Coach Or Planner? The Truth About Getting Your Money To Move | Let's Get Real Ep. 26

Most owners wait to hire a planner until everything is “ready.” That’s how you stay stuck. I asked my communities why more people aren’t working with planners and the answers were clear. Not enough money yet. Bad advisor experiences. Confusion about what planners actually do. I lay out the truth and the path forward.

This is an audio-first breakdown of coach vs planner, what licensed planning includes, and how to move from survival decisions to strategic ones. Especially for women, minority, and LGBTQ owners who are building without a safety net.

In this episode:

• Real reasons folks don’t hire planners
• Coaching for mindset, planning for systems
• Why licensing and accountability matter
• Holistic planning for life and business
• Behavior, relationships, and money
• First steps you can take this week

Full video is on YouTube: https://youtu.be/SKhLCYAtuZs

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.

Chapters

• 0:00 Why you still don’t have a planner
• 0:52 What people said on Threads and Facebook
• 1:47 The “I’m not ready” myth, and why that’s a trap
• 2:58 Trauma, truth, and who we serve
• 3:42 Coach vs Planner. The real difference
• 4:55 Advisors, licensing, and accountability that protects you
• 6:15 What we actually do at Black Mammoth and No BS Wealth
• 7:36 Behavior and relationships. Survival mode money
• 8:22 Taxes, legacy, benefits. Building the system
• 9:14 Real-world support. Crises, fast growth, IRS letters
• 9:58 Why this isn’t coaching. Modern Family Office and close

Transcript

0:00

It's been a while since we've done one of these damn things. Let's get real. Let's go. Last week I posed a question to, I guess my audience, my network, simply as like, why haven't you hired me? Let's be blunt, brutally honest. Why haven't you hired? Now, I asked this question for a couple reasons. One, I really want to know honestly, and two, I wanted to get some feedback to what's going on and why more people aren't hiring financial planners. I poses this question to the threads. And with threads, I asked why are people hiring more coaches over financial planners? And we got some mixed results and some different ideas and comments that were come out. So today's episode, we're gonna get into that and I want to challenge you listeners and asking yourself why you don't have a financial planner or financial coach. There are some bad, bad asses out there that are doing a really good job, biased, in my opinion. You should have someone who is licensed and has. The regulatory body that oversees us because it does protect you. But I digress. Let's get into it. I'm gonna group some of these comments and, and I might post some of'em, but, uh, leave people outta'em. But in general, these were the three, I'll go with three right now. These were the three big items or issues, uh, that popped up in the comments when I pose this question from different social media platforms. So it's very interesting. Let's get at it first Facebook. Okay. I post it to a Facebook group and I post it to my personal. On my personal, uh, a couple things were talked about and discussed. One in general was procrastination, and so they, they booked a meeting that, that's completely fine. Procrastination happens, we're humans. It is what it is. The other was not feeling like they had enough money or they weren't set up yet in order to speak to me. That one's a tough one, because in order to feel ready, you already have worked on your money mindset. You already have things going right. Things are acting in a positive way. Well, that's, that's a lot of what we do. That's a lot of our job is to help make that and get your backend going. Understand what your mindset is, uh, understand and set up and organize your financials in a way that it will grow. Positive things will happen, and you can take opportunities as they come. As opposed to, I'm sitting here negative, I'm feeling bad, depressed, what have you. I'll, once I get feeling better, I'll hire someone. It's ass backwards. We, we gotta flip that thinking and I challenge you to do so. The other was a Facebook group I'm involved with, and that one was totally spun differently, right? The, the comments were, you don't know who you're talking to, your, your audience. You don't know exactly who you're speaking to. You need to take a softer approach. It sounds, ai, you know, those types of things. And the biggest question of like, what is it you actually do? And I took that one and I was like, well, Joel, damn sure I'm not doing a good enough job of saying what I'm doing, so this is why we're doing a let's get real episode. You know, we talk about what we do a little more, uh, but it helps me change my content. The other is I speak a certain way and I'm not gonna apologize for it. I am very direct. I am telling people that they need to get off their ass and get going, get moving. I am saying that, hey, yeah, you've had bad luck in life. You've had trauma, but there's ways to move forward. I'm not gonna change that because those types of people that need that push are the ones that are gonna wanna be my clients. I can't be here for everybody. We've said this time and time again. I'm only gonna have maybe 40 clients give or take under me, right? If we expand and we have other advisors, stuff like that, that's different. But within me, I'm only about 40. My collective, yeah, I've got a lot of badass planners, but they all have their different niches and people that they wanna work with. So we're not here for everyone, but the content is the education. All right, so we've got two different fields with Facebook. Uh, Twitter sucks. They don't respond ever. Threads on the other hand, seem to be jumping down of a coach versus financial planner, and what's better, what's not. And, and I didn't really ask that maybe correctly or didn't want to go into a coach versus planner. Uh, but traditionally they are right. Advisors suck. They only cared about money, um, and investments and stuck to that, they didn't care about emotions. They didn't, they didn't get into the behavioral side of things. And so I challenged everyone on that thread. It's changing the collective. We have at no BS Wealth, the badass list of. Uh, CFPs that I know we do things differently. We're focused on the behavioral finance. We're focused on your emotions, your mindset first before even thinking about a plan. And that kind of gets back to the, the comments that we heard on the Facebook side of things of, um, well, we don't know what you do, or, I don't feel like I'm ready for it. That's the thing that feel. That's what we're here for. We're gonna help you. Right, and I want everyone to, I, I talk about this a lot, but I want everyone to just pause real quick and answer this question. What's your first money memory? It's gonna be something about your childhood. And as you reflect on it, now that you've said it and thought about it, how has that affected you as an adult? How has that grown with you over time? And I almost guarantee your emotional point of money will revert back to that time period. For me, it was like when I was nine or 10, and so I back with my nine or 10-year-old self for you whenever it was. That's who you turn into around money. So you tell me if me at nine and 10 years old could overcome something like that and it's gonna get good enough or further enough in life to then hire someone like myself doesn't work like that. We need to help you on the front end. That way we can protect you in the long run. We can't protect you in the long run when things and mistakes have already happened. So think about that. So threats went back and forth on coach first, not coach. Yeah. I'm gonna give you my opinion'cause that's what I do and it's, let's get real. And my, my opinion is there are some really good coaches. Don't get me wrong. There are some really bad financial planners and advisors. There's really bad coaches. All of that is true. However, we're able to give advice and implement plans with you and do all the things that coaches can do. But with the protection of regulations, the protection of our securities license, that will help in case something does go bad, guess what? You have somewhere to sue. We also have the training. The designations and some more experience in that realm from the book side of things, of course, than other coaches. Now, don't get me wrong, there are some really good coaches that have been through tremendous things in their life that are really good at teaching a certain way. They're not also designed for the bigger holistic picture. Can you have both? Absolutely. But in my opinion, a lot of us are transitioning to the holistic side of things. Your financial planners are becoming quote unquote. Coaches, but we're just consultants. We're dealing with the behavioral side of things. So that's my advice on that whole topic. And then LinkedIn, uh, LinkedIn's about cost. That's really what it came down to. So at the end of the day, cost is always going to be your biggest issue. You think you're not ready. Thirdly, you just don't know what we do. So I'm gonna take some time to try to explain what we do. And it's not easy. I've tried to market this. I tried speaking about it. I, I, it is really difficult. And my clients that are listening, if you want to comment on this, you can, but it's more of a feel situation when it comes to black Mammoth in our modern family office, right? Um, I know we're on. Let's get real channel No, be as wealth get. I get it. But at Black Mammoth, woo, we focus on you. First and foremost, we're gonna figure out who you are, what brings you joy, right? Uh, thank you, Larry Sprung on that one. What brings you joy? How does that align with what you need to do? Then we can build a plan and make decisions based on that. What you didn't hear me say is anything about insurances, your investments, estate planning. What are all the other terms? Tax planning. Tax returns, business consulting. CFO work. CO work. You, you didn't hear me say all those things.'cause first we gotta know who you. Where you came from, what traumas you have. Some of my newer clients always go through this battle up front, and that is married couples, if you will, business owners if you will. One grew up one way, right? Usually in survival mode with their family. The other grew up in kind of a middle class, always had money around. Those are two fundamentally different mindsets when it comes to money, and it's really tough to combine those unless you do the work. We're here to do some of that work. Then how does that back into everything that's going on? Yeah, we're gonna do the tax planning stuff. We're gonna get ahead of that, so, you know. What's coming down the pipe, at least two tax planning meetings directly related to that so you know when your tax bill is gonna be, or we can implement tax strategies. We are gonna do your legacy planning and update that every time it needs updated, not 10 years down the road and after we have kids or business changes. Literally every time. Yes. We're gonna make sure that your employee benefits, whether you are the employer or you work for someone else that are ideal for you and your situation. Not for every other one. Everyone else? Yes. We're gonna, we're gonna talk about investments and how they fit into this whole big picture. Yes. We're gonna be there when you need a lender. For a business opportunity, a car, a home, you name it. Yes. We're gonna be there to implement that. Yes, we're gonna be there for you. Business owners that wake up at one and two, three in the morning, and you're like so much going on in your brain and you don't know how to get it out, go right ahead, type it into Slack. Well, we'll answer you tomorrow. Yes, we're gonna be there when four of your staff decide to quit. Half of your business gets interrupted. Yes, we're gonna be there when. The growth is so fast you don't know what to do or how to operate. Yes, we're gonna be there when the IRS decides to give one of those scare tactic letters out that we all get and we don't know what to do with, we're gonna be there to answer it for you to call me right away. You tell me where in that, that falls under coaching, that falls under. Financial planning. The CFP, I don't know. Okay. That's why I have the Modern Family office, and that's what we talk about is simply because that's what it entails and entails everything in your life, all the emotions, the relationships, the things that grow with you. It's not a a line item, a service item that you can see on a website. It's something that you feel in here. And my clients, that's what they do. So, yeah. Have I done a poor job of explaining all of that? Absa fricking, literally, how do you do that in text? How do you do that in videos? You don't. You, you, you take that leap. Of faith. You trust me. Trust my team to be here for you. And when those things happen, we're here, you start to feel that. You start to understand the importance of a modern family office that isn't just a coach or a financial planner or advisor, insurance agent, you name it.'cause we can see it all and we can do it all for you. So. That's another, let's get real episode one that hits a little more heart to me. Haven't been around in a while, but hey, we are back. We're back with more energy. We're back with more direct things like this. And yes, we will talk about what's going on geopolitically and how that potentially leads us to a recession, or are we already in one?