Wealth from Wisdom

Behind The Scenes in Financial Services (With Special Guest Melanie Housden)

May 26, 2018
Wealth from Wisdom
Behind The Scenes in Financial Services (With Special Guest Melanie Housden)
Chapters
Wealth from Wisdom
Behind The Scenes in Financial Services (With Special Guest Melanie Housden)
May 26, 2018
Carson Wealth
Show Notes Transcript

In today’s episode of Wealth From Wisdom, Special Guest Melanie Housden joins Ron Carson to discuss financial services behind the scenes.



Speaker 1:
0:00
Okay. And here's the legal Mumbo jumbo, the opinions voiced and Wellframe wisdom with Ron Carson or for general information only and are not intended to provide specific advice or recommendations for any individual to determine what is appropriate for you. Consulted, qualified professional. All indices are unmanaged. I may not be invested into directly. Investing involves risk including possible loss of principle. No strategy assures success or protects from loss. Past performance is no guarantee of future results. Advisory Services offered through Cwm LLC, an SEC registered investment advisor.
Speaker 2:
0:30
This Doug mark hit another all time records as much as $10 billion in social security benefits go unclaimed every single year. Federal Reserve announced that they will raise interest rates by 250 the skyrocketing cost of healthcare and retirement could now run 350,000 planning for retirement today is a whole new ball game. It's loaded with challenges, obstacles and trap doors that you can do this and we can be your guide. Welcome to wealth from wisdom with Barron's hall of Fame Advisor, Ron Carson. Straightforward and objective advice and how you could make your money go further in retirement. And now here's your host Ron Carson. You ever wonder what it's like on the inside of financial services? Wonder
Speaker 3:
1:13
what really goes on behind the scenes. What we're going to do today is so different from what we've done in the past. Wealth, wealth from wisdom is we're going to talk about just our profession, our industry, and I hope it gives you some insights as to maybe some better questions you should ask. As you well know, Carson group and wealth from wisdom, we're all about the consumer. We put the consumers that trust first and we work backwards from that and in that effort to bring you total transparency. Today I have a special guest, Melanie Houseton from Hamilton, Texas. She's been a partner of the Carson group some sometime because she stands for exactly what I just said. What do we needed to do to be a consumer advocate? How do we better serve the consumer? How do we demonstrate that, you know what, money's not our client, but pupil are our clients.
Speaker 3:
2:09
People trying to accomplish those critical goals and objectives. All the things that are so important. And I don't think there's enough light shed on our profession and all the conflicts out there that we talk about, the obvious conflicts of ones that are maybe in the press and things you read about. And I think at some point there's just so much of it that you go, oh, I don't want to hear anymore is a really truly a difference in my goal today is to have you get a view in behind the scenes backstage, if you will, of what it's like to be a financial adviser. And Melanie, welcome to wealth and wisdom. Thank you so much Ron. Thank you so much for having me. I'm excited about the opportunity to speak and share Matt Journey. And just to kind of give you a little bit of background about myself, I actually never thought
Speaker 4:
3:00
I was going to be in the financial industry. Um, my degree is actually business administration. So one thing that I learned, and I both have that in common, I thought it was gonna be a farmer. So you never know where you're going to end up or no, it's exciting. But actually I started on human resources and with Corporate America and even nonprofit farms where I was involved with employee relations and actually the benefits side of different corporations and their four one k plans. And as I worked in those plans, one of the things that really scared me and caught my attention was to realize that people do not understand how to plan or prepare for retirement. And so many of them are depending on their firm to take care of them and don't realize that they also should be paying attention to how much money they're saving and are they going to have enough money to retire.
Speaker 4:
3:57
And one thing that I saw over and over again is as clients had worked there for many years, they came to me to help run their retirement calculations and found out that they wanted to retire, but they couldn't afford to. And that was devastating to me to know that before you retire. Right. That's exactly right. That's exactly right. And I, I started thinking, how do I help people before they get to that point? And I knew I needed to make a difference. That's what I'm here for is to help people make a difference in their life. And that actually is what led me to the financial industry and actually started with Edward Jones investments. I was with them for 15 years and at that point I was able to educate and take control of people's retirement planning, help them with their dreams and their goals and their aspirations.
Speaker 4:
4:52
And it's just been life changing. For me, it's, it's such an amazing experience. But one thing I, I did see and as I was with Edward Jones is mango is to help clients with every aspect that I can and I felt limited. And so at that, just say something here. And one of the things, and you know this, you've been a partner of the Carson Group for how long now? I have been a partner, it will be three years in September, I want to say. I know it's coming up on three years. One of the, one of the requirements that we have to be a retirement be a partner at the Carson group is, and we'll be having our partners' summit here next week, is when you walk in that room, every single person there, you've got to be able to look at and say, you know what? I would trust this person with my money even if I weren't here. My family's money. And that's hard. It's easy to say. It's hard to find those candidates of partners. And so we find people like you that have a servant mentality that are, you get your return on psyche,
Speaker 3:
5:58
not for making money, but from, cause we all make enough and Harvard studies show and I'm here to tell you they're right up to a certain point. It just doesn't matter that we're here to really make a return. And that's the joy that we get is making a real difference in people.
Speaker 4:
6:14
No, that's it. That's exactly right. Well, and that's why I'm here. I mean, my clients are so important to me. They're like family. I am passionate about it. I'm passionate for them. And to know that I have helped them create their plan to take care of their family or you know, that dream that they have. Maybe they're retired, but they're, there's that dream that they haven't been able to accomplish that and to be able to work with them and work towards that dream. And we finally accomplished that and we celebrate. So we celebrate these things as we got through the journey and it's, it's amazing. And, and I can tell you I'm successful because of my clients. So
Speaker 3:
6:55
before we even get into that part of it, Melanie, you've had quite a journey yourself. Tell us a little bit of more about you. I know that you've had a lot of challenges. You've had hearing loss, um, how have these things formed you to be able to give better advice and serve people?
Speaker 4:
7:12
Yeah, that's a great question. And again, I, I'm a passionate person. I think I've said that several times on Red Cross. Yeah, totally comes across. Yes, yes, very much so. And actually I grew up in a small town, Mclean, Texas, a thousand people where everyone knows you, your name, your story. But my grandfather actually owned the hardware store. So I grew up working in a hardware store and sometimes I would get frustrated because it would be Sunday evening and we'd be having dinner and some them McCall and my granddaddy would leave and go to the store in the middle of dinner and opened the store for them. Oh Wow. That is where I learned customer service and I understand it now and I see why he did it because his clients were one of the most important things to him. And that's where I've developed this customer service.
Speaker 4:
8:01
So mango is to take care of clients. Well, I actually lost my hearing when I was 14 years old, so that was a very devastating time for me. 14 years old. You, you want to fit in, you want to be popular, you don't want to be different. Yeah, well I was different and I was embarrassed about it and I was ashamed and I went and like my parents tell anyway, I went through high school and my teachers didn't know. I mean we didn't tell them. I went let my parents told them. Finally, my senior year, we told them about how did they not know. I got asked that question. Well, be you know that that is a good question. Uh, I will do whatever it takes to, to fix the EAD without asking for help. Were you able to read lips then? Exactly. Right. Which is crazy because when I lost my hearing unexpectedly, we don't know why and when I went to the doctor based then you are amazing at reading lips. I had no clue I could read lips. So yes, Ron, I, I was able to relapsed and, and work harder than the normal person that could here so I could be successful in my grades. So that's how they didn't know.
Speaker 3:
9:11
Sure. A little bit of, we're going to get into the story here, but why are you compelled to tell the story we're going to tell here and our net starting in our next segment? Why, what, what, why are you so passionate about getting the really the news out about, about your
Speaker 4:
9:25
journey, Melanie? Okay. So the reason I want to share this story about my journey is because this journey has impacted not only Mass Elf, my family, but my clients. So as a financial advisor decides to leave corporate America where they're an employee. Yes. And transition to independence. Most people are not aware that there is a noncompete contract involved, which means that the advisor cannot tell the clients that they're leaving and they cannot call them for a certain period of time. And my case, it was for a year. I had a noncompete for a year. But what they also don't realize is this isn't where you give notice for two weeks and hey, I'm going to leave in two weeks. This is an immediate process. When you leave, you have to already have your bent business established and set up somewhere else. Because when you give your notice, you walk out the door, wrap in, in his, uh,
Speaker 3:
10:36
the irony here, we're supposed to be a profession that serves people. We're supposed to be a profession that puts the client's best interests first. Yet somehow, some way it's in the client's best interests. I'm using air quotes there to completely leave them in the dark about what's going on. And we understand businesses have, um, you know, they've, they've got their value, they want it, don't want it destroyed, but we need to get a lot better as a profession. And how do we on both sides, really focus on putting the client's interest first? And we're going to talk about in the next segment here, more of this really incredible journey of just an incredible partner of ours. We're talking with Melanie housing from Hamilton, Texas, and you're just going to be shocked. You're going to love what a lot of what we're going to have to share.
Speaker 3:
11:28
Let's talk about taxes for a few moments in retirement. Now, you know, the most efficient way to withdraw money from your four o one k or IRA, you probably don't. How do you get the most out of your social security benefits? Many people struggle with that. Even to this day, with all the technology out there at the Carson group, we see it all the time. People are not optimizing the benefits that are legally owed them. So let us prove to you how it can help you make the most out of every single dollar you've saved. And if you don't know who the Carson group is, a little bit about us, we're a top independent advisory firm. According to Barron's, we've been ranked right up there as high as number two. We're also selected as one of America's top advisors. According to Forbes, we even have a regular column in Forbes.
Speaker 3:
12:16
Now, maybe you read it and were featured all the time. We just today did a segment on Varney, CNBC. We are great subject matter experts. We know what we're doing, but the most important thing from all of this is we're fiduciaries. We put your interests first and we work backwards from there. Get a second opinion. Everybody can handle a second opinion. You have absolutely nothing to lose. (888) 419-8513 get a second opinion. Eight eight eight four nine 85 13 I'm Ron Carson with my special guest, Melanie housing. And you're listening to wealth and wisdom. Trust, transparency, accountability. These are the values that drive Ron Carson and Carson. Well, you're listening to wealth from wisdom with bear until the fame advisor, Ron Carson, he's a published author and has been featured in Forbes, investment news, the Wall Street Journal, CNBC, and more now back to, well from wisdom with Barron's hall of Fame Advisor, Ron Carson.
Speaker 3:
13:11
Hi, I'm Ron Carson and welcome back to wealth from wisdom today it's a special show. I've got a special guest, Melanie Houseton. She's one of our partners with the Carson group. She's from Hamilton, Texas. Exactly here in Omaha, Nebraska today and we're talking about just her journey, an incredible journey. Melanie didn't plan on being a financial advisor. She hears, she hears that and we have that in common. We both come from very small rural communities. We have that in common and we also have in common that we want to shed light on some of the things in our profession that we think you should be aware of. Just how business operate behind the scenes backstage. We want to give you an inside look and maybe help you make a better decision when it comes to the type of firm that you're going to choose to do business with.
Speaker 3:
14:00
And so let's really talk about this. Let's just go Melanie. You decided, you know, at some point that you could not stay at Edward Jones. And in general, we put Jones at the Carson group in the category of the wirehouses and we internally call that the evil empire. Um, and the reason we call it the evil empire is it's so fraught with conflicts with backdoor payments. People get paid to put product on their platform. Advisors aren't always allowed to sell what's in the client's best interest. I even, I even, you know, we were, we fought this even at my previous broker dealer and it was all about money and it wasn't about the client. And, um, but having said that, you know, just how does a react when you tell him that you're no longer going to be part of whatever it is they're doing.
Speaker 4:
14:57
You know, Ron, that's a great question. And I can definitely say the reaction is not good. Yeah, and it's scary. It's terrifying for the advisor because you have to think when the advisor leaves are walking out of the business that they work so hard to build with nothing and they're trusting the relationships that they built with their clients that their clients will reach out to them. Because I think what most clients don't realize is with that noncompete contract, the advisor cannot tell them they're leaving or call them and the firm that they're leaving from is going to be aggressive and intimidating and there's going to be conflicting information given from the firm about the advisor. So I think it's for the the clients, it's really in their best interest that they understand what type of firm, if they're at, if the advisors at the wire house understand that it's their job to reach out to the advisor because the advisor can't go to them. And there's a lot of scary things that are going on for the bods are one thing that the clients don't realize as well as there's probably going to be a big lawsuit from the firm against the advisor. And it's really about the clients accounts. It's about the client cannot move their account, the firmest stay in, but actually the client owns their account. It's their money. They have the choice of where they do business and so it's going to be out to the, up to the collateral. Yeah.
Speaker 3:
16:35
What's, what's interesting about this Melanie, because Jones I believe is a protocol from, and not to get too technical for our listeners, but years ago there was, there was a, um, really a standstill agreement, if you will, among all the wires. I said, we're silly. We're, we're, we're suing each other, we're spending all this money. Um, and really advisers, we're just changing one firm to the other to get a big upfront check, which was, um, certainly not, in my opinion, good for the client, right. Just to move, just to get money. And there was this rotation that was going on and then everybody would sue. Everybody said, okay, what's sad? Boy says protocol, let's, let's have some rules of law. You follow these rules then we're agreeing not to sue one another. Well now here we are, 2018 and the end of 2017 firms are certainly the protocol because they were saying, you know, what was bring it on, let's fight, let's even put the client more in the middle of this and let's make it even more difficult for the client. Um, and so now we're starting to regress back. I think. Yeah, when you left it was all about protocol and I think Jones is still protocol from, I think they've, they're, no, they're no longer okay. Wow. Ever been a protocol. They've never
Speaker 4:
17:50
been protocol. Interesting. Okay. So they never did say we're going to play by a softer set of rules that really ultimately protocol did benefit the consumer some but non protocol. Yeah. It's really a hard line. Okay. I didn't know that. That's really interesting. Yeah, that's exactly right. So you know, for, for the client it is a scary time as well because they're being pulled in two different directions. And that's the purpose of my journey at speaking out is because not only did I go through this and our clients who went through it as well, and I want to educate and help people understand what is happening for the advisor and for the clients so we can change this industry center needs to change. That's just not lie. So the message we want to get out right now, if you have an advisor that you like that leaves and you think dog gone Numb, I thought I had a better relationship.
Speaker 4:
18:45
They never even told me they were leaving. Her contact to me just means they're following the rules, the rules that their firms set up. So you can't clients, most of the time the, the client can call the advisor and the advisor can work with them. Now there's a handful of firms out there that can make it even more difficult than that. But that's a good message is if your advisor leaves and you liked and please find out where they went and reach out to him. But if nothing else, Google it, you'll find out where the heck day, you know, they showed up. How did your clients respond to you leaving Edward Jones? You know, Ron, that's a great question. And as I said, it was a scary time for them. They felt betrayed. They felt like I must not care about them if I walked out the door without telling them.
Speaker 4:
19:30
So as they started coming and asking me, Melanie, what happened? Why did you leave? I was able to share a little bit about why I couldn't tell them and so then it made sense. They understood that actually habits making this decision for something better for them, for them, and then they jumped on board. I had clients that were willing to testify for my arbitration that was going to happen. I had clients that allowed my attorney to videotape Jones Ra a big lawsuit against you. Yes, they sued me for $3 million and most clients weren't aware of that. But as word got around, Hamilton's a town of 3000 people and word travels fast. So as not clients, we're finding out about this. They were coming in and saying, Melanie, I trust you. I understand you made this decision to give us better offerings every time and I want to help. How can I help you? What can I do to help you? And so now this journey is actually for the clients to share their stories as well because they had been impacted. It was a very scary time for them. Can you share a couple of of stories about, they'll talk
Speaker 3:
20:48
about the positives of this, about what it's meant to your clients specifically since you've been able to make the move and from what I'm going to call the, you know, we call it the, the, the evil empire world to a true fiduciary where you're really truly able to put the client's interests first.
Speaker 4:
21:06
What's that meant to your clients? Oh, it's amazing. Matt. Clients have, the relationship has deepened. It's crazy. Again, my clients know that they're part of my family because they are, my business is part of my family. But the relationship has grown stronger and stronger. I've had so many referrals. It's been unbelievable. Client falls, just unbelievable. But the trust, yes. And our industry trust is the most important thing. And my clients trust factor has changed drastically because they see what I was willing to do for their benefit and to better take care of them and provide better services over time. So I've had so many clients that have just come in and said, I will do whatever I can. I'm so glad that you made this decision. I didn't understand it at first, but now I get it. And they've experienced since I've been a partner of Carson Group, they've seen the different opportunities that they have and it's been amazing for them.
Speaker 3:
22:12
One of my favorite sayings is just because it's legal doesn't mean it's right and we're not suggesting at all that, um, that the evil empire firms are doing things that are illegal. They only have to subscribe as a broker to be for two suitability. Meaning when they give you that prospectus that has 100200300 pages of legal ease on it, as long as I gave it to you and you acknowledge you received it, it could say they could do pretty much anything to you. They want in the way of charging fees and conflicts and as long as it was in there, then they can do it. Which to me is wrong and this is where we move on to the fiduciary side. We don't have to give you a prospectus cause guess what? We're required by law to put your interest first and Melly. Most clients have no idea that when they work with a pure broker, that's not the case. Versus working with a fiduciary. Have your, have your clients who the appreciate that difference today of the level of communication and transparency they're getting versus what they were getting when you were at Jones?
Speaker 4:
23:22
Absolutely. Yes. And one thing I'll see, it's been an eye opening experience for them because for them to actually see the fees listed on their statement, they get it now. Yeah, they understand. They don't. They didn't realize at the time what they were missing and till now they see it. At first it was kind of like, Oh wow, I didn't really realize these were to shop on my statement
Speaker 3:
23:46
like this, but I'm so glad and there's no question. Now I understand. I'm very upfront about the fees from day one and they very much understand the transparency that they have now. They appreciate you that we're talking with Melanie housing. She was one of our partners with the Carson Group from Hamilton taxes, tired about her journey as a professional and also her departure from Edward Jones and just what you can learn as an investor, but you should always get out there and get a second opinion. And Are you meeting with your financial advisor on a regular basis? I know you're talking about things other than the investment, so that's important. We get it. But what about taxes and income from retirement, social security? Are you protected against inflation and healthcare? And if not, that's a huge red flag because it's just one tiny piece of the puzzle investments.
Speaker 3:
24:32
But it all fits into this big puzzle. We are a firm. We're fiduciaries. We put the clients' interests first and we're good at what we do. We have strong subject matter experts and we're, we do. We're not, we're not group. Think here of the Carson Group. We have a team of analysts and we do original research and it makes a difference. Give us a call. Eight eight eight four nine 85 13 remember, there's no cost, there's absolutely no obligation so you have nothing to lose and getting a second opinion is only going to benefit one person and that you, eight eight eight four nine 85 13 that's eight eight eight four nine 85 13 I'm Ron Carson with Melanie housing. We're going to be talking about her journey at Edward Jones and we're going to be back to you in just a moment.
Speaker 2:
25:21
He seemed good times and bad times and he's got the gray hair to prove it. You're listening to welfare. Yeah. From
Speaker 3:
25:27
wisdom with Barron's hall of Same Advisor, Rod Carson. He's a published author and has been featured in Forbes, investment news, the Wall Street Journal, CNBC and more. Now back to wealth from wisdom with Barron's hall of Fame Advisor, Ron Carson. Hi Ron Carson, and you're listening to wealth from wisdom. Today we have a special program and a special guest. We have Melanie housed and she's a partner of the Carson Group. She's visiting today from Hamilton taxes and we're talking about her incredible journey as a professional, as a financial adviser or talking with her about her time at Edward Jones, her transition to becoming a fiduciary to being a part of the Carson grip. But more importantly what we want to come out of this is for you to appreciate just some of the things that you should be watching out for. It does make a difference, the type of firm you're with. So Melanie, when you think about it's two and a half years, what's changed for your clients?
Speaker 3:
26:21
How are they feeling about it and can you give us any specific stories about your clients? Yes, Ron? Absolutely. So far they are really transitioning well for the ones that have already transitioned, I still have people that are transitioning everyday, so we're still excited about that. Even after two and a half years. Wow. Yes. Yes. So one thing that, see, again as we talked about transparency, but also the fact that if there's anything that they're thinking about, is there something that they heard about on TV or the radio? They came to me and say, hey, Melania heard about this. What do you think? And you know what if the symptom that makes sense. If a symptom that I don't know about, I'll do the research and if a symptom that they should have, I go and look because I have the independence to do that.
Speaker 3:
27:12
Now I'm constantly looking to provide the best opportunities for the clients. And they understand that because before you were very limited in what you could offer your clients, correct? That's exactly right. Yes. And so now I do not have that limit and would get it. This was, this was common, not they would get paid money for having certain things available to sell clients. And by the way, regulators, why do we let this go on? Exactly. That's exactly right. And again, as as the journey started for me, those are some of the reasons why I left because I need to be able to make the right decision for my client, not for a firm, not about the money that they're going to make. It's about what does my client need and that's what has made my client's happy. They are more trustful. They rest assured knowing that I truly care and I'm going to try to make the difference for them.
Speaker 3:
28:13
They know I, I'll lose sleep over these things. I think about my clients, I dream about them. And so the trust factor is huge. And again, like I said, the referring different friends and families to me, I mean it's just, it's just been a true independence of the sky's the limit. Whatever I can do to take care of them, they know I'll try and I'll do one of my favorites and this speaks volumes of just how we feel about our clients and the kind of relationships. Like you said, we love what we love them, we cry with them, we laugh with them. We watched their kids grow up. We watched their kids, we watched people die within their family. We were part of the burbs. I mean, you are if you're doing it right, you're a big part of, of that, of that family. And what I thought was interesting is when Jones was trying to intimidate you, and I can only imagine how hard having this kind of, what I'm going to call, in my opinion, this is my opinion, this frivolous suit out there to someone big, trying to squash someone.
Speaker 3:
29:19
I don't want to call your small, but small and resources fight against that kind of kind of resource. Is it your clients came to your rescue? I mean, I believe I read that there was like 200 clients willing to do video testimony. Yes. That's on your behalf. It does a love that I guess a white mean I got clients love me, but I think if I, and I think they would come to my rescue, but 200 of them. That's a lot. That just goes to the depth of the relationship you had with your clients, Melanie. No, it is. It's huge. And they're awesome. And again, mass success is because of my clients. Yes, they made me successful. They give, I mean that passion obviously is, is huge because it's my responsibility to take care of them. And you know what? That's a huge responsibility. It is.
Speaker 3:
30:10
And I'm so thankful for each one of my clients. It broke my heart to have to walk out that door without telling them it. It, it was the hardest decision I've ever made. But in spite of the struggles and the journey has been the best decision I've ever made for myself, for my family and from our client. How long did it, I mean, you didn't just wake up one day, said, I'm going to leave. I don't think it had to be a process of things that you were noticing that you're like, oh, that's just, just, there's something bothering me about that because I want to back up a little further. When you came to Hamilton, you took over a Joan's office. It wasn't doing very well, I believe that. No, that's exactly what that the office was in shambles. All the clients had transferred their accounts out.
Speaker 3:
30:54
It was crazy. So you came in, and again, I'm going to put you and I both in the same category. When I first started in the business, I was an unconscious incompetent. I didn't know much, but I didn't know. I didn't know. Right. And so, and I, and I, so you, when you go and you listen to what I would've thought was these name brands, you don't know that there's, I didn't even when I first started the business, I didn't even know there's difference between an Ria and a broker. I didn't know the, that the, the, the, the huge conflict in it's years in the business and you start seeing things that they add up and you're like, that's not quite right. So how long did it take you to start to catch on that something's not, not right here. No, that's a great question.
Speaker 3:
31:37
And you know, two years before their transition, I knew that the firm was headed in a different direction that I felt was appropriate for my cell phone, my clients. But you know, I kept saying, okay, I built this big business. I can, I can do this. And then a year before I left and there's some things that happened that I lost trust and the ability for [inaudible] to take care of me and my clients. And I knew at that point I had to go. So I had to educate myself quickly about the independence side of the business because I knew nothing about it and I had to figure out the journey I've Hal is going to do it without being able to tell my clients again. That's the hardest decision I've ever made because I couldn't tell them. So. So let's just pretend for a moment that your on another planet and you've got to send some instructions because you can't coach your clients.
Speaker 3:
32:31
I'll live in to give them a handful of questions and they don't like, they're not armed with any of this knowledge, what are the four or five questions that you would tell a loved one that had to choose a financial advisor? What are questions that they should be asking to set themselves up for the greatest chance of success? You know, Ron, that's a great question. And one of the, the most important ways for a client to research the advisor and the firm that they're going to do business with is a finra.org there's a broker check out there. They can go in and see the history of the ambassador if they have any disclosures on their license. Yes, extremely important for the client, but also to research the firm as well. And talk about fees. What are your fees, are they transparent, are there hidden fees and it, and what is the hidden fee?
Speaker 3:
33:28
Yes, I mean that's a great question because the clients don't understand. Ask that. What is the hidden fee? And then if you left this firm, do you own your business? Are you an employee of the business? And what happens if you leave? What happens to me? And then also in this, this journey actually started getting my clients more to ask about do you have a succession plan in place, Melanie, if something happened to you and expectedly yes, what's going to happen tonight? Account. And do you have partners in place to take over my account? And to me that's a huge question because I and passionate for my clients, but I also want to know that if something happens to me, I have a plan in place that's going to take care of my clients immediately. Yes, that is such critical question. And by the way, we've got 10 questions to ask your financial advisor.
Speaker 3:
34:24
You can go to Carson group.com and go to our resources and you can download that 10 questions to ask your financial advisor and just talking about expenses. Do you know the true costs of what you're investing is? How can you make your returns grow even faster? Well, reduce the fees, at least know what they are cause by lowering the investment fees, especially if it's a fee that someone's collecting and they're not adding any incremental value, that's just a direct drag on your returns and you deserve to know. So if you own any stocks, bonds, or mutual funds, you want to know, you get a copy of our latest report is called the true costs of investing. It won't cost you anything and you've got absolutely nothing to lose to get this complimentary report. Give us a call now at eight eight eight four nine 85 13 stop the bleeding gives a call. Eight eight eight four nine 85 13 that's eight eight eight four nine 85 13 also 10 questions to ask your financial advisor and if they won't answer these questions, and we've had many a advisers refusing to answer questions, that should be an alarm and you should walk down the road and start interviewing other financial advisers and take your time operating in a fact based environment. Get referral references, but do your homework. I'm Ron Carson. Listen, you're listening to wealth and wisdom with my special guests now only Houseton.
Speaker 2:
35:52
How could you make your money go further in retirement? Learn how next unwell from wisdom with Barron's hall of Fame Advisor Ron Carson. Is it possible you could pick fewer taxes in retirement and keep this money for yourself? You could learn right here and right now on wealth and wisdom with Barron's hall of Fame Advisor, Ron Carson. Hi Ron Larson
Speaker 3:
36:14
and welcome back to wealth from wisdom. Today we've got a special program and a special guest, Melanie House, and she's a partner of the Carson group visiting Omaha today from Hamilton, Texas and we're talking about just an incredible journey I've Melanie got into the profession how she served her clients, unfortunately because, and I did the same thing. You don't really understand the differences between the different firms you can work with and the way they allow you to work with your clients. And she felt compelled to bring the story because she felt like, and I agree with her, most of our community, most investors have no idea and we wanted to shed some additional light. Carson grew up was all about trust, transparency and accountability. And this is exactly what we're trying to provide. A Melanie clients are starving, starving, starving for trust. There's so much conflicting information out there and we have a crisis.
Speaker 3:
37:11
By the way, if you find a good adviser, really talk to him about how many clients are going to bring on because we have Twitter and 88,000 financial advisors today. Of those only 5% are under the age of 30 811,000 and retire over the next five to seven years. We have a dramatic shortage. So if you can find him on, I mean I know many of you are going, wait a minute, it seems like I used to get called all the time. Think you're, it's almost going to be like the trades you call someone else. They won't even come out because there was so doggone busy. So really a lot like a good physician. Walk up your financial advisor and also Melanie, whenever you put money ahead of the community. And why I think we all know and we give tons of examples in Ron, was this Enron just focused on money.
Speaker 3:
37:56
It destroyed what was a really a great company at one point. We've seen it on Wall Street. Um, and if the community needs to come first, and I say community, it's a financial advisor and the retail clients that they serve, you're going to, you know, I, I love what you're doing is you're going to be to celebrate this, this momentous change and really to bring additional visibility to it. Uh, I understand you're going to be throwing an independence party. Can you tell us a little bit about that? Oh my gosh, we're so excited and this is actually journey to independence for me as well as my clients. We fought hard for it, we worked hard for it
Speaker 4:
38:36
and we are now going to celebrate. And so I'm really too excited. We're in the planning stages right now, but we're going to try to tie them with 4th of July Independence Day because that's all about freedom and being free. We are free. I'm free to offer the best opportunity from our clients to take care of each an individual need. And that's the whole journey. This has been for the clients and reality. So we are excited to have, we're going to have good food, drinks, loud music, and just celebrate us. So we're really looking forward to it.
Speaker 3:
39:18
That sounds like that. I love your energy. I love your, your passion. So just two and a half years into this, um, and I always say Melanie's would go through life. The only way really get to appreciate good times is having a live through the bad times. We know how difficult this journey's been. How exciting is that? The roll out of bed ever
Speaker 4:
39:41
knowing the way you can really serve your clients, how's it feel? It is awesome and everyday is a new day in our business. We never know what the day holds because there's so many different things that can happen. So many different questions that pop up that clients are experiencing. So it's just an opportunity to share their journey in reality, to help them reach their goals and their concerns. And the independence that I have now is what I get to offer and they appreciate that. So we're really excited. My clients are all happy, the, they're excited about the speaking journey because they had all been a part of this and there they were willing to share their story as well. So it's just been an a crazy time, but yet one of the best decisions I ever made.
Speaker 3:
40:39
So, and, and I think this is important too, to note. So Jones came after you for a $3 million claim and they dropped it, right? I mean they saw everybody aligning up for you. Um, and so you, you know, that that worked out great for you. Melanie, what do you think? There's a lot we can't say, by the way, this, this is so frustrating for both of you and I because legally, um, we just aren't allowed to say some of the things we really want to say, but I can't ask this question. What do you think people's reaction would be? Because we've, on a scale of one to 10 of, of, of, of what would disturb people, we've covered like a one, what do you think people's reaction would be if they really knew what's really going on in a lot of these evil empire firms?
Speaker 3:
41:33
That'd appalled. They would be sick to their stomach. Absolutely. Yeah. Absolutely. And we're seeing some of this today. Wells Fargo. I mean, look at what was going on at Wells Fargo. Merrill Lynch. I mean it was just a couple of years ago. Merrill Lynch had a huge fine because they were charging their clients and additional one and a half percent a quarter that was not disclosed anywhere. That's 6% a year. Talk about no transparency. And even my previous broker dealer, LPL earlier this year was fined millions of dollars because they, the arbitration panel found against Lpl because they actually trumped up somebodies u five form in order to make it difficult for them to leave the firm. So you think about, you know, the dirty things that go on behind the scenes and ultimately, you know, we're saying one thing to the public, but something else is going on is it would, it's just, it's inconsistent, right? What you see, what you hear, all the marketing and all that stuff.
Speaker 3:
42:40
I, I don't remember what commercial it is, um, where the, the ladies running along the sideline of the, of the soccer field and, and cheering for the little kid trying to make a goal. And someone said, Oh, is that yours or is that your mom? No, that's our financial advisor and it was from one of these wire house I want to throw up. You know, because it's not, that's not, that's absolutely not the case. Absolutely at all. So we got about another minute here. Just any final thoughts? Anything you want to get out to our listeners today, Melanie? Absolutely. Just again, remember if your advisor leaves, you reached out to them because obviously there's more than likely a chance that not only are they walking away from the distance that they built, but they're also going to be fighting for the livelihood as well. And they are the ones that you trust, not the firm.
Speaker 3:
43:30
That's, that's great advice. You've saved and invested for retirement and that's a great start. But now what? What do you do with your money? Remember, it's what you do with that money that really matters. And when you're talking to an advisor, figure out early on is your money, what they're concerned about or use an individual helping you attain those goals and objectives. Taxes are a big piece of that. You could legally pay a lot less taxes in retirement. How could you afford losing thousands of dollars in social security benefits? You've got to do the work, but you can do it. How can you turn your investment into an income workhorse and retirement? Get the answers to these questions and more. With our five step retirement master plan, and we're going to talk about lots of things in there, but most importantly, we're going to give you five strategies that will help you get the most out of every single dollar you've saved for retirement.
Speaker 3:
44:31
Give us a call, eight eight eight four nine 85 13 also, we have what's known as a digital allocation tool. Absolutely no cost or obligation. We can tell you what your upside downside is with the market hitting new highs, lots of positive fundamentals on the market, but there's definitely elevated risk. Getting your risk budget right is the most important decision you're going to make as it's going to drive your success. Remember, it's behavior that destroys value, not the stuff that you own. So come in and get a second opinion. Eight eight eight four nine 85 13 that's eight eight four one nine 85 13 I'm Ron Carson with my special guest, Melanie [inaudible]. And you're listening to wealth and wisdom
Speaker 2:
45:15
risk, social security, income taxes, estate planning. Every week we talk about how to make your money go further in retirement right here on wealth from wisdom with Barron's hall of Fame Advisor, Ron Carson.
Speaker 1:
45:29
Okay. And here's the legal Mumbo jumbo. The opinions voiced and wealth and wisdom with Rod Carson or for general information only, and are not intended to provide specific advice or recommendations for any individual to determine what is appropriate for you. Consult a qualified professional. All indices are unmanaged, I mean not be invested into directly investing involves risk, including possible loss of principle. No strategy assures success or protects from loss. Past performance is no guarantee of future results. Advisory Services offered through CW m LLC, an SEC registered investment advisor.
×

Listen to this podcast on