Thank you so much for tuning in to another episode of the Bronx Attorney broadcast.
Today's guest is Tim Mulooly.
Tim is a financial planner with Mullooly Asset Management.
And what I really admire about Tim is that he's the king of content, whether it's videos,
articles, or emails, he's constantly putting out content, staying in front of his clients
so that they feel like they're really getting good value and information out of Mullooly
Asset Management.
We had a little bit of a technical difficulty here, which is my fault because I forgot to
set the recording to record both my screen and Tim's screen.
So this one's just going to be Tim.
So you guys can pretend like you're having a one-on-one talk with Tim for this episode.
I hope you enjoy it.
Hey, Tim, thanks for coming on the podcast to chat with me today.
Yeah, thanks for having me on.
Well, I'm super excited.
So I guess just to get started, can you talk a little bit about your early life, where
did you grow up, where'd you go to school, things like that?
Yeah, so I grew up in Waltownship, New Jersey.
It's in Mommeth County right on the beach for those who don't know.
I have two brothers, Brendan and Casey.
Will knows them from school as well.
We all grew up in Waltownship, went to Waltownship High School.
We ended up all going to the same college as well, York College of Pennsylvania.
Right, which is where I met all you guys.
Yeah, exactly.
So we actually all work together still in Waltownship.
I live in the town over Brick now.
So kind of been in the same area here in Mommeth County, New Jersey my entire life, coming
up on three decades.
So born and raised here in New Jersey.
All right, very nice.
So what is it that you do?
Well, our firm here is called Mulloly Asset Management.
We're a financial planning and investment management firm.
I'm an investment advisor and a certified financial planner here.
So we help people with their investments and we build financial plans for them to pretty
much answer any kind of financial questions they might have.
What kind of investment should they be investing in?
How much risk do they need to take budgeting, cash flow for younger people and older folks
as well?
Retirement planning, pretty much anything that falls under the financial aspect of your
life, we can help you out with that.
And that's what we do for our clients.
I would say majority of our client base, a lot of them are pre retirees, some people
like that are in the prime earning years of their career and getting close to retirement.
They want to make sure that they're on the right track, that they have enough money to
retire and that they're going to be set.
But we also do have some younger clients that are more in our generation that are just getting
started making some real money.
And the fact that they're making more money now, it kind of scares them in a good way
to make sure that they are doing what they should be doing to set themselves on the right
track and that they're not just flushing money down the toilet or putting it into investments
or different types of things that are wasting the money for them.
They want to make sure that they're set up.
So we can really help people on any part of the age spectrum.
And so you started that off by saying that you're a certified financial planner.
And that's something new, right?
Yeah.
So I think it's been about two or three weeks now.
I got fully certified past the CFP exam, sat for it back in March.
There was a six week waiting period to get the grades, even in 22.
It still takes them six weeks to grade all these tests.
But so found out that past the exam got licensed and so now I'm a CFP.
And so what's the difference between being a CFP and not being a CFP?
I think on a day to day basis, it gives you a more expansive knowledge of what you're
talking about.
The CFP curriculum that we had this study, it's almost a two year course pretty much
to get ready for the exam.
It covers a lot of pretty much anything that you're going to touch on.
Like when you're building a financial plan for people, there's a tax section, there's
an investment section, there's an insurance section, there's retirement section.
There's all of these different sections that you're going to touch on.
It makes sure that you're kind of like up to snuff, up to par on where your knowledge
base should be if you're helping these people with these problems.
And when clients are looking for an advisor, they're seeking out people with these designations.
So it's similar to if you were looking for an accountant.
There are accountants out there that are not CPAs, but it looks good and it looks better
and it reinforces that you know what you're doing in the eyes of the client.
And so is this, is financial planning always what you wanted to do growing up or how did
that come about?
So I mean, when I was growing up, like as a kid, I obviously wanted to do like, I wanted
to be a professional baseball player.
Right, play for the Mets.
So once I realized that I couldn't throw a 95 mile an hour fastball or hit a home run,
those dreams kind of went by the wayside.
I think once I started seriously considering careers, investment management and just like
helping people with their finances was something that I was interested in from pretty much
from like high school on.
I went to York with the intentions of getting a business degree and that's what I did.
And I think it came from like, my dad started this business back in 2002.
So I was 10 years old at that point.
So pretty much through like my whole adolescent period growing up, I was you know, surrounded
by someone who was doing what I'm doing now.
So it was, you know, I got to see my dad do it and hear him talk about it and it really
just got me interested from a young age.
And did you always have the desire to be in small business as well?
I think so.
And I think they kind of went hand in hand because I saw my dad go out on his own and
start his own business in 2002.
And it really, for our family, it helped benefit or it helped highlight some of the benefits
of owning your own small business.
Obviously getting started, there are a lot of challenges involved with being a small
business owner.
Right.
And you know, for a lot of those first hand handful of years, like I said, I was 10 years
old when my dad started it.
So I didn't fully grasp like all of the things that were going on on a day to day basis, trying
to get the business up and running.
But now looking back on it, you know, you really appreciate like all the hard work and everything
that my dad went through.
All the risks that he took.
Yeah, exactly.
Like it's very, very risky that, you know, a large percentage of small businesses don't
make it past their first year or first handful of years.
But I think, you know, being in a household that was dominated by entrepreneurial, you
know, inclinations and wanting to own your own small business, I was, you know, just
associated with that from the start.
So it kind of went hand in hand with wanting to become, you know, work in the finance industry.
And was it always you wanted to work with your dad always, or you just wanted to be
in a similar space or something else?
Honestly, I think it was mostly driven by the fact that I wanted to work with family.
Really?
Yeah, I think, I mean, you know, you know, our family and how close we are and how well
we all get along.
We all, we were within four years of each other are the three siblings here.
So we had all the same friends.
We went to the same college.
We pretty much did everything together.
And for people on the outside, it kind of, we get questions like, how do you got, how
can you even like stand each other being around each other?
And it just, I don't know, it just works for us.
So I think I've said to my dad in the past, it's like, look, if you were a carpenter or
something, I probably would have wanted to, you know, be a carpenter with you.
I wanted to be in the family business.
It just happened that, you know, the family business was being an investment advisor.
So yeah, I think it was mostly driven by the fact that, you know, the family, it was, it's
what the family did.
So, right.
And then so for people who don't know, who are all of the employees of Mullooly asset management?
There's a very strict requirement.
You have to have the last name Mullooly.
Right.
Not, not really, but it's worked out that way so far.
So it's my dad, Tom Mullooly.
He's the president and owner of the business at the moment.
My older brother, Brendan Mullooly, my younger brother, Casey Mullooly, and then my mom, Donna
Mullooly, she's here as well.
So right now it's just the five of us.
We have an answering service actually answering the phones.
They're not Mullooly's, but you know, they kind of count, I guess.
So it'll be weird if they were, I think.
And so does everybody have similar roles there or do you have different roles?
How does that work?
So the four of us, meaning my dad and Brendan and Casey and myself, we're all licensed investment
advisors.
My mom, she's more on the administrative side.
So she does, she handles like more of the office procedures and processes and, you know,
making sure paperwork and stuff like that gets done.
But when it comes to being an advisor, I think we all manage money on a team approach.
So it's not like this person is just Brendan's client, that person's my client.
We all manage money together.
But you know, so we're all investment advisors, but then I think we all kind of fell into
like different little subsets of the business running process along the way.
So like for a while, like I just said, I just became a CFP a couple of weeks ago.
Brendan has had his CFP for, I think like three or four years, maybe five years at this point.
So he's been doing a lot of the financial planning, the actual like writing of the financial
plans.
And Casey has taken on some of the compliance side of things, so he does a lot of the compliance
work and he helps my mom with like the billing and the numbers.
So he does some of the back office stuff.
Before I started studying for the CFP, I was doing a lot of our content creation and helping
my dad with like the marketing side of the business.
So it's like we're all advisors, but then we all also do a little bit of our own stuff
on the side.
And so how did that happen?
Did you all just fall into these different roles organically or?
Yeah, it was, I mean, it kind of just, like you said, it was organic, but there wasn't
really a sit down conversation where we were like, you're going to do this, you're going
to do that, you're going to do this.
It was kind of just like we saw that there was a need for Casey was like, we need to
stay up to date on our compliance.
So like, I'm just going to pick this up and start doing it.
And you know, it was like, all right, we want to start putting some content out.
Like I had the, I had the free time, you know, Brendan was dealing more with the clients
on a client facing basis.
So it's like, I'm just going to pick this up and run with it.
So it kind of just happened on its own.
Okay.
And I see you guys advertise a lot how you're a fiduciaries.
Can you explain what that is and why that's so important to you?
Yeah, so being a fiduciary is super important in our business.
It's, it, it makes sure that, that as an advisor, we have a legal obligation to work in our
client's best interest.
So for example, some, some advisors don't have that fiduciary obligation, which some
clients that they're not aware of, and they're kind of surprised when they hear it, but it,
you know, they, there are different incentive bases throughout the industry and it depends
on like what kind of firm you work at and stuff.
We're fee only investment advisors.
So that means we don't accept commissions for, for putting client money in certain products
and versus other products.
Okay.
So being a fiduciary really helps us relay to the clients that like we always have their
best interest in mind.
Like we're never going to make an investment decision or an investment recommendation based
on anything other than the fact that it's 100% the right thing for them to do.
Whereas, you know, some other advisors could potentially, you know, if they might pick
one mutual fund or ETF or investment vehicle over another, because they get paid more on
it.
Interesting.
Okay.
So it's not a glamorous side of the business, but I think it's an important distinction for
clients to know like, Hey, we're on the same team here.
Like we're fiduciaries.
We have like legally we cannot recommend anything to you that's not in your best interest.
Like a breach of the fiduciary standard.
So then when you say fee only, where does the fee come from?
So it's based on the money that we manage for them.
So if your account is let's say $100,000, we bill on that account balance.
So again, we're kind of on the same side as the client in the sense that, you know, we
want to put them in the best investments so that they make money because obviously you
want to make money with your investments.
But right.
Right.
So if they lose money, we take a pay cut as well because then we're billing on less assets.
Right.
So that quarterly fee is the only, that's the only way we're compensated.
We don't have any commissions.
We don't have any, you know, deals or like kickbacks from investment companies to put,
you know, client money into their products over another investment company's products.
It's strictly just the AUM fee.
All right.
And then you were talking about how you started making content.
What kind of content were you making and are still making?
Yeah.
So we have like a weekly approach to content.
We try to do at least one video, one podcast and a blog post every week.
I think it started mainly with blog posts and podcasts.
And then I think in 2015 or 16, we started doing the videos.
And then I think in 2018-ish around then we really got on a set schedule with trying to
get that out on a weekly basis.
And the videos aren't anything long.
It's not like we're putting out feature films every week.
It's more like just like a four or five minute video.
If that sometimes are like two or three minutes of, you know, either it's a financial planning
topic that we heard or a question that we got from a client during the week or addressing
something that's going on in the market, you know, things that people want to hear about.
Pretty much it's a way to just communicate with clients and prospects and make sure that,
you know, our message is getting out there.
But we try and cover all the bases with podcasts, videos and blog posts.
And is that that's a form of marketing that you're doing this as?
I think in a way it is.
We also, we view it more as a, I would say the videos and the podcasts tend to be more
our way of staying in front of our clients.
Because, you know, we have hundreds of clients.
We can't possibly talk to every single one of them about every issue that comes up.
So sending out weekly and we bundle all of the things that we do in a week and we send
it out every Friday to our clients to be like, here's what we're talking about in the office
this week.
Like here are our thoughts on what happened this week.
So we use that as a way to stay in touch with our clients, to communicate with them, to
further build the relationship and make sure you retain the clients.
Yeah, it's a, yeah.
So in a way, I guess it's kind of marketing to our own clients to make sure that they,
you know, stay around and that they hear from us all the time.
Because I would say a majority of people that come into our office for a new meeting, most
of them say that they're leaving their current advisor because they never hear from them.
Interesting.
So that's why, you know, we kept hearing that in meetings and it's like, we don't ever
want to have someone say that about us.
So we want to stay in front of our clients as much as we can.
And so I know you were saying that you represent people or you advise people who are all ages.
Is there, you know, a specific amount of wealth that people need to have or a specific career
that they need to have in order to invest with you?
A specific career?
No, we can help anyone in any type of, any line of work in terms of the amount of wealth
that they have.
We have two ways that we can work with people.
The fee approach that I talked to you about before, that starts at, we call that our AUM
model, that starts at 250,000.
So then if you have $250,000 or more to invest for us to manage, then we apply the AUM model
where it's a quarterly percentage.
It starts at 1% and it goes down as the account balance goes up.
And then for people that have less than 250,000, we created what we call our subscription model.
We do all of the same work.
The service is the same, but it's a $1,000 upfront fee to do all of the work in the beginning
to get everything started, do the financial planning, do the data gathering, get everything
done.
And then there's a 125 a month monthly subscription to keep the relationship going.
You can call and ask questions, you can update the plan as needed.
So that's our way of working with anyone who has any amount of money.
Because we found that a lot of the big national firms, if you don't have at least like half
a million dollars, you're not even getting in the door.
And there's a lot of people that have less than that.
And in the grand scheme of things, while it might not seem like a lot of money to them,
it is.
And it's super important to them.
So we don't want to neglect all of these people.
It's like you worked hard for your money.
We want to make sure that you have the ability to work with someone, even if your account
balance isn't millions and millions of dollars.
Right.
Interesting.
And so when you say you prepare a financial plan, what does that look like?
So, when we get started with people, we do what we call data gathering.
And that's, we'll send out, we have these worksheets where we initially want to start
with like a cash flow and balance sheet to see how much money you have coming in every
week or every month and how much money you're spending, make sure that's all in proportion,
how much you're saving.
And then kind of go from there and tackle how much you can be investing, how much should
you be investing, where to invest.
So the financial plan really covers everything from budgeting on a monthly basis to all of
your investment decisions to retirement planning, the tax implications of those investments.
If you're later on in your career retirement planning, we can address insurance needs.
We don't sell insurance policies, but we can definitely identify how much insurance is
appropriate for you and what type of policy would be best and then point you in the right
direction of where you can go get those policies since we don't sell them.
And so the financial plan really covers all of those different categories.
And it doesn't always apply to everyone.
If there's a client who's coming in that's 65 years old, they really just want to focus
on the retirement planning side of things.
We can tailor the conversations to pretty much address what's most concerning to them
at the time and then always circle back to any other questions that they might have after
that.
Okay.
And you find yourself working with a lot of other professionals for people when they're
figuring out what to do with their wealth?
Yeah, I think we'll talk a lot with people's accountants and attorneys.
Mostly accountants, the relationships that we have with attorneys, it would mostly just
be pointing them to them to get the estate planning documents drawn up and things like
that.
We typically have too much back and forth with attorneys unless it's dealing with an
estate issue or something like that.
But we talk with people's accountants all the time when it comes to taking money, drawing
money from their retirement accounts, thinking about capital gains and selling investments
and where to put money and should it be in a tax deferred account or should it be in a
taxable account?
Yeah, that's a lot of different investment decisions that have a lot of tax implications.
So we work with accountants quite a bit.
Got it.
And so you do all this weekly content creation, but you also had a podcast for a very long
time.
How many episodes did you do?
I don't know the exact number, but I think it was close to 110.
Wow.
We definitely got over 100.
I remember having a big 100th episode, but I think it had for your 100th.
I think it was a solo episode actually.
Oh yeah.
As conceited as that is.
Yeah I think it fizzled out shortly after that because I started, that's when I really
started cracking down with studying for the CFP exam.
And it was right around when the pandemic hit in 2020.
So as advisors here, things got pretty crazy and just our day to day life didn't allow
for the time to record podcasts.
And plus a lot of the guests that I were talking to were also in the same boat.
I talked to a lot of financial professionals and a lot of people were super busy during
that time as well.
But now that I'm done with the CFP, who knows, maybe it's something I can pick back up.
I'm going to start it back up.
Yeah, go back for a round two.
How did you find people to be on your podcast?
It started so I, there was two ways that I found guests for the podcast.
I talked to a lot of the local business owners around here.
We have a Chamber of Commerce in town and we're members of the Chamber.
So I would go to the Chamber meetings and talk to people and say, hey, you're a business
owner, do you want to come on the podcast and talk about your business, talk about how
things got started, kind of similar to what we're doing here.
And then also, financial Twitter is a pretty big community.
So we on Twitter, there are hundreds, if not thousands of advisors out there that there's
a whole network of people.
We all follow each other and communicate every day.
People write blog posts and share content and bounce ideas off of each other.
And you know, you almost start like, you start like an online community and you make friends
that you've never really met in person before.
But Twitter, so I had a lot of contacts that I met on Twitter and I would just send them
DMs or emails and just say, hey, like, I liked your post on this.
Do you want to come on the podcast and talk about it?
So there was a lot of authors, people that were writing financial books and bloggers
and people that were making content in the financial industry.
I asked them to come on the show and pretty much just like talk about their work and what
they were doing for people.
Okay.
And so what was your process like to prepare to host a podcast?
So I like to be, when I would do it, I would tend to be overprepared.
I would always get a lot of feedback from people like, oh, wow, this is like, I've done
a lot of podcasts before, but like, I've never really like the outline that I would send
people was I would make up a lot of questions and stuff for them.
And not that I would just read from the question list.
The conversation would flow naturally from there, but I always wanted to be prepared
to make sure that we had enough to talk about.
So if it was an author, I'd read through the book and pick out different topics, different
chapters and different points from the book and ask them about that and just start like
a larger conversation about what the book is about, the process of writing the book,
the behind the scenes, all the research and things that went into it.
Same thing with bloggers and advisors.
Just asking them about their process and how they help people, what do they do, what's
kind of unique about them.
And for people that wrote blog posts, it was just reading through all of their blog posts,
picking out which ones I liked the best and just asking them about that.
I would dig back.
Some of these people I would dig back like years and years and just finally.
Yeah.
I would find like small short little blog posts that like didn't have a lot of comments or
anything, but like I thought was super interesting.
So I'd ask about that and they'd be like, Oh my God, like I didn't think anybody read
that or like, I don't even believe that anymore.
Yeah.
Exactly.
So my mind.
Yeah.
And that's what I would do to get prepared.
Yeah.
So when's your book coming out?
Oh, I don't know.
That's next.
You did the podcast, the blog posts.
Now we need the book now.
Yeah.
That's true.
That's a good point.
Maybe this will be day one of preparation for the outline.
And so when you were doing the podcast, did you do all the, you know, the editing and
the promos on social media?
And did you do all of that work too?
Yeah.
I did, which was time consuming, but I liked, not that I'm like a control freak, but I also,
I liked having control over like, I knew how the final product was going to sound because
you can outsource the editing and stuff like that.
Like you can send it off to someone and they'll chop it up for you.
And then you'll get it back.
We obviously have to pay for it.
So there's that aspect of it as well.
But also from like a time point of view, from like our schedule, I was trying to keep it
on a weekly basis.
So have like an episode, I think it was a Tuesday or Thursday.
I forget.
It's been like two years since I published an episode, but it was either Tuesdays or
Thursdays, new episodes came out.
So and sometimes I would do the interview like the week before.
And then that would be the episode for next week.
So it's like,
Okay.
So I would worry that if I were to send it out to someone, like the turnaround time was
so small that there wouldn't be a guarantee that it'd be ready for Thursday.
So it's like, if I do all of this myself, I can control when it's done, because I can
just finish it and, you know, make sure that it's ready to go.
But if I were to do it again, I would consider, you know, having, getting some help with that
because especially, you know, on a day to day basis here dealing with clients and trying
to grow the business, it's, there's only so many hours in the day.
Right.
And then a lot goes into having a really good looking work product and yours was always
very, very good.
Sweet.
Thank you.
And did you, did you have like a goal with the podcast or you just took off running to
see where it would bring you?
Yeah.
So in the beginning, I didn't really have a goal, but after the first handful of episodes,
I kind of like settled into like, all right, this is what I want to get out of it.
So at the time, so I started it, I think in 2017 or 18.
And it went for until like 2020.
So it was about two years that I was doing it.
At the time, you know, I was 25 or 26.
So being that young in our industry, you know, most of the advisors out there, it's changing
a little now, but most of the advisors out there, they have gray hair and they've been
in the business for a long time.
And so I was using the podcast as a way to kind of just build credibility in the industry.
And that's why I wanted to talk to people in our industry that were established and
that, you know, had books of business and had written books and years of blog posts and,
you know, clients and, you know, just a, I use it as a way to kind of get my foot in
the door with a lot of people that I had been reading their work for years.
You're also a networking tool.
Yeah, exactly.
So I think mostly for me, it was a way to kind of build my network as a professional,
not necessarily as like a client building, like prospecting tool, but it was more from
a networking standpoint with my peers and people that I'd been interacting with on
Twitter and people that I looked up to and I like read their books and stuff like that.
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And now back to the show.
So do you feel like you were successful with your goal?
Did you build your network?
Yeah, I think it worked pretty well.
In a way, I kind of thought it was like a little selfish because I just wanted to like
meet all of these people and get to know them and it worked.
You know, went to ended up going to a handful of conferences and meeting these people in
person and you know, went out to dinner with a few of them and hung out just like outside
of the conference.
So it's definitely, it was definitely a successful endeavor I think for me.
Is there anybody specifically that you thought was like a pseudo celebrity or like somebody
super cool that you got to know?
There's a, there's this firm in New York called Ritholt's Wealth Management.
And in our industry, they're super well known.
And I got to interview a few people from that firm.
So just getting to talk to them, I think was, was pretty cool.
There are a few people that work for that firm that I would have liked to eventually
interview had I continued doing it.
I think I was like working my way up the ladder there.
So maybe if I pick it back up, I could get them on the show.
But yeah, I think interacting with those guys was pretty cool.
They're awesome.
And so between the podcasting and the videos and the writing the blogs is like, what do
you prefer doing?
I like, I like podcasting.
I think that it comes naturally to me as opposed to writing.
Sometimes the tone and the, I can't really find my words or my, my voice doesn't really
come across as authentic or in, in the right way when I'm writing, I've been working on
it.
But I think podcasting definitely gives me the ability to show off like more of who I
am as a person and as a, as a personality and I like doing videos too.
But you know, sometimes if we're like filming a weekly video here at the office, there's
more pressure when you're doing videos, you know, you gotta, you gotta turn it on for
the camera.
Right.
I think, I think the podcast stopped right before TikTok got big, right?
Yeah.
So maybe that's the next space you got to get into.
You gotta get into the TikToks.
I could be, there are some wild financial people, well, financial people on TikTok.
Like the, the Twitter community here, we like, I feel like every week there's like another
like here's how I made $1 million, like doing this crazy thing and like, right.
That makes its way to Twitter and we're all just like, people kind of grifting.
Yeah.
It's insane.
I should do that.
The new, the new, the financial dance of the week.
Yeah, exactly.
And then so I was reading on your, on your website that you've gotten into the operation
side of the business too.
Is that, is that accurate?
Yeah.
Um, that was, um, I think when we, you know, we were getting started with some of the software
and, and building out processes of like how things operate in the office and how things
work, um, just like, you know, onboarding clients and staying in touch with clients and
stuff like that.
Um, just like building out schedules and processes for how things work.
Um, because, you know, my dad started the business by himself and honestly until Brendan
came to work with him in 2012 or 13, uh, he was pretty much on his own.
So there was the business was, was running and it was running smoothly, but there was
a lot that was just like up in his head that yeah, yeah, but it's like, okay, there are
other people here now.
So like we need to write this stuff down and we need to like, so it can be replicated.
Exactly.
Yeah.
So it's like, if one day there's someone who works here that doesn't have the last name
Malooly, they can figure it out too.
Like it's not just some secret sauce that's like up in our heads that only, right?
So you were charged with extracting the genius out of Tom Malooly's brain.
Yeah.
Great.
Is that something that you enjoy doing?
Um, I think it's something that was necessary to be done.
Uh, and I think now that it's done, it has helped, uh, our, our day to day work run
a lot more smooth.
Um, but I mean, was it fun?
Particularly, but it's, it was a lot of, uh, you know, just we were, so we have a CRM,
which is client relations management program.
Right.
Uh, I don't know if that's actually what it stands for, but, uh, it's pretty much like
our client database where we have all of our information and we can like, uh, write down
notes about like when we have a conversation with someone and set up like actions for,
hey, you need to call this person on this day.
Like it gives you a reminder calendar and stuff like that.
So when we were trying to decide which program was best for us, I did a lot of the trials,
like the free demos and now which one worked best for our, our business.
Um, so it was, it was, uh, it was necessary work.
Um, I wouldn't, I wouldn't call it fun, but you know, uh, it was something that we definitely
needed to do and it helped us moving forward.
Got it.
Yeah.
I feel like those kinds of things are like fun to a point until then it's like, you have
to repeat it over and over again.
And then you're like, okay, maybe.
Yeah.
Sometimes it's like there's the, the programs are set up a certain way, but it's like we
do things, we might do it like a little differently than like the way that it's supposed to run
in the program.
But it's like kind of messing with the, you know, the little nuts and bolts in the software
to like get it to adjust to like how we do things.
So like that became a little bit tedious because it's like, it's like, ah, this action isn't
showing up like where it's supposed to on this day.
Like, what's button am I clicking wrong?
And it's like, you know, it can get fresh and you got to deal with tech support and
all that stuff.
But yeah, I feel like that's the future though.
We might have to get used to, uh, used to this stuff.
And it definitely like it's a, it's a, it can be a frustrating process like at, at the
onset, but it definitely over the long term, like it, it ends up like being totally worth
it in the long run.
Right.
And so I feel like financial advising is kind of like personal injury, right?
It seems like a very saturated market.
Everybody wants to take your personal injury case or to manage your money.
And how does Mullooly asset management set itself apart from the others?
I think, um, especially in our area here, you know, we're, there aren't that many, um,
fee only fiduciary CFP local firms.
Um, like there's, you know, there's Merrill Lynch and Morgan Stanley and stuff like that.
But you know, when, when you work with someone there, if you call them, you're going to get
somebody in a call center.
Got it.
So, you know, we interact with our clients on a weekly basis.
You know, we're, we're staying in front of people when, you know, other advisors tend
to hide if things get, things get bad.
You know, we've had a lot to the year and the market this year and you know, we're not
shying away from our clients.
Like we're, we're talking to them or being, uh, you know, open and honest about what's
going on and you know, we don't want to hide.
So I think from a service standpoint, um, you know, we definitely provide a more personal
touch than some of the bigger firms out there.
And you know, like we talked about before, I think just being a fiduciary and having
that legal obligation to always work in your client's best interest.
When you point that out to people, you know, I mentioned it before, like people don't always
know that the person they're like, Oh, the guy I've been working with like doesn't have
that obligation.
Right.
What do you mean?
Like that's, it seems like it should be common sense.
Like, of course you want the person managing your money to, you know, be on the same side
of the table as you.
Um, so I think, you know, from the service standpoint and then the fiduciary obligation
and then, you know, we, we have the family business aspect, um, is good for a couple
reasons.
You know, it's, it's, it allows us to work as a team.
Uh, you're not, you're not just getting one advisor and one opinion, you know, you're
getting three or four different sets of eyes looking at it at your stuff.
Um, and you know, we can help people in pretty much any phase of their life because my dad
is in the same age range as a lot of our clients, uh, you know, getting up closer towards retirement
and then we also have three advisors on the younger side of things.
So even if you're, you know, just getting started with us, uh, you don't have to worry
about the succession planning here.
It's like, you know, we're, we're not going anywhere.
Um, even, you know, when our dad does retire, they're, you know, the, the business is going
to persist on after that.
So you don't have to worry about, um, us going anywhere.
Okay.
So what would you, what kind of advice would you give to somebody who, you know, maybe they
have a good business and they're in a small business and they're looking at all these
other competitors that are pumping out content and paid ads and they're on TV and they're
like, I want to make some content, but I don't know where to start.
Yeah.
What would you say to them?
Um, specifically in, in this industry or just in, in general, in any industry?
I mean, either one, both.
I think, I guess, I guess my answer could apply to pretty much any industry, but, uh,
I think find something that you're, you're really good at specifically, like find a niche
and really just hammer that home.
Like find, find something if it's, if it's the financial industry, if you, you know,
really want to target retirees and you want to help them with their retirement planning,
projections and retirement, anything that has to do with retirement, like you can just
write blog posts and videos and podcasts directly at them and just set, like fill that market
and not try and paint with too broad of a brush because there's always going to be a
bigger firm out there that's going to be able to spend more money than you on, on their
ads and stuff.
So I would really focus on creating the best content that you can and finding a localized
kind of specific target for what you want to, like what demographic you want to hit.
And so would you recommend going blogs or videos, uh, Instagram reels, podcasts?
I would honestly, um, in the beginning, if you're unsure, like you asked me before, which
one I, I liked the best, um, I was only able to figure that out by trying pretty much everything.
Uh, so unless, unless you know that, like, I want to do videos for sure, then do videos,
um, whichever you're, whichever one you're most comfortable with and whichever one you
think is going to come across, um, get the message across the best, uh, I would, I would
try that.
And if you're not sure, try all of them, um, because you never know, uh, you could think
that videos is what you want to do and then you do a video or two and you're like, eh,
that wasn't my best.
And then you write a blog post and you're like, oh wow, like this, this is actually way easier
or more enjoyable.
Um, that's another thing too.
I would say whichever one you enjoy the most, that's going to be the one that's easiest
to stick to.
Cause if you enjoy doing it, then you're going to want to do it more.
And I think consistency is another key too.
You know, um, we set the schedule for us a couple of years ago where we want to do, uh,
something every week and get it out to clients.
Like it doesn't have to be every week.
That could be a lot.
Um, it could be not a lot.
You know, if you want to do something every day, uh, that, but I would say being consistent
with it, uh, is definitely super important as well when you're getting started.
All right.
Well, I think that's great advice.
And Tim, you know, it was great talking with you today.
Thank you so much for, for coming on the podcasts and, uh, speak to you soon.
Yeah.
Thanks for having me.
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