1 00:00:00,000 --> 00:00:05,560 Thank you so much for tuning in to another episode of the Bronx Attorney broadcast. 2 00:00:05,560 --> 00:00:07,360 Today's guest is Tim Mulooly. 3 00:00:07,360 --> 00:00:10,760 Tim is a financial planner with Mullooly Asset Management. 4 00:00:10,760 --> 00:00:15,360 And what I really admire about Tim is that he's the king of content, whether it's videos, 5 00:00:15,360 --> 00:00:20,160 articles, or emails, he's constantly putting out content, staying in front of his clients 6 00:00:20,160 --> 00:00:24,560 so that they feel like they're really getting good value and information out of Mullooly 7 00:00:24,560 --> 00:00:26,160 Asset Management. 8 00:00:26,160 --> 00:00:29,880 We had a little bit of a technical difficulty here, which is my fault because I forgot to 9 00:00:29,880 --> 00:00:33,680 set the recording to record both my screen and Tim's screen. 10 00:00:33,680 --> 00:00:36,340 So this one's just going to be Tim. 11 00:00:36,340 --> 00:00:41,080 So you guys can pretend like you're having a one-on-one talk with Tim for this episode. 12 00:00:41,080 --> 00:00:43,120 I hope you enjoy it. 13 00:00:43,120 --> 00:00:48,240 Hey, Tim, thanks for coming on the podcast to chat with me today. 14 00:00:48,240 --> 00:00:50,440 Yeah, thanks for having me on. 15 00:00:50,440 --> 00:00:52,280 Well, I'm super excited. 16 00:00:52,280 --> 00:00:56,760 So I guess just to get started, can you talk a little bit about your early life, where 17 00:00:56,760 --> 00:01:00,040 did you grow up, where'd you go to school, things like that? 18 00:01:00,040 --> 00:01:04,520 Yeah, so I grew up in Waltownship, New Jersey. 19 00:01:04,520 --> 00:01:10,760 It's in Mommeth County right on the beach for those who don't know. 20 00:01:10,760 --> 00:01:13,880 I have two brothers, Brendan and Casey. 21 00:01:13,880 --> 00:01:17,440 Will knows them from school as well. 22 00:01:17,440 --> 00:01:22,240 We all grew up in Waltownship, went to Waltownship High School. 23 00:01:22,240 --> 00:01:25,880 We ended up all going to the same college as well, York College of Pennsylvania. 24 00:01:25,880 --> 00:01:28,240 Right, which is where I met all you guys. 25 00:01:28,240 --> 00:01:29,480 Yeah, exactly. 26 00:01:29,480 --> 00:01:34,720 So we actually all work together still in Waltownship. 27 00:01:34,720 --> 00:01:37,640 I live in the town over Brick now. 28 00:01:37,640 --> 00:01:43,220 So kind of been in the same area here in Mommeth County, New Jersey my entire life, coming 29 00:01:43,220 --> 00:01:44,800 up on three decades. 30 00:01:44,800 --> 00:01:47,440 So born and raised here in New Jersey. 31 00:01:47,440 --> 00:01:49,160 All right, very nice. 32 00:01:49,160 --> 00:01:51,400 So what is it that you do? 33 00:01:51,400 --> 00:01:55,920 Well, our firm here is called Mulloly Asset Management. 34 00:01:55,920 --> 00:01:59,360 We're a financial planning and investment management firm. 35 00:01:59,360 --> 00:02:04,480 I'm an investment advisor and a certified financial planner here. 36 00:02:04,480 --> 00:02:11,320 So we help people with their investments and we build financial plans for them to pretty 37 00:02:11,320 --> 00:02:15,440 much answer any kind of financial questions they might have. 38 00:02:15,440 --> 00:02:18,560 What kind of investment should they be investing in? 39 00:02:18,560 --> 00:02:25,000 How much risk do they need to take budgeting, cash flow for younger people and older folks 40 00:02:25,000 --> 00:02:26,500 as well? 41 00:02:26,500 --> 00:02:31,760 Retirement planning, pretty much anything that falls under the financial aspect of your 42 00:02:31,760 --> 00:02:34,200 life, we can help you out with that. 43 00:02:34,200 --> 00:02:37,440 And that's what we do for our clients. 44 00:02:37,440 --> 00:02:44,720 I would say majority of our client base, a lot of them are pre retirees, some people 45 00:02:44,720 --> 00:02:50,040 like that are in the prime earning years of their career and getting close to retirement. 46 00:02:50,040 --> 00:02:53,600 They want to make sure that they're on the right track, that they have enough money to 47 00:02:53,600 --> 00:02:56,880 retire and that they're going to be set. 48 00:02:56,880 --> 00:03:01,440 But we also do have some younger clients that are more in our generation that are just getting 49 00:03:01,440 --> 00:03:04,680 started making some real money. 50 00:03:04,680 --> 00:03:12,480 And the fact that they're making more money now, it kind of scares them in a good way 51 00:03:12,480 --> 00:03:17,120 to make sure that they are doing what they should be doing to set themselves on the right 52 00:03:17,120 --> 00:03:23,760 track and that they're not just flushing money down the toilet or putting it into investments 53 00:03:23,760 --> 00:03:28,800 or different types of things that are wasting the money for them. 54 00:03:28,800 --> 00:03:30,120 They want to make sure that they're set up. 55 00:03:30,120 --> 00:03:37,000 So we can really help people on any part of the age spectrum. 56 00:03:37,000 --> 00:03:42,000 And so you started that off by saying that you're a certified financial planner. 57 00:03:42,000 --> 00:03:43,880 And that's something new, right? 58 00:03:43,880 --> 00:03:44,880 Yeah. 59 00:03:44,880 --> 00:03:49,360 So I think it's been about two or three weeks now. 60 00:03:49,360 --> 00:03:57,960 I got fully certified past the CFP exam, sat for it back in March. 61 00:03:57,960 --> 00:04:03,720 There was a six week waiting period to get the grades, even in 22. 62 00:04:03,720 --> 00:04:06,400 It still takes them six weeks to grade all these tests. 63 00:04:06,400 --> 00:04:13,600 But so found out that past the exam got licensed and so now I'm a CFP. 64 00:04:13,600 --> 00:04:19,120 And so what's the difference between being a CFP and not being a CFP? 65 00:04:19,120 --> 00:04:27,520 I think on a day to day basis, it gives you a more expansive knowledge of what you're 66 00:04:27,520 --> 00:04:29,920 talking about. 67 00:04:29,920 --> 00:04:35,880 The CFP curriculum that we had this study, it's almost a two year course pretty much 68 00:04:35,880 --> 00:04:39,160 to get ready for the exam. 69 00:04:39,160 --> 00:04:43,680 It covers a lot of pretty much anything that you're going to touch on. 70 00:04:43,680 --> 00:04:47,880 Like when you're building a financial plan for people, there's a tax section, there's 71 00:04:47,880 --> 00:04:51,440 an investment section, there's an insurance section, there's retirement section. 72 00:04:51,440 --> 00:04:54,720 There's all of these different sections that you're going to touch on. 73 00:04:54,720 --> 00:05:01,760 It makes sure that you're kind of like up to snuff, up to par on where your knowledge 74 00:05:01,760 --> 00:05:05,760 base should be if you're helping these people with these problems. 75 00:05:05,760 --> 00:05:14,280 And when clients are looking for an advisor, they're seeking out people with these designations. 76 00:05:14,280 --> 00:05:19,600 So it's similar to if you were looking for an accountant. 77 00:05:19,600 --> 00:05:26,920 There are accountants out there that are not CPAs, but it looks good and it looks better 78 00:05:26,920 --> 00:05:35,360 and it reinforces that you know what you're doing in the eyes of the client. 79 00:05:35,360 --> 00:05:40,720 And so is this, is financial planning always what you wanted to do growing up or how did 80 00:05:40,720 --> 00:05:43,560 that come about? 81 00:05:43,560 --> 00:05:49,200 So I mean, when I was growing up, like as a kid, I obviously wanted to do like, I wanted 82 00:05:49,200 --> 00:05:50,800 to be a professional baseball player. 83 00:05:50,800 --> 00:05:52,760 Right, play for the Mets. 84 00:05:52,760 --> 00:05:59,080 So once I realized that I couldn't throw a 95 mile an hour fastball or hit a home run, 85 00:05:59,080 --> 00:06:01,480 those dreams kind of went by the wayside. 86 00:06:01,480 --> 00:06:09,040 I think once I started seriously considering careers, investment management and just like 87 00:06:09,040 --> 00:06:15,320 helping people with their finances was something that I was interested in from pretty much 88 00:06:15,320 --> 00:06:16,640 from like high school on. 89 00:06:16,640 --> 00:06:23,520 I went to York with the intentions of getting a business degree and that's what I did. 90 00:06:23,520 --> 00:06:29,080 And I think it came from like, my dad started this business back in 2002. 91 00:06:29,080 --> 00:06:32,160 So I was 10 years old at that point. 92 00:06:32,160 --> 00:06:38,840 So pretty much through like my whole adolescent period growing up, I was you know, surrounded 93 00:06:38,840 --> 00:06:43,880 by someone who was doing what I'm doing now. 94 00:06:43,880 --> 00:06:49,400 So it was, you know, I got to see my dad do it and hear him talk about it and it really 95 00:06:49,400 --> 00:06:52,200 just got me interested from a young age. 96 00:06:52,200 --> 00:06:58,640 And did you always have the desire to be in small business as well? 97 00:06:58,640 --> 00:06:59,640 I think so. 98 00:06:59,640 --> 00:07:05,480 And I think they kind of went hand in hand because I saw my dad go out on his own and 99 00:07:05,480 --> 00:07:08,320 start his own business in 2002. 100 00:07:08,320 --> 00:07:16,120 And it really, for our family, it helped benefit or it helped highlight some of the benefits 101 00:07:16,120 --> 00:07:18,200 of owning your own small business. 102 00:07:18,200 --> 00:07:21,520 Obviously getting started, there are a lot of challenges involved with being a small 103 00:07:21,520 --> 00:07:22,520 business owner. 104 00:07:22,520 --> 00:07:23,520 Right. 105 00:07:23,520 --> 00:07:29,400 And you know, for a lot of those first hand handful of years, like I said, I was 10 years 106 00:07:29,400 --> 00:07:30,600 old when my dad started it. 107 00:07:30,600 --> 00:07:35,280 So I didn't fully grasp like all of the things that were going on on a day to day basis, trying 108 00:07:35,280 --> 00:07:36,760 to get the business up and running. 109 00:07:36,760 --> 00:07:41,720 But now looking back on it, you know, you really appreciate like all the hard work and everything 110 00:07:41,720 --> 00:07:43,240 that my dad went through. 111 00:07:43,240 --> 00:07:44,760 All the risks that he took. 112 00:07:44,760 --> 00:07:45,760 Yeah, exactly. 113 00:07:45,760 --> 00:07:51,520 Like it's very, very risky that, you know, a large percentage of small businesses don't 114 00:07:51,520 --> 00:07:55,520 make it past their first year or first handful of years. 115 00:07:55,520 --> 00:08:02,320 But I think, you know, being in a household that was dominated by entrepreneurial, you 116 00:08:02,320 --> 00:08:08,000 know, inclinations and wanting to own your own small business, I was, you know, just 117 00:08:08,000 --> 00:08:10,520 associated with that from the start. 118 00:08:10,520 --> 00:08:17,040 So it kind of went hand in hand with wanting to become, you know, work in the finance industry. 119 00:08:17,040 --> 00:08:20,720 And was it always you wanted to work with your dad always, or you just wanted to be 120 00:08:20,720 --> 00:08:24,280 in a similar space or something else? 121 00:08:24,280 --> 00:08:31,360 Honestly, I think it was mostly driven by the fact that I wanted to work with family. 122 00:08:31,360 --> 00:08:32,360 Really? 123 00:08:32,360 --> 00:08:37,440 Yeah, I think, I mean, you know, you know, our family and how close we are and how well 124 00:08:37,440 --> 00:08:39,520 we all get along. 125 00:08:39,520 --> 00:08:45,680 We all, we were within four years of each other are the three siblings here. 126 00:08:45,680 --> 00:08:47,200 So we had all the same friends. 127 00:08:47,200 --> 00:08:49,200 We went to the same college. 128 00:08:49,200 --> 00:08:52,480 We pretty much did everything together. 129 00:08:52,480 --> 00:08:56,680 And for people on the outside, it kind of, we get questions like, how do you got, how 130 00:08:56,680 --> 00:09:00,160 can you even like stand each other being around each other? 131 00:09:00,160 --> 00:09:02,360 And it just, I don't know, it just works for us. 132 00:09:02,360 --> 00:09:07,880 So I think I've said to my dad in the past, it's like, look, if you were a carpenter or 133 00:09:07,880 --> 00:09:12,000 something, I probably would have wanted to, you know, be a carpenter with you. 134 00:09:12,000 --> 00:09:13,480 I wanted to be in the family business. 135 00:09:13,480 --> 00:09:18,880 It just happened that, you know, the family business was being an investment advisor. 136 00:09:18,880 --> 00:09:25,760 So yeah, I think it was mostly driven by the fact that, you know, the family, it was, it's 137 00:09:25,760 --> 00:09:26,760 what the family did. 138 00:09:26,760 --> 00:09:27,920 So, right. 139 00:09:27,920 --> 00:09:34,720 And then so for people who don't know, who are all of the employees of Mullooly asset management? 140 00:09:34,720 --> 00:09:36,200 There's a very strict requirement. 141 00:09:36,200 --> 00:09:38,880 You have to have the last name Mullooly. 142 00:09:38,880 --> 00:09:39,880 Right. 143 00:09:39,880 --> 00:09:43,400 Not, not really, but it's worked out that way so far. 144 00:09:43,400 --> 00:09:46,240 So it's my dad, Tom Mullooly. 145 00:09:46,240 --> 00:09:50,200 He's the president and owner of the business at the moment. 146 00:09:50,200 --> 00:09:55,960 My older brother, Brendan Mullooly, my younger brother, Casey Mullooly, and then my mom, Donna 147 00:09:55,960 --> 00:09:58,440 Mullooly, she's here as well. 148 00:09:58,440 --> 00:10:02,240 So right now it's just the five of us. 149 00:10:02,240 --> 00:10:06,400 We have an answering service actually answering the phones. 150 00:10:06,400 --> 00:10:10,120 They're not Mullooly's, but you know, they kind of count, I guess. 151 00:10:10,120 --> 00:10:14,200 So it'll be weird if they were, I think. 152 00:10:14,200 --> 00:10:19,440 And so does everybody have similar roles there or do you have different roles? 153 00:10:19,440 --> 00:10:21,600 How does that work? 154 00:10:21,600 --> 00:10:29,080 So the four of us, meaning my dad and Brendan and Casey and myself, we're all licensed investment 155 00:10:29,080 --> 00:10:30,080 advisors. 156 00:10:30,080 --> 00:10:32,680 My mom, she's more on the administrative side. 157 00:10:32,680 --> 00:10:39,080 So she does, she handles like more of the office procedures and processes and, you know, 158 00:10:39,080 --> 00:10:43,560 making sure paperwork and stuff like that gets done. 159 00:10:43,560 --> 00:10:48,880 But when it comes to being an advisor, I think we all manage money on a team approach. 160 00:10:48,880 --> 00:10:53,680 So it's not like this person is just Brendan's client, that person's my client. 161 00:10:53,680 --> 00:10:57,120 We all manage money together. 162 00:10:57,120 --> 00:11:02,440 But you know, so we're all investment advisors, but then I think we all kind of fell into 163 00:11:02,440 --> 00:11:09,440 like different little subsets of the business running process along the way. 164 00:11:09,440 --> 00:11:15,320 So like for a while, like I just said, I just became a CFP a couple of weeks ago. 165 00:11:15,320 --> 00:11:21,920 Brendan has had his CFP for, I think like three or four years, maybe five years at this point. 166 00:11:21,920 --> 00:11:29,080 So he's been doing a lot of the financial planning, the actual like writing of the financial 167 00:11:29,080 --> 00:11:30,760 plans. 168 00:11:30,760 --> 00:11:39,960 And Casey has taken on some of the compliance side of things, so he does a lot of the compliance 169 00:11:39,960 --> 00:11:44,280 work and he helps my mom with like the billing and the numbers. 170 00:11:44,280 --> 00:11:47,840 So he does some of the back office stuff. 171 00:11:47,840 --> 00:11:53,520 Before I started studying for the CFP, I was doing a lot of our content creation and helping 172 00:11:53,520 --> 00:11:55,760 my dad with like the marketing side of the business. 173 00:11:55,760 --> 00:12:00,800 So it's like we're all advisors, but then we all also do a little bit of our own stuff 174 00:12:00,800 --> 00:12:02,200 on the side. 175 00:12:02,200 --> 00:12:03,200 And so how did that happen? 176 00:12:03,200 --> 00:12:07,360 Did you all just fall into these different roles organically or? 177 00:12:07,360 --> 00:12:12,920 Yeah, it was, I mean, it kind of just, like you said, it was organic, but there wasn't 178 00:12:12,920 --> 00:12:17,280 really a sit down conversation where we were like, you're going to do this, you're going 179 00:12:17,280 --> 00:12:18,640 to do that, you're going to do this. 180 00:12:18,640 --> 00:12:24,160 It was kind of just like we saw that there was a need for Casey was like, we need to 181 00:12:24,160 --> 00:12:25,880 stay up to date on our compliance. 182 00:12:25,880 --> 00:12:28,720 So like, I'm just going to pick this up and start doing it. 183 00:12:28,720 --> 00:12:31,880 And you know, it was like, all right, we want to start putting some content out. 184 00:12:31,880 --> 00:12:36,480 Like I had the, I had the free time, you know, Brendan was dealing more with the clients 185 00:12:36,480 --> 00:12:38,360 on a client facing basis. 186 00:12:38,360 --> 00:12:41,280 So it's like, I'm just going to pick this up and run with it. 187 00:12:41,280 --> 00:12:44,160 So it kind of just happened on its own. 188 00:12:44,160 --> 00:12:45,160 Okay. 189 00:12:45,160 --> 00:12:49,200 And I see you guys advertise a lot how you're a fiduciaries. 190 00:12:49,200 --> 00:12:53,120 Can you explain what that is and why that's so important to you? 191 00:12:53,120 --> 00:12:59,000 Yeah, so being a fiduciary is super important in our business. 192 00:12:59,000 --> 00:13:06,080 It's, it, it makes sure that, that as an advisor, we have a legal obligation to work in our 193 00:13:06,080 --> 00:13:08,080 client's best interest. 194 00:13:08,080 --> 00:13:15,080 So for example, some, some advisors don't have that fiduciary obligation, which some 195 00:13:15,080 --> 00:13:21,000 clients that they're not aware of, and they're kind of surprised when they hear it, but it, 196 00:13:21,000 --> 00:13:28,080 you know, they, there are different incentive bases throughout the industry and it depends 197 00:13:28,080 --> 00:13:30,880 on like what kind of firm you work at and stuff. 198 00:13:30,880 --> 00:13:33,440 We're fee only investment advisors. 199 00:13:33,440 --> 00:13:39,240 So that means we don't accept commissions for, for putting client money in certain products 200 00:13:39,240 --> 00:13:41,280 and versus other products. 201 00:13:41,280 --> 00:13:42,520 Okay. 202 00:13:42,520 --> 00:13:49,380 So being a fiduciary really helps us relay to the clients that like we always have their 203 00:13:49,380 --> 00:13:50,720 best interest in mind. 204 00:13:50,720 --> 00:13:54,880 Like we're never going to make an investment decision or an investment recommendation based 205 00:13:54,880 --> 00:14:00,600 on anything other than the fact that it's 100% the right thing for them to do. 206 00:14:00,600 --> 00:14:07,280 Whereas, you know, some other advisors could potentially, you know, if they might pick 207 00:14:07,280 --> 00:14:16,360 one mutual fund or ETF or investment vehicle over another, because they get paid more on 208 00:14:16,360 --> 00:14:17,360 it. 209 00:14:17,360 --> 00:14:18,360 Interesting. 210 00:14:18,360 --> 00:14:19,360 Okay. 211 00:14:19,360 --> 00:14:23,760 So it's not a glamorous side of the business, but I think it's an important distinction for 212 00:14:23,760 --> 00:14:27,240 clients to know like, Hey, we're on the same team here. 213 00:14:27,240 --> 00:14:28,640 Like we're fiduciaries. 214 00:14:28,640 --> 00:14:34,520 We have like legally we cannot recommend anything to you that's not in your best interest. 215 00:14:34,520 --> 00:14:40,240 Like a breach of the fiduciary standard. 216 00:14:40,240 --> 00:14:44,160 So then when you say fee only, where does the fee come from? 217 00:14:44,160 --> 00:14:49,360 So it's based on the money that we manage for them. 218 00:14:49,360 --> 00:14:58,840 So if your account is let's say $100,000, we bill on that account balance. 219 00:14:58,840 --> 00:15:03,960 So again, we're kind of on the same side as the client in the sense that, you know, we 220 00:15:03,960 --> 00:15:09,200 want to put them in the best investments so that they make money because obviously you 221 00:15:09,200 --> 00:15:10,760 want to make money with your investments. 222 00:15:10,760 --> 00:15:11,760 But right. 223 00:15:11,760 --> 00:15:12,760 Right. 224 00:15:12,760 --> 00:15:18,960 So if they lose money, we take a pay cut as well because then we're billing on less assets. 225 00:15:18,960 --> 00:15:19,960 Right. 226 00:15:19,960 --> 00:15:26,120 So that quarterly fee is the only, that's the only way we're compensated. 227 00:15:26,120 --> 00:15:27,360 We don't have any commissions. 228 00:15:27,360 --> 00:15:34,440 We don't have any, you know, deals or like kickbacks from investment companies to put, 229 00:15:34,440 --> 00:15:40,040 you know, client money into their products over another investment company's products. 230 00:15:40,040 --> 00:15:42,920 It's strictly just the AUM fee. 231 00:15:42,920 --> 00:15:43,920 All right. 232 00:15:43,920 --> 00:15:49,000 And then you were talking about how you started making content. 233 00:15:49,000 --> 00:15:52,400 What kind of content were you making and are still making? 234 00:15:52,400 --> 00:15:53,400 Yeah. 235 00:15:53,400 --> 00:15:59,080 So we have like a weekly approach to content. 236 00:15:59,080 --> 00:16:07,160 We try to do at least one video, one podcast and a blog post every week. 237 00:16:07,160 --> 00:16:12,200 I think it started mainly with blog posts and podcasts. 238 00:16:12,200 --> 00:16:17,400 And then I think in 2015 or 16, we started doing the videos. 239 00:16:17,400 --> 00:16:25,560 And then I think in 2018-ish around then we really got on a set schedule with trying to 240 00:16:25,560 --> 00:16:27,820 get that out on a weekly basis. 241 00:16:27,820 --> 00:16:29,120 And the videos aren't anything long. 242 00:16:29,120 --> 00:16:31,760 It's not like we're putting out feature films every week. 243 00:16:31,760 --> 00:16:36,000 It's more like just like a four or five minute video. 244 00:16:36,000 --> 00:16:41,000 If that sometimes are like two or three minutes of, you know, either it's a financial planning 245 00:16:41,000 --> 00:16:49,120 topic that we heard or a question that we got from a client during the week or addressing 246 00:16:49,120 --> 00:16:55,440 something that's going on in the market, you know, things that people want to hear about. 247 00:16:55,440 --> 00:17:03,680 Pretty much it's a way to just communicate with clients and prospects and make sure that, 248 00:17:03,680 --> 00:17:05,800 you know, our message is getting out there. 249 00:17:05,800 --> 00:17:11,040 But we try and cover all the bases with podcasts, videos and blog posts. 250 00:17:11,040 --> 00:17:17,000 And is that that's a form of marketing that you're doing this as? 251 00:17:17,000 --> 00:17:18,680 I think in a way it is. 252 00:17:18,680 --> 00:17:29,840 We also, we view it more as a, I would say the videos and the podcasts tend to be more 253 00:17:29,840 --> 00:17:32,680 our way of staying in front of our clients. 254 00:17:32,680 --> 00:17:36,360 Because, you know, we have hundreds of clients. 255 00:17:36,360 --> 00:17:42,840 We can't possibly talk to every single one of them about every issue that comes up. 256 00:17:42,840 --> 00:17:48,120 So sending out weekly and we bundle all of the things that we do in a week and we send 257 00:17:48,120 --> 00:17:53,480 it out every Friday to our clients to be like, here's what we're talking about in the office 258 00:17:53,480 --> 00:17:54,480 this week. 259 00:17:54,480 --> 00:17:57,640 Like here are our thoughts on what happened this week. 260 00:17:57,640 --> 00:18:03,920 So we use that as a way to stay in touch with our clients, to communicate with them, to 261 00:18:03,920 --> 00:18:08,280 further build the relationship and make sure you retain the clients. 262 00:18:08,280 --> 00:18:09,920 Yeah, it's a, yeah. 263 00:18:09,920 --> 00:18:16,880 So in a way, I guess it's kind of marketing to our own clients to make sure that they, 264 00:18:16,880 --> 00:18:20,080 you know, stay around and that they hear from us all the time. 265 00:18:20,080 --> 00:18:26,040 Because I would say a majority of people that come into our office for a new meeting, most 266 00:18:26,040 --> 00:18:30,760 of them say that they're leaving their current advisor because they never hear from them. 267 00:18:30,760 --> 00:18:31,760 Interesting. 268 00:18:31,760 --> 00:18:35,360 So that's why, you know, we kept hearing that in meetings and it's like, we don't ever 269 00:18:35,360 --> 00:18:38,280 want to have someone say that about us. 270 00:18:38,280 --> 00:18:41,640 So we want to stay in front of our clients as much as we can. 271 00:18:41,640 --> 00:18:48,960 And so I know you were saying that you represent people or you advise people who are all ages. 272 00:18:48,960 --> 00:18:55,080 Is there, you know, a specific amount of wealth that people need to have or a specific career 273 00:18:55,080 --> 00:18:58,760 that they need to have in order to invest with you? 274 00:18:58,760 --> 00:19:00,240 A specific career? 275 00:19:00,240 --> 00:19:08,000 No, we can help anyone in any type of, any line of work in terms of the amount of wealth 276 00:19:08,000 --> 00:19:09,640 that they have. 277 00:19:09,640 --> 00:19:15,080 We have two ways that we can work with people. 278 00:19:15,080 --> 00:19:22,320 The fee approach that I talked to you about before, that starts at, we call that our AUM 279 00:19:22,320 --> 00:19:26,400 model, that starts at 250,000. 280 00:19:26,400 --> 00:19:37,240 So then if you have $250,000 or more to invest for us to manage, then we apply the AUM model 281 00:19:37,240 --> 00:19:39,760 where it's a quarterly percentage. 282 00:19:39,760 --> 00:19:44,320 It starts at 1% and it goes down as the account balance goes up. 283 00:19:44,320 --> 00:19:52,160 And then for people that have less than 250,000, we created what we call our subscription model. 284 00:19:52,160 --> 00:19:55,280 We do all of the same work. 285 00:19:55,280 --> 00:20:05,800 The service is the same, but it's a $1,000 upfront fee to do all of the work in the beginning 286 00:20:05,800 --> 00:20:10,120 to get everything started, do the financial planning, do the data gathering, get everything 287 00:20:10,120 --> 00:20:11,240 done. 288 00:20:11,240 --> 00:20:19,800 And then there's a 125 a month monthly subscription to keep the relationship going. 289 00:20:19,800 --> 00:20:25,400 You can call and ask questions, you can update the plan as needed. 290 00:20:25,400 --> 00:20:32,280 So that's our way of working with anyone who has any amount of money. 291 00:20:32,280 --> 00:20:39,160 Because we found that a lot of the big national firms, if you don't have at least like half 292 00:20:39,160 --> 00:20:41,840 a million dollars, you're not even getting in the door. 293 00:20:41,840 --> 00:20:49,080 And there's a lot of people that have less than that. 294 00:20:49,080 --> 00:20:54,040 And in the grand scheme of things, while it might not seem like a lot of money to them, 295 00:20:54,040 --> 00:20:55,040 it is. 296 00:20:55,040 --> 00:20:56,040 And it's super important to them. 297 00:20:56,040 --> 00:20:58,920 So we don't want to neglect all of these people. 298 00:20:58,920 --> 00:21:00,960 It's like you worked hard for your money. 299 00:21:00,960 --> 00:21:07,880 We want to make sure that you have the ability to work with someone, even if your account 300 00:21:07,880 --> 00:21:11,000 balance isn't millions and millions of dollars. 301 00:21:11,000 --> 00:21:12,000 Right. 302 00:21:12,000 --> 00:21:13,000 Interesting. 303 00:21:13,000 --> 00:21:18,560 And so when you say you prepare a financial plan, what does that look like? 304 00:21:18,560 --> 00:21:24,040 So, when we get started with people, we do what we call data gathering. 305 00:21:24,040 --> 00:21:30,240 And that's, we'll send out, we have these worksheets where we initially want to start 306 00:21:30,240 --> 00:21:35,280 with like a cash flow and balance sheet to see how much money you have coming in every 307 00:21:35,280 --> 00:21:40,840 week or every month and how much money you're spending, make sure that's all in proportion, 308 00:21:40,840 --> 00:21:43,480 how much you're saving. 309 00:21:43,480 --> 00:21:50,360 And then kind of go from there and tackle how much you can be investing, how much should 310 00:21:50,360 --> 00:21:52,760 you be investing, where to invest. 311 00:21:52,760 --> 00:21:59,360 So the financial plan really covers everything from budgeting on a monthly basis to all of 312 00:21:59,360 --> 00:22:08,320 your investment decisions to retirement planning, the tax implications of those investments. 313 00:22:08,320 --> 00:22:14,640 If you're later on in your career retirement planning, we can address insurance needs. 314 00:22:14,640 --> 00:22:24,400 We don't sell insurance policies, but we can definitely identify how much insurance is 315 00:22:24,400 --> 00:22:28,800 appropriate for you and what type of policy would be best and then point you in the right 316 00:22:28,800 --> 00:22:34,600 direction of where you can go get those policies since we don't sell them. 317 00:22:34,600 --> 00:22:42,000 And so the financial plan really covers all of those different categories. 318 00:22:42,000 --> 00:22:46,440 And it doesn't always apply to everyone. 319 00:22:46,440 --> 00:22:53,680 If there's a client who's coming in that's 65 years old, they really just want to focus 320 00:22:53,680 --> 00:22:57,800 on the retirement planning side of things. 321 00:22:57,800 --> 00:23:04,600 We can tailor the conversations to pretty much address what's most concerning to them 322 00:23:04,600 --> 00:23:09,320 at the time and then always circle back to any other questions that they might have after 323 00:23:09,320 --> 00:23:10,320 that. 324 00:23:10,320 --> 00:23:11,320 Okay. 325 00:23:11,320 --> 00:23:16,680 And you find yourself working with a lot of other professionals for people when they're 326 00:23:16,680 --> 00:23:21,720 figuring out what to do with their wealth? 327 00:23:21,720 --> 00:23:33,320 Yeah, I think we'll talk a lot with people's accountants and attorneys. 328 00:23:33,320 --> 00:23:38,760 Mostly accountants, the relationships that we have with attorneys, it would mostly just 329 00:23:38,760 --> 00:23:46,000 be pointing them to them to get the estate planning documents drawn up and things like 330 00:23:46,000 --> 00:23:47,000 that. 331 00:23:47,000 --> 00:23:51,840 We typically have too much back and forth with attorneys unless it's dealing with an 332 00:23:51,840 --> 00:23:53,400 estate issue or something like that. 333 00:23:53,400 --> 00:24:01,760 But we talk with people's accountants all the time when it comes to taking money, drawing 334 00:24:01,760 --> 00:24:08,560 money from their retirement accounts, thinking about capital gains and selling investments 335 00:24:08,560 --> 00:24:15,280 and where to put money and should it be in a tax deferred account or should it be in a 336 00:24:15,280 --> 00:24:16,280 taxable account? 337 00:24:16,280 --> 00:24:19,840 Yeah, that's a lot of different investment decisions that have a lot of tax implications. 338 00:24:19,840 --> 00:24:24,120 So we work with accountants quite a bit. 339 00:24:24,120 --> 00:24:25,120 Got it. 340 00:24:25,120 --> 00:24:26,120 Got it. 341 00:24:26,120 --> 00:24:31,800 And so you do all this weekly content creation, but you also had a podcast for a very long 342 00:24:31,800 --> 00:24:33,040 time. 343 00:24:33,040 --> 00:24:35,920 How many episodes did you do? 344 00:24:35,920 --> 00:24:39,160 I don't know the exact number, but I think it was close to 110. 345 00:24:39,160 --> 00:24:40,160 Wow. 346 00:24:40,160 --> 00:24:41,920 We definitely got over 100. 347 00:24:41,920 --> 00:24:49,760 I remember having a big 100th episode, but I think it had for your 100th. 348 00:24:49,760 --> 00:24:51,800 I think it was a solo episode actually. 349 00:24:51,800 --> 00:24:52,800 Oh yeah. 350 00:24:52,800 --> 00:24:56,960 As conceited as that is. 351 00:24:56,960 --> 00:25:02,680 Yeah I think it fizzled out shortly after that because I started, that's when I really 352 00:25:02,680 --> 00:25:07,680 started cracking down with studying for the CFP exam. 353 00:25:07,680 --> 00:25:12,120 And it was right around when the pandemic hit in 2020. 354 00:25:12,120 --> 00:25:21,800 So as advisors here, things got pretty crazy and just our day to day life didn't allow 355 00:25:21,800 --> 00:25:24,200 for the time to record podcasts. 356 00:25:24,200 --> 00:25:27,800 And plus a lot of the guests that I were talking to were also in the same boat. 357 00:25:27,800 --> 00:25:34,080 I talked to a lot of financial professionals and a lot of people were super busy during 358 00:25:34,080 --> 00:25:35,640 that time as well. 359 00:25:35,640 --> 00:25:40,040 But now that I'm done with the CFP, who knows, maybe it's something I can pick back up. 360 00:25:40,040 --> 00:25:41,640 I'm going to start it back up. 361 00:25:41,640 --> 00:25:43,920 Yeah, go back for a round two. 362 00:25:43,920 --> 00:25:49,120 How did you find people to be on your podcast? 363 00:25:49,120 --> 00:25:57,960 It started so I, there was two ways that I found guests for the podcast. 364 00:25:57,960 --> 00:26:02,400 I talked to a lot of the local business owners around here. 365 00:26:02,400 --> 00:26:07,560 We have a Chamber of Commerce in town and we're members of the Chamber. 366 00:26:07,560 --> 00:26:11,400 So I would go to the Chamber meetings and talk to people and say, hey, you're a business 367 00:26:11,400 --> 00:26:15,280 owner, do you want to come on the podcast and talk about your business, talk about how 368 00:26:15,280 --> 00:26:20,080 things got started, kind of similar to what we're doing here. 369 00:26:20,080 --> 00:26:27,880 And then also, financial Twitter is a pretty big community. 370 00:26:27,880 --> 00:26:37,920 So we on Twitter, there are hundreds, if not thousands of advisors out there that there's 371 00:26:37,920 --> 00:26:39,260 a whole network of people. 372 00:26:39,260 --> 00:26:42,100 We all follow each other and communicate every day. 373 00:26:42,100 --> 00:26:46,920 People write blog posts and share content and bounce ideas off of each other. 374 00:26:46,920 --> 00:26:51,760 And you know, you almost start like, you start like an online community and you make friends 375 00:26:51,760 --> 00:26:54,000 that you've never really met in person before. 376 00:26:54,000 --> 00:27:00,720 But Twitter, so I had a lot of contacts that I met on Twitter and I would just send them 377 00:27:00,720 --> 00:27:05,480 DMs or emails and just say, hey, like, I liked your post on this. 378 00:27:05,480 --> 00:27:07,840 Do you want to come on the podcast and talk about it? 379 00:27:07,840 --> 00:27:14,440 So there was a lot of authors, people that were writing financial books and bloggers 380 00:27:14,440 --> 00:27:18,680 and people that were making content in the financial industry. 381 00:27:18,680 --> 00:27:22,880 I asked them to come on the show and pretty much just like talk about their work and what 382 00:27:22,880 --> 00:27:24,200 they were doing for people. 383 00:27:24,200 --> 00:27:25,360 Okay. 384 00:27:25,360 --> 00:27:31,040 And so what was your process like to prepare to host a podcast? 385 00:27:31,040 --> 00:27:36,480 So I like to be, when I would do it, I would tend to be overprepared. 386 00:27:36,480 --> 00:27:41,440 I would always get a lot of feedback from people like, oh, wow, this is like, I've done 387 00:27:41,440 --> 00:27:45,640 a lot of podcasts before, but like, I've never really like the outline that I would send 388 00:27:45,640 --> 00:27:50,840 people was I would make up a lot of questions and stuff for them. 389 00:27:50,840 --> 00:27:56,200 And not that I would just read from the question list. 390 00:27:56,200 --> 00:28:01,080 The conversation would flow naturally from there, but I always wanted to be prepared 391 00:28:01,080 --> 00:28:03,000 to make sure that we had enough to talk about. 392 00:28:03,000 --> 00:28:08,760 So if it was an author, I'd read through the book and pick out different topics, different 393 00:28:08,760 --> 00:28:14,640 chapters and different points from the book and ask them about that and just start like 394 00:28:14,640 --> 00:28:21,360 a larger conversation about what the book is about, the process of writing the book, 395 00:28:21,360 --> 00:28:25,200 the behind the scenes, all the research and things that went into it. 396 00:28:25,200 --> 00:28:28,920 Same thing with bloggers and advisors. 397 00:28:28,920 --> 00:28:35,160 Just asking them about their process and how they help people, what do they do, what's 398 00:28:35,160 --> 00:28:37,560 kind of unique about them. 399 00:28:37,560 --> 00:28:44,520 And for people that wrote blog posts, it was just reading through all of their blog posts, 400 00:28:44,520 --> 00:28:48,320 picking out which ones I liked the best and just asking them about that. 401 00:28:48,320 --> 00:28:49,820 I would dig back. 402 00:28:49,820 --> 00:28:53,200 Some of these people I would dig back like years and years and just finally. 403 00:28:53,200 --> 00:28:54,200 Yeah. 404 00:28:54,200 --> 00:28:59,720 I would find like small short little blog posts that like didn't have a lot of comments or 405 00:28:59,720 --> 00:29:01,760 anything, but like I thought was super interesting. 406 00:29:01,760 --> 00:29:05,720 So I'd ask about that and they'd be like, Oh my God, like I didn't think anybody read 407 00:29:05,720 --> 00:29:08,320 that or like, I don't even believe that anymore. 408 00:29:08,320 --> 00:29:09,320 Yeah. 409 00:29:09,320 --> 00:29:10,320 Yeah. 410 00:29:10,320 --> 00:29:11,320 Exactly. 411 00:29:11,320 --> 00:29:12,320 So my mind. 412 00:29:12,320 --> 00:29:13,320 Yeah. 413 00:29:13,320 --> 00:29:15,120 And that's what I would do to get prepared. 414 00:29:15,120 --> 00:29:16,120 Yeah. 415 00:29:16,120 --> 00:29:17,600 So when's your book coming out? 416 00:29:17,600 --> 00:29:19,480 Oh, I don't know. 417 00:29:19,480 --> 00:29:20,480 That's next. 418 00:29:20,480 --> 00:29:22,840 You did the podcast, the blog posts. 419 00:29:22,840 --> 00:29:24,640 Now we need the book now. 420 00:29:24,640 --> 00:29:25,640 Yeah. 421 00:29:25,640 --> 00:29:26,640 That's true. 422 00:29:26,640 --> 00:29:27,880 That's a good point. 423 00:29:27,880 --> 00:29:33,040 Maybe this will be day one of preparation for the outline. 424 00:29:33,040 --> 00:29:37,280 And so when you were doing the podcast, did you do all the, you know, the editing and 425 00:29:37,280 --> 00:29:39,240 the promos on social media? 426 00:29:39,240 --> 00:29:41,400 And did you do all of that work too? 427 00:29:41,400 --> 00:29:42,400 Yeah. 428 00:29:42,400 --> 00:29:51,480 I did, which was time consuming, but I liked, not that I'm like a control freak, but I also, 429 00:29:51,480 --> 00:29:56,600 I liked having control over like, I knew how the final product was going to sound because 430 00:29:56,600 --> 00:29:59,400 you can outsource the editing and stuff like that. 431 00:29:59,400 --> 00:30:03,080 Like you can send it off to someone and they'll chop it up for you. 432 00:30:03,080 --> 00:30:04,400 And then you'll get it back. 433 00:30:04,400 --> 00:30:06,440 We obviously have to pay for it. 434 00:30:06,440 --> 00:30:10,040 So there's that aspect of it as well. 435 00:30:10,040 --> 00:30:16,360 But also from like a time point of view, from like our schedule, I was trying to keep it 436 00:30:16,360 --> 00:30:18,680 on a weekly basis. 437 00:30:18,680 --> 00:30:22,560 So have like an episode, I think it was a Tuesday or Thursday. 438 00:30:22,560 --> 00:30:23,560 I forget. 439 00:30:23,560 --> 00:30:27,920 It's been like two years since I published an episode, but it was either Tuesdays or 440 00:30:27,920 --> 00:30:30,960 Thursdays, new episodes came out. 441 00:30:30,960 --> 00:30:35,560 So and sometimes I would do the interview like the week before. 442 00:30:35,560 --> 00:30:37,720 And then that would be the episode for next week. 443 00:30:37,720 --> 00:30:38,720 So it's like, 444 00:30:38,720 --> 00:30:39,720 Okay. 445 00:30:39,720 --> 00:30:44,680 So I would worry that if I were to send it out to someone, like the turnaround time was 446 00:30:44,680 --> 00:30:49,000 so small that there wouldn't be a guarantee that it'd be ready for Thursday. 447 00:30:49,000 --> 00:30:54,800 So it's like, if I do all of this myself, I can control when it's done, because I can 448 00:30:54,800 --> 00:30:58,440 just finish it and, you know, make sure that it's ready to go. 449 00:30:58,440 --> 00:31:05,240 But if I were to do it again, I would consider, you know, having, getting some help with that 450 00:31:05,240 --> 00:31:11,720 because especially, you know, on a day to day basis here dealing with clients and trying 451 00:31:11,720 --> 00:31:16,600 to grow the business, it's, there's only so many hours in the day. 452 00:31:16,600 --> 00:31:17,600 Right. 453 00:31:17,600 --> 00:31:18,600 Right. 454 00:31:18,600 --> 00:31:21,680 And then a lot goes into having a really good looking work product and yours was always 455 00:31:21,680 --> 00:31:23,360 very, very good. 456 00:31:23,360 --> 00:31:24,360 Sweet. 457 00:31:24,360 --> 00:31:26,560 Thank you. 458 00:31:26,560 --> 00:31:31,680 And did you, did you have like a goal with the podcast or you just took off running to 459 00:31:31,680 --> 00:31:33,120 see where it would bring you? 460 00:31:33,120 --> 00:31:34,120 Yeah. 461 00:31:34,120 --> 00:31:40,160 So in the beginning, I didn't really have a goal, but after the first handful of episodes, 462 00:31:40,160 --> 00:31:43,480 I kind of like settled into like, all right, this is what I want to get out of it. 463 00:31:43,480 --> 00:31:52,960 So at the time, so I started it, I think in 2017 or 18. 464 00:31:52,960 --> 00:31:55,400 And it went for until like 2020. 465 00:31:55,400 --> 00:31:58,520 So it was about two years that I was doing it. 466 00:31:58,520 --> 00:32:03,880 At the time, you know, I was 25 or 26. 467 00:32:03,880 --> 00:32:12,400 So being that young in our industry, you know, most of the advisors out there, it's changing 468 00:32:12,400 --> 00:32:16,800 a little now, but most of the advisors out there, they have gray hair and they've been 469 00:32:16,800 --> 00:32:18,440 in the business for a long time. 470 00:32:18,440 --> 00:32:26,120 And so I was using the podcast as a way to kind of just build credibility in the industry. 471 00:32:26,120 --> 00:32:29,720 And that's why I wanted to talk to people in our industry that were established and 472 00:32:29,720 --> 00:32:36,040 that, you know, had books of business and had written books and years of blog posts and, 473 00:32:36,040 --> 00:32:41,080 you know, clients and, you know, just a, I use it as a way to kind of get my foot in 474 00:32:41,080 --> 00:32:44,960 the door with a lot of people that I had been reading their work for years. 475 00:32:44,960 --> 00:32:47,280 You're also a networking tool. 476 00:32:47,280 --> 00:32:48,520 Yeah, exactly. 477 00:32:48,520 --> 00:32:54,600 So I think mostly for me, it was a way to kind of build my network as a professional, 478 00:32:54,600 --> 00:33:00,480 not necessarily as like a client building, like prospecting tool, but it was more from 479 00:33:00,480 --> 00:33:06,640 a networking standpoint with my peers and people that I'd been interacting with on 480 00:33:06,640 --> 00:33:11,600 Twitter and people that I looked up to and I like read their books and stuff like that. 481 00:33:11,600 --> 00:33:16,560 This episode of the Bronx Attorney Broadcast was brought to you by me, Will Ferreiro. 482 00:33:16,560 --> 00:33:21,440 I'm an attorney of prior law right here in the Bronx and we primarily practice in personal 483 00:33:21,440 --> 00:33:22,440 injury. 484 00:33:22,440 --> 00:33:27,920 And you also do a variety of areas of practice. 485 00:33:27,920 --> 00:33:32,120 So I can help you with just about any sort of legal issue that you might have. 486 00:33:32,120 --> 00:33:35,880 I'm admitted to practice both in New York and New Jersey. 487 00:33:35,880 --> 00:33:40,760 And if it's not something that I can personally help you with, I can connect you with someone 488 00:33:40,760 --> 00:33:46,000 in my network of attorneys who is best equipped to help you with your legal issue. 489 00:33:46,000 --> 00:33:50,280 You can find me on Instagram and on Twitter at Bronx Attorney. 490 00:33:50,280 --> 00:33:57,960 You can send me an email Ferreiro at prior law or call me at the office 718-829-0222. 491 00:33:57,960 --> 00:34:02,080 And now back to the show. 492 00:34:02,080 --> 00:34:04,840 So do you feel like you were successful with your goal? 493 00:34:04,840 --> 00:34:06,880 Did you build your network? 494 00:34:06,880 --> 00:34:12,680 Yeah, I think it worked pretty well. 495 00:34:12,680 --> 00:34:17,920 In a way, I kind of thought it was like a little selfish because I just wanted to like 496 00:34:17,920 --> 00:34:22,480 meet all of these people and get to know them and it worked. 497 00:34:22,480 --> 00:34:26,840 You know, went to ended up going to a handful of conferences and meeting these people in 498 00:34:26,840 --> 00:34:31,960 person and you know, went out to dinner with a few of them and hung out just like outside 499 00:34:31,960 --> 00:34:32,960 of the conference. 500 00:34:32,960 --> 00:34:40,120 So it's definitely, it was definitely a successful endeavor I think for me. 501 00:34:40,120 --> 00:34:47,360 Is there anybody specifically that you thought was like a pseudo celebrity or like somebody 502 00:34:47,360 --> 00:34:52,560 super cool that you got to know? 503 00:34:52,560 --> 00:34:58,680 There's a, there's this firm in New York called Ritholt's Wealth Management. 504 00:34:58,680 --> 00:35:01,800 And in our industry, they're super well known. 505 00:35:01,800 --> 00:35:06,200 And I got to interview a few people from that firm. 506 00:35:06,200 --> 00:35:11,680 So just getting to talk to them, I think was, was pretty cool. 507 00:35:11,680 --> 00:35:16,440 There are a few people that work for that firm that I would have liked to eventually 508 00:35:16,440 --> 00:35:18,640 interview had I continued doing it. 509 00:35:18,640 --> 00:35:23,320 I think I was like working my way up the ladder there. 510 00:35:23,320 --> 00:35:27,280 So maybe if I pick it back up, I could get them on the show. 511 00:35:27,280 --> 00:35:31,080 But yeah, I think interacting with those guys was pretty cool. 512 00:35:31,080 --> 00:35:32,080 They're awesome. 513 00:35:32,080 --> 00:35:36,560 And so between the podcasting and the videos and the writing the blogs is like, what do 514 00:35:36,560 --> 00:35:39,200 you prefer doing? 515 00:35:39,200 --> 00:35:44,760 I like, I like podcasting. 516 00:35:44,760 --> 00:35:50,240 I think that it comes naturally to me as opposed to writing. 517 00:35:50,240 --> 00:35:56,600 Sometimes the tone and the, I can't really find my words or my, my voice doesn't really 518 00:35:56,600 --> 00:36:03,480 come across as authentic or in, in the right way when I'm writing, I've been working on 519 00:36:03,480 --> 00:36:04,480 it. 520 00:36:04,480 --> 00:36:09,760 But I think podcasting definitely gives me the ability to show off like more of who I 521 00:36:09,760 --> 00:36:17,000 am as a person and as a, as a personality and I like doing videos too. 522 00:36:17,000 --> 00:36:24,160 But you know, sometimes if we're like filming a weekly video here at the office, there's 523 00:36:24,160 --> 00:36:28,520 more pressure when you're doing videos, you know, you gotta, you gotta turn it on for 524 00:36:28,520 --> 00:36:29,520 the camera. 525 00:36:29,520 --> 00:36:30,520 Right. 526 00:36:30,520 --> 00:36:36,600 I think, I think the podcast stopped right before TikTok got big, right? 527 00:36:36,600 --> 00:36:37,600 Yeah. 528 00:36:37,600 --> 00:36:39,720 So maybe that's the next space you got to get into. 529 00:36:39,720 --> 00:36:41,680 You gotta get into the TikToks. 530 00:36:41,680 --> 00:36:47,400 I could be, there are some wild financial people, well, financial people on TikTok. 531 00:36:47,400 --> 00:36:54,880 Like the, the Twitter community here, we like, I feel like every week there's like another 532 00:36:54,880 --> 00:36:59,840 like here's how I made $1 million, like doing this crazy thing and like, right. 533 00:36:59,840 --> 00:37:04,400 That makes its way to Twitter and we're all just like, people kind of grifting. 534 00:37:04,400 --> 00:37:05,400 Yeah. 535 00:37:05,400 --> 00:37:06,400 Yeah. 536 00:37:06,400 --> 00:37:07,400 It's insane. 537 00:37:07,400 --> 00:37:10,400 I should do that. 538 00:37:10,400 --> 00:37:12,400 The new, the new, the financial dance of the week. 539 00:37:12,400 --> 00:37:14,200 Yeah, exactly. 540 00:37:14,200 --> 00:37:19,440 And then so I was reading on your, on your website that you've gotten into the operation 541 00:37:19,440 --> 00:37:20,800 side of the business too. 542 00:37:20,800 --> 00:37:22,880 Is that, is that accurate? 543 00:37:22,880 --> 00:37:23,880 Yeah. 544 00:37:23,880 --> 00:37:31,800 Um, that was, um, I think when we, you know, we were getting started with some of the software 545 00:37:31,800 --> 00:37:37,720 and, and building out processes of like how things operate in the office and how things 546 00:37:37,720 --> 00:37:43,640 work, um, just like, you know, onboarding clients and staying in touch with clients and 547 00:37:43,640 --> 00:37:44,720 stuff like that. 548 00:37:44,720 --> 00:37:48,520 Um, just like building out schedules and processes for how things work. 549 00:37:48,520 --> 00:37:53,760 Um, because, you know, my dad started the business by himself and honestly until Brendan 550 00:37:53,760 --> 00:38:00,480 came to work with him in 2012 or 13, uh, he was pretty much on his own. 551 00:38:00,480 --> 00:38:06,160 So there was the business was, was running and it was running smoothly, but there was 552 00:38:06,160 --> 00:38:10,600 a lot that was just like up in his head that yeah, yeah, but it's like, okay, there are 553 00:38:10,600 --> 00:38:11,800 other people here now. 554 00:38:11,800 --> 00:38:17,440 So like we need to write this stuff down and we need to like, so it can be replicated. 555 00:38:17,440 --> 00:38:18,440 Exactly. 556 00:38:18,440 --> 00:38:19,440 Yeah. 557 00:38:19,440 --> 00:38:24,120 So it's like, if one day there's someone who works here that doesn't have the last name 558 00:38:24,120 --> 00:38:26,200 Malooly, they can figure it out too. 559 00:38:26,200 --> 00:38:31,720 Like it's not just some secret sauce that's like up in our heads that only, right? 560 00:38:31,720 --> 00:38:36,200 So you were charged with extracting the genius out of Tom Malooly's brain. 561 00:38:36,200 --> 00:38:37,200 Yeah. 562 00:38:37,200 --> 00:38:38,200 Yeah. 563 00:38:38,200 --> 00:38:39,200 Great. 564 00:38:39,200 --> 00:38:42,560 Is that something that you enjoy doing? 565 00:38:42,560 --> 00:38:48,840 Um, I think it's something that was necessary to be done. 566 00:38:48,840 --> 00:38:56,040 Uh, and I think now that it's done, it has helped, uh, our, our day to day work run 567 00:38:56,040 --> 00:38:58,400 a lot more smooth. 568 00:38:58,400 --> 00:39:02,040 Um, but I mean, was it fun? 569 00:39:02,040 --> 00:39:10,960 Particularly, but it's, it was a lot of, uh, you know, just we were, so we have a CRM, 570 00:39:10,960 --> 00:39:14,720 which is client relations management program. 571 00:39:14,720 --> 00:39:15,720 Right. 572 00:39:15,720 --> 00:39:18,480 Uh, I don't know if that's actually what it stands for, but, uh, it's pretty much like 573 00:39:18,480 --> 00:39:23,800 our client database where we have all of our information and we can like, uh, write down 574 00:39:23,800 --> 00:39:28,680 notes about like when we have a conversation with someone and set up like actions for, 575 00:39:28,680 --> 00:39:30,960 hey, you need to call this person on this day. 576 00:39:30,960 --> 00:39:34,600 Like it gives you a reminder calendar and stuff like that. 577 00:39:34,600 --> 00:39:40,880 So when we were trying to decide which program was best for us, I did a lot of the trials, 578 00:39:40,880 --> 00:39:47,320 like the free demos and now which one worked best for our, our business. 579 00:39:47,320 --> 00:39:53,280 Um, so it was, it was, uh, it was necessary work. 580 00:39:53,280 --> 00:39:58,160 Um, I wouldn't, I wouldn't call it fun, but you know, uh, it was something that we definitely 581 00:39:58,160 --> 00:40:01,960 needed to do and it helped us moving forward. 582 00:40:01,960 --> 00:40:02,960 Got it. 583 00:40:02,960 --> 00:40:03,960 Yeah. 584 00:40:03,960 --> 00:40:06,160 I feel like those kinds of things are like fun to a point until then it's like, you have 585 00:40:06,160 --> 00:40:07,640 to repeat it over and over again. 586 00:40:07,640 --> 00:40:09,000 And then you're like, okay, maybe. 587 00:40:09,000 --> 00:40:10,000 Yeah. 588 00:40:10,000 --> 00:40:15,400 Sometimes it's like there's the, the programs are set up a certain way, but it's like we 589 00:40:15,400 --> 00:40:20,800 do things, we might do it like a little differently than like the way that it's supposed to run 590 00:40:20,800 --> 00:40:21,800 in the program. 591 00:40:21,800 --> 00:40:26,600 But it's like kind of messing with the, you know, the little nuts and bolts in the software 592 00:40:26,600 --> 00:40:30,360 to like get it to adjust to like how we do things. 593 00:40:30,360 --> 00:40:35,640 So like that became a little bit tedious because it's like, it's like, ah, this action isn't 594 00:40:35,640 --> 00:40:37,840 showing up like where it's supposed to on this day. 595 00:40:37,840 --> 00:40:39,720 Like, what's button am I clicking wrong? 596 00:40:39,720 --> 00:40:44,440 And it's like, you know, it can get fresh and you got to deal with tech support and 597 00:40:44,440 --> 00:40:45,440 all that stuff. 598 00:40:45,440 --> 00:40:46,960 But yeah, I feel like that's the future though. 599 00:40:46,960 --> 00:40:50,960 We might have to get used to, uh, used to this stuff. 600 00:40:50,960 --> 00:40:55,720 And it definitely like it's a, it's a, it can be a frustrating process like at, at the 601 00:40:55,720 --> 00:41:02,080 onset, but it definitely over the long term, like it, it ends up like being totally worth 602 00:41:02,080 --> 00:41:03,880 it in the long run. 603 00:41:03,880 --> 00:41:04,880 Right. 604 00:41:04,880 --> 00:41:10,640 And so I feel like financial advising is kind of like personal injury, right? 605 00:41:10,640 --> 00:41:13,440 It seems like a very saturated market. 606 00:41:13,440 --> 00:41:17,640 Everybody wants to take your personal injury case or to manage your money. 607 00:41:17,640 --> 00:41:24,080 And how does Mullooly asset management set itself apart from the others? 608 00:41:24,080 --> 00:41:32,720 I think, um, especially in our area here, you know, we're, there aren't that many, um, 609 00:41:32,720 --> 00:41:38,880 fee only fiduciary CFP local firms. 610 00:41:38,880 --> 00:41:43,920 Um, like there's, you know, there's Merrill Lynch and Morgan Stanley and stuff like that. 611 00:41:43,920 --> 00:41:49,280 But you know, when, when you work with someone there, if you call them, you're going to get 612 00:41:49,280 --> 00:41:51,040 somebody in a call center. 613 00:41:51,040 --> 00:41:52,040 Got it. 614 00:41:52,040 --> 00:41:56,720 So, you know, we interact with our clients on a weekly basis. 615 00:41:56,720 --> 00:42:01,640 You know, we're, we're staying in front of people when, you know, other advisors tend 616 00:42:01,640 --> 00:42:03,840 to hide if things get, things get bad. 617 00:42:03,840 --> 00:42:07,440 You know, we've had a lot to the year and the market this year and you know, we're not 618 00:42:07,440 --> 00:42:08,680 shying away from our clients. 619 00:42:08,680 --> 00:42:13,760 Like we're, we're talking to them or being, uh, you know, open and honest about what's 620 00:42:13,760 --> 00:42:15,840 going on and you know, we don't want to hide. 621 00:42:15,840 --> 00:42:22,320 So I think from a service standpoint, um, you know, we definitely provide a more personal 622 00:42:22,320 --> 00:42:26,680 touch than some of the bigger firms out there. 623 00:42:26,680 --> 00:42:32,120 And you know, like we talked about before, I think just being a fiduciary and having 624 00:42:32,120 --> 00:42:36,720 that legal obligation to always work in your client's best interest. 625 00:42:36,720 --> 00:42:41,160 When you point that out to people, you know, I mentioned it before, like people don't always 626 00:42:41,160 --> 00:42:45,640 know that the person they're like, Oh, the guy I've been working with like doesn't have 627 00:42:45,640 --> 00:42:46,640 that obligation. 628 00:42:46,640 --> 00:42:47,640 Right. 629 00:42:47,640 --> 00:42:48,640 What do you mean? 630 00:42:48,640 --> 00:42:50,440 Like that's, it seems like it should be common sense. 631 00:42:50,440 --> 00:42:55,520 Like, of course you want the person managing your money to, you know, be on the same side 632 00:42:55,520 --> 00:42:57,160 of the table as you. 633 00:42:57,160 --> 00:43:03,360 Um, so I think, you know, from the service standpoint and then the fiduciary obligation 634 00:43:03,360 --> 00:43:12,120 and then, you know, we, we have the family business aspect, um, is good for a couple 635 00:43:12,120 --> 00:43:13,120 reasons. 636 00:43:13,120 --> 00:43:16,080 You know, it's, it's, it allows us to work as a team. 637 00:43:16,080 --> 00:43:20,600 Uh, you're not, you're not just getting one advisor and one opinion, you know, you're 638 00:43:20,600 --> 00:43:25,760 getting three or four different sets of eyes looking at it at your stuff. 639 00:43:25,760 --> 00:43:33,240 Um, and you know, we can help people in pretty much any phase of their life because my dad 640 00:43:33,240 --> 00:43:40,040 is in the same age range as a lot of our clients, uh, you know, getting up closer towards retirement 641 00:43:40,040 --> 00:43:43,960 and then we also have three advisors on the younger side of things. 642 00:43:43,960 --> 00:43:48,920 So even if you're, you know, just getting started with us, uh, you don't have to worry 643 00:43:48,920 --> 00:43:51,360 about the succession planning here. 644 00:43:51,360 --> 00:43:54,520 It's like, you know, we're, we're not going anywhere. 645 00:43:54,520 --> 00:44:01,120 Um, even, you know, when our dad does retire, they're, you know, the, the business is going 646 00:44:01,120 --> 00:44:03,160 to persist on after that. 647 00:44:03,160 --> 00:44:07,120 So you don't have to worry about, um, us going anywhere. 648 00:44:07,120 --> 00:44:08,120 Okay. 649 00:44:08,120 --> 00:44:13,560 So what would you, what kind of advice would you give to somebody who, you know, maybe they 650 00:44:13,560 --> 00:44:19,480 have a good business and they're in a small business and they're looking at all these 651 00:44:19,480 --> 00:44:26,560 other competitors that are pumping out content and paid ads and they're on TV and they're 652 00:44:26,560 --> 00:44:30,000 like, I want to make some content, but I don't know where to start. 653 00:44:30,000 --> 00:44:31,000 Yeah. 654 00:44:31,000 --> 00:44:32,000 What would you say to them? 655 00:44:32,000 --> 00:44:38,600 Um, specifically in, in this industry or just in, in general, in any industry? 656 00:44:38,600 --> 00:44:42,000 I mean, either one, both. 657 00:44:42,000 --> 00:44:48,080 I think, I guess, I guess my answer could apply to pretty much any industry, but, uh, 658 00:44:48,080 --> 00:44:55,880 I think find something that you're, you're really good at specifically, like find a niche 659 00:44:55,880 --> 00:44:57,720 and really just hammer that home. 660 00:44:57,720 --> 00:45:05,040 Like find, find something if it's, if it's the financial industry, if you, you know, 661 00:45:05,040 --> 00:45:11,320 really want to target retirees and you want to help them with their retirement planning, 662 00:45:11,320 --> 00:45:15,320 projections and retirement, anything that has to do with retirement, like you can just 663 00:45:15,320 --> 00:45:23,000 write blog posts and videos and podcasts directly at them and just set, like fill that market 664 00:45:23,000 --> 00:45:28,960 and not try and paint with too broad of a brush because there's always going to be a 665 00:45:28,960 --> 00:45:32,820 bigger firm out there that's going to be able to spend more money than you on, on their 666 00:45:32,820 --> 00:45:34,120 ads and stuff. 667 00:45:34,120 --> 00:45:42,840 So I would really focus on creating the best content that you can and finding a localized 668 00:45:42,840 --> 00:45:50,640 kind of specific target for what you want to, like what demographic you want to hit. 669 00:45:50,640 --> 00:45:59,120 And so would you recommend going blogs or videos, uh, Instagram reels, podcasts? 670 00:45:59,120 --> 00:46:04,640 I would honestly, um, in the beginning, if you're unsure, like you asked me before, which 671 00:46:04,640 --> 00:46:10,920 one I, I liked the best, um, I was only able to figure that out by trying pretty much everything. 672 00:46:10,920 --> 00:46:17,640 Uh, so unless, unless you know that, like, I want to do videos for sure, then do videos, 673 00:46:17,640 --> 00:46:20,960 um, whichever you're, whichever one you're most comfortable with and whichever one you 674 00:46:20,960 --> 00:46:26,320 think is going to come across, um, get the message across the best, uh, I would, I would 675 00:46:26,320 --> 00:46:27,320 try that. 676 00:46:27,320 --> 00:46:32,600 And if you're not sure, try all of them, um, because you never know, uh, you could think 677 00:46:32,600 --> 00:46:37,960 that videos is what you want to do and then you do a video or two and you're like, eh, 678 00:46:37,960 --> 00:46:38,960 that wasn't my best. 679 00:46:38,960 --> 00:46:42,880 And then you write a blog post and you're like, oh wow, like this, this is actually way easier 680 00:46:42,880 --> 00:46:45,120 or more enjoyable. 681 00:46:45,120 --> 00:46:47,480 Um, that's another thing too. 682 00:46:47,480 --> 00:46:52,440 I would say whichever one you enjoy the most, that's going to be the one that's easiest 683 00:46:52,440 --> 00:46:53,440 to stick to. 684 00:46:53,440 --> 00:46:57,480 Cause if you enjoy doing it, then you're going to want to do it more. 685 00:46:57,480 --> 00:47:00,560 And I think consistency is another key too. 686 00:47:00,560 --> 00:47:06,840 You know, um, we set the schedule for us a couple of years ago where we want to do, uh, 687 00:47:06,840 --> 00:47:09,000 something every week and get it out to clients. 688 00:47:09,000 --> 00:47:11,480 Like it doesn't have to be every week. 689 00:47:11,480 --> 00:47:12,480 That could be a lot. 690 00:47:12,480 --> 00:47:15,000 Um, it could be not a lot. 691 00:47:15,000 --> 00:47:19,240 You know, if you want to do something every day, uh, that, but I would say being consistent 692 00:47:19,240 --> 00:47:24,280 with it, uh, is definitely super important as well when you're getting started. 693 00:47:24,280 --> 00:47:25,280 All right. 694 00:47:25,280 --> 00:47:27,480 Well, I think that's great advice. 695 00:47:27,480 --> 00:47:29,840 And Tim, you know, it was great talking with you today. 696 00:47:29,840 --> 00:47:34,880 Thank you so much for, for coming on the podcasts and, uh, speak to you soon. 697 00:47:34,880 --> 00:47:35,880 Yeah. 698 00:47:35,880 --> 00:47:37,880 Thanks for having me. 699 00:47:37,880 --> 00:47:41,320 Thank you for listening to this episode of the Bronx attorney broadcast. 700 00:47:41,320 --> 00:47:45,520 Please like review and subscribe so we can help the channel continue to grow. 701 00:47:45,520 --> 00:47:49,240 And if you're interested in connecting with any of the guests, please let me know and 702 00:47:49,240 --> 00:48:12,000 I'd be happy to make the introduction.