moments where you slip up and say bitch or you say bitch trying to be funny and it's not that and it's fucked up you say misogynistic a or something you slip up. There's going to be some people that go. What an issue. That's you forever. You fucking hate women you you're never changes what you really are You know or you know there's going to be people that will understand if you like. Well I slipped up but no I don't really sit around feeling like women are bit is in the low mid and all this shit Pinot your life experience whether you believe that person or not true but whether it's true or not none of us can ta only the person saying it knows so I look at negative same way. A lot of cultural like these white people say nigger didn't like. I don't think I've never been under in every single white person in existence in America at least has said that she at least once where they ingest whether in anger whatever. We're not around. I don't not single wipers. I'M GONNA fuck. How cool you think the coolest white person you know Ralph North. I'm dave black face nine. Don't know if that's the real him or if the round northern that's giving us all freedom is the real him ended today. I've just kind of resigned to the fact. I don't know what I do. Notice cultural more than individual as this individual kind of targeting of like. This person is a racist because they said this thing I think sometimes it's is applicable when especially when it's something said like You know when you say something like like say if he would've be like. Oh man these niggers I hate these niggers or something like that to me is different to be like nigger or whatever. That'd be it it doesn't matter that much to me. I'm not you know what I'm saying. It's not like I'm trying to like Regina man go to cook. I don't I don't watch NASCAR. I don't support demanding anyway but I do find it. There's there's this piling on. That happens when we find. The individual person says nigger as if each individual person is in basically affected by this huge industrialize nigger complex. That just niggers us all right like that's really what it is you know. I'm not I'm not even joking. That's that's really what it is like all. These people are indoctrinated into this Shit Ryan. Maybe he'll get. Maybe this'll be his wakeup call. Maybe it won't. I don't know I don't really care to be honest. 'cause I don't know this man but you know I think about that shit a lot. You know maybe I'll let you all into my world a little deeper than Yom. You know the typically go but because I you know I've been saying since we started this show. I don't look at why people saying negative way white black most black people do. Maybe it's because of the comedy sodomy or something like that but to me I I can. I can see how say nigger and be white and mean it as a joke and it don't be funny to me but I don't assume what has caused your piece of Shit Racist as Black People. Like it just depends. I agree it depends on the context and the joke to be honest and I hope that people and I also everyone who does stuff like that. Now he's not a comedian but everyone who has done something stupid like that is mostly because they don't respect comedy and they don't know what the fuck they're talking about and so we have a lack of respect for comedy as in general and a lack of respect for what your words mean or were you just feel like any titled. Asshole and you don't care. Do all that stuff blends in together. You know the real crux of it is. I don't know how much it matters to me personally whether or not you're a stall co races or whether or not you thought it was funny to act like a stone cold races you know what I mean like. It really takes a lot for me to be able to like to to look past that and be like okay. You fucked up but you not. I don't think you're racist like his the black. Do Bubba Watson. That's a NASCAR race. Now he came out and it was like you know I know Kyle. And he's not like that and Blah Blah and I fuck man. I feel so bad for Bubba now. Because even if that's the truth you're now the one black do who works over there saying this dude is cold you know you think he will need another chance and stuff like that. So Tara situation for those people to be in excel. I don't feel as much sympathy for the Senate. I just don't see why he did that. Shit but whether he like. This isn't a defend him. He might be a strong coal car carrying racist he could be but my point is he might not be it. Don't really matter Miss Barnes says part of the facebook target chat for team members. I turn I turn for employees and the work candidates thrown around like Nigga in arap with the heart E. N. at that is universally used by white and black folks alike. You see these checks out always week until a manager. The police asked for a supervisor and personnel on the that never ends tolls can be at the heavenly gays asking to speak to God when they find out they can't get into heaven shaking my day ahead. Yeah that can. Energy is strong. Sometimes you got your Canedo Guys. Do you ever find yourself doom scrolling. Yes or no yes. I have before initially because I just wanted to know learning figure out what was happening and all that shit but I I to stop that well. You're not alone in this. The majority of our audience is ninety. Six fifty eight percent. Fifty eight percent of our audience finds themselves doing scholar. Sometimes forty two percents had no which shelter. You're disciplined guys'll rebecca says. I don't need to go I just need to look out. My window. Still had to go to work every day. My neighbor's secret arouna and a paper mill. My husband works at blue of yesterday. Jesus thanks for a great episode to Saint. Nick used as you say. Don't worry about we worried about you. Mifflin blown up like what the fuck is going on in the paper mill. You blow up right. I wanted to be liked the wet or paper in right. I mean no flames. I mean shit disciple amass says I voted no but does it count if you keep scrolling and watching and reading unsolved murder cases stories about serial killers if yes then I changed my vote. It's not the same. I've been listening to you. Must Remember Charles Manson murders wild podcast. And I don't think that counts the same as doom scrolling You know don't people was crazy. Hail all right we have No comments on our last episode White Florida shares. Deputy but we do have a pole with some comments. You stand up for yourself at work. Yes all. The time sometimes rarely or no never care. Sometimes sometimes fifty. Six percent audience is in your category. Can sometimes they stand up for themselves and it depends on the situation and all of that type of stuff you know also though in this though it also depends on the job because Are you a job? Where need to stand up for yourself or you know. Because I think there's some jobs it is like I'm always fighting to prove my love and there's some jobs it's like well they treat me well. Don't really get in situations where I need to be like. Hey I'm standing up for myself on a position that you have because certain positions actually demand that missionaries always hidden. Apparently it is yes all the time I taught physics. Say sometimes twenty percents. I rarely into says I know never after shot to your honesty on that won Miss Bond Seventy two says I have to stand up myself in the position that I am in mainly because I know myself work there have been too many times I wrote over and they all got me with stress ahead as come on somebody or Eric. Moss owed that so many. Aso'S A low self. Esteem had to pick our other people but I had to fight my battles when I feel that. My Work Knowledge is questioned on the project. I felt that in my soul. Forsaking idea to take charge. Because I definitely have been that way. I've been that way in personal relationships more than work stuff wild like I guess I'll let shit slide and they later it comes back. Astronaut identity is live this morning. Fog is terrible. Like I picked a scene from the DOE. I still led to share in the house. You know that's me. Let's get into. I think we ask them. Feedback from bligh seven. Four five five seven zero one eight six of the Voice Mel just call. Leave us a message. Two minutes or less will get cut off. This person got cut off and they wrote the email but I'm gonNA play it anyway. Okay but yeah feel free to college. Several four or five five seven zero one. Eight six is the voicemail line skype so you know two minutes or less guys all right. Don't play no it don't place it starts counting immediately right There we go. What Rod Karen calling all from? Good Ole miss and I appreciate. The offer shared his news about everything that's going on with viruses keeping everybody entertaining and everything and I'm down here in Mississippi. Were right here out of Memphis man and I say come on because we're living in this area where we have free state's right here and everybody's doing something for light. Tennessee breakdown a couple about a month ago. Mississippi to behind everything and you know I'm working in Places team in place and people just walking in like nothing is going on. Dick Neal wanting to use the same services are Communist. China limited contact with customers. People can walk in. Feel wanting us to engage with them and interact. And you tell them that we're telling them that we're going in different. We'RE TRYING TO PROTECT EVERYBODY. Not Fail the customers they serve and you know we still getting pushback on things because we're not doing things quote unquote the way to be always been doing and not convenient and just smile. That people just disregard that I know the mayor with Mrs Right across the river from those basically telling everybody to stay at home But we got just thought he'd just wild like going on and like I say I just put you in jail for his news and everybody listening. Hey the the everybody's saying no if you go out to go out but now my wife worked in health care and working in a service that means official so we all have to go out everyday. Go to work and I saw that the house and we're just starting to take off your family. We're not interacting with anybody else out of our house. So that's all I got through it and you know like you necessarily got cut off but yeah man you have to do that. Know my mom made us a mask. the other day and you know the practice social business in. May We came to pick up the mask and we had. We stayed in the car. She came outside and waved. You know like you definitely you know. It's just changed things but this is the right thing to do. The smart thing to do and sadly the thing that that I see that sometimes gets to me is when we go out and you see people that don't have the mass recovered their face don't do social distance things committee. Today I look I. I looked at her lie is she didn't stay around me about her lie. Okay now you need to move mail right you know you had these moments words state. Some people don't think this is serious enough to change. And then obviously we're not as is not as bad for us as I've seen places where you literally have people that are like you know under governor we doing. Everything's normal or the people that do the like We gotta do this. And but I'M GONNA go and rally against this you know to prove a point that trump. I'd issue and for a lot of companies. They've changed their procedures and things like that. I know that for four work at they certain branches actually lily lock their doors. They like no redesign. You better call us and let us know you common we. We're not even going to let you in a year. So you just going to be mad outside calling us while you look at us because as we say curbside pickup we met curbside pickup bitch And I appreciate the people that come in and I you know I was in a public the other day and The guy was like. Hey Sir it's the lane is one way only because they changed the lane one way only and I was like. Oh thank you. I appreciate like he on his job like yes. Please tell everyone because I'm trying to do whatever it takes to protect myself others period All right last word smell. This is at MOM's stranglers land on twitter Sierra Negga right and easy to watch caring unusual. Watch Caesar what episode fast of Hashtag Black is I period K. K. K. Guess I'm so nervous. The first time it was called free episode. Five Call Yo. Because we you nigga slavery I should because this is this is this is. This is sue because this is just the conversation that you have been talking about. Fisher created the black capitalism subway sect as been before nigger. This is what I watch tyler. Perry how to get away with Bert. Off Green Book all this. Because I'm a multifaceted shutout. I love it full bucket uncle moment. Nigga it's definitely act. Just keep digging and I just wanted to share with these this moment in nigger drink and caring and rivalries be say's. It's all right here in the State House. Fuck Fuck. It's okay love you bye thank you Sierra Getting out a little bit mobile year for a while. It was just straighten outside now. We good we can't be friends y'all as okay not to be out there too. I don't WanNa be a Hitler being depressed like I got started to affect me. 'cause I 'cause I can say when you used to going outside three times a day like you know 'cause my job I would want him break and afternoon break lunch. I was used to getting the sun. Now wouldn't get no son affect me. I didn't realize how much is donald fake me. Yeah so I can talk that shit over there but over here I got live here so it started making a difference when I started going outside right. Some sunshine for Melanin need. They need each other. So you know I gotta get out the house a little bit you know and I like I say balcony. We not even traffic. We the lowest traffic balcony and the fucking complex we. We literally will be fine like their owner. Hop around there it was. It was like final destination. We was going to die that day. No matter what matters but yeah I will check our black girl. Boss he's been watching it and she hit me up about it and she loves it and she was like this everything about black twitter. You know and I'll be real popular opinion. I guess or maybe it's a popular opinion. But not with twitter niggers. I don't hate Kanye barriers and I don't know why I don't know why I don't know why we have to like a why people are so adamant that this is like the evil is fucking. War is really like niggers gifts accessible and immediately people that was like starred for this black person to come field is gap Amelie. Turn on a man like some like like. I'm not saying all his. I mean what I would over a hundred episodes we're twenty Blackie's mix this fucking Greenwich five with our hundreds of episodes of content point. I'm assuming you'RE NOT GONNA agree with some points some of the episodes some. But here's my thing. If you person listening is ever was able to put out hundreds of episodes of content. There's somebody else you just haven't made it to that level yet career. Somebody's sitting around being like man. Fuck you and the way you feel about. That is probably how you feel. Which is this is the real me. This honest as truthful as OSCE things through the comedic Liz it. I'm GonNa make and yes you might. Not Vote was all of this shit and that's going to be okay but a lot of people do you know and I think what gets lost in the shuffle without complaints online. Is that a lot of people. Fuck with this year everything. People talk bad about. That's super popular. What does a lot more people to actually like it? And don't have those problems with it you know or they or they had those problems and they overlook it because it's not that big a deal that any didn't become popular because nobody was watching Shit. Yes well yeah so you know this is interesting you know. I love the show. Talk to people off line. But like sometimes I really do not understand the impetus to be so pro black that you hate all the blackhead. Kerr you know what I mean like you get the did you claim because diversity is part of in you claim. We're not a monolithic. India does something. That's outside of what you normally is. Dan You complain yeah. I don't WanNa be that workman like I don't even even when I don't like some black sheet. I normally try to keep it the jokes and mood fuck on like Hook. There's people that have online like their personality. Is I gotTa get Kenya Burs and embarrass or whatever and then a big part of it is that they can't say they'll like they won't be able to say the show is funny. They won't be able to say well. You know what he addressed some of the commentary that people have said about him. They won't even be able to say that with this show because that would kick them out of the little circle that's being created a social circle of fuck him you know and that's one of the things that scared me off of a lot of people. Was that social pressure to constantly be in on who we hate in who we liked together all the guy down time. I can't do it all have different tastes. We all considered various different things funny because there are things that I think. Similarities there might be offensive to somebody else. We all have different levels on Caesar's behind on all black ish I haven't watched any grownups or mixes so it's not even like I'm super huge fan of him like that. But it's like the hey got out of control man Damn now. This is Hitler like I duNNo. It's crazy but I do want to watch. Black is because people I trust have said it's funny and to meet US more important than the Internet's like we hate him now. A lot of and don't write in whatever the fuck. I've seen the stuff that people I did. It does not fuck with me the way. Do you know what I mean. So don't you only have to waste time being like why he ain't his family as dark skin? A his family is like in real life and he wanted to make the show real to his life. You know now y'all GonNa kick Machina. John was out of blackness. Or whatever like good luck. Good luck you boys. I'm just not going through it. Which Donna writes in email the blackouts as gmail.com black Monday? Hi Guys how did I never hear of this show black Monday? Thank you for your Nail James Interview and as always about the show thank you Donna. Thank you baby. Tell you why you didn't hear about it because it's not enough people watching it. That have a problem with it because when you watch something you have problems. That's right the longest thing pieces all or or the people that are. I hate everything type people. This hadn't hit there not just that man. It's all the people claim they want Is all the people claim they want and guess would these malpractice. Don't watch it no they. Don't you know like this is another reason? I can't take these complaining as people series. They watch out a popular sheet. They know they won't like and they talk about it ad. Nauseam but then they claim I won't. Why can I get a show? Was some dark name. People I won't Mo- black people in and why ever show gotta be about suffering. Why Taeb funny. Why can't beat this and here comes? This showed us all checks every little fucking box that you complain about and you don't even watch it you know whatever it's still a great show and that's why I dismiss those people go okay. I can't take you seriously you or your opinion. There's no Santa Claus at all says Tanya who says Hello Rodney care so I happened upon an episode where I finally wanted to listen to episode. Seventeen ninety seven bullet ball explained would justin and never in my life. I've been so hilariously conflicted. I can't not ruin this for other listeners. Who have not heard it but I listen to it and stay. I stayed horrified. I laugh like hell and I have so many questions mainly mainly ex-wife a lot. Ll I listened to the podcast for almost two years now wondering what will the ball was and now in the year of our Lord and Corona Virus Twenty Point. I finally found out and I have to equate it to finding out. Santa Claus is not real the Easter Bunny. Shit and I'm a solo. I'm a soloist Mazda for laughing light. Hail the Mai Mai. If you've had tests you get a sense of humor the takeaway. I got from it as I should never give up my dreams the other takeaway is that. Not Everything needs a soundtrack to shake down here love. Y'All MS bars. Thank you MS bars. Yeah he definitely definitely found a way to persevere you know and he had the rap remix Speaking of rap and remixes the last email is from a Ma who you guys may know. Add infrared crypto. Guys listen three years over. There is no. He's used them for like ads. Background music for like some are premium. Podcast and stuff like that. He's a great producer so he actually sent us five. Harada cared is a MA AK infrared crypto. Just wanted to appreciate you off at a great content during this pandemic I've been enjoying does lately and it's been a delight to hear you guys. Every week I just wanted to send you all a few newbies I created for the podcast in case you needed any music in the foreseeable future. Just trying to get my creative juices flowing with this time. Feel free to use them anytime. Hopefully you'll enjoy them. Thank you all so much of my do. Yeah and I actually did albums saga play on. Let me see. Get the playwright. A because for some reason it wouldn't one of my one of my players wanted to play an I tunes or something like that instead of a groove or whatever micropolis Shit though defunct ads Microsoft Program Can I be your default? I don't want to you all to soon grew. Yeah you've what here Windows Media Player? Yes that s you pops up. I'm like the fuck you come from. Yeah so the first one is called out. Blooming dreams is assault was probably about outback. Or something there definitely us. Why go every we're not come back Yes groovy blooming dreams okay. Let's see what else you got here got. This was called House again. See what this one sounds like. Yeah I realize I could use them for copied other details like yeah we can start doing do yeah. I mean like I say he always does work but yeah. That's that's a smooth Smooth stone cold group as we used to say back in our days This next one is called fretless. Wonder felt like I should be doing more over these than just playing so far this either this on the last the most robots steady music thing rb hooked it does Yeah man I mean very talented. Do Man you know I almost feel bad because like I said we don't really have like a hip out show really. We just plan the beats. I feel like we should not have freestyle Fridays right too. I really do so these to you. Know to make a big in this. Yeah rising waves Have of inherent to play wheel three. Yeah man and he left one more call subsonic but yeah we'll definitely use these for the show man For sure and then you know sometimes I do like rap parody shit my use it for that you know Noah on spotify just find some royalty for beats and that's what I that's what I been doing so do baby lo try and get this last one to play for some reason. Try to make a very good job off the best one. There's already outbreak. That was my bad. I hit twice. Tried to posit. Yes it's the best one video game music why call on hair reprobate real quick. I'M BAD ARE STAR. Grabbed me okay? Corona virus mother is open like an old cyrus. Look at my iris down. Papyrus character me too with the silence. The violence is what we kick it with. Non Violence is how you get stuck sticky with it. The blood is wet. Deploy Ron never ever get. We talked about the progress motherfuckers. Want to talk to the Congress. I don't want to digress. What you get up. Outta his feet and make sure you go vote when it's time to eat let it's time to meet talk. Go to go caring day and I'm here to stay the corona vowers. Asu West has ruined. Every NIGGA. Stand home tonight. I liked it. I'm bad at this. I like the starter. Dead Names Karen here to say I love a major one. I didn't know what else I'M NOT DUDE. That was good. Don't don't knock yourself. This is we're having people actually freestyle. Yes this is what it sounds like. Thank you record though. I'm sorry I didn't do. Yo- beat justice. Stop Politics Stop. Knock YOURSELF DOWN CARE. Come on now. We'll need this twenty nine thousand nine. Okay okay okay. We don't keep it positive. Just just like my improved. My rap game can improve This is all off restyle flown stuff. Okay this is a you know. He said he's saying because he wanted us to to wrap over them and say stuff to make it fun and cool for everybody. You know you following. So that's what I'm that's what we don't trumpcare and go ahead. I'll talk. I'm about started saying my name is Karen and I'm here to say well trump and his pasture way he's an he's an AD president. Donald trump sucks. That's that's pretty good. That's you know. These are the vase that he wanted. You know that's not how it took it. You know it makes me mad. You know I was thinking we're GonNa give some good trump bars but I'll be you know my my girls dominant. They would've killed this all right todd for two days we love Donald Trump. Donald TRUMP is demand. He's the first black president. Dan Ain't GONNA go. Ra toutes today man. We continue to coon here with me in the show guys. You secretly wanting to wrap the whole time trying to act like trying to play a down Nike. Let it go off is hit rapid about now going around the world today around North or Presbyterian governor new. He's representing black people in the way that he is own ascott before he gets rid have read them. Y'All around freedom. Y'All he's like what you want. Let me know on a list. I'll pass it today if I don't think it'll get to mark. He's like you want to write the bulk. I got two good on inning game okay. That's what they say. My wife you know she she. She told me I came. Wow but you know what? I'm a pass these bills for you. A lot of robin door. Not I don't mean this is very de la soul time afloat and I. I don't be listening to the to the sixteen bars. I'm sorry the rams was optional. On this one. Yeah appreciate effort. I'm F you know. That's that's what I was saying. You know you probably can't get on the twos and the phone calls with the beach. I I you know I might condense when I can't wrap in sixteen balls Dan. I thought I thought it was great. Care appreciate I was trying. Did he did good all right now. I'm going to India for real this time. See Karen over their moral bars. Our you know I was going to wrap it up so I mean it sounds better than you know. I think it sounds better than junior. Betty Mike you know. I'm trying I tried so doing. You did good all right. That's it for today. Thank our listening. We'll be back tomorrow. We NC can in the house and the House. Okay all right to your friends or name is Karen. Say Okay. She is hit. Say say she is here to say she would not demand a manager. We'll see you guys tomorrow and then Monday. Mike Kaplan comedian. It's been awhile since he's been on so I can't wait to be here on Monday. Album coming out and I want to say next. Sunday's Jail Co van only Chris Landlords coming back so guests guys all right until next time I love him.
Monitor Show 13:00 08-12-2020 13:00
"Other, alternative managers, visit pershing Dot Com pershing LLC member FINRA. NYSE civic from the financial capital of the world twenty four hours a day at Bloomberg. Dot Com on the Bloomberg business APP and Bloomberg quick tape. This guy, he's Bloomberg radio. Bloomberg World Headquarters I'm Charlie Pellett on Wednesday rally equities approaching records in across aboard surge as investors snapped up shares that have been beaten up lately during a rotation to value stocks. Gold is rebounding gold up today after yesterday's sell-off advancing. Now, by one point, eight, percent, nineteen, forty, seven, the ounce. But still holding below two thousand dollars. Let's get right to the numbers. Numbers SNP up forty, two higher by one point, three percent, the Dow. Up Two hundred, sixteen points up. Eight tenths of one percent. Nasdaq is up two, hundred fourteen. That is a gain of two percent the ten year down seven thirty seconds with the point six, six percent West Texas intermediate crude up one point, eight percent at forty, two dollars and thirty seven. Seven cents about. So the SNP recovering from yesterday's late afternoon, swoon led higher by technology healthcare and utility sectors got us. Keep it locked in the Bloomberg radio to find out where we wind up today. Now, with a closer look at commodities trading. Here's Bloomberg's rent young oil climb to near a five month high after an industry report pointed to third straight weekly drop. Drop in American crude stockpiles and gold prices are bouncing between gains and losses says the dollar weakened and Treasury yields climb to more than five week is yet. US. Equities approach all-time highs in across the board rally. Grenada. Young Talk Radio. The spider gold chairs ETF up now by one point, seven percent southwest airlines providing an update on its business outlook, the Co..
Ep 027: How to Reactivate Old or Dead Leads
"The cash from the chicken wing capital of the World Buffalo New York. You're listening to the marketing above. All podcast your source for all things well. Marketing and total world domination the nation. This is marketing above all. And this is your host Michael either. Hope you're having a okay. Fantastic Day so episode number twenty. Seven is kind of one of those F.. Accuse that I get since I just shot an episode last one about your top. FAQ's but it's also one that I always like to look at a specially as a year kind of starts to get closer to the end So the question is really around lead reactivation and Wendy can a stop following up with people all do you perjure less. So it's really all about. What do you do with leads that haven't converted so there's a couple of different methodologies thought processes etc and I always like to give you multiple perspectives because with marketing? There's really not a one size fits all There's often there's always different ways to do things but I at least want to give you the frameworks that you can mold it for your business or your situation relation so the first piece is that I rarely considered leads dead. The only way that I consider a lead daddy the is if I run it through a email cleansing to a witch. I typically trained you every ads every three months but more realistically probably twice a year I do it and their email or their phone number comeback as invalid so chances are the emails are GonNa come back as invalid Rather than the phone number emergency polar often switching emails a lot more often But candidly I would still encourage you anything. That's free. So e Mail Marketing Tax Message Marketing sending a newsletter while. That's not free if you're sending it physically. The cost is still kind of a mute. Point I still would encourage you to continue to follow up. Follow up follow up nurture nurture nurture nurture until someone says. Stopper unsubscribe live. And that unsubscribe could be digital subscribe. It could be a return to sender for a physical newsletter for example could be. Hey stop calling me and following up but when I start to look at closing things out for the year I don't tend to mark people as a lost deal. I'll just just put them back in just kind of general lead bucket. So if you're doing proposals and again it doesn't matter what the business if your Child Care Center in your you're sending out enrollment packets in the parent doesn't sign up for example. I mean the chances are they probably went to another center. But that doesn't mean that you should stop. Stop sending emails and marketing messages. And things like that you simply moved them from more of a lead to more of a general follow up so the key and figuring out do you take them from the lead to a general follow up is going to be more based on Them responding responding to something so simple example childcare center you send out a hundred emails with a one line question Are you still looking at child. Care for your son or daughter daughter Yes or no all the knows you would move them from a lead to a kind of general nurture and the other ones that either. Don't respond to say yes. She's still keep them in the lead basket and the reason that I want you to separate out kind of nurture from lead basket is you're going to be a using can of different languaging and things like that so I wouldn't WanNa be sending a parent if they just said no they're not actively looking. I wouldn't want all the marketing messages. They're getting to really be talking about enroll your child now but with that said I would want the nurture sequence to have emails that are showing happy families families talking about the events that you're doing at your center talking about upcoming expansions talking about the teacher of the month the family of the month all all the good you're doing in the community would adventure going to be at because the chances are pretty darn high that let's they looked at three or four different childcare centers. Yes and they chose one. I would be willing to bet you some pretty big dollars that the other two centers that they didn't go with they're they're just gonNA stop following up as I said in one of the earliest episodes your follow up game tends to stink. That goes for almost every single business. They focus on what's hot in front of them and they stopped the follow up process. So if you continue to nurture that parent that family. What if they have another child would if they wanNA tell a friend about your center even might not be going to yours? If you're staying top of mind never a bad thing. You need to continue to be in front of them. In Garner their attention so a lot of people a lot of local businesses they like to go on this lead in pershing thing at the end of the year. And like I'll just they're all dead leads and we're not sending more emails. Why would you stop? Why would you? Why would you stop sending follow up emails and things like that now? The only piece again that I want you to stop is if you get a clear indication location that either. Their phone number email is bad and you can use a tool like never bounce dot com and you can load up your email list once a year twice a year a couple of times a year to figure out what she mails her bad. So those you can separate out. But there's no additional cost traditionally to be sending an email message. And I still encourage you to send out if you've got a quarterly newsletter. A quarterly magazine which we just launched. I'M GONNA keep sending it out to not only are current members as we call them. But I'M GONNA send it out to all the prospects I don't care if they're with another marketing agency. I want to continue. Continue to stay top of mind because at some point they put their hand up even if it was a small hand or a half hand raise they wanted to learn a bit more boundless. CBS So I know that I can out market them by fouling up with them on a more consistent basis and that foul up again doesn't have to be aggressive lead. Follow up but you move them more into the nurture category now in terms of the other piece of this question of Wendy kind of role Roll out the nurture peace versus the dead lead for it. There's no clear there's really no clear cut answer if you have a long follow up sequence you really typically not taking people out of that sequence but if you're selling wedding cakes for example and you know when their wedding is and it's a month before or a week before their our wedding and they haven't called you chances are they're not going to be a active lead anymore but you can then move them to the nurture sequence. What if they have another event unless you only do wedding cakes but even then if you continue to follow up in showcase your beautiful cakes they might have some remorseful? Maybe they should. They went with you and then they're going to refer someone to your business so your follow up game and kind of lead. Purging really shouldn't happen. Unless they're her actively asking to be removed or that you stop calling them and if they say stop calling you can still keep them on a nurture sequence unless they unsubscribe described or asked to be unsubscribe to your nurture sequence. is well so I would highly encourage you to not stop your follow up game not stop. Marketing and just nurturing nurturing nurturing nurturing long-term nurturing always ends up outperforming doing things in the long haul it just keeps you at a different level from everyone else because local businesses get busy with all all the other stuff they've got going on. You might put a couple of follow up emails in a nurture sequence but you're probably not putting fifteen emails or fifty emails males are. You're not staying a couple of weeks ahead of it. So you've got content on a regular basis move them from a lead to a nurture. Stay top of mind and I promise you it will pay off. It always pays off in the long run. They'll come back to your business. There's they'll circle back though. Refer people go forward the email messages I of people in my email lists that I know they're never gonNA buy for me but they sent me emails on a regular basis that I ford this to my son I Ford it over here. I sent it to this person I think would enjoy it. Why would I ever remove that person from my list? It makes no sense now. I don't have them in a hot lead. Follow up but I will keep nurturing. And that's the big difference of can a hot lead follow up and lead foul-up versus nurture hope you enjoyed today's content content there take some action. I'm setting off for today. I can't wait to see you back here tomorrow. Good morning good afternoon and good night see Ya. Thank you for listening to this episode of marketing. Above all get out there make a change and take some action Russian and don't forget to leave a five star review and tell all your friends. This is the greatest marketing podcast. Ever Ever Ver- if we look forward to seeing you here tomorrow.