PurposeCity
PurposeCity

Episode · 2 weeks 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 in Chin, presented by executive wealth management. Guest onpurpose city do not necessarily reflect an endorsement of executive wealthmanagement. The core values of executive oathmanagement are trust, community compassion, that's what this podcast isall about. Every episode we have every guest. We have falls under thatumbrella, somehow, so, how does that play guys into executive wealthmanagement as a firm in the business or the day to day? Well? For me, a longtime ago, I came across a statement by somebody I can't remember who it was,but it hit me and it's always stuck with me. I was doing well by doing goodm I 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 of those ethereal thingsfor me, but if you're really trying to just put a spot on it, it's the folks Iwork with their families and then the people that live around us in thecommunity that I actually live in. I am so I can do well by doing good forthose communities. Good, what about you tat like community? How does communitywork in in a financial firm or in the way you do business yeah? I think itcomes down, and you know it's that whole golden rule. It's treat people,you know how you would want to be treated, and you know whether it's ouremployees, it's you, know our clients, it's our community, it's just showing you know that valueand I think our firm does a really good job of that and whether it's variousthings 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 the community beingwith others and just kind of seeing that connection is really good to seeyeah. So when you do with money, trust is huge. How do you know a financial planner?You can trust a litany of questions, do not be afraidto ask them. Ask them and ask them repeatedly with a variety of advisorsand let's say that they all answer the same and they all sound about the same.Then you got trust. You got that person that you sat in front ofthat kind of gave you the willies, don't use that one m the person thatseemed to take the time to explain to be clear and to not confuse you withindustry jargon to try and soul better than what they are. You don't want that so trust you gotsomeone this man in your money. That's that's a real relationship, right kindof like your accountant or something of thatnature. Your attorney, that's kind of why these circles go hand in hand withmoney management stuff of that nature.

So you know for me. I have no problem.You know trying to like em when the client comes and sits in front of youknow that they've they've seen a couple of vives before they work with somebodyand they kind of get in the dog and pony show a little bit. I found a lotof clients in the middle of meeting say. I've never heard anybody talk to melike that before or like talk about the economy like that before or aboutfinance so like in this objective way, adipose just I've had advisors. Thattold me just stay in the market and everything will be fine and just got tolook at the long term. In the last fifty years, e s and he's been up forso long. That's an easy way out to cop out for an advisor to just hold it andjust hold your assets. What about tax harvesting stuff of that nature andgoing into planning at the year end and doing conversions and really being inyour back pocket to make sure that we're getting the most tax efficientdollar out of your retirement all the time? And there has to be ongoingplanning and on going conversations. So you look for something a littledifferent from that adviser when you're talking to them, but you steer away from the ones thatare just trying to just kind of show...

...you the product of their bro sure whatthey have to offer. They need to take a second to understand who you are andask a lot of opening questions, and you know make sure that they talk to youabout how their company operates and stuff of that nature. But you can kindof get a sense of people pretty fast, so yeah got about ten fifteen seconds so yeah. So I was at the dentist and mygetting teeth, cleaned and being asked all these questions and trying to answer them. And what about you know? What do you do?Where do you work and- and it is w, but she was finally able to understanda work for executatoe. It's worked with wealth advisers and thenshe says: Well, I don't handle and of the family's money. My husband doesthat he doesn't need advisors, he uses anAPP. So why would somebody like that or whywould anybody need an adviser, as...

...opposed to doing it themselves, almost kind of ona hobby level? Well, I've played both ends of thisfencer. My career. I've dealt with people who are totally self directed and those whohave had a measure of both and you going to run into some folks. They justwant you, the advisor to you know, steer the boat completely just takeover you, you got to bring him in and keep them involved and at the other endof the paction we got the completely intoll self directed and I've alwaystold him. If you have the time will and skill to do it and you need all threego ahead, but most folks are lacking on one ofthose three and most often it's time and that's where I would tell him youkeep a piece of your assets and you go ahead and swing for the fences andwe'll manage the overall portfolio makeup outside of what you're doing soit is done in a very repeatable responsible fashion. So that's that'swhy I've historically, I dealt with it...

...and it's been with a measure of success. That's a great point with the three andit's the time that I would say it's the skill to. Ah Me Dis, you don't know what you don't know andso in our industry I mean like a lot of industries. Things Change, I mean maybenot every day, but there's tax, all changes, there's retirement changes,there's you know, look at the the changes that came out in the lasteighteen months with the pandemic. It's you know. So do you have the time andthe skill to stay? On top of all that, and you know, I think what advisorslike us can bring to the table. Is You know, you're looking for thoseefficiencies and that stuff we look at every day, and so, if we can, you know,look at your situation and add a little bit of efficiencies. You know that cango a long way. So again it might not be maybe it's not in your investments, butmaybe it's in your retirement planning. Maybe it's helping you with socialsecurity. It's all these other factors...

...that it add into this and if you don'thave the time to do it, it's you know. Maybe it's worth looking at somebodythat can partner with you to again it's kind of a peace of mind that look we'restaying on top of this every single day. You know the most expensive investmentmistakes you can make our in retirement or your in that in those later ages,and not knowing where to pull money from what sources and stuff like that,you know. Should I pay my house off? Do you do? What do you do with you? Pay Itoff with your IRA and pay taxes and to pay your house off yeah. You can beeducated. All you want, but there's going to come to come day where youwant to get affirmation that what your decision making that you just made torefinance your house or to convert money to a wrath was a good idea. Maybeyou did that decision by yourself, but you're always going to be talking aboutthat with your friends or family, to get an affirmation that this is like?Oh that's, a good idea. I should do that too. Well. What if you had did a coach inyour corner? You could bounce that idea off of your still the quarterbackyou're, making all the co you're all...

...making all the decisions on the field,you're calling the audible and stuff like that. We're telling you what wethink, but on the field you make that play, and so that's what relationshipcomes down to we're going to give you all the road maps to what we thinkmakes sense right now. Absolutely- And I think that is for the advice that wedo above and beyond. Performance is one thing in the Porfilio, but the advicethat we give a year in and year out is worth a nominal fee to to grow wealth,to protect it to we look like sports announcers here androb keeps giving sports analogies on. It feels a little real sports ball thousand and five. I started workingfor at the time a small, independent wealth management firm and one of theNice things about working for a smaller company is you can have your hands in alot of different areas, and so it wasn't just the investment piece of it.It was the retirement planning and the tax planning and really at the end ofthe day. Just just let us give better...

...advice. I started a e WM because youhad the support and resources of a larger firm, but it's still a teamenvironment that I enjoy the values in the mission here and the whole builddefend in advance, not only clients, port foils, but the furnature plansgoing forward. With the background, I have I'm passionate about really takingthat holistic view of a client's financial situation and addingsimplicity, adding efficiencies throughout their financial life. Anexample that I can think of is a client comes to us and they may have accountsall over the place. Nobody's help simplify their life in AD efficiencies,where we can- and I think once clients see that they really have a sense ofrelief in a confidence and working with an advisor that is going to betransparent with them and really look at the the holistic picture,practically be there for clients that they know we have their best interestin mind. It's a win, win, feel free to give me AA call or you can contact usat e WM advisers com.

My name is Robert Larson, private wealth, adviser with ExecutiveWelt Management, and I wanted to get into financialservices right out of college. I graduated right before the recessionand when that hits I was brand new into the Corporate America working at BigBank, and I saw it. I saw the impact it had on many businesses, many families,my own family, and I realized I want to be in the know in my in my industry. Iwant to know what's going on in the markets and why things react the waythey do. I believe the key to any type of success is to have a plan. Manyfamilies, young professionals, kids out of college, many business owners aswell. Everybody has different goals, we're here to help create peace of mind,whatever your goals happen to be whatever phase of life you're in it'smore than our fetish and responsibility,...

...it's who we are build, defend advance. If this alignswith what you believe and you're interested to hear more, give me a call, I.

In-Stream Audio Search

NEW

Search across all episodes within this podcast

Episodes (17)