Why in the World Would I Hire a Financial Advisor? – Episode 201

What should a financial advisor be doing to justify their fees?

On this episode of the Dentist Money™ Show, Reese and Ryan discuss the real role of a “financial advisor.” To achieve financial health while growing your net worth, a specific set of planning items need to be completed.

Today, with so many people selling financial products for a commission, the term “financial planning” can seem confusing. Reese and Ryan talk about the many jobs to be done by an advisor who is really concerned about your overall financial health.

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Podcast Transcript

Reese Harper:
Hey Dentist Money Show listeners, it’s Reese Harper here. Sir Ryan Issac and I today, take some of the hardest questions. One of them is, why in the world would I ever pay for a financial advisor? It makes no sense. Another question, very similar vein, tell me how I’m going to make the money back that I pay for you guys to do my stuff? We had a couple of events over the last few weeks where I thought these questions were very good, honest questions, and I hope the insights we’re able to share with you today help you decide if a financial advisor might be the right thing for you.

Announcer:
Consult an advisor or conduct your own due diligence when making financial decisions. General principles discussed during this program do not constitute personal advice. This program is furnished by Dentist Advisors, a registered investment advisor. This is Dentist Money. Now, here’s your host, Reese Harper.

Reese Harper:
Welcome to the Dentist Money Show where we help dentists make smart financial decisions. I’m your host, Reese Harper, here with my trusty old cohost, Sir Ryan Isaac.

Ryan Isaac:
Before we get into anything, it’s actually part of the story here, but today, I think it’s International, if not National, Taco Day.

Reese Harper:
Really?

Ryan Isaac:
Yeah. Happy National Taco Day. The office is getting tacos today. We’re going for tacos.

Reese Harper:
Since me and you just had tacos last night for dinner and you probably had tacos for breakfast.

Ryan Isaac:
Yeah. And I have appointments, so I can’t make it.

Reese Harper:
Okay.

Ryan Isaac:
But I wish them well.

Reese Harper:
Well, you know how my life goes.

Ryan Isaac:
So, here’s my question-

Reese Harper:
I haven’t had lunch with the office in three years.

Ryan Isaac:
Yeah. You haven’t actually.

Reese Harper:
I’m supporting it.

Ryan Isaac:
You do support it.

Reese Harper:
Emotionally, financially.

Ryan Isaac:
Financially mostly. That’s all we really need, dad.

Reese Harper:
And emotionally.

Ryan Isaac:
We just need the money.

Reese Harper:
There’s an emotional support there.

Ryan Isaac:
You can be emotionally detached. We just need your money.

Reese Harper:
I’m excited about this episode today.

Ryan Isaac:
Yeah. This whole episode today is based on a question that we received. We recently did a dinner event. We do these dinner events around the country, which a little shout out for the events page. If you want to come see us, come to one of our dinners, we do Q&A, do a little CE presentation, go to dentistadvisors.com/events, and we hold these dinners, but anyway, we had a question from one of these events. It was really cool that will guide the whole episode today and then there was a fun Facebook back and forth in a discussion group about this topic, but first, here’s my question.

Reese Harper:
Yeah. It was at the golf event.

Ryan Isaac:
Yes. So, this one was Salt Lake City, but we’re coming to a city near you.

Reese Harper:
Yep.

Ryan Isaac:
We’re like a good movie.

Reese Harper:
Just see the dentistadvisors.com/events page.

Ryan Isaac:
Just check it out. So, being National Taco Day, here’s my question for you because you get tacos fairly often. I get tacos quite often. What’s the difference between a 99 cent street taco and a $4 taco at an elevated taco shop?

Reese Harper:
Well, the difference is, do they actually care about the tortilla freshness? Do they care about the tortilla-

Ryan Isaac:
Tortilla freshness.

Reese Harper:
… humidity? Is it dry? Do they allow-

Ryan Isaac:
When you bend the tortilla and it cracks down the middle on the underside?

Reese Harper:
Yep. Do they double it? Do they single it?

Ryan Isaac:
Okay. The double tortilla.

Reese Harper:
I prefer-

Ryan Isaac:
Do you prefer a double tort?

Reese Harper:
I don’t think that people do a double wrap because they expect you to eat it all. I think it’s just a way to hold together a fairly serious taco.

Ryan Isaac:
A serious taco.

Reese Harper:
Now, I prefer not eating that much corn.

Ryan Isaac:
Same.

Reese Harper:
And so I usually remove one.

Ryan Isaac:
Remove the outside wrap.

Reese Harper:
Yeah. But I think they’re doing it there to keep it together in a lot of cases.

Ryan Isaac:
A double wrap. What about-

Reese Harper:
Another thing is vegetables. I mean, it depends on the dressings. At the one we were at last night-

Ryan Isaac:
Yeah. What did we have last night?

Reese Harper:
… they have Tacoria at my favorite place.

Ryan Isaac:
Yes.

Reese Harper:
It’s like I got radishes, I got red onion.

Ryan Isaac:
Yes.

Reese Harper:
I’ve got cilantro, I’ve got multiple types of pico… and that’s just a Carne Asada street taco.

Ryan Isaac:
Well, speaking of that, I mean, there’s a difference between Carne Asada that was just grilled, shredded, and then the cubed stuff that was heated back up.

Reese Harper:
Uh-huh (affirmative). Well, and I think the biggest underrated thing in food generally is how it was seasoned.

Ryan Isaac:
Yes.

Reese Harper:
You’ll know right away. There’s cases where they’re going to throw salt on that skirt steak, chop it up, and call it Carne Asada-

Ryan Isaac:
I mean-

Reese Harper:
… and then there’s cases where you’re looking at the family rub, a dry rub, and you’re just like, “This is a really thoughtfully-

Ryan Isaac:
“This is a 200-year-old secret.”

Reese Harper:
… treated secret.”

Ryan Isaac:
“This is a 200-year-old powdery secret that is now on my taste buds.”

Reese Harper:
Now, I think the condiment section, what have they done?

Ryan Isaac:
What kind of salsa you got? Yeah.

Reese Harper:
Yeah. How many different varieties?

Ryan Isaac:
Cilantro toppings, okay. All right.

Reese Harper:
I mean, onions are a big deal, are they super cheap, diced up-

Ryan Isaac:
Or sauteed. They come out of a can?

Reese Harper:
Yellow onion, are they-

Ryan Isaac:
The onion family.

Reese Harper:
There’s a lot of options there.

Ryan Isaac:
Very diverse. Yeah. That’s the thing. When you pay for a $4 taco, you’re wondering, “How do I get the value out of this taco?”

Reese Harper:
Ultimately, I think it’s just the quality of the meat.

Ryan Isaac:
Okay.

Reese Harper:
That drives it.

Ryan Isaac:
That drives everything.

Reese Harper:
I mean, meat quality, you can get some really cheap-

Ryan Isaac:
Chicken.

Reese Harper:
… beef and chicken if you want.

Ryan Isaac:
Yeah. But when you start venturing into the pork al pastor or you go into shrimp… My shrimp taco last night by the way was the best one. Okay. Here’s my point.

Reese Harper:
National Taco Day.

Ryan Isaac:
Yeah. I hope everyone had a taco today when you finally listen to this.

Reese Harper:
So, what’s the point of this?

Ryan Isaac:
The point, yeah.

Reese Harper:
I was getting excited about food, but I think there’s a point.

Ryan Isaac:
Well, we are going to eat pretty soon. Okay. So, I’m going to go right into the question. This was a question that was asked at the dinner we had the other night, which actually, coincidentally I think was-

Reese Harper:
Fajitas.

Ryan Isaac:
Fajitas, which is the cousin to the taco. It’s a large cousin. It’s your very large-

Reese Harper:
Shout out to Topgolf Salt Lake City, fajita wagon.

Ryan Isaac:
Yeah. Just check out the events page. Let’s do this again in your city. Okay. So the question was, how do you plan to help me make or save the money that I’m paying you?

Reese Harper:
Oh, yeah. That was the exact words. I remember that.

Ryan Isaac:
That was the exact words.

Reese Harper:
Repeat it slower.

Ryan Isaac:
Yeah. How do you plan to help me make or save the money that I’m paying you?

Reese Harper:
Okay.

Ryan Isaac:
Meaning as a client, I hire you, I pay you some money every year. How do I get that money back?

Reese Harper:
So how do you get the value out of-

Ryan Isaac:
Well, before we even go there, here’s what I want to talk about is what is even happening in a financial advisory relationship? That’s the first thing. You mentioned this at the dinner.

Ryan Isaac:
I skipped to some of the tangible things that actually help people get money out of a relationship with a financial advisor, but you backed up and you said, “Well, let’s back up and slow down. Let’s talk about what’s even happening. What’s the exchange of hours and services provided, and how does that translate to a dollar per hour, and how does that compare from a premium firm to maybe your life insurance agent or a general person in a call center financial planning kind of thing?”

Ryan Isaac:
So, let’s start there with what’s even happening between the scenes in this exchange of value? Someone pays you X amount of dollars per year as a financial advisor and you do what for it during the year?

Reese Harper:
Yeah. Well, and I think this goes to you, instead of saying… because right now, what’s happening is people are like, “How much does your advisor charge? Mine’s 1%, mine’s 0.9%, mine’s 0.8%, mine’s 1.1%, mine’s 0.75%, mine’s 1.25%, mine’s 8.5%.” It’s like, “What? Whoa, Whoa, Whoa.” We’ve got all these percentages. We’re comparing the percentages and we’re literally comparing these… it’s very arbitrary to compare these percentages and then say, “Oh, see mine’s cheaper.”

Ryan Isaac:
Yeah. Therefore-

Reese Harper:
Give me an analogy that I would be doing that in life. Exactly with tacos, can we go to the actual National Taco Day? It’s like, “Okay. So, I’m-

Ryan Isaac:
Queso. I like how you did that.

Reese Harper:
… it says meat.

Ryan Isaac:
I needed that.

Reese Harper:
It just says meat. We’re all just getting meat.

Ryan Isaac:
Yeah. Yeah. We’re all getting meat, right? And we agree it’s meat in a shell? Cool. I paid four, you paid one.

Reese Harper:
One?

Ryan Isaac:
So, therefore your taco must be better because you got meat in a shell for one, I got meat-

Reese Harper:
I got meat in a shell?

Ryan Isaac:
… in a shell for four.

Reese Harper:
They’re the same?

Ryan Isaac:
And you’re like, “Whoa buddy.”

Reese Harper:
Yeah. But I think that’s-

Ryan Isaac:
“Slow your roll.”

Reese Harper:
… it’s crazy but that is the assumption that a lot of people are making in their questions. I went and I had this exchange that was like, “I’m hoping that he’ll be willing to have an exchange with me in the future because I think he’s built an excellent blog.” White coat investor and I, we had an exchange because a lot-

Ryan Isaac:
It sounds like a polite way of saying an argument.

Reese Harper:
It was an exchange.

Ryan Isaac:
Okay.

Reese Harper:
I mean, was it heated? No. It was-

Ryan Isaac:
Was this verbal or online? Or-

Reese Harper:
He’s a civil cat. It was like a civil exchange.

Ryan Isaac:
He’s a civil cat, not feral.

Reese Harper:
But he didn’t want to spend very much time knowing the difference between a $4 taco and a $1 taco.

Ryan Isaac:
Yeah.

Reese Harper:
Our interaction was basically as follows. Some of his readers were interested in us and there would’ve been some nice synergy in having some partnership arrangement.

Ryan Isaac:
Okay.

Reese Harper:
Where Sir Ryan Issac placed his mug, maybe an ad on the side of the white coat investor’s blog for a little bit of traffic.

Ryan Isaac:
Or maybe put on a white coat myself-

Reese Harper:
Yeah.

Ryan Isaac:
… with a huge disclaimer.

Reese Harper:
Yeah.

Ryan Isaac:
Like he has no right to wear this.

Reese Harper:
So, we have this interaction and basically it boils down to Jim saying, “Your taco cost more and all of my people want the same taco, which it costs this much, and if you can’t make your taco cost this much, then-”

Ryan Isaac:
“We’re going to another cart.”

Reese Harper:
“… we’re going to continue to let these tacos sell because these ones are flying off the shelves.” These 99 cent tacos are where it’s at.

Ryan Isaac:
Yeah.

Reese Harper:
And I said, “Well, do you want to know what ingredients I’m putting in my taco?”

Ryan Isaac:
Did the person wash their hands?

Reese Harper:
Because my people live longer. They’re not dying and puking on the streets.

Ryan Isaac:
They’re ingesting real actual meat.

Reese Harper:
They’re getting-

Ryan Isaac:
Fresh veggies.

Reese Harper:
… fresh veggies and at least it might not be organic beef because we’re not that-

Ryan Isaac:
We’re not there. It’s not $7 taco. Come on.

Reese Harper:
It is thoughtfully raised, humanely grass-fed range cow, I don’t know, but it’s not organic maybe.

Ryan Isaac:
Yeah. Calm down.

Reese Harper:
I mean-

Ryan Isaac:
It’s just taco.

Reese Harper:
… is it a premium product? Yes.

Ryan Isaac:
Yes.

Reese Harper:
But it’s not premium for… and you to use another analogy it’s like we’re building a tractor that drives itself on the farm. All right? And the other option you’re presenting is a plow-

Ryan Isaac:
Jim has to get in there.

Reese Harper:
… that the dentist can hitch himself up to and put on his shoulders and pull it. Okay?

Ryan Isaac:
It’s wooden, has some leather straps.

Reese Harper:
These are different things.

Ryan Isaac:
Yeah.

Reese Harper:
I just think it’s really important. If you’re going to be sophisticated in all the decision making that you have in your life, do not stop at price.

Ryan Isaac:
Yeah.

Reese Harper:
Let price indicate something to you. Why is my taco $4 and someone else’s is $1? That should be the question. You shouldn’t say, “I’m looking for a $1 taco, tell me why your taco is not $1.”

Ryan Isaac:
Yeah.

Reese Harper:
You need to say-

Ryan Isaac:
“Why is your-

Reese Harper:
“Why is your taco $4?”

Ryan Isaac:
Yeah.

Reese Harper:
“Are you giving the same $1 taco and just marking it up 400%, or does yours-

Ryan Isaac:
In which case you’ll be found out.

Reese Harper:
… is your cost better?”

Ryan Isaac:
Yeah.

Reese Harper:
And I would encourage people, because I felt like this, I was a little bit worried that the founder of a financial blog that was educating a lot of medical professionals was using the lens of price as the primary driver behind our conversation.

Ryan Isaac:
Yeah.

Reese Harper:
Like zero interest in services, and in his mind if investment fees were over point-whatever, then they can’t be or that’s not financial planning, and I think that it’s interesting that even influential people will fall into this trap sometimes, looking at price as the primary driver of everything.

Ryan Isaac:
Yeah.

Reese Harper:
It’s like what if one attorney is $200 an hour versus $100 an hour?

Ryan Isaac:
Yeah. It could be someone gouging or it could be because they’re legitimately better.

Reese Harper:
Yeah.

Ryan Isaac:
Yeah.

Reese Harper:
They could be gouging or they could be better.

Ryan Isaac:
Which you can find out with a little bit of homework.

Reese Harper:
Just figure it out.

Ryan Isaac:
I mean, dentists deal with this all the time too, right?

Reese Harper:
Do some research.

Ryan Isaac:
This is a big pain point when dentists deal with coupon clipping, price shopping patients.

Reese Harper:
Yeah.

Ryan Isaac:
Right? Well-

Reese Harper:
I’m going to… Dude, yes. Finish this.

Ryan Isaac:
Well, the guy down the street does my crown for 300 bucks less than you say you will or my implant’s going to be cheaper down the street and the dentist is like, “Are you going to even ask why that’s the case?”

Reese Harper:
Yeah.

Ryan Isaac:
“Just ask me why. Please, ask me why. Don’t tell me what the price difference is. Ask me why that is.”

Reese Harper:
Yeah. Why?

Ryan Isaac:
“I’d love to tell you why.”

Reese Harper:
“Why.” I think that there is a segment of the population that price will drive their decision making in their life. It will.

Ryan Isaac:
Yeah.

Reese Harper:
And that’s okay.

Ryan Isaac:
Yeah. There’s low cost providers. Yeah.

Reese Harper:
We need low cost providers. Walmart’s actually doing a big service to a lot of people. There’s a lot of people that are literally being able to feed their families because it allows them to be able to access certain products at a price point that just makes sense for where they’re at, and I think that’s great.

Ryan Isaac:
Yeah.

Reese Harper:
They also serve some great products there. So, I’m not trying to pigeonhole them into the low end of the market entirely, but have an organic section.

Ryan Isaac:
Do they? Okay.

Reese Harper:
I think, I don’t know. I’m just assuming.

Ryan Isaac:
Usually I’m not excited about produce there.

Reese Harper:
So here’s the thing, there’s been many times in my life when I’ve thought something was expensive just because it was a luxury. I feel like a lot of people think that might be the case with financial planning. “Oh it’s, well, it’s people who can afford it. It’s a luxury service.” Or like, “Oh yeah, he can afford it because he’s doing really well.”

Reese Harper:
And really what’s happening, in our view, it’s much more pragmatic than that. It’s that there are certain things that have to be completed in your life at a minimum level for you to be considered financially healthy. Financial health is not like an investment account. Financial health is not a 401(k).

Ryan Isaac:
Well, no more than oral health is an implant.

Reese Harper:
Yes.

Ryan Isaac:
Or a filling.

Reese Harper:
Mm-hmm (affirmative).

Ryan Isaac:
That’s a tool of implementation as a part of overall oral health.

Reese Harper:
Yes.

Ryan Isaac:
Yeah.

Reese Harper:
Oral health has to do with having-

Ryan Isaac:
Routines and checkup, yeah.

Reese Harper:
… consultative relationship over an extended period of time with your service provider. It has to do with a variety of treatment, has to do with research and staffing and like really good oral health is not retainers in the mail.

Ryan Isaac:
Yeah.

Reese Harper:
Only-

Ryan Isaac:
Only. It could be a piece of it.

Reese Harper:
It could be a component part.

Ryan Isaac:
Yeah.

Reese Harper:
And financial advice, if the person asked you the question, “How are you going to make me more than what I pay you, basically, in a year?” And the truth is, I have seen how, on average, okay? On average, I’m not saying in every case, on average, what you pay a service provider in most cases you will see a reflection in increased something on the other end.

Reese Harper:
Like the market’s not that inefficient. Most people you pay money to will deliver some value. It’s just a question of whether you’re seeing it or understand it or choose to pay it or one, but financial planning, I don’t like to call it financial planning because then people tune out, and they’re like-

Ryan Isaac:
We’re done with that. Get it out of here.

Reese Harper:
Overall financial health-

Ryan Isaac:
Yes.

Reese Harper:
… is a very specific set of items that need to be completed, and if you complete all of these items, you’re going to grow your net worth and you’re going to grow your income and you’re going to increase your wealth at a far greater rate than the cost of those items getting done.

Ryan Isaac:
Yes.

Reese Harper:
But what do most people do? Most people, most service providers in financial planning right now, they’re used to a very old model from several years ago, decades ago, where they started, you made a lot of money selling insurance 100 years ago, then they went selling mutual funds and then they went selling closed end funds and unit investment trusts and rates and all kinds of structured products, and then they’re like, “Okay, fine. We’ll sell some lower investments and we’ll put a percentage on that.” And in all these cases, the financial services provider or the financial advisor was just selling a product the whole time. They weren’t doing tasks like we’re talking about today.

Ryan Isaac:
Yeah.

Reese Harper:
They were just distributing a product.

Ryan Isaac:
There weren’t a lot of manual hours spent during a year.

Reese Harper:
Yeah. And so now what’s happening today is you have a bunch of financial advisors that are, like I met with one two weeks ago and I had this conversation with him about our financial planning process because they were trying to figure out if there was a way for them to leverage our technology into their own practice and create a financial planning business, and I asked him, I said, “Well, what are your fees right now?” And he’s like, “Well, we charge 1% for managed money. If you want us to manage your money, we’re going to charge 1%.”

Reese Harper:
And I was like, “Well, you charge 1% to manage the money or you charge 1% to do financial planning and all the tasks related to financial planning?” We just had done going through 50 of the tasks and he agreed that all of them needed to be done. He’s like, “Yeah. All those are great. We don’t do those right now, but that’s what we want to get to.” So he was interested in having our software-

Ryan Isaac:
A framework for it.

Reese Harper:
… try to help him with that. Right?

Ryan Isaac:
Yeah.

Reese Harper:
But then he said, “That would have to be though in addition to what we’re charging on managed money because we charge 1% to manage money. We do the best job of that of anybody.” And I’m like, “Well…” I’m like, “… the market for charging 1% for managed money

Ryan Isaac:
Just setting up the portfolio.

Reese Harper:
Right?

Ryan Isaac:
Yeah.

Reese Harper:
…Is starting to shrink.” Okay?

Ryan Isaac:
Yeah.

Reese Harper:
“I don’t think you can charge that anymore for sitting on someone’s portfolio. The reason you get paid that is because you’re going to do all of these jobs.”

Ryan Isaac:
And it just happens to be the most efficient, convenient way for consumers to pay for that.

Reese Harper:
Yeah. It’s just a choice of how they’re willing to pay.

Ryan Isaac:
It’s just semantics of how it gets paid, but it should be an exchange for other jobs.

Reese Harper:
And if they don’t have investments for you to get paid on, then you’ve got to get paid some other way or you’re not going to be able to provide the service.

Ryan Isaac:
Same business. Yeah.

Reese Harper:
And that was just like a really big eye opening moment for me, and honestly since that moment, I’ve interviewed probably five or six financial advisors and I’ve had very similar experiences with all of them, where they’re saying, “I want to do financial planning. I want to do comprehensive financial planning. I love this elements thing you guys are doing. I love your podcast.” I think we have more podcast listeners that are financial advisors-

Ryan Isaac:
It’s [inaudible 00:19:32].

Reese Harper:
… than we do dentists.

Ryan Isaac:
Yeah.

Reese Harper:
It’s like, okay-

Ryan Isaac:
The numbers might be skewed a little bit.

Reese Harper:
… shout out. Just kidding.

Ryan Isaac:
It’s cool.

Reese Harper:
Well, probably a lot of you are financial advisors. Those of you who are listening who are not clients, they’re listening to this and probably learning how to be a better service provider because of it.

Ryan Isaac:
It’s cool.

Reese Harper:
I love that. That’s happening.

Ryan Isaac:
That’s awesome.

Reese Harper:
So, most of them are really stuck on this like, “Well, I get paid 1% to manage investments, so I got to get paid more to do all these jobs.” And that is not where the market’s going. It was an unsustainable high gouging, you’re making three grand an hour kind of a job, when you used to sit on people’s investments account-

Ryan Isaac:
And talk to them once every three years for an hour.

Reese Harper:
… and every time they call you’re like, “Hey, how are the kids?”

Ryan Isaac:
Yeah.

Reese Harper:
“How is everybody?”

Ryan Isaac:
Yeah. “Well, markets have been tough, but we’re looking for a good strong Q4, and let’s hang in there. Talk to you in three years.”

Reese Harper:
Yeah like, “Give me a call if you have any questions.”

Ryan Isaac:
Yeah.

Reese Harper:
“I think they’re just sitting on my account and they’re making 10 grand. It’s like three grand an hour, maybe four grand an hour.”

Ryan Isaac:
Yeah. It’s a nice hourly rate. Yeah.

Reese Harper:
That was like, I mean, shout out to all of you guys and gals out there who are producing at that rate. Okay? I’m not saying you shouldn’t, but-

Ryan Isaac:
It’s the way the industry started. I mean, hey.

Reese Harper:
But if you’re in a business where you’re literally making 5,000 an hour and you haven’t had to innovate or do anything-

Ryan Isaac:
Or talk to…

Reese Harper:
… my suggestion is, Silicon Valley’s coming for you. Okay?

Ryan Isaac:
Yeah, yeah.

Reese Harper:
It’s coming for you. Okay? So, just know there’s normal people incomes and then there’s the one where-

Ryan Isaac:
Okay. So on this, I don’t know if you remember this, but at the dinner, you gave an example of the hours that our firm puts in per year, just to give some context to the exchange here because the bottom line when someone’s like, “How do I get value out of what I pay you?” Part of the answer is, “Well, you’re paying me to spend X amount of hours of my life on you per year and our team’s life on you per year.”

Reese Harper:
That’s the disconnect.

Ryan Isaac:
Yeah. There’s a disconnect in the fact that there’s just an exchange of time and money here. We spend time, you pay money.

Reese Harper:
Well, it’s because there wasn’t one over the last 30 years.

Ryan Isaac:
That’s not how it used to be. There was no exchange for time and money. It was always, “You pay me lots of money, I’ll get you high returns.” And, I mean, to be fair to the consumer, our industry has conditioned people to believe that you should be getting money out of paying a financial advisor in the form of high returns or something. That’s always been the marketing message.

Reese Harper:
Well, and to be clear, there is a person in the investment community that could charge more on a percentage basis for higher returns. That’s a money manager. That’s a portfolio manager. So a mutual fund…

Ryan Isaac:
Uh-huh (affirmative). That’s how they pay. Yeah.

Reese Harper:
You could take Vanguard, take index funds even, Vanguard ,versus dimensional, versus iShares, versus Spider. They all are going to charge a slightly different percentage for your S&P 500 exposure. Okay?

Ryan Isaac:
Yeah.

Reese Harper:
They’re not going to be the same, but some will argue, “We charge a little bit more because we’re going to have-

Ryan Isaac:
“A little better than…”

Reese Harper:
… a little bit better return than someone else.”

Ryan Isaac:
We’re going to track it better, we’re going to have more efficiency. Yeah.

Reese Harper:
Or more precision, or more targeted.

Ryan Isaac:
But there is a big disconnect-

Reese Harper:
But that’s not what a financial planner is.

Ryan Isaac:
No. Exactly, yes.

Reese Harper:
That’s not a financial advisor’s job, is to audit those investments, not be the investments.

Ryan Isaac:
Yeah.

Reese Harper:
And that’s why this person told me, that I was talking to you about, the financial advisor was like, “Well, we charge 1% for managed money because we’re the best at it. We kill it.” And it’s like, are you a financial advisor? Are you a financial health coach?

Ryan Isaac:
Yeah. Are you money manager?

Reese Harper:
Are you an investment portfolio manager?

Ryan Isaac:
Yeah. All right, Reese, let’s take a quick break. Maybe we’ll munch on one taco each, little nibble here and there.

Reese Harper:
Yep.

Ryan Isaac:
And then we’ll come right back.

Ryan Isaac:
Financial planning is really about getting a lot of jobs done. Some of those jobs are just a pain and they take a lot of time. I recommend getting a buddy involved. One of my favorite songs from back in the ’90s is My Buddy, and I’m going to sing it to you now, (singing). That is what happens when you hire a dentist adviser. Go to dentistadvisors.com, click the book free consultation button and get a buddy.

Ryan Isaac:
And we’re back. Delicious tacos in the belly and let’s continue. Can you walk through that? Just this concept of, there is an exchange of money for time.

Reese Harper:
Yeah.

Ryan Isaac:
And work done and jobs done. I thought that was a really cool explanation, to just give some context around the amount of hours that goes into actually doing all the jobs that have to be done for someone to be financially healthy.

Reese Harper:
Yeah. Well, we’re getting a little bit faster at it than we used to be, but we used to be abysmally slow. Our first year of working with someone, I was probably averaging 70 to 75 hours.

Ryan Isaac:
Driving to the office, sitting in their office multiple times a week.

Reese Harper:
Downloading reports.

Ryan Isaac:
Yeah. Those are good old days.

Reese Harper:
Just onboarding someone, like collecting your insurance paperwork, calling the insurance agents, calling the insurance companies because their paperwork makes no sense and they don’t disclose anything on their paperwork.

Ryan Isaac:
Yeah.

Reese Harper:
I don’t know what you even have. You don’t know what you have. Your loans-

Ryan Isaac:
No one has an amortization schedule.

Reese Harper:
… no one has an amortization schedule.

Ryan Isaac:
There’s no personal banker.

Reese Harper:
The bank doesn’t even keep one. The CPA is not really aware of what’s going on the personal financial side. So we want to get a conversation happening to-

Ryan Isaac:
They used to take a lot more time.

Reese Harper:
… loop it together and make sure we’re all working as a team. Then getting the estate planning attorney to start talking because they’re not engaged and then making sure that you’ve got the practice management coach at least understanding what personal goals the doctor has so that we’re not-

Ryan Isaac:
Well, in the same team.

Reese Harper:
… heading in the direction that doesn’t even correspond to what the doctor even wants out of his life, and then you have to start getting all this into a system and you have to organize the kids, like when they’re going to go to school and their birth dates and do you have any goals for family and kids-

Ryan Isaac:
And talk to the spouse and get the spouse’s point of view and get them on the same page.

Reese Harper:
Yeah. This is just onboarding.

Ryan Isaac:
Mediate some spousal arguments over budgets.

Reese Harper:
Yeah. Talk about budgets and money a little bit and serve as a-

Ryan Isaac:
Little councilor.

Reese Harper:
… little friendly cohost.

Ryan Isaac:
Yeah.

Reese Harper:
You know?

Ryan Isaac:
Yeah.

Reese Harper:
Onboarding’s really expensive.

Ryan Isaac:
Yeah.

Reese Harper:
And then what we’re going through in our practice, which is what a lot of financial advisors, I think, want to get to, is we actually have a planning process that we’re executing each month for every client.

Reese Harper:
So we have a whole department upstairs from where we’re at in the studio right now in the eagle’s nest, and they’re overwhelmed when a new client comes onboard because they now have that 40-plus hours of work to do.

Ryan Isaac:
Yeah.

Reese Harper:
Right?

Ryan Isaac:
Of gathering all that data and setting it up, putting it in one place, coordinating all these people. Yeah.

Reese Harper:
Yeah. And the better technology gets, I’m hoping we can drive the cost of all this onboarding down because that’s a big cost.

Ryan Isaac:
Yeah.

Reese Harper:
So we’re not even passing along the true cost because then if people don’t even want to get financial planning going for the most part anyway, they’re pretty hesitant to even do financial planning because it’s more fun to just go to Mexico, and-

Ryan Isaac:
Yeah. That’s true, get some tacos.

Reese Harper:
… get some tacos.

Ryan Isaac:
Yeah.

Reese Harper:
So, if you’re trying to make money, if you’re trying getting people upfront onboarded, profitable, you’d have to charge a lot of money. I’m talking like over $10,000, right?

Ryan Isaac:
Yeah.

Reese Harper:
We don’t charge it anywhere close to that.

Ryan Isaac:
Yeah.

Reese Harper:
So we’re eating money, we’re losing money because we’re trying to make people not feel like-

Ryan Isaac:
Like not a huge barrier to entry.

Reese Harper:
Yeah. If we’re like, “Well, you need to cover the cost of all the onboarding time that it takes to gather up all the stuff and build a real financial health profile, connect your accounts, get all the amortization schedules, get all the taxes together, get the estate planning documents together.

Ryan Isaac:
Yeah. A job that’s never been done before.

Reese Harper:
Yeah. Make sure that you get personal spending being tracked properly, make sure you get all the family demographics in place, get all the key contacts for all the core areas of your life, get the P&Ls, get the corporate documents, make sure we have any notes and updates and any loans, any internal agreements you’ve had with employees, making sure we look at executors and beneficiaries and account holdings and account titling and charitable contributions and capital gains that exist in your current accounts. This is a mountain of work.

Ryan Isaac:
Yeah.

Reese Harper:
If we had to be profitable on that, no one would do financial planning. They won’t sign up.

Ryan Isaac:
Yeah. It’d be tough.

Reese Harper:
We’d be like, “Okay. We need to…” To really get excited about doing that job for people, the one time upfront get excited about it, let’s get you going job, for an average dentist, I don’t know, it’s got to be like, I’d have to make like 15,000 to 20,000 to want to do just that business.

Ryan Isaac:
To want to just… Yeah.

Reese Harper:
Just that one.

Ryan Isaac:
Just the sign up, organize, build the profile.

Reese Harper:
Yeah. Like that, but we were charging anywhere from like $1,000 to like $3,000.

Ryan Isaac:
Yeah.

Reese Harper:
We’re losing our shirt on it, on onboarding.

Ryan Isaac:
Feel bad for us.

Reese Harper:
Okay? So, we lose our shirt on onboarding. Why? Because over time, we’re talking like five to 10 years. Okay? It becomes easier for us as time passes.

Ryan Isaac:
What would you say year one is? Like how many hours between all of our, like the onboarding team-

Reese Harper:
I said that-

Ryan Isaac:
… the associate advisors?

Reese Harper:
… I said to someone yesterday, I thought it was probably-

Ryan Isaac:
And being financial advisor’s probably 60 to 70 in the first year?

Reese Harper:
I would say it’s got to be between 50 and 90.

Ryan Isaac:
Yeah.

Reese Harper:
Okay? I just don’t know-

Ryan Isaac:
Depending.

Reese Harper:
… exactly where people sit because, and that’s a big variance.

Ryan Isaac:
Yeah, oh yeah.

Reese Harper:
40 hours of, I don’t know, it might be plus or minus 40, and then if you’re wanting to maintain some kind of financial planning system or process, right? Because everyone listening to this basically is going like, “Oh it’s too complicated for me. I don’t need that, I’m not that complicated.” Okay. What are you not that complicated to not need? Is it, you don’t need to look at your interest rates and your debts-

Ryan Isaac:
At least once a year?

Reese Harper:
… and try to pay them down appropriately? Maybe refinancing? I just got approval on a re-finance for almost $7 million, not me, a client, across multiple pieces of real estate and practices on a 20 year am, okay?

Ryan Isaac:
How much interest did you-

Reese Harper:
… for 3.55 across all debt with zero down. Okay?

Ryan Isaac:
Yikes.

Reese Harper:
That happened because of multiple banks competing.

Ryan Isaac:
Well, it happened because before that even happened there was a system and an entire division of people gathering, maintaining, and then reporting the data to you, the financial advisor saying, “Here’s the loans and there’s better loans out there today you should reach out and talk to the client.”

Reese Harper:
Yeah.

Ryan Isaac:
I mean, there’s probably 10 hours of work, five hours of work, something before you even reach down to say lets talk the baseline.

Reese Harper:
Why do I have to have all this data, and then I have to have relationships with the-

Ryan Isaac:
Right.

Reese Harper:
… professionals that trust me so that they go, “Okay, if you say that this client is actually a highly liquid-

Ryan Isaac:
Yeah. Good borrower.

Reese Harper:
… stable cash client, then I’ll go and pitch this to my manager and see-

Ryan Isaac:
Yeah. We’ll cut the crap, we’ll just get to it and get it done.

Reese Harper:
Yeah. There’s a massive amount of like, anyway, that’s one thing you need. These jobs that we’re talking about, anything from insurance management to getting all your deductions, right? On your tax return to getting all your insurance policies at the right rate, to making sure that you’re like, if you die tomorrow, your family’s actually going to get things the way they think-

Ryan Isaac:
Your stuff and know where it’s at. Yeah.

Reese Harper:
… that they’re going to get passed to them. We’ve listed a bunch of things in my last [crosstalk 00:31:54]-

Ryan Isaac:
Well, if you want to see it, I’ll just go to a dentistadvisor.com, click on the elements tab. Those will give you 12 parent categories and they’ll have dozens of subcategories and those are all the places, those are all things that change every single year in a dentist life, and a couple of them change. It’ll redo the whole plan.

Reese Harper:
Yeah. I don’t think you can really just ignore, people get it once they start having this explained to them, you can’t ignore this stuff and then be like, “Oh, I’ll be fine. It’s just going to work out.” You know that when you start ignoring things, this tangible that your net worth and your income and your life and your overall wealth will not progress as fast.

Ryan Isaac:
Yeah.

Reese Harper:
I just see people that ask this question initially, they’re anchoring on the way things used to be 20 years ago.

Ryan Isaac:
And what they, okay. So-

Reese Harper:
And what they read in Little Book of Investing by John Bogle. It’s like, okay, John Bogle is an excellent American, love the guy, but now the company that he founded, 20 years later is one of the largest advocates of using a financial advisor. What used to be happening when people got paid 1% to sit on your money is not happening anymore.

Ryan Isaac:
Yeah.

Reese Harper:
Now, people are having to prove that they’re doing a lot of work.

Ryan Isaac:
Yeah. And it goes from an advisor spending two to five hours a year on a client to now, in an average year, not including onboarding, what are we spending? I mean, we budget this stuff pretty carefully.

Reese Harper:
Yeah.

Ryan Isaac:
Justin has this down to certain hours. So in a normal year, non-onboarding year between the associate advisor and the main financial advisor and our firm, it’s, on average, is around 30 hours a year, between 30 and 40.

Reese Harper:
I think that’s his average. I’d have to go look and remind myself.

Ryan Isaac:
Yeah.

Reese Harper:
We’re talking dozens of hours, right?

Ryan Isaac:
Yeah. Multiple dozens of hours. Yes.

Reese Harper:
And I’m thinking like, the way that this, a lot of people say, “Well, just charge me for your hours. Charge me for your time. Bill me fixed rates.” And so we’ve tried to do that. We’ve tried to create a fixed amount-

Ryan Isaac:
Yeah.

Reese Harper:
… for people. What you’ll find though is that I think there’s something real to this idea that, “I’m starting out with a fixed rate…” If you look at our website right now, you’ll see how our pricing philosophy is broken down. We have a monthly fixed amount. Okay? Then as you grow and we manage more of your investments, that monthly fixed amount goes away.

Reese Harper:
And this model, to me, represents the best service outcome. It’ll represent the healthiest finances for a dentist. If you want a financial advisor to work on a fixed basis, you’re going to attract a lower quality person to that model than if the financial advisor has a chance of making a higher income as time passes, and the AUM model-

Ryan Isaac:
In exchange for more expertise and knowledge, and, yeah.

Reese Harper:
Yes. Like the AUM model we’re operating on now, where you get paid 1% basically, anywhere in our business, from one and a half to 0.5. So, 0.5 to one and a half, that’s your, the financial advisor knows that, that’s how they’re going to make their living as people continue to save and build up their accounts.

Reese Harper:
If you knew that no matter what you’re always going to just make the same amount of money and it was never going to go up, even though you got smarter and even though you’re adding more value and even though you’re getting more continuing education, like if a dentist, if you told the dentist like, “You know what? You’re going to be on a fixed salary of your entire career at a $150,000, but hey, you get [crosstalk 00:35:37].”

Ryan Isaac:
That’s public health, right?

Reese Harper:
Yeah. Health insurance. Yeah. And you’re going to come to the annual Christmas party.

Ryan Isaac:
That’s a good one.

Reese Harper:
At that point, what you’re going to do is you’re going to attract a certain person to that role. The person that’s going to be attracted to that role, what type of person are they going to be? They’re going to be the type of person that says, “You know what? I want the security and stability of that. I just want the security and the stability of that. I don’t really want to have to stretch myself and push myself too hard. I don’t want to have to go out, and as long as I know I’m going to make that much money and it’s going to be stable, I’m good.” That person-

Ryan Isaac:
That’s a different personality. Yeah, different career path.

Reese Harper:
… and I’m just saying, maybe, I don’t see that being a good thing in dentistry longterm because there’s going to be no innovation, no interest in trying to figure out things better. If people can’t make more money, if your service providers can’t make more money by getting better, you’re going to attract a lower quality service provider. If CPAs can’t make more money, then you’re going to get H&R Block.

Ryan Isaac:
Mm-hmm (affirmative).

Reese Harper:
And that’s fine for a certain segment of the population, just like maybe a dentist on a fixed salary is fine for a certain segment of the population.

Ryan Isaac:
Yeah.

Reese Harper:
But if you’re looking for someone who’s going, “I want to figure out how to make this better, I want to figure out how to improve it. I want to figure out how to enhance my client’s experience. I want to figure out how lower their taxes.”

Ryan Isaac:
“I want to spend my spare time learning more and educating myself.”

Reese Harper:
“I want to go back to school again, I want to continue to get more education.”

Ryan Isaac:
Yeah. “I want to research this more.” Yeah.

Reese Harper:
And you’re saying, “Hey, you know what? If…” And then you’re coming and you’re negotiating with that service provider and you’re like, “You know what? I just wish you’d be doing this on an hourly rate. If you just do it on an hourly rate and be cheaper, then would pay you. I’d pay you right now.” It’s like, “Okay, well…”

Reese Harper:
There are going to be people willing to do that because the person that just wants stability, control, simplicity, don’t want to have to stretch themselves. They’ll take that hourly rate and they’ll give you the task back that you asked for. They’ll be the order taker that just did what you asked them to do.

Ryan Isaac:
Yeah. More reactive than proactive probably.

Reese Harper:
Yes. But this process of gaining financial health, I just don’t think is one that will respond very well to fixed rates.

Ryan Isaac:
Yeah.

Reese Harper:
And so-

Ryan Isaac:
So, maybe the new way to just think about this exchange of money and value with the right financial advisor is, you’re paying, I mean, you’re exchanging money for quite a few hours of time per year to spend on really, really important specific tasks in a methodical way.

Reese Harper:
Well, you’re paying for someone to own your financial health in-

Ryan Isaac:
Proactively.

Reese Harper:
… their life.

Ryan Isaac:
Yeah.

Reese Harper:
And they’re going to spend their weekends, their weeks, their life, feeling like they own that responsibility.

Ryan Isaac:
Yeah. So right off the bat, if someone’s like, “How do I get my money out of what I pay you?” It’s like, “Well, I’m giving you 30 hours of my life every year.”

Reese Harper:
Yeah.

Ryan Isaac:
So, that alone is what we’re paying for.

Reese Harper:
Yeah.

Ryan Isaac:
Above that though, I mean, just for a couple minutes, I think there’s some, I mean, because people want to know. What are some of the tangible things? What are some things you’ve seen over the years that add value like, “Give me my money back.” Or however you want to put it. It’s measurable. Well, you named one with a loan, right?

Reese Harper:
Yeah.

Ryan Isaac:
We just barely got done with our debt month and every single client received the same report on all of their loans and their terms and their rates, and every advisor looked at every report and said, “Can we improve this?” Used to be a 10 year loan on a 6.5%, now we’re at five years left and five year rates are in the mid threes.

Reese Harper:
Yep.

Ryan Isaac:
So let’s just move the rest of this five-year debt to mid threes and save another 25 grand of interest over the next five years.

Reese Harper:
Yep.

Ryan Isaac:
That happened like dozens of times this month alone.

Reese Harper:
Yeah. This morning I was on a phone call with someone who had an old life insurance policy that was-

Ryan Isaac:
Okay. Insurance month.

Reese Harper:
… a pile of garbage contract and I was able to lower their death benefit from where it was at, which brought their cost of insurance from $900 a month down to $288 a month.

Ryan Isaac:
Yeah.

Reese Harper:
Saving them about $6,000 to $7,000 per year of internal costs and reallocated their internal, they didn’t have any idea how their policy internally was being invested. It was just this point to point garbage-like jargon.

Ryan Isaac:
Something no one can explain, don’t worry about it.

Reese Harper:
And the first-

Ryan Isaac:
No one knows what you’re talking about.

Reese Harper:
… four people that we got in customer service couldn’t even explain it. The client’s just like, “I don’t know how you have patients for this.” You’re really dealing with $5 an hour people here on the phone. It’s like they are just, like this is the worst customer service.

Ryan Isaac:
No one knows. Yeah.

Reese Harper:
Yeah. It’s like-

Ryan Isaac:
So yeah, insurance, we’ve seen, how many retirement plans have we seen where someone who’s running a retirement plan for a long time that was giving way too much money to employees and a simple switch saved tens of, if not hundreds of thousands of dollars over a career?

Reese Harper:
I was working out this morning and I got pushed from, it was like standing dumbbell curl to run over to this bench and then hold a weight on my chest and tilt to the left and right.

Ryan Isaac:
Okay. Okay.

Reese Harper:
Okay? I don’t even know what it’s even called.

Ryan Isaac:
Sounds fancy. It doesn’t matter. It’s kind of cool.

Reese Harper:
I was just thinking how burnout I was.

Ryan Isaac:
Okay.

Reese Harper:
How dead I was.

Ryan Isaac:
Okay.

Reese Harper:
And the only reason I pushed that hard was because someone was standing there looking at me.

Ryan Isaac:
Okay.

Reese Harper:
Right? This trainer was just standing there-

Ryan Isaac:
Staring at you like, “What am I going to do? Stop?”

Reese Harper:
… and I’m like, if he wasn’t there, I know I wouldn’t have pushed that hard.

Ryan Isaac:
No. Your heart rate’s too high. You just feel a little nauseous.

Reese Harper:
Yeah.

Ryan Isaac:
A little lightheaded

Reese Harper:
And I’m just like-.

Ryan Isaac:
You’d stop at the curls.

Reese Harper:
I’d been like, “I’m working hard but not that hard.”

Ryan Isaac:
Yeah. I don’t want to hurt.

Reese Harper:
And it just hit me. I’m like, “Financial planning is so much that way.” Where you’re just like, one person that’s helping you, just makes you do things better. Like you’re smarter, you’re just [crosstalk 00:41:14]-

Ryan Isaac:
Well, what’s the value, if you got a dentist to save 20% instead of 14% over a 30 year career as a savings rate, percentage of gross income. I mean, what’s the longterm impact of that? So, yeah. Loans, taxes, retirement plans, insurance policies, not to mention probably hundreds of investment accounts that we’ve seen and have been able to improve costs and allocation and diversification and choose the appropriate amount of risk.

Reese Harper:
Overhead items, I think finding places where people don’t realize they’re spending too much money, whether it’s in personal spending or whether it’s in their practice-

Ryan Isaac:
There’s a lot of tangible, that’s measurable, tangible stuff.

Reese Harper:
And that’s the returns of a real issue. I think people carry a boatload of cash throughout their life and they don’t invest it properly and that causes them to have cash drag and their overall net investment return throughout their lifetime is higher when they have someone actually being in charge of that. There’s also these big things me and you talk about that are like massive-

Ryan Isaac:
Undefined. Yeah. These are the hard to measure.

Reese Harper:
… once in a lifetime, once every five years, big trajectory changing-

Ryan Isaac:
Decisions.

Reese Harper:
… decisions where you’re like, “I would’ve never made that decision to hire that associate, to add that second location, to not add that second location-

Ryan Isaac:
Or say no to the building, yeah.

Reese Harper:
… to not hire that associate, to-

Ryan Isaac:
Pass on that investment. Yeah.

Reese Harper:
… expand on that building, or to pass this thing up or to… like so many people have come back and… I had a conversation yesterday with a client when I was at the DDMC event, and-

Ryan Isaac:
Shout out to?

Reese Harper:
Shout out to my social practice and-

Ryan Isaac:
Yeah. That’s a big event. A lot of people, right?

Reese Harper:
… Dental Digital Marketing Conference and Steve Anderson and Greg were there, and anyway, I saw this dentist I hadn’t seen in a long time and they said, “You know what? This conversation that we had two weeks ago, I couldn’t have believed where I would be today just based on that conversation.”

Ryan Isaac:
Interesting. Big decision?

Reese Harper:
It was a massive decision and I couldn’t believe how much my life has changed in two weeks.

Ryan Isaac:
And it’s like, how do you tell them the dollar amount that they got back out of that, you know? It’s so hard.

Reese Harper:
And I wouldn’t have been able to give them that advice had I not been their advisor for years. I’ve been their advisor for years.

Ryan Isaac:
Yeah. Watching and organizing data and, yeah. Tracking.

Reese Harper:
And then when the moment came up where there’s this massive decision to make, I saw a different direction to take that wasn’t even on the table. So it’s like, “Should I do option A or option B? I might go to option C.” You haven’t thought about.

Ryan Isaac:
Yeah.

Reese Harper:
I was like, “Oh wow, options C’s the one that, for me, I really want.”

Ryan Isaac:
You wouldn’t have thought about it.

Reese Harper:
Yeah.

Ryan Isaac:
So along those lines too, a little bit harder to measure, and this will be the last one we’ll talk about. How many times have you had conversations where there’s just a big emotional relief, and everyone’s really different. It comes in different ways. Some people have massive emotional relief just because someone else is tracking their family spending.

Reese Harper:
Yeah.

Ryan Isaac:
I have a lot of clients who are like, I can tell them, “Hey, let’s refinance this loan it’ll save you 100 grand.” They’re like, “Oh cool, cool.” And then I’ll send them a spending report and they’ll be like, “Thank you so much. That just made me feel so good to know what I’m spending.”

Reese Harper:
Yeah.

Ryan Isaac:
You’re like, “yeah, you never know how people value this stuff.” But how many conversations have you had where just offload, like having stuff organized in your life that didn’t use to be organized or how many times you’ve had clients say like, “I really feel good that if anything ever happened to me, my family, my business partners and my spouse just knows where to go to find everything.” You know?

Reese Harper:
Yeah.

Ryan Isaac:
There’s this emotional component that is bigger for some people than any financial component of just like relieving stress and not having to think about it, putting it on someone else’s plate. Just finally being organized. How many people have you talked to that finally got permission to enjoy life and spend a little money today, that used to be so stingy with it and worried about it all the time?

Reese Harper:
Yeah. That emotional relief, I think, allows them to reinvest in the highest productive areas of their life.

Ryan Isaac:
Yeah.

Reese Harper:
Whether that’s family, kids, travel, whatever they want to do.

Ryan Isaac:
For sure.

Reese Harper:
But when you feel that financial burden being shared by somebody else, you’re able to reinvest in the things you care about. And in many cases, it usually shows up, in my experience, in higher productivity.

Ryan Isaac:
Oh yeah, yeah.

Reese Harper:
It shows up in-

Ryan Isaac:
Higher enjoyment in your job and your career and family, and-

Reese Harper:
Yeah. I think if people are able to just invest more of their energy into production related activities, and-

Ryan Isaac:
Physical health. Yeah.

Reese Harper:
So…

Ryan Isaac:
Really cool. Yeah. So I guess bottom line is, the new way of interacting with a legit, competent financial advisor is, there’s an exchange of money and time spent on the ownership of these things, proactively taking ownership of these things. And then there’s very definable things that, people get their money back, they earn more, they save more, and then there’s hard to define things that are life changing things or just emotional things too.

Ryan Isaac:
So a good one. So we started with tacos, we’ll end with tacos, I think it’s lunchtime. It’s time we go there. Dentist Money Show listeners, we really appreciate you being here with us. It’s cool. 200 episodes in as of couple of weeks ago and I really appreciate all the support. If you wouldn’t mind leaving a review on iTunes, it just helps more dentists find the show and we’d really love that. I think it’s easy to do nowadays, so just go leave us a little thumbs up or a few stars-

Reese Harper:
Yes. So helpful.

Ryan Isaac:
… or a couple nice words. If you’d like to chat with us, if any of this is ringing true with you, like wanting to offload some of these tasks and get some more organization in your life and see where things are headed, just schedule a phone call with one of our advisors, go to our website, dentistadvisors.com, click on the big shiny green button that says book free consultation and join our Facebook group. This is where we get our questions for the podcast sometimes. So dentistadvisors.com/group, really appreciate the support. Until next time.

Reese Harper:
Carry on.

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