Episode 192
The Real Journey from Financial Advisor to Holistic Planner - EP. 192
Introduction
In this episode, Travis sits down with Dan Kain, Senior Wealth Manager from S.E.E.D. Planning Group, to dig into the transformation from a traditional financial advisor to a truly holistic planner. This isn’t just about changing job titles, it’s about evolving how we serve people, mastering new skills, and building trust through every step of the financial planning process. Whether you’re a financial pro or just curious about what it takes to guide clients through meaningful decisions, this episode offers a candid look at the ongoing learning and adaptability required in our field.
Professional Transition: From Company Guy to Client-Centered Advisor
Dan shares his experience moving from a company-focused financial advisor role to one that puts the client’s whole life at the center. The transition wasn’t just about learning new technical skills, it was about shifting perspective and embracing a more collaborative, team-based approach.
The Art of Holistic Planning
Holistic planning means seeing how all the pieces fit together, including taxes, investments, estate plans, and more.
- Dan describes how these areas are interconnected, and how mastering them requires thousands of hours of experience and countless “reps.”
- Building trust is essential. Clients may have similar financial profiles, but their personalities, communication styles, and learning preferences are unique.
- The best planners adapt their advice to each client’s needs, treating every person as an individual rather than just another account.
Why Human Advisors Matter
We talk about the limitations of algorithms and artificial intelligence in financial planning.
- While technology can replace bad advisors or those unwilling to learn, it can’t replicate the nuanced, relationship-driven work of a good planner.
- Every client’s situation is unique, and the ability to guide them through complex, emotionally charged decisions is an experience-based skill that can’t be automated.
Ongoing Growth and Learning
Dan emphasizes that the journey to becoming a holistic planner is never finished.
- The learning never stops. Changes in tax laws, estate rules, and investment strategies mean that every year brings new challenges and opportunities to grow.
- True expertise isn’t just technical knowledge - it’s knowing how to ask the right questions, prioritizing today versus tomorrow, and position advice to be genuinely advantageous for each client.
Conclusion
This episode is an educational, and empowering look at what it really takes to become a holistic financial planner. It’s about more than just technical expertise, a good financial planner needs to build trust, adapt to each client’s unique situation, and commit to lifelong learning. If you’re ready to get more out of your money and life, this episode will help you see the value of working with a planner who’s dedicated to your success, every step of the way.
Transcript
In this episode of Digital Suits, we sit
down with Dan Kane, senior Wealth Manager
2
:from Seed Planning Group to explore the
real world journey from a traditional
3
:financial advisor to a holistic planner.
4
:Together we dive into the challenges
of mastering new skills like tax and
5
:estate planning, and the importance
of ongoing learning and the art of
6
:adapting advice to each client's unique
personality and needs, and through
7
:real experience, we will share why
true expertise in financial planning.
8
:It goes far beyond technical knowledge
and is more about building trust,
9
:working as a team and guiding clients
through meaningful step-by-step decisions
10
:that shape their financial futures.
11
:I'm Travis Moss, CEO of Seed Planning
Group, and this podcast is all about
12
:sharing professional knowledge and
experience with you so that you
13
:can get more out of your money and
14
:Travis: Did you face through
the transition from kind
15
:of like company guy, right?
16
:Company, financial advisor to
client, holistic financial advisor.
17
:What was the challenges and, and I'm
thinking more along the lines of skills.
18
:What did you have to ratchet up to?
19
:Like you mentioned over the last three, it
kind of took about three years to really
20
:feel comfortable with what you're doing.
21
:What were those skills?
22
:Dan Kain: And it's, it's ongoing.
23
:I mean, honestly for, like you said
earlier, you never stop learning, right?
24
:So always trying to learn.
25
:Uh, but specifically for me, I
think it, you know, I was pretty
26
:comfortable in the investment
space in the retirement plan space.
27
:It was more along the lines of like
the tax planning, um, which I had
28
:really, never done before, other than
looking at my own tax return, right?
29
:I had never really done
any planning for people.
30
:Um, and estate planning too,
and you know, all of those with
31
:the way that we do planning.
32
:Holistically, all of those
pieces tie together, right?
33
:The tax planning ties in with the
estate planning, which tie in with the
34
:investments, you know, so, you know,
those, those are the skills that, you
35
:know, I've definitely had to ratchet up,
um, and continue to do so every year.
36
:I mean, there's changes
all the time with those.
37
:So I think any financial planners
probably, you know, um, constantly
38
:learning about all the, all
the changes and updates and,
39
:continuing to grow in those areas.
40
:But, uh, for me specifically, those were
kind of the two areas that I would say,
41
:um, I had to kind of really dig down
and, and still do to this day because
42
:it's, it's, it's an ongoing process, so,
43
:Travis: It was one of those things like
I, you know, there's, there's differing
44
:opinions and science out there, I guess,
on this, but to become an expert in
45
:something, you have to spend thousands of
hours on it or hit thousands of reps if
46
:you're an athlete or something like that.
47
:And it's like, even though
you're aware of certain things.
48
:Really understanding the why be behind
things and, and how to properly position
49
:it and how to manipulate things to
make it advantageous for people.
50
:That's an experienced based
skill, knowing the right things
51
:to ask and, and when to ask 'em.
52
:Um, understanding how to
prioritize today versus tomorrow.
53
:I mean, all those, all those things are
things that you need body of knowledge
54
:to really be able to articulate.
55
:And this is one of the reasons why I
don't think AI is ever going to take
56
:the job of an advisor like a good, if
you're a bad financial advisor, just
57
:like if you're a bad writer, right?
58
:You're, you're gonna get replaced.
59
:If you don't like using
email, you're gonna replace.
60
:But if, if you're really interested
in building skills and helping people
61
:through complex situations that are
very nuanced and, and almost unique
62
:for every single one of them, um, you
can't be replaced by an algorithm.
63
:Dan Kain: Right.
64
:Travis: an algorithm
has to follow a pattern.
65
:And, and as you've probably experienced
now, we have clients that are very
66
:similar, but yet so different.
67
:Dan Kain: Yep.
68
:Travis: You know, it could just, it
it, they could be identical by the
69
:types of accounts, the amount of money
they have, the number of people in
70
:their family, but the communication
style and their learning style is so
71
:different that you have to treat them
like a completely different person.
72
:Right.
73
:Dan Kain: Absolutely.
74
:And I think, you know, kind of going
back to, you know, just getting
75
:the reps at doing this stuff too.
76
:Like you, you don't know what
you don't know first, right?
77
:You go
78
:Travis: Yeah.
79
:Dan Kain: go through a tax
season, the first time you're
80
:like, whoa, what was that?
81
:And then you go through it the
second time and you're like, okay.
82
:Travis: A little easier.
83
:Dan Kain: little easier the next
time you're like, okay, now I've
84
:got a good understanding of this.
85
:And
86
:Travis: Yep.
87
:Dan Kain: a little, little bit, a
little bit different every year,
88
:you know, getting those reps year
after year, that experience, there's
89
:nothing that can replace that.
90
:I mean, that's, that's
what it's all about.
91
:It's just getting the experience
of going through that, you
92
:know, time and time again.
93
:So.
94
:Travis: So your advice to a new
planner, somebody who's coming into the
95
:industry and they wanna be good and they
wanna get out there and help people,
96
:what's that learning curve ramp up.
97
:Like
98
:Dan Kain: Um,
99
:Travis: you start, you
just, that's what it is.
100
:We just laugh at you.
101
:We just like, you know, put you
in a room and we laugh at you
102
:because of all you gotta learn.
103
:Dan Kain: Well, it depends what you
104
:Travis: I.
105
:Dan Kain: do.
106
:Honestly.
107
:If you want to be a good planner and
if you want to know all of the areas of
108
:financial planning, it's gonna take time
and it's gonna take working with lots of
109
:different clients and it's gonna take,
um, know, actually working with lots of.
110
:I don't know if all firms do
this, they probably don't.
111
:But in our case, we work
together a lot as a team.
112
:So it's helping each other out, relying
on each other as team members, you
113
:know, that's, that's helped me a ton.
114
:Travis: Mm-hmm.
115
:Dan Kain: but yeah, I mean, just
it's, it's getting the experience,
116
:it's doing it over and over again
and learning from your mistakes.
117
:'cause there's gonna be mistakes,
you know, you just, um, kind of
118
:pick up the pieces and, and move on.
119
:But I mean, for me it's been
particularly, it's great working as
120
:part of a team because, you know,
we, we've got so many smart people
121
:here that have a lot of different
experience levels in different areas,
122
:um, that I can kind of rely on them.
123
:Not all companies do it that way.
124
:So, if you're, you know, on your own,
it's gonna be more of just, know,
125
:getting that experience and working with
different types of clients of all walks of
126
:Travis: Mm-hmm.
127
:Dan Kain: what you're gonna need.
128
:Travis: So it sounds like it's
very humbling too because I, and I
129
:know this from working with young
planners or, or people transitioning
130
:from like a rollout you, you did
is the humbling part is realizing
131
:that you've got so much to learn.
132
:And, and also though, one of the
things that happens with people who
133
:learn a lot really fast is that they,
they then have like the, the natural,
134
:I call it throwing up on people.
135
:They wanna show, they wanna
show you how smart they are.
136
:Dan Kain: Yep,
137
:Travis: So they, they, they tell
you everything that you need to know
138
:about anything, but none of that has
anything to do with your situation.
139
:Right.
140
:So it's like you can ha we can
get the knowledge in your head.
141
:That's the easy part.
142
:Getting you to know how
to use the knowledge.
143
:That's the hard part.
144
:And, and I was on a walk the other day,
one of our investment planners, and he was
145
:talking about, you know, we work for this.
146
:Foundation and it takes forever
to get them to do anything.
147
:And it's like they have all
these investments that we don't
148
:think they should have, but they
only, they only, we only change
149
:one or two things every meeting.
150
:And we only meet every six months.
151
:And I said, but the
ball is rolling forward.
152
:Dan Kain: Yep.
153
:Travis: job is not to
change them overnight.
154
:Your job is to help them build, be
one decision, you know, one better
155
:decision on top of one better decision,
on top of one better decision,
156
:on top of one better decision.
157
:Some clients are ready to roll, some
come in and they're like, let's do it.
158
:Let's, let's renovate this entire house.
159
:And some people come in and they're
like, let's just start with the porch
160
:Dan Kain: yep,
161
:Travis: then let's start with the, and
let's, maybe we'll go to the kitchen,
162
:do a little bit bigger project, and then
let's, let's back it down a little bit.
163
:Maybe we'll just get some painting done.
164
:Dan Kain: yep.
165
:Travis: know, and they kind of,
and, and that's, that, that's
166
:the art of understanding.
167
:How do I move people through
a positive experience of good
168
:decision making over and over again
so that by the time they get to.
169
:You know, working with you, let's
say four or 5, 6 79, 10 years, they
170
:can handle most things that come
because they have a, a decision making
171
:framework and they understand, um, you
know, the pace of things, you know,
172
:and, and how they, how to handle 'em.
173
:That, that to me is, is, is a
huge difference between, you
174
:know, going from zero to 60.
175
:Like, yeah, you get into the
industry, you pass a test, you
176
:take an intensive training thing
on how to sell people stuff.
177
:You know, in our case it's not
intensive on how to train, sell stuff,
178
:but it's intensive on the, the module
based planning that we do, where it's
179
:Dan Kain: Yep.
180
:Travis: planning, projections, risk
projections, those types of things.
181
:But it doesn't do any good if you don't
know how to talk to people about it.
182
:Dan Kain: Uh, I was just gonna say that
and, and you had told me when I first
183
:started, just move the ball forward
little by little, you know, and I've.
184
:To this day, remembered that
and worked on that with clients.
185
:Like just little by little,
186
:Travis: All control.
187
:Dan Kain: That's all it is.
188
:And there are times where you want
to, you know, we, we create agendas
189
:for our meetings and we want to
pack this agenda full of all this
190
:Travis: Mm-hmm.
191
:Dan Kain: And it's like, right, you
need to slow yourself down because
192
:you're not gonna get through half of it.
193
:Right.
194
:With
195
:Travis: Right?
196
:Dan Kain: clients.
197
:You just knowing how to talk to people
and how to interact with people and
198
:knowing people's personalities and kind of
199
:Travis: Yep.
200
:Dan Kain: the different personalities,
that's maybe just as important
201
:as the actual financial planning.
202
:Because if you don't know how to
with people, talk to people and
203
:kind of determine how they like to
do things, you're never gonna get
204
:anywhere with the financial planning.
205
:So,
206
:Travis: and people are
temperamental, right?
207
:Like, like, you know,
that's the other part of it.
208
:And being a good planner is part
counselor, part psychologist part,
209
:you know, like, like you're, you have
to have a lot of good skills 'cause
210
:you have to be able to read the
room, read the situation, and say.
211
:This person's a very intense person.
212
:We've, we've actually recently
talked about putting personality
213
:profiles into our planning.
214
:So it's as part of the onboarding
process, having clients go through a
215
:personality profile so we understand
what type of dynamic they're they
216
:are, so that we can, are they intense?
217
:Are they laid back?
218
:Are they analytic?
219
:Um, do they, do they need to read things?
220
:Do they just need big picture?
221
:Dan Kain: Yep.
222
:Travis: How do they communicate?
223
:How do they process information?
224
:Because the way that I give a service
to somebody who is very intent, wants
225
:the big picture, and wants to make a
decisions fast and move on, it's gonna be
226
:very different than giving somebody who
is detail oriented and wants to move slow
227
:and wants to have lots of information.
228
:It's, it's completely different
relationship that you're gonna
229
:have with those two people.
230
:And you might give the, again, you
could give the exact same advice,
231
:but it's gotta be delivered in
two very, very different ways.
232
:Dan Kain: Yep.
233
:And, and I'm glad I had the
experience even before I came here
234
:of working with, I mean, literally
just working with people every day,
235
:different personalities, different,
236
:Travis: Yep.
237
:Dan Kain: different types of
people because that's, invaluable.
238
:I mean, that's, that's experience that you
just have to, you just have to go through
239
:in order to make it worthwhile, right?
240
:So, that was, that was huge in, in
my case before I, you know, came here
241
:to work, had already had a lot of
experience in just, you know, learning
242
:how to work with different people.
243
:Um, so
244
:Travis: that, that's a good point.
245
:There's a, there's an awful lot of places
where people think that the, the, the
246
:key, um, to a financial advisor, like,
like, I'm gonna get into the profession.
247
:I'm gonna read a lot
of books on investing.
248
:I know everything about investing.
249
:Dan Kain: Yep.
250
:Travis: If we tell our people
when they come in and read about
251
:people and read about business,
252
:Dan Kain: Mm-hmm.
253
:Travis: you're not gonna
be good in this industry.
254
:As far as somebody who can really
provide value, you might be able
255
:to sell a lot of people's stuff,
256
:Dan Kain: Yep.
257
:Travis: if you wanna build value
and recognition and all those
258
:types of things, that can come with
being somebody who can execute.
259
:You need to learn about people, and you
need to learn about business because
260
:that's all about communication and it's
all about stringing things together.
261
:Successful businesses string
lots of things together.
262
:They move that ball
forward over time, right?
263
:They execute on plans.
264
:Dan Kain: Yep,
265
:Travis: Um, learning about
investing is none of that.
266
:You know, learning some new, you
know, slanging kind of investment
267
:strategy, just good for you, you
know, it's, so much of that is a
268
:fad, but learning how people work.
269
:So you can tell somebody,
look, that's a fine investment.
270
:The problem is not the investment.
271
:The problem is you buying and
selling it at the wrong time.
272
:That's the problem.
273
:Dan Kain: yep.
274
:Travis: 'cause people come in and say,
well, I've had these investments and
275
:they did really good, or I had these
investments and they did really bad.
276
:And it's like, no, what went really good
or really bad was, you know, your actions.
277
:And how those relate to the investment.
278
:Like for instance, you bought it
at the worst time you bought it at
279
:a market high, or you bought it at
the best time, you bought it at a
280
:market low, you literally could have
bought anything and made money on it.
281
:Right?
282
:Or you could have bought
anything and lost money on it.
283
:It's not the investments that are
broken, it's not under the, the issue
284
:is that you don't understand that
there's a value to what you're buying.
285
:Um, not just a price
286
:Dan Kain: Yep.
287
:Travis: how those things
relate to each other.
288
:And so being able to talk to people about
those things is, is far more important
289
:than I get the next hot investment
tip because I read Baron's this week.
290
:Dan Kain: Right.
291
:And you can, I mean, investment
information and, and product
292
:information and you know, what
is, what is this type of annuity?
293
:You can, that, that's stuff
you can look up, right?
294
:Like,
295
:Travis: Yes,
296
:Dan Kain: knowing how to read somebody
and talk to somebody and knowing their
297
:personality, that's stuff you learn
298
:Travis: yes.
299
:Dan Kain: as you gain that experience.
300
:So, you know, that stuff's invaluable.
301
:Travis: Yeah.
302
:Yeah.
303
:And there's only, there's only
one way to learn and that's,
304
:Dan Kain: Yep.
305
:Travis: you gotta put the time in.
306
:Absolutely.
307
:Okay, so, uh, what haven't
we talked about here?
308
:Um, what are some of the nuanced
things in your opinion now that
309
:you've, you've, you've, because you've
been in a role here where you're
310
:mentoring some younger planners too, so
311
:Dan Kain: Yep.
312
:Travis: now that you've got a broad
experience, you have industry experience
313
:and you've, you've had years here now
to kind of get your feet under you.
314
:What are some of the nuances that,
in your opinion, kinda separate?
315
:One financial planner or one
wealth manager from another one?
316
:Dan Kain: I think some of it is
what we just talked about, right?
317
:Knowing how to work with people and
knowing how to read people and knowing
318
:how to work with different personalities.
319
:Um, that there's no one size
fits all for, for every client.
320
:Um, you know, I think some people can kind
of get stuck in that mode of, everybody
321
:needs to do this or everybody needs to
322
:Travis: Yeah.
323
:Yeah.
324
:Dan Kain: You know, there's,
there's no such thing as one thing,
325
:one size fits all for everybody.
326
:So,
327
:Yeah.
328
:And just being able to navigate, like how
does, how do my clients take information?
329
:How do they learn?
330
:Right?
331
:And, and kind of tailoring
how you work with them, uh,
332
:according to how they learn.
333
:Um, I've had, I, in my case, I've
had clients where I've had to break
334
:things down very, um, you know,
elementary almost, but also other
335
:clients you could talk to 'em about
anything and they know exactly what
336
:you're, what you're talking about.
337
:Travis: Gotcha.
338
:Dan Kain: it's, it's knowing, you
know, knowing your clients, knowing,
339
:um, you know, I guess where, where
they can where, how you can break, you
340
:know, complex things down for them.
341
:Um, it's a learning process and I know
the new people that we bring on, that's,
342
:that's one of the things that we talk
about a lot is, you know, how do you
343
:actually break down these concepts to
people, um, to make them understand, but
344
:also to not offend them either, right?
345
:Travis: Yeah.
346
:Yep.
347
:Dan Kain: you know, you wanna
make sure you don't do that.
348
:Um, so it's, it's, it's really just.
349
:Learning to, to work with people
and learning to kind of read their
350
:personality has, has been huge.
351
:Travis: So the, the environment
of, um, the team environment, I
352
:think you had mentioned earlier,
353
:Dan Kain: Yep.
354
:Travis: and at seed we do
a lot of standardization.
355
:So the, the planning is not all the same,
but the methodology that we go about,
356
:kind of the planning modular is the same.
357
:So somebody, doesn't matter what planner
you're working with here, it, it starts
358
:a certain way and we progress through the
decision making processes a certain way.
359
:Dan Kain: yep.
360
:Travis: Now each person has kind
of their own journey through there.
361
:But for instance, you don't
do the investment plan before
362
:you do the financial plan,
363
:Dan Kain: Right.
364
:Travis: The financial plan, the financial
projections, what's life gonna look
365
:like should dictate how you manage the
investments, not the other way around.
366
:So if you're in our financial planning
program, you have projections and
367
:kind of what if planning first,
then you have investment planning.
368
:You need those two pieces before
you can really talk about elder
369
:care planning or estate planning.
370
:Because you have to understand
what am I gonna have, right?
371
:And, and what's at risk and you know,
what are my resources for things?
372
:So you kind of have to go through
this progression a certain way.
373
:Um, which I found very early on when
we were designing these programs.
374
:Whenever we would have trouble with a
client getting overwhelmed and frustrated,
375
:it would almost always be because
somebody skipped ahead in line, right?
376
:You, you go, well they really wanna
talk about their life insurance first.
377
:It's like, it doesn't
matter 'cause you can't.
378
:You can't figure out if they need
the life insurance or not until
379
:you've done the financial projection
and the investment planning.
380
:Well, why do I need to do
the investment planning?
381
:Because you need to, when you're doing
a financial projection, you're saying
382
:somebody needs life insurance in 10 years.
383
:Don't you need to know how much
money they're making and how big
384
:their investment pot's gonna be?
385
:Dan Kain: Yep.
386
:Travis: Or are we using some kind of
generic, off the shelf rule of thumb so
387
:that you could just sell life insurance
policy to somebody, which is nine times
388
:outta 10 the way that they're doing it.
389
:So you need to understand what's
going on with somebody before you
390
:start to make those decisions.
391
:Otherwise, they get bogged down
in those decisions and, and
392
:the, the client freezes up.
393
:They can't move forward.
394
:Or they make a decision that you
end up regretting because then you
395
:do the plan and you figure out,
oh, that was the wrong decision.
396
:We bought insurance.
397
:We didn't need,
398
:Dan Kain: Mm-hmm.
399
:Travis: an annuity.
400
:We didn't need whatever it was.
401
:Um, and I think that that's a big
important thing for the, for people
402
:looking for financial advisors and stuff.
403
:If you start out by buying
products you've already lost.
404
:Dan Kain: Yep.
405
:Travis: As a consumer, you have lost, um,
the machine has won because you are buying
406
:something from somebody who is clearly not
a fiduciary and you don't know whether or
407
:not that is good for you or bad for you.
408
:You just know that you put money in a
product someplace and now you have this
409
:product and what are you gonna do with it?
410
:You may not even understand how the
contract on the darn thing even works.
411
:You know what I mean?
412
:A lot of times.
413
:So this, the, if you've done product
and you're, I call 'em collectors, you
414
:just, every time you go to your financial
advisor, you're buying something new.
415
:Dan Kain: Yep.
416
:Travis: Like you, you have completely
lost and you have, you have been taken
417
:advantage of, in my opinion, whether you
allowed it to happen or whether somebody
418
:was just a really great salesperson.
419
:You know?
420
:It's kinda like if you're
knowingly ignorant.
421
:Are you ignorant?
422
:I don't know, but, but you,
you're putting yourself in harm's
423
:way by approaching it that way.
424
:Like, don't collect a bunch of stuff
and then see what you can build,
425
:Dan Kain: Yep.
426
:Travis: look at, make a blueprint, and
then go collect this stuff that you
427
:need to build based on the blueprint.
428
:Um, so we have standardization,
we have the team environment.
429
:Um, how do you think that that helps,
like for instance, these young people
430
:or you in your experience, 'cause
you mentioned this a little bit, but
431
:how much of an influence are those
things on developing as a planner?
432
:Dan Kain: I, I mean, I,
I think they're huge.
433
:I mean, one of the things that attracted
me to working with SEED was the team
434
:environment, you know, so that was one
of the main things that I took away
435
:from when I first started working, you
know, with you guys and talking to you.
436
:Was, listen, we're part of a team here.
437
:This isn't your client versus my
client type of thing where you, you
438
:know, I work with somebody and then
you never, you can't touch them.
439
:Stay away, type of thing.
440
:that's not how we work here.
441
:So, um, and that's been
unbelievably beneficial for me.
442
:Um, and I think for, really for
everybody, know, I bring different
443
:planners in on meetings, um, all the
time that have really good levels of
444
:experience in different areas that
maybe, um, I don't have, um, you know,
445
:for example, estate planning, right?
446
:I may
447
:Travis: Mm-hmm.
448
:Dan Kain: Blake, who's been
on, been on the podcast before
449
:talking to estate planning.
450
:She's fantastic.
451
:I may bring in, you know, bring her in to
answer some questions, um, that, that a
452
:client may have or in investment planning.
453
:We have a really good investment
team and, and Brad, who's been on
454
:here before as well, he may come
in and talk to some clients, so.
455
:You know, everybody's
really unselfish when it
456
:Travis: Mm-hmm.
457
:Dan Kain: So I think everybody's
willing to help each other as well.
458
:you have a set process like we
have, and like you said, it's
459
:not, a set process for clients.
460
:Every planning, um, client's gonna
be a little bit different, but we'd
461
:like to have them go through the same
process because we know what works
462
:and we know what doesn't work, right.
463
:So, but having them go through
that process, um, I think it helps,
464
:you know, the younger people that
just get started with us, like,
465
:all right, this is our process.
466
:This is how we do it, this is
how we do it for every client.
467
:Um, there's gonna be nuances to each
of them, obviously, but at least
468
:I know going in when I'm working
with somebody new, this is, this is
469
:what we're gonna do, and if I need
help, got team members to help me.
470
:Right?
471
:I've got
472
:Travis: Yeah.
473
:Dan Kain: to help me along the way.
474
:So, I mean, I think that's
been invaluable for me.
475
:Um, and what I've noticed in working with
the, the new planners as well, it's, it's
476
:been hugely beneficial for them as well.
477
:Travis: Well, I think it, I think it
certainly helps if you think about
478
:it from a client's perspective,
if there's standardization to
479
:the process and there's teaming.
480
:Then you know that if you're working
with a planner and there's an area
481
:they're not great at, they will
bring in somebody who's good at it.
482
:Dan Kain: Yep.
483
:Travis: And, and, and if
there's not an ownership issue.
484
:And what I mean by an ownership
issue, when I started in the broker
485
:dealer industry, my, when I very
first I was on commissions, they had,
486
:um, a very large perspective sale,
like a $30,000 type of commission.
487
:And I brought in my manager,
'cause I was new and, and he
488
:was in a meeting for 30 minutes.
489
:He said, oh, like five words.
490
:And he walks out and he goes,
okay, I'm gonna get 50%.
491
:I said, why are you getting 50%?
492
:He said, because I was here
and I helped you close it.
493
:And I'm like, I don't know how much your
presence is worth, but we were 99% of the
494
:way there before you walked in the door.
495
:Why do I, and, and when you're
getting commissions in the financial,
496
:that might be, you might have
that client for 10 years and that
497
:might be all that you get paid.
498
:Right?
499
:Um.
500
:You know, like I am, I am not an
advocate for commissions at all.
501
:It's, and, but it is a
very, very hard industry.
502
:Dan Kain: Yep.
503
:Travis: And so he is like, I get half
of it and, and I'm like, well, I'll
504
:never have you in another meeting
with me again regardless of what value
505
:you could bring to the appointment.
506
:Because why should I pay you
$20,000 for 30 minutes of you just
507
:standing there nodding your head?
508
:You didn't do any of the prep work.
509
:You never even looked at the
file before the appointment.
510
:You basically showed up in a suit.
511
:Dan Kain: Mm-hmm.
512
:Travis: You know?
513
:And, and, and that's the
nature of that industry.
514
:So if you're sitting there thinking like,
I work for this company and all these
515
:people kind of have their own books of
business and this is my guy, if your guy
516
:doesn't know what they're doing, there's
very unlikely that they're gonna go out
517
:and get somebody and bring 'em in the room
and put 'em in the room and to make sure
518
:that you get what you need because he's
gonna be fighting over that commission.
519
:Um, and whether or not, you know,
he has to pay for that person
520
:to be in the room with you.
521
:So I think it just gets
to one of those things.
522
:It's, and you said it earlier,
like it's important 'cause you
523
:don't know what you don't know.
524
:Dan Kain: Right.
525
:Travis: And if, if, if there's no
teaming and no standardization to
526
:the process, there's no way to ensure
that the person you're working with,
527
:you know, has some kind of checks and
balances to make sure if they bump into
528
:something that they don't know that
there's a way to have an introduction
529
:to the expertise that you need to finish
getting you across the finish line.
