Iyassu Essayas: Welcome everybody to Inside the Flows episode 17. I'm your host, Iyassu Essayas, and I'm with special guest Phil Weiss. Hey, Phil, welcome to the show.
Phil Weiss: Hey Yasto, thanks for having me on today. Looking forward to a good conversation.
Iyassu Essayas: Yeah, I am too. I'm I'm really excited to have you on. And, know, do you mind just introducing yourself to the audience, like your background, you know, the firm that you founded and everything in between?
Phil Weiss: Happy to. So my background is a little bit different. I started as a CPA. I worked for Deloitte. I was a tax guy. I ended up specializing in international corporate tax. it was planning and research. Like I to tell people when I stopped doing it, I got tired of telling companies how to shuffle pieces of paper around to increase the size of national debt, because that's what I was equating those tax savings to. So not the really the best way to look at what you're doing. So ⁓ Back then, like near the end of that, I had left Deloitte, I was working for other company for large public companies, and found out about the Motley Fool. And I s they used to have online portfolios, and I helped manage an online portfolio that they've started. And I learned about the CFA. I'm like, that's my ticket out of the tax department. That's what I'm gonna do. So I went and I got my CFA. And I did leave that world and I ultimately became an analyst and I covered oil and gas stocks for seven years as a research analyst for Argus research. when I left that I went to work for another financial advisor that had been around for a long time. I was really the the stock guy for them because like that was most of my history, but I l sort of learned about the business and ultimately realized it wasn't the right fit for me. And then I tell people that I got tired of working for idiots. So I decided to become the idiot, and that's how I started a prize. so a prize has been going on for about eight years. And addition to my CPA and CFA, I'm now a registered life planner. So I've done that like back early when I was in school, I thought I was gonna be a doctor. I was a premed and a psych major. So like that kind of fits into that part of it. Just brings the more personal side of what we do and makes you know makes financial planning more holistic. So anyway, so I started a prize and ultimately I ended up specializing in or focusing niching, I guess is the word I'm supposed to use, w I call it women facing new beginnings, which is really a nicer way of saying transitions. And that's I really focused my work. And as I through the why of that, it kind of ties into the story about what I went through going I saw my mother going through when I went through when I was growing up. And so like the work that I do now is kind of try to help keep other women from experiencing some of the difficulties that she did.
Iyassu Essayas: Yeah, the you're also an author, right? You I I believe you wrote a book.
Phil Weiss: Yeah. So when I started life planning, was working, ⁓ know, it's an experiential training. So first you do your own life plan, but then you start doing it with clients. And of my favorite life planning experiences that I've had was actually the first client that I life planned. And I'm part of a group called AGC, which is advisors growing as community. And we a book that's scheduled for release on the twenty ⁓ Of July called Even More Than Money. And that book is 20 advisors stories about clients that they work with. And so this client, like I said, it was right after right, it was kind of in the middle of my life planning training, but when you're starting to practice as a life planner, and I got this email from her she says, Phil, I just took a leave of absence from work. I don't know if I'm going back. I don't know what it means for my financial plan. I don't know anything, but I had to do this. This was an email. So I'm like, I started to respond. I'm like, this is not a time to just send an email. I'm gonna call her. So I call her and I ask her what's up, and she tells me, and I knew like she worked for a large public company. It was a very high-pressure job. She had a difficult boss. she very it was very stressful. I said to her, Let's do your life plan. So she said, Okay, let's do that. So we start working on her life plan and I learned like in addition to the job, had she and her husband had two daughters. One just started college, was going through a bunch of things, and my client would be up at like one or two in the morning talking to her daughter when things were going on. That's not the way to be when you have this really high stress job. Her other daughter was in high school experiencing the thing that high school that girls in high school experienced. That wasn't easy either. She and her husband both had these really high-paying jobs. She was solely responsible for the finances. He doesn't do a lot of that. They had rental properties that they purchased during COVID. There was managing that. There's a lot of family issues, a lot of stuff going on, and we all came out. So we started working on our life plan. And ultimately, I knew this before we ever started it. She didn't have to go back to work because they'd been working, you know, they both had these great jobs. They were living on one salary and banking the rest. So they were in great shape. But it took going through this process to start to make her realize that she didn't need this job and she didn't really know what she was gonna do. We put together as part of the life planning process, you create a vision and we created this vision. It doesn't always have to go exactly that way, but just gets you to start to think about these other things. So then about a year after we worked on her life plan, I got this email from her. She says, Phil, when I was in my twenties, this woman lives outside of Chicago. She goes, I go to Cubs games, I'd be sitting in the having a couple beers, see these Older women out there, they were working as ushers, they were taking tickets, they were doing all these different things. She goes, and she said, Someday I want to do that. So she's in her early 50s at this point in her life. She goes, So I went onto the Cubs website I applied for a job. She goes, I go in for this interview. There's all these young kids, they're dressed really nice. I'm wearing my Cubs World Series t-shirt, I'm wearing my Cubs jersey. I got the job.
Iyassu Essayas: Yeah.
Phil Weiss: She goes, I don't know how long I'm gonna last, right? She's like, there's a concert there this summer. I'd really like to at least work that long. It's three years later. She's still doing this. It's not like it's a full-time thing. She goes, Phil, I don't make a lot of money. She goes, and what I do make between gas and and souvenirs and all this stuff that I buy, I'm lucky if I break even. it gives her space. Like she's had a lot of things. She lost her brother to kidney cancer. Her father has Prostate cancer. She has a mother, her parents are divorced, her mother has She's primary caregiver for all these different people. But working for the Cubs is like her happy place. Right. When needs to get away, so like it's the great it's such a great thing that happened for her. And it just realized, like, made her realize that there's more to life. Like at one point she said to me, I when I finished my life planning training, I blogged about it and I wrote about my life plan. when I finished my life planning training, I blogged about it and I about life plan. And she read it and she said, Phil, thank you so much. I've been sitting here trying to build the biggest pile of money, but I never thought about how much I really needed or what it was for. Because we get into this cycle where I need a million dollars and you get a million dollars. Okay, now I need two million, you get two million, now I need three or four, or whatever. It's like this hamster wheel that we can't get off. Well she got off the hamster wheel and now she's living a happier life because she thought about what kind of life does she want to live. And she read it and she said, Phil, thank you so much. I've been sitting here trying to build the biggest pile of money, but I never thought about how much I really needed or what it was for. Because we get into this cycle where I need a million dollars and you get a million dollars. Okay, now I need two million, you get two million, now I need three or four, or whatever. It's like this hamster wheel that we can't get off. Well she got off the hamster wheel and now she's living a happier life because she thought about what kind of life does she want to live. What did she use what was that money really for?
Iyassu Essayas: Yeah. Yeah. That must have been so satisfying for you to to get her in a in a better place. I mean.
Phil Weiss: ⁓ yeah, it it is. I mean it's my fav like my favorite part of what I do is the life planning work. 'Cause get to know my clients, like we're supposed to work as fiduciaries. If I do your life plan, I have such a it's so much easier to act as a fiduciary 'cause I know what matters to you because we've gone through it, we've talked about it, and we have a financial plan that has more meaning and helps you live a more meaningful, happy life.
Iyassu Essayas: Interesting when I talk to other wealth managers, because ⁓ background was in the asset management space, and you know, when I talk to to them, you know, the conversations ⁓ are about you know what funds, strategies, what you know, really asset management heavy. But when I got you know, I left that space and I got into you know doing inflows and actually speaking to wealth managers and just being to ask them. ⁓ about their practices. Most most of them are are not really interested in the asset management side of of the business. But they're so deeply just really pumped about the planning side. Right. And and that's where they feel like they bring a lot of value ⁓ to to their clients. And it's it's kinda you're kind of right. I mean, just that story you have of of this this wife, you know, who's transitioning in her own way, from the you know corporate rat race ⁓ to a much more peaceful place in in her life. That's so rewarding. is like, here's the plan, here here here's the goal. Let's get you there. Right. And then and then she gets there.
Phil Weiss: It's yeah, it is. Like sometimes people say, so Phil, like I somebody asked me the other day, like, when are you gonna retire? Why would I retire? I'm doing this really fulfilling work. I enjoy it. I can do it anywhere because I meet with my clients on Zoom 95 or more percent of the time. So I can be anywhere in the world. Like my wife is going to retire. We've talked about this. And we can be anywhere in the world. Like we want to go and get Airbnbs and go to places in Europe and Asia and all over the world and stay for a month, two months, three months. And there's gonna be the time difference to deal with. But beyond that, my clients don't care if I'm sitting in my office here in Phoenix, Maryland, or if I'm sitting in Paris, or I'm sitting in Tokyo, wherever the case may be. They don't care. They just Wanted me to help them. And you know, a lot of times I think people there's a lot of trust that comes with this too, right? So people hire you because they don't want to do this. when you've gone through the life planning process, it builds a level of trust. Like sometimes I'm like, wow, I can't believe that people are ⁓ having conversations with me about these things or telling me these things, but ⁓ there's level of trust and confidence that comes with it. And then it allows them to live their lives. I think of it, I like acronyms a lot. And so one of the acronyms I think of is KIT, which is you have to have to do what I do, you have to have the knowledge. And anybody can get the knowledge. You have to have the interest, and that's where a lot of people fall short. And then there's time. You have to have the time to do it. And so it's a lot of times it you outsource it. There's nothing wrong with outsourcing to somebody that knows it and understands it better than you, and then lets you do the things that you're really good at.
Iyassu Essayas: Well, thanks for that intro, Phil. And just a to audience, ⁓ th this show is for purely for education purposes. And, you know, the topics that we're talking about is not financial advice. And I I say at on every show. If you need financial advice, just go hire a financial advisor. they're really good at what they do. And you know, the if you want to about you know, great ways to export some of your time. you know, export it to a a wealth manager. They're ⁓ there to help you out. But ⁓ moving on to our next segment, ⁓ the weekly recap. So there are you know not too many things in the market today that that is new. ⁓ so you know, just generally speaking, you know, the Strait of Hormouths being open and closed and closed and opening again really just kind of shakes up energy prices. The and the Iranian government really do need to come to an an actual deal and, you know, kind of reopen that that or else we're just gonna have these energy shocks. And ⁓ you know, just for audience members. ⁓ You know, oil's oil is in everything. It's not just, you know, gasoline and cars. It's it's what's used to ma manufacture every product and ship every product. So when those prices get out of control, ⁓ you know, your everything goes up. Food, goods, toys, everything. and what that leads to for those that are not familiar with it, is what we call inflation. That's when prices go up and and nobody nobody likes inflation. So ⁓ That was the the general theme, but there were two two things that up that I thought was really interesting. the Barons reported the SEC's proposing to cut quarterly earning reports. that and they they did that about about a month ago, maybe month and a half ago, but the public backlash to that pretty ⁓ pretty severe. and and for those that are not familiar with this, so every Every quarter corporations have to provide an update to their shareholders on the corporations that are publicly traded. And those ⁓ quarterly reports are drive a lot of trade that happens between these shares. And so I I thought what was interesting was the backlash from a specific organization called the ICI, which ⁓ Is the trade group that represents basically like mutual funds and ⁓ managers. Because from my understanding, I I always thought portfolio managers who work at these ⁓ asset shops hated quarterly earnings. and that, you know, the ones who were specifically focused on long-term returns didn't want to incentivize their executives of these corporations to basically make decisions that benefit ⁓ the short-term or the hedge fund that's in and out of the stock. So I I found that pretty surprising that they pushed back on this. you know, the SEC's proposal. I I thought they they would be supportive, but again, who knows? maybe it's one of those things where, you know, some folks anything that comes out of this administration, they're just totally against. But I thought that like very, very interesting that they they pushed back on the on the back ⁓ that they pushed back on the getting rid of the quarterly earnings. did you check did you catch that story at all, ⁓ Phil? Yeah.
Phil Weiss: I did. And I I just want to say one thing that I amused me when I read the story that you shared with me before the show is so I said earlier I was an analyst. I was actually an analyst covering oil and gas. And so there was the comment from Exxon saying, We don't need to re you know, I will just tell you that of all the companies that I covered, Exxon provided about the least amount of information and disclosures in their earnings report of anybody. So I so it was not at all surprising to me to read that Exxon thinks that
Iyassu Essayas: Yeah.
Phil Weiss: Yeah, we should cut back to only twice a year. in the grand scheme of things, I'm a long-term investor. And I'm investing for clients, I don't trade, I'm not doing any of that, right? But it's also interesting if you look internationally, a lot of companies only report twice a year. So that would kind of bring us in line with them. But I think that if we were to go to reporting only every six months. chances for people to get information that are talking to companies, like I know that they put in rules in around the early two thousands after the internet bubble about disclosure and all that, but I still feel like there'd be more opportunity for some of these people that are in this really every day to get some information. I I know there's a cost, like there's a cost reason to cut down the number because it's it's a it's an expensive process. ⁓ to go through all the things you have to do, but I just feel like it's better to give have more information out there, have the companies be more accountable. And so I'm on the side of I don't want to see this change. Made even though I can't tell you that I'm going through when I was an analyst, yes, I went through every number, but of course, you know, some of those earnings calls, you ever been on an earnings call? It's like great quarter guys, like, come on, like ⁓ does that even mean? But I do think it's good to get more information.
Iyassu Essayas: Yeah, tr transparency is key. Especially I I think folks need to that these corporations went the public markets. you know, and if they're not happy with how the rules are set up, then you could always go private and you don't have to deal with these, you know, rules. So that's just a reminder that, you know, these companies are taking money from the public and there there needs to be guardrails around that or else we'll have another Great Depression. ⁓ or you
Phil Weiss: Yes.
Iyassu Essayas: caused by a massive stock market crash, you know, that we've had once in our history. the other thing that was that was that caught my attention this week was Goldman Goldman Sachs decided to ban prediction market bets on finance and and politics, which I I I don't know, man. This like the whole Polymarket and Kalshi I I think that's like the wild wall west of of I think it's betting to be honest. Like I you know I I think it's just straight gambling. but For a a ⁓ massive corporation like Goldman Sachs to say, like, hey, this is is off limits, guys. ⁓ tells you two things. One is it, you know, it can it can be the Wild Wild West, but two, how influential Goldman Sachs is to politics and and in and finance across across the globe. So that I that that caught my attention and thought the audience members should and I'll I'll put the links to the sh to the articles up. on our ⁓ on our show for them to check out. But I thought that one was also pretty eye opening.
Phil Weiss: Yeah. was interesting. I hadn't seen that particular story until you shared it. But I know I four kids and I've to my kids 'cause like there's all this different things. It's it you can bet on just about anything these days between polymarketing calcium. I think it's crazy or you watch a sporting event And they have in game ads now to get you to bet on the game. And then you wonder why we've had these stories about professional athletes, college athletes that have been involved in this. Like it just opens up so many things and it's scary. And and then you hear the stories like the the people that are successful, just like the casinos, what do they do? They tell them they can't bet. Right? They cut them off. So like there's so many things here that are don't know, like
Iyassu Essayas: Yeah.
Phil Weiss: It goes for I mean for me this actually goes all the way back to when I was in high school. I remember we had a public speaking contest when I was in ninth grade and I grew up in New Jersey and this was ultimately it did pass, but a few years later they talked about gambling in Atlantic City. And I'll tell you that at that point my pub I was in the public speaking contest and I got I won whatever from my class I spoke about why we shouldn't have gambling. in Atlantic City because a lot of the things that they talk about that the benefit of these things, they really don't happen. And a lot of people get hurt by it. And that's the bottom line. A lot of people get hurt by this. And so I I I say I commend Goldman Sachs for taking that action. I wish others would do that too.
Iyassu Essayas: Yeah, addiction's a hell of a thing. I mean, I think there was that common process or not thought there's a common figure. What was it was something like for casinos, the it's like ten percent of the customers drive ninety percent of their earnings or something like that, where it's like these people who are really, really addicted, you know, constantly going back to the casino, spending their social security ⁓ checks and stuff the ⁓ the casino. So ⁓ addiction is a of a thing. and I think I think with Polymarket that came out, it said like less than 10% of the Polymarket users generating ninety percent of the wins. So most people who do a bet lose on like these prediction markets. so yeah, it's just kind of thing the harm in this is something to think about before you you dive in. But but yeah, I I want to switch over to to you, to you, Phil. and
Phil Weiss: Yes, it is.
Iyassu Essayas: You know, the the the work that you're doing is really, really interesting because it ties into this great transfer that's happening. And I don't know, are you are you familiar with Cerulli The like the Cerulli reports? Okay. Yeah, yeah. So so they're they're the ones who are really big on them and and and Morgan Staley are really big on this this great wealth transfer and providing reporting on it. And yeah, the the key that
Phil Weiss: Yes. Yes.
Iyassu Essayas: come to mind for me are $124 trillion is expected to transfer between now and 2048. But what's really interesting is 54 trillion of that, so almost a third of that, is gonna transfer between spouses. 95% of that, $54 trillion pretty much will go to women because women tend to outlive their husbands. So I thought that that number was pretty, those numbers are pretty fascinating when I was thinking about Apprise and the work that you're doing. Because you with women who are facing major life transitions, it's divorcees, empty nesters, And so when working with them, can you just talk about your current approach with with women in these in these? these transitions and you already told us about your your your client earlier ⁓ the the Chicago the Wrigley Stadium ⁓ but can you just give us give us the ⁓ of ideal client that you're you're hoping to serve every time you you know pick up the phone or hop on Zoom or ⁓ calls you and says, Hey, I need, you know, I just, you know, my husband passed away and I have this big lump, some of of liquid assets that I don't know what to do because I got it from his retirement or life insurance ⁓ paid out. So just tell us what's your your tell us your point of view on on servicing types of clients in these major transitions of their lives.
Phil Weiss: So I think the first thing from my perspective is let's not focus on that money. Let's start to focus on what matters to you, what's important to you. Like in so many even if it's a couple, right? has control the finances and the other one doesn't. And most of the time. Like we don't talk about money. Like a lot of times, and I I believe this is true, we find it easier to talk about sex than we do about money. It's just like this taboo subject. We don't like to talk about it. So want to figure out what the money is for. And like I I use this concept that I say we have four sources of capital. We have it's a team of capital. And by team, I mean we have time, energy, attention, and money. And we can use our money to free up our time, so give us more time. We can use our money to take things off our plate so we have more energy. Or we can use our money in ways so that our attention isn't diverted. Like think about if you go away on a vacation with your family, right? So you've now I'm using my money and I'm using some of my time. And then you spend your whole time with your family and you're on your phone. You've d now you're not giving attention to the things that really matter. And so we can use our money. In exchange for any of these things. So when we go through the life planning and we figure out those things that really matter to you, now it gives us more purpose and more focus. So we want to start there. We want to start to help you figure out what it is that would make you happy, would allow you to live a fulfilled life. So that's where we start. And then we work on the financial plan and we say, okay, well, here's what you got. Now we've identified these things during the life planning process that are really important to you. So now That we've identified those, we want to make sure that those are front and center in your plan. There might be some other things that you'd like to do, and we'll see if we can. But if we if we can accomplish the ones that really matter to us, we're just gonna live a more happier, more fulfilling life. So the clients that I work with, yes, like divorce, the empty nesters The reason life planning is so important in those three cases in particular is because we're trying to figure out what's next. So the clients that I work with, yes, like divorce, widowed the empty nesters The reason life planning is so important in those three cases in particular is because we're trying to figure out what's next. What do I do? Where do I go from here? So the life planning work really helps them figure out what comes next. Because when you're going through those, you don't simply need some like a pink version of traditional wealth management. You need to be h these women need to be heard, they need to be respected, they need to be supported through the decisions that may affect the rest of their life. And that's what I'm really there for. What do I do? Where do I go from here? So the life planning work really helps them figure out what comes next. Because when you're going through those, you don't simply need some like a pink version of traditional wealth management. You need to be h these women need to be heard, they need to be respected, they need to be supported through the decisions that may affect the rest of their life. And that's what I'm really there for. I mean, my firm is called the prize wealth management for a reason, because a prize means to inform. And so when I work with clients, want to help them understand why I make the recommendations that I do and why we're doing the things that we do. Like always hear like, don't ask dumb questions. My view is there's no such thing as a dumb question. It's only dumb if you don't ask. Because if you didn't know the answer and you don't ask, you're never gonna know. So don't worry about, I should know that. That's a dumb question. Ask it that you can find out and you can learn.
Iyassu Essayas: It's so funny that you you bring that up because it it goes back to the just the household formation. folks will go through life in this kind of like typical pattern. You you start out as a kid, then you you go to you know higher education, then get a job, and you get married, then you start a family, and then what? Like the the kind of like stops there and no no and so like it sounds like ⁓ folks are like
Phil Weiss: Yeah.
Iyassu Essayas: Well, after a certain period in their life, they're you know, f they got kids and you know, they're getting towards the end of the career, they realize, ⁓ my god, I didn't have like a really a outside of my children, I didn't have like a post plan to handle the other parts of life. Cause it's kind of scary when you think about the future and you the unknown, right? So but but one of the things you want to go through is a crisis. And if you go through a crisis, the best thing to have is a plan, right? And unfortunately, like Losing a a significant other is a crisis, you know, whether that's through divorce or through end of life or whatnot. And it sounds like you step in and you kind of help create that plan, that stability, Phil, that that, you know, apprise but in inform folks at where they're at in life. And, you know, if they're through a transition, you know, here here's how you help. that is that a good understanding of it?
Phil Weiss: That that is because it's also slow down, right? You don't have to be in a hurry. Like you lose your spouse. a very emotional time. You don't have to make every decision right away. You have to sit back. What is it that I want? What is it that matters? You get divorced, right? The heart of a lot of things times we think, I have to keep the house, right? If especially if you have kids, because but You know what? A lot of times what your kids care about the most is being with you. They don't have to be in that house. just want to be with you. And so you have to see, like, does it fit? ⁓ when you go through divorce and think about we have to split the assets. A house is a big illiquid asset. It doesn't generate cash and it costs you money. Do you want to live for the house? Maybe not, So you have to think about those type of things. ⁓ And really figure out what's important to you and like the most important part of life planning is listening. It's not me like when I life plan, I will tell you I have a tool that I use to record and take notes because it allows me to be a also helps me to be a better listener when I'm doing that. And I find that on a lot of my life planning calls, I talk ten to twenty percent of the time. I've even been below 10% on occasion, but that's because I'm sitting there letting you talk. I'm asking some questions and letting you go. And if you think about it, when you have conversation, oftentimes when you think you have the best conversation is when the other person lets you talk. Right? Because we like to talk. So here you create space you give people the chance to talk. Like there's a part of the life planning process that's called obstacles. And we go through the things that can get in the way of this vision that we create in the life planning process. And sometimes when I start asking, like, okay, how can you do that? What are you gonna do about it? Who can help you? When are you gonna do it by? I can almost see the wheels spinning inside somebody's head as they start to think through this because it's just giving them the space to think it through. And like, I was doing this, I have part of my life plan, I'm gonna create a scholarship for women who go back to school later in life. And I felt really stuck. And I have a friend of mine from life planning training, and she and I talk somewhat frequently, and she was working me through with some of the exercises, and by the time we finished, I had in place much better next steps. So now like I've moved that to the next level and I'm about I'm pretty sure I have a decision as to how I want to proceed with that. But it was because I talked to somebody that gave me the chance talk and think things out. They just listen to me and ask good questions.
Iyassu Essayas: I think it's one of the hardest things of being a human being removing your ego out of a conversation and just being able to listen to the other party without interruption, with being an active listener, having really good follow-up questions. And a good wealth manager will have all three of the they ⁓ they're there they will. ⁓ you'd be at how many folks ⁓ walk away saying, you know, wow, that was a really great experience. you know, somebody act acts like really did listen to, you know, my concerns and and that's when you build on that that trust, which I I think is the currency that wealth managers advisors that I think it's not dollars and cents, it's it's trust. That's your currency. And you build a lot of trust when you give those same ex those those experiences. So it's yeah, yeah, your your your clients are lucky to have you, Phil. ⁓
Phil Weiss: Thank you, thank you.
Iyassu Essayas: ⁓ so I I want to ⁓ just kind of ⁓ go and wrap wrap this up with my my favorite question ⁓ that I like to ask my guests. What are you looking forward to next week?
Phil Weiss: So next week I have actually something really good to look forward to. So one of my things that I made an objective early on when after my wife and I got married was to establish relationships when we had a family with our kids that they would hopefully travel with us for a long time. And I'll tell you my oldest is gonna be twenty nine on Saturday, july eleventh, our youngest is twenty. We have three boys and the youngest is a girl. And we are leaving for Portugal night next week. ⁓ three of the four are coming with us. The only one that's not coming is son who just started a job and doesn't have enough time off. So unfortunately he can't come with us. But we're gonna go to Lisbon and Madeira. So that's definitely what I'm looking forward to is that summer break and s you know, special family time and experiences.
Iyassu Essayas: Nice. Yeah. Well, that's awesome. I want to thank you for us on Inside the Flows. And yeah, been a wonderful guest, ⁓ Phil. And hopefully I'll I can bring you back on you know ⁓ another time. I really enjoyed our conversation. I I really I do think that you are you are helping a growing population as you know it's as as you spouses transition in their lives, women in particular, and this great wealth transfer, there's gonna be a lot of help that's gonna be needed by And I think you're gonna be one of those key factors in a lot of you're gonna make an impact on a lot of people's lives. So and it's not just like the women, it's their the next generation, like their kids and their kids and kids. So You know, I I think you're gonna have a lot of good stories coming up in the next like twenty, thirty years. ⁓ I'd love to bring you back and just hear some more of it. Like Wrigley Stadium, that's a pretty cool story. Like ⁓ I I'd love to go slang some hot dogs in my like you know fifties and sixties. That'd be kind of fun. ⁓ so thank you for joining us on this ⁓ this pretty cool episode of of Inside the Flows. I'm gonna be you know, all of your ⁓ your your website and your socials on on the in the description. ⁓
Phil Weiss: Yes. Ha ha ha. Yes.
Iyassu Essayas: for those folks who want to continue the conversation, you know, and you are an advisor, wealth manager, and RIA in the space, please join us at Inflows. It's it's a it's a free platform for you. It's by us and we'll I'll post the video in there and we can we can have a conversation about what Phil talked about. And you know, I look forward seeing you guys all next week. Thanks again, Phil.
Phil Weiss: Thanks for having me on, Iyassu Appreciate it.
Phil Weiss: Hey Yasto, thanks for having me on today. Looking forward to a good conversation.
Iyassu Essayas: Yeah, I am too. I'm I'm really excited to have you on. And, know, do you mind just introducing yourself to the audience, like your background, you know, the firm that you founded and everything in between?
Phil Weiss: Happy to. So my background is a little bit different. I started as a CPA. I worked for Deloitte. I was a tax guy. I ended up specializing in international corporate tax. it was planning and research. Like I to tell people when I stopped doing it, I got tired of telling companies how to shuffle pieces of paper around to increase the size of national debt, because that's what I was equating those tax savings to. So not the really the best way to look at what you're doing. So ⁓ Back then, like near the end of that, I had left Deloitte, I was working for other company for large public companies, and found out about the Motley Fool. And I s they used to have online portfolios, and I helped manage an online portfolio that they've started. And I learned about the CFA. I'm like, that's my ticket out of the tax department. That's what I'm gonna do. So I went and I got my CFA. And I did leave that world and I ultimately became an analyst and I covered oil and gas stocks for seven years as a research analyst for Argus research. when I left that I went to work for another financial advisor that had been around for a long time. I was really the the stock guy for them because like that was most of my history, but I l sort of learned about the business and ultimately realized it wasn't the right fit for me. And then I tell people that I got tired of working for idiots. So I decided to become the idiot, and that's how I started a prize. so a prize has been going on for about eight years. And addition to my CPA and CFA, I'm now a registered life planner. So I've done that like back early when I was in school, I thought I was gonna be a doctor. I was a premed and a psych major. So like that kind of fits into that part of it. Just brings the more personal side of what we do and makes you know makes financial planning more holistic. So anyway, so I started a prize and ultimately I ended up specializing in or focusing niching, I guess is the word I'm supposed to use, w I call it women facing new beginnings, which is really a nicer way of saying transitions. And that's I really focused my work. And as I through the why of that, it kind of ties into the story about what I went through going I saw my mother going through when I went through when I was growing up. And so like the work that I do now is kind of try to help keep other women from experiencing some of the difficulties that she did.
Iyassu Essayas: Yeah, the you're also an author, right? You I I believe you wrote a book.
Phil Weiss: Yeah. So when I started life planning, was working, ⁓ know, it's an experiential training. So first you do your own life plan, but then you start doing it with clients. And of my favorite life planning experiences that I've had was actually the first client that I life planned. And I'm part of a group called AGC, which is advisors growing as community. And we a book that's scheduled for release on the twenty ⁓ Of July called Even More Than Money. And that book is 20 advisors stories about clients that they work with. And so this client, like I said, it was right after right, it was kind of in the middle of my life planning training, but when you're starting to practice as a life planner, and I got this email from her she says, Phil, I just took a leave of absence from work. I don't know if I'm going back. I don't know what it means for my financial plan. I don't know anything, but I had to do this. This was an email. So I'm like, I started to respond. I'm like, this is not a time to just send an email. I'm gonna call her. So I call her and I ask her what's up, and she tells me, and I knew like she worked for a large public company. It was a very high-pressure job. She had a difficult boss. she very it was very stressful. I said to her, Let's do your life plan. So she said, Okay, let's do that. So we start working on her life plan and I learned like in addition to the job, had she and her husband had two daughters. One just started college, was going through a bunch of things, and my client would be up at like one or two in the morning talking to her daughter when things were going on. That's not the way to be when you have this really high stress job. Her other daughter was in high school experiencing the thing that high school that girls in high school experienced. That wasn't easy either. She and her husband both had these really high-paying jobs. She was solely responsible for the finances. He doesn't do a lot of that. They had rental properties that they purchased during COVID. There was managing that. There's a lot of family issues, a lot of stuff going on, and we all came out. So we started working on our life plan. And ultimately, I knew this before we ever started it. She didn't have to go back to work because they'd been working, you know, they both had these great jobs. They were living on one salary and banking the rest. So they were in great shape. But it took going through this process to start to make her realize that she didn't need this job and she didn't really know what she was gonna do. We put together as part of the life planning process, you create a vision and we created this vision. It doesn't always have to go exactly that way, but just gets you to start to think about these other things. So then about a year after we worked on her life plan, I got this email from her. She says, Phil, when I was in my twenties, this woman lives outside of Chicago. She goes, I go to Cubs games, I'd be sitting in the having a couple beers, see these Older women out there, they were working as ushers, they were taking tickets, they were doing all these different things. She goes, and she said, Someday I want to do that. So she's in her early 50s at this point in her life. She goes, So I went onto the Cubs website I applied for a job. She goes, I go in for this interview. There's all these young kids, they're dressed really nice. I'm wearing my Cubs World Series t-shirt, I'm wearing my Cubs jersey. I got the job.
Iyassu Essayas: Yeah.
Phil Weiss: She goes, I don't know how long I'm gonna last, right? She's like, there's a concert there this summer. I'd really like to at least work that long. It's three years later. She's still doing this. It's not like it's a full-time thing. She goes, Phil, I don't make a lot of money. She goes, and what I do make between gas and and souvenirs and all this stuff that I buy, I'm lucky if I break even. it gives her space. Like she's had a lot of things. She lost her brother to kidney cancer. Her father has Prostate cancer. She has a mother, her parents are divorced, her mother has She's primary caregiver for all these different people. But working for the Cubs is like her happy place. Right. When needs to get away, so like it's the great it's such a great thing that happened for her. And it just realized, like, made her realize that there's more to life. Like at one point she said to me, I when I finished my life planning training, I blogged about it and I wrote about my life plan. when I finished my life planning training, I blogged about it and I about life plan. And she read it and she said, Phil, thank you so much. I've been sitting here trying to build the biggest pile of money, but I never thought about how much I really needed or what it was for. Because we get into this cycle where I need a million dollars and you get a million dollars. Okay, now I need two million, you get two million, now I need three or four, or whatever. It's like this hamster wheel that we can't get off. Well she got off the hamster wheel and now she's living a happier life because she thought about what kind of life does she want to live. And she read it and she said, Phil, thank you so much. I've been sitting here trying to build the biggest pile of money, but I never thought about how much I really needed or what it was for. Because we get into this cycle where I need a million dollars and you get a million dollars. Okay, now I need two million, you get two million, now I need three or four, or whatever. It's like this hamster wheel that we can't get off. Well she got off the hamster wheel and now she's living a happier life because she thought about what kind of life does she want to live. What did she use what was that money really for?
Iyassu Essayas: Yeah. Yeah. That must have been so satisfying for you to to get her in a in a better place. I mean.
Phil Weiss: ⁓ yeah, it it is. I mean it's my fav like my favorite part of what I do is the life planning work. 'Cause get to know my clients, like we're supposed to work as fiduciaries. If I do your life plan, I have such a it's so much easier to act as a fiduciary 'cause I know what matters to you because we've gone through it, we've talked about it, and we have a financial plan that has more meaning and helps you live a more meaningful, happy life.
Iyassu Essayas: Interesting when I talk to other wealth managers, because ⁓ background was in the asset management space, and you know, when I talk to to them, you know, the conversations ⁓ are about you know what funds, strategies, what you know, really asset management heavy. But when I got you know, I left that space and I got into you know doing inflows and actually speaking to wealth managers and just being to ask them. ⁓ about their practices. Most most of them are are not really interested in the asset management side of of the business. But they're so deeply just really pumped about the planning side. Right. And and that's where they feel like they bring a lot of value ⁓ to to their clients. And it's it's kinda you're kind of right. I mean, just that story you have of of this this wife, you know, who's transitioning in her own way, from the you know corporate rat race ⁓ to a much more peaceful place in in her life. That's so rewarding. is like, here's the plan, here here here's the goal. Let's get you there. Right. And then and then she gets there.
Phil Weiss: It's yeah, it is. Like sometimes people say, so Phil, like I somebody asked me the other day, like, when are you gonna retire? Why would I retire? I'm doing this really fulfilling work. I enjoy it. I can do it anywhere because I meet with my clients on Zoom 95 or more percent of the time. So I can be anywhere in the world. Like my wife is going to retire. We've talked about this. And we can be anywhere in the world. Like we want to go and get Airbnbs and go to places in Europe and Asia and all over the world and stay for a month, two months, three months. And there's gonna be the time difference to deal with. But beyond that, my clients don't care if I'm sitting in my office here in Phoenix, Maryland, or if I'm sitting in Paris, or I'm sitting in Tokyo, wherever the case may be. They don't care. They just Wanted me to help them. And you know, a lot of times I think people there's a lot of trust that comes with this too, right? So people hire you because they don't want to do this. when you've gone through the life planning process, it builds a level of trust. Like sometimes I'm like, wow, I can't believe that people are ⁓ having conversations with me about these things or telling me these things, but ⁓ there's level of trust and confidence that comes with it. And then it allows them to live their lives. I think of it, I like acronyms a lot. And so one of the acronyms I think of is KIT, which is you have to have to do what I do, you have to have the knowledge. And anybody can get the knowledge. You have to have the interest, and that's where a lot of people fall short. And then there's time. You have to have the time to do it. And so it's a lot of times it you outsource it. There's nothing wrong with outsourcing to somebody that knows it and understands it better than you, and then lets you do the things that you're really good at.
Iyassu Essayas: Well, thanks for that intro, Phil. And just a to audience, ⁓ th this show is for purely for education purposes. And, you know, the topics that we're talking about is not financial advice. And I I say at on every show. If you need financial advice, just go hire a financial advisor. they're really good at what they do. And you know, the if you want to about you know, great ways to export some of your time. you know, export it to a a wealth manager. They're ⁓ there to help you out. But ⁓ moving on to our next segment, ⁓ the weekly recap. So there are you know not too many things in the market today that that is new. ⁓ so you know, just generally speaking, you know, the Strait of Hormouths being open and closed and closed and opening again really just kind of shakes up energy prices. The and the Iranian government really do need to come to an an actual deal and, you know, kind of reopen that that or else we're just gonna have these energy shocks. And ⁓ you know, just for audience members. ⁓ You know, oil's oil is in everything. It's not just, you know, gasoline and cars. It's it's what's used to ma manufacture every product and ship every product. So when those prices get out of control, ⁓ you know, your everything goes up. Food, goods, toys, everything. and what that leads to for those that are not familiar with it, is what we call inflation. That's when prices go up and and nobody nobody likes inflation. So ⁓ That was the the general theme, but there were two two things that up that I thought was really interesting. the Barons reported the SEC's proposing to cut quarterly earning reports. that and they they did that about about a month ago, maybe month and a half ago, but the public backlash to that pretty ⁓ pretty severe. and and for those that are not familiar with this, so every Every quarter corporations have to provide an update to their shareholders on the corporations that are publicly traded. And those ⁓ quarterly reports are drive a lot of trade that happens between these shares. And so I I thought what was interesting was the backlash from a specific organization called the ICI, which ⁓ Is the trade group that represents basically like mutual funds and ⁓ managers. Because from my understanding, I I always thought portfolio managers who work at these ⁓ asset shops hated quarterly earnings. and that, you know, the ones who were specifically focused on long-term returns didn't want to incentivize their executives of these corporations to basically make decisions that benefit ⁓ the short-term or the hedge fund that's in and out of the stock. So I I found that pretty surprising that they pushed back on this. you know, the SEC's proposal. I I thought they they would be supportive, but again, who knows? maybe it's one of those things where, you know, some folks anything that comes out of this administration, they're just totally against. But I thought that like very, very interesting that they they pushed back on the on the back ⁓ that they pushed back on the getting rid of the quarterly earnings. did you check did you catch that story at all, ⁓ Phil? Yeah.
Phil Weiss: I did. And I I just want to say one thing that I amused me when I read the story that you shared with me before the show is so I said earlier I was an analyst. I was actually an analyst covering oil and gas. And so there was the comment from Exxon saying, We don't need to re you know, I will just tell you that of all the companies that I covered, Exxon provided about the least amount of information and disclosures in their earnings report of anybody. So I so it was not at all surprising to me to read that Exxon thinks that
Iyassu Essayas: Yeah.
Phil Weiss: Yeah, we should cut back to only twice a year. in the grand scheme of things, I'm a long-term investor. And I'm investing for clients, I don't trade, I'm not doing any of that, right? But it's also interesting if you look internationally, a lot of companies only report twice a year. So that would kind of bring us in line with them. But I think that if we were to go to reporting only every six months. chances for people to get information that are talking to companies, like I know that they put in rules in around the early two thousands after the internet bubble about disclosure and all that, but I still feel like there'd be more opportunity for some of these people that are in this really every day to get some information. I I know there's a cost, like there's a cost reason to cut down the number because it's it's a it's an expensive process. ⁓ to go through all the things you have to do, but I just feel like it's better to give have more information out there, have the companies be more accountable. And so I'm on the side of I don't want to see this change. Made even though I can't tell you that I'm going through when I was an analyst, yes, I went through every number, but of course, you know, some of those earnings calls, you ever been on an earnings call? It's like great quarter guys, like, come on, like ⁓ does that even mean? But I do think it's good to get more information.
Iyassu Essayas: Yeah, tr transparency is key. Especially I I think folks need to that these corporations went the public markets. you know, and if they're not happy with how the rules are set up, then you could always go private and you don't have to deal with these, you know, rules. So that's just a reminder that, you know, these companies are taking money from the public and there there needs to be guardrails around that or else we'll have another Great Depression. ⁓ or you
Phil Weiss: Yes.
Iyassu Essayas: caused by a massive stock market crash, you know, that we've had once in our history. the other thing that was that was that caught my attention this week was Goldman Goldman Sachs decided to ban prediction market bets on finance and and politics, which I I I don't know, man. This like the whole Polymarket and Kalshi I I think that's like the wild wall west of of I think it's betting to be honest. Like I you know I I think it's just straight gambling. but For a a ⁓ massive corporation like Goldman Sachs to say, like, hey, this is is off limits, guys. ⁓ tells you two things. One is it, you know, it can it can be the Wild Wild West, but two, how influential Goldman Sachs is to politics and and in and finance across across the globe. So that I that that caught my attention and thought the audience members should and I'll I'll put the links to the sh to the articles up. on our ⁓ on our show for them to check out. But I thought that one was also pretty eye opening.
Phil Weiss: Yeah. was interesting. I hadn't seen that particular story until you shared it. But I know I four kids and I've to my kids 'cause like there's all this different things. It's it you can bet on just about anything these days between polymarketing calcium. I think it's crazy or you watch a sporting event And they have in game ads now to get you to bet on the game. And then you wonder why we've had these stories about professional athletes, college athletes that have been involved in this. Like it just opens up so many things and it's scary. And and then you hear the stories like the the people that are successful, just like the casinos, what do they do? They tell them they can't bet. Right? They cut them off. So like there's so many things here that are don't know, like
Iyassu Essayas: Yeah.
Phil Weiss: It goes for I mean for me this actually goes all the way back to when I was in high school. I remember we had a public speaking contest when I was in ninth grade and I grew up in New Jersey and this was ultimately it did pass, but a few years later they talked about gambling in Atlantic City. And I'll tell you that at that point my pub I was in the public speaking contest and I got I won whatever from my class I spoke about why we shouldn't have gambling. in Atlantic City because a lot of the things that they talk about that the benefit of these things, they really don't happen. And a lot of people get hurt by it. And that's the bottom line. A lot of people get hurt by this. And so I I I say I commend Goldman Sachs for taking that action. I wish others would do that too.
Iyassu Essayas: Yeah, addiction's a hell of a thing. I mean, I think there was that common process or not thought there's a common figure. What was it was something like for casinos, the it's like ten percent of the customers drive ninety percent of their earnings or something like that, where it's like these people who are really, really addicted, you know, constantly going back to the casino, spending their social security ⁓ checks and stuff the ⁓ the casino. So ⁓ addiction is a of a thing. and I think I think with Polymarket that came out, it said like less than 10% of the Polymarket users generating ninety percent of the wins. So most people who do a bet lose on like these prediction markets. so yeah, it's just kind of thing the harm in this is something to think about before you you dive in. But but yeah, I I want to switch over to to you, to you, Phil. and
Phil Weiss: Yes, it is.
Iyassu Essayas: You know, the the the work that you're doing is really, really interesting because it ties into this great transfer that's happening. And I don't know, are you are you familiar with Cerulli The like the Cerulli reports? Okay. Yeah, yeah. So so they're they're the ones who are really big on them and and and Morgan Staley are really big on this this great wealth transfer and providing reporting on it. And yeah, the the key that
Phil Weiss: Yes. Yes.
Iyassu Essayas: come to mind for me are $124 trillion is expected to transfer between now and 2048. But what's really interesting is 54 trillion of that, so almost a third of that, is gonna transfer between spouses. 95% of that, $54 trillion pretty much will go to women because women tend to outlive their husbands. So I thought that that number was pretty, those numbers are pretty fascinating when I was thinking about Apprise and the work that you're doing. Because you with women who are facing major life transitions, it's divorcees, empty nesters, And so when working with them, can you just talk about your current approach with with women in these in these? these transitions and you already told us about your your your client earlier ⁓ the the Chicago the Wrigley Stadium ⁓ but can you just give us give us the ⁓ of ideal client that you're you're hoping to serve every time you you know pick up the phone or hop on Zoom or ⁓ calls you and says, Hey, I need, you know, I just, you know, my husband passed away and I have this big lump, some of of liquid assets that I don't know what to do because I got it from his retirement or life insurance ⁓ paid out. So just tell us what's your your tell us your point of view on on servicing types of clients in these major transitions of their lives.
Phil Weiss: So I think the first thing from my perspective is let's not focus on that money. Let's start to focus on what matters to you, what's important to you. Like in so many even if it's a couple, right? has control the finances and the other one doesn't. And most of the time. Like we don't talk about money. Like a lot of times, and I I believe this is true, we find it easier to talk about sex than we do about money. It's just like this taboo subject. We don't like to talk about it. So want to figure out what the money is for. And like I I use this concept that I say we have four sources of capital. We have it's a team of capital. And by team, I mean we have time, energy, attention, and money. And we can use our money to free up our time, so give us more time. We can use our money to take things off our plate so we have more energy. Or we can use our money in ways so that our attention isn't diverted. Like think about if you go away on a vacation with your family, right? So you've now I'm using my money and I'm using some of my time. And then you spend your whole time with your family and you're on your phone. You've d now you're not giving attention to the things that really matter. And so we can use our money. In exchange for any of these things. So when we go through the life planning and we figure out those things that really matter to you, now it gives us more purpose and more focus. So we want to start there. We want to start to help you figure out what it is that would make you happy, would allow you to live a fulfilled life. So that's where we start. And then we work on the financial plan and we say, okay, well, here's what you got. Now we've identified these things during the life planning process that are really important to you. So now That we've identified those, we want to make sure that those are front and center in your plan. There might be some other things that you'd like to do, and we'll see if we can. But if we if we can accomplish the ones that really matter to us, we're just gonna live a more happier, more fulfilling life. So the clients that I work with, yes, like divorce, the empty nesters The reason life planning is so important in those three cases in particular is because we're trying to figure out what's next. So the clients that I work with, yes, like divorce, widowed the empty nesters The reason life planning is so important in those three cases in particular is because we're trying to figure out what's next. What do I do? Where do I go from here? So the life planning work really helps them figure out what comes next. Because when you're going through those, you don't simply need some like a pink version of traditional wealth management. You need to be h these women need to be heard, they need to be respected, they need to be supported through the decisions that may affect the rest of their life. And that's what I'm really there for. What do I do? Where do I go from here? So the life planning work really helps them figure out what comes next. Because when you're going through those, you don't simply need some like a pink version of traditional wealth management. You need to be h these women need to be heard, they need to be respected, they need to be supported through the decisions that may affect the rest of their life. And that's what I'm really there for. I mean, my firm is called the prize wealth management for a reason, because a prize means to inform. And so when I work with clients, want to help them understand why I make the recommendations that I do and why we're doing the things that we do. Like always hear like, don't ask dumb questions. My view is there's no such thing as a dumb question. It's only dumb if you don't ask. Because if you didn't know the answer and you don't ask, you're never gonna know. So don't worry about, I should know that. That's a dumb question. Ask it that you can find out and you can learn.
Iyassu Essayas: It's so funny that you you bring that up because it it goes back to the just the household formation. folks will go through life in this kind of like typical pattern. You you start out as a kid, then you you go to you know higher education, then get a job, and you get married, then you start a family, and then what? Like the the kind of like stops there and no no and so like it sounds like ⁓ folks are like
Phil Weiss: Yeah.
Iyassu Essayas: Well, after a certain period in their life, they're you know, f they got kids and you know, they're getting towards the end of the career, they realize, ⁓ my god, I didn't have like a really a outside of my children, I didn't have like a post plan to handle the other parts of life. Cause it's kind of scary when you think about the future and you the unknown, right? So but but one of the things you want to go through is a crisis. And if you go through a crisis, the best thing to have is a plan, right? And unfortunately, like Losing a a significant other is a crisis, you know, whether that's through divorce or through end of life or whatnot. And it sounds like you step in and you kind of help create that plan, that stability, Phil, that that, you know, apprise but in inform folks at where they're at in life. And, you know, if they're through a transition, you know, here here's how you help. that is that a good understanding of it?
Phil Weiss: That that is because it's also slow down, right? You don't have to be in a hurry. Like you lose your spouse. a very emotional time. You don't have to make every decision right away. You have to sit back. What is it that I want? What is it that matters? You get divorced, right? The heart of a lot of things times we think, I have to keep the house, right? If especially if you have kids, because but You know what? A lot of times what your kids care about the most is being with you. They don't have to be in that house. just want to be with you. And so you have to see, like, does it fit? ⁓ when you go through divorce and think about we have to split the assets. A house is a big illiquid asset. It doesn't generate cash and it costs you money. Do you want to live for the house? Maybe not, So you have to think about those type of things. ⁓ And really figure out what's important to you and like the most important part of life planning is listening. It's not me like when I life plan, I will tell you I have a tool that I use to record and take notes because it allows me to be a also helps me to be a better listener when I'm doing that. And I find that on a lot of my life planning calls, I talk ten to twenty percent of the time. I've even been below 10% on occasion, but that's because I'm sitting there letting you talk. I'm asking some questions and letting you go. And if you think about it, when you have conversation, oftentimes when you think you have the best conversation is when the other person lets you talk. Right? Because we like to talk. So here you create space you give people the chance to talk. Like there's a part of the life planning process that's called obstacles. And we go through the things that can get in the way of this vision that we create in the life planning process. And sometimes when I start asking, like, okay, how can you do that? What are you gonna do about it? Who can help you? When are you gonna do it by? I can almost see the wheels spinning inside somebody's head as they start to think through this because it's just giving them the space to think it through. And like, I was doing this, I have part of my life plan, I'm gonna create a scholarship for women who go back to school later in life. And I felt really stuck. And I have a friend of mine from life planning training, and she and I talk somewhat frequently, and she was working me through with some of the exercises, and by the time we finished, I had in place much better next steps. So now like I've moved that to the next level and I'm about I'm pretty sure I have a decision as to how I want to proceed with that. But it was because I talked to somebody that gave me the chance talk and think things out. They just listen to me and ask good questions.
Iyassu Essayas: I think it's one of the hardest things of being a human being removing your ego out of a conversation and just being able to listen to the other party without interruption, with being an active listener, having really good follow-up questions. And a good wealth manager will have all three of the they ⁓ they're there they will. ⁓ you'd be at how many folks ⁓ walk away saying, you know, wow, that was a really great experience. you know, somebody act acts like really did listen to, you know, my concerns and and that's when you build on that that trust, which I I think is the currency that wealth managers advisors that I think it's not dollars and cents, it's it's trust. That's your currency. And you build a lot of trust when you give those same ex those those experiences. So it's yeah, yeah, your your your clients are lucky to have you, Phil. ⁓
Phil Weiss: Thank you, thank you.
Iyassu Essayas: ⁓ so I I want to ⁓ just kind of ⁓ go and wrap wrap this up with my my favorite question ⁓ that I like to ask my guests. What are you looking forward to next week?
Phil Weiss: So next week I have actually something really good to look forward to. So one of my things that I made an objective early on when after my wife and I got married was to establish relationships when we had a family with our kids that they would hopefully travel with us for a long time. And I'll tell you my oldest is gonna be twenty nine on Saturday, july eleventh, our youngest is twenty. We have three boys and the youngest is a girl. And we are leaving for Portugal night next week. ⁓ three of the four are coming with us. The only one that's not coming is son who just started a job and doesn't have enough time off. So unfortunately he can't come with us. But we're gonna go to Lisbon and Madeira. So that's definitely what I'm looking forward to is that summer break and s you know, special family time and experiences.
Iyassu Essayas: Nice. Yeah. Well, that's awesome. I want to thank you for us on Inside the Flows. And yeah, been a wonderful guest, ⁓ Phil. And hopefully I'll I can bring you back on you know ⁓ another time. I really enjoyed our conversation. I I really I do think that you are you are helping a growing population as you know it's as as you spouses transition in their lives, women in particular, and this great wealth transfer, there's gonna be a lot of help that's gonna be needed by And I think you're gonna be one of those key factors in a lot of you're gonna make an impact on a lot of people's lives. So and it's not just like the women, it's their the next generation, like their kids and their kids and kids. So You know, I I think you're gonna have a lot of good stories coming up in the next like twenty, thirty years. ⁓ I'd love to bring you back and just hear some more of it. Like Wrigley Stadium, that's a pretty cool story. Like ⁓ I I'd love to go slang some hot dogs in my like you know fifties and sixties. That'd be kind of fun. ⁓ so thank you for joining us on this ⁓ this pretty cool episode of of Inside the Flows. I'm gonna be you know, all of your ⁓ your your website and your socials on on the in the description. ⁓
Phil Weiss: Yes. Ha ha ha. Yes.
Iyassu Essayas: for those folks who want to continue the conversation, you know, and you are an advisor, wealth manager, and RIA in the space, please join us at Inflows. It's it's a it's a free platform for you. It's by us and we'll I'll post the video in there and we can we can have a conversation about what Phil talked about. And you know, I look forward seeing you guys all next week. Thanks again, Phil.
Phil Weiss: Thanks for having me on, Iyassu Appreciate it.
