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OPEN TRANSCRIPT

there was a time not that long ago in
00:02
this country's history
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where blacks legally weren't allowed to
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basically
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have a normal kind of wealth transfer
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and generational situation
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if you believe we can change the
00:12
narrative if you believe we can change
00:14
our communities
00:15
if you believe we can change the
00:16
outcomes then we can change the world
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i'm rob richardson welcome to disruption
00:22
now
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welcome to disruption now i'm your host
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the moderator rob richardson
00:27
with me again it's great to have and
00:29
golada back as well as michael dean
00:31
and they have now joined forces with the
00:33
axial family advisors
00:35
and it's just an honor to have them on
00:36
uh now i think they're
00:38
their combination it makes a really
00:40
pretty large combination there for
00:42
assets
00:43
what are we looking at for management uh
00:45
for assets under management uh oh it
00:47
depends what the market did today but
00:49
uh no i'm just kidding i'd say probably
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in the realm between 325 350 million
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um depending on the range of valuation
00:57
because that includes um
00:59
obviously assets in our management the
01:01
traditional advisory style
01:03
i'd say we probably have you know eight
01:05
figures with an annuity and a life
01:07
insurance cash value type of stuff
01:08
and then we have clients that have real
01:11
estate portfolios and businesses that we
01:13
also help them
01:14
with their uh with their management so
01:16
i'd say all in you know you're looking
01:18
at a number in that range
01:19
yep so pretty big so you're going to get
01:21
some good advice from some very
01:22
knowledgeable brothers that
01:24
i have as my advisor so i hope you guys
01:26
enjoy what we're about to bring in the
01:28
content
01:28
i promise it won't bore you uh but it
01:31
will inspire you to get more
01:33
into a long-term strategic growth
01:35
mindset when it comes to your finances
01:37
so
01:38
thank you gentlemen for coming on thank
01:40
you for having us we appreciate it
01:41
you guys have both been on independently
01:43
in your in your roles before you
01:45
you were both a merger and a thing
01:47
together so congratulations on that
01:49
uh just walk me through how this ended
01:52
up happening if you want
01:54
like how did you guys end up figuring
01:56
out that it made sense
01:57
to have this merger in order to be more
02:00
impactful and just
02:02
more efficient let me start with tunde
02:04
and then go to mike
02:05
okay no thanks and um you know a great
02:08
question
02:08
i think that like many things for many
02:10
people that this year has been unique
02:12
and so with the advent of covet you know
02:16
in march and the shutdowns um it forced
02:19
i think both of us michael and i
02:21
to look at our individual businesses at
02:23
the time we weren't yet
02:25
merged together and and and made the
02:27
decision to bring forces together and as
02:29
you mentioned we have
02:30
already been on the show because at the
02:32
time it was when michael was a client of
02:34
ours and we had done the show
02:36
about michael's entrepreneur journey so
02:38
on and so forth so
02:40
during that time i'll let mike speak
02:42
obviously to to to
02:43
what brought him at that point but you
02:46
know i
02:46
i'll speak for me in my journey i've
02:48
been an entrepreneur now for five years
02:50
i formed a business uh in 2015.
02:54
and so i think like a lot of people i
02:57
love the idea of being an entrepreneur
02:59
and being on my own
03:00
um but i i was very uh
03:04
i looked at myself in the mirror after
03:06
the first couple years
03:08
of having partners and things that that
03:10
and they didn't work out
03:12
and it's it's not to point a finger
03:13
because as a leader of the organization
03:15
i always hold the mirror up and say what
03:17
could i have done better
03:18
but i do want to get into that don't go
03:19
too far into that because i want to have
03:21
a show
03:21
or detailed conversation about what went
03:23
wrong in the past okay so
03:24
perfect and so and so what happens is i
03:28
in the process of the business
03:30
organically growing
03:32
because in the last few years you know
03:33
we brought in two new
03:35
kind of junior advisors um i have you
03:38
know an administrative assistant
03:39
i have you know my wife's in the
03:40
business so you know the team started to
03:42
grow
03:42
and then starting last year in 2019 i
03:45
began discussions with
03:47
another firm to actually buy them out a
03:50
firm down here in miami
03:52
and so and that's gone pretty well and
03:53
successful so as that's
03:55
that that transition this year what i
03:57
found was
03:58
i was starting to kind of run a business
04:00
again and i realized a lot about myself
04:02
what i'm saying about introspecting and
04:04
learning who i was as a business person
04:06
is it's funny to say this i founded the
04:08
company but i don't like running a
04:09
business
04:10
and i had to be honest with myself about
04:12
that and embrace the fact that i really
04:14
am a technician
04:15
i i love working with clients i love
04:18
you know getting in the weeds with
04:19
clients helping them solve their
04:20
problems protecting them that whole
04:22
thing
04:23
and um i think it wasn't that difficult
04:26
of a journey for me to to come to that
04:27
conclusion i just had to look in the
04:28
mirror but i think a lot of us as
04:30
entrepreneurs
04:31
i realized it's very difficult when you
04:33
start a business and it's yours and it's
04:35
your baby
04:36
um to to kind of give it up and to say
04:39
you know yeah because
04:40
most particularly most african americans
04:41
most people in general start this way
04:43
but is
04:43
is certainly over represented in uh
04:46
african americans they're solopreneurs
04:49
they're it's been them it's been their
04:50
baby
04:51
and really figured out how to really
04:54
move and move from just where you have
04:57
to do what you're saying what i what i
04:58
hear you saying tunde is that
05:01
you were growing the business got to a
05:03
point but it became where
05:05
it sounded like became harder to scale
05:07
because you had to spend so much time
05:08
running the business you couldn't
05:09
actually do
05:10
the parts that you not only enjoy the
05:12
most that that you're the best at
05:14
and kind of knowing yourself so michael
05:15
what what kind of brought you there when
05:16
you think about
05:18
what attracted you to tunde i think
05:20
what's so important for people to
05:21
understand
05:22
is you need to build a team sometimes
05:25
you need to get a co-founder you vote
05:27
for
05:27
even though when they found it you guys
05:29
operate essentially now as co-founders
05:32
what do you think is most important for
05:34
people to consider when it comes to
05:35
co-found
05:37
determining who your co-founder is going
05:38
to be uh i i generally
05:41
see it fit into several categories one
05:43
of one of these several categories one
05:45
this person maybe feels a specific niche
05:48
that
05:49
you don't uh to i heard people say
05:51
cultural fit three just the
05:53
ability to be able to bring in business
05:55
between those
05:56
or you might have something different
05:57
what do you think is most essential at
05:59
least what was most essential for you
06:01
when determining what would work best
06:03
for you
06:04
when joining forces with tunde well i
06:07
think the first thing
06:08
is was actually timing okay interesting
06:12
and i met back in 2010 and
06:15
we had initial conversations about where
06:18
we are now but it was all about the
06:20
right timing and what i mean by that
06:23
is that him and i both felt as though
06:25
for us to be
06:26
successful long term there were some
06:29
benchmarks
06:29
and some personal achievement
06:31
accomplishments that we had to make
06:33
but then also to get to know each other
06:35
and so that was that took a 10-year
06:37
time period like when they mentioned i
06:38
became my family and i became a client
06:41
of axial
06:42
we got to know each other on on that end
06:43
from a client perspective
06:45
and then over that 10-year time period
06:48
of being friends
06:49
we really started to see how
06:53
we complemented each other from a
06:54
temperament perspective
06:56
right we had emotional buoyancy as well
06:58
but then from a skill set perspective we
07:01
really started to see how we can play
07:02
off of each other
07:03
we come from a similar background from a
07:05
finance perspective so we have that as
07:08
the as the basis and the foundational
07:09
piece
07:10
but then also it's kind of like a
07:12
basketball team where tuna
07:13
and i always mention you look at the
07:15
chicago bulls with with michael jordan
07:17
and scotty pippen they
07:18
they they had an amazing so
07:24
you get into that kobe you get into that
07:26
kobe shack conversation
07:29
right and so you know honestly when we
07:32
look at each other's skill sets we just
07:34
match each other very well to where like
07:37
they mentioned
07:37
he's the technician he's he's the guy
07:39
that can go out and really
07:42
not only build the business but able to
07:45
scale the business as well
07:46
well with understanding that you also
07:49
have to manage the day-to-day
07:50
operational piece
07:51
of the business as as it's being built
07:53
and that's where my skill set comes
07:56
into play quite easily because i feel
07:59
very comfortable
08:00
in in in building and scaling and
08:03
managing a business making sure that all
08:05
the different silos
08:07
are running at its highest capacity
08:09
making sure that everything
08:11
is turnkey making sure that we have the
08:13
appropriate processes procedures so that
08:15
we can run analytics to see where the
08:17
business is going not only
08:18
for the short term but also for the
08:20
macro as well and so
08:22
as tuna and i just offer general
08:24
conversations of getting they know each
08:26
other
08:26
we was very clairvoyant in our
08:28
conversations as well
08:30
and so we was always honest with each
08:32
other we lost together
08:34
even though we were in separate
08:35
industries but we also won together and
08:37
so when we started to
08:38
revisit this conversation earlier this
08:42
year
08:43
it was just honestly a continuation of
08:45
what we've discussed and had
08:46
conversations of
08:47
back in 2010 to that point it was just
08:50
now the timing made sense
08:52
and we both felt as though we were ready
08:55
to
08:55
to merge and be successful for the
08:58
foreseeable future
08:59
so let's let's go ahead and soon the
09:01
timing well yeah
09:03
and what what else is the most important
09:05
what i gathered from you
09:07
and what i hear from many co uh many
09:09
founders who
09:10
go on to get co-founders and build teams
09:13
even if not a co-founder is building
09:14
your team
09:15
it's cultural fit like the absolutely
09:17
guys fit
09:18
there's a cultural fit that you know you
09:20
that that
09:21
it fits into the organization and you
09:23
and you and you and you've complimented
09:25
each other right
09:26
you said you've been you've gained his
09:28
friendship over the years you got to see
09:30
him from a distance you work with him as
09:31
a client
09:32
but it is different sometimes friends
09:35
don't work out when you work together
09:37
tune day i want to go to you like you've
09:38
had
09:39
experience with this because when you
09:41
started
09:42
a while back you partnered with some
09:44
friends they were friends i think
09:46
uh but things didn't turn out as you had
09:49
hoped and
09:49
i don't know if you're still friends
09:50
with those friends sometimes it's kind
09:52
of like marriage it ends up
09:54
you go into it with ideals and then you
09:57
know if you end up breaking up
09:58
nobody talks probably it's probably
10:00
similar with
10:01
running a business but tell us from your
10:04
experience with that
10:05
and how that's informed you to make a
10:07
better decision and a better fit for you
10:09
now
10:09
uh it's it's a great question because
10:11
i'm smiling because i'm really happy to
10:13
say that
10:14
it was an applicable divorce when we
10:17
broke up the
10:18
first time and you know meaning that the
10:20
original partners and i and i actually
10:22
say that
10:22
under with a with a seriousness because
10:25
i had had
10:26
business relationships that failed
10:28
earlier
10:29
like in my early 30s and all that and
10:31
those are people i don't talk to anymore
10:32
at all
10:33
and you know after time and all that you
10:34
just realize hey you know what no one
10:36
won
10:36
it's sad the relationship broke and and
10:38
and
10:39
it's probably never going to be well but
10:41
but i want you to talk through the i
10:42
guess
10:42
i want you to talk through the painful
10:44
ones because it's the pain where we
10:46
learn the most
10:46
i think and that's what i'm saying so
10:48
that the this is non-axial
10:50
business this is not my original
10:52
partners and actually i'm just talking
10:53
about other
10:54
business experiences in my life that
10:55
that i you know i would say
10:57
in my way of explaining it is i ripped
10:59
the band-aid off
11:01
and it wasn't pretty and we don't talk
11:03
anymore and i was
11:04
when it when i saw that it was going
11:06
south with my original partners at axio
11:09
i was also very conscious about not
11:12
ripping that band-aid off and wanting to
11:14
try and maintain the relationships and
11:16
that's why i was smiling when you were
11:17
asking that because i have
11:19
all of them um pretty much our clients
11:22
today and our friends today and i'm very
11:25
thankful for that and i thank
11:27
them and myself i think it was all of us
11:29
together the collective temperament to
11:30
get through it now
11:31
well well let me let me back up because
11:33
i want to break that down a little bit
11:35
in in two different ways yeah one i want
11:37
to get to i guess the non-axial thing
11:40
and really ask you a question like this
11:43
let's let's go back to your
11:45
if you could advise your younger self in
11:46
that situation you can go back
11:49
what advice would you give yourself and
11:51
then
11:52
what might you ignore knowing the thing
11:54
that you know now so i want you to think
11:56
about that
11:57
that's another question i actually it's
11:59
a great question because
12:00
i probably you know i don't think i'd
12:02
ignore anything um
12:04
you know looking back the only thing i
12:05
could say i would change now is a much
12:07
more mature guy in my 40s
12:09
i probably would have would have tamed
12:11
my emotional temperament
12:13
um but i would say i had great mentors
12:15
at that time and i remember one of my
12:17
mentors
12:18
who i'm still close with today he used
12:20
to he told me something
12:22
that um and he's a he's an israeli
12:24
gentleman um and he told me something
12:26
that he just said tunde
12:28
that would go to him real upset you know
12:30
damn it you know i'm
12:31
throwing and going nuts you know like i
12:33
said emotional and he would kind of stop
12:35
my noise and he would say to nate
12:38
just keep a focus that everything you're
12:40
doing today
12:42
ask yourself how is it going to affect
12:43
you five years from now and i'll never
12:45
forget that because
12:46
what it did is it kind of stopped all my
12:48
bs in my own head and my own
12:50
you know looking at me and why i was
12:52
wronged and all this stuff and just kind
12:54
of like you know he's right
12:55
forget about this stuff right now what
12:58
how are my actions gonna play out five
13:00
years from now and that's where
13:02
maybe to help answer the question about
13:04
that original thing is when i thought
13:05
about
13:06
the guys that i was currently with at
13:07
that time that's what kind of helped me
13:09
focus that this wasn't the right group
13:11
for me five years from now i got to be
13:13
free
13:13
and so it helped me like really go
13:15
forward and um
13:17
and that's why i say when it came to the
13:19
the axial partners at the beginning
13:21
i don't fault them i fall myself um and
13:23
that's where you know some of this
13:25
really is a lesson in humility if you
13:27
really want to be honest you know
13:28
falling on your sword
13:30
not you're not trying to be the guy
13:31
pointing the fingers and looking at
13:32
every situation that that maybe went
13:34
wrong and saying okay what did i do in
13:36
this situation that i
13:37
that could have made this better now if
13:39
you're honest and there's nothing else
13:40
you could have done and it was the other
13:42
person then maybe that's life
13:44
but i'll give you an example but even
13:45
that just on that point really quick
13:48
even if that person did xyz it still
13:51
was your decision to enter into a
13:53
relationship with that person
13:55
so there is still lessons for you to
13:57
learn that's one
13:59
two and now let's get back i think you
14:01
made a really key point that i want to
14:03
emphasize
14:04
making yourself see the long term and
14:07
just and
14:08
not to get emotionally tied to what went
14:11
wrong at that moment
14:12
i asked everybody i ask this question
14:14
often rewind and think about what you
14:16
were really upset and angry about a year
14:18
ago
14:18
you probably don't remember yep and you
14:20
know it's another interesting gem that i
14:22
heard from just a wise old man once that
14:24
was probably my 20s when i heard this
14:26
he was like tunde now you're the wise
14:27
old man yeah exactly
14:29
he says he says ask yourself when's the
14:32
last time
14:33
you made a really good decision when
14:34
you're in a heated emotional state
14:36
and again i thought about it and i was
14:37
like wow that makes sense of course no
14:39
none of us really ever make great
14:40
decisions when we're all flustered
14:42
and out of whack emotionally so you're
14:45
right rob those little gems help us
14:46
and the one thing then i don't want to
14:49
hog up too much time here but
14:51
to share the the one lesson i learned
14:53
why i don't fault the original partners
14:55
of axial
14:56
and i fought myself and my joke and
14:58
michael laugh at me at this
14:59
that's why he runs the company now is um
15:04
i'm the genius that somehow left
15:06
corporate america and brought my wife
15:08
into this
15:08
so now i'm the guy that's like taking
15:10
all the risk and i only own 33
15:12
of my own company i was naive and i
15:15
thought that if i give away this equity
15:17
to
15:17
other people that they would then like
15:20
perform
15:22
to fill that equity space and it would
15:23
just be that with this big team
15:26
we would all go and make all this money
15:27
together and i just kind of learned
15:30
through
15:31
you know being naive and doing it and
15:33
then seeing it not work that that's not
15:35
how you do it
15:36
but but that i think challenge that i
15:37
mean i guess if you found the right
15:38
people in the right mindset the right
15:40
timing
15:41
maybe it did work well no well here's
15:42
the way i would say it more so
15:44
um because i don't know if that exists
15:45
what i would say is i would have been
15:47
better off
15:48
telling everybody and at that time right
15:51
maybe saying look
15:52
i'm gonna have 90 and and the other
15:55
thing too which i failed to mention is
15:57
100 of all those other people either had
15:59
their own thriving business or their
16:00
spouse had income or something
16:02
i mean i'm the one taking all the risk
16:04
with my own wife that
16:05
we're in this together with nothing else
16:07
and i'm the one out with 33
16:09
so but that's my fault that's what i'm
16:11
saying i'm not blaming them i'm the one
16:12
that offered that but
16:14
i learned that you know what maybe it
16:15
would have been better if i said look me
16:16
and my wife take ninety percent
16:18
each of you get two percent but you have
16:20
a chance to earn up to 10 or 15 and
16:22
squeeze me down but here's the
16:23
performance metrics
16:25
yeah about six to 12 months and that way
16:27
if it didn't work out it didn't work out
16:29
and if it worked out it worked out
16:30
but instead it was a little bit painful
16:32
with a couple of them when i was exiting
16:34
out because
16:35
you know how do you offer somebody
16:37
something and then
16:38
you know kind of try and take it back so
16:40
yeah that's why i say
16:42
it's it's so be careful the lesson is be
16:44
careful of offering
16:45
equity and be sure you know whatever
16:49
you're offering that you
16:50
have some measurables to the value of
16:52
that and know what you're bringing to
16:53
the situation and what others are going
16:54
to bring
16:55
michael what is your what is your
16:57
overall vision for
16:59
axial family advisors in like what's
17:01
your why for doing this and
17:03
if you can really pull any lessons that
17:05
you might have gone through that are
17:06
helping you navigate this space right
17:08
now
17:09
absolutely and so you know our overall
17:12
vision for actual family
17:14
advisors is to be the
17:18
one-stop shop for families to be able to
17:21
tap into a pool of resources
17:25
to help and enhance their everyday needs
17:27
those resources
17:28
being either traditional
17:32
financial planning services
17:35
wealth protection or building
17:36
generational wealth estate planning
17:39
any life style or luxury lifestyle needs
17:44
that they may have on a day-to-day basis
17:46
um any tax or short-term accounting
17:50
needs
17:50
any philanthropic needs that they may
17:52
have they can tap into
17:54
our wealth of of providers and staff
17:58
and and resources to be to get that done
18:00
in a very consistent but trust
18:03
thing capacity right and so as you can
18:05
see
18:06
with the pandemic causing a lot of
18:07
paradigm shifts in a lot of different
18:09
industries
18:10
it's making families have to reach out
18:12
to a plethora of different
18:14
service providers to try to get things
18:15
done and they're not interconnected so
18:17
you may have a financial advisor doing
18:19
some
18:20
long-term initiatives for that family
18:22
but they're not connected to the
18:24
tax attorney and the tax attorney may
18:25
not be connected to the real estate
18:27
attorney or they may have had a death in
18:28
the family
18:29
and as such that that may have triggered
18:31
some some different silos to be able to
18:33
start to unravel and so with axio family
18:36
advisors
18:37
we have built a team that are is able to
18:41
handle
18:42
all of those different needs but also
18:44
have that family be
18:46
the key conduit to to make all the
18:48
decisions but understand that we're
18:50
bringing the best of the best to their
18:52
table to
18:54
enhance and insist in all of those
18:56
different needs that may
18:58
come together and so um that's always
19:00
been my why
19:02
honestly rob from from my journey of
19:03
being a professional athlete
19:05
to being a certified financial planner
19:08
to then transition into entrepreneur or
19:09
now
19:10
back into the finance world is to be
19:12
able to
19:13
be a a someone that is a trusted
19:16
entity so my friends have always been to
19:18
trust me with not only advice
19:20
but also being able to come to me
19:23
personally
19:24
and know that i can assist them you know
19:27
in any type of
19:28
of issues that they may have had in a
19:31
lot of different areas and so it's kind
19:32
of weird when i was growing up and going
19:34
through
19:35
my personal journey i didn't really know
19:37
that i was that person
19:39
until a bunch of people started to
19:41
actually
19:42
come to me in that capacity and i kind
19:44
of had my
19:45
aha moment like wow okay i must be doing
19:48
something right because people who i
19:49
look up to or people that's in my
19:51
trusted circle
19:52
is consistently coming to me for
19:55
advice or coming to me to say hey did
19:58
you have do you have a trusted real
19:59
estate person or do you have a trusted
20:01
you know um financial advisor outside of
20:04
yourself when you wasn't in the business
20:05
or anyone
20:06
in in a plethora of different industries
20:08
people would come to me
20:09
for for my little black book and that
20:11
kind of extrapolated out
20:13
to the reasoning why i created with my
20:15
co-founder
20:16
elisa prive society which then was
20:19
always the plan to where we are now
20:21
to plug that into a financial entity so
20:23
that when families have
20:25
lifestyle services needs that they can
20:27
get those done in a very seamless
20:29
capacity as well
20:30
no i mean that's a great point moving on
20:33
because i want to talk about
20:34
um having the perspective of wealth
20:37
planning
20:38
and having a strategy for it because
20:40
that's what you kind of got to
20:42
you guys are my advisors and i've become
20:44
more and more
20:45
uh understanding of why it's so
20:47
important to have a strategy
20:49
and and it's hard to do everything
20:50
yourself like you can't be good at
20:51
everything it's kind of what we just
20:52
talked about
20:53
and you need to have a strategy
20:55
particularly if you're building any type
20:56
of wealth which a lot of people
20:58
are and there's no will that you have to
21:00
think about the short term well
21:02
what's the best way to take advantage of
21:04
your taxes in this moment then you got
21:05
to think about the long term
21:06
what's the best way to plan for my
21:08
family uh
21:10
if something should happen to me and you
21:12
know god rest his soul talk
21:13
chadwick bozeman someone who was a hero
21:17
he was awesome i love the stuff he did
21:19
and he was noble in his pursuits he knew
21:22
his why
21:24
and he also knew he was dying for quite
21:27
some time
21:28
and he's left uh a widow
21:31
and uh and a kid because he's pregnant
21:34
um but did not leave actual will
21:38
didn't leave a trust and i think it's an
21:40
opportunity for a lesson
21:42
that you know it would have behooved him
21:44
because it's it's unlikely he had a
21:45
financial advisor because the financial
21:47
advisor would have been hounding over
21:48
the last four years to get that done
21:50
i think we have to think about long-term
21:53
how do we protect what we built because
21:55
the goal is
21:57
it doesn't mean anything if we can't uh
21:59
empower the people that come after us so
22:02
how do how do we begin to change the
22:04
narrative really as a culture around
22:06
the concept of money generational wealth
22:10
like what is your approach as as
22:12
specifically talking to the black
22:14
community
22:15
i go to any either one of you guys tune
22:17
they go yeah
22:18
okay i was gonna give it to mike because
22:20
i won't okay give it to mike i won't
22:22
shut up so that's like my go
22:23
first so i think the first thing
22:26
and it's funny that you mentioned you
22:28
know chatswood uh
22:30
rob is because you know he was just the
22:32
latest
22:33
example right and so when you think back
22:36
to the 60s in in
22:38
in on you know a lot of our greats and
22:40
legends
22:41
has passed with without having an estate
22:44
plan
22:45
in place i'm not sure if prince had one
22:46
did he prince aretha franklin
22:48
you know john singleton you know the
22:50
list goes on and on
22:52
of of our many greats that unfortunately
22:55
pass without having that
22:57
infrastructure in place primarily
22:58
because we've been on that hamster wheel
23:01
throughout our whole life trying to just
23:03
get become wealthy
23:04
right you know you look at the
23:05
generational gap between our race and
23:08
others and so
23:08
we we're not programmed as such to
23:12
plan for after death because
23:15
you know we're so programmed to try to
23:16
take care of our family while we're here
23:18
and i think with that being said and
23:20
where we are now in 2020
23:23
and having achieved
23:26
you know financial stability in a lot of
23:27
different households it's time to really
23:30
take
23:30
the next step as a as a race to have
23:33
that be
23:34
in pertinent part of the conversation as
23:37
you're accumulating wealth
23:38
to make sure that that wealth that has
23:40
been accumulated is protected and
23:42
and is able to be transferred to your
23:44
kids and your grandkids and so on and so
23:46
forth
23:47
and i think that that starts with your
23:49
financial advisor or your financial team
23:52
being able to have that conversation
23:53
with you early on even in your 20s
23:55
because as you build wealth in your 30s
23:59
and 40s
23:59
that infrastructure will already be
24:01
established and then you just
24:03
you know um you will
24:07
um
24:11
you will actually begin to change it as
24:13
you get older
24:14
so you look at someone like a a john
24:16
singleton or a
24:18
a michael jackson per se right or kobe
24:20
right so kobe through his particular
24:22
career when he was 18
24:24
had a will drafted but then as he got
24:26
kids him and vanessa
24:28
the the wills was always able to be
24:29
revised and as such and so
24:32
you have to start early in planning for
24:35
those different transfers of wealth and
24:37
estate planning is the key essential one
24:39
because if you are unfortunately
24:42
if you unfortunately pass prior to
24:44
getting everything
24:45
in order then you put it in the hands of
24:47
the courts probate courts and so on and
24:49
so forth
24:50
and it just becomes a much more messier
24:53
situation and expensive and expensive
24:56
an expensive situation on top of the
25:00
emotional
25:01
distress that your family money goes to
25:03
lawyers
25:04
all the lawyers right and so for us
25:06
that's one of the key things before
25:08
we really get into the advisory piece
25:11
from a financial standpoint we make sure
25:13
that all of
25:14
our clients have had that conversation
25:17
and that piece is in order yeah and then
25:19
beyond that uh
25:20
tune day thinking about obviously
25:23
thinking about death and making sure
25:24
that you are planning for that
25:26
having those conversations on a regular
25:28
basis
25:29
and getting i think past this kind of
25:32
cultural legacy where we don't really
25:33
talk about that like we don't that's not
25:35
something we should talk about it is
25:37
uh that's very important as michael said
25:38
and we discussed but i think it's also
25:40
having a
25:41
strategy for a growth mindset for your
25:44
next 20 or 30 years
25:46
and not just going into life like okay
25:49
i made money i'm going to continue to
25:50
make this much money like really having
25:52
a growth mindset and a strategy around
25:54
that
25:55
and not having to discover that on your
25:57
own i think that's what you guys provide
25:58
talk about
25:59
how you try to develop the right
26:01
approach and mindset for your clients
26:04
you know great question i think it
26:05
reminds me as you're saying that the old
26:07
quote that if you
26:08
if was it if you don't plan if you plan
26:11
to fail
26:12
you your people don't plan to fail they
26:13
fail to plan there you go
26:15
that's all right um so so
26:18
um and that's it right it's it's i think
26:20
part of it is just you know
26:21
an individual psychology or they're the
26:23
type that thinks long term
26:24
or they think in day to day and so um
26:28
a lot of things that you guys brought up
26:29
are pretty much spot on um
26:31
one is it makes me think you know rob
26:34
that you're right we promote
26:35
especially families of a certain net
26:37
worth i would say you know anyone
26:39
probably worth over two and a half
26:40
million or so should probably have
26:42
an annual family meeting um especially
26:45
if uh depending on how the assets are
26:47
you know liquid versus illiquid so on
26:49
and so forth
26:50
um and then i i agree with you guys that
26:52
you know
26:53
part of it especially when you're
26:54
talking about african-american wealth is
26:56
is
26:56
there's a lot of cultural legacy because
26:59
i and this is what i explain
27:00
um to people sometimes is that you know
27:03
the civil rights act was enacted in 1965
27:07
so you've got 55 years of legal
27:09
integration in the united states for
27:11
black americans um but from a cultural
27:14
standpoint
27:15
i think the last hill that we need to
27:17
take is the hill of wealth transfer
27:19
and of and of estate planning and kind
27:21
of multi-generational wealth transfer
27:23
let me say that and
27:24
a lot of people don't know this history
27:25
um meaning all americans white or black
27:28
um you know we know about things like
27:29
redlining and how the fha the federal
27:32
housing authority
27:34
excluded blacks from many suburban
27:36
communities
27:37
but a lot of people don't know that up
27:39
until about 1970 most blacks weren't
27:41
able to buy more than 10 000 of life
27:43
insurance
27:44
so what i'm getting at is there was a
27:47
time not that long ago
27:48
in this country's history where blacks
27:51
legally weren't allowed
27:53
to basically have a normal kind of
27:55
wealth transfer and generational
27:56
situation
27:58
and that explains a lot of where kind of
28:00
the cultural side of our country is
28:02
today and
28:03
the whole discomfort behind it and not
28:05
not let's not get into all that but just
28:07
the idea that
28:08
what i tell a lot of people that i talk
28:10
to that are black with some wealth
28:12
is that you know most black people that
28:15
are wealthy
28:16
and that are under let's say 60 are most
28:18
likely the first people ever
28:20
in their family line to have any means
28:22
and have any wealth
28:24
so what has happened in other
28:25
communities and other cultures in terms
28:27
of
28:28
generations of sitting around a dinner
28:30
table and talking about trusts
28:32
and talking about what it is to invest
28:33
in stocks and be an equity owner
28:35
that didn't happen for a long time
28:38
because blacks were excluded from that
28:39
and didn't have that knowledge and that
28:41
ability to participate
28:42
so you're talking it's only about a
28:44
generation or two at most where this has
28:46
been readily
28:47
available to most of the community and
28:49
so what you find is and i joke with
28:51
people too asking have you heard of the
28:52
duponts
28:53
have you heard of the vanderbilts have
28:54
you heard of the rockefellers the bushes
28:56
the kennedys
28:57
and people say yeah and i say well the
28:59
only reason why we know of them is
29:00
because
29:01
somebody a hundred years ago decided to
29:03
implement a lot of these things
29:04
and their generational wealth stayed
29:06
intact so
29:09
and and and part of that journey is like
29:12
you said it's it's about changing the
29:14
mindset
29:15
yeah um because we still i think as a
29:17
culture based on the
29:19
you know the history of our country i
29:21
still have a mindset of scarcity
29:23
like we're not really participating in
29:25
this system and i think that's on us
29:26
that's not on whites or anyone else in
29:28
this country we've got to start us to
29:30
reject that tape and throw it out but
29:31
right like like you know we are part of
29:33
this country we are americans and we're
29:35
in this system
29:36
and you know we got to get with the
29:37
program here and can i gear the
29:39
i don't know where you're going but you
29:40
could finish after this i definitely
29:41
want you to address too
29:44
not just people that have made the
29:45
wealth one or two million
29:47
but there are people that are you know
29:49
like myself who aren't poor
29:51
aren't rich but are at this stage where
29:53
they should be
29:54
thinking about strategizing and you and
29:57
you guys definitely
29:58
advise those type of clients too i want
30:00
you to talk you guys
30:02
both talk about this and then i want to
30:03
move on to talk about the opportunities
30:05
in this moment
30:06
talk about those that profile of a
30:08
person who is
30:10
let's say middle class maybe upper
30:11
middle class is starting to get to a
30:13
point where they don't have a they don't
30:14
have to have a ton of wealth but if they
30:16
do what they need to for the next 15 or
30:18
20 years they'll be in good position
30:21
talk about that person and what you guys
30:23
do for them and what you just advised
30:25
as a general kind of approach you don't
30:27
need to give detailed advice but a
30:28
general approach to somebody that
30:29
that's in that kind of frame that i just
30:32
described
30:33
i mean obviously giving advice like that
30:35
is would be specific to the person and
30:37
their goals right go through a whole
30:39
system of
30:39
of really what i almost joke and say
30:42
it's financial therapy
30:43
um a lot of times i'll be very intense
30:47
in getting to know someone's
30:48
psychological and emotional state even
30:50
before i ask about their money
30:52
because i've learned that i've you know
30:53
been self-taught i'm
30:55
a self-taught psychology kind of guy
30:57
i've never got i don't have a phd but
30:59
you know through all the reading and
31:00
things i've done um
31:02
you know i've really taken it serious to
31:04
learn about people's childhood
31:06
you know it's funny i'm helping someone
31:08
who is um
31:09
a good acquaintance of mine and um
31:12
he approached me recently he's going
31:14
through a divorce and um
31:15
you know he's in his early 50s and
31:17
they've been together a long time so
31:18
he's got
31:19
some assets and um and he's also got
31:22
some family wealth um the family owns
31:24
uh 200 acres in in texas oklahoma on the
31:27
ranch so he's getting money from a trust
31:29
i mean it's one of those complex things
31:31
and
31:32
i said i need to learn about your wife's
31:35
kind of background because then that'll
31:37
really help me understand
31:38
how we can help her have peace of mind
31:41
and not in a sinister way but i just
31:42
need to understand where she comes from
31:44
and he told me that
31:46
she's so worried about a lack of control
31:48
and what i
31:49
drew out of him was that her dad was a
31:52
gambler
31:53
and uh you know i don't know if anything
31:54
else but basically he squandered all of
31:57
her college money
31:58
when she was a young kid and she had to
32:00
work like her like a dog 60 hours a week
32:02
and all that through college to pay for
32:04
it
32:06
the reason i bring up just that example
32:08
that just happened this week you know
32:09
that conversation is fresh in my head is
32:11
because
32:12
that's what i was like okay that's the
32:13
most important thing i gotta learn right
32:15
now because
32:16
all the numbers don't matter i gotta
32:18
learn how to help her
32:19
come to the table and be you know and
32:21
also help him
32:22
in this journey and that's when i joke
32:24
with him and said okay i gotta get my
32:25
therapist hat on first we'll talk about
32:26
money on the next call
32:28
and so i think that's a big part of it
32:30
is learning who you're working with and
32:32
then to
32:32
to answer the the rest of the question
32:34
about the middle class type of person
32:37
i've seen magic and wonders work with
32:39
people that just stay disciplined i'm
32:41
talking about just
32:42
maxing out your 401k getting the match
32:44
and the profit sharing
32:46
i mean you'd be amazed you think about
32:48
it the right now i think what are we at
32:50
18
32:50
500 or 19 000 for an under 50 year old
32:54
contribution then you have the six
32:55
thousand dollar catch up so it's 25 for
32:58
someone that's over 50 and um or 26
33:01
maybe it's 7 000 but
33:03
in any case in 10 years that would be
33:06
180 000
33:07
or 250 for depending what age you're in
33:10
and then if you assume a little bit of
33:12
market growth and the average of six to
33:13
eight percent and a balanced portfolio
33:15
type of thing historically i mean
33:17
somebody and and profit sharing and
33:19
match on top of it
33:20
i mean is not unrealistic that someone
33:23
under 50 doing that for ten years could
33:25
have four or five hundred thousand
33:27
in a well-performing market so and
33:29
that's also
33:30
for people that might be in their late
33:32
30s early 40s and i feel like they
33:34
haven't done a good job savings because
33:35
they had
33:36
other stuff going on in their life maybe
33:38
they had some kids maybe
33:39
you know something happened in their
33:40
life where they couldn't save um
33:42
you know it's never too late so i think
33:45
there's often those
33:46
type of people that we work with i'll
33:48
first start with
33:50
what do you have at your employer or in
33:52
your disposal you've got group life
33:54
insurance
33:54
you've got you know your 401k let's see
33:57
what these tools that are already out
33:58
there for you
33:59
that can help protect your interest and
34:02
the other thing is i'm a big believer in
34:04
life insurance especially if you have a
34:05
family
34:06
because it's one of the few ways
34:07
especially anyone under let's say 45
34:10
with some term insurance is one way you
34:12
can change your family's life
34:14
i mean you know i got my first 20-year
34:16
term policy i was 32
34:18
great health at the time um and i got it
34:21
for 47
34:22
a month a million dollars i don't i i
34:25
don't
34:25
i don't see how any responsible father
34:27
would wife and kids
34:29
would not especially at a young age like
34:31
that would not look and say
34:33
let me make sure for 40 something
34:34
dollars a month if i just
34:36
check out early by accident uh my
34:39
family's taken care of the mortgage is
34:40
paid
34:41
and sometimes i hear these jokes too
34:43
where guys will say
34:44
i don't want my wife you know my wife
34:46
some other guy is going to spend that
34:47
money and all that
34:48
and i joke and i say that you know the
34:50
statistical thing in the united states
34:52
is that
34:52
most widows the number one reason why
34:55
they get remarried is money
34:58
so taking care taking care of your wife
35:00
and making sure she's flush when you're
35:01
not
35:02
here probably it actually won't have her
35:04
running out looking for
35:05
somebody to help her with this journey
35:07
with these children in these debts
35:08
you know she'll be able to calm down and
35:10
and and not have to be
35:12
you know looking for another party
35:13
hopefully have a little more faith in
35:14
your wife i don't know yeah exactly
35:16
like i'm like yeah and let your wife
35:18
move on too yeah so
35:19
we're gonna die someday so that's that
35:21
if it happens early
35:23
i'm sure my reverse question would be so
35:25
are you gonna go single for the next 40
35:27
years like anyway that's just
35:35
this kind of current moment uh michael
35:39
tunde really points out the fact that
35:41
you have to
35:42
know the people you're working with and
35:44
seek to learn and understand
35:45
their mental state as kind of like a
35:47
mental psychologist i look at that as
35:49
when you're talking to people then
35:51
it sounds like for them is to know their
35:53
self-awareness to be able to
35:55
to be able to get better financial
35:58
habits for yourself
35:59
day to day what do you advise
36:02
clients in general to make to have
36:04
better financial habits so you can
36:06
create wealth not necessarily about the
36:08
strategy but what habits can we get into
36:10
to make sure that we are more uh
36:13
financially secure for the long term
36:15
there's a couple of different ones rob i
36:17
think the first one is really
36:19
getting a clear understanding of your
36:22
financial p
36:23
l right your personal p l not only short
36:26
term
36:26
for the loss statement i think people
36:27
know people said yep and so
36:30
and so you know sitting down and be able
36:32
to understand exactly what your your
36:34
burn rate is
36:35
right your spend rate monthly so doing
36:37
yourself i'm looking to view yourself as
36:38
a business is what you're saying yeah
36:40
absolutely from the beginning no matter
36:41
if you're you're making minimum wage to
36:43
you're making
36:44
you know hundreds of thousand dollars a
36:45
week you know you have to view yourself
36:47
as a business you have to sit down
36:49
and you have to understand your personal
36:51
p l right what's going out what's coming
36:53
in and then
36:54
appropriate or a substantial
36:57
game plan meaning to be able to save at
37:00
least
37:00
30 percent of your your net paycheck
37:04
right to be able to begin to start to
37:07
plan for the future
37:08
like when they mention maxing out your
37:10
401ks um it's another
37:12
component because it's tax deferred and
37:14
tax-free per se
37:16
but then after you're able to put
37:18
together a short-term
37:20
p l then begin to
37:24
wrap around your long-term plan meaning
37:27
starting to invest
37:28
in stocks start to invest into real
37:30
estate start to connect to your why
37:32
that's a big thing for individuals in
37:33
your 20s right
37:35
you know everyone is creative in some
37:37
way you and i had extensive conversation
37:39
about your why
37:40
and how you've been able to tap into a
37:42
lot of those different
37:43
things as you progress through your
37:45
entrepreneurial journey right and so
37:47
save about 10 and put that away to
37:50
connect to your why from a creative
37:52
standpoint
37:53
you said that you can have financial
37:54
independence so couple things on that i
37:56
think
37:57
you know i want to make sure we
37:58
emphasize some points here uh
38:00
make it automatic the set aside to i'm
38:03
not at the 10
38:04
yet but i'm about there but set aside in
38:06
something yup
38:07
do not touch it make it and i think this
38:09
is this is so key make it automatic
38:11
before anything else
38:12
because if you don't then it becomes you
38:15
see that money is there
38:16
as spendable and then you end up
38:18
spending it instead of investing
38:20
instead so do it just don't even allow
38:22
yourself the option
38:23
set aside to whatever you can if you
38:24
can't some people can't do ten percent
38:25
you can do five percent yeah whatever it
38:27
is
38:27
if you can do three percent do three
38:28
percent work your way up but set aside
38:31
something as an automatic that's one two
38:33
when you talk about uh
38:34
seeing yourself as a business i thought
38:36
i i i have a business now and i've also
38:39
i also have a main source of employment
38:41
but i'm starting to get more and more in
38:42
my side business more and more it's
38:43
becoming
38:44
the sort of a source of employment
38:47
income
38:47
all by itself which is great starting to
38:49
match the the main hustle
38:51
i would tell people that uh what i've
38:53
learned through this process if i can go
38:55
back
38:55
i realize how important it is to price
38:57
things out
38:58
and to know you know what you should be
39:00
charging how much time it's going to
39:02
take you to do that how much resources
39:04
as in terms of looking at yourself as a
39:06
business even if you don't have a
39:07
business what that's taught me is
39:08
before you make that investment how much
39:11
time did you have to take to spend that
39:13
absolutely and really and putting
39:15
something in you can put there's all
39:16
types of technology you can put there's
39:17
something true bill that allows you to
39:19
look at all your bills and then they'll
39:20
tell you well you spend a lot compared
39:22
to other people
39:23
that's an app it's free you can put in
39:24
there there are resources you can do
39:26
those are things that i've needed to do
39:28
because i'm a person that i'm all
39:29
i'll just be trying to do stuff so i
39:30
need to put systems in place absolutely
39:32
automatically to make myself look at
39:35
this
39:36
and so like there are things there are
39:37
so so many uh
39:39
there's so much availability of
39:40
knowledge and technology that you can
39:42
use
39:42
to automate some of this process for you
39:44
but you certainly
39:45
want to have a financial advisor as you
39:47
go through the strategy of this but i
39:48
just tell people it's so important
39:50
to put systems in place because most
39:52
people are not disciplined to do what
39:54
they're supposed to do after the fact
39:55
you got to do it before
39:56
and people people have a policy of
39:58
thinking that
39:59
when i get money then i'll go back and
40:01
do it yeah exactly the
40:02
habits have already been created right
40:04
and you're going to go get money with
40:05
that
40:06
yeah right like everyone thinks that i
40:08
don't worry about it man when when i get
40:10
real money i'll go back and do it
40:11
you've already created a habit you've
40:13
already created how
40:15
your method of thinking is going to be
40:18
in regards to money right and then
40:20
and then so whatever habits has been
40:22
created prior to you're just gonna roll
40:24
those over
40:25
and it's just gonna be more expensive
40:26
habits and so that's one of the key
40:28
things that we tell our clients
40:30
when they you know initially come on
40:32
board is that we're gonna
40:34
create a game plan so as we start to
40:37
grow
40:38
your portfolio not only from a
40:40
short-term perspective because we also
40:41
introduce our clients to a lot of
40:43
different ways of diversity and
40:45
diversification with funds
40:47
but as we're bringing in pockets of
40:49
wealth you already have these buckets
40:51
that's already been substantiated and
40:53
you understand why they're there
40:55
and so then therefore when you get to
40:57
the point where you want to retire
40:59
you already know that the game plan has
41:01
not only been implemented but it's been
41:02
worked on
41:04
for years and years and so you feel
41:06
comfortable and then also
41:07
educating your family about those
41:09
buckets as well
41:10
so that your kids could understand all
41:13
the different silos that's okay
41:15
your family's corporation right and so
41:18
it's not just getting them from from a
41:20
structural perspective
41:21
but allowing your kids and your wife to
41:24
grow up within that infrastructure
41:26
and having those conversations so that
41:28
they understand
41:29
why they're there and how to leverage
41:31
them god forbid if anything had to
41:33
happen to you
41:34
yeah because that could happen i mean
41:36
you got to say it's going to happen
41:38
it doesn't mean somebody's going to die
41:40
at some point you don't know when but we
41:42
prepare
41:42
we live life as if we could die tomorrow
41:45
and you just maximize your opportunities
41:46
and you think about what you
41:48
need to do if you if you weren't there
41:50
for your family that's the mindset we
41:51
got
41:52
we actually live more if we can get to
41:54
the mindset that
41:55
this is this is something that's that is
41:57
not only not guaranteed you're going to
41:59
die
42:00
today you're closer to death than you
42:01
were yesterday so you can have the
42:03
and it just it's a fact of life that
42:05
doesn't it shouldn't
42:06
make you sad it should just make you
42:08
have a clarity of
42:10
focus that you need to make sure you're
42:12
doing everything you can
42:13
to maximize this moment and protect your
42:16
family for the long run
42:17
uh i want to talk about that jump in
42:18
real quick go ahead okay i want to get
42:20
into
42:20
the moment in terms of where we're going
42:23
and this opportunity with post the
42:25
election
42:26
the the covent moment where you think
42:28
generally there may be opportunities for
42:30
folks but go let's finish that point
42:31
then we'll go to that and wrap up
42:33
okay um no real quick i was gonna joke
42:35
with a smile and say um
42:36
as much as i do this for a living it's
42:38
funny when you talk about apps i
42:39
recommend i mean i don't want to see her
42:41
endorsing somebody and we're not doing a
42:43
commercial but we use the app
42:44
acorns and it's funny as much as i think
42:47
i'm disciplined
42:48
that little thing helped me i was so
42:50
amazed my wife did it where we round up
42:52
i guess
42:52
whenever you got you know some change it
42:55
rounds it up to the next dollar and just
42:56
moves it to acorns
42:58
and in like six months we had like 1500
43:00
bucks and it was just
43:01
it just felt good like all right this is
43:03
free money like that came out of nowhere
43:04
and i just realized
43:06
wow you know it also reminded me how
43:08
much money is probably wasted when
43:09
you're looking at that's just sense
43:11
and you know in that period of time you
43:13
already got that kind of i'm just
43:14
thinking wow that's interesting so
43:16
i recommend like you said that as much
43:18
as people can automate
43:19
their lives probably helps and then the
43:22
other thing i was going to mention to
43:23
finish up hearing you guys talk is i
43:25
think
43:26
some of the things i've encountered from
43:27
clients or prospects
43:29
unfortunately is a lack of trust and i
43:31
can appreciate yeah you know not
43:32
everybody in our business
43:34
does it right knows what they're doing
43:36
or is or has the best intention of the
43:38
client
43:39
um or people that just had like like my
43:42
the person i told you who's going
43:43
through divorce what happened
43:44
with his wife's childhood they might
43:46
have a bad experience from their past
43:48
as relates to trusting people with with
43:50
conversations about money so
43:52
i'd say the most detrimental thing i've
43:54
seen in my practice
43:55
is the people that call everybody and
43:58
ask questions
43:59
you know they'll call me because they
44:00
saw something on tv or read in a book
44:02
and then they're calling the next
44:03
advisor
44:04
but they don't really stop and work with
44:06
one person because they don't trust
44:07
anybody
44:09
yeah i've seen a hundred percent of the
44:10
time inevitably those guys
44:12
you know women you know people that do
44:13
that they don't get anywhere
44:15
because they spend all this time trying
44:18
to vet all these ideas and never so
44:20
the one thing i would commend anyone
44:21
watching this who's taking anything from
44:23
what we're saying is
44:24
find one source or group of people that
44:28
you really trust
44:30
and you know make them earn your trust
44:32
trust shouldn't be free
44:33
but once you've figured out that that's
44:35
the group to trust start listening and
44:37
taking the advice because it is a
44:38
partnership
44:39
yeah like you said right we don't all
44:41
know everything it's like me and my
44:42
accountant
44:42
as much as i do this for a living when
44:44
my accountant starts telling me certain
44:45
things i shut up
44:47
i was like okay man and i might say hey
44:49
but i heard this on
44:50
what i read this the other day and i'll
44:52
let him explain to me why either it's a
44:54
right move for me or not a right move
44:55
but i still trust that he's the one
44:57
that's the expert in this area even
44:59
though it's
45:00
taxes and financial planning are pretty
45:02
close together but i still defer to his
45:04
expertise right
45:05
and the other thing i was going to say
45:06
is all of us are smarter than any one of
45:08
us
45:08
correct and and there's resources like
45:11
finra.org
45:12
fi nra.org finra is our is the national
45:17
regulatory body with anyone that has a
45:19
securities license
45:20
so again to the audience if someone's
45:22
telling you their financial advisor
45:24
if you can't find them on fitness.org
45:26
you got to ask them what kind of
45:28
financial advisor they are
45:29
because they don't have securities laws
45:31
and they're not
45:32
licensed to give a certain type of
45:33
advice at least it doesn't mean that
45:35
they're crook it just means you need an
45:37
explanation
45:37
and it should be something you're
45:38
comfortable with and also because on
45:40
finra
45:41
you can see any formal complaints they
45:44
have to be logged
45:45
you can see things like financial
45:46
compromises so if someone's had to file
45:48
a bankruptcy
45:49
they've been sued they've been fined by
45:51
the industry all that
45:52
is transparent as a beautiful thing
45:55
about our regulations that we have is
45:57
they are built for to protect the
45:58
consumer so
45:59
um i welcome anyone to look at mine
46:01
because i'm not afraid to share it but
46:03
anybody that should that's telling you
46:05
their financial advisor and thinking of
46:07
working them do that due diligence
46:09
because this is your money and you want
46:11
to make sure that because i've
46:12
even people we've thought to bring into
46:14
the firm and i've checked on their finra
46:17
and i see stuff this long going back to
46:18
the 90s i'm like whoa okay
46:20
yeah trust but i'm playing with this
46:21
fire so that was it i just wanted to
46:24
throw that too so i think
46:25
that's key it's it's it's a great point
46:27
i'm glad you brought it up
46:28
because it's a question i meant to get
46:29
out how do you know the right advisor to
46:32
pick you went through that
46:33
the only thing i would add is the
46:36
cultural fit
46:37
does that person they can be qualified
46:39
you they that's that's the bottom line
46:40
they got to be qualified they obviously
46:42
can't
46:42
shouldn't have a bunch of complaints
46:43
about them but then
46:45
is that person is that entity a cultural
46:48
fit
46:49
for you do they have empathy for you
46:51
what you're trying to do or do they just
46:52
try to
46:53
talk big words over you and just try to
46:55
say you need to do that and listen to me
46:57
because it is a partnership and so it
47:00
has to be a good cultural fit because
47:01
this person
47:02
this entity is a part of your personal
47:05
business
47:06
long-term career the most important
47:07
business you have which is building the
47:09
financial assets
47:10
uh for your for the generations after
47:13
you and for you and for your current
47:14
fees
47:15
did we hear that the most from is the
47:17
professional athletes
47:18
which part meaning like when you really
47:22
talk to especially some of the guys that
47:23
we work with that have retired
47:25
and they tell you about when they were
47:26
in the leagues whatever it was nfl or
47:28
nba
47:29
and um you know that's some of the open
47:32
you know they open up to me sometimes i
47:34
say
47:34
you know tuna the thing i appreciate is
47:36
that you're listening to me and you
47:38
explain things
47:39
right because they either say like the
47:41
the the old advisor always wanted to
47:43
talk about the game
47:44
and then you didn't really look at them
47:46
serious for money
47:48
or they would talk a thousand miles an
47:49
hour i remember one one of um
47:52
talking about an hour with jargon that
47:54
they don't it was funny because
47:55
one of them about themselves one of the
47:57
retired nfl players that michael
47:59
actually
48:00
brought into the firm recently had told
48:02
me he was cute because he goes
48:04
tunde guy i used to i had worked with in
48:06
the past he sounded like that last
48:08
five seconds of the pharmaceutical
48:09
commercial right trying to rattle
48:11
everything out real fastly
48:12
this is going to kill you and this is
48:13
going to cause you to you know have
48:14
diarrhea
48:16
and he goes that's the way you would
48:17
talk about my portfolio and i'd be like
48:19
dude slow down
48:20
yeah and but i think that's uh that's a
48:22
i see it on the on the on the uh
48:25
on the tech end too yeah there's this
48:27
like lack of empathy yeah or they want
48:29
to show you how smart they are
48:30
and exactly they're just a cultural fit
48:32
you know
48:33
exactly because listen if i look at it
48:36
this way
48:36
uh i don't need to be an expert at it
48:38
but if you can't explain the basics to
48:40
me one or two things are going on
48:42
either you're not being transparent or
48:44
you don't know it as well as you say you
48:45
do because if you can't explain it to me
48:47
you don't know it that's how that's how
48:48
i feel about
48:49
anybody in any field you either don't
48:50
know how to communicate which means you
48:52
don't fully know it in a way
48:54
or or or you're trying to
48:58
or you're just trying to not be
48:59
transparent and i guess there's a third
49:01
you can just be a jerk and just want to
49:02
just believe how smart you are but so i
49:04
guess we can put that in there too
49:05
that's the narcissism one
49:07
you just want to talk about yourself
49:10
all right as we kind of wrap up here
49:12
this is uh
49:15
this is a really volatile time i guess
49:17
we feel like we always say that i've
49:18
said that several times on this show in
49:20
2020 you just don't know what the hell
49:21
is going to happen
49:22
uh so we have an election that just got
49:25
done
49:26
uh the market has done well pretty well
49:28
generally well it's going back and forth
49:30
but
49:32
what are you advising people in this
49:33
what do you see as the opportunities
49:35
again brent i know you we're not giving
49:37
full blank advice but i'm just saying if
49:39
you are
49:40
if you're just advising people about how
49:42
to go about
49:44
2021 and planning uh what do you see as
49:47
the opportunities for this moment given
49:49
the really just
49:50
uncertainty of what we're going through
49:53
i mean i think i can
49:54
say that pretty comfortably things seem
49:57
pretty uncertain
49:58
uh in terms of what's going to happen i
50:00
believe the market is still going to
50:02
continue to grow over time but i think
50:03
in the short term we just don't know
50:05
yeah i mean i'll reserve you know
50:06
obviously stock picking or saying
50:08
my thoughts about the stock market or
50:10
things like that for this interview um
50:12
but i think uh and i'll defer to mike
50:14
here i i think there's a lot of inner
50:16
opportunities just like we found
50:18
opportunity together
50:20
you know there's a lot of you know i
50:22
hate to say it this way because it
50:23
sounds sinister but through chaos
50:25
there's opportunity
50:26
and i don't mean that in a sinister way
50:28
i just mean that when things are in flux
50:30
a bit sometimes there's some arbitrage
50:32
you can just catch
50:33
something and i feel like like through
50:35
no intent of this and mike i'm smiling
50:37
that
50:38
you know that was this is what happened
50:39
is through the through the chaos of this
50:41
year you know we got fortunate as a
50:43
business
50:44
and had the opportunity to bring a
50:45
highly qualified leader on board like
50:47
michael
50:48
and i think it took like we talked about
50:50
at the beginning of this it's both of us
50:52
um you know i also as the owner and
50:55
founder of the company had to have the
50:57
humility and say you know what this is
50:59
the moment you know
51:01
things are in flux we're growing and
51:03
here's a
51:04
somebody that right now is is telling me
51:07
he's open
51:08
in a year he's not going to be open
51:09
because he's a talented person that will
51:11
have something else going on if i don't
51:13
capture this
51:14
um you know it quickly and so
51:17
i think there's you know that's our
51:19
example but there i'm sure there's other
51:21
examples in the small business community
51:23
there's examples in the stock market um
51:26
of of companies that still haven't
51:27
rebounded the way that let's say the
51:29
netflix apple and
51:31
tesla's and all that have that are still
51:32
high quality companies that
51:34
will probably be around for the long
51:35
term um and so i think that that's the
51:38
way i would say it is that there's
51:40
you know in a positive way opportunity
51:42
and chaos
51:44
and um you know this is an opportunity
51:46
for a lot of us to reinvent ourselves
51:48
so and one of the things that i'll add
51:50
rob is that you know
51:51
when we sit down with our clients
51:53
especially during this time period and
51:54
we've been extremely successful even
51:56
though
51:57
obviously the financial sectors have
51:59
been you know
52:00
in in influx throughout the year you
52:03
know our clients have been able to
52:05
really diversify so the stock market has
52:08
been what it is
52:09
you know consistently throughout the
52:10
year but you know we've really been able
52:11
to sit down with our clients
52:13
and for those who wanted to get into
52:15
real estate obviously we've been able to
52:17
get with trusted advisors and allow them
52:19
to
52:21
start to invest with the the interest
52:23
rates being as low
52:24
you know historically as there's been
52:26
not only in the residential
52:28
properties but also in being able to get
52:31
into some other
52:32
um investment opportunities such as
52:34
reits and so on and so forth if
52:36
entrepreneurship has been a key
52:39
conversation
52:40
within our client base to where due to
52:42
the fact that it's been
52:43
you know it's a lot of disruption in
52:45
different industries
52:47
it's allowed our clients to have a seat
52:49
at the table in a more tangible
52:50
perspective but also
52:52
because of zoom and so on and so forth
52:53
these busy
52:55
colleagues or what have you has now been
52:57
able to sit down and teach a little bit
52:58
more to our clients and be able to
53:00
become
53:00
much more intrinsic in that relationship
53:03
so our clients have not only been able
53:04
to
53:06
invest in some favorable investments but
53:08
also learn
53:09
in a way that probably wasn't available
53:11
to them if it wasn't
53:13
a pandemic going on and everyone's out
53:14
there you know in their homes for
53:16
18 to 24 hours a day um and then lastly
53:19
being able to diversify from a stock
53:21
market perspective to where we have a
53:23
lot of our clients
53:24
that is taking on day trading and
53:27
learning
53:28
options trading and so on and so forth
53:29
to actually enhance
53:31
their long-term acumens of stocks and so
53:34
you know overall our clients portfolio
53:36
has actually grown through this time
53:37
period not only from a short-term
53:39
perspective
53:40
but also from a long-term perspective
53:41
because we we've presented them
53:43
with opportunities for them to connect
53:45
to their why but also diversify as well
53:48
yeah that's great well tuning a lot of
53:50
michael dean
53:51
uh we look forward to have you on a
53:53
regular basis to really talk to folks
53:55
about how they can have a growth mindset
53:57
and and to explore
53:58
opportunities and they can obviously
53:59
learn more about uh axial family
54:02
advisors we'll put all the links
54:03
in in the podcast but thank you
54:05
gentlemen for coming on appreciate
54:06
having me
54:06
thank you always a pleasure thank you
54:08
again i really appreciate it
54:10
[Music]

HOSTED BY

ROB RICHARDSON

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“Legacy is Forever.”

Planning to fail is failure when it comes to your finances. Start the year off right with your finances. Special guests Michael Dean and Tunde Ogunlana of Axial Family Advisors.

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ROB RICHARDSON

Entrepreneur & Keynote Speaker

Rob Richardson is the host of disruption Now Podcast and the owner of DN Media Agency, a full-service digital marketing and research company. He has appeared on MSNBC, America this Week, and is a weekly contributor to Roland Martin Unfiltered.

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