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Bringing the Cost to Serve Down

The reason why financial planning is so expensive is the cost to serve mainly targets the needs of the very wealthy. And unfortunately the technology we use was tailored for a passing era and has not kept up with today’s changing planning demands.

On this episode of Elementality, Reese and Carl talk about right-sized planning and the challenge of bringing the cost of advice down so advisors can better impact anyone who wants financial advice. A good place to start is looking first at the specific cause of a prospective client’s financial pain. Initial planning that is right-sized and answers top-of-mind financial questions is an effective way to win long-term clients. And as Reese explains, the Elements scorecard was designed to start this type of conversation.

 


Podcast Transcript

Reese Harper:
I already knew the answer in advance.

Carl Richards:
Sure.

Reese Harper:
But by bringing her into the…

Carl Richards:
Yeah, there’s a whole game with that. It’s important.

Reese Harper:
There’s a whole like righteous trick there of getting someone to come in and be like, “Hey, finances are big” or “See these other 12 indicators that you don’t yet know about, I’m gonna explain them all to you eventually, but just for this one question you had it depends on one thing, and this one thing, I don’t need to ask about everything else, and I’ll answer your question.” That’s what we got to get to is getting… Get to the question faster, but don’t answer the question until you teach them something about the context behind that question.

Jordan Haines:
Welcome to Elementality. I’m Jordan Haines, Financial Planning Specialist at Elements. Each episode, Reese Harper and Carl Richards will explore the major challenges faced by financial advisors and the things they can do to manage the functional, emotional and social jobs of delivering real financial advice to real clients. We hope you enjoy this episode.

Reese Harper:
Welcome to another episode of Elementality everybody, here with Carl Richards, and I’m your host, Reese Harper. Carl, I was just… We’re tailing in from Topo Chico headquarters here in Salt Lake City, Utah. Apparently, Topo Chico’s since 1985, bottled at the source. I just realized that.

Carl Richards:
I’ve been drinking it for 120 years.

Reese Harper:
[chuckle] I thought this was like a trend, a more recent trend, I’ve been seeing them more in distribution. I think maybe some rich venture capitalist acquired and hold…

Carl Richards:
Coke.

Reese Harper:
Oh, they did.

Carl Richards:
Yeah.

Reese Harper:
Alright. And then they…

Carl Richards:
I almost stopped drinking it because of that but I’ve continued.

Reese Harper:
Love it. 1895. Been here, giving us carbonated beverages ever since.

Carl Richards:
Yeah.

Reese Harper:
If any of you’d like to come and join us here at Topo Chico headquarters in Salt Lake City, Utah, you can reach out to Topo Chico and let them know that we’re using their bottled water at the source and we’re looking for sponsors for the show. Have they ever called you and said, “Hey, Carl, you… ”

Carl Richards:
No, I’m still waiting for Howler Brothers to call me too, the T-shirt, the shirt company, so. And Sharpie for that matter.

Reese Harper:
Yeah, we can’t get anybody to sponsor.

Carl Richards:
I can’t get Sharpie to sponsor me.

Reese Harper:
[laughter] Okay. Well, we’ve had a good series so far on kind of the… If you haven’t tuned in, make sure and go back and listen to this kind of in a series. We had one… Our first episode kind of outlining the problem that we see, anxiety and stress in the industry or in around people’s finances being a major source of… The main problem that Carl, that I feel like financial advisors can address. Then we talked a little bit about the blue ocean out there, the market of untapped people that we still really have the biggest impact to make in our careers on these people making anywhere from, you can say half the households in America at $75,000 or up in income, you got another 25% of 120 million households making between $36,000 and $75,000. There’s just a lot of… There’s a lot of people out there that we could have an impact on.

Reese Harper:
Today we’re gonna talk a little bit about the things we would have to do to re-imagine how to address that market. That’s not been something I think the industry’s put a lot of time into. Carl and I are really passionate about this and kind of was the reason I think we came together is exploring how do you address the needs of a market where you have to bring the cost to serve down. The cost to serve right now is largely based on the needs of the top 0.5% of income earners, the one percenters, the quartile of one percenters. You could argue, when advisors in the 80-20 rule kind of… It’s probably the top quartile of 1% just because the needs that they’re focused on, the technology stacks, all the things we use, they’re really geared to these, the highest revenue producers in our practices, which are generally… 80% of our revenue’s coming from 20% of our clients.

Reese Harper:
And if advisors are working with 9 or 10 million households plus, if you use CFP’s as a proxy and give each of them, let’s say 100 households, your revenue’s really probably coming from the smallest part of their books. And I know that’s the case in a lot of practices I’ve interacted with.

Carl Richards:
Yeah. For sure.

Reese Harper:
So, let’s just talk about that problem a little bit and the types of things that are costly and different ways that you’ve thought about, and that I’m thinking about, and that we’re thinking about at Elements to sort of bring down the cost to serve to a larger block. What’s the first, I guess, couple things that come to mind for you just around this topic in general?

Carl Richards:
Yeah, I was just thinking about the need to just question these assumptions about the things that we do. And one of the experiences I had is I remember when I first started, it was probably a year or two into having my own RA, so I’d left the big brokerage firm with the bull as its symbol but will go unnamed, it’s now owned by a bank, and I had started my own firm and I of course sent out quarterly performance reports.

Reese Harper:
Yeah. That’s what you do.

Carl Richards:
‘Cause that’s what you do. And it was so important. And I remember telling everybody, we send out quarterly performance reports. And then, about a year into it, one quarter I forgot, and I had realized that on a weekend, I was like, “Oh no. Those were supposed to go out Thursday. It’s now Saturday afternoon. Oh man, when I get in Monday, I’m sure… ” ’cause they all went out by email, right? This was… We had stopped delivering them by courier pigeons. So, I was like, “Oh no, there’s gonna be so many mad emails.” And I got back to the office and there was exactly zero emails saying like, “Where’s my quarterly report?” So I waited another day, no emails, and I realized, “Wait.” Nobody was born thinking they needed a quarterly performance report, we created that problem, and now we’re trying to unwind it like, Hey, don’t think short term, and I’m gonna send you a quarterly reminder not to think short term, you know what I mean? So I think the first… And so forgot the next quarter and the next quarter, and then I changed… What was the form? Is it an ADD.

Reese Harper:
Form ADD.

Carl Richards:
I changed it to performance report available on demand instead of quarterly, nobody cared. So that’s… I only tell that story as an example of I love thinking through What can I delete, what can I delegate and what can I do? And the delete thing is really crazy how much that’s just in our heads. So the amount of time that we spend on certain things that we might… A We might have thought they were really important for this top group of people that we serve as an industry, they might not even be important to them, but let alone if we rethink like what is this service offering… And I had a friend, his name was Kevin, he was at one of the big firms I worked for. And Kevin was super successful, and he didn’t do all these other things, he didn’t send out anniversary cards he didn’t send out birthday notes. And I finally asked Kevin one day what he did and he was like, “We provide rapid response to people’s questions that’s it. And we don’t spend any time on anything else. If people call and they have a question, we get back to them and we answer the question.” So those are just two stories to push the envelope a little bit as we start.

Carl Richards:
Like, what are the things that really matter? And what is the cost of doing business? What can we delete? What can we delegate in the form of automate, and then hopefully that pile that’s left for us to do is much smaller, and what can we right size?

Reese Harper:
Yeah, yeah, I think those are all really good insights, you always have the… You seemed like you might have done a podcast or two on different topics, you seem to have the perfect story for like everything, it’s great. And I think we call it the three Ds is that what it is?

Carl Richards:
Yeah, I don’t know if they have a name. But the delegate…

Reese Harper:
Official three Ds.

Carl Richards:
Delete, delegate, do. And by the way… I’m sure that’s not my idea, I have no idea who’s idea it is. But I’m sure it’s not mine.

Reese Harper:
Tad Henderson’s.

Carl Richards:
Exactly, exactly.

Reese Harper:
Our producer here in the shop first may have brought that up. So the delete one, I think is a lot of where I’ve spent my time thinking. Because and a quick aside, when I was building my firm, I’ve talked about this a little bit in a previous episode, but I’m not… We went after dentists generally, which subsets of that market are like orthodontists and oral surgeons, but these dentists are not the highest income group in the world, the average income of the dentist is still under $200,000, it hasn’t… Despite the fact that they have the highest debt level upon graduation of any professional, they just don’t have a lot of free cash flow, and corporate dentistry is now kind of like coming into the private dental market, and it’s just creating pressure on wages and salaries and fees and insurance companies have found a way in there and they take a lot of the margin, and it’s kind of an industry that’s in a lot of pain right now, especially for new graduates, and we were trying to figure out how we can possibly address the needs of a market that just doesn’t have a lot of free cash flow and a huge pile of debt, and can I feel good about going in and saying, You need a $5000 comprehensive financial plan. And I need another $5000 to $7000 a year in a retainer.

Reese Harper:
They have the pain, they have a ton of financial questions, like income based repayment versus traditional refinancing. Should I buy a house? How much liquidity do I need to build up? Can I even afford to buy a house? Yeah go ahead.

Carl Richards:
I just can’t… I gotta ask a question, ’cause to me, it’s one of those assumptions we’ve… And I don’t know the answer to this, I’m actually only curious in questions that I don’t know the answer to, so I don’t know that there’s a right answer, but one of the assumptions that I think needs to be questioned, and I certainly question, I know you have too. Is there a financial planning fee? Is the upfront planning fee the right… Does anybody wake up with a financial… Does any human wake up with a financial planning problem? Like I think I need a financial plan today.

Reese Harper:
Well I had this exchange with a friend who I value a lot, I guess he’s a digital friend, Cody Garand, and Cody spends a lot of time on creating content materials around the financial plan and.

Carl Richards:
47 things.

Reese Harper:
Yeah, and it’s like, I think a lot of advisors really value those resources as a way to solve questions and answer questions, I don’t think that the client loves paying a high amount for a deliverable that is a plan and partially what I think you’re getting at, and I think Cody would agree with us, and that’s why he probably has so many different a la carte options, is that it’s the client doesn’t want to pay for something that they aren’t… That isn’t their question right now, it’s I have a question, but I don’t want to pre-pay for all the possible questions I could have, I just have one. And are you gonna answer that or are you gonna force me into a bigger engagement, I think that natural pain is there.

Carl Richards:
Totally, and I think it’s important to understand that I don’t… ’cause every time I broach this subject, I love talking about this like the plan is… I’m not saying that you should give away your value, I’m saying that sometimes we misinterpret our value, the value wasn’t in building the huge plan, the value was in answering the question, and almost always clients have an acute problem, and we see this over and over and over, that people engage with a financial planner and then they’re dissatisfied. And when you ask them why they’re dissatisfied, they say, because I didn’t get an answer to my question. I got a plan, but I didn’t get an answer to my question. Or the plan, the one that we saw in Russell and Princes book, private client attorney, they did that huge survey of high net worth clients that had hired attorneys, they had paid… I can’t remember what the number was, but they had paid a substantial amount for an estate plan, and we all know this. They didn’t do anything with the estate plan, that was the population. The question they asked was why? And I can’t remember the number, but it was over 90% of them answered the estate plan didn’t reflect what I wanted. Like it didn’t reflect my values.

Carl Richards:
So sometimes we get that confused, so I think one of the first things that’s interesting to push on, is the role of the plan, because that does take a lot of time, well, why do you need the plan? Often you need the plan to answer the question, at least that’s your perception.

Reese Harper:
I think it’s fair. I’ve got a strong opinion about this that may not be… My opinion is that the plan originated from a place of trying to make money, it wasn’t addressing…

Carl Richards:
Well, look I think that’s important. I just kinda gotta comment on this ’cause I think there was a moment, I remember this moment in the, ’cause I was a CFP relatively early on in my career, when everybody told me it was stupid, and I was attending FPA retreat, and there was this core group of people who were like real good planners that were like… They’re a secret little society, real good planners, and they were doing it for the right reason all the way along, but what you saw as an industry, which I would say represented the bulk of what you saw was exactly what you’re saying, is it moved from I’m a stock broker, I’m a life insurance salesperson to the plan becoming the product that I’m going to sell, but there had always been this little group, Dick Wagner and all those early pioneers doing that thing for the right reason, but the bulk of what the public interaction was somebody who had been selling a product, now is selling a new product.

Reese Harper:
A new product.

Carl Richards:
And the new product is called a plan.

Reese Harper:
Yes, and I used to… I’m coming out of my career was selling a product to selling a plan, to realizing that the plan actually was not allowing me to address the needs of a lower income larger population group, I couldn’t go if I… I could do a $5000 to $10,000 plan with some people, and it really wasn’t a plan, it was just like that bought like 25 hours of my time, which were required to address the plethora of complexity at this high income part of the market, but then I would bump into people that were like, Okay, I was forcing myself to sell a plan, forcing myself to sell a plan almost, because it was the only way I knew how to engage with somebody, and then what we’ve started to realize… And that the reason Elements started to… The first step of Elements was like, I kept meeting like nine out of 10 people just wanted to have a question answered. But I was like, Well, I can’t afford to just answer one question, then I’ve gotta go get another client to pay me another few hundred dollars for a question to get answered. Now I’m I gonna charge $1000 a question?

Reese Harper:
They wanted an answer to a question and I was… My solution was, Well, I’ve gotta give you something more than that, or I can’t afford to work with you. And I just don’t think technology was at a place, it hasn’t been until now, where we could actually think about this more holistically, now we can actually say, Alright, we know that most people… When we say a comprehensive financial plan, if you wanna mandate a comprehensive financial plan on somebody from the top down, like CFP Board down, ADV down, you’re gonna price people out of the market, if you’re gonna mandate a full comprehensive financial plan input by the advisor created by the advisor done through inquiries of one-off consultations over four or five meetings, the cost of that is just going to make it impossible for most people to engage and they won’t. They won’t engage because that’s not a pain they actually had to begin with. It’d be like, if you went to a doctor’s office and you went in and said, My knee is really hurting, and they’re like, Well, there might be referred pain in your back, and you might have some trauma, and so we’re gonna have to do an exam, an MRI, a full blood work panel, I’m gonna have to look at your cholesterol, and I know it’s just your knee right now, you have a question about but I can’t answer the knee pain until I do everything else.

Reese Harper:
Now, it’d be nice if I could have all of that analysis and you could give me more advice than what my current pain is, but if you don’t address my current pain, I’m probably not gonna pay for 10 times my current pain, and so I guess that’s where I got stuck and started wanting to innovate more with Elements, it started with that question of like, Why do I feel like this guilt around covering everything, like my team was like, I’d be like, Well, I don’t think we can afford to cover a state planning right now guys like this client, we gotta leave that out, or we have to leave out all the insurance analysis right now, or maybe we can only do the insurance analysis ’cause they’re so young, I’m so worried about that, or we can’t handle talking to them about anything to do with their business life, like it’s… I know they want that, but they… We have to discover the current pain and kind of try to understand if we can price accordingly.

Reese Harper:
And we’re not talking here about the people at plenty of discretionary to just hire you for everything and do whatever you want, we’re just saying most people to be interested in talking to you, we have to start with the cost here, and why do we feel the obligation to be like… It has to be comprehensive and has to be comprehensive for everyone.

Jordan Haines:
Hey, Elementality listeners, it’s Jordan. The elements financial monitoring system is revolutionizing how you attract onboard and deliver ongoing advice to clients, so you can scale your business far beyond traditional limits if you want to profitably help more people make smart financial decisions. Head over to getelements.com/demo and schedule a time to see it in action today.

Carl Richards:
Now, I was just thinking of the doctor just… I could feel myself as you were just… No, no, no, my knee just hurts. But I do, but it is true. I need to know what else, but there could be like… Yeah, they’re so interesting to be like, What’s the minimum level of information that I need to get to answer the question you have right now, that’s the acute problem you have right now…

Reese Harper:
Yes, that’s it.

Carl Richards:
Is the acute problem now I know, of course.

Reese Harper:
There’s more.

Carl Richards:
It depends, and it would be better if… I can’t answer how much you should put down on your house, if I don’t know whether you have life insurance. Okay, okay, so sometimes this desire we have and we’ve done this to ourselves, and by the way, huge empathetic hug because this is all well-intentioned, this is all us just trying to be the best we can and serve best, but the standard we’ve painted is… And I’ve actually tested this, I used to do this little trick on people, and this is all about investments, just ’cause it was the easiest way, I designed this trick, I would go to lunch with people who… These are Chief Investment Officer at X, Y, Z, not X-Y Planning, but just like I’m using the metaphor X, Y, Z. Maybe, I remember doing this at the founder of a giant mutual fund company that you’d all recognize, I did this with a giant custodian that you’d all recognize, I would wait till we were just about done with lunch. This was right when I was running one-page financial plan, and so this was kind of research for the book I’d wait till we were just about done with lunch, the check had arrived and I’d say, Oh, hey, hey, before we go… I remember particularly doing this with somebody named Jared, and I was like, Hey, before we go, Jared my mom just rolled over her 401k to an IRA, how should she invest it? And it was intentionally designed to watch the angst boil up in somebody like Jarrett, this is a CIO of a big, big firm.

Carl Richards:
And Jarret, Well, it depends. Oh no, no, I know it depends but we gotta go, and I just need to tell my mom how to invest her money. Well, no, I can’t… And you would see this and I would just keep pushing ’cause it was just an experiment, I’m like, No, no, Jared, seriously, I just need to know like my mom, like you’re in the industry just tell me what should my mom do, I told you I can’t, I can’t… You’d almost blow a fuse.

Reese Harper:
I can’t give you the answer.

Carl Richards:
Because I just need to get the perfect answer, and I think what we’re driving at here is often we’ll give people an answer that will actually just be helpful and it may not be perfect, I love Jack Bugle’s quote on investing. He was basically pointing out taking your age minus 100 for your allocation, that whole super simple thing, putting it in index funds, and he said, Look, there are ways that are better to invest, but the number of ways that are worse are infinite, and I love that idea of just like, Can we get a little better at getting somebody… Look, if somebody comes to you and says, How much should I put down on my house, and you take a few minutes to figure things out, the answer you’re gonna give them is 10 times better than the answer they are gonna get from anybody else, even with limited information.

Carl Richards:
So I think that’s more about right-sizing the information that we need to solve an acute problem, so that we can do it for more and more people, and then are there tools and tech that we can blend in that will make that even better?

Reese Harper:
Yeah, well, we’ll have plenty of time to keep chatting about this, I’m looking at… I think it’s interesting for me to look back at what the scorecard was all about. Just the scorecard at Elements was, I had to figure out a way for someone else to estimate, not get exact… Not data linking, not precision, just estimate some kind of numbers that I can trust as a proximate place for me to start orienting in a similar way to how there is a baseline of… There’s a baseline of information you need to know if youre gonna answer a question responsibly, I was just… I think I mentioned in this episode, this conversation with my PT, and she asked me, Hey, how much should I put down on my car… I’m trying to buy a new car how much should I put down and I used that we hadn’t engaged at all.

Carl Richards:
Well, wait, wait, ’cause the normal answer would have to be, Well, you know, it depends, if you’ll come spend two hours with me, I’ll fill out this 200-page intake form, and you can do that, we’d have to bill.

Reese Harper:
That’s a good point.

Carl Richards:
And pay me $5000 and I’ll get you an answer on how much you should put down on a car.

Reese Harper:
Or I might throw out even like… Well, you’d have to pay me or… I don’t know.

Carl Richards:
Sorry to interrupt.

Reese Harper:
It’s okay. That was her question. Because I wanted to test this ’cause I’m trying to practice something you and I have been working on, which is figuring out the financial question that someone has that day, I think is the way for you to get them to engage, whether they have an advisor or they don’t have an advisor, just figure out the question they have today. And then figure out how to answer that question. So with her, I could have said, Well, the cheapest way for me to do it would have been guessing at her financial statement and guessing at her income, and probably just saying, I probably wouldn’t put any money down on the car because I believe in staying highly liquid and at your income level, I bet you probably could use the extra cash in the bank. That’s probably, that was my gut feel, but if I said that to her, she would immediately discount it as not informed enough and being reactionary.

Reese Harper:
So instead, I said, Have you ever heard about the score card that I use to track financial health, like vital signs, like there’s one score on there called… That I call liquidity, and it just measures the number of years right now that you could go on your current spending the way you spend normally every month. “Do you think you have a year’s worth of spending right now in your bank accounts and sort of after tax investments that you can get access to?” I could just see her sit there and thinking, and she was like, “I’ve never actually looked at that.” I said, “Well, the answer to that question you asked me would depend on your score in that area.” And she is just like lit up. She’s like, “I think mine might be like a 0.5 or 0.7.” I’m like, “Oh, 0.7?” I’m like, “That would be very different than if it was 0.5 or if it’s 0.25.” Right? We’ve got three months, six months, nine months. I’m gonna give her a different answer based on what she tells me. And that unlocked her mental model to where she was like, “Well, how can I fill that scorecard out?”

Carl Richards:
Right.

Reese Harper:
Like can… “I’d love to have you answer the question in the context of my information.” So now I’ve empowered her, I just sent her an invite to the Elements app off my phone, and she filled out her whole score card over the weekend and texted me and said, “I’m done.” And I looked at her scorecard and like it only had like five of the numbers on there. She forgot to put in her spending, but she put in her income and put in… Her financial statement was perfect, she literally filled out her whole financial statement perfectly, and put in almost all her scores, and she just missed estimating her spending. So I just said, “Estimate your spending.” And she did it. And then I just drew a circle on screen, took a screenshot, sent it over to her and answer her question in audio note in five minutes, and it was done. And she said, “How much would… ”

Carl Richards:
Yeah, and it was good enough.

Reese Harper:
It was good enough. But it was good enough for two reasons. It’s good enough ’cause it was cost-effective and efficient for her, she could afford it. I did it for free, but she asked me, “How much do I need to pay you for that?”

Carl Richards:
Yeah.

Reese Harper:
And if she would have paid $50, I’d have been like, feeling like I was like, very profitable. I probably would’ve been happy for $20, to be honest, ’cause it didn’t take me longer than seven minutes, I don’t know, six minutes. I already knew the answer in advance.

Carl Richards:
Sure.

Reese Harper:
But by bringing her into the…

Carl Richards:
Yeah, there’s a whole game with that. It’s important.

Reese Harper:
There’s a whole like righteous trick there of getting someone to come in and be like, “Hey, finances are bigger, see these other 12 indicators that you don’t yet know about, I’m gonna explain them all to you eventually, but just for this one question you had, it depends on one thing, and this one thing, I don’t need to ask about everything else, and I’ll answer your question.” And that’s what we’ve got to get to, is getting… Get to the question faster, but don’t answer the question until you teach them something about the context behind that question, and that’s where the scorecard for me originated. It was like, “I’ve got to bring someone into this.”

Carl Richards:
Yeah, so good.

Reese Harper:
: So it felt great to like know at that moment, I have earned the trust of this person, and it only took a few minutes.

Carl Richards:
Yeah, and help somebody.

Reese Harper:
Really meaningful.

Carl Richards:
And if it was a business that had been built specifically for that client, it would have been a profitable experience for you, an amazing experience for her. Got the information she needed. Answered the question.

Reese Harper:
And what else is happening in a month? Probably.

Carl Richards:
Yeah, yeah, exactly. Like, I’ve got another question and/or how do I more formally engage? That’s exactly what I’m talking about.

Reese Harper:
Yeah, man. I just think that’s our blue ocean, it’s really important, I think, to get to the place where we can meet the bulk of the population where they’re at. They want their question answered. They do need to have some skin in the game. There’s a lot of ways to monetize this, and we haven’t got into all of that, but there’s a lot of ways to make money, we just can’t… Like are we really gonna say that because I didn’t go through the comprehensive CFP process with this person, that she was worse off now? Like the analysis I gave her allowed her to keep some liquidity in the bank and have a car payment that was probably $42 more a month.

Carl Richards:
Yeah.

Reese Harper:
That’s like what happened, and now she has literally like four months more of liquidity to go towards some of her future goals and her current other key goals that she has. And it’s like there’s no way that this person would engage on something more robust and more comprehensive it’s just not, it’s not within the scope of her…

Carl Richards:
And no one would have been able to help her.

Reese Harper:
No.

Carl Richards:
So yeah, getting, letting go of perfect. Were there better ways… Were there better answers than the one you gave? Of course, but the number of answers that are worse are infinite.

Reese Harper:
Infinite.

Carl Richards:
And she got an answer. Amen.

Reese Harper:
I’d probably argue that the answer she got too was purpose fit for that situation.

Carl Richards:
This is exactly right. I think it’s better than… Like we’re not talking about financial planning right here. We’re talking about purpose fit planning or right-sized planning. Alright guys, keep dreaming. How can you lower the cost of getting to these people and helping them out and having a huge impact? That’s the exploration. So thanks, Carl, I appreciate it.

Reese Harper:
Hey, man, Reese. Carry on.

Jordan Haines:
Next time on Elementality.

Carl Richards:
Imagine how easy it is for somebody, What do you do for a living, your PT? What do you do for a living? Well, I answer financial questions for a living.

Reese Harper:
Yeah.

Carl Richards:
Right? I answer financial questions. Do you have any?

Reese Harper:
Yeah.

Carl Richards:
Boom, my car.

Reese Harper:
Yeah.

Carl Richards:
Interesting, right?

Reese Harper:
Boom.

Carl Richards:
Keep going.

Reese Harper:
Remodel. Boom. I’ve got a horse and I’m thinking about buying a horse, like property for myself.

Carl Richards:
Yeah, can I afford that? I don’t know if I can afford this.

Reese Harper:
I got some idle cash in the bank, these are like four questions that she asks like right in a run.

Carl Richards:
Yeah.

Reese Harper:
I mean, this is beautiful prospecting.

Abby Morton:
You can learn more about the elements financial monitoring system at getelements.com/demo and schedule a time to talk with one of our friendly financial planning experts. Elementality’s, executive creators are Reese Harper and Carl Richards. Elementality is produced by Abby Martin and directed by Jordan Haines. Have a good one.

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