PurposeCity
PurposeCity

Episode · 2 months ago

17: Why Compassion Matters: An EWM Advisor Roundtable

ABOUT THIS EPISODE

Why does compassion matter when choosing a financial planner?

This question and more are discussed with Executive Wealth Management Private Wealth Advisors Duane Johnson, Todd Perry, and Rob Larsen.

PurposeCity podcasts are presented by Executive Wealth Management and exemplify our core values of trust, community, and compassion. 

PurposeCity podcasts are found at ewmadvisors.org/purposecity and all major podcast platforms.

This is purpose city. Stories ofhumanity and action presented by Executive Wealth Management guests on purpose city do not necessarilyreflected endorsement of executive wealth management. The core values of executive wealth management ourtrust, community compassion. That's what this podcast is all about. Every episodewe have, every guest we have falls under that umbrella somehow. So howdoes that play, guys, into executive wealth management as a firm in thebusiness or the daytoday? Well, for me, a long time ago Icame across a statement by somebody. I can't remember who was, but ithit me and it's always stuck with me. I it was doing well by doinggood and that would fall under our community and community. You can tryand to find it as much as you...

...can. It's kind of one ofthose ethereal things for me, but if you're really trying to just put aspot on it, it's the folks I work with, their families and thenthe people that live around us in the community that I actually live in,and so I can do well by doing good for those communities. Good,but about your time like community. How does community work in a financial firmor in the way you do business? Yeah, I think it comes downand you know, it's that whole golden rule. It's treat people you knowhow you would want to be treated and you know whether it's our employees,it's, you know, our clients, it's our community. It's just showing, you know, that value and I think our firm does a really goodjob of that. And whether it's various things throughout the community, time resources, whatever that may be. But I think we not only talk about it, we actually do it. In the time that I've been with the firmI've really seen that and see, you...

...know, US getting out in thecommunity, being with others and just kind of seeing that connection is really goodto see. Yeah, so when you do with money, trust is huge. How do you know a financial planner you can trust? A litany ofquestions. Do not be afraid to ask them, ask them and ask themrepeatedly with a variety of advisors. And let's say that they all answer thesame and they all sound about saying, then you got trust. You gotthat person that you sat in front of the kind of gave you the willies. Don't use that one. HMM, the person that seemed to take thetime to explain, to be clear and to not confuse you with industry jargonto try and sound better than what they are. You don't want that.So trust you get someone that's manage your money. That's that's a real relationshipright, kind of like a your accountant or something of that nature, yourattorney. That's kind of why these circles go hand in hand with money andmanagement and stuff of that nature. So...

...you know, for me I haveno problem, you know, trying to like them. When the client comesand sits in front of you, know that they've they've seen a couple ofadvisors before. They work with somebody in the kind of getting the dog andpony show a little bit. I've had a lot of clients in the middleof meetings, say I've never heard anybody talk to me like that before orlike talk about the economy like that before or about finance like in this objectiveway out of pill. See, I just I've had advisors that told mejust stay in the market and everything will be fine and just got to lookat the long term. You know, the last fifty years. Yes,and he's been up for so long. That's the easy way out to copout for an advisors. They just hold it just hold your assets? Whatabout tax harvesting and stuff of that nature and going into planning at the yearend and doing conversions and really being in your back pocket to make sure thatwe're getting the most tax efficient dollar out of your retirement all the time.And there has to be ongoing planning and ongoing conversations. So you look forsomething a little different from that advisor when you're talking to them, but yousteer away from the ones that are just trying to just kind of show youthe product or their brochure what they have...

...to offer. They need to takea second to understand who you are and ask a lot of opening questions and, you know, make sure that they talk to you about how their companyoperates and stuff of that nature. But you can kind of get a senseof people pretty fast. So yeah, got about ten fifteen seconds. Ye, yeah, so I was at the dentist and my getting teeth cleaned andbeing asked all these questions and I'm trying to answer them and what about,you know, what do you do? Where do you work? And itsfirst it's it isn't worst. But she was finally able to understand yeah,work for a second wealth management. It's work with wealth advisors. And thenshe says, well, I don't handle into the family's money. My husbanddoes that. He doesn't need advisors. He uses an APP so why wouldsomebody like that or why would anybody need...

...an advisor as opposed to doing itthemselves, almost kind of on a hobby level? Well, I've played bothinto this fence here in my career. I've dealt with people who are totallyselfdirected and those who have had a measure of both. And you're going torun into some folks they just want you, the advisor, to, you know, steer the boat completely, just take over. You gotta bring himin and keep them involved. And at the other end of the spectrum yougot the completely and totally selfdirected. And I've always told him if you havethe time, will in skill to do it and you need all three,go ahead. But most folks are lacking on one of those three, andmost often it's time. And that's where I would tell him you keep peaceof your assets and you go ahead and swing for the fences and will managethe overall portfolio make up outside of what you're doing. So it is donein a very repeatable, responsible fashion. So that's that's why I've historically dealtwith it and it's been with a measure...

...of success. That's a great point. With the three it's the time, but I would say it's the skillto yeah, I mean it's you don't know what you don't know. Andso in our industry, I mean like a lot of industries, things change. I mean I mean not every day, but there's tax all changes, there'sretirement changes, there's look at the the changes that came out in thelast eighteen months with the pandemic. It's you know, so do you havethe time and the skill to stand on top of all that? And youknow, I think what advisors like us can bring to the table is you'relooking for those efficiencies and that stuff we look at every day, and soif we can, you know, look at your situation and add a littlebit of efficiencies, you know, that can go a long way. Soagain, it might not be maybe it's not in your investments, so maybeit's in your retirement planning. Maybe it's helping you so security. It's allthese other factors that add into this sin.

If you don't have the time todo it, it's you know, maybe it's worth looking at somebody thatcan partner with you too. Again, it's kind of a peace of mindthat, look, we're staying on top of this every single day. Youknow, the most expensive investment mistakes you can make are in retirement. You'rein that, in those later ages, and not knowing where to pull moneyfrom, what sources and stuff like that. You know, should I pay myhouse off, and do you do? What do you do with the payit off with her IRA and pay taxes and to pay your house off? You can be educated all you want, but there's going to come to comeday where you want to get affirmation that what your decision making that youjust made to refinance your house or to convert money to a Rath was agood idea. Maybe you did that decision by yourself, but you're always goingto be talking about that with your friends or family to get an affirmation thatthis is like all, that's a good idea. I should do that too. Well, what if you had to a coach in your corner? Youcould bounce that idea off of your still the quarterback. You're making all thecode, you're all making, all the...

...decisions on the field. You're callingthe audibles and stuff like that. We're telling you what we think, buton the field you make that play, and so that's what relationship comes downto. We're going to give you all the road maps to what we thinkmake sense right now. Absolutely, and I think that is for the advicethat we do above and beyond performance is one thing in the portfolio, butthe advice that we give a year and and year out is worth a nominalfee to to grow a wealth, to protect it. To we look likesports announcers here. It's rob keeps giving sports analogies. It feels a littlereal sports ball. Two Thousand and five I started working for at the timea small independent wealth management firm, and one of the Nice things about workingfor a smaller company is you can have your hands in a lot of differentareas, and so it wasn't just the investment piece of it, it wasthe retirement planning and the tax planning and really, at the end of theday, just just let us give better...

...advice. I started at Ewm becauseyou have the support and resources of a larger firm, but it's still ateam environment that I enjoy. The values in the mission here and the wholebuild defend in advance not only clients portfoils but their financial plans going forward.With the background I have, I'm passionate about really taking that holistic view ofa client's financial situation and adding simplicity, adding efficiencies throughout their financial life.An example that I can think of is a client comes to us and theymay have accounts all over the place. Nobody's helped simplify their life and addefficiencies where we can, and I think once client see that, they reallyhave a sense of relief, in a confidence in working with an advisor thatis going to be transparent with them and really look at the the holistic picturepro actively be there for clients that they know we have their best interest inmind. It's a win win. Feel free to give me a call oryou can contact us at Ewm Advisorscom.

My name is Robert Larson, privatewealth advisor with executive wealth management, and I wanted to get into financial servicesright out of college. I graduated right before the recession and when that hitI was brand new into the Corporate America, working at a big bank, andI saw it. I saw the impact it had on many businesses,many families, my own family and I realized I want to be in theknow and my my industry. I want to know what's going on to marketsand why things react the way they do, and I believe the key to anytype of success is to have a plan. Many families, young professionals, kids out of college, many business owners as well. Everybody has differentgoals. We're here to help create peace of mind. Whatever your goals happenedto be, whatever phase of wife you're in. It's more than our fidisherresponsibility. It's who we are. Build,...

...defend, advance. If this alignswith what you believe in, you're interested to hear more, give mea call.

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