FPA Presentation [Episode 95]

What are the best prospecting practices—especially when it comes to your website? This is one of the most common questions Matt and Micah get, and today they’ll be addressing this, as well as other concerns advisors are dealing with. Listen in as they share tips for more productive prospecting, how to deliver massive value through communication, and how to cut away the unnecessary time-wasters.

You’ll hear Matt and Micah address great questions from FPA presentation attendees and talk about their best website and prospecting strategies. They also break down the steps that will get you to a high-traffic website and a more effective client prospecting procedure, as well as concise action items that are easy to implement right away.

Listen to the Full Episode:

What You’ll Learn In Today’s Episode:

  • The best prospecting practices.
  • How to easily set expectations from the start.
  • The most important elements to add to your website.
  • How to explain taking a lot of time off to your staff.
  • Four examples of rotating calls to action.
  • How to decide what kind of content to produce.

Ideas Worth Sharing:

We can set those expectations, then deliver on those expectations—now you’ve done 90% of what most other advisors do not do. - @ThePerfectRIA Click To Tweet It’s all about talking in the consumer’s language. That’s how they talk, that’s how they think, so that’s how you need to answer their questions. - @ThePerfectRIA Click To Tweet If your website is speaking to the entire world, no one will hear it. - @ThePerfectRIA Click To Tweet

Resources In Today’s Episode:

Enjoy the show? Use the Links Below to Subscribe:

Read the Transcript Below:

This is The Perfect RIA, in case you didn’t know. Bringing you all the strategies to help your business grow. Are you happy? Are you satisfied? Are you hanging on the edge of your seat? Sit back and listen in while you feel the beat. Another myth bites the dust…

Matthew Jarvis:   So we’re going to go ahead and jump in. I’ll do a quick introduction. So we’re going to almost do this as a quasi podcast, so you guys are obviously here, the FPA of Phoenix, listening to it live. Our podcast audience will hear it in a delayed fashion.

By way of introduction. I am, of course, Matthew Jarvis. I won’t spend a lot of time on background. You can go to kitces.com/7, which was, arguably, the best Kitces Podcast, but also the most popular. I think what stroked the popularity there is, I said, “Hey, I work six months out of the year. I take six months off. I run a 50% profit margin and 50% plus and this is kind of how we do a highly profitable, hyper-efficient lifestyle practice.” Ended up through that meeting Micah, who was kitces.com/110, possibly the second best, we’ll see, also runs a highly efficient, hyper-profitable lifestyle practice. Though I’m sitting here with Micah, flattery aside, Micah’s practice absolutely crushes it. It’s the only price I’ve met that makes mine look bad. So I got to see if I can keep up with you.

Micah Shilanski:  You got to get your jabs in where you can, right? It makes it fun.

Matthew Jarvis:   We will be watching the chat and the Q&A, so if you have questions, especially if you have comments where you say, “Ah, guys. I don’t know. That doesn’t really sound real. It sounds too good to be true. I think that you’re skimming over things.” I did, Micah, once have a director of a major industry group, I won’t name them, they came up to me after an FPA presentation. He says, “Matthew, you’re actually doing the industry a disservice by making this look too easy.” It was kind of an interesting point. I had been talking about centers of influence, but so if you think we’re doing that, call us out. Melissa, put that in the chat. Don’t let us slouch off here. So Micah, what should we talk about today?

Micah Shilanski:  I love that. Call us out on the BS card. We would absolutely enjoy that. It’s a good conversation, so we really want to encourage that. What I was thinking about today, kind of looking at the agenda, one of the biggest questions that we get when we’re working with other advisors is about a prospecting question, right? What are some of the best ways to prospecting, especially with the branding considerations, really going over websites? I think there’s a lot of things inside of the advisor websites that we do that are productive and there’s a lot of things that we are not productive. Now, a quick little reference point’s inside of there, so my niche is specializing in federal employees.

                           I work with the federal employees across the country. I get about 30,000 people, unique visitors, a month on my website and about 90% of our new clients come off of our website, which is about 30 to 40 new clients firm-wide a year. So we get a pretty decent traffic that’s going on there with this. So we’ve kind of cracked the nut, right? But we’ve got a decent idea on how to do website traffic and how to look at it. So we’re going to talk about some pros and some cons, what works on websites, what doesn’t work on websites, and more importantly, how do you deliver massive value, every step of your communication so people want to work with you at the end of the day?

Matthew Jarvis:   Like everything we talked about in The Perfect RIA, we really want to narrow this down to actionable steps you could take today. You could, in theory, do this in the background while you listen to this call. We’re not going to talk about why you should rebuild your website from scratch and you should custom program all these meta tags and all of this stuff that, frankly, I don’t understand and we want to go really step-by-step. So Micah, why don’t we start with what I think is my biggest pet peeve when I visit advisors’ websites and for the members of the FPA of Phoenix who watching live or anybody watching this recording, go to your own website right now, www.awesomefinancialplannerofarizona or whatever your website is, go to that. From that site, as a consumer, is it abundantly clear to me what the next step is? Call me doesn’t count.

                           The next step is, and then what happens when I contact you? So your website says, “Contact us. Call us. Schedule an appointment.” Does it say what will happen if I call you, because if it doesn’t, the consumer is left thinking about possibly a worst case scenario. Is this going to be a timeshare presentation, which in Arizona, is a fairly common thing, right? Am I going to go into this guy or this gal’s office and they’re going to lock the door and I can’t leave until I turn over my nest egg? Or is it going to be like the car dealership where they’re going to say, “You have to buy today.” If you’re not spelling that out on your website, what will happen when someone calls you, you’re letting their imagination run wild and not for the best.

Micah Shilanski:  Even almost worse than that, you’re letting someone else set expectations for you, right? You’re letting a bad experience they potentially had at another advisor’s office doing something somewhere else, set the expectation of what it’s going to look like when they come into your office and you have this great, non-threatening unique opportunity to just set that. So not only you’re framing that expectation like we do in every client meeting we have, every time we’re chatting with a client, we’re going through things. We’re setting expectations. What are we going to talk about today? What questions and concerns do they have? What are our outcomes going to be, right? We’re already framing those in a meeting.

                           We need to do it before the client ever engages with us and that builds our credibility because the more we can set those expectations, then deliver on those expectations, now you’ve done 90% of what most other advisors do not do. So now in a ranking system of either shopping you out with someone else, you’ve done what you said you’re going to do. Your credibility is through the roof compared to most other people. It’s amazing how it’s just the little things, that this isn’t about the litany of the financial plan or all this other stuff. We haven’t even got to that stage in it right now. This is just about your credibility and how can you edge that up in your prospects’ minds?

Matthew Jarvis:   That’s right. We’ve got a chat in for Melissa. By the way, Melissa, thanks so much for having us. Not just because she’s on the call here, I don’t know what your exact title is in the chapter, but one of the most innovative chapters I’ve ever been involved with. Micah and I have had the chance to speak at a lot of chapter events, always very impressed with the FPA at Phoenix, but Melissa chats in there, 30,000 unique site visits to Micah’s website. Wow. Let’s talk about this. I love it.

Micah Shilanski:  They all come from India, right? They were hiring people to hit the website.

Matthew Jarvis:   Micah and I are best of friends, so we love to tease each other. But if you go to Micah’s site, so not his Shilanski website, but his my plan, my-

Micah Shilanski:  planyourfederalretirement.com

Matthew Jarvis:   Go to that site and I love to tease Micah because this is not the prettiest website in the world.

Micah Shilanski:  No, it’s not.

Matthew Jarvis:   I like to highlight this because despite not having flashy graphics, elaborate color schemes, fancy branding, it delivers results, results being unique page visits, and more importantly, clients-

Micah Shilanski:  Correct.

Matthew Jarvis:   … for your practice.

Micah Shilanski:  Even in between that, we delivering value to people that go to our website, right? Even if they don’t want to hire a financial planner, there is tons of phenomenal information on that website that they can get information, even if they never contact us.

Matthew Jarvis:   Correct.

Micah Shilanski:  So at the worst case scenario, someone hits our website, they learn something, they get great information and they leave, the world is a better place. This is not about a bad outcome from that setup.

Matthew Jarvis:   Completely. So we said, first action item was to look at your own website. Is it clear to the consumer? What happens when they contact you? I would say, Micah, a second one, when you go to your website, is it delivering value to the consumer? Now you need to be careful because you don’t want to just add more noise, right? Google, the retail sites, they already have all of the noise out there. If you’re adding more noise, if you’re trying to write a blog on making Roth contributions, that’s going to be a tough one to get attention for. Not that it’s a bad strategy, it’s just going to be tough to get attention for. But if you have, for example, 10 questions to ask every financial advisor, and here’s my answers to those questions as well, that’s delivering value. That’s something they’re not seeing somewhere else or not seeing as consistenly somewhere else.

Micah Shilanski:  When we talk about those, those are where we like to call and do a lead magnet, right? So anytime we’re going to give away some good information that’s going to be there, so there’s a lot of free information on our website. But really, what I’m trying to do on our website is get people to engage with the next thing and that next thing is going to be their contact information. I want to give them something that’s good information, that they’ll give me valid contact information so we can start dripping on them. We can add them to our newsletter, add them to our easing, add them to our podcast list, invite them to webinars, because when I get their contact information, now I can control a little bit of that experience.

                           A side note, this is also why I don’t carry business cards because if I ever run across someone who is a federal employee looking for benefits and they want my business card, I don’t happen to have any. “So let me get your contact information and I’ll have my team get in contact with you.” I can now control that communication flow versus if I’m just handing out business cards, waiting for someone to call me that probably won’t. Same thing on your website, how are you going to get their contact information? So Jarvis, your thing about the top 10 questions to ask financial advisors, the top 10 questions financial advisors wish you didn’t ask them. So kind of take it from that spin. That’s an easy one that you can throw out there-

Matthew Jarvis:   A quick thing on those types of questions, you can, by the way, just Google, top questions to ask financial planners, give you some inspiration on that. Adjust those questions for things that flatter you. So for example, I would not have anything that relates to quality of financial advice and amount of hair, right? I’m being silly here, right? That would not be like, “Ask your financial planner at what age they lost their hair.” That’s not going to work for me or, “Ask your advisor what prestigious university they went to,” also not going to work for me. So I’m going to make sure those questions highlight my strengths. For example, I recently won a prospect away from a very well-known, very large RIA firm in the world. We won’t name them here.

                           I knew that they were going to interview him, so one of my questions is, “Is your advisor giving you tax advice? Specifically, are they reviewing your tax return as it relates to the financial planning process?” This prospect said, “No, Matthew. They’ve never asked for my tax return.” I said, “Oh. Well, how do they know how much you should do in a Roth conversion? How do they know how much you should withhold from your IRA distributions? How do they know if you’re going to get nailed by the Medicare tax or surtax?” So those are all things that I can plant just with that one question, “Does your advisor proactively advise you on tax strategies by reviewing your tax return?” And now, I’ve differentiated myself.

Micah Shilanski:  You say that in a really good way, right?

Matthew Jarvis:   Yes.

Micah Shilanski:  You’re not saying it as a way, as we all know, right? You’re not ragging on someone else for what they’re doing. We’re saying it in a way about how do we create some questions? How do we create some concern that’s going to be out there?

Matthew Jarvis:   So Melissa, thanks for keeping the chat box. I apologize. I’m leaning forward to see this thing. How do these concepts apply, for example, to our investment or mortgage partners or other educators, people trying to recruit students? Again, we want to deliver value. If I’m saying the same thing that everyone else is saying, I might as well not say it. This is a totally different angle. If you go to financial planning website, jarvisfinancial.com, we do not get 30,000 visits. We probably don’t even get 300 visits. I don’t track that, but you’ll click on that tab that says, “Sleep on it,” and it very clearly articulates how we help people make an educated and informed decision about our firm. Same goes for if I was a mortgage company, an investment company or a recruiter, how am I helping consumers make an educated and informed decision about my service when, to them, it all appears the same?

Micah Shilanski:  It’s not saying, “I analyze the Monte Carlo portfolio for the analysis and you get the lowest beta with the biggest alpha,” and blah, blah, blah, blah, blah. Right? It’s none of that jargon crap that’s out there. It’s none of that industry language that we all like to speak and think we’re smart when we do. It’s all about speaking in the consumer’s language. That’s how they talk. That’s how they think and that’s how you need to answer their questions.

Matthew Jarvis:   Today’s podcast is brought to you by Get Me More Clients, Please. Not getting enough prospects in the door? Spending your days on the phone wishing someone other than a wholesaler would call you? We have great news for you. Listeners of The Perfect RIA Podcast, which is you can now access our prospect video training series by visiting theperfectria.com/prospects and enter in the code, pleasepleaseplease, to get access today. Now this is a kind of off topic, but we’ve got a great question from Matthew.

                           He says, “Do you feel like hypocrites?” “Do you feel like hypocrites to your employees, staff when you are not in the office, but they are?” So Micah and I both take four to six months, a year, 10 months a year, not 10 months, four to eight months a year out of the office. When we hire our teams, we just tell them, “Hey, in fact we’re interviewing people right now for our firm as are you. Can I take four to six months out of the office each year? Is that a problem for you?” If they say, “Yeah, that really doesn’t seem fair.” Perfect. Next.

Micah Shilanski:  Next.

Matthew Jarvis:   I’m sorry. Go ahead.

Micah Shilanski:  Oh, I want to pause on that one, though because that can sound a little cold-hearted which, part of that’s true. We got to make sure it’s the right team, but let’s think about it with our team members that are there. They want a different job than we have. They’re not looking to be advisors, right? Advisors are looking for this type of thing. Now, our team has a decent amount of time off that they can take … pretty flex in a lot of things we can do outside of the surge times. We’re not flexible in that. Outside of that, they got a pretty good comp package. They got a pretty good time off package, et cetera, but they don’t want six to eight months out of the office. That’s not what they’re looking for, so don’t try to solve your problems and your vision of what you need with what your team needs. What do they need? What do they want? That’s what you need to solve, just like with the client.

Matthew Jarvis:   It falls under the same category as compensation, right? So as advisors, we’re taking on significantly more risk than our team members are. Our compensation reflects that and time out of the office is part of compensation. All right, let’s just back on the website thing got a little sidetracked on that.

Micah Shilanski:  Good questions, though. Please keep those coming.

Matthew Jarvis:   So let’s go back on those call to actions, right? You need a call to action on your website. Generally, once a quarter, you should be rotating this call to action, whatever it is. So the good news is, you only need four and you keep rotating them. So for example, on ours there’s the aspects of the top 10 questions financial planners don’t want to answer. We have seven classic mistakes when planning your retirement, top three reasons not to use your TSP to pay off your house. TSP is like a 401k. Three reasons not to do pension max, right? So those are our four that we rotate throughout the year and we get a lot of traffic based on those. So if someone’s coming back to our website, every couple of months, that’s changing, which just shows new content being updated. But it’s not like every week, every month I need to create new content. It’s just four pieces and we rotate those pieces.

                           I think some of that also ties to what is your strategy for your website? You need to be very clear about that, right? Micah’s Plan Your Federal Retirement is great for SEO. It’s great for people searching Google who’s trying to get there, where mine is more of a brochure style website. They met me somewhere. Most of my marketing comes through centers of influence, through networking. So Micah, to your point, I hadn’t thought about it, I never hand out business cards. I say, “Well, I don’t know. Go check out our website. It lets you know how to decide if we’re a good advisor. Great news. You can use that to evaluate any other advisor.” So really, “What am I trying to accomplish with my website and am I, in fact, accomplishing it?” If you say, “Well, I’m trying to drive organic traffic,” are you in fact driving organic traffic or is it not?

Micah Shilanski:  Right. So one of the other things that we can really get up on in advisors is having the slickest, coolest, newest, prettiest little thing that’s out there. I really want to say hit a pause button on that then go to a timeshare presentation and how much slick, cool stuff do they have? They got a lot of it. So if all of a sudden you look slick and cool and timeshares look and cool, guess what they’re going to think about you? So you might want to pause that a little bit and have a clean website, have a clean design, but don’t go for the latest fashion.

                           Don’t go for all the new cool features that are out there because I could be wrong in this. Maybe it works for you, and if it does, I would love to hear it. But my basic philosophy of this is people want finances that are stable. They want solid, they want long-term relationships. They want those types of things and that doesn’t come with the newest changing technologies. So it’s okay to have a clean design website that doesn’t do a lot, even though marketing people go crazy with it. Those tend to work out more than any other advisor I’ve talked to that has the slickest, most up to date things and they cannot connect with their prospect. Who is your target market? Who’s your prospects? Speak to them in their language.

Matthew Jarvis:   Related to that, something I often think in all forms of marketing, but websites especially, and I’m going to use Fidelity as an example because we custody at Fidelity, so I feel like I can call them out. You will not beat Fidelity in website design. You won’t. They spend more money a month on their website than any of us, collectively, will earn. I cannot beat Fidelity at their game, so I will not play that game. I cannot beat Vanguard at their game. I cannot. Any of these people that have billions of dollars to spend on marketing, I can’t win there, so I have to think, “All right, what is a game I can win. A game I can win, how to make an educated and informed decision about my firm. Again, Micah can win how to deal with federal employee benefits, right? So pick your game where you can win and people want to work with us on this call because they want a personal connection. If they wanted a big ivory tower, it’s not any of us on this call, right? And that’s fine. There’s a market for that too.

Micah Shilanski:  I’m going to say the other thing that’s really big on the website is showing who you are, right? Not getting too personal with showing too much of the personal side. A little bit of it, I think would be a great thing to do so they can see who you are as a person, but also you have to speak to your prospect. You have to speak in also the way that works for you. So what communication style do you like the most? Do you like written content? Do you like audio content? Do you like video content? What is the easiest for you to produce? So for example, for me, proud college dropout, highly dyslexic, writing is fun.

                           So it’s a bit of a challenge to get out good written contents, but I can jump in front of a video and I can pound out a lot of content. So in my office, I got a giant whiteboard over here and a camera and I can turn that on with all the lighting and I can produce tons of video content and it gets kicked out to my team. It gets on my website. It gets transcribed in written content because for me that is the easiest to deliver content. So that’s what I’m solving for. How can I deliver massive value to my target users? Same thing with you. What is the easiest way for you to produce content and go with that, because you doing something is a heck of a lot better than you doing nothing?

Matthew Jarvis:   The only other thing I’d add before we jump into action items where Micah, you got, again, niche focus. If your website is speaking to the entire world, no one will hear it, right? Micah has federal employee benefits. A friend of ours only works with dentists who are buying practices. That’s it. That’s his only business. Another friend only works with optometrists that are in private practice, right? The narrower that niche is, and networks for your website as well, the tighter the group that you’re speaking to with your website, the more success you will have. Again, whereas if Fidelity or Vanguard is trying to speak to everybody, which they do very successfully, the tighter you can get, the more likely you’re going to get attention.

Micah Shilanski:  Absolutely love it.

Matthew Jarvis:   I’m just looking at another comment here, so we’ll do some Q&A in just a second. Let’s do action items and we’ll do as much Q&A as you all have, so-

Micah Shilanski:  Perfect.

Matthew Jarvis:   Website action items, Micah.

Micah Shilanski:  Number one, have your team go through your website. If you don’t have a team, go get a virtual assistant, 15 to 30 bucks an hour. Go hire them and have them go through your website with the intent that they are a customer and have them go through your entire onboarding process. What are the things you think gets done, but actually doesn’t get done, right? So have them go through your entire onboarding process. What was their feelings? What was their emotions? What did they expect to happen versus what actually happened when they went through that? Clean up that onboarding process. I’d say that’s the number one thing to do.

Matthew Jarvis:   To make that even more effective, if you have the stamina for it, would be to tell someone who’s not your team member that this website was created by someone else, not you and you’re trying to evaluate it and see what kind of job they did. That way, they don’t hold back and like, “Matthew, your website looks terrible, but I don’t want to sell anything.” If I say, “Hey, I had a company do this, let me know what you think,” and then they’re going to just let it come, but make sure you’re ready for that, emotionally. Action item number two, this is related to Micah’s. As your team reviews it, as you review it, if you were a consumer, what would be your next step, if any? What expectations have been set or managed, if any? If it just says contact us and they’re just left to the wolves to imagine what’s going to happen, that doesn’t work.

Micah Shilanski:  Then number three, we always need to do things to improve our game, so here’s our selfish plug. Jump on your podcast. Download the perfect RIA podcast if you’re not already doing it. We put out weekly content. I know, right? Good looking shirts. We put out weekly content that’s there that is just designed for advisors. Again, we don’t have theoretical information. We have tested it in the trenches. We both run pretty successful practices and we talk about it every single week for just 30 minutes, what are things we all need to do to improve our practices? If you have any suggestions for us and things we need to be doing different, we would love to hear that.

Matthew Jarvis:   Last action item and then we’ll go pure into Q&A. Mark your calendars, May 18th to the 21st, we will be in your neighborhood, Scottsdale, Arizona, doing the TPR live event. So the information will come out on that shortly, but mark your calendars. We hope to be down there to see Melissa and everybody else in person. So with that, questions, we’ve got Jenna says, “I also spent four to five months out of the office. Summers are brutal here.”

Micah Shilanski:  Awesome.

Matthew Jarvis:   I’ve heard that. “Come up to Alaska. They’re beautiful here. I am struggling with the first hire and managing them remotely.” Well, so one, great news. One of your options for the next session, Colleen Hallinan, and I’ve worked with her personally. Micah and I have had her in our Mastermind. She will have some amazing content on this. I will confess, when I hired Colleen, my office manager, who’s been with me for eight years, when I first hired her, she was onboarded for a week and I said, “I’m leaving for the next three months. Good luck to you. I’ll see you in three months,” so trial by fire is an option.

Micah Shilanski:  I don’t know I would recommend that one. It might give me more of a heart attack than it does Jarvis. The biggest thing is when you’re hiring someone, hired to solve for your communication needs. What are your weaknesses, right? That’s who you’re hiring to solve, not improve your strengths, but to improve your weaknesses. Number two, they have to be willing to communicate in the method that is best for you. For example, again, going back to the dyslexic thing, right? Reading massive amounts of long email contents, people writing essays and emails, I’m not even going to get through that. Responding in that format is not going to happen, so video communication is huge to me. My key team member is on the East Coast because I’m an early morning person. When I call my team in Alaska at 6:00 AM local time, they’re not very happy. I don’t know why. It’d be a great wake-up call, right?

                           But Victoria, on the East Coast at 10:00 AM, she’s up and running already and has things done. So for me, I’m solving for time zone. I want someone first thing in the morning that when I’m up and running at 5:36 AM is up and running as well. So my key team members there, we set up checklists. We’ve got off this a little bit, because we’re much more on autopilot. But at first we’re really big to weekly checklists, weekly check-ins that are going to be there, monthly checklists and check-ins that are there. You have to follow up just as if they were in-person employee. I love to video conference because I get to see their eyes. I get to see their body language. I get to see that inflection. What are they really trying to communicate to me on getting their stuff done and then holding on to it?

Matthew Jarvis:   I want to throw one other thing that both Micah and I have in our respective practices and that is, I’m going to call it a safety valve, for lack of a better term. So whether we’re traveling nearby or Micah and I have spent time in Asia. We’ve traveled all over. We tell our team, “Hey, here’s all the things you can handle. If you ever feel like there’s a situation and you can’t handle it, whatever it is, here’s how you can get a hold of me. Here’s my cell phone. Here’s my satellite phone,” whatever it takes. Again, to Micah’s process or point, we have systems and checklists, but I always say, “Hey, if there’s a client on the phone and you’re not sure what to do, tell the client that you’re going to get a hold of me. I’ll call them back at 2:00 PM,” or whatever time and then, “Here’s how you can get a hold of me no matter where I am in the world.” How often does that happen? Once a year, maybe.

Micah Shilanski:  Rarely.

Matthew Jarvis:   It’s mostly head trash, but have that in there. It gives your team a lot of relief.

Micah Shilanski:  I just got back from moose hunting for almost a month while I was out there and I did have to make one client call. I had a client die, so I ended up having to call the spouse, talk with them about going through things, et cetera, coordinated through the sat phone, got up. We had a conversation with him on the sat phone, so just one of those things that will come up. But this thing is, it was the first time in five years I’ve had to make these calls, so giving your team the ability to do that.

Matthew Jarvis:   For sure. To pivot just a little bit in the couple minutes we have left, we’ve got a question about custodians. Oh, we have a fun question, “When will you be running for President of the United States?” Not a high enough position for Micah or I. If czar of the world comes up, we’re in. “Can you talk about custodians. Matthew used Fidelity.” That’s correct. “Micah used Schwab. Be brief. Good luck.” Just looking at navigating through that and trying to know what is important to consider. That’s a big one.

Micah Shilanski:  Oh my gosh. Be brief. So I would say the biggest thing, they’re all virtually the same. What package works with your technology suite and set up? I would say that is the biggest one, having your ops team go through their what’s the ops service like do they fit those things? Do they do 95% of the things that you do? No custodian is perfect. The good news is when we onboarded with Schwab, he said, “Here, look. Here’s the top five things we do not do and if this is what you need, please go somewhere else.” So it was a phenomenal experience from that. No one’s perfect. Who’s going to do 95%, pick them and move on?

Matthew Jarvis:   Maybe if there’s something unique to your business model, if you’re doing a lot of 401k plans, Fidelity already controls a bazillion 401k plans, so maybe that’s it. I’d be hard pressed to change custodians. Like you said, they’re all so close to the same that if you’re with one, especially one of the big ones, don’t waste your time changing. Whatever you think is going to be better, it’s probably not going to be.

Micah Shilanski:  Short of coming from wirehouse or coming from somewhere else, just changing custodians from any of the top three, that’s hard to make money on that one.

Matthew Jarvis:   “After the custodian, what can we expect when we return from the lunch work stages?” Well, Melissa can probably comment on it. There are two really great sessions lined up. I can only speak to Colleen Hallinan because I’ve worked with Colleen personally. I’m really excited. If you have not done coby with yourself, with your team and with your spouse or partner, this is a great session to attend. My wife and I both did the cobys and the cross comparisons, very insightful, but also great for my team. One of the things we took away from that, so my office manager from Colleen, she wants different things in a meeting than I want. I want to go in high-level strategy and leave in seven minutes and she has a thousand questions that need to be answered.

                           So for an example, we were on a call with a developer and the developer says, “What shade of blue do you want here?” Colleen says, “Hey, Matthew is probably getting ready to kill himself. Let’s just ask him the three questions he needs to answer and that we’re to get them off the call and I’ll take care of that.” So now we kind of have this safe word in our office like, “Hey, this is energy-draining for me. So Colleen, myself, Nathaniel, anybody can say, “This is kind of an energy-draining, meaning for me. We need to pivot and get it done and get it over with.” So that’s something they look forward to in the afternoon.

Micah Shilanski:  That’s great. Then, of course, the ending session, I heard, was just going to be off the charts-

Matthew Jarvis:   Yes. Yes. Drinking time with Matt and Micah. So we’ll have some drinking games this afternoon. Our Corona Time we did a few months ago was great fun, so I think that comes on at, I don’t know the time translation is. Melissa can tell is what time that is. It’s 3:45 Alaska time.

Micah Shilanski:  4:45, your guys’s time?

Matthew Jarvis:   Sounds about right-

Melissa:              It’s 4:45.

Micah Shilanski:  Perfect.

Matthew Jarvis:   Melissa, anything else you want us to cover in the 37 seconds we have left?

Melissa:              So there’s two options for the next two hours. They both should fly really fast. Matt Benson is the other option. He’s our advocacy leader in Nat’s still on. He’s probably ready to switch to the next screen, but if you want to work out just experientially, how do we plan our priorities and how do we negotiate and build relationships with federal, state and regulators, not just legislators? This is the one to attend on the advocacy side because you’re going to watch us make the sausage, if you will, Matt, what do you want to say?

Matt Benson:      Matt, I feel like I need to tune into that session specifically because I referred to as the other option. So I’m going to be jumping in on Matt’s. I guess what we’ll want to do, Matt, is have you dial into our next Mastermind because we’ve had Colleen, so we’ll have to have you in next.

Matthew Jarvis:   Perfect. Perfect. Well, thanks everybody.

Melissa:              They’re queuing us up on the next one, so we’ll see you in two hours.

Matthew Jarvis:   Alrighty. Happy planning.

Micah Shilanski:  Happy Planning.

Hold on before we go. Something that you need to know. This isn’t tax, legal, or investment advice. That isn’t our intent. Information designed to change lives. Financial planning can make you thrive. Start today. Don’t think twice. Be a better husband, father, mother, and wife. The Perfect RIA. The Perfect RIA.

Share the love!