Process Drives Profit with Kate Guillen – Founder and Lead Coach, Simplicity Operations Management

Transcript

[Music]

welcome to advisor talk with frank larosa brought to you by elite consulting partners it's the only

podcast offering unfiltered guidance and direct advice for all things concerning financial advisors rias and the

practitioners in the wealth management business learn more and subscribe today at eliteconsultingpartners.com

podcast and now here's your host frank larosa

hey everybody welcome to advisor talk with frank larosa i am your host frank larosa and i am joined today

today to be a very interesting uh conversation i'm going to get very passionate because it's a it's a topic

that i am very passionate about a little geeky about um and that is that is processes and systems within your

business and so today i'm joined by kate gian who is the founder and

lead coach of a company called simplicity operations management uh kate welcome to the show how you doing thank

you i'm great thanks for having me uh it's uh it's awesome i i got someone from your

organization reached out to me and you know i get a lot of like hey we want to be on your show whatever most of the

time i'm like nah not not interested this isn't relevant to my my audience and and the people i'm

trying to add value to and so um i think i think her name was uh maybe

courtney reagan i think she had to email me and i was like this is exactly who i need on the show

so awesome i'm excited yeah so i'm really happy um and so for those of you that are listening you know you want to

check us out definitely um on you know we have a youtube channel so you can see

kate and i talking and going through our stuff and you can if you can follow me i talk on my hands a lot so

um but this you know this show also uh comes very in a very timely manner

because we were supposed to do this show a few days ago and i had to cancel because i had a client come in a decent

sized ria two partners of an ra come in for some uh coaching

and one of the things that we realized which i'm starting to see a pattern of is you know so they were like an ria by

accident i mean they they've accumulated 500 million bucks i had another one that's like a billion dollars and they

and they don't really know how they got there other than they just kept bringing clients in and now they have this

real business right they went from being a practitioner at a at a wire house firm to run in this business and they get

stuck and part of our conversation this week was like what do i what do we do to to

systematize what we're doing because we can't do it all right we have an assistant but she can't do things so i'm

i'm you know i'm doing the reporting and i'm sending out this and emails and stuff like that

so this literally this this podcast couldn't have come at a better time so

for my audience kate why don't you just maybe explain a little bit about who you are and where did where did this you know

simplicity operations management come from and how does it help advisors in ria you

got it yeah i'd be happy to so i've been working in the financial services industry for about 10 years i

started at a broker dealer and eventually left the broker dealer for an ria

i've always worked in an administrative capacity started as a csa joined the riaa as an operations manager

and when i joined the riaa that was my first introduction to a crm

and at the time we were using redtail as our crm and i was lucky enough to attend one

of redtails redtail universities which is an awesome crash course and the overall functionality of the system um

and with the the ra that i was working out we were really only using red tails like a glorified rolodex all right and so we

had client contact information but we were not taking advantage of all of the other bells and whistles that that

redtail has to offer so that's like 98 of the advisors out there oh exactly and

yeah and so i uh after attending the event it completely blew my mind all that the

system was capable of which was a heck of a lot more than the glorified rolodex and i recognize i like you in the

assistance and operations geek and i uh recognize that if i sunk in some serious

time um the system has the capability of really solving a lot of the operational issues

that were affecting our firm kind of like the guys that you're talking about we were in a hyper growth mode we had a relatively new team uh we were

constantly reinventing the wheel every single time we went to do something and i recognize that if we just standardized

the way we operated incorporated things like workflows and a task management system and a calendar management system

and a pipeline management system our lives would be infinitely easier so i did just

that uh and i took you know at the time i was the most senior person on the team so i was heavily relied upon for

what are we doing what are we doing next you know who is this how do i find this where is this at the server and i

recognized if i just took all of that information out of my brain and documented it in red tail and tasked it

out to the appropriate people on my team everybody could operate independently and we could deliver that high-touch

client service experience over and over and over again without things slipping through the cracks balls being dropped

or you know having to go to five and six different systems that we were using to figure out what we were working on

and so i recognized uh by way of this google form that i was a member of that there

were a lot of advisors out there that use redtail that didn't have an ops person in their

office to build out these processes for them they were all just kind of figuring it out wheels spinning wasting tons of

time um without any real knowledge of how how the system functioned and i thought man wouldn't that be a cool

business idea so i started simplicity as a way to offer my

expertise to help you know advisors and their teams design and implement scalable processes

within their crm to deliver a high-touch client service service experience uh you

know save themselves and reclaim their time and be spending more time doing what it is that they love doing what

they're good at and not in the minutia of running you know the technology of their practice wow so this is uh right

along the lines of this new book that i'm reading by dan sullivan who is um

very many people know him he's a strategic coach right um a new book that came out called it's

who not how and right and so a lot of people which i gave these guys one of the books when

they were here because they kept saying how am i going to do this and how am i going to do this and and uh i went no no it's not it's not

how it's who is going to help you do that so that you can go out and do what you do best that is go in and find

client assets right exactly i'm trying to get them convince them to hire a chief operating officer

um to help them with those things because i'm like why are you interviewing not

that not that decisions aren't important right they are critical to the organization right but

you know if you look at what their hourly hourly rate is per you know based on what they make

spending time interviewing support staff is not a good use of their time when they

you know in their world their average average uh client is about five million to ten million dollars so

like that's where they need to go so anyway um you know i do talk to

a lot of for a lot of advisors rias and this is the key error this is a key concern of ours so

from your perspective and you know there's redtail there's salesforce there's you know any

number of microsoft dynamics there's all sorts of systems but i would say probably redtail and salesforce are the

two are the two uh biggest ones and and exactly to your point

advisors use maybe 10 of what the system is designed to build act i guess act

um people still i think use act i don't know if they do or not but you know yeah but i think that from what

i my experience redtail and salesforce seem to be

uh the best integrating into all the other systems so but from your from your perspective what

are the like the three main areas that um

advisors should be looking at right away so let's say i'm an advisor i'm having these problems

you come in and you say listen here are the three things you need to automate

right out of the gate so we obviously

preach that the crm should be the hub of your practice i am a firm believer that your crm should be where you go for

anything client related and anything you know operational nature or firm related

and i mean you know so i'll give you five things okay so we've got five five is better than three so that's good

yeah we've got five core competencies which are like the five key features of this crm contact management

task management calendar management pipeline management and account

management and what i mean by this is so advisors are notorious for for chasing you know

the bright shiny objects and one of the things that i see a lot which is a common advice

a common mistake that i see a lot of teams run into is they chase all these bright

shiny objects and they uh pile on too much tech without having built the foundation first and the

foundation is your crm and like the foundation of the foundation is the contact structure um

who are the contacts in your database they all need to be labeled in some sort of organized fashion i

actually have a resource on my website you guys are welcome to go check out called a style guide that essentially is

like a hierarchy of how to organize contacts in your database and this sounds so you know silly but it

is so important and something we run into so often where teams you teams don't use their sierra because they

can't find anything and right and unless it's organized you're never going to be able to find anything so starting

at that contact level building out that foundation and then standardizing the way you manage tasks

um you know keeping all uh if i can't if i can interrupt one second

so before you get into before you get into that so so contact structure can you give can you give me an idea of what

you mean by that sure so like in redtail i'll give you i'll use redtail as the example uh you

have statuses at the highest level of organizing contacts in your database and you have categories to explain people's

rank within their status then you have keywords to further categorize someone within their category and essentially

what this does is from a reporting standpoint um it allows you to run a

report on let's just use this as an example of all clients and then clients by a specific type tier one two three

and four that we've you know segmented our book of business based on what type of people that they are or you know

whether they meet our aum threshold or our advocacy threshold or whatever right right we kind of organize the contacts

at that level and then we use a keyword or an additional

filter to explain what their interests are um do they make qualified charitable

distributions are they do they have a r d requirement annually so that we can

find the information that we're looking for for the various contacts in our database and if you check out the document that i'm talking about on my

website i it basically standardizing standardizes the way i i would i would

organize my database because there's more than just client contacts in there we've got cois we've got businesses

we've got relatives of clients you got to build all of that out in your crm

first right to make things like assigning activities possible right we want to assign tasks

appointments phone calls and activities to our client records so we can build out a historical timeline of these

relationships right also for compliance purposes if it's not

in your crm it didn't happen as they say right right yeah we need to um we need to have the contacts in the

database well organized so that we can link activities and notes and any sort of follow-up um action items to

you know deliver our client experience and follow through on the promises we we make to our clients

and i take the team uh through a process of really standardizing this and and

what i like about it so much is it on the receiving end from an administrative standpoint it very

clearly articulates what is expected of me what do i need to do what is the timeline which i need to get it done

what are the priorities and expectations and who is it assigned to and then we use workflows in combination with tasks

or activities to tell us then how does our team handle that request so you were

talking about repeatable processes and building a scalable practice right that is nearly impossible if you don't have

standard operating procedures right so in my world anything that is repeatable

is work flowable their fault therefore we standardize the way your team handles

all of those repeatable processes documents them in a workflow format and your your who not how

go ahead can you just can you um you're saying workflow processes

can you explain to to everybody the difference between a a process and a

workflow sure so the way we use the two

so to me a process is a workflow and we use within the database we use

activities and workflows in combination with one another meaning um

all add a task within the crm that says hey frank i need you to change a bet

yeah i'm getting into the wheat here but yeah that's good that's what we're doing automators that then launched the bendy

change workflow so you're not having to reinvent the wheel of you know how to change a benny we've standardized in a

workflow format which essentially is a chronological timeline of step one two three and four that you need

to execute of any change got it um and so um

this then is how we create that scalable repeatable process and then

when designing workflows you we go through you know a process with

our teams to identify who is the best person on the team suited to

do whatever that request or activity or workflow is right so then the workflow is automatically assigned to that person

okay right they're not having to figure out each time who's doing the benny change workflow it's automatically routed to

the person on your team who handles the benefits so that executes the tasks and you automate the tasks

and those tasks then get added to the the appropriate person's calendar

right that's how is that sort of how you step through this this contact task calendar

um pipeline and account right and exactly and so

those core functions we introduced to the team kind of in bite size chunks and build out a standardized way

for everybody to manage those responsibilities um and then like you were saying with

the workflows we use the workflows to tell everybody how to execute those

requests nobody is responsible for memorizing how we manage

the sales pipeline we use workflows to say at this stage in the sales pipeline process you do this at the next stage

you do this and the next stage you do this so we really use those workflows to guide the team through

how the firm is going to manage the various responsibilities because it varies firmly

yeah so you know one of the things i talk about a lot with my content um that i actually i got from a friend of

mine ed mylett is habits and rituals right and essentially you're creating

like business habits and rituals like i have a habit and a ritual that i i make my my my tea every night um i i don't make it

every night but i set it all up you know so that every morning when the shower goes on upstairs my wife knows

she she's downstairs she puts the hot water on so i come downstairs it's done i'm in and out

i wear the same set of you know same you know five types of jeans different same same color

different the same type of jeans different colors i'm automating and i'm automating and

creating processes in my personal life it's no different in the business and the reason i do that and the reason

an advisor should do that is because it takes the mental thinking out of operating on a

day-to-day basis which means you have more room in your brain to think about

you know part of the other things right your pipeline and your account going after new business

so talk about so let's jump to pipeline for instance right because what advisors want to know all advisors want to know i

mean look support staff want to know how this can make my life easier right advisors want to know how am i going to

make money doing this yeah right so talk a little bit about that yeah and so i want to touch on your

morning ritual for just a second because we coach teams when logging into their crm there is a ritualistic component

there's five tabs that they need to open up in their crm every morning can you guess what those five tabs are your

contacts your calendar your pipeline your activities uh

and your accounts right so that every morning when you log in you know

if someone calls in or somebody has a question you're not fumbling through your database to figure out what you're looking for or you could be neck deep

into something and someone asks you a question and you need to jump into another page and i've done so much training with teams and i see people

fumble around in this so so badly and it's so stressful that why don't we just open up those five tabs in

the morning to the five most common things we're going to look at and make our lives easier

you know save some of our our brain space that's a great idea yeah because you know because most of them what i

mean you know at least in the wire house world but also in this world they want to look at you know what their billing was for you know yesterday and exactly

and so by having using your crm as a centralized hub it's funny because some of the advisors that

i talked to don't even know there's these five functions even exist in their crs yeah for sure they're managing their

sales pipeline in excel or some other format which is fine but i am a firm

believer of keeping everything centralized everybody on your team has visibility to it it's a great thing to review on your monday morning staff

meetings and see who's in the pipeline where's everybody at in the process and so we

design um a system to answer the question that you just asked uh who's in

you know who are the prospects in the pipeline the dollar amount of the opportunity where the opportunity came

from so you can track sources of you know referrals or new revenue for both new and existing business

uh who is the advisor responsible for bringing in you know who's kind of the rain maker in the relationship

um so that you can run reports based on those metrics

right right this one comes up too like i would love to be able to track you know not only like who's in the sales

pipeline where they're at in the process but if we are to lose opportunities at what stage in our five meeting

onboarding process do we keep blowing it because we need to refine that meeting we need to remind our deliverables we

need to refine whatever um and so by you know creating these systems um

within your crm that are related to your sales pipeline it makes tracking that kind of stuff possible

that's tremendous what about so this is an interesting point what about

processes when you bring a new client on board like i'll call i'll just call it client experience processes

do you teach them how to create client experience processes like

hey when we bring on you know we bring a new client on board this happens and this and this and this

exactly so the you know when we start the process we start with

those five core competencies we get everybody very familiar with the database and then we get to jump into

the bright shiny thing which is workflows and so again like i said workflows are

any repeatable process one usually where we start is the new client onboarding process a very repeatable

process that in my experience a lot of advisors are constantly recreating

um and so what we do is we talk about you know how do you what do you want this to look like how many meetings do

you want to have are you building the plan before they sign paperwork after they sign paperwork

when are we you know when are we doing the data gathering but essentially it's usually like a a for or

so meeting process and let me just give you an example we'll say start with an introductory you know qualifying phone

call then we have them in for like a data gathering discovery type meeting uh then

you know we build a plan and we excuse me deliver the plan and talk about allocation and investment changes um

then you know we do all of the back end stuff of getting them on board with the custodian getting them set up on all of

our portals and um and you know creating their their server

file all the back end stuff that goes into onboarding a new client and then we have them in or do a zoom meeting for

like a new client welcome meeting introducing them to our portals going over their quarterly performance

statement um and just getting them totally onboarded right those again are you know four or five

very repeatable meetings um that we write workflows to help

execute time in you know time over and over again so that advisors aren't having to reinvent the

wheel every single time they need a new prospect um it's it's a great starting point and

it's it's a great exercise to go through because it actually it the business owner really is really having to think about the emotional piece of like how do

i want this to feel to the client the new client what am i trying to deliver here what do i want this to look like and then we build individual workflows

for each different type of meeting that you have to allow a little bit of flexibility because not everybody follows that perfect five meeting

sequence right if you meet with them they've got 20 million bucks they want to roll over tomorrow you know like we

should be able to jump through the process a little bit or go back or do the same meeting twice if they their spouse yeah also it's about how complex

the how complex the opportunity is i know for me when i when i was an advisor years ago

back in the 90s um i also added i was doing some of these things

i'll say just say by mistake but i was doing them like this and uh

you know i didn't have an assistant so you had to figure out how to do stuff and process automate but i always had i always had a

task reminder although i was using a franklin day planner that should date me a little bit

uh for those of us that remember what a franklin day planner was um to do a 30-day follow-up to make sure right

after they got their statement that i was calling them up saying hey listen you got just got your statement i want

to walk through it with you to make sure you understand how to read it yeah you know like just and adding that is sort of adding

it in there so when i came in on a tuesday morning i had five names down there uh just their name but i knew like oh

you know statement review um that's the kind of stuff that i think

not that i think that i know advisors are missing in their in their

in their day-to-day uh it helps the assistance also because

right my guess is that most advisors are changing on the fly the assistant

doesn't know well what am i supposed to do this time because last month you told me to do this first now you're telling me you want this done

first um you know what it sounds like to me and maybe

maybe i'm wrong but i'd like to hear your thoughts on this that that expression garbage in garbage

out really comes to mind that's what i've been that's that's what i'm hearing garbage in garbage out yeah right

because if you don't put the right data in first you can't

pull it out and as i tell my team like we use salesforce like i want to make salesforce dance

right like i don't i don't do it i have a team that can do it but like i know that

as long as the data's in there we we can get it to do anything we want

right so what do you see like how do you help them when you're first bringing a client on

board whether they're an existing riaa or independent you i assume you

work with brokered independent broker dealers and nras iaiars really right um

predominantly independent ras okay um is there any reason for that other

than just that's where your niche is right now um honestly some of the some of the

bb baloney it just makes it really difficult um i actually really like working with lpl

advisors um but for the most part we work with independent rias between i would say 200

to 800 mil with teams between four to 12 to 14 people seems to kind of be our

sweet spot got it so what do you so with that understanding that listen

it's all about what does the data look like before you start how do you get teams and i'm saying

teams right um well it's actually probably more important if you're just a sole practitioner

right right but let's just say it's a team couple people where do they even start like i know we

talk about contacts tasks and all that stuff but yeah but you know

what do they start thinking about how do they start collecting data um if they're going to hire you right

say i'm going to hire you kate i'm going to hire you what the hell do i do first

what am i what do you want me to do next yeah so we shepherd the entire process and we've built out a time a timeline

because we've done this numerous times to make it a very enjoyable you know process that we do in bite-sized chunks

because there's a lot of a lot of new stuff to teams but we start with a crm assessment and i've got joe on my team

as a data expert and we create an export of all of the contacts in your database

and we basically poke holes in all of them and see areas that we need to improve processes to obtain and maintain

information better um and so i mean if you if you're just an advisor

and you're looking at your at your database and you're wondering kind of where you chalk up next to the the next

advisor see how many contacts in your database don't are not labeled see how

many see how many contacts don't have a status or a category um see how many contacts it

you know what i find the most is your brain works different than my brain when you put somebody in the database one way

i might put them in another way it's just the nature of the beast and so you need to standardize this is why it's

really important to create like a contact hierarchy and establish who are the contacts in your database and how

should they be labeled and it has been in my experience at the highest level

with the status that you give these contacts you shouldn't have more than 12. anything over 12 you run the risk of

somebody in the database possibly being two so then you run into an issue where you label them one way i label them the

other way and then your reports are wildly inaccurate right so you need to you need to

get very clear on who are the contacts in your database and start getting them organized okay

okay what with that said what do you think the top

mistakes are that you've seen so you go in you go in just work with somebody and

they have a system and they're you know they have act i'm not actually they have redtail

um and you know they're saying hey kate we we got something like you know

and then you go in what are the what are the biggest mistakes or areas of opportunity you see that

they're not doing that based on your experience you're able to go in and just tweak some things what are those tweaks

well so i kind of mentioned this in the beginning advisors pile on too much technology and they're not really using

any of it very well um they they don't have the foundation in their

crm or they're just no fault of their own they're just not familiar with the functionality that's available to them

so they pile on additional technology that they think they need to solve whatever operational issue that it is

um and it's just it's for the team it's very hard

let me give you this example so the name of the business is simplicity right so we try to take a simplistic approach of

managing operations and not piling on 10 different systems to figure out what

you're working on some teams you know have a sauna for their tasks they have you know red tail for contacts they have outlook for their

calendar they've got slack their direct messaging like wow that's entirely too many places to have to figure out what

you're working on today or if client calls in and says hey where are we out on this i'm having to go to

five different systems to figure out where we where are we at on this that's why having a centralized hub in

your crm is so important uh so that everybody on your team knows exactly what's expected

of them priorities and expectations are set all you know within one place um and

most you know most of the teams that we work with truly are teams and in order to be able to operate as a team you need

to be able to see what other people are working on and be able to pick up where somebody else left off in the case of an absence or a termination or whatever and

that's really hard to do if you've got post-it notes for tasks and and five

different places where you're having to go to figure out what's going on got it okay

now this is a sort of the last question and i sort of wanted to take you through this timeline

right of operating the business then it was sort of building the business we're talking about

prospects and efficiencies giving you more time i believe i should say again i don't

believe it's a fact that having processes in place when you're looking to sell your

organization actually increase the value of your business because

the there's a higher likelihood of replicating the revenue retaining

clients all those good things when you transition from one one firm to another

um and you know how have you how have you seen that impact with your with your clients if any you know i

don't know if you've gone through that with any of your clients where they've transitioned to uh whether they've rolled up into another a bigger ria or

just sold or whatever how have you seen that impact uh with your clients

sure yeah i've worked with clients that have merged businesses and it also holds true if you have if

you if um team members change um and so by standardizing the way your

team operates and having these systems in place it doesn't really matter who's doing the work

the people can change the the management can change as long as the systems are in place your clients are never going to

feel feel the change you know nothing's going to slip through the cracks again you're

not having to reinvent the wheel um and and it it makes for you know selling

your practice and merging practices and taking on new team members possible yeah and so you know the message

to to advisors out there that are are saying to themselves listen

i'm gonna i'm retiring in a couple years anyway what do i need to go through this hassle for

um my if this is exactly all you need to go through this hassle exactly i'm not saying hassle that's a hatch it's worth

it's worth all the time in the world but if you're thinking about selling your practice

um or transitioning or transitioning to a younger generation of your practice right and your

compensation is tied to retention and future revenue it's why you need to be doing this right

now ahead of time um and i'll give you a perfect example a

lot of the teams that we work with intend to meet with their clients on a proactive basis right let's say they

meet with their top tier clients quarterly the next year you know semi-annually then annually and so on and so forth right

regardless of who's delivering that experience the client is now uh

conditioned to be met with at some sort of regular cadence right right so by by

setting that up in the database in your crm again if i pass my book off to you or my

business off to you all of that is already set up so my clients are not even going to notice again

the clients don't care who solves their problem they just want their problem solved right so you need to have those

systems in place to continue solving their problems regardless of who on your team solves the problem right and i know

we're talking about redtail and salesforce and all that stuff but the reality is if you're using

black diamond for instance right there's reporting in there and so part of this part of this having systems talk and

work together is so that if you have those those regular quarterly meetings with your clients and they're they're

scheduled in your crm and your contact that your black diamond reporting is producing those dots and producing those

those reports at the same time so you're not having to like oh wait a minute i have the meeting but now i got to go

back to black diamond i got to produce a report so all of these systems are there

and advisors need to know that they are there there are some really smart people that built these systems

they just need someone smart to help them so which gets to my question about about you and this is sort of the last

question so i appreciate your time i would respect that yeah and everybody listening there's so much more we could

talk about but i could do this all day we gotta i know i don't that's the problem i have sometimes

how does how does a client this is not the like how do you work in their crm in redtail but how does a

client engage with your company are they paying you are they are you with them monthly are you just coming in

setting it up and they're charging you one fee like what does it look like for if i'm hiring you

to help you with my systems yeah good question so like i mentioned earlier we start with the crm assessment and we

basically put together a big data export um ex you know poking holes in their

system and then i put together a plan deliverable like hey if i were you if this was my firm these are the systems

that i would i would put in place we basically give them a plan a plan of action right and you know

they pay three thousand dollars for the plan and so it's theirs if they've got somebody on their team that's

operationally minded they're welcome to take it and put that plan into action most teams at that point hire us uh for

a six-month engagement um and we take them through you know starting with the organization of the

contacts and then getting into our five core competencies um and introducing these topics and bite-sized chunks again

to ensure mutual adoption by everybody on their team because that's you know super key

training and all that stuff right oh yeah and so we we introduce the topics we train the entire team um we implement

all of the systems all of the workflows all of the automations all of the additional you know integrations and

then we teach the team how to use it um and then once we wrap up at the end of the six months um the team has a very

good understanding of the the functionality and how the systems operate and then we work with them on an hourly basis going forward if they need

additional support we work with them hourly but it's basically a six month um

you know deep dive engagement with a standing weekly hour call where we introduce the topics and collaborate and

talk shop and build out processes and procedures okay awesome

and where do they go to find information on on

you called simplicityops but i guess that's a short short short version of the name yes simplicity

operations is our website uh you can check us out there get some more information on uh what it is we do who

we serve um and and you're welcome to reach out there's some additional resources on

there again some of those organizational documents you can download to start working on cleaning up your database

and if you would like some additional assistance please schedule a call with us i'd love to talk to anybody that would like to get the most out of their

crm all right what's your phone number that they can call you and your email uh my email is kate

at simplicityops.com okay

and they have somebody like a main contact they can uh they can call you at uh yeah eight five eight

six and it's it's all on our website got it

awesome kate thank you very much i really appreciate it uh this is a a topic that

most advisors just you know they don't want to pay attention to because they don't think it's uh

directly tied to dollars and cents uh but in reality is it's exactly tied

to dollars since maybe the most important thing because it's going to give it's going to give them the opportunity to

expand their business and and the one thing i'll the final word here because i mentioned it to this

team when they left yesterday because i was trying to have them convince them that they needed to hire a chief operating officer

and he kept saying well yeah well when we're ready to make that you know that expense he kept calling it an expense

but we're not ready for that expense yet i said listen first thing you need to do is stop calling it an expense

and you need to call it an investment in yourself because it's a it's a huge

difference in language and mindset because if you can get somebody to to

take all those things off of your plate you can then go out and bring in more business so it's an investment yeah i

could not agree more well said yeah so um i'm passionate about that part of it

and uh it's really important so listen this was awesome i really appreciate it for my audience i hope it was uh

educational for you as well i always try to make these as educational as physically possible i think we hit we

hit the ball out of the park here um so kate i appreciate it very much thank you again and i hope i hope uh you know you

get some people that call you and need your help so i know that they do so thank you thank you it's been a pleasure

talking to you thanks so much thanks kate thanks for listening to advisor talk with frank larosa if you're looking for

more advice or solutions on any topics in the financial services industry or you just want to subscribe to our

podcast head on over to eliteconsultingpartners.com podcasts

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