Pełna transkrypcja odcinka The Mental Load of Wealth: The Advisor Opportunity Everyone Is Missing with Liz Fritz (EP. 74)

moving pieces. Shannon, to a financial picture for somebody on the personal side that the list gets long, right? I mentioned a cross country move. Things like now that we move from California to Illinois, there's retitling of of trust documents and all the different titling that we have to do through that. 00:03:07:00 - 00:03:34:05 Speaker 1 That's just one blip of what goes into the mental load. Shannon. And so before we as a couple, as co-founders, even had the mental capacity to think about investment strategy, it was almost this aversion to not even knowing where to start on that list, on that mental load, that as parents to young kids as well, it's, you know, camps and dentist appointments, it's all in there. 00:03:34:05 - 00:03:54:22 Speaker 1 And so I think there's the industry it's to me doesn't articulate that as well as they could. And actually, it took me a lot of these types of conversations to articulate, like, yes, this is what mental load is. It's an additional layer of complexity that I have to hold and my husband has to hold. In addition to just thinking about traditional wealth 00:03:55:01 - 00:03:56:05 Speaker 1 strategy and investments. 00:03:56:06 - 00:04:25:11 Speaker 2 So let's keep pulling on this thread, because I think there is a big unlock here for advisors who are articulating their value, and to prospects and to clients. We often hear it simplify down to I want my advisor to be my quarterback. I want them to be my quarterback. This is much more granular than just being my quarterback, then being that liaison between my CPA and my estate planning attorney. 00:04:25:11 - 00:04:38:11 Speaker 2 This is much more like walk me through and help me to check all of those various boxes associated with, you know, building wealth. 00:04:38:13 - 00:04:39:00 Speaker 1 Yeah, 00:04:39:02 - 00:05:03:05 Speaker 1 the operational complexity of, well, you know, if anybody has I like to give the example of a year, you know, applying for a mortgage to buy a house. The hardest part is collecting all the documents and the K ones and the tax returns. All of that is a is a complexity burden. It's not necessarily hard, it's just a weight that your clients are carrying. 00:05:03:05 - 00:05:17:20 Speaker 1 And to hold that complexity for your client in an organized, systematic way actually releases and gives us the space to think long term. You know, we've had advisors that lead with planning. Candidly, Shannon, I couldn't even get to plan. 00:05:17:21 - 00:05:18:13 Speaker 2 Right. 00:05:18:14 - 00:05:43:06 Speaker 1 Underneath that, being buried and having to hold that complexity, whether it was our family, you know, AI tool that I was keeping our checklist in our calendars and we really can't even look above the pile, right. That financial planning lens and like, where do we want to go from here? When you're like, I have so much I need to organize and follow up on, it's it's tough to even breathe under that. 00:05:43:06 - 00:06:09:00 Speaker 1

And so having a partner while the quarterback concept and I've grown up in our industry and we've been good friends for a long time. So this concept, this Wheelan spoke concept, I get it. I'm a marketer by trade, so I understand that when I look at different websites and value propositions, but it's really the the story that and the personal and emotional experiences that that mental load creates. 00:06:09:00 - 00:06:21:22 Speaker 1 It's not just coordinating the introduction of the team, it's really ensuring that your CPA is talking to your advisor, who's talking to your state attorney, and then managing all of those 00:06:22:00 - 00:06:22:17 Speaker 1 to do's. 00:06:22:17 - 00:06:46:16 Speaker 2 Underneath that, how do you think an advisor who's like getting it, you know? Oh, yeah, I know exactly what you're talking about. I think it will first come from advisors who have a disproportionately large percentage of clients that are female that will immediately when they will hear this terminology of the mental load of wealth, it'll be like ding ding, ding, ding ding. 00:06:46:17 - 00:07:21:15 Speaker 2 Like, I know exactly what they're talking about. How do you putting on your marketing hat and your experience firsthand experience hat how do you translate that into demonstrating value to your client? Is it creating a series of checklists? Is it the Domino's Pizza tracker, or is it the way that you're communicating on a quarterly basis, like how does this go from what I think is a very buzzy, sizzle worthy, you know, tagline to implementation that there is real work being done for the client. 00:07:21:17 - 00:07:22:16 Speaker 2 That's a great I. 00:07:22:16 - 00:07:46:09 Speaker 1 Love that perspective because to me, and again, you mentioned it early on in this conversation, is like we had to fire an advisor and look for a new advisor. Candidly, Shannon and I had a hard time finding an advisor local to our new area that led with any of this story, or even testimonials from other clients that understand what this is. 00:07:46:10 - 00:08:09:20 Speaker 1 You know, everybody had a great investment committee and a great investment strategy and lots of great market insights and all of those things, but really leading with the the story, leading with what you're solving for. And so honestly, I looked for I don't. Another advisor who was a woman that was around my age, around my phase of life with kids because I knew at least she would get it. 00:08:09:20 - 00:08:34:02 Speaker 1 This subtle, untold story that I'm not seeing on advisors websites, but I know a lot of them, do this for clients, and it not necessarily it's not being articulated in an externally facing way. So as a marketer, I see a true opportunity because we've looked Shannon long and hard also with our company, you know, working with clients, it's hard to find any firm that really, truly leads with this type of story. 00:08:34:02 - 00:08:57:02 Speaker 1 And while you did mention a lot of women, I mean, I get articles on, you know, targeted articles all the time about the mental load of motherhood, the mental load of being a business owner and a mom. All these things I also think is general. It's gender neutral, meaning that whether you're in a partnership with a spouse, whether you're in a partnership with a co-founder of your business, you have to split up all these to do's. 00:08:57:02 - 00:09:15:12 Speaker 1 And what I would love to see as a marketer in our space is to tell the story first, because I do think you do also speak to a lot of women that way, because we've kind of been balancing a lot of mental load on a personal, professional level, but also being underserved by an industry for a long time. 00:09:15:13 - 00:09:39:12 Speaker 1 Right. And so there's this opportunity to just talk about this, have your clients talk about this, you know, having access to other women or other business owners that are in this phase of life, balancing, you know, low on time concept is really, really important. And I also think the only times I saw those examples, Shannon, were in the multifamily and family office space, it starts a lot earlier than that, right? 00:09:39:13 - 00:10:04:22 Speaker 1 Like the complexity of business owners that maybe have $2 million in revenue of their firm, they're really low on time. Right. And then you're starting potentially a 30 year relationship with those folks. And so as a marketer, to go back to answer your specific question, I would love to see firms lead with that story, lead with that, emotional mental load story first and have some testimonials so that I can see if I relate to those folks. 00:10:05:00 - 00:10:16:20 Speaker 2 One of the things that I think is so important is that you immediately flagged your husband, Doug, of shouldering a similar mental load. Like, this is not a women's issue, if you will. 00:10:16:22 - 00:10:17:22 Speaker 1 And it's also 00:10:18:00 - 00:10:38:06 Speaker 1 a married partner issue. You know, I want to make sure like as a business owner, I happen to be the co-founder with my spouse. Most people are not right. And so understanding just the levels of complexity really down to the sand of that mental load. Shannon, of checklists of following a of wherever your clients are holding that for them. 00:10:38:08 - 00:10:48:17 Speaker 1 I can't tell you how much of a weight that has lifted off of us. And the thing I get so excited about, because as a business owner, I think a lot of that can be operationalized in streamlines 00:10:48:17 - 00:10:50:01 Speaker 1 streamlined 00:10:50:03 - 00:10:58:13 Speaker 1 scenes. Right? And so it's a scalable system. Once somebody identifies it, that and then they can do it for all of their clients. 00:10:58:13 - 00:11:03:04 Speaker 1 But then that marketer voice is, how do we actually go to market and tell people we do 00:11:03:06 - 00:11:19:05 Speaker 2 that? You're a systems thinker, so keep going with that. When you think about because

I, I can imagine a lot of advisors listening to this would would hear that as a very bespoke service and you see a scalable framework. 00:11:19:07 - 00:11:49:17 Speaker 1 100%. So again, it's I can't help it as my business owner scale for, you know, build for growth and scale, I'm also a huge gap, I would say an AI. And so I see a lot of opportunity. And I've used that for our own firm and for my own personal life as well. And so once you name it and operationalize this client experience, it's it's really identifying what are the touchpoints, what are that what is that flow of journey you're taking your clients on throughout the year? 00:11:49:21 - 00:12:02:14 Speaker 1 Building a system that alerts USD advisor you as a client relationship team to reach out and check those boxes. And then Shannon, by doing that, you actually create space and time 00:12:02:16 - 00:12:23:11 Speaker 1 sometimes I say be leverage more of your human time. But variability happens in life, right? And so for example, if the market is going crazy in our current system, maybe you'll find a call and reach out to talk with your clients or take them out to lunch to just give them, you know, like it creates space to to do more of that in person. 00:12:23:12 - 00:12:42:09 Speaker 1 And you've already identified like, okay, these are the 24 or 72 touch points per year that we want to make sure that we're holding for our clients, right. And one of those is holding the checklist. Maintaining the checklist. It can be sure there's roles and responsibility behind the scene of who is always following up on these little to use. 00:12:42:11 - 00:12:48:20 Speaker 1 There's a lot of ways to systemize and operationalize that so that you can advisor kind of scale it for a very tight book. 00:12:48:23 - 00:13:20:10 Speaker 2 I'll give you a data point that's going to blow your mind and validate why this is such a huge upside opportunity. Fidelity has a great study out where they have flagged that only eight. That would be single digits. Number eight. 8% of clients say that their advisor is helping them manage their health care expenses, their family expenses. Navigating conversations with the next gen about wealth insurance planning. 00:13:20:10 - 00:13:38:06 Speaker 2 So these core table stakes your health care, your conversations with your generational wealth inheritors, and your family expenses are not being addressed in the majority of advisor client experiences. 00:13:38:08 - 00:14:07:04 Speaker 1 It's an incredible stat, but having done my own research, I completely believe it. And that's why I feel so excited to talk now because there's such an opportunity, I think, with women in particular as well. We talk about mental load a lot with each other and support each other through that. Right? We all kind of talk about our tribe of friends like it takes a village when I'm sitting down, you know, having coffee or playing mahjong or whatever. 00:14:07:04 - 00:14:17:17 Speaker 1 And my girlfriends, we're not talking about the markets, we're not talking about right. Or buying different firms. We're talking about like, can you help with carpool? How are you managing, 00:14:17:18 - 00:14:33:09 Speaker 1 you know, the whole mortgage like that we took out on our vacation home. Like we're talking about supporting each other and helping each other through life. And I think that's the story to me that will really resonate with and naturally resonate with some of these women gatherings. 00:14:33:09 - 00:14:56:18 Speaker 1 I've been invited to different events with small groups of women that becomes more natural versus Shannon, what are you like? Right, like that? That doesn't come out naturally, right? I would talk about that because we're in the space, but within my personal network. And so I think that actually ties to referrals. Right. So we're actually working with clients and providing them with mental low and forget the research report. 00:14:56:18 - 00:14:59:12 Speaker 1 But there was something about female referees. 00:14:59:13 - 00:15:01:15 Speaker 2 And yes yeah. 00:15:01:16 - 00:15:02:14 Speaker 1 You know. 00:15:02:16 - 00:15:06:13 Speaker 2 It's 4 to 1 women refer 4 to 1. 00:15:06:15 - 00:15:30:05 Speaker 1 Exactly. And I think it's because the story isn't be told. I think there would be a lot more of those, Shannon, candidly, if it came up in spaces in this concept of that mental load of lifting and the mental load of wealth. And again, because it's wealth agnostic, you could be a brand new business owner, or you could be from a multifamily, the multi-generational billionaire family. 00:15:30:05 - 00:15:32:10 Speaker 1 It's the same topic. 00:15:32:11 - 00:16:10:14 Speaker 2 Yeah. I was reading this really kind of sad story. And this tale is, you know, I think going to play out with increasing frequency given the age of the baby boomers and where we are and, and recognizing value in those businesses. But there was, you know, the this tale of the 58, 58 year old CEO, business owner who died unexpectedly of a heart attack so young, young at 58, his wife knew nothing, didn't know who the any of the business partners were, didn't know any of the accounts, didn't know anything about anything. 00:16:10:16 - 00:16:30:07 Speaker 2 And this advisor was flagging. Like, if you do one thing this year, have all of your business owners create a one pager with this information. And of course, like you, I can't help myself. It's like I see it as marketing and I see or I see it as swag. It's one of the two. So I'm like, oh, immediately I'm like, what a great one. 00:16:30:07 - 00:16:49:12 Speaker 2 Pager for an advisor to surface that insight. These are all my business owners. I've created this one pager. We're going to collect all this, and I'm going to hand it to your spouse as a, as a gift. Like we've got this on file in our digital vault. I want you to have a paper copy of it in the event something were to happen. 00:16:49:12 -

00:17:03:15 Speaker 2 We know where you know, we we know where to go versus let's spend the next 9 to 12 months as forensic accountants trying to unwind this whole thing, which probably is going to end up in probate. 00:17:03:17 - 00:17:07:06 Speaker 1 Yeah. And also to during a time of emotional hardship. 00:17:07:07 - 00:17:07:22 Speaker 2 Right. 00:17:07:23 - 00:17:28:20 Speaker 1 That is not the time you're going to want to talk to the 58 year old spouse. I'd also say Shannon, my 40s. It's the exact same thing. The amount of folks, friends that I talk to that have no idea. So it's more common. I think we like to think that all of us kind of as we're getting younger generations are more savvy and more involved. 00:17:28:20 - 00:17:53:18 Speaker 1 I don't think that that's necessarily the case or not, at least what I'm seeing. And so really empowering this, this new door of entry that's comfortable and understandable from like a wide range of wealth creators to and also to women. Yeah, it's this accessible space of I've got a lot of them. I bet the spouse is managing a lot of the budgets or the bills. 00:17:53:19 - 00:17:54:07 Speaker 2 Right? 00:17:54:07 - 00:18:16:22 Speaker 1 School tuitions or whatever it is. Right. And so making it except accessible versus this other thing that my spouse manages. And then something catastrophic happens and you're thrown into this space feeling not only emotionally, you know, personally personal loss, scared, right. Not, you know, what's going to happen to me. 00:18:17:00 - 00:18:42:00 Speaker 2 Well, and what's interesting about it is I always feel like there's like a pejorative edge to like, the women are not in the know. Most likely it's women not in the know on these things. And it couldn't be further from the truth. It goes back to the mental load. They're managing so many other things. It's like, you know, my spouse has it covered or I just simply don't have the bandwidth for it. 00:18:42:02 - 00:18:46:20 Speaker 1 Yeah. Or they're managing components of it, Shannon. And they don't see the forest. 00:18:46:21 - 00:18:47:22 Speaker 2 Right, right. 00:18:47:23 - 00:18:51:04 Speaker 1 And so they may be paying the bills or they may 00:18:51:06 - 00:19:15:14 Speaker 1 doing the taxes or whatever happened to be doing, but they're not seeing the big picture. And so that connectivity between the mental load to the macro, I think is a story that's not told. Most websites that I see talk about the macro, which feels either unknown to a lot of my peers, or sometimes we joke, we refer to it like the dentist, right? 00:19:15:16 - 00:19:18:12 Speaker 1 And so I think there's that disconnect 00:19:18:14 - 00:19:27:00 Speaker 1 the complexity of your financial life and that macro story of investment strategy and the spoken well services that you provide on your 00:19:27:06 - 00:20:10:18 Speaker 2 So one thing that, you know, naturally is as the wheels start spinning around, advisors reimagining, how do I articulate

in a lot of cases, the work that I'm doing that a lot of other advisors are not doing? How do I position that on my website to demonstrate the value? The other thing that you, there's been an undercurrent of is a hunger for gathering, a hunger to bring women together, to bring men together, to bring couples together, to bring people together in a very intentional way, in smaller groups, to maximize that humanness, maximize that that spirit of of community. 00:20:10:18 - 00:20:22:03 Speaker 2 And and you were saying, you know, we're drowning in all of this noise, and there's a big opportunity for advisors to capitalize on that. How do you see that manifesting? 00:20:22:05 - 00:20:28:06 Speaker 1 Oh, I think there's a huge desire for this, Shannon. I think both with the overwhelming 00:20:28:10 - 00:20:29:14 Speaker 1 amount of 00:20:29:16 - 00:20:53:06 Speaker 1 commitments to go to from conferences to school fundraisers to nonprofit galas to all of these big gathering places are fantastic. But when I think about what is something really special advisers can give to their clients. I think of access. And so I think of access to obviously investments, access to do things financially. 00:20:53:06 - 00:21:15:17 Speaker 1 But I want to know access from my peers. Right. Like I make decisions based on trust. And so trust and relationships. And I think our business is to me that that's the foundation beating heart of what we do. And so as an advisor, looking at your book of clients and hopefully you've done some work to really segment, you know, what is your niche, who do you bring together? 00:21:15:17 - 00:21:32:23 Speaker 1 while it's good to have big summits and get all your clients together maybe once a year, bring them together in a very intentional way can be virtually too, if you've got clients all over the country. I love a virtual roundtable when it's all my peers and I get context of who these women or business owners are. 00:21:32:23 - 00:21:39:20 Speaker 1 So it's really that term around access. You, you know, I've been told before, it's like invite them to your family picnic, right? 00:21:39:22 - 00:21:41:02 Speaker 1 right? This is your book of 00:21:41:02 - 00:21:48:13 Speaker 1 family picnic? And they're going to show up and learn from each other, and you get to be the facilitator of that, and that helps you become a better advisor as well. 00:21:48:13 - 00:22:01:01 Speaker 1 So I'm a big advocate in this day and age of so much noise, so much busy, so little time. Create a couple spaces for your clients to connect that you know would get along or learn from each other. 00:22:01:01 - 00:22:01:10 Speaker 1 other. 00:22:01:11 - 00:22:27:10 Speaker 2 I love that it's such, such good advice. So as you've transitioned to your new advisor, who's really done a fantastic job of checking these boxes and creating space and, and and helping to to shoulder some of that mental load of wealth. What has it done for just your overall like peace of mind and your ability to create from here? 00:22:27:12 - 00:22:56:00 Speaker 1 Such a great question. And I'll put on my client hat here because again, I could I could never see the forest Shannon beyond the trees, the the amount of mental load that Doug and I bore as business owners, as parents of young kids. You know, my oldest is 13, so we're in the thick of it. I could never and I always knew in theory, I grew up in this industry, so I knew there was financial legacy and long term planning. 00:22:56:00 - 00:23:23:19 Speaker 1 But with all of those ducks in a row and somebody reminding me of the deadline, to me, you know, our kids are now starting to donate to charities like making sure those boxes are done, making sure my 41K amount is maximized. All that stuff actually gives Doug a nice space to have conversation around. Okay. What's next? It goes everything from God forbid something were to happen to him or me tomorrow, right? 00:23:23:19 - 00:23:55:15 Speaker 1 Which, as you said, the story could happen to anybody who could be hit by a bus to where do we want our long term family goals to be? Where do we see ourselves in? Doug and I never think really beyond five years, five, ten, 15 years. We never had the space for that. And so for me, I think doing that, like creating that systematic, scalable model, IT advisor then can really have financial planning conversations with their client because we didn't have the space or time to do that. 00:23:55:21 - 00:24:17:17 Speaker 1 The only time we thought about it was in our annual meeting when they walked us through the questions of the algorithm, and it has something out, and it lets us even have the space to toyed with different options. Right. And so to me, it just gave us time back to think about our financial legacy beyond just the to do list, because that was burying us alive. 00:24:17:18 - 00:24:45:06 Speaker 2 And it's so good. I mean, I think this is just a hugely important topic. I believe so passionately in our industry that the demand for, you know, the demand to work with independent financial advisors is growing and will continue to accelerate, even as AI and clod and all these tools proliferate. And it seems like, well, I can just ask Claude to do that. 00:24:45:10 - 00:24:57:12 Speaker 2 I actually believe that advisors will command a premium for their humanness, for their ability to connect, for their ability to sift through all of this noise and help build multi-generational legacies, not 00:24:57:12 - 00:25:21:20 Speaker 1 100%. No, I actually think the power of judgment and trust will become will come at a premium. I've got a course of so many conferences in AI and that you and I are both going to. And I got a really good conversation with an example from someone at one of the big AI firms, and it said, if you ask Claude how to do heart surgery, it could walk you through the exact steps to do it. 00:25:21:20 - 00:25:38:06 Speaker 1 Do you want somebody that learned how to do that on

Claude to do your heart surgery? No. You want somebody with a lot of great experience, a lot of judgment, and someone you trust inherently. And so while I do think that AI has a lot of where I see it, opportunity to potentially scale some of these systems. Shannon. 00:25:38:07 - 00:26:00:10 Speaker 1 Right. So like can you create task lists and yes, it can manage that for you. So your team is on point. But to me the trust and relationship deepening is going to completely come at a premium because you have to have human stories change every day. They're not data driven completely. Right. And so to me, the power advisor is actually going to become more at a premium. 00:26:00:10 - 00:26:31:03 Speaker 1 More important. I did use AI right before you and I had our first conversation to ask Claude to see if he could find, because I'm a big again marketer, could see any firm that leads with this story of mental load of how I, you know, it, expressed it, they couldn't find one. Right. And so again, there's this opportunity of clients like me, prospects like me looking for help and being able to ask yourself the questions of what are they asking for, right. 00:26:31:03 - 00:26:39:07 Speaker 1 And getting your name out there because there's no one that's really doing it. And it just surprising to me because it's been such a life changer for our 00:26:39:09 - 00:26:55:09 Speaker 2 Family, I love it, such good advice. You always have it and you really walk the walk on the small gathering. I mean, I love our time at futureproof. You've put together such a great group of women and it those are my favorite forums. 00:26:55:11 - 00:26:55:20 Speaker 1 They are 00:26:55:20 - 00:27:07:12 Speaker 1 your book, if you're attracting the right type of clients to your book of business, you have this beautiful opportunity to bring those individuals together in a special way, and they're going to show that it's not just your typical come to the ball game and. 00:27:07:13 - 00:27:07:23 Speaker 2 Right. 00:27:08:00 - 00:27:11:11 Speaker 1 You know, chat. It's really about let's learn and grow together. 00:27:11:12 - 00:27:33:10 Speaker 2 Yeah, I absolutely love it. Well, I feel like here at RFG we'll accept the challenge. I've got some advisors in mind who do this really well in terms of shouldering the responsibility of the mental load of wealth, and we've got our work cut out for us to be able to articulate that more, more, more directly and more instinctively. 00:27:33:10 - 00:27:46:23 Speaker 2 So thank you so much, Liz. I always love being with you. This is just a great you know, it's a great topic. And what I love is exploring the future horizons of our, our profession. And I feel like this is exactly where the compass is pointing. 00:27:46:23 - 00:27:48:04 Speaker 3 I completely. 00:27:48:04 - 00:28:15:17 Speaker 1 Agree, Shannon. I think it's something to that's really tangible, right? Like a lot I bet a lot of your advisors are already doing this. I bet a lot of advisors do already do this, but it's articulating it, it's leading it and then it's scaling it. And I just couldn't be more honored to be part of the conversation and bringing it out to light and letting me share a little bit of my marketing lens of how do you actually, as an advisor, take action on this opportunity and really, really start to add value back to those clients and potential prospects out there. 00:28:15:17 - 00:28:18:08 Speaker 1 So thanks for creating the space for this conversation. 00:28:18:09 - 00:28:18:20 Speaker 2 I love it 00:28:18:20 - 00:28:21:04 Speaker 2 Great being with you. Thanks so much for coming on. 00:28:21:06 - 00:28:25:09 Speaker 3 Thanks, Shannon. 00:28:25:11 - 00:28:47:06 Speaker 1 Thank you for listening to the Disruption Blueprint podcast. Click the follow button to be notified when new episodes become available. Visit our website at dot RFG advisory.com or schedule a call on our Advisor Resources page. And don't forget to click the follow button to be notified when new episodes become available. Content here is for illustrative purposes and general information only. 00:28:47:08 - 00:29:09:23 Speaker 1 It is not legal, tax or individualized financial advice, nor is it a recommendation to buy, sell or hold any specific security or engage in any specific training strategy. Information here may be provided in part by third party sources. These sources are generally deemed to be reliable. However, neither our guest nor RFG advisory guarantee the accuracy of third party sources. 00:29:10:01 - 00:29:34:22 Speaker 1 The views expressed here are those of our guest. They do not necessarily represent those of RFG advisory, its employees or its clients. This commentary should not be regarded as a description of advisory services provided by RFG Advisory or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice. Securities offered by registered representatives of private client Services member Finra. 00:29:35:01 - 00:30:02:20 Speaker 1 CPC advisory services offered by investment advisory representatives of RFG advisory, a registered investment Advisor, Private Client Services and RFG advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG advisory unless a client agreement is in place. 00:30:02:22 - 00:30:18:00 Speaker 1 RFG advisory is an SEC registered investment advisor. SEC registration does not constitute an endorsement of RFG by the Commission, nor does it indicate that RFG, or any associated Investment Advisory representative has attained a particular level of skill or ability.