What does a financial advisor actually do?

Are you tired of hearing the term "financial advisor" thrown around without really knowing what it means? Do you want to know how a financial advisor can help you achieve your financial goals? Then this episode of Wealth Builders is for you!

In this episode, we're going to answer a question that we get asked all the time - what the heck do financial advisors even do? We'll break it all down for you, covering the different types of advisors and what you should be looking for in yours. Whether you need help with managing your money, insurance, business planning, corporate retirement planning, or anything in between, we've got you covered. 

Make sure to like and subscribe if you enjoyed the show!

For more information on StatonWalsh please visit, StatonWalsh


This podcast is for informational purposes only. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice. StatonWalsh and Founder’s Financial Securities do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation.

Ryan Staton is an Investment Advisor of, and securities offered through, Founders Financial Securities, LLCMember FINRA/SIPC and Registered Investment Advisor.

Devin Walsh is an Investment Advisor of, and securities offered through, Founders Financial Securities, LLCMember FINRA/SIPC and Registered Investment Advisor.

Check the background of this firm on http://brokercheck.finra.org/

Transcript

Speaker 1: 0:00

Hello everyone. Welcome to Wealth Builders presented by StatonWalsh. In this week's episode, Devin and I are gonna spend some time answering a question we've been getting a lot recently, which is, what does a financial advisor actually do? It's a fantastic question and one week felt compelled to do an episode on. We spend a lot of time talking about this with our perspective clients and clients, but we felt like putting some ideas out there and also sharing what we feel our definition of a financial advisor is, might be valuable to our listeners. In the episode we're gonna talk about differentiating between different types of advisors. For example, a sales-based advisor versus an advice-based advisor will also break down the different topics, areas of expertise and services that an advisor could or should offer to their clients in order to bring value to their financial lives. We hope you leave this episode with at least a better understanding of what the title Financial Advisor actually means and what value it could bring to your life. We also appreciate answering questions like this on the show, so if you out there have any other questions that you'd like to get answered on the podcast, please feel free to reach out to us and let us know what you want to hear. Enjoy the show.

Speaker 2: 1:10

This is Wealth Builders presented by StatonWalsh, a show designed to pull back the curtain of the financial industry and bring true transparency to the forefront of conversation on the show. We cover topics like financial education, current events, and interview business leaders and industry experts with the ultimate goal of helping listeners discover their own path to financial independence.

Speaker 3: 1:48

Hello everyone and welcome to this week's episode of Wealth Builders. Or I'm kind of excited about this week cause it's, I feel like it's a question we get all the time. What the heck do we do? What do financial advisors do? So I think today what we're gonna talk about is all the things that advisors do, what type of different things advisors do in different parts of the industry. Maybe we'll start there. So I think it's a, a question. I know I receive a bunch, I'm hanging out at a social event wherever they're like, so what do you do? Just you picking stocks or you just talk about investing? I really don't think people know all that we do. So let's talk about that a little bit.

Speaker 1: 2:21

Sometimes I'm not sure what financial advisors do<laugh> like seriously. I, so the interesting part about it is the term advisor is so general, it's such a blanket term. It gets thrown around in our industry pretty loosely honestly. And so I can almost understand why consumers don't really have a good understanding of what does it mean to be a financial advisor? What do we do? What can we help you with? Are we just money managers? Are we just, you know, the industry has kind of segmented itself into money management, investment management, insurance related products and the whole concept of advice around, you know, the advisor term kind of gets lost, lost in translation. And so I think honestly the answer, you know, our answer as a firm I think is very different probably than what other firms would say like they do

Speaker 3: 3:08

As a advisor. I think it's just, um, the word you just said there was advice. So I think a lot of times I think the value people think they receive from an advisor is whether it's then their investment portfolio or something they bought or let's say it's an annuity or some type of financial product. But it's really the advice I think that's so important and people don't realize that there's so many things. Advisors do everything from insurance planning, talking about estate planning, strategy around investing, strategy around real estate. I can go on in on about all these different things. So maybe let's start about the different type of advisors in not every advisor's pro for everybody and every single advisor has a niche of the type of person they should work with. So let's talk about like the wealth managers first. Well they give a wealth manager or somebody, what do they do and what kind of

Speaker 1: 3:51

Like, let's back up for a second too cuz you said something that I thought this conversations, we have a lot with clients, which is there's all these financial products out there. And so sometimes products get sold as strategies or get sold as solutions. And personally and in our practice, I view financial products as a tool in the toolbox. So if you go to a financial advisor, wealth management insurance office, whatever it is, and they sell you a bunch of stuff, it's basically like walking around Home Depot, picking up a bunch of screwdrivers tools, wrenches and all that good stuff, going home, fixing a project and then having nowhere to put those things. They're tools in the toolbox, but if you just buy the tools and you don't have a place for them to be in an organized fashion, it's all just a bunch of, it just becomes a pile of crap, honestly. Like it becomes a pile of nothing. It's just a bunch of stuff jumbled together. It's

Speaker 3: 4:41

Like a financial juncture or something. We love saying, it's like you everybody has a junk drawer at their house, you have all this stuff in there, everyone. Like what's the, yeah.

Speaker 1: 4:48

So to your point like what do we, what financial advisors do with those financial products and the advice around them, it's probably the most important thing. We live in this world where financial products, let's use investing for example, wealth management firm term. You used also a very blanket ver or blanket term I should say. Wealth managers will say they do a lot of things maybe at a high level. They just manage your money, they help you pick an appropriate investment portfolio based on your goals, objectives, whatever it may be. And that may be good for you as a, as an investor and as a client maybe it's not exactly what you need. And I think our industry too, just financial services in general has kind of commoditized that whole approach over the years where you turn on the TV and everything is commission free, trading free this, free that everything is free And the investment world, now we know that's no such thing is a free lunch, but the, there are platforms that are more cost effective than others. And so, you know, the natural question of a client is like what value does a wealth manager bring to me if all they're gonna do is pick investments?

Speaker 3: 5:49

What's so funny you say that, I was at a birthday party this past Saturday. A guy comes up to me, we're talking, he is like, oh so financial advisor, huh? So I have a VTI index fund, I have a a small cap fund, I'm Surpris Surpris ticker symbol. He knew, oh he had it down ticker symbol and everything. And he's like, good for him. He's like, what do I need you for? I said, that's the only advice you're worried about. You don't need me. Uh, air question, you know, you don't need me If it's, that's the only thing you're looking for in your life, you don't need me. But if there's something else in your life there's, there's other things advisors do. So let's start talking about all the different specialties that advisors have. And let's maybe just start off with just the general principles of financial planning, Ryan. Just, you know, basics. Yeah. Cash flow, budgeting,

Speaker 1: 6:28

The singles and doubles of financial planning. Everyone always wants to skip to the end. It's always like what do I need to do to get to retirement or what do I need to invest in? But the general, I mean the ways that financial advisors can add value, like a true advisory advice centric practice can provide value in general principles around how do I manage my cash flow? Like you mentioned, how do I understand and control the types and amounts of debt that I use in my life? And then other specialty principles like you know, let's say college planning for children, you know, is a 5 29 a good option? Are the, there's all these other types of educational accounts out there. What's best for me? And so just getting into and each one of those categories by the way, there's many different areas that you can really dive into. I think that's where the customization of a financial plan comes into play because everyone's really looking for the magic answer. They want the silver bullet of like, give me the path to a perfect financial life. The reality is it doesn't exist. I mean we could come up with a hundred different ways that we could work the client that can bring value to them. But I think the central point of that is focusing on advice. And so you talked about the general principles of financial planning, other areas getting into detail about types of insurance planning that could be, you know, analysis of current policies or future recommendations of you know, life insurance. Is there group benefit, are there group benefits set up appropriately? You know, are they in the right deductibles for their property and casualty insurance?

Speaker 3: 7:51

Let's talk about insurance real quick cause I think it's something that's so important and it's can be such a dirty word. And when we talk to people about, we always say we always like to start with our protection module, right? Make sure you're protected and always, god forbid, something bad happens. And most of the insurances that we talk about or look at, we're not even licensed to sell. We just wanna make sure they're in the right. We, that's when we recommend outside property and Calgary insurance agents. But I think people are so afraid to be sold to things. But it's such an important part of the puzzle that maybe a lot, lot of advisors are talking about. You know, you hear about some advisors who are, you know, selling permanent life insurance policy and stuff like that, which is still important. But I think a lot of people are afraid to talk about that cause they don't wanna be seen as an insurance salesperson.

Speaker 1: 8:29

Yeah, so what you're talking about primarily is the difference between sales and advice. That's really what it all boils down to is who's selling, you know, so are they talking about this because they're incentivized to sell me a product or are is the person I'm sitting across from doing this for my benefit? And I think, you know, you hit the nail on the head like property and casualty insurance in our practice we spend time talking to clients about that. If we need to build a proper protection, build a proper moat around the castle so to speak, that's a part of it. There's liability that comes with owning a vehicle and owning a home and accidents happen and there's all these un unpredictable things that can happen. And so having the right amount of insurance is critical in those situations because you can't, in most catastrophic or situations that are out of your control that require you to pay money or that cost money, you can't go back and hit redo. You can't go back and get more insurance. And so a lot of this too, just not just the advice but proactive advice, getting out in front of it, talking realistically to people about what are the things that can happen. And so that's where insurance planning really becomes important. If you have a concern about that or if your advisor is talking to you about, in a comprehensive way about just financial planning in general, you know, insurance planning should be a part of that that can incorporate a lot of different things. Some insurances won't be relevant to people but you can really get into the weeds on some of that depending on different life phases and level of wealth and all the other, you know, kind of nooks and c crannies that you get into with financial planning. You know, from there then you can transition into other, what I would say more, more widely accepted topics or what most people think they're going into an advisor's office for, which is, you know, things like investment planning, making sure I have the right investments, making sure I'm taking the right amount of risk in my portfolio. How can I manage cost within my investment portfolio, whether that's cost to an advisor or cost to the investments. What do I do if I need to rebalance my portfolio, if I do it myself in my brokerage account? Do they offer automatic rebalancing? Is it, is there a cost associated with it? Maybe not. And so what you can see is like, I'm talking generally about these topics, but we can really drill down point by point and get into the layers of, it's not just about delivering a product to someone. The product is not necessarily the solution or the strategy. It's a means to an end. It's an entry point into, now that I'm investing in the market, how do I do it intentionally to fit my own personal goals and objectives and what can you do as an advisor to help me achieve that? Whether that's managing something yourself or giving me advice on how I can have it managed

Speaker 3: 11:00

Externally. I think that's the key point right there, Ryan is like when people will say I wanna talk about investment planning and stuff, but I don't want to pay somebody to manage it. You know, one of the things that there are advisors out there including us, that you can pay for the advice and still manage your portfolio on your own without handing off to somebody just saying, Hey, I just wanna set of eyes on this, see if I'm doing the right thing, make sure everything's looking good. So that's definitely something that's out there if you're looking for

Speaker 1: 11:24

It. Yeah, for sure. So you know, beyond that I think, you know, really two, or we can get into probably a handful of other areas, but tax planning is another one. I think it often gets overlooked if you're not working with an advisor, you may talk about that with your CPA in some detail, maybe not, but more specifically, not just tax planning in the sense of like how do I fill out a tax return? What do I need to be doing? You know, for deductibility of accounts, it's more building a strategy around the types of accounts I'm using based on whatever the tax code is. So having an advisor that's keeping taxes in mind, not saying, you know, sell this stock or do this or do that without actually considering, okay, who is this person? What's their tax bracket, what are the implications of these moves, these different money moves that we have out in front of us. And you can also talk about strategies of how you can leverage or take advantage of certain elements of the tax code. So yeah, really quick example, qualified charitable distributions are one, we have clients sometimes that get into their seventies that they have a required minimum distribution money the government requires them to take out of their retirement account and they maybe don't need all of it, but they also like donating to charity. That's a tax planning strategy where I can use some of my IRA money, donate it to charity and get some tax benefits for that. So it's not really like a client cpa, what do I do when at tax time when I'm trying to move money around to get a bigger return? It's more of how can I build a long-term plan or with taking taxes into consideration. So that's kind of a tax planning realm or a module that you could really get into with advisors. You know, another big one is retirement planning, which means a lot of different things to different people that

Speaker 3: 13:02

I think that's a big one. I feel like retirement planning is when you're talking to advisors, most people think, all right, retirement and how much money I put away to hit that number.

Speaker 1: 13:09

Yeah, I think a lot, that's probably the premise of most financial advisor client relationships is people are like how they wanna figure out how they can retire at some point, whether that's 30 years from now or 30 days from now. Not always the case, but I think that's kind of a a, I would say a common misconception of how our business operates. It's like I don't need an advisor, I'll just kind of use my company sponsor plans or I'll do everything myself and when I'm ready to hit the eject button on my career now someone will help me figure it all out. And I think that all of this is such a dynamic journey. Growing wealth, building wealth over time, that there are things within the realm of all of the things we discussed today that will apply when you're 25 and will apply when you're 85. And so, you know, really understanding the different ways that advisors can help you will help you frame your perception. It can also help you quite honestly interview and find the right professional for you. You mentioned people that have specialties, someone who focuses solely on building retirement plan, for example, or maybe only works with a certain segment of the market, you know, they help doctors retire or you know, they work with lawyers like one of our areas of expertise, we work with a lot of construction and real estate development folks. I mean that's become sort of a niche for us and, and so finding people that have a level of expertise and understand kind of how you, how your world operates is also an important piece of the puzzle. But you know, retirement planning can be so many different things. Not just contributing to a retirement account, but how do I distribute money? How do I create income in retirement? You know, talking to someone about social security, which is, you know, something that advisors don't get compensated on but is a very important piece of understanding when and how to claim it. And so, and all the nuances of doing, doing that and what will happen in different scenarios. So you, again, you can really get into the weeds on all of this, but you're right, retirement planning is a huge hot button issue for most clients that we talk about and it's,

Speaker 3: 15:01

I mean, almost every single commercial here on the radio or on TV on Sunday mornings, you know, retirement. So it's definitely a key part of it and just, it's just find the right thing where a lot of products are I feel like are, yeah, those are focused on,

Speaker 1: 15:14

Theres, I have an opinion about those but I won't share

Speaker 3: 15:16

Them. You don't, you don't wanna share your opinion right now?

Speaker 1: 15:17

No, not right now. But any, if anyone listening wants to hear my opinion on those infomercials, I'm happy to share.

Speaker 3: 15:22

So one thing, so we're talking about all these things right now, Ryan, talking about retirement plan, tax planning. So a lot of this right now is very focused on the individual, but there's a lot of advisors out there including us who do focus on the business owner side of things. Whether it's absolutely corporate retirement planning, whether it's exit exiting from your business, the most tax efficient way or trying to find the value of a key employee. How do you, uh, what's the best way to sell them a portion of the business or all the business or to a family member, whoever it may be? Sure,

Speaker 1: 15:50

Yeah, I mean you, again, I think that's a whole, that's something that doesn't make its way into a financial advice, wealth management commercial is like, there are so many different things. Well first of all, I mean if you're gonna own a business, there's so many things that you have to worry about as a business owner from day one. But you also have to learn how to be a cfo, an HR manager, a coo, you know, so on and so forth. And so you have to know all these laws and all these different things that they pile up and eventually you hire people to take that off your plate. But ultimately businesses, business owners, their business becomes one of their largest assets. And so how do you transition that? How do you monetize something that you've built over a period of years and how do you do it in a way that's favorable to you, favorable to the person taking over to make sure that your family gets what they want and need and you know how you can exit your business comfortably and under your own terms. So I, that's a whole specialty realm. You know, we talk, you mentioned exit planning, that's something that we talk about a lot with our clients and own businesses and you know, exit plans are something that the day you start a business you should be building contingency plans. That doesn't necessarily mean exit, the contingency plan could plan for, you know, things like involuntary exit, which, you know, life can happen unfortunately. But again, very broad category that you know, you could drill down based on the individual sitting across from you and spend a lot of time talking about all these other things as well. Like what's the tax planning around that, what are some of the principles that you should adhere to maybe cuz now instead of instead of being a W two employee, you're a business owner with different thoughts and considerations.

Speaker 3: 17:20

Before we kind go into what I think is probably, I'm gonna ask you the question here in a second. Probably the most, one of the most important parts of what an advisor does is, you know, before we go into that is just, you know, look for somebody that you can actually talk to. Look for somebody that can be a sounding board where if you have a question you can call hear her up and just ask a question and just bounce anything your financial life off of, Hey should I buy or lease a car? Should I take a 1530 year mortgage off this? I put 20%, 10% down. Hey I have an opportunity to buy into this business. All these different things. Find somebody where you can go to them and you feel comfortable to actually a, use them as a sounding board and as a consultant, I think that's one of the biggest values I think that we have given to our clients is just a place where they can comfortably come to and ask a question that they don't know.

Speaker 1: 18:02

I think that whole, the model that you just described, like you know, for those that know and those that don't, we do a lot of monthly subscription based financial planning consulting work and so clients will pay us for advice. How we arrived at that was asking the same question we're talking about here on the show today. Like what do we do and where is it? What value do we bring clients?

Speaker 3: 18:22

So what do we do Ryan, what does state and Walsh do?

Speaker 1: 18:25

I mean, so our firm, we take an educational approach to financial planning that can be customized to the individual sitting across from us and ultimately our mission and our goal is to empower people to make the smartest financial decisions for themselves. And so how does that translate into what we do? We take a consultative approach. We are advice first we are not in the business of positioning ourselves. And mind you, full transparency, which is another piece of our practice, but full transparency is like we can get compensated to invest money clients to sell certain insurance products, to do all the other things and handle some of the other products that we've talked about. But our opinion is that people aren't coming f to us for pile of tools. They're coming to us to say this is the stuff that I have and you help me make sense of that and get me on a path to being to, to giving me the highest probability of success, whatever that means to me. And so know some people say retirement, we kind of call it the point of financial independence, which is really your ability to make any decision you want and to generate income or generate a lifestyle without fear of running outta money, without guilt. That you can do things exactly the way that you want and without fear of judgment from you know, whoever around you you might care. And so it takes a while to get to that point, but it's a living, breathing thing. We believe financial planning is not a static document. It's not something we charge for and and throw a PDF on the table and say do this for the next 30 years and you're good. So you know, our firm is built on advice and because we ask ourselves this question, do we want to charge first for a commodity or do we want to charge for the stuff that people actually care about, which is advice. And so that's how we've built our foundation. And now again we do the other stuff too and we have a particular way and pricing model of how we structure that, especially for those that pay fees. But that is something that is at our core that is not what everyone does in the marketplace. And I, and I'm not saying that to say that's a, it's a perfect model by any stretch either. I think the clients that we have that we work with appreciate that cuz they were out in the marketplace looking for something different and we were able to provide them with that. There are some that still like the traditional approach and then as long as you're getting good advice and you're getting people that are listening to you that care about you and that have a vested interest in your success, you know, then you probably have the right kind of advisor. And I always say that kind of in airboats because it seems like anyone these days can call themselves an advisor or consultant or whatever, however you want to frame it. But you know, it doesn't really matter. Semantics aside names aside, you just want to have someone that you can trust that you have good rapport with that you know is always looking out for your best interest. The term that gets thrown around in our industry all the time is fiduciary. Some are held to that standard, some may not be in certain circumstances, but you want someone who's always taking that approach first. And I think that's true for everyone now how they get to that point. Everyone's different and I think that's the beauty of our business is that we've built something that makes sense for us but it's not necessarily something that makes sense for

Speaker 3: 21:18

All. No I think there's a fit for everybody out there, right? I think it's, I think everybody has a good match wherever what type of service they provide. But kind of wrapping this all Ryan, I know one of the things that is extremely important to you and probably one of the most important things that you can talk about is what

Speaker 1: 21:33

The psychology, behavioral finance in general, so what does that, you know, we talk about it all the time, but the psychology of financial planning is the most important piece of all of this. And this is something that's gotten a lot, picked up a lot of steam the past couple of years. More people are paying attention to behavioral finance. There's more people writing books on it. There's some really good books out there by the likes of people like Ryan Portnoy and Daniel Crosby who do a really good job of making super complex topics. Easy to understand for readers. But the core of it, the psychology of financial planning is just figuring out how to ke get people on a path and develop and envision their financial life goals and really kind of how do you, how do you mesh the two together? Sometimes every things get siloed and people get on this path of like, okay, I just want a sum of money. But they don't ever talk about the purpose. Like what does money mean to you or what is your why? One of the questions we ask our clients like what is your why for building wealth? Because I think it's an important question when you have to actually think about it and you answer it. I think that could change your relationship with your advisor if you don't really have a why and you're just kind of taking the, you know, taking aim at I want to have a million dollars one day or I want to have this like arbitrary number. I don't know that you actually get proper planning.

Speaker 3: 22:45

Yeah, I think that is a great point. Cause a lot of people are like what are your goals? What are your life goals? Why I wanna retire when I'm 65. I want to own a boat one day I wanna retire in Florida. Okay, those are great. And why do you wanna retire at 65? Why in Florida? Sure is it cuz your parents were down there, you have family down there, why a million dollars? Why$5 million? What's the why behind all these things? It's so easy to write a goal down. It

Speaker 1: 23:05

Is. It is for sure. And I think the other part of this is overcoming your financial biases too, the education around that. So what do I mean by that? Like some of the things you mentioned are people will follow the crowd. They're like, well that's what people just do. They earn money over their life, they save a bunch of money and they cash out and move to Florida. Like that's what everyone else does. That's what I want to do. It's not realistic. And I think that's a really simple example, but there are other instances of financial biases that people have where you know, they'll look at what other, you know, they'll look what at what other people are doing with their portfolios or you know, the water cooler conversations that occur. And you and a true advisor and someone who's advice centric should be spending time talking to you, you about what those biases are and why you have them to understand how can we position you to either overcome them or put you in a position with a financial strategy of sorts that will help you be successful even though that bias inherently exists. So there are a lot of different things that could be an attachment to a particular company or industry. It could be things like a belief of I need to pay off all my debt first and then I invest, like that's one that we hear a lot once I pay off my mortgage, I'm gonna put more money into the market. Maybe that makes sense for you. Maybe that doesn't, you know, getting blanket advice from someone on a TV or radio show or podcast, even listening to this like these are general principles, we're outlining stuff pretty high level, but I think these are actionable items that listeners can take back and actually try to find good partnerships of people that call themselves an advisor, but are gonna advise me, give me advice on the things that are important to me as an individual. But one that I tell people don't ever compromise on is making sure your advisor understands you from a behavioral perspective, really understands your personality, not just understands what your financial preferences are, but understands how you think, how you live and breathe each day and what your core values and principles are. Because if they don't, at a basic level, if they're never asking you those questions, they're never gonna get planned, right? I truly believe that at my core, every situation where we've, you know, we're humans like we make mistakes. Every situation where we've been in situ, when we've seen clients say like, you know, I just feel like I'm not on a good path here. And we ask a couple more questions, you know, maybe we missed something in the process, let's get a little bit deeper here and figure out what the problem is. And so that's where really the psychology, and I would argue the art of financial planning comes in. It's taking a, you know, a ball of clay and trying to mold it. You know, us acting is your hands almost and molding that into what ultimately is your end goal or your sculpture. And some, sometimes we're gonna get done and you're gonna say, eh, tweak this a little bit or move this around and that's perfectly fine. But if you have a relationship with someone that's not advice-based or not built in the way that we've described over the course of this episode, then the likelihood is you might just end up with a few financial products you'll get on some path. Maybe it's not a perfect path, you'll make a little bit of progress, but you're gonna be revisiting that in five years and possibly saying to yourself like, why did I do this? What am I doing this for? And so essentially you kind of, when you do that, you start the process all over again, which I think is inefficient at the end of the day. And I think most people would agree with that, but you have to takes time to work through that. It's not a go into some, a wealth management office, meet with someone a couple times, open an account, fund it, and then maybe we'll see you once a year for the rest of our lives. I think, I think that's a big miss if that's the approach you've taken. And it could, your approach could be the opposite too. I mean, to your point, the question you got asked, like, what do I need you for? Probably a lot of people out of the world, out there in the world that have bad connotations of what advisors do because everyone uses the term loosely. But I think if someone, if, if many really had an opportunity to sit down and truly understand capabilities, not of all but of some firms that are out there, I'll throw us in our name in the hat there. But if you truly have an understanding of that, can't really see a scenario where you wouldn't at some point in your life, not necessarily today, but at some point in your life, again, this may be one of my biases, but can't see an instance where an advisor wouldn't have, wouldn't be able to provide some sort of value, a real advisor.

Speaker 3: 27:06

No. And I love what you said, like this really isn't art. Every situation is so different and is always changing. You can't, like you said earlier on, having a financial plan of 30 page document, put on a piece of paper, say, here we go. All those goals you put down, here's your, here's the key to success. Good luck, follow'em all and you'll be there. It changes, changes every day. New life things happen. I'm one of the reasons we call our process the living financial plan because it's a live and breathing document or plan that's, you know, kids come, house gets sold, business gets sold, start a business, all these things that are huge financial decisions. I know we, we talked about bunch today, if you have ever been out there saying like, what the heck does a financial advisor do? Do I ever really talk to somebody? You know, hopefully this fills you in. Educate a little bit more about that and don't hesitate to reach out to a financial advisor or to us to kind of just learn more in multiple and, and interview multiple, you know, don't ever just settle with the first one. Interview somebody that's fee only, that's just charging a fee for their advice. Interview the wealth manager interview the, you know, the Northwestern, whoever may be, talk to everybody so you really see all parts of the business and what you really need. But we really appreciate you listening and say, make sure you like and subscribe. Don't ever hesitate to reach out to us to learn more about our living financial plan process and the voice we give. But we thank you as always and have a great week.