Overcoming Fear and Leading with Purpose with Derrick Kinney

WEBVTT
00:00:06.685 --> 00:00:08.275
Are you sitting on the edge of your seat?
00:00:08.396 --> 00:00:16.015
Wondering if you have what it takes to be an entrepreneur, to go out on that limb of forging your own path to make the big career leap?
00:00:16.323 --> 00:00:19.292
Fear is part of the process.
00:00:19.777 --> 00:00:21.817
Anxiety is part of the process.
00:00:22.067 --> 00:00:24.527
Today's guest is America's Financial Educator.
00:00:24.646 --> 00:00:25.336
Literally.
00:00:25.486 --> 00:00:28.792
Derrick Kinney trademarked that title for a reason.
00:00:29.001 --> 00:00:43.665
He's the author of Good Money Revolution and a passionate advocate for consumers doing more good with their money and for empowering the advisors who guide them What one woman said to me completely shifted how I thought about business.
00:00:43.784 --> 00:00:54.314
After building and selling one of the nation's top advisory firms, Derrick now equips advisors to overcome fear, lead with purpose, and master the conversations that truly matter.
00:00:54.506 --> 00:00:56.576
I call it your generosity purpose.
00:00:56.906 --> 00:01:07.358
We connect meaning to money and a purpose to profits and a cause to your cash Most of us in the wealth management industry know his name.
00:01:07.358 --> 00:01:14.602
We've seen him on stage and today he's here with us on the podcast and I wish I would've learned this sooner Here's my conversation with Derrick Kinney.
00:01:16.926 --> 00:01:17.376
All right.
00:01:17.376 --> 00:01:19.805
Well Derrick, I'm super excited to have you here today.
00:01:19.835 --> 00:01:21.456
Thank you for joining us.
00:01:22.242 --> 00:01:22.721
for having me.
00:01:22.721 --> 00:01:24.281
I, I've been looking forward to this.
00:01:24.281 --> 00:01:31.542
You know, we saw each other a few months ago and the work you're doing for advisors is off the charts, so it's really an honor to be with you today.
00:01:32.030 --> 00:01:34.579
Oh, thank you so much and it is an honor to be with you.
00:01:34.629 --> 00:01:34.855
Thank you.
00:01:35.183 --> 00:01:41.393
have, to me, always kind of personified this entrepreneurship mindset, right?
00:01:41.393 --> 00:01:43.612
And I know your kids are all entrepreneurs.
00:01:43.882 --> 00:01:45.802
Were you always an entrepreneur?
00:01:45.802 --> 00:01:48.082
Did you come from a long line of entrepreneurs?
00:01:48.352 --> 00:01:53.093
As somebody who came to entrepreneurship late later in life, I'm super curious.
00:01:53.590 --> 00:01:59.140
No, actually there was nobody in my family that I knew of that was an entrepreneur.
00:01:59.950 --> 00:02:02.049
saw my parents working very hard.
00:02:02.049 --> 00:02:03.370
My dad was an engineer.
00:02:03.370 --> 00:02:05.712
My mom worked part-time at a fashion, place.
00:02:06.871 --> 00:02:09.692
it seemed like we were just kind of making ends meet.
00:02:09.901 --> 00:02:13.231
And you know, I didn't know what sort of lower middle class actually was.
00:02:13.231 --> 00:02:15.752
I just know I was living in it and things were comfortable.
00:02:16.258 --> 00:02:19.649
but I always had this drive inside me to make more money.
00:02:19.709 --> 00:02:24.149
You know, it started off with a, uh, a bicycle inspection business.
00:02:25.408 --> 00:02:30.058
So I, I would actually make up little bike inspection, uh, pieces of paper.
00:02:30.389 --> 00:02:32.519
I would inspect my parents' bike, my sister's bike.
00:02:32.519 --> 00:02:34.618
I would tape it on kinda like an automobile.
00:02:34.778 --> 00:02:35.679
Inspection.
00:02:35.706 --> 00:02:36.877
Yeah, like the oil change.
00:02:37.438 --> 00:02:46.949
Exactly, and then I had this idea to, to buy this mix could actually remove oil and grease stains off of driveways.
00:02:47.308 --> 00:02:52.348
That was the pathway that I thought was gonna take me to millionaire status, you know, as a, as a 10-year-old.
00:02:52.649 --> 00:02:54.118
And then my, my last one.
00:02:54.473 --> 00:03:02.663
Was, I always had this interest in money, and so I made this, uh, this loan amortization chart and I put it on the back of my closet.
00:03:02.963 --> 00:03:06.084
And so I would charge my parents and sister interest.
00:03:06.294 --> 00:03:15.417
I think they did it just for fun to, to allow them to borrow money from me, and then they would assign the interest rate of what it would cost to pay me back.
00:03:15.467 --> 00:03:18.106
you know, I was kind of fighting to get my first job at 15.
00:03:18.106 --> 00:03:22.396
I was a package clerk at a grocery store, and I just learned, uh.
00:03:22.722 --> 00:03:29.051
You know, if you want to do something in life, it comes down to just working hard, but also building relationships.
00:03:29.425 --> 00:03:45.564
even with the people I took their groceries out to their car, for the woman that would give me the quarter and say, Sonny, you know, don't spend this all in one place, and she was coming from the standpoint of that quarter meant a lot to her, and she was giving that quarter to somebody and wanting that person.
00:03:45.780 --> 00:03:47.789
To really make the most of that quarter.
00:03:47.789 --> 00:03:52.169
So in, in honor of her, I wanna make the, most of all the quarters I get.
00:03:53.092 --> 00:03:53.992
Oh my goodness.
00:03:53.992 --> 00:03:54.682
I love that.
00:03:54.953 --> 00:03:57.293
You built your advisory firm.
00:03:57.293 --> 00:04:11.212
Talk about kind of just very briefly for the audience, you know, give them your, your five seconds snippet of your advisory practice, but then you sold it and now have turned into an entirely different business.
00:04:11.272 --> 00:04:12.443
Talk about that change.
00:04:12.683 --> 00:04:19.913
I found myself in a dead end job right outta college, I got passed over for a raise a big bonus.
00:04:19.913 --> 00:04:24.593
I was the one marketing person at the firm, everybody else with the engineers, and they got the big money.
00:04:25.374 --> 00:04:32.514
I, I reached this crossroads Shelby, and I thought to myself, I can either stay stuck in this job.
00:04:32.798 --> 00:04:41.439
And let someone else tell me what my economic value is, which typically meant a two to 4% raise if I was lucky every year.
00:04:42.129 --> 00:04:46.749
I could take the chips and I could put them all on Derrick and give the wheel a spin.
00:04:47.228 --> 00:04:50.949
And that was the moment that I began to investigate becoming a financial advisor.
00:04:51.759 --> 00:04:55.598
having basically no financial experience, I just loved making money.
00:04:56.019 --> 00:04:57.908
I loved watching money grow.
00:04:57.968 --> 00:05:10.509
And I loved giving money, and I thought if I could help other people do that and kind of escape this middle class trap that I saw my parents snare it in and help their friends do the same thing, that would be pretty meaningful to me.
00:05:10.988 --> 00:05:14.918
So I began to get licensed and, and do all these things in the evenings and the weekends.
00:05:15.399 --> 00:05:20.439
And so at 26 I launched my own financial planning firm, but I had a big problem.
00:05:20.588 --> 00:05:23.379
I was 26, but I looked like I was 13.
00:05:24.788 --> 00:05:27.608
No gray hair, no wrinkles.
00:05:28.004 --> 00:05:43.843
No natural market, no country club membership, but I had a passion for supporting local education, and so I had this crazy idea because when I was in high school, nobody successful ever came back and gave us a glimpse of what future could look like.
00:05:43.843 --> 00:05:44.019
They just said.
00:05:44.593 --> 00:05:47.324
Take your math and science and everything's gonna be okay.
00:05:47.324 --> 00:05:50.113
And we, we really thought that was kind of a weak plan at best.
00:05:50.834 --> 00:05:59.113
so I went to my local high school with a $50 Amazon gift card for the teacher and a $25 Amazon gift card for the student.
00:05:59.353 --> 00:06:05.113
And I began to give a teacher and a student of the month award at my local high school, Sam Houston, here in Arlington.
00:06:05.863 --> 00:06:07.274
And what happened next?
00:06:07.274 --> 00:06:08.444
I just didn't see coming.
00:06:08.449 --> 00:06:13.334
I, I just wanted to breathe life into these students and teachers and let them know how much we appreciated and valued.
00:06:13.569 --> 00:06:23.588
What they did, they would take a picture of myself and the teacher, the student, the principal, put this in the newspaper way back in the day, I began to get phone calls a couple months later.
00:06:24.639 --> 00:06:30.009
what one woman said to me completely shifted how I thought about business.
00:06:30.009 --> 00:06:31.358
She said, Derrick, we know you're new.
00:06:31.358 --> 00:06:37.238
We know you're young, we like the fact that you're giving back and supporting local education.
00:06:37.658 --> 00:06:45.488
We want you to be our financial advisor, and she said it's because you care about what we care about.
00:06:46.598 --> 00:06:59.319
You care about what we care about, and in that moment, it was like this weight lifted off my shoulders and it meant I didn't have to be the best looking or the most knowledgeable, or the most well connected.
00:06:59.709 --> 00:07:01.238
I just had to care about.
00:07:01.653 --> 00:07:14.014
What the people I wanted to work with cared about, and what I realized was it became like a magnet for Millionaire families She was my first millionaire client, and I realized that most millionaires are busy.
00:07:14.014 --> 00:07:15.514
They want to do more in the community.
00:07:15.514 --> 00:07:17.434
They often can because they're working so hard.
00:07:17.884 --> 00:07:23.793
But they like to work with professionals, primarily advisors who are givers in the community.
00:07:23.793 --> 00:07:31.444
It gives them a sense of status and it makes them feel like they're giving because they're working with a professional who is a giver.
00:07:32.161 --> 00:07:32.641
Yeah.
00:07:32.701 --> 00:07:33.091
Yeah.
00:07:33.117 --> 00:07:43.362
you turned that tiny statement into a almost mission in a way of bolstering also your own confidence.
00:07:44.937 --> 00:07:51.447
It sounds to me like you just switch, switched it and said, I care about what they care about, therefore I am able to serve them.
00:07:51.507 --> 00:07:54.807
I have zero doubts now about my ability to serve them.
00:07:55.370 --> 00:08:03.259
It's funny because when I left my job, which I knew was a dead end, no future feeling stuck, everyday job.
00:08:03.259 --> 00:08:06.470
This was the job where my paycheck actually bounced twice.
00:08:06.529 --> 00:08:07.687
You can Oh my gosh.
00:08:07.850 --> 00:08:12.439
like I would give money to our church and imagine calling your pastor or the church saying, Hey.
00:08:12.939 --> 00:08:17.980
My check I just wrote as a givon check is actually hot and it's not, it's gonna bounce.
00:08:17.980 --> 00:08:18.939
That was embarrassing.
00:08:19.180 --> 00:08:23.410
Or, or my boss would call us on Friday and say, Hey, by the way, Saturday is a workday.
00:08:23.410 --> 00:08:26.139
I have to call my wife and break our plan.
00:08:26.139 --> 00:08:27.040
She was crushed.
00:08:27.040 --> 00:08:27.730
I was crushed.
00:08:27.730 --> 00:08:30.310
I was like, I, I can't live like this long term.
00:08:30.310 --> 00:08:31.598
This is not Mm-hmm.
00:08:31.600 --> 00:08:33.039
place for me.
00:08:33.039 --> 00:08:33.940
I just couldn't do that.
00:08:34.610 --> 00:08:38.269
there's a part in the book I write about this and it's a, it's a picture I think about a lot.
00:08:38.269 --> 00:08:46.649
It's, it's when Cortez, took his men onto this island and he basically burned the ships he said, there's no turning back.
00:08:47.370 --> 00:08:56.639
And, and I didn't know it at the time, but there was this power of I have quit my job, wife and i's financial future depends on what I do every day.
00:08:57.085 --> 00:08:58.615
I'm going to make this happen.
00:08:58.615 --> 00:09:02.304
People said, Derrick, you don't have enough money in your checking account or savings account to last.
00:09:02.725 --> 00:09:04.075
What experience do you have?
00:09:04.404 --> 00:09:15.595
What I had was a passion to help people and a passion that if there's any best investment, it was me and I was going to bet on me every single time.
00:09:16.748 --> 00:09:18.187
I think that's incredibly powerful.
00:09:18.187 --> 00:09:29.977
You know, we work a lot here at Muriel Consulting with people who are breaking away from a more traditional firm or path as an advisor and often going out on their own, standing up their own firm for the first time.
00:09:30.278 --> 00:09:31.562
And there is so much fear.
00:09:32.322 --> 00:09:32.773
I get it.
00:09:32.773 --> 00:09:35.863
I was not an entrepreneur until the last several years, right?
00:09:36.163 --> 00:09:39.942
I worked 25 years as a W2 in the corporate ranks.
00:09:40.212 --> 00:09:50.202
Went up the ladder like you're supposed to do, did everything right, and then finally became an entrepreneur and bet on myself for the first time.
00:09:50.623 --> 00:09:52.572
It takes a lot of courage.
00:09:52.602 --> 00:09:53.293
It takes.
00:09:53.567 --> 00:09:59.278
A, uh, just a lot of work and gumption and, You did it at such a young age.
00:09:59.337 --> 00:10:00.717
I'm so proud of that.
00:10:00.717 --> 00:10:02.577
I admire that about you so much.
00:10:02.908 --> 00:10:04.378
Now you're teaching your kids this.
00:10:04.378 --> 00:10:07.168
How are you getting it down to your kids now also.
00:10:07.866 --> 00:10:08.917
We've got four kids.
00:10:08.947 --> 00:10:11.047
So my daughter's now 26.
00:10:11.047 --> 00:10:13.386
She's married, other daughter's, 24.
00:10:13.386 --> 00:10:14.167
She's married.
00:10:14.496 --> 00:10:16.506
Uh, my boys are 22 and 20.
00:10:16.927 --> 00:10:20.226
And as you said earlier, all of them are now entrepreneurs.
00:10:20.437 --> 00:10:21.787
They all have their own businesses.
00:10:22.147 --> 00:10:24.576
So my two daughters went to college.
00:10:24.606 --> 00:10:26.527
My two sons chose not to go to college.
00:10:27.381 --> 00:10:37.312
for what they each wanted to do, it's actually worked out perfectly when I think about this, some of this was intentional and some was unintentional.
00:10:37.371 --> 00:10:38.241
And I'll give you an example.
00:10:38.871 --> 00:10:43.642
Uh, about six months ago, my oldest daughter, uh, she and I were on a Jeep ride together.
00:10:43.956 --> 00:10:54.126
And, uh, it's my favorite time with my kids because I get to listen to their playlist and just spontaneous conversations come out when you're kind of looking straight ahead and listening to great music.
00:10:54.126 --> 00:10:56.317
It, it's, it's like the parenting hack of the century.
00:10:57.277 --> 00:11:06.726
my daughter says, dad, you realize that none of us would have our own businesses if you hadn't had the courage to launch yours.
00:11:07.692 --> 00:11:14.591
And it hit me like a punch to the gut Shelby, I'd never thought of it like that before.
00:11:14.861 --> 00:11:25.662
I just knew that for me and for my family and for how God made me to be, I needed to be bold and courageous and face fear and launch this business.
00:11:26.292 --> 00:11:30.162
What I learned though, was as a parent, more is caught than taught.
00:11:30.879 --> 00:11:30.960
Hmm.
00:11:31.032 --> 00:11:34.991
could tell them things, but when they observed things.
00:11:35.057 --> 00:11:39.287
That was the most powerful piece and so fast forward, I met another Jeep ride.
00:11:39.287 --> 00:11:40.547
This was just a few months ago.
00:11:40.966 --> 00:11:46.187
Uh, my youngest son, Dylan, and uh, he and I were talking and I said, so, so Dylan, what are you gonna do next?
00:11:46.187 --> 00:11:48.647
What, are you gonna do now that you're not gonna go to college?
00:11:48.647 --> 00:11:50.027
What's your, what, what's your plan?
00:11:50.866 --> 00:11:52.846
well, gonna start a business.
00:11:53.236 --> 00:11:55.817
And, and I said, for whatever reason, I said, why?
00:11:56.236 --> 00:11:59.356
And he said, well, because that's what we do in our family.
00:12:00.514 --> 00:12:01.174
Whoa.
00:12:01.542 --> 00:12:06.522
And, and there was, again, I got punched in the stomach again, I, I couldn't even breathe for a second.
00:12:06.522 --> 00:12:07.812
Like, gosh.
00:12:08.172 --> 00:12:16.841
He's grown up in a culture he believes launching a business is what we do because he saw all of us do that.
00:12:17.532 --> 00:12:25.631
And, and one of the things I learned along the way, and I wish I would've learned this sooner, and if it could help our listeners, is I wouldn't share mistakes.
00:12:26.292 --> 00:12:27.965
With my kids, Mm-hmm.
00:12:28.001 --> 00:12:30.491
kind of tell them, Hey, here's what's going great.
00:12:30.491 --> 00:12:34.070
And I, I would give them more the, the lectures Yeah.
00:12:34.121 --> 00:12:34.841
lessons.
00:12:35.172 --> 00:12:37.961
And during COVID, uh, we played this game.
00:12:37.961 --> 00:12:38.892
Everybody was back home.
00:12:38.892 --> 00:12:40.961
We played this game called Highs and Lows.
00:12:41.802 --> 00:12:43.331
Highs of the day, lows of the day.
00:12:43.451 --> 00:12:45.701
And I realized my answers were typically pretty boring.
00:12:46.027 --> 00:12:49.897
So, one day I, I made this investment and lost a couple thousand dollars.
00:12:50.616 --> 00:12:52.147
I'm gonna share this as my low.
00:12:52.537 --> 00:12:55.177
So it came my turn and I, and I said, Hey, hey guys.
00:12:55.177 --> 00:12:58.086
Uh, dad made a, an investing mistake today.
00:12:58.086 --> 00:13:00.157
I lost several thousand dollars.
00:13:00.846 --> 00:13:04.152
Well, you could have heard a.
00:13:00.846 --> 00:13:04.152
Pin drop, they were murmuring.
00:13:04.152 --> 00:13:06.221
Oh my gosh, dad really screwed up.
00:13:06.402 --> 00:13:08.052
This is gonna be really, really good.
00:13:08.471 --> 00:13:12.701
And so I told them, I said, yeah, when you, when you go into the market, you make you make some money, you lose some money.
00:13:13.032 --> 00:13:14.381
But here's what I learned from that.
00:13:14.861 --> 00:13:21.672
And they still remind me of that story because it made me appear to them real and authentic.
00:13:22.062 --> 00:13:27.172
Dad wasn't just dad, he was like a regular guy who can lose money just like I can.
00:13:28.159 --> 00:13:28.700
Yeah.
00:13:28.730 --> 00:13:29.059
Yeah.
00:13:29.059 --> 00:13:31.279
It's super powerful to know those lessons.
00:13:31.279 --> 00:13:35.600
You know, I, this week I took my 13-year-old, uh, to see the Broadway play.
00:13:35.600 --> 00:13:40.190
The Outsiders was here in St.
00:13:35.600 --> 00:13:43.259
Louis at the Fox was, I remember reading that book as a child, it being my very favorite book.
00:13:43.620 --> 00:13:59.070
so I took him there and I'd had this, this difficult client situation over the last couple of weeks and I was talking with him about that and I was sharing with him, like I was really struggling with like what was my, what could I have done differently in this situation to have avoided the outcome?
00:13:59.519 --> 00:14:00.570
And it was.
00:14:01.004 --> 00:14:06.735
Amazing because he started telling me, well, mom, it's not your fault, you know, or Mom, did you think about this?
00:14:06.735 --> 00:14:11.595
And I mean, it was, it was a wonderful conversation of that sharing back and forth.
00:14:11.841 --> 00:14:12.172
Yes.
00:14:12.225 --> 00:14:22.215
also, I wanna say my, my 7-year-old said to me the other day that he was starting like some type of business, I've forgotten what it was, I think related to his Hot Wheels or something, you know?
00:14:22.710 --> 00:14:24.465
And, and I was like, oh my gosh.
00:14:24.465 --> 00:14:26.355
He's picking up that we own a business.
00:14:26.549 --> 00:14:30.480
This is, this is coming down, down the path for him, right.
00:14:30.509 --> 00:14:32.580
Where it's, it's, it's bleeding through.
00:14:32.610 --> 00:14:33.570
This is amazing.
00:14:33.600 --> 00:14:36.174
So really admire what your kids are doing.
00:14:36.846 --> 00:14:45.745
Well, and it's interesting, I, I had this idea, this, this has been, uh, probably 15 years or so ago, I, I decided to launch a business Yeah.
00:14:45.966 --> 00:14:47.346
club at our kids' school.
00:14:48.006 --> 00:14:52.897
And I remember approaching my daughter with, called it the gift of dad.
00:14:53.047 --> 00:14:55.297
I, I'm like, I'm gonna, Hey Lauren, I, I wanna.
00:14:55.596 --> 00:15:01.116
You know, kind of share some things with you, give you some wisdom from dad, kind of give you this inside track, kind of a leg up on things.
00:15:01.567 --> 00:15:05.017
And I described this club to her and she was like, no thanks, not interested.
00:15:06.096 --> 00:15:10.476
And I, I kind of left the room feeling defeated and embarrassed, like, what just happened?
00:15:10.476 --> 00:15:12.726
My daughter basically just kind of squashed me.
00:15:13.147 --> 00:15:17.616
So I, I re-engineered my approach and I, and I came back a couple days later and I said, Hey, Lauren.
00:15:17.616 --> 00:15:25.116
Um, know, one of the things about this business club, and by the way, I don't think you're gonna like it, we give everybody their favorite candy.
00:15:25.447 --> 00:15:26.616
Every time they show up.
00:15:26.767 --> 00:15:27.216
Oh, really?
00:15:27.246 --> 00:15:32.976
I said, well, but I don't, I don't know if it's gonna be for you, we, we talk about, uh, how to start a business.
00:15:32.976 --> 00:15:34.447
We give away gift cards.
00:15:34.447 --> 00:15:39.876
We, we have contests and games, but I don't know if it's gonna be something that you would like or not.
00:15:39.907 --> 00:15:41.346
Well, well, well, let me judge that.
00:15:41.346 --> 00:15:42.427
Dad, tell me more about it.
00:15:42.787 --> 00:15:50.346
And before we knew it, at the end of the semester, the hook was set in her mouth she sat on the front row of the business club.
00:15:50.751 --> 00:15:51.922
For the next four years.
00:15:52.642 --> 00:16:10.205
and so what I realized was it's always tricky when you're the parent and you're teaching your kids, but one of the advantages was when you're the parent teaching the whole group of kids, those kids seem to like what you're saying, it forces your own kids to Yeah.
00:16:11.549 --> 00:16:20.330
Yeah, for sure, I just think it's so interesting how entrepreneurship has, has played through that, and even starting a, a club, right?
00:16:20.330 --> 00:16:23.120
You're like, I have this idea, I'm gonna make it work.
00:16:23.419 --> 00:16:30.320
Even the way that you changed that approach reminds me a little bit of that quarter turn, you know, kind of, uh, of an idea, right?
00:16:30.320 --> 00:16:33.549
Because what you did is you said, okay, I'm not gonna let that no.
00:16:33.629 --> 00:16:34.440
Stop me.
00:16:34.769 --> 00:16:38.970
I'm gonna go back and re-engineer my idea and come at her again.
00:16:39.029 --> 00:16:39.450
Right.
00:16:39.779 --> 00:16:58.870
And I think that's again, kind of this overcoming fear sort of idea when, I gotta think, when you were writing your book or starting to write your book or had the idea for your book of Good Money Revolution, you probably got some nos along the way and you probably had to do some quarter turn kind of an experience.
00:16:59.289 --> 00:17:01.539
Any, any stories stand out from that?
00:17:01.866 --> 00:17:02.557
Oh my gosh.
00:17:02.557 --> 00:17:03.907
How long is this podcast?
00:17:03.929 --> 00:17:04.710
Right, right.
00:17:04.710 --> 00:17:05.130
Yeah.
00:17:05.467 --> 00:17:08.317
You know, when, when you say that Shelby, two things come to mind.
00:17:08.707 --> 00:17:17.497
This is actually my second book write, and, but in both cases I pursued hard to get a book deal.
00:17:17.946 --> 00:17:19.777
Uh, to, to write these ideas.
00:17:19.777 --> 00:17:21.606
I mean, it, it was an important book.
00:17:21.606 --> 00:17:28.957
I just felt like I, I had a sense of urgency if it was to be, it was up to me and I needed to make this happen.
00:17:29.017 --> 00:17:34.146
And I remembered with my first book, and I remember my second book, the exact same thing happened.
00:17:34.146 --> 00:17:35.676
Literally, I signed this book deal.
00:17:36.126 --> 00:17:43.747
I get paid to write the book, get in advance, and the moment it comes time to write, there is this.
00:17:43.892 --> 00:17:46.682
Fear, immense fear.
00:17:47.041 --> 00:17:52.622
And it's like the computer screen is looking back at me pointing and saying, you are a failure, Derrick.
00:17:53.102 --> 00:17:54.241
You are a fraud.
00:17:54.541 --> 00:17:55.892
You have no reason.
00:17:55.892 --> 00:17:57.602
You're no credibility to write this book.
00:17:57.602 --> 00:17:58.922
Who are you to write this book?
00:17:59.701 --> 00:18:04.412
to come to terms with, well, you may say that computer screen, but in this moment.
00:18:04.821 --> 00:18:13.281
I, Derrick Kinney am the expert on this topic, there's no one who's going to write about this topic like I will.
00:18:13.515 --> 00:18:13.934
Mm-hmm.
00:18:14.301 --> 00:18:23.902
I just had to create a discipline, and so I would write three double spaced Microsoft pages, which were a thousand words.
00:18:24.227 --> 00:18:32.537
Every morning before I could allow myself to go to the office, the first couple days it was like worst writing ever.
00:18:33.017 --> 00:18:34.487
I was like, I don't know who's writing this.
00:18:34.487 --> 00:18:35.596
Hopefully nobody reads this.
00:18:36.317 --> 00:18:43.636
then I began to develop a rhythm and an expectation, much like a newspaper reporter or anybody who writes in the media today.
00:18:43.967 --> 00:18:51.346
They wake up every morning, they don't know what they're going to write about, but they know that when they go to bed that night, they will have written about a story.
00:18:51.771 --> 00:18:54.501
That is done now they have the confidence that they will do it.
00:18:54.951 --> 00:18:56.902
And so I would just know, okay, you're just gonna write.
00:18:57.442 --> 00:18:59.872
And that was the first book, lesson.
00:19:00.172 --> 00:19:04.251
The second was, I learned how to write more conversationally.
00:19:04.924 --> 00:19:05.345
Mm-hmm.
00:19:05.362 --> 00:19:08.751
writing, sometimes when you write, you begin to use bigger words.
00:19:08.751 --> 00:19:10.950
And when you talk, like Yes.
00:19:11.001 --> 00:19:12.557
type you, you come up with words like.
00:19:14.862 --> 00:19:24.011
as a result of furthermore, and if I'm having coffee with a dear friend, I'm not going to say to them, well, furthermore, how was your day to day?
00:19:24.041 --> 00:19:25.842
And consequently, how are the kids?
00:19:25.991 --> 00:19:27.102
You don't talk like that.
00:19:27.402 --> 00:19:30.011
So instead, I discovered this hack of I would sit at my desk.
00:19:30.767 --> 00:19:36.826
Press record and I would speak the book as though I were having coffee with a friend.
00:19:37.217 --> 00:19:45.166
And what happened was it came across more conversational Now I simply had chapters to edit and not have to bang out on the keyboard.
00:19:45.287 --> 00:19:45.376
Okay.
00:19:46.297 --> 00:19:51.727
So what, what I learned was that fear is part of the process.
00:19:52.207 --> 00:19:54.247
Anxiety is part of the process.
00:19:54.426 --> 00:20:05.767
Even every time I speak I do quite a bit of speaking, uh, all over the country and just being honest here, time before I'm about to go on, I feel like I'm gonna throw up.
00:20:06.404 --> 00:20:06.704
Yeah.
00:20:06.809 --> 00:20:07.230
Mm-hmm.
00:20:07.326 --> 00:20:14.136
I know I'm actually excited because I know if I don't feel like I'm gonna throw up, I really have to ramp up the energy.
00:20:14.730 --> 00:20:15.150
Right.
00:20:15.217 --> 00:20:16.596
is almost like the key reminder.
00:20:16.596 --> 00:20:18.426
Like, okay, this is gonna be a really good talk.
00:20:18.817 --> 00:20:30.186
And so what I would just tell people listening is so much of social media makes success look like it should be easy if you're struggling, really fighting a lot of challenges.
00:20:30.491 --> 00:20:32.711
Maybe you, you shouldn't be a financial advisor.
00:20:32.741 --> 00:20:33.461
Maybe you shouldn't.
00:20:33.551 --> 00:20:35.531
No, that's part of the deal.
00:20:35.981 --> 00:20:36.509
If Yeah.
00:20:36.672 --> 00:20:43.602
be in the top 1%, you're gonna have about 99% more challenges than most other people.
00:20:43.902 --> 00:20:50.922
And when you can embrace that as part of the journey and not punishment for being on the journey, that's the path to winning.
00:20:51.660 --> 00:20:53.309
Yeah, it's interesting.
00:20:53.309 --> 00:20:55.349
There's the whole phrase now of do it scared.
00:20:55.529 --> 00:20:56.009
Right?
00:20:56.009 --> 00:21:05.009
And, and you just have to, but what I, what I thought was interesting in your book, and, and just on this fear topic, it says in, in your book you wrote.
00:21:05.224 --> 00:21:12.575
The fear of the unknown of what might happen, most of which is only imagined, and in most cases never comes true.
00:21:12.882 --> 00:21:13.251
Yeah.
00:21:13.505 --> 00:21:16.414
It's the fear inside your own head that is trapping you.
00:21:16.845 --> 00:21:26.924
The fear of your past of what you think might occur or what that voice in your head is telling you will occur, and you have to instead turn those thoughts around.
00:21:27.134 --> 00:21:36.525
Send yourself a continuously looping message that you should reject your well-worn path of dashed money dreams, like I love that.
00:21:36.795 --> 00:21:37.095
Right?
00:21:37.095 --> 00:21:39.884
A continuously looping message.
00:21:39.906 --> 00:21:40.267
Yeah.
00:21:40.694 --> 00:21:45.555
I think that is such a central piece that so many people.
00:21:46.349 --> 00:21:48.599
You know, they, they sort of overlook, right?
00:21:48.599 --> 00:21:52.289
Because they think, oh, if, if this is to be, it's gonna come easily.
00:21:52.747 --> 00:21:52.957
Right.
00:21:53.039 --> 00:21:53.490
No.
00:21:53.849 --> 00:22:02.880
If this is to be, if, if you're meant to move from a, from one type of firm to another type of firm, and you have to leave that captivity, it's going to be hard.
00:22:03.217 --> 00:22:03.426
Yeah.
00:22:03.509 --> 00:22:05.549
There is nothing going to be easy about it.
00:22:05.752 --> 00:22:07.883
as well respected as you are in your space.
00:22:07.883 --> 00:22:13.732
I would only guess that you probably work with people that occasionally the fear gets the better of them.
00:22:13.732 --> 00:22:14.633
Like they know.
00:22:14.663 --> 00:22:16.313
They know it's better over there.
00:22:16.928 --> 00:22:27.000
But the fear of going from here to over there paralyzes them and they stay trapped and you know how close they are to So close.
00:22:27.000 --> 00:22:28.230
So close.
00:22:28.260 --> 00:22:28.770
Yeah.
00:22:28.883 --> 00:22:33.548
And so that's, that's e even starting my own businesses, you know, I'll tell you a quick story.
00:22:33.548 --> 00:22:35.468
So I was at, uh, I work with a trainer.
00:22:35.932 --> 00:22:39.923
Twice a week and this morning we're working on bench press.
00:22:39.923 --> 00:22:50.873
We did five sets and, and today was PR day, so he was adding weights on each side and the goal was just to get basically one press on this new higher weight.
00:22:51.623 --> 00:22:55.522
there was this moment where I pictured as clear as day.
00:22:56.432 --> 00:23:05.133
four of my kids were sitting on the bar they were all looking at me saying, dad, we need you right now to do this.
00:23:05.732 --> 00:23:08.972
And it was this moment of like, I can't let my kids down.
00:23:09.303 --> 00:23:16.772
Well, I was just lifting weights, but it was the moment I needed to push up and say, I will do this for my kids if nothing else.
00:23:17.073 --> 00:23:18.393
And I shove that weight.
00:23:20.212 --> 00:23:29.813
And sometimes when you're successful, you just have to find a split seconds worth of hack that will get you through the momentary fear.
00:23:30.143 --> 00:23:31.553
And that's what happened for me today.
00:23:32.546 --> 00:23:35.516
Well, and what you did there is you made it bigger than you.
00:23:35.786 --> 00:23:38.246
Suddenly it was about your kids looking on you.
00:23:38.425 --> 00:23:38.875
Right?
00:23:39.205 --> 00:23:41.246
So you talk a lot about purpose.
00:23:41.306 --> 00:23:44.980
How has purpose driven you over your fear?
00:23:46.133 --> 00:23:47.573
Well, purpose to me.
00:23:48.383 --> 00:23:49.492
Is everything.
00:23:49.742 --> 00:23:57.782
When I would talk to my clients, many of them would say, Derrick, it feels like in the news media, they talk about how money is bad.
00:23:58.502 --> 00:24:01.022
if you make a lot of money, then you're really bad.
00:24:01.353 --> 00:24:02.583
And if you're a billionaire.
00:24:02.637 --> 00:24:09.417
Well, you must be holding other people back from their goals and dreams so you can hold all, all the money yourself and you should be sharing that.
00:24:09.837 --> 00:24:12.627
And some of them were like, I don't know if I really wanna make a lot of money.
00:24:12.958 --> 00:24:14.877
I'm like, what the heck are you talking about?
00:24:14.877 --> 00:24:15.988
You're paying me.
00:24:16.438 --> 00:24:18.478
This violates the agreement that we have.
00:24:18.478 --> 00:24:20.188
You pay me, I help you make money.
00:24:20.788 --> 00:24:24.478
And what I realized was, until we connect.
00:24:24.732 --> 00:24:30.762
Meaning to money and a purpose to profits and a cause to your cash?
00:24:31.123 --> 00:24:36.883
Well, most people only base their validation on a bulging bank account.
00:24:37.242 --> 00:24:40.903
I wanna have seven figures, I wanna have eight figures.
00:24:41.262 --> 00:24:42.222
And they work hard.
00:24:42.222 --> 00:24:45.853
They, they give up almost all their relationships, all their time, their interests.
00:24:46.212 --> 00:24:48.942
And then they reach the top of the mountain eventually, and they look around.
00:24:49.742 --> 00:24:50.913
And nobody's there.
00:24:51.663 --> 00:24:53.012
They can hear themselves echo.
00:24:53.823 --> 00:25:03.093
I realize is money is not bad and good people should have more of it, but the key is to tie a cause to your cash.
00:25:03.303 --> 00:25:06.782
So just like for me, I call it your generosity purpose.
00:25:07.073 --> 00:25:08.333
I had a guy named Dave.
00:25:08.462 --> 00:25:19.442
he comes in the office, longtime client, and you know those relationships, Shelby, you've got where you can simply tell how a person's feeling without them saying a word just by their body language.
00:25:19.980 --> 00:25:20.371
Yeah.
00:25:20.492 --> 00:25:23.222
Dave sat down, slumped in his chair.
00:25:23.553 --> 00:25:26.942
You could tell the weight of the world was on this guy's shoulders.
00:25:27.393 --> 00:25:28.383
And I said, Dave, what's wrong?
00:25:28.472 --> 00:25:32.252
And he said, I'm not feeling motivated to go to my office anymore.
00:25:32.252 --> 00:25:37.712
I'm not feeling the excitement I once felt, for whatever reason, the words shot outta my mouth.
00:25:38.143 --> 00:25:40.423
Dave, is there a cause that you care about?
00:25:41.173 --> 00:25:42.522
his eyes got as big as saucers.
00:25:42.522 --> 00:25:45.103
He leaned back and began to reflect on a trip.
00:25:45.413 --> 00:25:54.682
he took his family on overseas a couple years earlier he remembered the guide, telling his family that this, this area was totally in poverty.
00:25:55.438 --> 00:26:04.827
It could be changed if one thing happened, if there was a dedicated school building to educate the kids, it would revolutionize this entire area of the country.
00:26:05.577 --> 00:26:10.133
he remembered exchanging a glance with his wife as if to say, Hey, wouldn't it be cool?
00:26:10.958 --> 00:26:11.857
fund that school.
00:26:11.887 --> 00:26:12.307
Okay?
00:26:13.178 --> 00:26:15.998
they got back to the states life, got busy business, et cetera.
00:26:16.087 --> 00:26:18.968
But my question brought this all back and I said, Dave, what if you did this?
00:26:19.657 --> 00:26:27.607
if you set an aggressive sales goal for this year and you took half of that increase and used it to fund that school?
00:26:28.397 --> 00:26:33.137
Well now we began to talk and brainstorm about what that might look like, and we came up with a strategy.
00:26:33.587 --> 00:26:35.448
Normally I would see him every six months.
00:26:35.807 --> 00:26:37.577
He happened to pop in the office.
00:26:37.698 --> 00:26:43.157
Three months later, he looks younger, he looks reinvigorated, he looks like he's back on the game.
00:26:43.157 --> 00:26:44.538
And I said, Dave, what happened?
00:26:44.538 --> 00:26:45.948
You look like a different guy.
00:26:46.337 --> 00:26:49.428
He said, well, this generosity purpose just remotivate me.
00:26:50.117 --> 00:27:03.048
put a, a tab on my website, mocked up a picture of the school, and I began to let our clients know that, hey, you can work with any consultant in the area, but when you work with us, a portion goes to support this school and make people's lives better.
00:27:03.857 --> 00:27:09.647
he'd ask for referrals, he let them know, Hey, you can work with anybody, but when you work with us, you're helping make these people's lives better.
00:27:10.008 --> 00:27:15.557
And his team got motivated that, no, no, no longer were just pushing paperclips and paper around.
00:27:15.857 --> 00:27:18.647
Now they were part of a company, we wanna make money.
00:27:18.837 --> 00:27:20.428
To help fund this school.
00:27:20.488 --> 00:27:24.538
And then most importantly, Dave himself now had a purpose.
00:27:24.778 --> 00:27:31.617
He wanted to grow the company so that he could grow the amount of money he made to make other people's lives better.
00:27:31.978 --> 00:27:39.718
They actually funded that school within about six months, and so that whole principle then became a central piece of the book, and I'm now taught it.
00:27:40.018 --> 00:27:48.807
To thousands of advisors and entrepreneurs around the country, because ultimately the, the greatest fear of the entrepreneur is burnout.
00:27:49.647 --> 00:27:51.897
going to give everything to this goal.
00:27:51.897 --> 00:27:57.117
I'm gonna put everything into it, and they lay their head on the pillow at night and they feel like, what am I doing?
00:27:57.837 --> 00:28:02.313
when you have a generosity purpose, a cause that you care about, that motivates you to say.
00:28:03.198 --> 00:28:13.067
happening with the homeless or the hungry or teachers not having the resources they need, that is just not right, and I'm going to do something about it.
00:28:13.171 --> 00:28:13.590
Mm-hmm.
00:28:13.817 --> 00:28:22.548
my business by helping so many people increase the value of their lives and their portfolios so I make more money so I can help solve that problem.
00:28:22.788 --> 00:28:28.397
Then you lay your head on the pillow at night and you, you feel like you've lived a day of purpose and meaning, and it motivates you.
00:28:28.397 --> 00:28:30.857
So the goal is go make a lot of money.
00:28:31.942 --> 00:28:35.153
a lot of people so that you can do a lot of good.
00:28:36.046 --> 00:28:37.786
It's much more fun too.
00:28:37.996 --> 00:28:38.415
Right?
00:28:38.685 --> 00:28:40.665
It's, it's tons more fun.
00:28:40.695 --> 00:28:43.276
You have the purpose, you're getting that.
00:28:43.576 --> 00:28:47.056
The whole dopamine rush of generosity.
00:28:47.355 --> 00:28:51.885
I mean, the science behind what you're describing is so strong.
00:28:52.155 --> 00:28:53.086
It's so strong.
00:28:53.955 --> 00:28:55.036
Fantastic.
00:28:55.117 --> 00:29:00.046
And it's funny because, uh, a lot of people don't really think about the science of it, but Mm-hmm.
00:29:00.127 --> 00:29:06.232
about is, you know, think about if you anonymously gave someone that you care about.
00:29:06.803 --> 00:29:07.222
Something.
00:29:07.951 --> 00:29:08.340
Yeah.
00:29:08.393 --> 00:29:13.432
wife and I, we love to give, and there was a, there was a moment in a, in a Sunday school class many, many years ago.
00:29:13.883 --> 00:29:17.752
This couple was really down on their financial luck.
00:29:17.752 --> 00:29:19.012
Things were not going well.
00:29:19.432 --> 00:29:22.441
They needed to have a roof put on their house, Mm-hmm.
00:29:22.673 --> 00:29:23.063
we.
00:29:24.093 --> 00:29:27.633
everybody behind the scenes and, and, and basically collected the money.
00:29:28.083 --> 00:29:32.462
And we, we put basically this envelope of cash anonymously in their mailbox.
00:29:32.492 --> 00:29:32.853
Okay?
00:29:33.215 --> 00:29:33.810
Oh, wow.
00:29:34.113 --> 00:29:38.492
would have it, this guy calls me and says, Derrick, you're not gonna believe what happened.
00:29:38.883 --> 00:29:45.556
Well, now I've gotta practice my doggone poker face and act like I have no knowledge at all of what No, I have no idea.
00:29:45.782 --> 00:29:48.813
So what I will tell you is if you choose to be a giver.
00:29:49.298 --> 00:29:59.617
Practice your poker face because God often has a sense of humor where you might be the very person, the person you helped, comes back and tells not knowing that you were involved in it.
00:29:59.617 --> 00:30:00.651
So act Oh my gosh.
00:30:00.667 --> 00:30:01.448
idea what's going on.
00:30:01.996 --> 00:30:02.746
I love it.
00:30:02.746 --> 00:30:03.346
I love it.
00:30:03.556 --> 00:30:11.623
Well, I feel like the real lesson in all of this is when we were talking about purpose, and if I think about those advisors that, uh, have, the fear Yeah.
00:30:11.895 --> 00:30:15.736
is you can get over the fear by having a really amazing purpose.
00:30:15.847 --> 00:30:16.117
Yes.
00:30:16.215 --> 00:30:23.925
not just getting over, you know, the, the, the worry of burnout or the boredom of your work or whatever you're getting.
00:30:23.925 --> 00:30:28.365
You can get over anything when you have an amazing purpose.
00:30:28.732 --> 00:30:34.373
And what I would add to that would be, you know, when you're confident in your own personal.
00:30:34.692 --> 00:30:37.063
Business operating framework.
00:30:37.482 --> 00:30:38.131
You Yeah.
00:30:38.232 --> 00:30:53.982
a stage there, there's a part where I say, if you remember only two things I tell you, remember this, you want to own an instantly relatable problem that your ideal prospect has that when you say that problem, they instantly say, oh my gosh, this person gets me.
00:30:53.982 --> 00:30:56.923
That's exactly what keeps me awake at night.
00:30:57.192 --> 00:31:01.212
And then second, you want to have a cause that you care about.
00:31:01.512 --> 00:31:02.682
Because what we find is.
00:31:02.823 --> 00:31:12.423
People that have money, as I mentioned earlier, they derive status from working with a professional that is known as a giver in their community.
00:31:12.663 --> 00:31:15.782
So, so many people are like, well, I wanna be a private giver.
00:31:15.782 --> 00:31:16.923
I don't want people to know what I'm doing.
00:31:17.133 --> 00:31:17.583
And that's fine.
00:31:17.583 --> 00:31:18.692
You can choose to do that.
00:31:19.063 --> 00:31:32.353
What I stumbled upon as a 26-year-old advisor who looked like he was 13, was that by letting people know that you're a giver, you then motivate other business owners to also be givers.
00:31:32.653 --> 00:31:37.873
And it opened up this doorway of marketing that I simply could not have predicted.
00:31:38.232 --> 00:31:38.840
I Yeah.
00:31:38.952 --> 00:31:41.712
people would choose the smartest and the best looking.
00:31:41.772 --> 00:31:43.002
Now that's negotiable for me.
00:31:43.272 --> 00:31:44.718
Uh, and the most well connected.
00:31:45.383 --> 00:31:47.932
only wanted to work with people who align with them.
00:31:47.932 --> 00:31:50.962
They, they assume you're knowledgeable, they assume you're competent.
00:31:50.962 --> 00:31:53.303
They assume you'll put their best interests first.
00:31:53.782 --> 00:31:59.303
But when you have a cause you care about, there's this uniting story together that's powerful.
00:31:59.303 --> 00:32:14.722
So when other competitors call, I like to call it the moat principle, that if you're a known giver in the community and you take great care of your clients and you treat them like they're the kings and the queens in your universe, when they get the free dinner invitations or the other.
00:32:14.807 --> 00:32:21.317
Competitive advisor comes calling, they're gonna say, no, I work with Shelby, I work with Derrick.
00:32:21.377 --> 00:32:23.028
I would never work with anybody else.
00:32:23.238 --> 00:32:24.827
And a lot of that comes from giving.
00:32:24.827 --> 00:32:29.387
And people feel like because they work with you, they're part of something bigger.
00:32:30.030 --> 00:32:30.451
Yeah.
00:32:30.901 --> 00:32:31.861
That's so powerful.
00:32:31.861 --> 00:32:44.340
And I think that idea of building a moat is something, you know, even, I'm thinking a few episodes back, we had Colleen bowler on on the podcast, and Colleen and I talked about this idea of building a moat around the practice and how do you do that, right?
00:32:44.340 --> 00:32:47.760
And what you've just, I identified is another way of building that moat.
00:32:48.181 --> 00:32:51.601
And then if I think about some of our listeners are thinking about those.
00:32:51.601 --> 00:32:53.641
Those future iterations of their business.
00:32:53.881 --> 00:33:00.270
You gotta build that moat first, and then you've gotta figure out how to take that moat to your new location too, right?
00:33:00.270 --> 00:33:12.631
And, and wrapping that purpose, that purpose can really drive you to doing the podcasts and the YouTube and all of the marketing activities that maybe you're feeling called upon and you know, the kind of tug on your heart.
00:33:13.050 --> 00:33:18.976
Well, it's not just a tug on your heart, it's not just a. Desire, you know, a small desire for you to do it.
00:33:18.976 --> 00:33:23.925
It's a conviction to educate others and to improve other people's lives.
00:33:23.925 --> 00:33:27.855
That's really what you're, what you might be feeling in those moments, right?
00:33:28.125 --> 00:33:29.925
So we gotta make it bigger than us.
00:33:29.925 --> 00:33:31.036
It's not just about us.
00:33:31.036 --> 00:33:36.705
It's about all of the good that we can do as advisors, as, as people in this industry, et cetera.
00:33:37.163 --> 00:33:41.692
You know, it's interesting as you say that it reminds me, and I think you'll relate to this story.
00:33:41.692 --> 00:33:49.913
There was an advisor who came to me who was considering changing firms, and we talked about the pros and the cons and why, and why nots and so forth.
00:33:50.522 --> 00:33:56.913
And he was basing the decision primarily on the platform and the products available and the payout.
00:33:57.512 --> 00:34:04.698
And I said, well, how will you change as an advisor between the firm you're at now and the new firm?
00:34:05.768 --> 00:34:07.597
I could tell the question stunned him.
00:34:07.597 --> 00:34:08.498
He said, what do you mean Derrick?
00:34:08.827 --> 00:34:10.507
I'm the same advisor I've always been.
00:34:10.597 --> 00:34:23.047
I said, well, why not treat this sort of like you're in elementary school and your parents just got a job transfer and now you get to be a completely fresh version of yourself.
00:34:23.527 --> 00:34:29.768
All the qualities you don't like about yourself, this new group of students will never know about, so you get to reinvent yourself.
00:34:29.978 --> 00:34:32.257
I said, why don't you pick one or two things.
00:34:32.438 --> 00:34:34.717
To reinvent you as a person.
00:34:35.557 --> 00:34:36.367
he said, well, tell me more.
00:34:36.367 --> 00:34:36.668
I said, well.
00:34:37.552 --> 00:34:45.713
What would be the instantly relatable problem that your ideal prospects would instantly connect with?
00:34:46.132 --> 00:34:48.952
See, he built his practice just hardnosed.
00:34:49.342 --> 00:34:53.543
Features and benefits of the products and services were better than the southern advisor.
00:34:53.842 --> 00:34:58.597
He became the commodity and, and he wasn't able to charge what his true value was, and I said.
00:34:59.213 --> 00:35:18.503
You know, when you become the specialist, just like if you were to have to have a a delicate heart procedure done, would your first inclination be, I'm going to reach out to my general practitioner who knows a little bit about a lot, or would you wanna go to the heart specialist who all they did was work on hearts 24 7?
00:35:20.182 --> 00:35:21.195
You go to the Simple.
00:35:21.391 --> 00:35:21.811
Mm-hmm.
00:35:22.282 --> 00:35:27.833
And, and, and what you'd know is there, there's three things that would happen when you would go to the specialist.
00:35:27.833 --> 00:35:28.552
Number one.
00:35:29.063 --> 00:35:32.302
Um, let's say that today is it's Wednesday at five o'clock.
00:35:32.693 --> 00:35:38.902
Would you expect if you called today to get in first thing in the morning to see the specialist or would you have to wait?
00:35:39.735 --> 00:35:41.476
I would absolutely have to wait.
00:35:41.686 --> 00:35:42.376
Absolutely.
00:35:42.443 --> 00:35:42.976
And Yeah.
00:35:43.072 --> 00:35:48.382
on your insurances can vary, but would you expect to pay more or less to see the specialist?
00:35:49.096 --> 00:35:49.635
More.
00:35:50.152 --> 00:35:57.353
And then third, your mentality going in to see the specialist va? I'm probably gonna do the surgery myself.
00:35:57.353 --> 00:35:58.373
I'm a do-it-yourselfer.
00:35:58.373 --> 00:36:05.572
I'm not gonna listen to what they have to say, or I'm gonna take my phone and I'm gonna write down or record everything that doctor tells me.
00:36:06.626 --> 00:36:07.096
Yes.
00:36:07.215 --> 00:36:07.635
Right.
00:36:07.726 --> 00:36:08.025
Yeah.
00:36:08.228 --> 00:36:23.047
And so what we know is when you can declare yourself as a specialist, solving a unique and instantly understandable and relatable problem, incomes of advisors, they go up automatically.
00:36:23.407 --> 00:36:29.047
And so this advisor, I said, you can change firms no problem, but change yourself.
00:36:29.822 --> 00:36:39.572
As you're changing the firm, because that's a way to get the double double in terms of true business growth and not just scaling the business, but scaling yourself.
00:36:40.496 --> 00:36:48.266
Obviously we talk a lot with people who are, are switching firms, and one of the things we talk about is finding the daylight between your old experience and your new experience.
00:36:48.367 --> 00:36:48.487
Hmm.
00:36:48.853 --> 00:36:49.242
Yes.
00:36:49.346 --> 00:36:54.326
a similar, you know, kind of similar take, but I love how you made it about the advisor.
00:36:54.326 --> 00:37:00.686
How are you going to be different in this new environment than what you were, how is your experience going to be different?
00:37:00.686 --> 00:37:02.365
How is your team going to be different?
00:37:02.552 --> 00:37:02.842
Yeah.
00:37:03.025 --> 00:37:03.666
has to be some.
00:37:04.496 --> 00:37:06.295
Some things that are consistent, right?
00:37:06.295 --> 00:37:10.135
Because, because clients don't want every single thing under the sun to change about them, right?
00:37:10.376 --> 00:37:11.755
About, about the new world.
00:37:12.146 --> 00:37:13.315
But they wanna see change.
00:37:13.315 --> 00:37:14.516
They wanna see things get better.
00:37:14.516 --> 00:37:24.175
That that's the whole rationale for you making, making the switch of any kind, whether it's switching planning tools inside of your existing practice or switching actual.
00:37:24.226 --> 00:37:26.025
Platforms, et cetera, right?
00:37:26.025 --> 00:37:34.155
Like anytime you're making a change in your business, there has to be something better in it for the client and some way that it's making you a different advisor.
00:37:34.246 --> 00:37:34.786
Love that.
00:37:34.947 --> 00:37:35.913
Yeah, I totally agree.
00:37:36.052 --> 00:37:36.632
Uh, well said.
00:37:37.576 --> 00:37:38.146
I love it.
00:37:38.175 --> 00:37:39.496
Well, thank you so much.
00:37:39.496 --> 00:37:41.445
I know we're getting kind of to the end of our time together.
00:37:41.496 --> 00:37:46.235
Alright, the question that I love to ask everyone, obviously the podcast is called Advisors Off Script.
00:37:46.295 --> 00:37:48.641
We believe here in leading lives that are off script.
00:37:48.905 --> 00:37:52.326
Script that are somehow, uh, distinct and exactly ours.
00:37:52.746 --> 00:37:56.135
What is a way that you are living an off script life today?
00:37:57.193 --> 00:38:09.943
Well, you know, we just did our family goal setting, so I, I took all of our family through a, a goal setting exercise of setting one key goal in five areas, one of the processes that I go through is asking all of us the question.
00:38:11.172 --> 00:38:14.233
at stake if I don't do this?
00:38:14.893 --> 00:38:15.313
You know what?
00:38:15.313 --> 00:38:17.833
Terrible, no good, very bad thing will happen.
00:38:17.862 --> 00:38:22.063
What relationship will go un put together?
00:38:22.452 --> 00:38:24.282
What business goal will go unmet?
00:38:24.313 --> 00:38:26.052
What financial goal will you miss?
00:38:26.083 --> 00:38:28.182
What relationship will be impacted?
00:38:28.963 --> 00:38:31.722
so that's kind of how I live, is every day.
00:38:32.108 --> 00:38:41.797
When I watch an hour of TV a night with my wife, have I lived a day that I would put my name proudly to, or did I just skate by?
00:38:41.887 --> 00:38:48.788
Because ultimately I'm the only one that knows, but I wanna make sure that I, did I get the double, double, did I give it my all to grow the business?
00:38:49.027 --> 00:38:54.023
And while I'm watching my Netflix show, I'm enjoying the show knowing that I enjoyed making progress that day.
00:38:55.175 --> 00:38:56.135
Oh, I love that.
00:38:56.135 --> 00:38:59.195
I, I'm an achievement, uh, hound, if you will.
00:38:59.195 --> 00:39:00.786
And so I like to get a gold star.
00:39:01.606 --> 00:39:07.005
I like the A's and all those things, so I love that question, that self-reflection and self-awareness that you're doing.
00:39:07.346 --> 00:39:12.826
Derrick, thank you so much for the honesty, the insight, the conversations about fear.
00:39:13.096 --> 00:39:18.376
Um, I, I just really appreciate everything that you've been doing in our industry to make advisors better.
00:39:18.646 --> 00:39:23.326
Everything that you do with your book and, and the work that you do on television to educate.
00:39:23.471 --> 00:39:26.351
Uh, consumers and Americans about their finances.
00:39:26.498 --> 00:39:28.987
You know, to our listeners, thank you all for being here.
00:39:29.047 --> 00:39:31.327
Uh, please subscribe and share the episode.
00:39:31.697 --> 00:39:33.637
Derrick, thank you so much.
00:39:33.994 --> 00:39:34.315
Pleasure, Shelby.
00:39:34.344 --> 00:39:35.594
I've enjoyed every minute of this.
00:39:35.829 --> 00:39:37.239
Thanks for a great conversation.