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NoBS Wealth
Welcome to the NoBS Wealth Podcast—where we ditch the BS, cut through the noise, and get real about what it takes to build wealth, especially for women, minority business owners, and those standing on the edge of their financial journey, ready to take that first bold step.
We’re not here to sugarcoat it. I’m Stoy Hall, your host and Certified Financial Planner, and I’m bringing you conversations that go beyond the spreadsheets. We're talking about the emotional, psychological, and real-life challenges of money—and how to crush them.
Why You Should Tune In:
- No Fluff. Just Actionable Advice: You don’t have time for complicated, jargon-filled nonsense, and I don’t have the patience to give it to you. Here, we’re breaking down strategies you can actually use—whether you're managing cash flow in your business or figuring out how to start investing without feeling overwhelmed.
- Your Money, Your Mindset: If you think the key to wealth is just about saving and investing, you’re missing half the game. We’ll tackle the inner work—overcoming financial fear, breaking generational money cycles, and adopting a winning mindset to keep you in the game long-term.
- Real Stories You’ll Relate To: We’re bringing on guests with stories like yours. Women and minority business owners who’ve been where you are, taken the risks, and come out on top. No “overnight success” garbage—just honest journeys filled with ups, downs, and everything in between.
Who This Podcast Is For:
If you’ve ever thought:
- “I want to build wealth, but I don’t know where to start.”
- “I’m ready to grow my business, but I need guidance on the financial side.”
- “I don’t come from money, and it feels like I’m playing catch-up.”
Then congratulations—you’re exactly who this podcast was designed for.
What You’ll Get Out of It:
- Breaking the Fear: We’ll help you face that first step head-on and show you that building wealth isn’t just for the rich or privileged—it’s for you.
- Alternative Wealth Strategies: From real estate to investing in your business, we’ll explore nontraditional ways to grow your money without drowning in “just invest in the S&P 500” advice.
- Practical Tools: Whether it’s tax hacks, cash flow management, or scaling your business, we give you the tools to act, not just dream.
It’s time to bet on yourself. Tune in, get inspired, and most importantly—take action. The life you want? It’s within reach.
Visit nobswealth.com to catch our latest episodes and join the NoBS movement.
And yeah, we get a little explicit around here. You’ve been warned.
NoBS Wealth
F'ING FEES - THE TRUTH ABOUT HOW ADVISORS GET PAID | Let's Get Real Ep. 9
Shoot us a message, we are here for you and we listen!
WARNING: THIS EPISODE WILL PISS OFF THE ENTIRE FINANCIAL INDUSTRY
Tired of the bullshit? So is Stoy. In this no-holds-barred episode, he rips the mask off the THREE ways financial advisors make their money—and why two of them are probably screwing you over right now.
From the dying breed of Assets Under Management (AUM) that quietly drains your portfolio to the commission-based scams that serve advisors, not you—Stoy holds nothing back.
If you've ever wondered why your advisor gets nervous when you want to use your own damn money, this is why.
Discover the flat fee subscription model revolution that's transforming the industry and why transparency should be non-negotiable with YOUR money.
THE INDUSTRY HATES THIS EPISODE. YOUR WALLET WILL THANK YOU.
Whether you've got $10K or $10M, you deserve to know exactly what you're paying for. Period.
Get real financial advice at nobswealth.com Watch the full episode: https://youtu.be/2NI4DDxfkSE
LET'S GET REAL.
As always we ask you to comment, DM, whatever it takes to have a conversation to help you take the next step in your journey, reach out on any platform!
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DISCLOSURE: Awards and rankings by third parties are not indicative of future performance or client investment success. Past performance does not guarantee future results. All investment strategies carry profit/loss potential and cannot eliminate investment risks. Information discussed may not reflect current positions/recommendations. While believed accurate, Black Mammoth does not guarantee information accuracy. This broadcast is not a solicitation for securities transactions or personalized investment advice. Tax/estate planning information is general - consult professionals for specific situations. Full disclosures at www.blackmammoth.com.
We're back another episode of Let's Get Real, I'm gonna piss off my industry that is the financial advising industry because guess what? We fight all the time specifically on this topic and that topic is fees and how the hell we get paid. So today you're gonna learn the top three ways. You're also gonna learn how I get paid and why I think it's most important to kind of follow my route. Not necessarily saying you have to, we're not all one of the same, but I believe this will be the less route. So let's get into it. So your top three ways financial advisors get paid. A UM, which is the most predominant, which is assets under management. For those that don't know. Two, you got your commission based, which are product driven. Uh, and then three, you're gonna do your flat fee or subscription model, depending on what you want to talk about in regards to those. Quick caveat, full disclosure, right? Um, I've done all three, so I know how they operate. I know how they work. I, I have figured out what I believe. It's best for clients. Not saying it's best for you and your situation, I'm just saying it's best for the clientele that I work with or those that wanna work with me. So let's get into the first one, A UN. Assets under management. This one's been around for eons since the beginning of time with financial advising, specifically driven by. Your investment investible assets in your investment account per se, and all of the people charges, like everyone charges some type of a UM. It has went from as high as like two point a half, 3%, and now we fall in with half a percent to one point a half percent. I've seen a couple two still in regards to that. So that is what's being charged on your assets annually, annualized, I should say, and then probably paid out quarterly on average. Now, what are some pros to that? One, if you make more money, they make more money. If you make less money because the market decided to go down, they make less money. It's easy, it's simple, doesn't come out of your pocket, just comes outta your investments. And third, you're really getting a lot of investment advice for that. Cons, it's gonna add up and be super expensive. For example, if you have a million dollar portfolio, which. You guys, let's be real. We don't have a million dollars, but it's easier math at 1%. Now you're at$10,000 for your investment fee. Now a lot of advisors say, well, it's worth it. I have this other thing. Value add that, no, it's$10,000 for investment advice. Okay. And some for those that are outside and doing alternative investments, that's cool. For those that are just. In some type of fund, ETF, et cetera, and it's just sitting there for 30 years. Are you getting your true value? Another con would be conflict of interest, right? For example, if I have your million dollar portfolio and you're like, sto, I really want to invest in this, or I wanna go buy this home, but I need$200,000 from an account, which should I do? I'm not incentivized to do what's in your best interest. Because if I take that 200,000 out now I'm making only eight on money on 800,000. So you tell me if there's a conflict there. And the third con for me is purely just the transparency and the fact that typically you're not getting full financial planning within just a financial advising agreement. I. But there are still rules out there, regulations out there. The SEC still loves it. I just think that's a dying breed and the statistics will show it. Right now, 61%, uh, of people are being charged. Some type of a UM and majority of advisors are charging that way. We will be seeing a shift and we currently are to a different model. Second, the worst one of them all. Trust me, I was in it. This one I believe has nothing. No advantage to the consumer at the end of the day. And was purely driven by someone trying to sell some type of product down the road. So as some of you know that I wasn't the insurance game, which is a broker dealer, we, we sold insurance products, but also then we were taught, Hey, let's get an investment game, get your series six. You can talk about mutual funds. To me, there's, I. No place on this earth for a mutual fund to charge 5.75% on a front load type situation, plus the backend 50 to uh, 1.25% as well. I don't think that those should be aligned ever, because that means for every dollar that you put in 5.75% of it is gone immediately, and about 5% comes the advisor. Or the advisor's team, we'll get in that, in a, in a different episode. Commission base is all about the commission. You're incentivized to sell the product, make it fit, what makes it fit, right? If it fits the client, kind of, yeah, let's get'em into it. Um, a third, you're not in, you still have the conflicts of interest, right? So if I want to take out that 10,000, a hundred thousand dollars, well. You're incentivized not to, and then the longevity of the expenses are just extremely high, right? I don't really have a pro for it. Everything I listed as cons, and that's for a reason. Again, caveat, I used to do that, so I understand now. Third, my favorite and I, and where the whole industry is shifting to, in my opinion, we are seeing uptick from about 33% think investment news, uh, to about, uh, 43% of where. Assets will be going to in terms of this, and that is the flat fee subscription model. Now, there's a lot of people who argue between them both and who does what and what whatnot. But I'll get into them. It's very simple. It is a very transparent scope of service saying you are going to. Charge and, uh, pay for this, this, this, and this. It's gonna cost you$500 a month. That's what you get. Now, some of them do overlaps in a UM because they're still doing investment management and they gotta pay that. I believe later down the road we're gonna see a lot of flat fee onlys, which basically can take into that investment practice inside of that without charging a OM. But I don't think we're quite there yet. I'm working at my own practice. We are a subscription based model. We will lay out all the services for you specifically in our modern family office. And let you know, Hey, we're going to do your insurance, we're going to do your planning, we're gonna do your investments, estate planning, taxes, et cetera. Line item those out. It's gonna be$500,$3,000,$9,000, or we do'em as a project. It's gonna be$6,000, 12,000, 1500, et cetera. You are going to have that flat fee and know exactly what it is. Business owners listen up. We also can be a little tax deduction for you too. Ha. So that's a benefit. I am a huge proponent of that. Now, the drawback to that or the, I guess the con to that is more on our side than it is the consumer side. But I can see how it works both ways, and that is, as a consumer. You see that fee every month, right? You're looking at it every month, and you're always trying to add or compare the value of what you're getting and who you're speaking to from your planner every month. Now, to me, that's a huge calling for both parties. One, because you're always trying to figure out what the value is, and if you're not getting it, that's a big issue. The other side of for us is we have that feeling transparently every month. I do it with my clients now, and my clients love me, I love my clients, and I know that they're not going anywhere, but I still feel like I'm not doing enough. And that's where that, um, specific type of fee arrangement kind of gets a little, little, little kish, a little, little dirty for me because I don't wanna feel that way and I don't want you. To feel that way. But if that's the only con there is, we can, we can work through that, right? And ultimately that comes down to, because of the relationship, meet with my clients every month we have slack and we message every single day. If something pops up, we can communicate about it. You have to have that type of relationship, in my opinion, if you're going to do the subscription, subscription based model, um, as well. So what's next? What's coming? Where are you at if you are out there and you don't feel like you're getting your value? Truly looking to see if you're commission based, that means clientele, right? Ask yourself, go ask your advisor how they are getting paid and what their actual total transparent fee is, right? And if you're in the commission or a UM, you gotta look at, um, operating expenses plus their commission or their, or their a UM percentage as well. And add all of that up and ask yourself if you're getting the full package. Are you getting financial planning, insurance planning, estate planning, tax fund, all of these things that come into you? Are you getting all of that for what you're paid? If you are and you're comfortable with that, cool. Awesome. Love it. Uh, if not, you need to find one of my colleagues, me that do the subscription, um, side of things that are really financial planning focused and take into account everything.'cause then you're gonna align with who, who you really want to be with. So, like I said earlier. This is really probably gonna cause a shit storm in my industry and I'm cool for it. I'm down, right? Let, let's ride, let's have that chat. But for you as clients, it really brings into a real conversation, transparency in the financial advising industry. Are you getting it? And if you are not, come talk to one of us. I do it for free. I'll look at everything you got and ask and just continuously ask those questions. So, hey. Let's keep it real.
