What Your Financial Advisor Expects From You – Episode #599

On this episode of the Dentist Money Show, Matt and Ryan do a follow-up from an earlier episode about “What to expect from a financial advisor”. This time, they explore what financial advisors expect from their clients, diving into key qualities like trust, clear communication, and collaboration. They also talk about building long-term, productive relationships with their clients, and share some lessons. Whether you’re considering hiring a financial advisor or already working with one, tune in to hear valuable perspectives that will help you maximize your financial journey.

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Podcast Transcript

Intro: Hey everybody, welcome back to the Dennis money show brought to you by Dennis advisors. As always, thank you so much for listening on today’s show. Ryan and I do a follow up to an earlier episode that was all about what to expect from a financial advisor on today’s show. We wanted to flip that and talk about what an advisor would expect from you as a client. Hopefully it gives you another angle, another perspective of what it is like to work with an advisor. And again, the things that an advisor would expect in a reciprocal relationship. with a client. So as always hope you get something out of this, some level of value, and we hope you enjoy the show.

Ryan Isaac: We are sitting here in an empty studio that’s getting boxed up and packed up. And after 17 years of being in this office coming up on 10 years of the podcast that started in the studio, We’re moving. 17 years in this office, almost 10 years on the podcast here in the studio. This will be the last recording in this location in the studio.

Matt Mulcock: It is funny. We were talking about this as we finally signed the new lease and we were moving over, we were joking about how I’ve been here now for seven years. but when I got to Dentist advisors, The first thing re said to me probably like in the first week is like, office is not going to be here. Like we’re going to move here

Ryan Isaac: Oh, yeah. We’ve been talking about moving forever. Forever. We’ve been talking about moving forever.

Matt Mulcock: When I announced it to the team, finally, a couple of weeks ago, I literally was like, this is not a drill. This is not a joke, the entire office was just like, wait, this is actually

Ryan Isaac: Yeah. We’re actually going to do

Matt Mulcock: Been saying this forever.

Ryan Isaac: A long time, but it’s, it’s a good lesson in what the business needs for real estate, because real estate for us in this business doesn’t serve as, Part of the business,

Matt Mulcock: Nope.

Ryan Isaac: Especially as things have become more remote work and our clients are spread around and our, even our team is spread around the country and even here in Utah. And so you know, It was a good lesson in not wasting money on real estate. You don’t need.

Matt Mulcock: Then we’re taking advantage of what’s going on currently in the Commercial real estate landscape where things are just not crazy expensive anymore We and we don’t need a huge office to your point. We’re really remote now and all over the country. So it just worked out and we’re in a way better

Ryan Isaac: Yeah. It’s going to be really

Matt Mulcock: Better office itself.

Ryan Isaac: Would be if you would like to fly to Salt Lake city, Utah, and have a meeting in person at our office, there’s cool hotels near really good restaurants. It’s in the mouth of big Cottonwood

Matt Mulcock: To say our new offices is 20 minutes from door to chair up at like Alta, Snowbird,

Ryan Isaac: Let’s go.

Matt Mulcock: Solitude.

Ryan Isaac: And the mountains are towering right out the window. It’s right in the foothills. Yeah, so I don’t know how long, when did we do that previous episode? We did one a while back. We could probably link it. Our awesome production team could link it somewhere, but we did an episode on what to expect when you hire dentist advisors as a financial advisor.

Matt Mulcock: Well, I think we even were more general than that. I think we were just saying like, what should you expect

Ryan Isaac: From an advisor. Oh, we did, we did a, a year in the life of a

Matt Mulcock: Did that a couple of

Ryan Isaac: That was different though.

Matt Mulcock: That was a couple of years

Ryan Isaac: What to expect?

Matt Mulcock: This was just like, Hey, you’re in the market for an advisor. You’re considering hiring an advisor. What should you be expecting from them? And that, in that relationship,

Ryan Isaac: Yeah. Was that this year?

Matt Mulcock: That was this year. I think we did that at PDA. I want to say,

Ryan Isaac: Oh, just the most recent one.

Matt Mulcock: I’m pretty sure.

Ryan Isaac: Okay. So we wanted to flip the tables a little bit. And from our perspective, we wanted to say what we as advisors, what we care about when someone hires us. What do we expect? you might not think that we have expectations. Actually to that point, how often do you think in like a new consultation situation, you or other advisors are telling people, like, we’re not a good fit or it’s not the right timing or come back to us in a couple of years, like we’re not trying to jam people into services that don’t.

Matt Mulcock: Yeah,

Ryan Isaac: Jeremy Jam, Dr. Jeremy Jam them into

Matt Mulcock: Jeremy Jam them. it happens all the

Ryan Isaac: Got jammed!

Matt Mulcock: One of my favorite ancillary characters is the orthodontist in Parks and

Ryan Isaac: Someone, Dentist, friend of mine was doing like a, what’s your favorite fictional dental character? And hands down Jeremy Jam.

Matt Mulcock: There, are there even others?

Ryan Isaac: Oh yeah, there was some from like Rudolph the Red Nosed Reindeer, some Seinfeld characters that were pretty classic. But, uh, yeah, Dr. Jeremy Jam, anyway. We’re not gonna jam people, to the point, into, you know, bad timing or the wrong fit for something. I was curious though, we care about the right people being in the right place at the right time. And it matters to not make someone do something that’s not right for them at the right time.

Matt Mulcock: Look, I mean, in a service business, dentists know this, right in a service business. When we are going to be engaging with someone again, this is we’re kind of Giving a little bit of an insight of this list that we’re going to go over, but when we’re engaging with someone in a service business, we are choosing you as much as you’re choosing us. And, and the fact that in our opinion, if done right, the business and the advisor should be thinking a lot about what the ratio of how many clients that I can even handle. As we’ve said before, how many seats on my bus do I even have?

Ryan Isaac: How many seats on my bus do

Matt Mulcock: It’s a hundred and change.

Ryan Isaac: And hopefully for your career,

Matt Mulcock: For an entire career. I’m getting to this point too where you get old and curmudgeon and, you start to, you know, this better than anybody know, but in all seriousness, like you start to work and be in this industry for 10 plus years, you start to get even more picky. It’s like, I don’t want to do this if you don’t have

Ryan Isaac: Well you don’t. And ask any of our clients, Hey, do you have patients that you would rather just not see them again and not get the money? like, yeah, gladly. Exactly. You see ’em on the schedule and you’re just like, oh, you don’t want to live a professional life that way if you can help it. Yeah, and I think, actually, I’m glad you just said that. I think that’s an important side to this story is selfishly in our own careers, you know, we want them to be enjoyable too. Which part of that means we want to be actually helpful.

Matt Mulcock: Yeah,

Ryan Isaac: You want the kind of people that are going to be helped by what we do and notice it and care about it. And then it’s going to make a difference in their lives. And if not, then, you know, we’re both wasting time. So I think that’s such a good point. We have a list. how many things ended up on the list

Matt Mulcock: Uh, there’s like, uh, there’s like seven,

Ryan Isaac: Okay. Seven

Matt Mulcock: Like that. We have a lot of expectations. We have a lot of expectations. No, because you’re gonna No. ’cause you’re going to hear what they are.

Ryan Isaac: They’re like height requirements.

Matt Mulcock: Not ridiculous. They’re not ridiculous.

Ryan Isaac: All right, well let’s hit the list. Seven or eight things that we think, we would want as advisors for our clients to kind of, Be or understand or fulfill when they decide to hire us. Yeah, yeah,

Matt Mulcock: Yeah. So number one, also on this to give context, we’re talking about like on the last episode of this kind of series, we did, we were saying, we made it very clear when you’re engaging with a quality advisor, who is a fee only fiduciary advisor, who’s comprehensive, who’s doing this thinking long term, like, what should you expect from them? We’re kind of flipping this and saying like, What is that? Same quality advisor expect of you. Sorry to disparage, but like an insurance salesman that calls themselves an advisor or a product focus advisor probably really would just be like, if I’m being honest by this product, that’s what I expect. So we’re saying from our perspective is what we’d say is we think quality advisors, this is what we want from

Ryan Isaac: Kind of quality clients.

Matt Mulcock: Quality clients. What makes a quality client? There you go. What makes a quality client?

Ryan Isaac: Yes,

Matt Mulcock: So, number one on our list, and these aren’t, I wouldn’t say in like order of importance, these are just the things we put on here and talked about. Number one. clear communication.

Ryan Isaac: Yeah, clear communication. What, what comes to mind? I have some things that come to mind. You wrote that as, as your number one. Not that these are in the particular order, but what came to mind for

Matt Mulcock: Yeah. I think there’s a couple of things here. Number one, you need to, and we’re not saying you have to be rigid and stick to these things, but you have to be able to articulate like what you actually want out of this, and what your goals are, what your values are. and be able, and I guess maybe clear communication should also be, Like be responsiveness as well as under public underneath

Ryan Isaac: What I was thinking with that. Mm hmm.

Matt Mulcock: As well.

Ryan Isaac: Yeah, the knowing yourself enough to communicate what you want from your advisor. I feel like that might come in or a different category to a little bit. I don’t know. We’ll have to come back to that if it does. Yes to that. And also the thing you just said, which is, Just communicating in like a respectful professional way Being responsive. That’s probably the biggest thing. That’s what clients want from us is Responsiveness and that’s it should be the highest one of the highest things on the list Isn’t that the number one reason people leave? Professionals is a lack of responsiveness

Matt Mulcock: It’s definitely

Ryan Isaac: Top top two or

Matt Mulcock: Yep. Definitely up there.

Ryan Isaac: You want to be communicated with in your professional life And especially when there are things in this business that are time sensitive. They’re urgent they might Be very consequential if they’re not done properly with the right instructions They could carry big risks with them. And what does that look like to you, Matt? I mean, and everyone’s different, right? Some people like to do that over the phone. Some people are great emailers. you know,

Matt Mulcock: I don’t really care what, what medium you use. But the other part of this as we’re going through this, it’s just kind of hit me as well is, clear communication in respect to what’s working and what’s not working for

Ryan Isaac: I like that.

Matt Mulcock: Because what, there’s nothing worse. There’s nothing worse than getting, and this doesn’t happen. I don’t say this, jokingly, like we don’t lose too many clients,

Ryan Isaac: Our retention’s really high.

Matt Mulcock: Retention’s high, but of course you do like anyone does any business does. And there’s nothing worse than getting that email out of the blue that says like, I’m moving on, whatever. And you’re like, what? You never, we just had a meeting last month. And so I think, and this kind of goes along with some other ones that we’ll mention there’s some crossover here, but clear communication in the sense of just like, Hey, if it’s not working, if you need something more from me, let me know what that is. And so I can at least try to adapt or change before you just up and

Ryan Isaac: The, uh, the odds are if something’s not working, you’re probably not aware of it as the advisor. And, the odds are that you’re more than willing to try to change and improve that, you know, to do anything. A little story. We, we recently sent out a survey to our clients. I had the chance to get feedback from one of my, one of my older clients that has been around for a very, very long time. gave less than satisfactory feedback. we had a chance to get on the phone and he’s such a cool guy. It was, it was really great. It turns out there was like, the discrepancy wasn’t actually that big, but I hadn’t heard about it, which is a factor of a bunch of different things.

But the feedback was like, Hey, I feel a little bit like lost in the shuffle. I was like, Oh, I don’t ever want you feeling that way. I had no idea. Thanks for telling me. And I would love to hear this more often. I would love to hear anything that, Isn’t sitting right with you as an advisor, because again, chances are, I’m not aware of that day to day, managing a lot of relationships and I will, I’m a million percent willing to do anything to make that better. If it’s in like a, you know, it’s part, it’s a reasonable request and it’s something I want to do. And it’s part of the role. Yeah. So I liked that you said that, like bring it up.

Matt Mulcock: Yeah. Often it’s just a result of miscommunication. Lack of clarity, some level of ignorance by someone of just like, Oh, I, like you said, I didn’t even know this is how you were feeling and it could have just been like something super innocuous that you didn’t even think about.

Ryan Isaac: Yeah. Well, I’m going to actually shed a little bit more light on this, because I think this is a common thing. You have to tell me if you hear this from clients. Quite often I hear from clients, they’ll say something like, is there, do you want me to like email or call someone else on your team? Because I don’t want to bother you, Ryan. I don’t want to bug you with this. And I always try to reiterate, We have very talented team members to pass certain tasks to depending on the category. But I want to hear every tiny little thing. I don’t want a client ever, ever thinking that something’s too small and bothersome for me to hear about, because those are the things that end up piling up because if they don’t find the team member or they just, they don’t communicate or they don’t, they just keep letting it flow. Slide and it piles up then they don’t end up getting something done that they want it done Do you hear that often like I don’t want to bother you man. I’m so sorry Is there someone else you want me to call? There’s someone else you want me to talk to about this? Do you get that

Matt Mulcock: They’ll, they’ll assume, you know, and they’ve had different people on

Ryan Isaac: Yeah, people will switch in and out and different tasks. Yeah

Matt Mulcock: Different support people. So they’ll say like, I didn’t know who to go to with this, or, I, you know, yeah. Yes. That, that’ll definitely

Ryan Isaac: And they might end up keeping it to themselves if they’re confused about who to go to. So I would just reiterate to any clients or, you know, just anyone listening that has an advisor, tell your advisor everything, even if it’s the tiniest little task, they’ll find the person on the team to do it immediately and the most efficiently, but just coming from me.

And I think every advisor feels the same way. There’s nothing I don’t want to hear about

Matt Mulcock: Yeah. No.

Ryan Isaac: And there’s nothing bothers me. And much like patients who never come in. Clients who don’t communicate it creates more problems than if you communicate a lot. I’d rather hear something every month from you than you don’t say anything for like a whole year.

Yeah. Or years. And again,

Matt Mulcock: Even if there’s an issue and you’re like, I’m not getting what I need, or I wish you could do this or that, or whatever. At least tell me and then I can be aware of it and either communicate back and say Oh, we’ll fix that or we’ll adjust or we’ll say hey, that’s not

Ryan Isaac: We’re going to do or clarify

Matt Mulcock: What it is Exactly

Ryan Isaac: Too, where a client will say, Hey, I wish you’d help me chase down like this crazy investment someone else sold me on. You’ve heard

Matt Mulcock: Oh yeah

Ryan Isaac: Don’t you guys do that? And that’s a great question, and a great opportunity to clarify like, Oh, here’s why that’s not something I do, or choose to do, or would do.

Ryan Isaac: But thanks, please ask that and here’s maybe the people that would,

Matt Mulcock: Yeah. And we’ll be candid and open and honest and tell you, here’s why we don’t do that. If that’s what you’re looking for at this point, we’re not the right

Ryan Isaac: Probably not a right

Matt Mulcock: That’s okay. But if it comes down to structure communication, if it comes down to like service, please don’t ever be afraid to, to bring the feedback and advice.

Ryan Isaac: Yeah. Totally. Okay. I love that. Communication.

Matt Mulcock: Clear communication. Number two, realistic expectations. We kind of alluded to this just in this last one,

Ryan Isaac: Yeah, I think we probably spent time on this. I’m guessing on the podcast about what to expect from an advisor. a financial advisor, financial planning, financial advice is such a nebulous, vague, general term. And so I don’t blame people for not having any idea what to expect from an advisor. Like many people. Really think that we sit at desks with 10 monitors and we’re tracking and trading and buying, selling stocks all day long, trying to time the crashes. You only do that

Matt Mulcock: The crypto

Ryan Isaac: Through Tuesday in the,

Matt Mulcock: Side hustle.

Ryan Isaac: Crap

Matt Mulcock: Yeah, exactly.

Ryan Isaac: Yeah. So what, what came to mind for you on that, on that part on expectations?

Matt Mulcock: I think the first thing I thought of was have a long term mindset. Spoiler alert, I’m going to use a fitness analogy. It’s so weird. It’s so weird.

Ryan Isaac: Weird. Go ahead anyway. I mean, it’s fine.

Matt Mulcock: I did have a new client by the way, you know who you are? Shout out Kelsey. she did mention to me on a, um, on our very first call. We talked like this was a while back, but she said, I love, just so you know, I love how many fitness analogies that you and Ryan use. I said, Oh, you’re the one, you’re the one person who likes the rest of us are like these freaking podcast

Ryan Isaac: It’s just, hey, it’s so good because health and fitness is such a long term journey of tiny incremental sustainable changes that it’s so applicable to money.

Matt Mulcock: Yeah. Well, and again, it’s two industries, obviously the career I have now, and then my previous career in industry was that industry. And so I, there’s a lot of parallels here, but like have a longterm mindset of like I’m coming into this thing again, if we’re using the analogy of like health and fitness, I’m investing in a lifestyle and a healthy lifestyle. I’m not looking for a magic pill. If you’re looking for a magic pill, any quality advisor. is not going to,

Ryan Isaac: They’ll let you down.

Matt Mulcock: They’re going to let you down.

Ryan Isaac: Not the expectation that’ll uphold for you.

Matt Mulcock: So engaging with a longterm mindset, engaging in the sense of like, I’m building a relationship with somebody when I do this. And we’re not saying like a dentist advisors, we don’t lock anybody into any contract at all, but we

Ryan Isaac: Me whenever you

Matt Mulcock: Fire me whenever you want. Hopefully after you’ve clearly communicated why I’m so crappy. And please tell me why I’m so crappy and then fire me. but we tell people all the time on consultations or when someone’s signing up, we’ll say, listen, there’s no long term like paper, like on, on paper commitment here, but we are engaging with you with the mindset of like, this is going to be a lifelong relationship,

Ryan Isaac: Results results will

Matt Mulcock: That’s how you’re going to get the best results. So. Again, long term mindset, commitment to that long term. don’t be a tire kicker, you know, don’t be that person. That’s like, you know what? I mean, you can be, but I’ll tell you this. So you asking earlier, Ryan, have I ever, or how often do we turn people away? Do we just say like, this is not going to be right fit

Ryan Isaac: Yeah. I know

Matt Mulcock: Top three reasons. I will tell someone that. is they’ll, they’ll utter the words, I’m just gonna try you guys out.

Ryan Isaac: And I say You’ll be disappointed, man.

Matt Mulcock: Would be so disappointed, I’m just gonna see what your returns are over the next six months, and I’ll say,

Matt Mulcock: You know what, go on, go get on Robin Hood. Like, go do something else, because that’s not

Ryan Isaac: Tell you what my portfolios are and you go do it yourself. And then you tell me if you like that.

Matt Mulcock: Perfect. But if that’s the mindset, it’s not gonna work.

Ryan Isaac: Yeah, it’s, it’s such a good point. Yeah. And that’s why fitness and health work because all, all of the bet, I mean, there’s things that we can triage that people have legitimate, urgent, emergency type things that we fix for them quite often in the beginning of a relationship. But that’s just a fix, you know, something’s wrong.

They’re trying to make a big decision. They don’t have anyone in their corner that they can really trust. No fiduciary on their side. Those matter, but the long term like, Oh, net worth growth. my debt went down. I saved more money. I’m going to retire sooner. That’s years and years of stuff. So

Matt Mulcock: I mean, just speaking of that, though, like we’ve talked about this before, one of the most impactful things that we do for clients is so simple, but we do a quarterly net worth report, right? And we track all their stuff. And it’s so interesting, although it does feel slow, but when you get a year’s worth or two years worth of those of those data points, and we’re able to track for you and have these progress meetings with you and say, look at your debt, Look at what you’ve done over the last year with just your normal debt payments. Look at your savings and like, we give you a percentage of what your net worth has grown by and we’re tracking all that for you. it’s incredible how fast it actually does feel at some points. All of a sudden a dentist is looking back over like a one year, two year period and they’re like, holy cow, I’ve actually.

Ryan Isaac: I saved money. My debt went down. Yeah. My net worth went up.

Matt Mulcock: I just somehow crossed over the seven figure mark and I didn’t even

Ryan Isaac: I didn’t even, oh, I was just gonna, I was just gonna say that you’re at the point of your career in age and life, like where a lot of your clients are, mid-career, they’re hitting like a lot of peaks, and you’ve been with people for a long time. I’ve had a lot of conversations this year with just people that have been around for a while that started with nothing negative net worths, like almost no savings, and that are sitting on seven figure balances now. I’ve had a lot of people reflect back like, wow, I can’t believe I’ve done this. I can’t believe I’m a person.

I’m a person who has seven figures of investments in an, and these are normal people. These aren’t like five location, big hitters, just normal dentists. And it is, it’s amazing the kind of progress that can be made. And then what, is even better about that with the financial stuff is that it, the compounding that happens when your account is 50 grand versus what happens when it’s a million dollars, just in dollars it’s just, a lot of our clients are now having more money produced from growth in their accounts every year than they’ll even remotely be able to save into the accounts on average

Matt Mulcock: All the

Ryan Isaac: Let alone good

Matt Mulcock: You know how many times, Ryan, I’m not kidding you, I’ve done, you know, wrapping up year end meetings with most of my clients and we do, we’re just showing like, here’s what your portfolio has done this year. Now it’s, it’s been an amazing year for returns overall,

Ryan Isaac: I love when people ask about returns in years like

Matt Mulcock: I know it’s like, let’s talk, you know what? We’re going to cancel

Ryan Isaac: What double digit

Matt Mulcock: Every other agenda item. We’re just going to talk about your returns. It feels really

Ryan Isaac: Love when they’re double digits?

Matt Mulcock: Oh my gosh. And so, but in the raw dollar amounts, I can’t even tell you how many clients I’ve talked to and reviewed their portfolios and shown multiple hundreds of thousands.

Ryan Isaac: Six figures

Matt Mulcock: I’ve actually had a couple of seven figures

Ryan Isaac: Yes. Yes.

Matt Mulcock: Of like your portfolio was up

Ryan Isaac: A million

Matt Mulcock: A million dollars in returns just this year. Now again,

Ryan Isaac: It’ll, it’ll, it’ll go down 300

Matt Mulcock: Course, of course, to show that is so incredible. And again, we’re cherry picking the last two years,

Ryan Isaac: Yeah. But it’s not cherry picking long periods of time. Cause that’s, that’s what happens with every single person. And I’m glad you just said that because, Especially with these longer term clients, there hasn’t been a year in the entire relationship that did not have something concerning in the economy or the country or the markets. Like people that have been around for, you know, a decade plus, and they’re hitting these marks and like, wow, I’ve made so much progress. My accounts are actually big. And I’m just an average person. I never thought I would be at this point. You look back and be like, Well, we went through a lot of crap. I mean, we could name it year by year, but there were, every year there was something we were worried about that might derail everything, but look where we are. That’s why the, yeah, the long term compounding and then just the effects of doing something for a long period of time. So taking it back to expectations, right?

Matt Mulcock: Yeah, realistic expectations. Yeah,

Ryan Isaac: We would love if people had, maybe just think through it enough to, to, Be able to articulate to an advisor, like, what, what do you think this person’s going to do for you? What do you want out of it for yourself and make sure those align and match up? But especially, is this something that you’re planning on doing for the long haul? I

Matt Mulcock: Yeah. I mean, I ask, dentists all the time. Whenever I’m talking to them on consultations, I don’t do nearly as many as, and I, as I used to, but when I do, or if we’re at an event or whatever, if it ever comes up, I always ask some version of the question of, um, What are your expectations? Like, what are your expectations for an advisor in a relationship? Again, you need to be able to clearly communicate those things, know what they are and know them what they are for yourself. Like, what are you trying to, what are you even trying to accomplish with this? And are these based on like, Oh, I need to see certain returns over the next year. Or is this like, again, I’m looking for a healthy lifestyle, someone to help me engage and create a healthy, a healthy financial

Ryan Isaac: And do you think it’s fair to say that if someone is trying to do this for the first time and they’re like, I actually don’t know what I want from someone or expect that maybe that is that it’s okay to not hire someone right away. Like take a pause then if you can’t quite articulate what you want from it, or at least like what you hope and expect that does change. It totally changes. Then it’s okay to pause and just be like, let’s, let’s make sure timing’s okay. Maybe you just need to spend a little bit more time asking that question to

Matt Mulcock: Well, and to that point, I think it’s important to understand like, when you think about that. So if you’re out there listening and being like, I don’t know what I want or expect from an advisor. I think there’s two kind of broad categories. I’m, I’m, I think you could probably put these under, are you expecting outcomes? I think there’s an outcomes category. So for an example, while I’m expecting a certain number of return, like I’m, I’m certain return. So I’ve heard this before. Well, I expect that you would do better with investing than I would like an outcomes

Ryan Isaac: I’m not really sure.

Matt Mulcock: Well, sure. Give me, give me 20, 30 years and we will. But, so I think there’s like this

Ryan Isaac: Outcomes,

Matt Mulcock: Expectation category. And then I don’t know what you’d call the other, but maybe like behavioral or I’d even say like I’d call it like first principles. Like I’m kind of thinking my expectations are. Someone’s going to keep me accountable.

Ryan Isaac: Yeah.

Matt Mulcock: That’s like a first principle type way of

Ryan Isaac: It’s like an environment. I want someone to help me build an environment that I know is going to foster good behavior and success and minimize mistakes. Yeah. Help build me the ideal environment to have

Matt Mulcock: Yeah. And maybe I’m so maybe even more simply it’s, you’re either thinking about this from an outcome perspective or the other category would be like a process

Ryan Isaac: Oh yeah. I love

Matt Mulcock: Like you’re helping me with the process. The outcomes will take care of themselves.

Ryan Isaac: That because if the process are things like accountability, accountability, accountability, Minimize mistakes, efficiency, save money. then awesome that you build an environment with processes like that. You you’ll hit the outcomes and we’re seeing this man. I mean, and again, I can’t reiterate this enough. These are average people I’m talking about. People are hitting their goals sooner than they thought they were. I have people hitting. Age 51, 52. And again, these are not DSO sale, huge, you know, windfall kind of people, just average, normal dentists running a practice. And they’re hitting goals in their early fifties. They thought would be in their sixties because of their consistency for, you know, a good 10 plus years. And it’s amazing the progress they can make.

Matt Mulcock: Yeah, we were just talking and this will come to the next one, which is we’re talking about trust. but just to come back to this idea of when we’re reviewing investment returns with a client and how fun these years are, the last two years, especially this year, when we see what’s happened in the markets, but you and I would say, which is kind of counterintuitive for an end client out there. These are not the years that matter. the years that matter. are when the opposite happens. Those are the years that the only way you can even, Actually take advantage of these years is if you are and again comes this other one trusting your advisor and That relationship when you see it down 20 percent Those are the years that matter

Ryan Isaac: Your advisor’s like, look, nothing else is changing in your life. You’re not quitting your job. You’re not moving. You’re not trying to buy something big, keep saving your money and you don’t want to, and it hurts. And you have trust in your advisor that they’re, they’re doing their fiduciary duty to you, which to emphasize means they’re doing what is in your best interest making you stick to the hard stuff and the hard years. Man, it pays off so big in the good

Matt Mulcock: Good years. Yeah, those truly are the years that matter. The only way you achieve these years is by staying in your seat in those years, and it’s hard. But you gotta have that trust

Ryan Isaac: It’s really hard. How do you think, I mean, cause it is one thing to be like, trust us,

Matt Mulcock: Times I tell that to

Ryan Isaac: Trust in me. What’s that song? Oh, that’s the snake

Matt Mulcock: Jungle Book. The Snake on Jungle Book?

Ryan Isaac: Does that have a name? Sir hiss. No, no, no. That’s, that’s from Robin hood. Sir hiss was the snake on Robin hood. The snake on jungle book.

Ryan Isaac: Does he have a name?

Matt Mulcock: Does he have a name? Oh,

Ryan Isaac: Bagheera that shows so good.

Matt Mulcock: good. It’s a

Ryan Isaac: He’s just like trusting me. You’re gonna hit that. Okay. So while you’re looking that up Here’s my question. I’m gonna pose the question what are the the processes or steps that you can go through as an advisor and as the client? Oh, it is Ka. Yeah, Ka. What are the steps you can go through to foster trust? Like how do you build trust? Do you how do you think how do you think you get someone to trust you? How do you think that develops?

Matt Mulcock: I think our approach as a business

Ryan Isaac: I was just gonna say that.

Matt Mulcock: All based in us establishing trusted people, you can hop on, listen to 600 episodes of the Dentist money show. You we

Ryan Isaac: R. I. P. Geez, you. Someone hops on and listens to a cool 600.

Matt Mulcock: Yeah, I’d say good luck with that. No, but like, there’s so many different things to listen to. You can go to conduct, you can go look at our how many webinars we’ve done.

Ryan Isaac: Everything’s so transparent. Everything we do, think, say, practice, believe, is just sitting there for free. You can take the time. To listen to it. Even just, you just don’t like the way we sound. You’re gonna be like, I’m not going to hire you.

Matt Mulcock: Yeah. That’s great.

Ryan Isaac: Your jokes are

Matt Mulcock: All the time. I’m sure. It’s like the

Ryan Isaac: The dumbest sense

Matt Mulcock: Have a horrible voice. You have terrible jokes. Like I get it.

Ryan Isaac: Yeah, but they, you’re saying that as a business, we’ve decided. To put out tons and tons of content education. This is just who we are. We talk like this in client meetings. This is how we relate to our clients. So people can build trust through what I’m hearing is what I’m going to get. And we do notice as a business, and this is very rare in this industry, that people come to us a lot, most of the time already really feeling like they know who we are, which is the beauty of thanks for listening and tuning in and downloading all the

Matt Mulcock: Love you. Yeah.

Ryan Isaac: On the phone.

Matt Mulcock: I mean, it’s the best thing we’ve ever done as a business is do content and focus on content. And we continue to double and triple down on it and do more and more and more. It’s with good faith and true intentions where we’ve said this and we will continue to say this, which is, if you never hired dentist advisors ever, great, as long as you got something out of our stuff.

Ryan Isaac: You took this and did it

Matt Mulcock: Feel good about

Ryan Isaac: Um, a million

Matt Mulcock: And we get enough people every year who eventually circle back around and they’re like, you know, what our approaches? And again, transparent, we’re just throwing this out there. Our, our approaches, if we can add enough value, continue to put out education, help, help, help. All boats lift in the dental space of just saying, we’re just going to help you guys. And like, hopefully this adds some value. We basically, our approach has been, there’s enough people out there that there’s going to be something in their life that eventually will trigger. Like I need somebody and they’re going to circle back to us. And it happens all the

Ryan Isaac: The time. Yeah. People hire us. We have a pretty long, what they’d call a long sales cycle. Do you know what ours actually is? It’s like way longer than a normal

Matt Mulcock: I don’t know. I don’t know if we’ve gotten super precise on that, but we just did a review in our meeting or actually today, where we were doing by the time this comes out, like months down the road, I’m sure. but we did a review of like where our leads come from, where our new clients come from. And it’s like two thirds of our clients come on board and they say it’s from

Ryan Isaac: Clients come on board and

Matt Mulcock: Many people. It’s been years.

Ryan Isaac: it’s from the podcast.

Matt Mulcock: Seven

Ryan Isaac: From an, from an email chain from seven years ago.

Matt Mulcock: It was a chain,

Ryan Isaac: Just jumped back into the email chain from seven years ago. I was like, I’m ready. Let’s go.

Matt Mulcock: Seven years, that’s crazy, that is the record.

Ryan Isaac: Yeah. The other thing on trust I was going to say too, is I think, the process that we go through before we don’t even give people advice on what they, we don’t take any action until we’ve done our best to know everything about them. I think that’s the way you should do things. It’s what dentistry has done. You take pictures, x rays, you poke around and look around before you give, you know, treatment plans. our industry does them the backwards opposite way. We do treatment plans and we’re like, yeah, maybe we’ll look at x rays later. I don’t

Matt Mulcock: Throw it in for

Ryan Isaac: But you need an implant.

Matt Mulcock: Yeah, exactly.

Ryan Isaac: But our whole process is to get to know somebody. We spend weeks and weeks, gathering data information, building dashboards, reports, Just having a lot of clarity into someone’s life before we say you should do X, Y, or Z. I think that fosters trust too, because again, our industry will meet you and within 15 minutes have a recommendation on what you should buy or where you should put your money. Everyone in our industry will do that and we take a very slow approach to getting to that question because we want to do everything in the right order. And do it in your best

Matt Mulcock: You can do it in your

Ryan Isaac: All the same product.

Matt Mulcock: Trust, I like that. I

Ryan Isaac: Like it’s a different thing. It’s not different

Matt Mulcock: Trust. And

Ryan Isaac: Trust. I like that. I like the fostering trust. And, um, if you’re hearing this, what would be a cool, I would love to hear people if they went to the dentist advisors, Facebook group I would love to hear from dentists what makes them trust an advisor.

I would also probably just go post that. I’m going to go post that. That’d be a really good question. I also think it has to do with the way you get paid. When you can clearly tell someone up front like how you get paid and it has nothing to do with selling you any product whatsoever, zero commissions are never ever on the table, then I think that fosters a lot of trust

Matt Mulcock: Yeah, and I think it’s just to like just your general approach. Are you, you know, one of the things of our industry that’s so, frustrating is, I’ve said this many times, but like using the knowledge gap against their clients. Yeah. And that was really, really big in the, you know, eighties and nineties of traditional stockbrokers. Like we were like the gatekeepers of all this information and it’s kind of changed now. Thankfully it’s moving this direction. We’re like, now we’re. No longer gatekeepers. We’re more like a collaborator with you or more like a guide to you. but I think the way an advisor speaks, like, are they talking over your head? You know, are they, are they just trying to take the approach of like, I’m going to just sound as smart as possible and then never check in to see if you understand, does it feel kind of weird?

Ryan Isaac: Do you get a weird vibe when someone’s trying to dance around and answer? Or do they just tell you calmly, like, what’s going on? And then you be the judge if you like that or not. People know when that’s happening. Even if they end up getting involved in, like, investments or schemes that You know, they didn’t feel good about, they do, they can always reflect and be like, man, shoot, I knew, you know, there was something up about that and I should have done it, but people know,

Matt Mulcock: Should have done it. People know. Yeah, that

Ryan Isaac: that is, yeah. Oh man. Yeah. did you hire someone who will question you, challenge you respectfully trying to foster growth and open mindedness and curiosity? Yeah. Do you have an advisor that’s curious with you? Like, okay, you want to do this thing, but like, let’s talk about why and let’s take it a few steps further and then what happens and then what happens?

Yeah.

Matt Mulcock: Do we just flip this back on the advisor? What you should expect from an

Ryan Isaac: Yeah, I think we’re

Matt Mulcock: We did. Okay, moving

Ryan Isaac: Basically it’s on

Matt Mulcock: It’s on us. Okay.

Ryan Isaac: Basically. You’re all great. We’ll, we’ll do a better

Matt Mulcock: We’ll do a

Ryan Isaac: We’ll work hard.

Matt Mulcock: Trust. Alright, next one. respect. you said something interesting when we did this. We were kind of going through this.

Ryan Isaac: I feel this kind of goes back to what we were saying in the beginning

Ryan Isaac: You know, you only have so much room for people in a career like this. And even dentists who have thousands of patients in a practice don’t want patients that make them dread going into the, to work that day. So all of us want a measure of respect, just professional respect when we do work, when I say this, every dentist is going to, is going to think of a patient that does this to their team. But we don’t want clients who will treat our advisors fine and with respect and then teach, treat the team with disrespect. And that’s happened where they will be good to the, they’ll be professional and respectful to the advisor, but then they will be rude or bossy or outright offensive to a team member. All dentists have patients like this. They’ll be nice to the doctor and then treat the team like crap. And there’s no room for that.

Matt Mulcock: So, I’ll give a little pro tip. All

Ryan Isaac: Didn’t you have a

Matt Mulcock: Yeah, well, I’ll just I’ll give a little pro tip you if

Ryan Isaac: I have.

Matt Mulcock: If you don’t want to follow our advice here or our thoughts about having clear communication, but you also don’t want to fire us. You’re like, Oh, I don’t want to fire. The fastest way to get fired from our side is be disrespectful to someone on our team. happen there. That’ll be about 30 seconds. And I’ll just say this is not

Ryan Isaac: Yeah, it’s the age old thing. It doesn’t matter like the job or the task someone is performing for you. If they’re bringing your food to your table or picking you up in the Uber or their advisor, replacing a million dollar trade. You have to treat all those people with some freaking dignity and professional courtesy and respect across the board.

Matt Mulcock: Is vague enough, but

Ryan Isaac: Yeah, it’s so rare

Matt Mulcock: Had a conversation and it was

Ryan Isaac: I can think

Matt Mulcock: um, they

Ryan Isaac: I do I do too and I will just say this is vague enough, but I will say I had a conversation and it was actually not they just weren’t aware of

Matt Mulcock: Yeah, it’s more of just

Ryan Isaac: And I, and

Matt Mulcock: in an email you can’t really decipher.

Ryan Isaac: I will say that that is just the product of our business is so much communication happens over email. I mean, the number of minutes you spend in a verbal meeting versus email is like the ratios way out of whack. So I do know that dentists are rushed. I mean, half the time we get emails and there’s no punctuation or capitalization and everything’s just like a. Five sentence run on because you just like slamming through your day, cranking out an email on your phone and then getting back to the chair. So I do think there is some like miscommunication that happens in email. And I saw a funny meme. There was like this video meme about that. They got, someone got an email from their boss and it was like, Hey, we need to chat about this. And the person reading it was like, we need to chat

Matt Mulcock: Chat about

Ryan Isaac: And they’re mad. And then the boss comes in and they’re like, man, you did such a good job. I want to chat about this. You know, there’s also a key and peel skit. Have you seen that one where they’re testing, texting each other? Yeah. they’re like misreading the tone of the text. So that does happen. And I will say, I talked to someone about that once and that wasn’t something they were doing on purpose at all. It was just like cranking out a fast text. So it is very rare, but yeah, respect all around. And I know dentists totally demand this from their patients to their team to a hundred percent.

Matt Mulcock: Of course.

Ryan Isaac: Yeah. What would you say

Matt Mulcock: I would say I care, I just to the, about the team, this is the, what we were most focused on is like, I actually care more about you respecting the team than, than me. And ’cause it’s not as, it’s not usually a huge concern, like you said to the advisor. We don’t

Ryan Isaac: You said, for the advisor. We don’t get that very often. You’re communicating with the person that you have a deep relationship with and you’re showing some emotion or you’re just cranking out a fast email. Like, I gotta get this done. You know that person. And you probably had feedback or like, Oh, this person sounds mad.

Is their email mad? And you go, Oh no, I know them. They’re

Matt Mulcock: I’ve got a

Ryan Isaac: how they email. And they’re the nicest people in the world. Trust me. Yeah. So totally.

Matt Mulcock: And I’m like, that’s comes off a little weird, but then we hop on a call and it’s just like the same old, no big deal. So that is a big thing. And, and on the respect side, I mean, it’s very rare, especially with our clients. It almost never happens. But, you know, we’ve had on like our consultation calls again, another reason why I would tell someone like, it’s not going to work. Is there, I’m just like, you just, this is not happening.

Ryan Isaac: The one I wanted to call the cops on?

Matt Mulcock: That one was crazy. I mean, that was like something else was going on

Ryan Isaac: There was something, there was something wrong,

Matt Mulcock: You were just live tweeting that to the team as that thing

Ryan Isaac: That was like Stalker level if it continued another 24 hours. It was

Matt Mulcock: well, I almost caught, I almost had to call that. I was going to call him

Ryan Isaac: Yeah, call, like, the, state

Matt Mulcock: Well, I know the board, I was going to call that person’s number and just be like,

Ryan Isaac: What is going on?

Matt Mulcock: doing that, like it was

Ryan Isaac: You psychopath.

Matt Mulcock: Was bad, but, but that was level 10, um, but there’s been situations where we get on with consultations and I’m just like, There is no possible way we’re going to work together with just how you’re talking to me and the way you’re coming again. It doesn’t happen very often,

Matt Mulcock: Would expect, we’re not going to work with anybody that’s disrespectful period. Just like we wouldn’t ask a dentist

Ryan Isaac: Ask a dentist to work with us. Yeah. Of course.

Matt Mulcock: I just had a client, meeting, some of my favorite clients and, he’s the dentist. She runs the show like on the business side. and runs the office. And she was just telling me a story about how she had to go up front and kick someone out and say, you’d never come back to my, never come back back to my practice again. Cause the patient was berating the front office person and she was just like, you’re done. You’re never coming

Ryan Isaac: freaking short to come in and hate work everyday because you deal with toxic

Matt Mulcock: Exactly. It’s too short. I

Ryan Isaac: But that’s, I’m curmudgeon y and I’m old. So, that’s my, that’s my take. Okay, welcome.

Matt Mulcock: a Fitbit now. So, pretty much, I think it’s

Ryan Isaac: It starts like

Matt Mulcock: it’s like my curmudgeon old middle aged, white man, kind of rite of passage. And now I have a Fitbit. Alright, next one. We have a

Ryan Isaac: more do we, how many more are

Matt Mulcock: There’s, there’s four more. No, I think we’ll just go through these

Ryan Isaac: We’re at 45 minutes, we’re good.

Matt Mulcock: We’re good. okay, next one. So we expect you to be coachable.

Yeah,

Ryan Isaac: And, I think this ties with trust. You know, you have a new relationship with someone. They’re giving you advice. I respect a healthy level of skepticism. I respect curiosity and I respect people who question things. People who want to see data, people who want examples, people who want, Even, you know, anecdotal evidence of your experience, which again, working with a dental specific advisor, that’s why it’s so great because there’s just so much anecdotal real life lived experience too, but I think it goes hand in hand with trust, but being coachable to me is just having someone who will, Yeah, it is trust man, because they’re willing to like hear out a different perspective than maybe when they hold already and someone might come. Okay, I’ll give you an example. And, 99. 9 percent of everyone to work with is so great about this. And they’re so, but here’s a really common one. Someone is new to the firm and their new clients. And it is a type of person who has like a very adverse relationship with debt. Really truly believes that every extra penny that ever comes into the house and the business has to pay off debt at all costs, cost to lifestyle, cost of business growth, cost of liquidity.

And that’s a really common thing. And it’s obvious why that happens. And there’s a lot of messaging around it. that exact circumstances happened more times than I could ever remember. And I respect, I highly respect those people for being so, Having such a strong opinion, but being willing to listen to a bigger picture. Again, having our firm worked with hundreds of dentists for 17 years now to say, Hey, I hear where you’re coming from. I get it. Dentists probably face the biggest debt ratios of any profession out there. It must feel like a mountain is on your back. Let me tell you how other people have navigated this.

Let, let me give you some statistics. Let me give you my opinion. And then let’s just see where you land with kind of a bigger picture and more on the plate to digest here. And I respect so much people who will say, yeah, I have an actual emotional reaction, physical, emotional reaction to debt and the thought of debt and the thought of not paying it off. However, I will consider building a little liquidity along the way, keeping liquidity in the business to protect that instead of paying down the student loans too fast. I respect that so much. And it is very, very common that are people willing to be coachable and be flexible. They don’t have to bend their own values and morals and their own, you know, goals or break them. I mean, but that coach ability, I think is, it’s very respectable, but we need that. you have to have that in a client, someone who’s willing to learn a little bit.

Matt Mulcock: In no way are we sitting here saying, just listen to everything we say

Ryan Isaac: or, yeah. Never pay off debt. Never pay off debt and don’t do what you want. Like if this is what you want, let’s build a healthy, balanced, yes.

Protective, safe way for you to do that. Yes. That’s all I

Matt Mulcock: When I think of coachability, I think of the mindset you are coming to that relationship with. So, or coming to that conversation with a coachable person is saying, I’m coming in with the mindset of openness, willing to listen and knowing that I don’t have all the answers. And by the way, Hopefully your advisor has a reciprocated approach of saying, like, I don’t know all the answers in the sense of your desires, goals, concerns, everything going on in your life until you share that with me. So it’s like this reciprocated, again, what our boy David Weiss, shout out, one of our, um, you know, the original developers of Elements, within his advisors back in the day. He used to always say, and I still, still carry this with us, with me, is, being fluid, flexible, and unfixed in your opinions. So have opinions, but just be fluid and willing to like have conversations and realize I hired this person to give me a bigger picture, to give me some data, give me some knowledge and experience from all the dentists they’re working with. Again, is my mindset one. So Ryan, how many times do we have a dentist come to us that say, they ask a question that we already know when they bring it up. We already know that they know the answer and it’s already happened. And it always has something to do with buying a

Ryan Isaac: House. Always. House.

Matt Mulcock: But it’s

Ryan Isaac: Can I buy a house? You’re like, you already put the down payment didn’t

Matt Mulcock: yeah, it’s like, well, yeah,

Ryan Isaac: yeah, but can I buy it? Like

Matt Mulcock: like I could get it back. Earnest money hasn’t gone hard yet, but like that’s the antithesis of being coachable.

It’s like, I’m coming in with like, I just want you to confirm for me the thing I already have done versus like, I actually want to be open and have a conversation. I want to know.

Ryan Isaac: This is the thing you want to do. Sure. And you’ve already done, and you want somebody to hear you out, give you some perspective, but you’re doing it

Matt Mulcock: and do it the best way

Ryan Isaac: just, we just want you to be safe. Yeah. And to like, none of this, to go to waste all the schooling, all the debt, all the like hard, crazy work you’ve put in.

So yeah. Love that. Coachable.

Matt Mulcock: Coachable. Okay.

Ryan Isaac: Okay. Coachable coach.

Matt Mulcock: collaboration slash involvement.

Ryan Isaac: Yeah. For me this just means, so the majority of the people who hire us, hire us to do a very broad, proactive job of kind of being. just this comprehensive financial coach advisor in your life. that requires a certain amount of, well, we’re recognizing that you’re trying to outsource and offload a lot of work. This is stuff you don’t want to, can’t, or just don’t have time to get to. We understand that. However, there is a certain amount of feedback and reciprocation we will need to do our job well. And this usually just comes in the form of like, Hey, when you get reminders to schedule a meeting.

Matt Mulcock: Schedule a meeting. Yeah.

Ryan Isaac: When you have like a request to send a document, try to get that over, you know, and we understand you’re so busy. I swear one month to a dentist. Is like, you know, it, it feels like a day to them. Well, a month to a normal person is like a day to a dentist. A whole month goes by and they’re like, yeah, it was just yesterday. Right? You’re like, no, it’s been a month. They’re just so busy.

Matt Mulcock: Sometimes I feel like that.

Ryan Isaac: Maybe the, the old age, maybe it’s just,

Matt Mulcock: sometimes I feel

Ryan Isaac: like, wasn’t that last week?

Matt Mulcock: like, I just talked to them and I was like, oh, that was back in

Ryan Isaac: I actually do that.

Matt Mulcock: Yeah.

Ryan Isaac: I actually do. Maybe that’s just a product of like getting older, being, being busy. It’s busyness. So yeah, it’s just, we understand that you’re trying to offload and outsource a lot, but we do require a little bit, you know, log into your accounts or log into your dashboard and make sure things are updated a handful of times per year, once a quarter, go into your dashboard for 10 minutes. Once a quarter, just make sure everything looks okay. Send the documents. Your, your team is requiring, you know, schedule a meeting. I think that’s a big one too. And we know people are busy and oftentimes if there’s nothing urgent in life, it can feel like meeting for what, but it’s, it’s kind of like the patient who’s like, my teeth are healthy. Six month visit for what? And you’re like, no, no, no. Just trust me. Just come in, make it easy. It’ll be easier on you longterm if we do this frequently. So yeah, I like

Matt Mulcock: Yeah, I think the hard part about this one is, it’s super easy for someone. To not be engaged, involved, or collaborate. And then six months, 12 months, whatever, down the road, they’re like, I’m not, I’m getting nothing out of this. And it’s like, well, you, you’re not showing up. Like you didn’t, like, you didn’t buy a product for me that you never see me again. It’s you’re buying an engaged relationship. You’re investing in an engagement of a relationship. And if you’re not bringing your end of it, and then six months later, you’re like, well, I’m getting nothing out of this. It’s like, well, you haven’t responded to seven of my last

Ryan Isaac: You’re like, well, I’m getting nothing out of this. It’s like, well, you haven’t responded to seven of my lines.

Matt Mulcock: Involvement,

Ryan Isaac: While still acknowledging we are trying to take as much off your plate as possible.

You know, we’ll ask your CPA for the tax returns. If you make a good, if we have an introduction over email,

Matt Mulcock: Keep a good relationship going.

Ryan Isaac: Do as much as we can. Our team will do as much as we can, but we do need some reciprocation, especially around like having a

Matt Mulcock: having a meeting. Yeah, totally. Alright, last one. This kind of goes along with this. I think we just kind of hit this follow through. We, we pretty much, it’s kind of the same thing we

Ryan Isaac: Kind of the same thing. The only different thing that comes to my mind is sometimes follow through can be on a task or an assignment that actually carries a lot of consequence or could like be the determining factor in something risky happening or not happening. If, for example, you are given the recommendation to, transact some life insurance on yourself. Or some disability and you don’t get that done. That could obviously carry some crazy consequences if you don’t, or something around maybe an investment account or something. there are certain tasks that carry consequences and could have some urgency and have like their severity is higher if they don’t get done properly or on the right time deadlines to, there’s things that have deadlines that if you miss could carry fines or penalties or you just missed the boat on something. So that’s how I think about

Matt Mulcock: Yeah, me too.

Ryan Isaac: Of hand in hand

Matt Mulcock: Hand in hand with collaboration and involvement, just having that follow through again, we can only do so much on our side There’s still going to be some lifting on your end.

Ryan Isaac: Yeah. That’s all I think about.

Matt Mulcock: Last one, this kind of goes really along with the trust one is like, you need to have trust to have this, but this one I think is huge is, vulnerability.

Ryan Isaac: okay. What do you think about that? Uh, I threw that on this list, but now I’m gonna make

Matt Mulcock: Now you’re gonna make me answer for you. I love this one. I think is a really insightful one. I think it’s kind of the foundation of having a quality, trust, trusting relationship is showing up and being real and being okay sharing your deep concerns that you have or the things that scare you or, or, You know, okay. You’re saying the example you gave earlier, right? I’m like, you’re afraid of debt. Okay. Tell me why, what’s, what’s going on behind that, the quality of that relationship and the advice that you’re getting it’s going to be kind of in lockstep with your ability to be real and vulnerable if your

Ryan Isaac: lockstep with the ability to be really vulnerable to your advice. Chances are like no one in your position probably does either. So just say you don’t understand

Matt Mulcock: Yeah. And that’s okay.

Ryan Isaac: Going back to what we’re saying earlier about, advisors wanting to know what’s on your mind and being more than willing to like over explain and over teach, especially in our firm. I would rather hit someone constantly be like, I don’t know what that means. Hold on. I don’t understand that. Then like smile and nod and go along with it because like, maybe you feel dumb because you don’t know what you feel like you should know it. And the truth is. There’s no way you can know most of this stuff or that you would, unless you’re a huge nerd and you do this for fun on a Friday night.

Matt Mulcock: like Robbie, shout out, we love you.

So,

Ryan Isaac: I think about vulnerability, I just think about in all these small interactions along the way of just being like, Oh, Hey. I actually don’t know what that means. You know, what, what does a Roth mean? Why do you keep saying that? You know, cause what’ll happen is if someone doesn’t know what they, what something means and they don’t ask, they’ll drag their feet on it and they won’t get it done because they might feel like they don’t need to, or it’s intimidating or it’s like not right for them because they just don’t understand what’s going

Matt Mulcock: They’ll feel connected to it. ’cause they’re like, I don’t even know what you’re talking

Ryan Isaac: What it is. So that’s a small bit of vulnerability for me with a client is just if you don’t understand something, which is totally rational and reasonable, then just say like, I don’t get that. I don’t know what that means. Can you explain it? And every, every person in our firm, even though like the non advisor team members would more than willing to like teach over and over and over the same concept.

So that it does click with someone so that they are connected to it and they do, they will like, Oh yeah, that is my best. Let’s get it

Matt Mulcock: Yeah. Yeah. I mean, the only way you truly the only way you’re ever going to be be able to work like it from a financial advisor standpoint, only way you’re ever going to be able to work at Dentist advisors. Fundamentally, you’ve got the heart of a, of a teacher and you’re willing to educate, you’re driven by education, you’re driven by sharing knowledge and, and, and seeing the people’s, seeing someone’s eyes light up with a concept clicking or whatever. And so to that point, and the role we take in this is, is Try to be as approachable as we possibly can saying, and creating an environment that’s like, Hey, tell me if you don’t get

Ryan Isaac: Place, yeah.

Matt Mulcock: This is not your profession. So you shouldn’t know

Ryan Isaac: There’s no way that you should know this stuff. Even though it feels like you should.

Matt Mulcock: do weekly masterminds with our advisor team to share things that were always like, wait, this rule, what’s this

Ryan Isaac: I just asked a huge question this week that, Jake answered for me. It was like, that was so clear.

Matt Mulcock: Yeah. Yeah. It’s like, there’s too much to know.

Ryan Isaac: Uh huh. And it’s always changing.

Matt Mulcock: Changing. So I think, I think vulnerability is huge. Having the vulnerability with your, like, that’s what we expect and again, it kind of ties us all back. Clear communication of saying you’re going to be vulnerable enough to clearly communicate when you need something from us, when you don’t understand something and be able to just show up as yourself

Ryan Isaac: Yeah. end of an era in this podcast studio. The next time we’ll be in a different studio, but thanks for always tuning in and listening and, the dentist advisors discussion group, great place to ask questions and share a lot of this stuff. And if you’d like to just connect with an advisor, Dentistadvisor. com. Click the book, free consultation link or what?

Matt Mulcock: what else Ryan? If you want to come and hear more about everything we’re talking about on the show, I think in person, maybe meet.

Ryan Isaac: Venue and a great time of year.

Matt Mulcock: My gosh. This sounds too good to be true, but nay.

Ryan Isaac: It’s not, there’s a second annual

Matt Mulcock: Annual Dentist Money Summit in Park City, Utah.

Ryan Isaac: 2025.

Matt Mulcock: DentistMoneySummit. com. We have a whole new lineup of speakers. So, you know when you go to those summits, Ryan, and you’re like, Okay, this is awesome, but I have heard the same people talk except for me, for whatever

Ryan Isaac: Yeah. Except for Matt,

Matt Mulcock: Need to change this up. I have to come up with something new. Everyone else’s new lineup. but anyway, DentistMoneySummit. com. We would love to have you out.

DentistMoneySummit. com.

Ryan Isaac: Thanks everybody. Thanks Matt. Catch you next time. Bye bye.

Keywords: Financial Advisor, Client Expectations, Trust, Clear Communication, Collaboration, Long-term Mindset, Vulnerability, Respect, Coachable, Follow-Through, Comprehensive Planning, Behavioral Coaching, Accountability

Behavioral Finance, Finance 101, Year-End Planning