Episode Transcription 

This is the Ultimate Advisor Podcast, the podcast for financial advisors who want to create a thriving, successful, and scalable practice. Each week we’ll uncover the ways that you can improve your referrals your team, your marketing, and your business operations, helping you to level up your advising practice, bring in more assets and create the advising practice that you’ve dreamed up, you’ll be joined by your hosts Bryan Sweet, who is moving fast towards a billion dollars in assets under management, Brittany Anderson, the driving force for advisors looking to hire improve their operations and company culture, and Draye Redfern who can help you systematize and automate your practices marketing to effortlessly attract new clients. So what do you say? Let’s jump into another amazing episode of the Ultimate Advisor Podcast. 

Brittany Anderson:

Welcome back to your Ultimate Advisor podcast. This is Brittany Anderson. And once again I have with me Bryan Sweet and Draye Redfern.

 So, we are onto part two of our health, wealth, and happiness journey. We’re going to start out by talking today about wealth, which as we were preparing for this, I kind of chuckled to myself that I’m the one opening this up because I mean, we joke all the time. I’m not the numbers person, I’m the people person. If you need somebody to, to engage your team, and get you fired up, and help you really build relationships around you, and all of that fun stuff, I’m your girl. I am not the one that you call if you’re like, “What should I invest in?”

 So, I am opening this up with the little spin to it, to really help you think about, as the advisor, not necessarily what building wealth means, because you could probably do it better than I can, but more so on what is going to leave you feeling fulfilled?

 So, think about this, I was reading a statistic the other day that said the average age of advisors in the US is somewhere between 51 and 55. So, that’s actually a little bit younger than what it was five, [10-ish 00:02:12] years ago. But what this also means is that there is a next chapter happening for many, many advisors in a really short period of time. In the same little study that I was reading, 38% of those people in the study were said to be retiring in the next 10 years. So, this means a couple different things.

 Number one, it means succession. What do you want your succession plan to look like? Which let’s set aside all the legalities and technicalities of that, but it brings up a bigger question. And it’s interesting because I’m working, currently, with a couple of our mastermind members on this topic exactly. Because really it’s more than succession. It’s, it’s the question of what do I want to be when I grow up? It’s what do I want to look like when I step out of this business, when I decide to go to kind of my next phase in life, what does it look like? What’s going to make me feel good, stepping away? So, what do you want that business to look like when you go to bow out? And for some it’s some proverbial revenue mark. For others, it’s an asset mark. And for others, across the board, it’s like I want to make sure that my culture is protected. That if my successor takes care of my clients in a similar way to myself. I’m a relationship-based person, and I want to make sure that that’s carried on and my legacy is carried out.

 So, again, when you’re looking at some of these big decisions that are going to come with that next phase of life, with that next stage. When you’re looking at, again, and maybe you’re not fully retiring, but you’re transitioning out of your current role as an advisor, what does a fulfilled, wealthy life look like to you? You have to answer that question otherwise, like so many of the clients that we end up helping, if you don’t have a clear trajectory of what you want to do with your life and what’s going to make you feel really good, it may be kind of hard when you, when you get to that point and you’re ready to step out.

 So, Bryan, I think you’re a great one to step in at this point. Just talking about maybe even a little bit about your own journey and what maybe wealth looks like by a different definition.
 

Bryan Sweet:

Yeah, this is kind of a funny topic, Brittany, and fun to talk about because I think a lot of financial advisors spend so much time helping their clients figure out what wealth is that they don’t really even do it for themselves. So, it’s kind of like the cobblers that has terrible shoes. And so, I think just getting you to recognize, or think about this topic is really, really good.

 And I think one of the key things that you need to do in life is figure out what you want your life to look like because many successful financial advisors think about the financials, but a lot of times that’s really not what equals wealth to them. And it’s a lot more to do with what quality of life is. And I think one of the exercises that I’ve done a couple of different times, and I would highly recommend that you take a look at this or some version of this if you’ve never done it. But years ago, I learned from Ron Carson, he had a blueprinting guide and it was just really a way of kind of planning out what you wanted your life to look like in the future. And it talked about things like your values, and your purpose, and your vision, and your mission, and your goals. And it really forced you to think about each of those and how it relates to what you’re doing, where you’re at, and where you want to be.

 And I think one of the things that we are really potentially terrible at, is sometimes we let things happen and our future just kind of unfolds the way it unfolds versus making it happen. And if you have this blueprinting guide, or whatever you want to call it, and you kind of read through that every day, and then update it when things change, you’ll be kind of shocked how the things that you view as important things, that you want to have happen in life, relationships that you want, literally every aspect of your life will come true because your brain and your mind will help you find the resources needed for that to become reality. But if you don’t think about it, then whatever happens will happen. And there’s some quote about any road will get you there. But I think if we have the ability to grab a map, and pick the right route, we should all be really conscious of doing that.

 And I think one of the other things just thinking back, as you alluded to on my career, I think one of the things that if you’ve been in the industry for a while, you’ll probably chuckle at this, but way back when, I would call it the grind to grow, where we’d put in, who knows? 12, 15, 18 hours a day. You’d work mornings, evenings, weekends, whenever you could see a client. And a lot of times long hours and being busy can be looked at as a trophy, but really it might not be what success should be. And I think you need to understand what true success looks like, and set your practice up, so that you can enjoy the wealth you’ve accumulated by building the life that you want.

 And looking back, I’m really glad I put all that time and energy in. But, boy, I missed a lot of things to get to where I’m at. Now that I’m here, I’m really glad. But there might be a better way of doing that. So, I think people don’t necessarily have to retire to find the role that gives them energy and makes them feel good about themselves. I think, unfortunately, retirement has been given a bad [no-mer 00:08:44] where you get to a certain age and you just stop. I think if you can create this blueprint that says, what do I want my life to be when I get 65, or 70, when you would normally retire. And if you were only doing those things that made you feel good, gave you energy, felt like you were being helpful to others that really wouldn’t be work. So, then why quit?

 And so, I think when we get to the point where a few more years down the road, especially the younger generation, I really think retirement is a word that probably is going away. And I don’t know what the new word is that’ll replace it, but I think people will be a lot more mindful and active in doing those things that they want versus just automatically stopping. And then, sitting in the rocking chair and watching Oprah reruns. I don’t think, for most of us, that sounds like a very successful way to end your career. So Draye, why don’t you add some tidbits on your thoughts?
 

Draye Redfern:

Yeah, there’s a lot there to unpack. And there’s also a couple of different things that I do in my life. So, I cut my teeth in business, in family business when I was 12. And so, for basically almost 15 years, really entrenched in that business almost on a daily basis, even through like high school, and in college and, of course, on the summers, et cetera. So, I learned business from a young age, and what business could actually do, first, for yourself and your family, but also secondary and tertiary effects. So, if you’re doing something in business or with wealth, what can that be? And so, I got to watch my father, from a young age, give back and give very, very generous donations to certain causes that he feels very strongly about, and the direct difference that that made. So, that left a really interesting impression on me growing up and seeing many of these things.

 So, for me, it’s one of these things where, in my life, I’ve got not only wealth goals, but the impact goals that wealth can actually deliver or derive. And so, one of those, for me, is by the time that I retire, or my life ends, I still haven’t figured that part out yet. But I would like to have over $250 million in assets that I control, or own. Big goal. Obviously, that becomes a filter then for a lot of the other things that I do in my life. So, decisions that I make, opportunities that I am involved in, whatever it is, that becomes a filter to help me achieve that goal. But that goal really isn’t necessarily the number one thing that I care about is just the $250 million in assets or net worth. It’s the impact that that creates.

 And so, for me, by the time that my life ends, I want to positively impact 1 million people’s lives directly, not secondarily, not a tertiary effect that I helped that person, then that helped someone else. That I could directly help and influence, or impact, or improve the lives of 1 million people. That’s not 1 million followers, or 1 million subscribers on YouTube, or any other vanity metric like that. That is direct impact. And so, one of the things we’re doing, and I’ve talked about this to a certain degree on the podcast already, is that one of the first big things we’re doing is we’re building a school next year. And so, that would be hundreds, if not thousands of people chipping away off of that million dollar total of directly influencing kids with sanitation and education, and a place to go to better their lives through a variety of means.

 And so, that’s one of the things that 250 million is the number, but that’s not the number that I really care about, it’s the million. But in order to help the million people, that’s going to take a lot of money, and it’s going to take a lot of things to do that. So, that’s my filter. So, that becomes the way that in which I view wealth and making decisions around that. So, slightly contradictory maybe to how other people may look at it, but that’s definitely one of the aspects that I think, for me, becomes the wealth building process.

 And one of the ways that I do that, and this is not necessarily new, I just automate it. So, every single week or every other week, depending on the account, I just have money that’s automatically taken that I don’t think about. Because if it’s there, like most people, I’ll spend it, or I’ll find things that it could be spent on. Not necessarily vanity things or like cars or whatever else. I’m not that type of guy, but it’s easy. So, if it’s gone and you automatically sort of do those things, even on a personal level, it just makes it easier. So, you sort of automate that wealth building process. And that’s something that I believe a lot in.

 And so, one of our clients that we work with, he has pushed this on me. And so, he was doing $4,000 a week, then $10,000 a week. Now, he’s doing $16,000 a week that’s auto drafted into his investment account every single week. And so, that creates the forcing function not only to grow the business and to do these things, but to actually know that man, every single week I’ve got, at this point, nearly $16,000 a week coming out of my account that I’ve got to make up for. I got to fill that void. I got to make some sales, or grow the business, or whatever it is.

 So, there’s a variety of ways to look at it, but also to gameify. Like at the end of the day, if you hate what you’re doing, you’re not going to do it very long. And that includes the wealth building process, and all of those sorts of things. So have fun with it, gameify it, do whatever you got to do. But those are definitely some things that I’m a big believer in, and I think that make a big difference as far as creating the filters to make the impact on someone else other than you, or your family, something even bigger.
 

Brittany Anderson:

So, Draye, in all the years that we’ve known each other, I did not know about that big impact goal. So, this is exciting for me. This is exciting to know that’s your journey. And to understand that, because it is your journey, you will get there. That’s just who you are. And all the forcing functions in the world are going to make that happen. So, I hope that as you’re listening to this and listening to kind of like Bryan’s journey and Draye in the future, and all of that good stuff, it’s inspiring you to set your big impact goals. To set those big targets.

 When Bryan was talking about that grind to grow, I mean, that’s what a lot of us still, today, do or have done. And we think like, “Oh gosh, if we just put it in more and more hours. I mean, I’m literally speaking from a place of totally understanding that is last night at 10:30, I was sitting at my computer just buttoning up a few things. And I’m like, “This is nuts. This is kind of insane.”

 So, I think the thing to think about is, from my perspective, when you look at wealth and you look at impact, and all of those big things, for me, if I can help people, and in particularly women, but if I can help women achieve a sense of perfect imbalance. And I think of all this as an advisor listening to this because, again, many, many of you totally know what we mean when we talk about the grind to grow. If you can help people from a much, much earlier stage to not have to sacrifice in such big capacities, there’s always sacrifice with growing a business. There’s always decisions you have to make, because when you say yes to something, you say no to something else, and we all understand that. But if you can help people do more of what they love, and spend more time with the people that they love, that’s true wealth right there.

 Because, at the end of the day, you can’t be buried with it. Nobody is going to sit up in your eulogy and be like, “Wow, they really did a good job of saving every week. What a great impact.” Nobody is going to say that. But what they will talk about is the lives you touched. And the people you impacted. And how your life is more about the impact and the people that you reach, that’s the wealth, that’s the wealth to be proud of and the wealth to talk about.

 So, before I give them a few key takeaways, Bryan, Draye, anything else you want to add? Otherwise, I will round us out.
 

Bryan Sweet:

Well, I just wanted to compliment both of you. Brittany, I’m very fortunate and I get to work with you every day. So, I know a lot of your big, hairy, audacious goals, if you will. But you just said that so eloquently. I just wanted to compliment you on that. And Draye, as what Brittany said, we’ve known each other a long time, and I never heard those numbers. I knew you had a lot of big things in mind. And the one thing that kind of struck me with that is when you said $250 million, I went, “Hey, way to go, buddy. That’s a big number.” But it really made sense when you said, I want to impact a million people because, if that’s the case, that’s kind of the numbers you probably need. And so, that gave me some insight that I really didn’t have before.

 And I think that’s a great thing for people to keep in mind is what’s the big goal? And then, work it backwards. And what do I need to do to get there? Otherwise, the goal doesn’t have a purpose, and you’re probably never going to get there. So, I think the way that Draye did it, and then I just know all of Brittany’s personal things with women they’re very likely to hit and exceed every single one of those because they’re so, so clear on it. So, just wanted to compliment both of you.
 

Brittany Anderson:

Thank you. Well, let’s round this out. Let’s talk about a few key takeaways.

 So, number one is, and I think Bryan really spoke well on this, is that whole blueprinting process that he talked about. And really understanding what does that future look like for you? What does your journey look like? Because it’s more than just some proverbial target at the end of the road. I mean, Bryan’s right, and I don’t think any of us are like, “You know what? I want to end my life sitting in my chair watching TV.” That’s just not a thing for the high achiever, the high driven person. So, really understanding in addition to kind of what will make you feel fulfilled, understanding what your journey looks like?

 And number two, and, honestly, I think we can end on this just second one because it’s such a big one, it’s to decide your impact goal. And to really go deep with this because I’ve heard, and I’ve had these conversations with so many advisors over the years about, “Well I want to be able to generate $10 million in my business because then, I’m serving the right clients and I’m supporting my team, and they make a good living and all of that good stuff,” which that’s a great goal. I love that. But going outside of yourself.

 I think Draye, the big numbers that he threw out and the impact number he threw out, I think that’s really powerful. And he’s stepping outside of himself, and looking at what that can do for others’ future. So, you think about that really in a whole new way is he’s not just impacting his family, and his own heirs and future generations. He’s impacting a million people. A million people, what does that, in turn, do? That creates positive momentum. And that, my friends, is a movement. That’s not just impact, that’s a movement. So, I encourage you to decide what is your big impact goal? And then, like Bryan said, work it backwards and go after it with everything you have.

 So, on that note, that rounds out this episode of The Ultimate Advisor podcast. We’re going to catch you back to your next week, where we will talk on some happiness.

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