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Speaker 1: This is Masters in Business with Barry Ridholts on Boomberg Radio.

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Speaker 1: This week on the podcast, I have an extra special guest.

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Speaker 1: Ron Carson, CEO and founder of the Carson Group, started

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Speaker 1: way back in practically in his dorm room in Nebraska,

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Speaker 1: has been one of the leaders in the r i

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Speaker 1: A space, not just through Carson Wealth the sm management

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Speaker 1: business side, but through Carson Partners, which is uh sort

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Speaker 1: of tamp plus for independent are as who were looking

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Speaker 1: for succession, planning and help on the back end of

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Speaker 1: their business with technology, as well as Carson Coaching, which

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Speaker 1: is a program that came about in response to demand

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Speaker 1: from r I s who we're looking for a little

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Speaker 1: more helping, a little more assistance in in running their

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Speaker 1: their businesses. If you're at all interested in the business

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Speaker 1: off of how asset management is changing, the impact of technology,

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Speaker 1: the impact of alterations to the fiduciary rule, the general

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Speaker 1: trend towards fiduciaries and away from commission based brokers, you're

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Speaker 1: going to find this conversation to be absolutely fascinating. With

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Speaker 1: no further ado, my conversation with Ron Carson vass Masters

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Speaker 1: in Business with Barry Ridholts on Boomberg Radio. My extra

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Speaker 1: special guest this week is Ron Carson. He is the

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Speaker 1: founder and CEO of the Carson Group, which covers several

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Speaker 1: different companies, including Carson Wealth, and we'll discuss the different

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Speaker 1: business lines. Ron is also the author of Proven in

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Speaker 1: the Trenches and most recently The Sustainable Edge, to best

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Speaker 1: sellers on Amazon. The Carson Group manages well over twelve

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Speaker 1: billion dollars for about thirty four thousand families. Ron Carson, welcome,

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Speaker 1: two Masters in business. Very thanks for having me. It's

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Speaker 1: a privilege to be here today. So I'm kind of

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Speaker 1: intrigued by your history and your story. This kind of

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Speaker 1: a Michael Dell background. You started Carson in a University

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Speaker 1: of Nebraska dorm room in three am I exaggerating that

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Speaker 1: at all. No. I grew up just north of Omaha

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Speaker 1: on a farm. I thought it was going to be

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Speaker 1: a farmer my entire life. And those that remember the

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Speaker 1: early eighties, you know, interest rates twenty one percent. Farmers

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Speaker 1: were going broke. My parents went broke, and uh, I

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Speaker 1: was forced to do something else. And I was reading

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Speaker 1: a money magazine article talked about the top professions of

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Speaker 1: the future, and one was to become a CFP and uh,

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Speaker 1: so I thought, you know what, that's what I'll do.

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Speaker 1: And I literally ran three years ago is at the

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Speaker 1: Napa Valley Wine Auction and there's a pre event cocktail

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Speaker 1: party and some ladies said, oh, you're from Nebraska. What

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Speaker 1: do you do? And I told her. She was so,

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Speaker 1: how did you get into that? And I said, well

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Speaker 1: I read this article. Her faith lit up and she goes,

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Speaker 1: You're not gonna believe this, but I wrote that article.

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Speaker 1: And I'm like, well, then I owe you my career

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Speaker 1: that that's amazing. And I go back to you and

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Speaker 1: I are similar ages. And when I was in college

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Speaker 1: and eight three, I was trying to scrape up beer money.

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Speaker 1: I wasn't thinking about, I know, let me launch a

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Speaker 1: new business in an area that really nobody else is in.

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Speaker 1: You had to be one of the first independent advisors.

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Speaker 1: Is that a fair statement? I absolutely was, And in

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Speaker 1: those days it wasn't even viewed. I didn't know this.

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Speaker 1: I mean I was totally unconscious and competent. I didn't

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Speaker 1: know what I didn't know. And so I like the

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Speaker 1: idea of being independent and uh but there wasn't a

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Speaker 1: lot of places to even go, you know, the Rooker

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Speaker 1: dealer community was super small, didn't have a lot of technology,

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Speaker 1: sold a lot of product. But that's how I got started,

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Speaker 1: and you know, to this day it was. It was

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Speaker 1: a great, great growing up experience. I feel like I

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Speaker 1: grew up, you know with the the advisory world. I

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Speaker 1: remember in you know, eleven short years after starting, I

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Speaker 1: was so excited when you know, I realized I could

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Speaker 1: become an r I A and uh and truly be

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Speaker 1: a true fiduciary for for clients and and and as

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Speaker 1: you well know, our space has changed dramatically, you know,

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Speaker 1: several times over the last thirty years, to say the

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Speaker 1: very least. So so what was it surrounded by farms

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Speaker 1: going broke with interest rates that made you say, I know,

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Speaker 1: I'm going to focus on financial planning. So initially someone

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Speaker 1: told me if I went down to the brown got

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Speaker 1: to play football, and I, uh, my first part of

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Speaker 1: the season, I ended up becoming injured. I was, you know,

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Speaker 1: reread shirted. And but I came from a family where

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Speaker 1: you know, my parents were struggling. I'd have any money,

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Speaker 1: and someone said, you can sell life insurance and make money,

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Speaker 1: and I thought, well, I've always had a knack for

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Speaker 1: selling things. Even as a kid, I went to auction school,

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Speaker 1: so I told people and let me do an auction

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Speaker 1: for their junk. And you know, I had a little

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Speaker 1: popcorn business. I had a lot of little businesses. So

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Speaker 1: I always had this entrepreneurial um spirit. And for six

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Speaker 1: months I just called out, called out of a phone

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Speaker 1: book and amical Life had just come out with Life

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Speaker 1: insurance in those days, the fighting to come out with

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Speaker 1: the Universal Life, and I didn't like trying to talk

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Speaker 1: someone into buying insurance whether they needed it or not.

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Speaker 1: And shortly after that, I thought I want to get

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Speaker 1: my securities license. And I was fascinated by the stock

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Speaker 1: market and and you know, the capital markets and how

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Speaker 1: they functioned, and it just, you know, I feel like

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Speaker 1: I have hardly worked a day in my life. The

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Speaker 1: first few years were tough. There's a couple of times

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Speaker 1: I thought I hated, I was going to quit the business.

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Speaker 1: But once I got some i'll call it, you know,

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Speaker 1: epiphany around just you know, taking care of people and

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Speaker 1: really putting people's interests first. Not only did the profession

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Speaker 1: become a lot more fun, but I grew incredibly fast

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Speaker 1: and and I've always stayed in this in this line

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Speaker 1: of work. And I've always, um, I've always been a

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Speaker 1: non traditionalist. I've always thought of different ways of doing

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Speaker 1: things and until it allowed me to not only be

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Speaker 1: in a in a business that I enjoyed, but it

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Speaker 1: gave me a lot of, you know, creative space in

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Speaker 1: order to try, you know, to try different things. I

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Speaker 1: love that phrase that you hardly you've never worked the

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Speaker 1: day in your life. My wife used to tell people

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Speaker 1: I'm gainfully unemployed, which I guess is sort of the

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Speaker 1: same spirit. So so, since you started back in eighty three,

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Speaker 1: you're coming up on forty years soon. Do you recall

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Speaker 1: who was your first client? Do you remember the first

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Speaker 1: person who said, Ron, you seem like a trustworthy guy.

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Speaker 1: Here's all the money I have in the world, try

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Speaker 1: not to screw it up. I do. UM. I I

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Speaker 1: still they owned UM. They owned a drug store in

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Speaker 1: the middle of um, Nebraska. It was a small, small town,

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Speaker 1: and I remember them writing me a check and uh

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Speaker 1: and I and I pulled. I pulled out a town.

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Speaker 1: Of course, there was only gravel roads in and out

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Speaker 1: of this small town, and I remember pulling my car over.

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Speaker 1: I got out and I ran around it like six times,

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Speaker 1: jumping up and down. You would have thought I won

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Speaker 1: the powerball lottery. And those uh, the the they he

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Speaker 1: passed on shortly after they became clients, maybe a couple

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Speaker 1: of years, and then she was a client until probably

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Speaker 1: about five six, seven years ago. And then their children

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Speaker 1: are clients to today. And but that was that was

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Speaker 1: the very very first one. You'll never forget the first one. Yeah,

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Speaker 1: that's a great story. Let's talk a little bit about

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Speaker 1: this division of the Carson Group. Tell us what is

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Speaker 1: Carson Wealth and how does it fit into the bigger

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Speaker 1: umbrella organization which seems to have a number of moving parts.

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Speaker 1: So we have Carson Group and then Carson Wealth. Berry

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Speaker 1: is the very very first, you know, part of Carson Group.

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Speaker 1: It's our retail offering. So we're on a registered investment advisor.

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Speaker 1: We manage you know, close to thirteen billion in assets

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Speaker 1: for you know, several thousand families around the United States.

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Speaker 1: And our mission is to be the most trusted for

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Speaker 1: financial advice. And if I'm driving down the road and

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Speaker 1: I don't know anything about our profession, I'm listening to this,

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Speaker 1: I'm like, well, doesn't everybody you want to do that?

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Speaker 1: And I would say, maybe, you know, how many. I

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Speaker 1: don't know how many people consciously think of it, but

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Speaker 1: we're in a profession unfortunately that that you know, in

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Speaker 1: financial services is a huge category berry, but sixty of

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Speaker 1: Americans do not believe that their advisor or the institution

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Speaker 1: they represent, we're going to put their interests ahead of

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Speaker 1: their own. And that's really the mission of what we're

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Speaker 1: trying to do. Nobody owns the space, and it's so

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Speaker 1: fragmented to this day. There's two thousand financial advisors. There's

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Speaker 1: roughly a half a million in the mid nineties. Of

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Speaker 1: the two today, nearly a hundred eleven thousand are going

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Speaker 1: to retire. UM we call them rich and tired. Most

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Speaker 1: of them made a lot of money and they just

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Speaker 1: don't want to keep up all the technological change. And

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Speaker 1: we see that as a real opportunity to UM grow

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Speaker 1: market share, but do it the right way. You know,

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Speaker 1: we've we have quite a few offices around the country.

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Speaker 1: We have you know, are proven process We have very

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Speaker 1: specific ways of of delivering you know, the value proposition.

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Speaker 1: But you know, ultimately, you know, I feel that we

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Speaker 1: have a real shot at owning or co owning that

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Speaker 1: in the future. You know, when you think about Vanguard

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Speaker 1: owns and as far as a brand low cost investing

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Speaker 1: fidelity owns. You know the retirement plan market, um, but

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Speaker 1: no one really owns the trusted wealth management market. Quite interesting.

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Speaker 1: You alluded to something that I want to circle back

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Speaker 1: with you because you went by it so quickly. Six

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Speaker 1: of the public do not believe that their financial institution

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Speaker 1: has their best interest, Yes, and barried to this day,

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Speaker 1: most people do not know. So I travel around the

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Speaker 1: country pre COVID. I probably give sixty seventy talks a year,

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Speaker 1: and many of those to retail clients of ours. And

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Speaker 1: I always ask the question, who in here can tell

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Speaker 1: me the difference between a produciary and a broker, and

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Speaker 1: anywhere from zero to one, hand will go up. I

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Speaker 1: mean I was speaking at a CEO institution last year.

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Speaker 1: There was sixty CEOs from all over the world. Not

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Speaker 1: one of them knew the difference between a puduciary and

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Speaker 1: a broker. And and to this day of broker is

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Speaker 1: not required to put at your interest first. It's only suitability,

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Speaker 1: that's it. I mean, if they disclose it in a

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Speaker 1: you know, one thousand page perspectives and it says they

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Speaker 1: can do it, and they can charge it. It makes

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Speaker 1: it quote unquote legal, and and we have a son

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Speaker 1: of Carson. Just because it's legal doesn't mean it's right.

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Speaker 1: And I think we still have a massive gap between

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Speaker 1: understanding produciery versus brokers. And I will open those talks

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Speaker 1: to say, listen, if you get this one thing right,

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Speaker 1: do you understand a true producer versus a broker? And

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Speaker 1: you pass it on to someone you love and they

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Speaker 1: get it, You've given a true gift that will give

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Speaker 1: for the rest of their life. Now here's one of

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Speaker 1: the really interesting things about the R I A industry.

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Speaker 1: Over the past twenty years, a lot of who we

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Speaker 1: think of as big brokers you b asked Mary Lynch,

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Speaker 1: Morgan Stanley, a big portion of their employees have moved

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Speaker 1: either to be hybrid broker r i A S or

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Speaker 1: just registered investment advisors. Are days, is the fiduciary side

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Speaker 1: of the street is the fe only no conflict of

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Speaker 1: interest versus the brokerage sales commissioned side. Is this side winning?

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Speaker 1: Do you see that as the trend that's taking place?

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Speaker 1: I do. I mean the trend is accelerating. Marry, And

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Speaker 1: let me just say something because I think this is

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Speaker 1: a fact that gets lost on a lot of people

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Speaker 1: is everybody has a conflict of interest, right, you can't

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Speaker 1: help it. I'll use an example. Let's say you've got

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Speaker 1: it um an R I A who has a hundred

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Speaker 1: million dollars under management and his largest client has fifty

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Speaker 1: million dollars with them, And his largest client comes and says, hey,

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Speaker 1: I'm thinking about taking fifty million dollars out and buying

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Speaker 1: this business. That advisor has a conflict because he realizes

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Speaker 1: if he loses that client's asset, he may not be

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Speaker 1: able to stay in business. But we all know that

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Speaker 1: the conflict is are you gonna do? Remember what I said?

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Speaker 1: I said put the client's interests that of their own interests.

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Speaker 1: So this adviser to say, listen, yes, let's do that

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Speaker 1: and give them the best advice, even at the demise

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Speaker 1: of his own company. Is it's a conflict, but it's

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Speaker 1: at least a conflict that the client I think consciously

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Speaker 1: knows are going in. Am I going to get the

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Speaker 1: best advice because this could hurt his business? And there's

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Speaker 1: also conflict very unfortunately even on the fiduciary side, more

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Speaker 1: so that are more nuanced, like cash you know before

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Speaker 1: when we're back, we had yield. There are some fiduciaries that,

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Speaker 1: in order to they would not take the time or

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Speaker 1: effort to sweep a client into the highest yielding cash

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Speaker 1: and let it set somewhere where they weren't earning a

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Speaker 1: lot of cash. That's a conflict, especially if you've got

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Speaker 1: a custodian. It's going to charge you or the client

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Speaker 1: some additional fee if they're not making the return on

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Speaker 1: the account. I still think our profession has quite a

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Speaker 1: ways to go. The fiduciary is the future. But I

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Speaker 1: think even as fiduciary areage, we can get better at

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Speaker 1: putting the client's interest first and being more transparent. I

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Speaker 1: love that story of the sweep and some time ago, um,

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Speaker 1: I know you must have a ton of war stories.

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Speaker 1: I do. Also, we figured out, you know, very often

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Speaker 1: you run with a little bit of cash an account

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Speaker 1: in case a client asked for a disbursement or something,

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Speaker 1: whether it's forty or fifty or sixty basis points, it's

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Speaker 1: something relatively small, and very often when the market is

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Speaker 1: going higher, it's a slight drag on performance. And we

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Speaker 1: figured out a long time ago it was much better

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Speaker 1: to sweep the cash into one of the higher yielding

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Speaker 1: money market accounts. We figured out, we did the math,

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Speaker 1: we analyze that, We sat and played with it and said,

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Speaker 1: net net, this creates a few hundred thousand dollars of

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Speaker 1: positive gains across all our clients. But we're relatively small

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Speaker 1: shop like yours. Sweeping cash into a higher yielding money

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Speaker 1: I could account. Have you ever sat and figured out

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Speaker 1: the math on how much additional gains that generates for clients? Yeah?

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Speaker 1: Last year alone, we estimated, you know, it was in

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Speaker 1: the high single digit, you know, seventy eight million dollars,

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Speaker 1: you know, directly to our clients because we we we

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Speaker 1: did the sweep and very How crazy is I think

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Speaker 1: about banks? They'll pick on banks for a second. Most clients,

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Speaker 1: if you go do you love your bank? Go? Yeah,

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Speaker 1: I love my bank. What are you getting on your

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Speaker 1: cash and your savings? And most of them are getting

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Speaker 1: almost zero yet to think can turn around and get

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Speaker 1: you know, let's sake nineteen of the Fed funds rate.

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Speaker 1: I said, can you imagine if they were crediting you

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Speaker 1: that and at the end of the year they said, hey,

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Speaker 1: we want our fee to be what you made. You know,

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Speaker 1: clients if they were writing that check back would go crazy.

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Speaker 1: But because they never see it, it's a huge hidden

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Speaker 1: drag on their performance that they really don't consciously think about.

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Speaker 1: And that's one of the things we want our clients

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Speaker 1: to think of, every single penny of they're paying, how

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Speaker 1: they're paying it. And and we you know, and I

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Speaker 1: know we're big planners. You know, people will make an

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Speaker 1: investment in their future, but no one wants to pay

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Speaker 1: something and not see value beyond a doubt for the

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Speaker 1: investment we're asking them to make. And I think cash

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Speaker 1: is a great example of that. You know. I want

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Speaker 1: to follow up with what you're saying with the issue

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Speaker 1: of free trading, and let me point out neither of

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Speaker 1: us have a horse in this race. If trading is

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Speaker 1: eight dollars, or of trading is free, it's essentially the

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Speaker 1: same thing as far as I'm concerned with the average

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Speaker 1: portfolio size. However, when you look below the surface of

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Speaker 1: all the companies offering free trading, that cost of carry,

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Speaker 1: that return on cash is where they make all their money.

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Speaker 1: And it turns out free trading, when you look at

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Speaker 1: the numbers, is pretty expensive. Bury and then you've got

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Speaker 1: order flow payment and invisible tax that you know, consumers

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Speaker 1: don't see. Like I said, there's a lot I think

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Speaker 1: we can still do as a profession to become even

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Speaker 1: more consumer friendly, you know, than we are today. I

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Speaker 1: don't disagree at all. Let's talk a little bit about

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Speaker 1: your coaching business. What is Carson Coaching? So Barry and

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Speaker 1: and I guessaid. I started a retail in nineteen eighty

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Speaker 1: three and nineteen ninety three I was giving a talk

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Speaker 1: in Boston at the organization at the time called the

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Speaker 1: i a f P. I don't remember that, International Association

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Speaker 1: of Financial Planners. And I was talking about the different

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Speaker 1: things I was doing in my business, and two gentlemen

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Speaker 1: came up and said, hey, we do coach us. And

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Speaker 1: I said sure, And that's how my coaching business started.

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Speaker 1: In in n I launched Carson Coaching UM. I had

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Speaker 1: seven people come out to Omaha, Nebraska and I, you know,

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Speaker 1: and we've and we've had quite a following over the years.

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Speaker 1: I mean, we have around twelve hundred offices today that

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Speaker 1: we provide UM consulting services and coaching services to. We

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Speaker 1: have tens of thousands of alumni. People that coming in

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Speaker 1: out of there will be in our program for a

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Speaker 1: year or two, come back out, come back in again.

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Speaker 1: And a lot of a lot of independent advisors are

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Speaker 1: they feel like they're isolated islands out there, and they

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Speaker 1: really want to have community. They want to have best practices,

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Speaker 1: They want to have places that they can bounce ideas

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Speaker 1: off of. You know, today we have I think we

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Speaker 1: have eleven executive business coaches, just specialized in a variety

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Speaker 1: of different areas and uh and and I have learned

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Speaker 1: a ton from having our coaching organization. Always like to say,

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Speaker 1: you know, we're better together. None of us is as

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Speaker 1: smart individually as we are collectively. And just this group

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Speaker 1: has pushed me to get better. I've learned so much

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Speaker 1: from them. But it's really a cool community that's all

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Speaker 1: committed to continuous improvement. Quite interesting. When I was kicking

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Speaker 1: around your website, I came across a page of Carson

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Speaker 1: Group Partners. Are those folks affiliated with Carson Coaching? Are

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Speaker 1: they affiliated with Carson Wealth? And by the way, that

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Speaker 1: page was just scrolling scrollings. It's hundreds of people along.

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Speaker 1: So coaching is different than partners. So we have our sert,

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Speaker 1: so we have our retail, we have our coaching, and

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Speaker 1: then we have Carson Group Partners and what I learned

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Speaker 1: through the coaching business, Barry and you, I think you

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Speaker 1: appreciate this as many years you've been around being a

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Speaker 1: mentor to people, either directly or indirectly. Is that old

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Speaker 1: thing you can lead a horse to water, but you

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Speaker 1: can't make them drink. Is you can give them all

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Speaker 1: the ideas but very few people. I used to get

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Speaker 1: questions all the time, like Ron, how can you give

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Speaker 1: everybody your secrets? I said, well, first of all, I

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Speaker 1: want a profession to be better, and I believe it's

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Speaker 1: us against the evil empire out there, the conflicted model.

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Speaker 1: But number two, most of them won't do anything with it,

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Speaker 1: and it's not a real competitive threat. And that's why

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Speaker 1: Partners was launched in twelve. Is a lot of these

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Speaker 1: clients of ours that say, can't you do it for us?

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Speaker 1: So then we evolved into a model today where we

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Speaker 1: are a succession Solutions. So a lot of these firms

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Speaker 1: have become Carson. We bottom, or we own a minority

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Speaker 1: or we own a majority. We are very flexible, but

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Speaker 1: we do their technology, we do their trading, we do

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Speaker 1: their compliance, do their marketing, We do everything, with the

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Speaker 1: exception of actually sitting down and meeting with the client.

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Speaker 1: We have CPS, we have attorneys on our team. We

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Speaker 1: have a trust department, I mean, we have insurance department

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Speaker 1: where we can provide all of that in one single

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Speaker 1: pain of think of an Amazon experience. And most of

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Speaker 1: the smaller independent advisors can't begin. They're so stuck in

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Speaker 1: the whirlwind of trying to run their business day to

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Speaker 1: day they can't really emerge and then think creatively and proactively.

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Speaker 1: And that's really what Carson Partners does for them, and

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Speaker 1: we do it together. It's bottoms up innovation. They come

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Speaker 1: up with some amazing things that that's what we implement

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Speaker 1: into the model. But we also I date top down

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Speaker 1: because there's a lot of none of us knew the

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Speaker 1: iPhone was possible until Steve Jobs came up with it.

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Speaker 1: Right now, we all love it, can't imagine a world

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Speaker 1: without it. So we've also ideated stuff that they're going, wow,

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Speaker 1: I didn't even know this was possible, and it's it's

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Speaker 1: been really an exciting partnership with our partners around the country.

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Speaker 1: So this is a TAMP. This is a full turnkeysset

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Speaker 1: management program. Is that right? It is correct? Yes, and

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Speaker 1: a Camp, Mary, it's it's everything else. I mean literally,

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Speaker 1: we will right there RFP, we will present to an endowment,

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Speaker 1: our foundation. It's not like, oh, they have access. Our

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Speaker 1: team in Omaha is their team. And if you go

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Speaker 1: to our partner's website you'll see that. You know, a

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Speaker 1: lot of them are branded Carson. Some of them continue

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Speaker 1: to go under their own brand, but it's you know,

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Speaker 1: a lot. I think of its Tampa providing just asset management.

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Speaker 1: That's one of ten services we provide to our partner offices.

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Speaker 1: Quite intriguing, how many different offices are you working with

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Speaker 1: with Carson Partners, Because it looked like, right now I

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Speaker 1: have a hundred and thirty five offices. Yeah. Did you

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Speaker 1: ever expect coaching and partnership to develop into two completely

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Speaker 1: different businesses from financial planning? Obviously related, but totally different

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Speaker 1: aspects of the business, Verry, No, And I never expected

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Speaker 1: the success I've had. I mean, I've throwned myself with

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Speaker 1: really great people and it's really their success that has

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Speaker 1: allowed this to happen. And No, I never dreamt in

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Speaker 1: a million years that you know, we would be doing

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Speaker 1: what we're doing. And and because of that, you know,

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Speaker 1: and group is really focused on impact, you know, local impact,

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Speaker 1: community impact, national impact, global impact, and we spend you know,

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Speaker 1: considerable amount or I said they spend. We make big investments.

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Speaker 1: You know, my wife and I make big investments into

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Speaker 1: our communities, and so does Carson. And and I can't

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Speaker 1: say I can't talk about our success without talking about

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Speaker 1: what I feel are are Our personal obligation is is

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Speaker 1: to you know, to lift people up that that struggle.

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Speaker 1: And you know, I think when I got started in

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Speaker 1: the eighties, um, you if you worked hard, you could

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Speaker 1: go out and you could make it. And there's parts

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Speaker 1: of the world today, and especially there's even parts here

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Speaker 1: in the US it's really hard, you know, to emerge.

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Speaker 1: And so you know, with that success comes, uh, I

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Speaker 1: think an obligation that we've been braked, you know, to

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Speaker 1: have as big an impact on our community as we

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Speaker 1: possibly can. Quite fascinating. So the future of the asset

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Speaker 1: management industry. You talked earlier about technology and how challenging

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Speaker 1: that is. How has technology changed the landscape currently and

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Speaker 1: what does this mean going forward? So Barry, I go

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Speaker 1: to a place called Singularity University. I've done it for

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Speaker 1: the last two years and it's out in Palo Alto

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Speaker 1: and it's Peter Diamantes and Frank Kurzweil and you know,

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Speaker 1: just people that are talking about the things that are

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Speaker 1: that are coming. And Frank made a comment two years ago,

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Speaker 1: he goes, you know, the technological changes nothing up to

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Speaker 1: this point. It's been a trickle and the avalanche is near.

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Speaker 1: And I share that view. I am seeing what's going

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Speaker 1: on with artificial intelligence, with data um and I see

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Speaker 1: a world where a lot of this is controversial, right,

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Speaker 1: I mean when you when you you know, for example,

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Speaker 1: I have three children, my sons non on social media,

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Speaker 1: hate Google and and because they you know, they read

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Speaker 1: our email. And I'm on the opposite end of it.

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Speaker 1: It's like, I love it. Get to know me as

429
00:24:47,640 --> 00:24:50,200
Speaker 1: well as you can know me and help me, help

430
00:24:50,240 --> 00:24:52,959
Speaker 1: make my life easier. So I understand the listeners are

431
00:24:53,000 --> 00:24:55,080
Speaker 1: gonna fall in one of those categories. Probably most of

432
00:24:55,119 --> 00:24:58,760
Speaker 1: them falls somewhere in between. And so we made big

433
00:24:58,840 --> 00:25:02,440
Speaker 1: investments at Carson last year and the year before into

434
00:25:02,520 --> 00:25:04,919
Speaker 1: what's known as a data warehouse. So we have all

435
00:25:04,960 --> 00:25:07,760
Speaker 1: our data. We have very clean data. And the other

436
00:25:07,840 --> 00:25:10,840
Speaker 1: thing that's cool about that is we call we used

437
00:25:10,840 --> 00:25:13,080
Speaker 1: to say that we have a high degree of i Q.

438
00:25:14,160 --> 00:25:17,200
Speaker 1: And that's implementation quotation, because when it's all said and done,

439
00:25:17,520 --> 00:25:21,000
Speaker 1: more gets said than gets done almost in every business.

440
00:25:21,520 --> 00:25:24,440
Speaker 1: But now at a Q as well, And that's adaptability

441
00:25:24,520 --> 00:25:28,359
Speaker 1: quotation because none of us can possibly anticipate all the

442
00:25:28,440 --> 00:25:31,760
Speaker 1: amazing technologies are going to emerge out of the garage,

443
00:25:31,840 --> 00:25:35,280
Speaker 1: so to speak. And and so if if you are

444
00:25:35,440 --> 00:25:37,879
Speaker 1: in the old traditional way of having technology, if you

445
00:25:37,960 --> 00:25:41,679
Speaker 1: were going to switch from you know, one application to another,

446
00:25:41,800 --> 00:25:43,840
Speaker 1: it was a major migration. I mean it was a

447
00:25:43,920 --> 00:25:47,920
Speaker 1: big deal to make the switch. Well, now at Carson Group,

448
00:25:48,000 --> 00:25:49,840
Speaker 1: we've got a data warehouse. All we have to do

449
00:25:50,000 --> 00:25:51,920
Speaker 1: is consider what's known as an a P I not

450
00:25:52,040 --> 00:25:54,840
Speaker 1: think the two technicals listeners, but think of a think

451
00:25:54,880 --> 00:25:58,840
Speaker 1: of it just plugging in a hose and all that

452
00:25:58,960 --> 00:26:02,119
Speaker 1: information could float any application that we want, and we

453
00:26:02,240 --> 00:26:05,800
Speaker 1: can switch out an application overnight. And I'll use Amazon

454
00:26:05,880 --> 00:26:09,359
Speaker 1: as an example. You're an Amazon user, right, Barry for

455
00:26:09,880 --> 00:26:13,480
Speaker 1: twenty something years already. And how the experience overall, I

456
00:26:13,520 --> 00:26:15,760
Speaker 1: would you rate at scale of one to five? Pretty

457
00:26:15,960 --> 00:26:18,560
Speaker 1: rare that it's not a five each time every time?

458
00:26:18,880 --> 00:26:21,080
Speaker 1: And and and Barry tell me that from the time

459
00:26:21,160 --> 00:26:25,640
Speaker 1: you started using Amazon to today. How many different technologies

460
00:26:26,280 --> 00:26:28,920
Speaker 1: were swapped out behind the scenes that you weren't even

461
00:26:28,960 --> 00:26:32,639
Speaker 1: aware of. Oh god, it's got to be countless biggest

462
00:26:32,720 --> 00:26:36,320
Speaker 1: of all Amazon web services. Look at how they took

463
00:26:36,400 --> 00:26:40,760
Speaker 1: their own infrastructure, empowered so many others. So to me,

464
00:26:40,920 --> 00:26:43,720
Speaker 1: it's just a web interface, but there has to be

465
00:26:43,840 --> 00:26:46,600
Speaker 1: a ba jillion things going on behind the scenes. And

466
00:26:46,760 --> 00:26:49,399
Speaker 1: you don't even care, right if you could care us

467
00:26:49,480 --> 00:26:51,200
Speaker 1: you just want to have a great experience, right to

468
00:26:51,280 --> 00:26:53,440
Speaker 1: go on. It works, It just works, That's all you

469
00:26:53,520 --> 00:26:56,960
Speaker 1: care about. That's the future financial services. You know, what

470
00:26:57,119 --> 00:26:59,760
Speaker 1: we believe is we've built this single pane of glass

471
00:27:00,400 --> 00:27:03,400
Speaker 1: for the consumer to have everything they want. Like Amazon

472
00:27:04,119 --> 00:27:08,280
Speaker 1: is super simple to use and to see and to interact,

473
00:27:09,000 --> 00:27:11,920
Speaker 1: and that is that is the future. But you better

474
00:27:12,000 --> 00:27:16,680
Speaker 1: have great data because I believe the risk always has been,

475
00:27:16,760 --> 00:27:20,800
Speaker 1: always will be as far as ruining someone's financial plan.

476
00:27:21,480 --> 00:27:23,760
Speaker 1: Is a consumer doing the wrong thing at the wrong time.

477
00:27:23,880 --> 00:27:25,560
Speaker 1: Why do they do that? Because they get caught up

478
00:27:25,640 --> 00:27:29,160
Speaker 1: in noise and and everything going on, and they make

479
00:27:29,320 --> 00:27:33,920
Speaker 1: really poor knee jerk reaction kind of moved. For example,

480
00:27:34,000 --> 00:27:36,240
Speaker 1: it's talking about Donald Trump. You know how many people

481
00:27:36,320 --> 00:27:39,040
Speaker 1: wanted to just go to cash. Before Trump got elected

482
00:27:39,119 --> 00:27:41,560
Speaker 1: in the market had a major run up. Many people

483
00:27:41,640 --> 00:27:43,600
Speaker 1: went to cash in the middle of COVID because it

484
00:27:43,640 --> 00:27:45,840
Speaker 1: said the world can never recover from this, or at

485
00:27:45,880 --> 00:27:48,760
Speaker 1: least since for the next several years, when in fact,

486
00:27:49,080 --> 00:27:51,360
Speaker 1: if they would have just had the risk budget right.

487
00:27:52,000 --> 00:27:56,080
Speaker 1: And then taking technology a step further, we get to

488
00:27:56,200 --> 00:27:58,440
Speaker 1: know when a client's blogging on what's going on in

489
00:27:58,520 --> 00:28:00,960
Speaker 1: their life, what is they're reading, and we can anticipate

490
00:28:01,600 --> 00:28:05,240
Speaker 1: now moves that they're gonna make that might be counter

491
00:28:05,359 --> 00:28:07,360
Speaker 1: to what's in their best interests. We can get out

492
00:28:07,359 --> 00:28:08,919
Speaker 1: ahead of it, we can have a meeting with them,

493
00:28:09,000 --> 00:28:11,240
Speaker 1: we can talk about it. And this is just a

494
00:28:11,400 --> 00:28:15,200
Speaker 1: very very beginning. I saw, I saw a technology. I

495
00:28:15,320 --> 00:28:18,840
Speaker 1: spoke at tibern last year in New York and I

496
00:28:19,000 --> 00:28:22,520
Speaker 1: talked about the future of artificial intelligence, and a lady

497
00:28:22,600 --> 00:28:25,760
Speaker 1: comes up to me and says, I'm developing that. You

498
00:28:25,880 --> 00:28:28,040
Speaker 1: got to see it. And I brought this back to

499
00:28:28,160 --> 00:28:30,160
Speaker 1: my team and they're like, well, we don't think anybody's

500
00:28:30,240 --> 00:28:33,480
Speaker 1: that close. They did a demo for Usberry. We were

501
00:28:33,840 --> 00:28:38,440
Speaker 1: asking this engine financial planning questions and it was giving

502
00:28:38,600 --> 00:28:41,160
Speaker 1: us answers, and we thought we were talking to another

503
00:28:41,280 --> 00:28:44,640
Speaker 1: person on the other end. It was that good. And

504
00:28:44,800 --> 00:28:47,240
Speaker 1: this stuff is going to continue to get better and better.

505
00:28:47,360 --> 00:28:50,640
Speaker 1: Just imagine today if I if we sit down the client,

506
00:28:50,720 --> 00:28:53,120
Speaker 1: we got lots of technologies. It used to take me

507
00:28:53,240 --> 00:28:56,160
Speaker 1: a weekend really to get ready for a big client

508
00:28:56,280 --> 00:28:58,400
Speaker 1: and review and all the things we needed to do

509
00:28:58,520 --> 00:29:01,080
Speaker 1: and talking to their tax profession finals and their attorney

510
00:29:01,120 --> 00:29:04,800
Speaker 1: and their insurance agent. Now all of that stuff is

511
00:29:04,840 --> 00:29:07,480
Speaker 1: set in and we can be ready and have a

512
00:29:07,520 --> 00:29:10,880
Speaker 1: really productive meeting in an hour. But the future is

513
00:29:11,000 --> 00:29:15,440
Speaker 1: all of this stuff tacked legal risk, cash flow, all

514
00:29:15,480 --> 00:29:17,400
Speaker 1: of that's going to be looked at twenty four hours

515
00:29:17,440 --> 00:29:19,360
Speaker 1: a day, three in or sixty five days a year,

516
00:29:19,840 --> 00:29:23,000
Speaker 1: and there's gonna be alpha actions that can be generated

517
00:29:23,040 --> 00:29:26,840
Speaker 1: because of the technology. That's the future of financial services

518
00:29:27,360 --> 00:29:30,200
Speaker 1: and it will be mind blowing the kind of value

519
00:29:30,280 --> 00:29:34,200
Speaker 1: we can we can add and and the consumer is

520
00:29:34,520 --> 00:29:37,560
Speaker 1: being expected to They want an Amazon and Netflix, a

521
00:29:37,600 --> 00:29:40,200
Speaker 1: Google kind of experience, and that's what we're going to

522
00:29:40,280 --> 00:29:42,440
Speaker 1: have to deliver. I don't think each you know, financial

523
00:29:42,480 --> 00:29:45,520
Speaker 1: advisors look at each other as their competition. It's really

524
00:29:45,600 --> 00:29:49,600
Speaker 1: those experiences that we're going to continuously be compared against

525
00:29:49,640 --> 00:29:52,520
Speaker 1: and compete against in the future. So when the first

526
00:29:53,080 --> 00:29:58,160
Speaker 1: sets of the various automated advisors rolled out, people call

527
00:29:58,200 --> 00:30:01,680
Speaker 1: them robo advisors, but I think that's a bad moniker.

528
00:30:01,840 --> 00:30:04,920
Speaker 1: But shops like Betterment and Wealth Front, there was a

529
00:30:05,160 --> 00:30:08,520
Speaker 1: general backlash, Oh, this can never do what an advisor

530
00:30:08,600 --> 00:30:12,080
Speaker 1: can do. Do you think that eventually we'll get to

531
00:30:12,160 --> 00:30:15,440
Speaker 1: the point where hey, ubers will be self driving cars

532
00:30:15,680 --> 00:30:19,080
Speaker 1: and financial advice will be some bot telling you what

533
00:30:19,440 --> 00:30:22,720
Speaker 1: is best for your financial circumstances. I think it's going

534
00:30:22,760 --> 00:30:26,640
Speaker 1: to be a combination. So my view very it's technology,

535
00:30:27,320 --> 00:30:31,600
Speaker 1: it's a higher end where there's more complex needs. Is

536
00:30:31,680 --> 00:30:34,640
Speaker 1: not to replace the financial advisor, but it's gonna enrich

537
00:30:34,880 --> 00:30:37,760
Speaker 1: the experience for both the advisor and the consumer and

538
00:30:37,840 --> 00:30:41,800
Speaker 1: allow us to do a much much better job anticipating

539
00:30:41,920 --> 00:30:45,040
Speaker 1: somebody's needs before they even know they have them. It's

540
00:30:45,120 --> 00:30:48,840
Speaker 1: the lower end. I think there are people that in today.

541
00:30:49,040 --> 00:30:50,720
Speaker 1: I mean I went and signed up for all of

542
00:30:50,760 --> 00:30:53,960
Speaker 1: those and they you know, they just there wasn't a

543
00:30:54,000 --> 00:30:56,400
Speaker 1: lot of substance there. There wasn't a lot of of

544
00:30:57,000 --> 00:30:59,760
Speaker 1: of wow that was really really good or you really

545
00:30:59,800 --> 00:31:02,520
Speaker 1: how me? But I think it's a place to get started.

546
00:31:02,720 --> 00:31:05,040
Speaker 1: I think the future is going to allow people to

547
00:31:05,240 --> 00:31:09,560
Speaker 1: migrate start there, move up to a hybrid experience as

548
00:31:09,600 --> 00:31:14,840
Speaker 1: their complexity grows, eventually have a full on traditional kind

549
00:31:14,880 --> 00:31:18,920
Speaker 1: of relationship. But sometimes a client considers that higher traditional

550
00:31:19,000 --> 00:31:21,320
Speaker 1: light relationship. There's not a lot of changes, there's not

551
00:31:21,480 --> 00:31:23,640
Speaker 1: like going on, and then they go, do I really

552
00:31:23,680 --> 00:31:26,720
Speaker 1: want to pay act for this? And today the only

553
00:31:26,800 --> 00:31:29,440
Speaker 1: choice they have is to fire their advisor or to

554
00:31:29,560 --> 00:31:33,560
Speaker 1: have an uncomfortable conversation about reducing their fees. Under this,

555
00:31:33,920 --> 00:31:36,280
Speaker 1: I think future model, they'll be able to ratchet down

556
00:31:36,360 --> 00:31:38,960
Speaker 1: to a different service offering without them to go through,

557
00:31:39,480 --> 00:31:42,719
Speaker 1: you know, liquidating and all the tax ramifications, all the friction,

558
00:31:42,920 --> 00:31:45,560
Speaker 1: even the big and astriction to come with that. And

559
00:31:46,000 --> 00:31:48,720
Speaker 1: but I think technology is going to give consumers a

560
00:31:48,800 --> 00:31:51,880
Speaker 1: lot more choices and a lot easier way to measure.

561
00:31:52,360 --> 00:31:56,640
Speaker 1: Am I getting the value for the investment that I'm

562
00:31:56,640 --> 00:31:59,280
Speaker 1: being asked to make in a form of a asset

563
00:31:59,360 --> 00:32:02,280
Speaker 1: management fee or financial planning fee or a retainer fee?

564
00:32:03,000 --> 00:32:07,360
Speaker 1: Really interesting? You alluded to something earlier that I have

565
00:32:07,600 --> 00:32:10,880
Speaker 1: to follow up on. What you talked about a lack

566
00:32:11,000 --> 00:32:13,280
Speaker 1: of young people in the industry and a number of

567
00:32:13,360 --> 00:32:16,480
Speaker 1: people retiring, but I want to go a step beyond

568
00:32:16,600 --> 00:32:19,400
Speaker 1: that and ask you let's let's throw this out in

569
00:32:19,480 --> 00:32:21,960
Speaker 1: three parts. The first part is how do we get

570
00:32:22,040 --> 00:32:25,800
Speaker 1: more people interested in financial planning? Secondly, how do we

571
00:32:25,880 --> 00:32:28,920
Speaker 1: get more women interested in the field? And third how

572
00:32:28,960 --> 00:32:31,360
Speaker 1: do we bring more people of color into the field.

573
00:32:31,760 --> 00:32:36,600
Speaker 1: So we're announcing a major diversity and inclusion and next

574
00:32:36,760 --> 00:32:40,160
Speaker 1: gen initiative at Carson Bury because I think you know,

575
00:32:40,240 --> 00:32:42,560
Speaker 1: as a profession we've all sat around and waited for

576
00:32:42,680 --> 00:32:46,200
Speaker 1: someone else to do it, and and we we've been

577
00:32:46,280 --> 00:32:49,720
Speaker 1: experimenting at Carson with an intern to higher program where

578
00:32:49,720 --> 00:32:52,200
Speaker 1: we've gone into colleges and at interns and we really

579
00:32:52,240 --> 00:32:53,760
Speaker 1: interview them as though they're going to come to work

580
00:32:53,800 --> 00:32:55,320
Speaker 1: for us, and we do offer them a job at

581
00:32:55,360 --> 00:32:57,680
Speaker 1: the end if they perform well and they want to.

582
00:32:57,760 --> 00:32:59,800
Speaker 1: We asked them to interview us at the same level.

583
00:33:00,600 --> 00:33:03,560
Speaker 1: But we're we are We're building an office campus here

584
00:33:03,600 --> 00:33:06,920
Speaker 1: in Omaha. We have Carson University today, so we do

585
00:33:07,000 --> 00:33:10,120
Speaker 1: a lot of teaching and get young people interested, but

586
00:33:10,200 --> 00:33:13,360
Speaker 1: we're gonna take that to a whole new level. Um.

587
00:33:13,440 --> 00:33:16,320
Speaker 1: The other is I mean of people of color, I

588
00:33:16,320 --> 00:33:18,440
Speaker 1: mean you you it's been a why it's been you

589
00:33:18,560 --> 00:33:20,360
Speaker 1: and I. Right, it's been you and I in this

590
00:33:20,480 --> 00:33:25,560
Speaker 1: profession forever, and it's still I still scratch my head

591
00:33:25,640 --> 00:33:30,360
Speaker 1: and go, why why have we not been more successful?

592
00:33:30,360 --> 00:33:33,000
Speaker 1: Because it's people think it's a sales job. It's not.

593
00:33:33,280 --> 00:33:35,840
Speaker 1: There's so many you know, there's there's so many different

594
00:33:35,920 --> 00:33:38,120
Speaker 1: tracks that you can take. And by the way, you

595
00:33:38,240 --> 00:33:40,440
Speaker 1: gotta you got a huge till one behind you. Guys,

596
00:33:40,480 --> 00:33:43,520
Speaker 1: we have you know, more than half of who's in

597
00:33:43,600 --> 00:33:45,920
Speaker 1: it today. It's gonna be gone, They're gonna be retired.

598
00:33:46,160 --> 00:33:48,080
Speaker 1: And there's more people over the age of eighty in

599
00:33:48,120 --> 00:33:51,920
Speaker 1: our profession today buried than under the age of thirties, right,

600
00:33:52,400 --> 00:33:55,040
Speaker 1: And and so we at Carson are going to take

601
00:33:55,120 --> 00:33:57,040
Speaker 1: a major lead in this, and we're gonna put real

602
00:33:57,120 --> 00:34:00,640
Speaker 1: money behind it. But I think it's it's um not

603
00:34:00,800 --> 00:34:04,920
Speaker 1: only bringing people in and training them, but letting them know,

604
00:34:05,680 --> 00:34:09,240
Speaker 1: here's what your career path can look like, and here's

605
00:34:09,320 --> 00:34:11,560
Speaker 1: one of five different paths that you can take to

606
00:34:11,640 --> 00:34:13,600
Speaker 1: be successful. So I think it really is going to

607
00:34:13,680 --> 00:34:18,520
Speaker 1: come with in the trenches education and uh and where

608
00:34:18,600 --> 00:34:20,759
Speaker 1: I guess that we've been working on this UM for

609
00:34:21,200 --> 00:34:24,359
Speaker 1: you know, a good six eight months now, and we're

610
00:34:24,560 --> 00:34:26,520
Speaker 1: we're going to be announcing I think a really exciting

611
00:34:26,760 --> 00:34:29,759
Speaker 1: initiative around this in the next in the next few

612
00:34:29,800 --> 00:34:32,399
Speaker 1: weeks there. So you're you're timing on that is really good.

613
00:34:32,520 --> 00:34:36,320
Speaker 1: Let me stick with the idea of all these over eighty,

614
00:34:36,520 --> 00:34:42,040
Speaker 1: over seventy, over sixty five year old advisors that are thinking,

615
00:34:42,280 --> 00:34:45,560
Speaker 1: I think you described them as as rich and tired. Um,

616
00:34:46,400 --> 00:34:48,680
Speaker 1: are they going to retire? Are they going to hand

617
00:34:48,800 --> 00:34:51,239
Speaker 1: off their business to somebody junior? Are they going to

618
00:34:51,320 --> 00:34:54,719
Speaker 1: sell it? What does the and it's a barbell, I

619
00:34:54,800 --> 00:34:58,920
Speaker 1: think it's like thirty or of the profession is over sixty,

620
00:34:59,239 --> 00:35:02,359
Speaker 1: maybe even more than that. What are those folks gonna

621
00:35:02,400 --> 00:35:06,320
Speaker 1: do with their practices, with their businesses? It depends on

622
00:35:06,440 --> 00:35:10,200
Speaker 1: the advisor. So there's really three different flavors out there.

623
00:35:10,320 --> 00:35:14,880
Speaker 1: You've got the advisor who has next Gin people there

624
00:35:15,480 --> 00:35:18,239
Speaker 1: they can't afford to buy in. And this is where

625
00:35:18,320 --> 00:35:21,799
Speaker 1: we've been successful in helping the next Gin actually buy

626
00:35:21,880 --> 00:35:25,880
Speaker 1: out the founder. Our Chicago office is booming, and this was,

627
00:35:26,239 --> 00:35:28,759
Speaker 1: you know a great example of it was a c

628
00:35:28,960 --> 00:35:31,800
Speaker 1: P A firm. The founder of the firm was like,

629
00:35:32,239 --> 00:35:34,000
Speaker 1: I love my clients. I want to take care of

630
00:35:34,080 --> 00:35:36,440
Speaker 1: my clients. But they but I'm not gonna give my

631
00:35:36,520 --> 00:35:39,120
Speaker 1: business away, so we're able to cut in and finance

632
00:35:39,200 --> 00:35:41,880
Speaker 1: them buying out the next next generation. So that's one model.

633
00:35:42,280 --> 00:35:44,600
Speaker 1: The other model is you've got some of the same

634
00:35:44,680 --> 00:35:47,120
Speaker 1: people that retire, but they're not They don't tell their

635
00:35:47,160 --> 00:35:50,719
Speaker 1: clients they retired. And what I mean by that is, yeah,

636
00:35:50,840 --> 00:35:53,200
Speaker 1: they're just you know, they're working a few last hours

637
00:35:53,320 --> 00:35:57,040
Speaker 1: every every year on a daily basis, or playing more golf,

638
00:35:57,239 --> 00:35:59,320
Speaker 1: more time with the grand children. They're not really bringing

639
00:35:59,320 --> 00:36:01,400
Speaker 1: anything to science. And if they lose the client or

640
00:36:01,440 --> 00:36:04,319
Speaker 1: client passes on, they're not really that aggressive about going

641
00:36:04,360 --> 00:36:05,719
Speaker 1: out of the next year. And the problem with that

642
00:36:06,239 --> 00:36:08,960
Speaker 1: is they're not making huge investments, you know, into the

643
00:36:09,360 --> 00:36:11,800
Speaker 1: into the next you know, into really what it takes

644
00:36:11,880 --> 00:36:14,440
Speaker 1: to stay competitive, you know, in the field. And then

645
00:36:14,480 --> 00:36:17,080
Speaker 1: there's a third bucket and they just they want to

646
00:36:17,160 --> 00:36:19,520
Speaker 1: exit the business like I don't really care about the

647
00:36:19,600 --> 00:36:22,080
Speaker 1: next gen and I don't care about my clients. I

648
00:36:22,120 --> 00:36:25,080
Speaker 1: want to get the highest check possible um. And we

649
00:36:25,200 --> 00:36:27,359
Speaker 1: see all three of those, you know going on today.

650
00:36:27,400 --> 00:36:31,120
Speaker 1: Of course, we we focused on the next gin, someone

651
00:36:31,200 --> 00:36:34,239
Speaker 1: that really cares. We did a deal recently and um,

652
00:36:35,719 --> 00:36:39,040
Speaker 1: the office was in Vermont, and you know this guy,

653
00:36:39,400 --> 00:36:42,600
Speaker 1: you know, we are never the highest price, you know,

654
00:36:42,760 --> 00:36:47,320
Speaker 1: payer was. We're really looking for alignment of interest and

655
00:36:47,920 --> 00:36:50,160
Speaker 1: and we really want the founder to stick around and

656
00:36:50,280 --> 00:36:53,280
Speaker 1: make sure that it's going to be a super smooth transition.

657
00:36:53,640 --> 00:36:57,479
Speaker 1: And this guy man the due diligence and the way

658
00:36:57,760 --> 00:36:59,680
Speaker 1: it's like, if I can have a hundred of these,

659
00:36:59,719 --> 00:37:01,839
Speaker 1: I do a hundred of them, you know, every year,

660
00:37:02,480 --> 00:37:06,040
Speaker 1: and it's been it's been a super easy transition. He's

661
00:37:06,080 --> 00:37:08,759
Speaker 1: happy as clients are happy. And he's now, as he

662
00:37:08,840 --> 00:37:11,399
Speaker 1: will say, entering the third chapter, you know, of his life.

663
00:37:11,800 --> 00:37:14,680
Speaker 1: So let's talk about that space a little bit because

664
00:37:14,719 --> 00:37:18,600
Speaker 1: I'm intrigued by it. We get people offering us firms

665
00:37:18,760 --> 00:37:21,800
Speaker 1: to be sold all the time, and we're not in

666
00:37:21,880 --> 00:37:25,080
Speaker 1: the business of buying firms. How do you go about

667
00:37:25,160 --> 00:37:30,440
Speaker 1: finding these businesses? Do you self finance them? And what

668
00:37:30,600 --> 00:37:34,600
Speaker 1: do you think about the role of private equity in

669
00:37:34,840 --> 00:37:39,040
Speaker 1: the roll up slash acquisition space? So, I know, let

670
00:37:39,120 --> 00:37:41,960
Speaker 1: me just be clear cars that we're building a hundred

671
00:37:42,040 --> 00:37:44,600
Speaker 1: year firm. You know, I started in eighty three. We're

672
00:37:44,640 --> 00:37:47,200
Speaker 1: building this new building, and I said, you know, I

673
00:37:47,640 --> 00:37:49,360
Speaker 1: want to have shirts for everybody. When we move in.

674
00:37:49,480 --> 00:37:51,239
Speaker 1: At the picture of the building, it says for the

675
00:37:51,320 --> 00:37:55,320
Speaker 1: next hundred years, because we're we're not building it to

676
00:37:56,040 --> 00:37:58,480
Speaker 1: sell it, but a lot of people are. And that's

677
00:37:58,520 --> 00:38:01,400
Speaker 1: where private equity is. Actually he stepped in and we

678
00:38:01,520 --> 00:38:04,759
Speaker 1: have a small minority interest in private equity. I brought

679
00:38:04,840 --> 00:38:08,680
Speaker 1: him in. I plan on keeping control um as long

680
00:38:08,760 --> 00:38:11,359
Speaker 1: as I'm adding value to the business. I've got two

681
00:38:11,480 --> 00:38:15,279
Speaker 1: generations of succession. I've got my my next succession you know,

682
00:38:15,400 --> 00:38:20,120
Speaker 1: already done. Private Equity has been fantastic for coming in

683
00:38:20,400 --> 00:38:23,520
Speaker 1: and helping us professionalize the firm early on. They gave

684
00:38:23,600 --> 00:38:25,960
Speaker 1: us an m and a strategy that we didn't have before.

685
00:38:26,880 --> 00:38:28,480
Speaker 1: But I think, you know, private equity is like a

686
00:38:28,560 --> 00:38:31,000
Speaker 1: mutual fund, Barry. They come in so many different flavors

687
00:38:31,040 --> 00:38:33,840
Speaker 1: summer in. So how can we how can we change?

688
00:38:33,840 --> 00:38:36,560
Speaker 1: How can we financial engineer you to get you the

689
00:38:36,640 --> 00:38:39,920
Speaker 1: highest price and get the heck out. That's a totally

690
00:38:40,000 --> 00:38:43,880
Speaker 1: different relationship. And when I did the deal with Private Equity,

691
00:38:43,920 --> 00:38:46,319
Speaker 1: I knew I was looking for some um know how

692
00:38:46,719 --> 00:38:50,760
Speaker 1: intellectual capital, and I took a much much lower price,

693
00:38:50,920 --> 00:38:54,880
Speaker 1: but I also got really patient um capital that was

694
00:38:55,000 --> 00:38:58,160
Speaker 1: willing to give us, you know, pretty much full control

695
00:38:58,640 --> 00:39:01,640
Speaker 1: on how we run, how we on our business. So really,

696
00:39:01,920 --> 00:39:03,920
Speaker 1: I think it depends on the type of private equity.

697
00:39:04,320 --> 00:39:08,120
Speaker 1: So when you I'm I'm talking generally, so you can

698
00:39:08,160 --> 00:39:12,000
Speaker 1: get as specific and detailed or thirty thousand foot view

699
00:39:12,040 --> 00:39:15,080
Speaker 1: as you prefer. When you're looking to do a deal

700
00:39:15,880 --> 00:39:19,080
Speaker 1: with someone in Vermont or someone in Chicago or wherever

701
00:39:19,160 --> 00:39:22,880
Speaker 1: they happen to be, is that something that you're funding

702
00:39:23,040 --> 00:39:26,080
Speaker 1: with private equity dollars? Is it something you drive yourself?

703
00:39:26,760 --> 00:39:29,280
Speaker 1: What does that deal look like? Is it a buyout?

704
00:39:29,440 --> 00:39:32,879
Speaker 1: Is it an turn out? Because I've seen a million variations,

705
00:39:32,960 --> 00:39:35,359
Speaker 1: a ton of different flavors, and I want to hone

706
00:39:35,400 --> 00:39:38,080
Speaker 1: in on exactly how you guys go about it. Yeah,

707
00:39:38,160 --> 00:39:40,720
Speaker 1: so very up to this point. So the private equity

708
00:39:40,800 --> 00:39:43,919
Speaker 1: money we took with to build all the tech infrastructure

709
00:39:44,120 --> 00:39:46,560
Speaker 1: that I talked about because it wasn't available, you know,

710
00:39:46,640 --> 00:39:50,439
Speaker 1: without our profession. We've been fortunate up to this point.

711
00:39:50,520 --> 00:39:53,360
Speaker 1: We've been able to self fund all of these. But

712
00:39:53,440 --> 00:39:55,359
Speaker 1: we're getting to a point. Matter of fact, I had

713
00:39:55,400 --> 00:39:57,600
Speaker 1: a team with my leader meeting with the leadership group

714
00:39:57,680 --> 00:40:01,520
Speaker 1: this morning that you know, we're getting enough additional deal

715
00:40:02,080 --> 00:40:05,000
Speaker 1: to look at that, we're probably gonna have to, you know,

716
00:40:05,120 --> 00:40:07,800
Speaker 1: either you know, raise a little more um so a

717
00:40:07,840 --> 00:40:10,400
Speaker 1: little equity or raise cash or we we don't have

718
00:40:10,480 --> 00:40:13,400
Speaker 1: any debt as an organization and maybe take a modest

719
00:40:13,440 --> 00:40:16,239
Speaker 1: amount of debt you know, potentially onto the balance sheet.

720
00:40:16,400 --> 00:40:20,560
Speaker 1: As far as terms go, it depends on the seller

721
00:40:21,200 --> 00:40:25,240
Speaker 1: um are. Our preferred deal is to have a minority

722
00:40:25,360 --> 00:40:29,080
Speaker 1: interest and to have the next have us finance the

723
00:40:29,160 --> 00:40:33,040
Speaker 1: next gin. As far as buying a h of a

724
00:40:33,160 --> 00:40:36,640
Speaker 1: firm and then leaving, that's really not that not what

725
00:40:36,840 --> 00:40:38,719
Speaker 1: we want to do. And if we do do that,

726
00:40:39,080 --> 00:40:42,120
Speaker 1: it's going to be on an earnout basis because if

727
00:40:42,120 --> 00:40:43,839
Speaker 1: they're not gonna stick around, they're not going to take

728
00:40:43,880 --> 00:40:45,279
Speaker 1: care of the clients. We're not going to take the

729
00:40:45,400 --> 00:40:48,160
Speaker 1: risk on it. And the most important thing very and

730
00:40:48,320 --> 00:40:52,120
Speaker 1: all of these deals is culture. Is there a cultural alignment?

731
00:40:52,320 --> 00:40:55,680
Speaker 1: We are We probably look at eight deals and do

732
00:40:55,840 --> 00:40:58,279
Speaker 1: one and and the reason we don't do the other

733
00:40:58,400 --> 00:41:00,960
Speaker 1: seven as there's not a cultural to it. Hey, guys,

734
00:41:01,000 --> 00:41:04,279
Speaker 1: make a quick comment back on the retirement peace with

735
00:41:04,400 --> 00:41:07,160
Speaker 1: your wife and this is for everybody out there. You know,

736
00:41:07,239 --> 00:41:08,960
Speaker 1: I love to say that you know, most of the

737
00:41:09,040 --> 00:41:13,720
Speaker 1: society is on this unconscious journey to arrive at death safely.

738
00:41:13,840 --> 00:41:16,239
Speaker 1: And what I mean by that is, you know, we

739
00:41:16,360 --> 00:41:20,720
Speaker 1: get into this routine where it's just we live life,

740
00:41:20,840 --> 00:41:23,359
Speaker 1: and days and weeks and months and years go by,

741
00:41:23,920 --> 00:41:25,759
Speaker 1: and then all of a sudden, it's all bias and

742
00:41:25,840 --> 00:41:28,040
Speaker 1: we're like, you know, where did that go? And did

743
00:41:28,160 --> 00:41:31,799
Speaker 1: I accomplish what I wanted to accomplish? And I teach

744
00:41:31,840 --> 00:41:34,799
Speaker 1: a thing in my coaching program called blueprinting live your

745
00:41:34,840 --> 00:41:39,080
Speaker 1: life by design, not by default, And I think most

746
00:41:39,280 --> 00:41:43,440
Speaker 1: everybody can work their way into that kind of life

747
00:41:43,960 --> 00:41:46,359
Speaker 1: with a conscious effort. One of my favorite all time

748
00:41:46,400 --> 00:41:49,120
Speaker 1: books as an employon Hill You'll Think and Grow Rich,

749
00:41:50,600 --> 00:41:53,359
Speaker 1: And it's and we're in a in a profession where

750
00:41:53,760 --> 00:41:56,040
Speaker 1: you know, people want to get to a retirement, which

751
00:41:56,080 --> 00:41:58,040
Speaker 1: I hate that term, like I'm gonna do all this

752
00:41:58,400 --> 00:42:00,400
Speaker 1: and all this time doing things I don't love to do.

753
00:42:00,520 --> 00:42:02,120
Speaker 1: So I get to spend a little bit of time

754
00:42:02,200 --> 00:42:04,279
Speaker 1: during the thing I love to do when I'm the

755
00:42:04,360 --> 00:42:06,320
Speaker 1: oldest and I'm not as healthy as I can be.

756
00:42:06,960 --> 00:42:09,719
Speaker 1: So I challenge people to say, you know, if you

757
00:42:09,800 --> 00:42:13,120
Speaker 1: start moving in that direction, you can't change it. Overnight,

758
00:42:13,360 --> 00:42:16,280
Speaker 1: but you can get there a lot faster than you think.

759
00:42:16,400 --> 00:42:19,399
Speaker 1: And just to accept this is my life. I don't

760
00:42:19,440 --> 00:42:22,640
Speaker 1: love it, but I don't hate it. That's that unconscious

761
00:42:22,719 --> 00:42:27,279
Speaker 1: journey you know, to death. Quite interesting today in confirming

762
00:42:27,360 --> 00:42:31,080
Speaker 1: my priors, I have run Carson on telling me everything

763
00:42:31,200 --> 00:42:33,719
Speaker 1: that I believe in and me just nodding my head

764
00:42:33,800 --> 00:42:38,560
Speaker 1: vigorously in in a sense. Um. So so let me

765
00:42:38,600 --> 00:42:42,320
Speaker 1: ask you a question you you referenced earlier, UM, that

766
00:42:42,520 --> 00:42:46,120
Speaker 1: you don't usually use debt. Let's talk about a subject

767
00:42:46,200 --> 00:42:51,120
Speaker 1: that's a little controversial, the Paycheck Protection Program. I know

768
00:42:51,320 --> 00:42:54,400
Speaker 1: your firm participating in this, my firm participating in it.

769
00:42:54,960 --> 00:42:57,759
Speaker 1: Tell us where you are with your p P P

770
00:42:57,960 --> 00:43:01,879
Speaker 1: loan and I'll do the veal on ours also. Yeah,

771
00:43:02,360 --> 00:43:05,800
Speaker 1: so Barry, when this so well? We also have another business.

772
00:43:05,960 --> 00:43:09,600
Speaker 1: It's an events business that UM really for financial advisors.

773
00:43:09,640 --> 00:43:13,520
Speaker 1: We've been doing this for going back to nine three

774
00:43:14,239 --> 00:43:17,239
Speaker 1: and we had a we had a we had an

775
00:43:17,320 --> 00:43:20,760
Speaker 1: event we canceled in Vegas hit it hit our company

776
00:43:20,840 --> 00:43:24,520
Speaker 1: to the tune of four million, almost four million dollars UM.

777
00:43:24,800 --> 00:43:28,000
Speaker 1: We had eighty other events that we canceled around the country,

778
00:43:28,120 --> 00:43:30,040
Speaker 1: and we have we have a lot of people that

779
00:43:30,160 --> 00:43:32,840
Speaker 1: work on the events business and there was nothing to do.

780
00:43:33,560 --> 00:43:36,359
Speaker 1: And so you know when we when we looked at

781
00:43:36,400 --> 00:43:40,480
Speaker 1: our Carson Group, are r A doesn't need it, right,

782
00:43:40,760 --> 00:43:43,759
Speaker 1: but our events business needed it when we have a

783
00:43:43,880 --> 00:43:48,640
Speaker 1: transformation business that needed it. And we also were building

784
00:43:48,719 --> 00:43:53,239
Speaker 1: technology and you know, just with the uncertainty around at

785
00:43:53,280 --> 00:43:55,759
Speaker 1: one point, you know, our A U M had quite

786
00:43:55,800 --> 00:43:59,359
Speaker 1: the depth as everybody's did. And we're like, we're gonna

787
00:43:59,600 --> 00:44:04,799
Speaker 1: you know, before the paycheck paycheck protection program came out, Um,

788
00:44:05,000 --> 00:44:06,920
Speaker 1: we were gonna have to lay off you know, a

789
00:44:07,000 --> 00:44:09,959
Speaker 1: fair number of people and we probably would have hired

790
00:44:10,000 --> 00:44:14,200
Speaker 1: them back at some point and and but not yet

791
00:44:14,280 --> 00:44:17,160
Speaker 1: this year. And so the whole purpose of that program,

792
00:44:17,480 --> 00:44:20,440
Speaker 1: as the government said, was to keep people employed that

793
00:44:20,520 --> 00:44:23,399
Speaker 1: we otherwise would not have kept employed, you know, through

794
00:44:23,480 --> 00:44:26,000
Speaker 1: the through the downturn. And you know, there's been a

795
00:44:26,040 --> 00:44:28,399
Speaker 1: lot of pot shots. There's some gentlemen who have never

796
00:44:28,560 --> 00:44:32,480
Speaker 1: met back East doesn't know me, doesn't know our business,

797
00:44:32,960 --> 00:44:36,279
Speaker 1: and he's trying to shame us and to take in it.

798
00:44:36,400 --> 00:44:37,759
Speaker 1: And I like, you know, I'd like for you to

799
00:44:37,840 --> 00:44:41,640
Speaker 1: meet with these families, um that you know, I have

800
00:44:41,960 --> 00:44:44,080
Speaker 1: have a continue to have a good job, and I

801
00:44:44,160 --> 00:44:46,560
Speaker 1: want you to tell them why they shouldn't have gotten

802
00:44:46,600 --> 00:44:50,160
Speaker 1: that benefit. Um, And so we take We took it.

803
00:44:50,320 --> 00:44:53,080
Speaker 1: We thought it was a good program. By the way,

804
00:44:53,120 --> 00:44:56,120
Speaker 1: we helped a lot of our our business owner clients.

805
00:44:56,160 --> 00:44:59,480
Speaker 1: I think Nebraska at least at one point had the

806
00:44:59,640 --> 00:45:04,320
Speaker 1: high UH success rate relative to our population of anybody.

807
00:45:04,440 --> 00:45:06,320
Speaker 1: And we had a big hand in that because, you know,

808
00:45:06,440 --> 00:45:10,440
Speaker 1: Jamie Hopkins, who works at Carson, really was on top

809
00:45:10,520 --> 00:45:12,480
Speaker 1: of the care's act and really had all of our

810
00:45:12,480 --> 00:45:15,920
Speaker 1: advisors very well educated on it. You know, the second

811
00:45:16,040 --> 00:45:19,040
Speaker 1: there's action could actually be taken. And that's you know,

812
00:45:19,239 --> 00:45:22,360
Speaker 1: indirectly what I was talking about earlier, being super proactive,

813
00:45:22,480 --> 00:45:25,359
Speaker 1: you know, with our with our relationships, thinking about things

814
00:45:25,400 --> 00:45:27,600
Speaker 1: that you know a lot of people aren't thinking about.

815
00:45:28,239 --> 00:45:31,560
Speaker 1: I could tell pretty much the exact same story about

816
00:45:31,680 --> 00:45:38,200
Speaker 1: the non advisor related businesses and our our thought process,

817
00:45:38,320 --> 00:45:41,080
Speaker 1: my thought process, and this has evolved. Yeah, and this

818
00:45:41,320 --> 00:45:43,600
Speaker 1: is the pot shots where oh, you're taking money from

819
00:45:43,640 --> 00:45:47,240
Speaker 1: somebody else. And again I want to know the people

820
00:45:47,280 --> 00:45:51,080
Speaker 1: taking the shots. Why is one family's employment more important

821
00:45:51,080 --> 00:45:54,560
Speaker 1: than another family employment? You know, that's really what they're saying,

822
00:45:54,840 --> 00:45:57,640
Speaker 1: is we we want to pick and choose, you know,

823
00:45:57,840 --> 00:45:59,759
Speaker 1: the fan, the fan and all these are people making

824
00:46:00,040 --> 00:46:04,680
Speaker 1: us in a hundred thousand dollars a year rules rule,

825
00:46:04,800 --> 00:46:08,160
Speaker 1: those are rules. We are faced with another dilemma this fall.

826
00:46:08,440 --> 00:46:10,799
Speaker 1: We have, UM, we have you know how this works.

827
00:46:10,840 --> 00:46:14,600
Speaker 1: We contractually committed for a large conference, the Falling Omaha.

828
00:46:15,120 --> 00:46:18,000
Speaker 1: We've got five hundred hotel rooms that were on the

829
00:46:18,080 --> 00:46:22,439
Speaker 1: hook for because social distancing. We don't have enough room

830
00:46:23,000 --> 00:46:27,399
Speaker 1: to bring people in and actually to consume all those rooms.

831
00:46:27,440 --> 00:46:29,000
Speaker 1: So guess who gets to write a check for that.

832
00:46:29,520 --> 00:46:33,279
Speaker 1: It's amazing to think that. And it's that's before this

833
00:46:33,640 --> 00:46:36,720
Speaker 1: the second wave comes in. What we're dealing with today,

834
00:46:37,040 --> 00:46:40,360
Speaker 1: and especially along the Sun Belt has been a spike

835
00:46:40,600 --> 00:46:43,480
Speaker 1: in infections that's still part of that first wave. This

836
00:46:43,600 --> 00:46:45,920
Speaker 1: is this isn't even the second wave. I don't think

837
00:46:45,960 --> 00:46:48,520
Speaker 1: this thing is done by any threat of the imagination,

838
00:46:48,800 --> 00:46:50,399
Speaker 1: you know, I think it could. I think it should

839
00:46:50,400 --> 00:46:52,319
Speaker 1: have been anibled a lot differently. I think we should

840
00:46:52,320 --> 00:46:56,040
Speaker 1: have quarantined those that were high risk that you know,

841
00:46:56,160 --> 00:46:58,560
Speaker 1: to put to do what we did to our economy,

842
00:46:58,920 --> 00:47:02,320
Speaker 1: you know, And of course you know Monday marking, Monday

843
00:47:02,360 --> 00:47:06,960
Speaker 1: morning quarterbacking is great. UM, and and hey, our leaders,

844
00:47:07,120 --> 00:47:09,279
Speaker 1: this was an unknown you know, we still don't know,

845
00:47:09,520 --> 00:47:11,840
Speaker 1: you know, the full ramifications of the of how this

846
00:47:11,920 --> 00:47:15,200
Speaker 1: will impact our society for many years to come. If

847
00:47:15,280 --> 00:47:19,160
Speaker 1: you look at places like Germany and Switzerland and New Zealand's,

848
00:47:19,640 --> 00:47:22,080
Speaker 1: they seem to have come up with the right balance

849
00:47:22,560 --> 00:47:25,600
Speaker 1: that were very aggressive, not only with quarantining but with

850
00:47:25,920 --> 00:47:31,400
Speaker 1: testing and contact tracing, and our numbers are still you know,

851
00:47:32,320 --> 00:47:34,759
Speaker 1: not going down the way they should. At least the

852
00:47:34,840 --> 00:47:38,759
Speaker 1: mortality rate has improved. The number of people who are

853
00:47:38,880 --> 00:47:42,200
Speaker 1: dying from this is you know, it's ticking up more

854
00:47:42,239 --> 00:47:45,360
Speaker 1: slowly than it was. It's not accelerating, but it certainly

855
00:47:45,440 --> 00:47:48,200
Speaker 1: seems like more and more people continue to get infected

856
00:47:49,000 --> 00:47:52,840
Speaker 1: every day, especially if you back out the early states,

857
00:47:52,880 --> 00:47:57,000
Speaker 1: back out Washington State, New York, Connecticut, New Jersey. The

858
00:47:57,080 --> 00:47:59,600
Speaker 1: rest of the country ain't looking so hot these days.

859
00:48:00,320 --> 00:48:04,560
Speaker 1: I agree. I mean, we've been fortunate in Nebraska, um

860
00:48:05,160 --> 00:48:07,239
Speaker 1: and you know, we got I still go up to

861
00:48:07,320 --> 00:48:10,520
Speaker 1: our family's farm pretty much every weekend, and the whole

862
00:48:10,600 --> 00:48:13,120
Speaker 1: county up there has five cases. I mean, then you've

863
00:48:13,120 --> 00:48:15,680
Speaker 1: got to drive, you know, two miles to see another person.

864
00:48:15,880 --> 00:48:19,200
Speaker 1: So it's been nice having yeah, we've been. We we

865
00:48:19,360 --> 00:48:22,320
Speaker 1: social distance our whole lives. When we're up there, we

866
00:48:22,360 --> 00:48:25,400
Speaker 1: don't even know what we were doing. That's right. But

867
00:48:25,600 --> 00:48:27,800
Speaker 1: before we get to us being around, there's a couple

868
00:48:27,840 --> 00:48:30,960
Speaker 1: of questions I missed during the broadcast portion that I

869
00:48:31,040 --> 00:48:34,719
Speaker 1: have to ask you, one of which is what's a

870
00:48:34,840 --> 00:48:37,040
Speaker 1: day in the life of Ron Carson looked like, how

871
00:48:37,080 --> 00:48:40,319
Speaker 1: do you spend your time? Every day? So? I get

872
00:48:40,400 --> 00:48:44,600
Speaker 1: up super early. I typically, UM, get up somewhere between

873
00:48:44,640 --> 00:48:47,840
Speaker 1: four and four thirty in the morning. UM. I love

874
00:48:48,080 --> 00:48:51,440
Speaker 1: my morning coffee. So I get my car, put the dogs,

875
00:48:51,680 --> 00:48:54,520
Speaker 1: get my coffee, I catch I read. I love to read.

876
00:48:54,640 --> 00:48:58,040
Speaker 1: I read, I think, I meditate, I do a little

877
00:48:58,040 --> 00:49:01,879
Speaker 1: bit of breathwork, um, and then I work out, um.

878
00:49:02,360 --> 00:49:06,239
Speaker 1: And then I move into you know, I've got meetings, um.

879
00:49:07,239 --> 00:49:10,520
Speaker 1: You know pretty much you know, throughout throughout the day, um,

880
00:49:11,000 --> 00:49:14,000
Speaker 1: and then the evening is. I'm so lucky. I have

881
00:49:14,120 --> 00:49:17,359
Speaker 1: my kids. I have one daughter lives five minutes north

882
00:49:17,400 --> 00:49:19,640
Speaker 1: of me, and other daughter that lives four minutes west

883
00:49:19,719 --> 00:49:21,759
Speaker 1: of me. I have a grandchild. I have another one

884
00:49:21,800 --> 00:49:24,239
Speaker 1: on the way. It's got a son who just graduated,

885
00:49:24,280 --> 00:49:27,160
Speaker 1: who lives about fifteen minutes east of it, and so

886
00:49:27,520 --> 00:49:30,239
Speaker 1: you know, we're spending time with family and uh and

887
00:49:30,680 --> 00:49:33,359
Speaker 1: and I normally sound asleep by ten o'clock at night,

888
00:49:33,920 --> 00:49:36,719
Speaker 1: So it's uh and I and I gotta tell you

889
00:49:37,080 --> 00:49:40,000
Speaker 1: I love you know. I've got my life to where

890
00:49:40,640 --> 00:49:43,040
Speaker 1: I get to spend my life doing things I love

891
00:49:43,160 --> 00:49:46,400
Speaker 1: to do very versus the things I have to do.

892
00:49:46,600 --> 00:49:48,560
Speaker 1: And I can just hear it in your voice. I mean,

893
00:49:48,840 --> 00:49:53,919
Speaker 1: you're you're a man of passion and uh and it's

894
00:49:53,960 --> 00:49:57,480
Speaker 1: just you know, it's it's I get out every day, um,

895
00:49:57,840 --> 00:50:00,759
Speaker 1: with a ton of enthusiasm and I people, hey, do

896
00:50:00,800 --> 00:50:03,000
Speaker 1: you start getting the snooze button and you hit up

897
00:50:03,000 --> 00:50:07,000
Speaker 1: more than twice, something's wrong. You've got cancer developing on

898
00:50:07,120 --> 00:50:11,160
Speaker 1: your enthusiasm. So, you know, reorganize your life and your

899
00:50:11,239 --> 00:50:13,080
Speaker 1: day to where you can't wait to get out of

900
00:50:13,120 --> 00:50:16,520
Speaker 1: bed and and get started with today. I totally agree.

901
00:50:16,520 --> 00:50:19,400
Speaker 1: And I'm gonna horrify you a little bit, snooze button.

902
00:50:19,840 --> 00:50:22,000
Speaker 1: If you're still using an alarm clock, you need to

903
00:50:22,160 --> 00:50:25,839
Speaker 1: change your lifestyle. But that's a whole nother conversation. Um

904
00:50:26,120 --> 00:50:30,000
Speaker 1: the phone metaphorically of my alarm plots, my iPhones. Yeah,

905
00:50:30,880 --> 00:50:33,440
Speaker 1: I'm fond of saying this podcast is the most fun

906
00:50:33,480 --> 00:50:36,240
Speaker 1: I have a week. But it's a pretty high steady steak.

907
00:50:36,360 --> 00:50:39,160
Speaker 1: This is this is just the peak of it. Um.

908
00:50:39,280 --> 00:50:43,160
Speaker 1: And speaking of podcasts, tell me about the Framework podcast.

909
00:50:43,400 --> 00:50:46,160
Speaker 1: Is this a new venture for you guys? What are

910
00:50:46,200 --> 00:50:49,280
Speaker 1: you doing with that? It is brand new. Jamie Hopkins

911
00:50:49,640 --> 00:50:52,360
Speaker 1: Um who joined us you know about a year and

912
00:50:52,360 --> 00:50:56,640
Speaker 1: a half Agou is running that and very there's so

913
00:50:56,880 --> 00:51:00,320
Speaker 1: many podcasts out there that it's like, oh my gosh,

914
00:51:00,440 --> 00:51:02,799
Speaker 1: is a really room for another podcast. And he's done

915
00:51:02,880 --> 00:51:06,200
Speaker 1: such a great uh job with it. You know, he's

916
00:51:06,200 --> 00:51:09,160
Speaker 1: had really an eclectic group. We just had Ashton Kutcher

917
00:51:09,440 --> 00:51:12,520
Speaker 1: on who um genie and I got to know Ashton

918
00:51:12,560 --> 00:51:15,719
Speaker 1: Amila through um our. We belong to a thing called

919
00:51:15,800 --> 00:51:19,840
Speaker 1: the Reserve out in Napa Valley and his technology knowledge

920
00:51:19,920 --> 00:51:22,839
Speaker 1: and they're very much philanthropist. We had just had them

921
00:51:22,880 --> 00:51:26,680
Speaker 1: on talking about Thorn, you know, their their company and

922
00:51:26,760 --> 00:51:30,440
Speaker 1: technology about you know, stopping you know, child sex trafficking.

923
00:51:31,000 --> 00:51:33,640
Speaker 1: But then also he's a tech genius. And then all

924
00:51:33,680 --> 00:51:37,480
Speaker 1: the way over to Tyrone Ross you know, very successful

925
00:51:38,160 --> 00:51:43,240
Speaker 1: um you know advisor and he like and I'm listening

926
00:51:43,239 --> 00:51:45,640
Speaker 1: to podcasts, I'm going man, I learned some stuff I

927
00:51:45,719 --> 00:51:48,640
Speaker 1: didn't know and uh, and it's and he had his

928
00:51:48,880 --> 00:51:52,319
Speaker 1: you know, Jamie was playing with Michael Felt and had

929
00:51:52,600 --> 00:51:55,440
Speaker 1: his his coach on and and I learned something there.

930
00:51:55,440 --> 00:51:57,439
Speaker 1: It's like they never took a day off for five

931
00:51:57,520 --> 00:51:59,360
Speaker 1: years in training, where everybody says, oh, you need to

932
00:51:59,400 --> 00:52:02,399
Speaker 1: take time off to rest. So it's YEA framework has

933
00:52:02,440 --> 00:52:06,800
Speaker 1: been awesome. It's not around financial services, it's around interesting topics.

934
00:52:07,480 --> 00:52:10,920
Speaker 1: And Jamie's getting getting a pretty decent following fairly fast

935
00:52:11,360 --> 00:52:13,399
Speaker 1: with it. I love that. I love that. And then

936
00:52:13,760 --> 00:52:15,560
Speaker 1: the last thing I want to ask you before we

937
00:52:15,640 --> 00:52:19,560
Speaker 1: get to the speed round is about your philanthropic efforts.

938
00:52:19,600 --> 00:52:21,759
Speaker 1: I know you and your wife have a number of

939
00:52:21,840 --> 00:52:25,640
Speaker 1: different projects underway. Tell us what you do when you

940
00:52:25,760 --> 00:52:31,000
Speaker 1: want to spread some some happiness and some inspiration for people. Yeah,

941
00:52:31,120 --> 00:52:33,840
Speaker 1: so we decided early on that we were going to

942
00:52:33,960 --> 00:52:37,840
Speaker 1: leave our kids much money. I've seen just the flip

943
00:52:37,880 --> 00:52:39,920
Speaker 1: side of that and how awful it can be. And

944
00:52:40,000 --> 00:52:43,720
Speaker 1: by the way our kids have celebrated it and with pride,

945
00:52:43,880 --> 00:52:46,760
Speaker 1: you know, they know they're gonna I'll take a quote

946
00:52:46,760 --> 00:52:48,839
Speaker 1: from Warren Buffett, We're gonna give our kids enough they

947
00:52:48,880 --> 00:52:51,280
Speaker 1: can do anything. But not so much. They can do nothing,

948
00:52:51,880 --> 00:52:54,400
Speaker 1: and the rest is going to our charitable foundation. And

949
00:52:54,480 --> 00:52:55,960
Speaker 1: Jeanie and I are like, well, let's be giving it

950
00:52:56,000 --> 00:52:59,120
Speaker 1: away while we're alive. And we started a foundation called

951
00:52:59,200 --> 00:53:02,120
Speaker 1: dream Weaver where we do end of life dreams for

952
00:53:02,239 --> 00:53:08,800
Speaker 1: the terminate, ill, financially unfortunate elderly. That's been tremendous. We

953
00:53:09,160 --> 00:53:13,160
Speaker 1: were now funding some projects in the Dominican Republic around

954
00:53:13,400 --> 00:53:16,760
Speaker 1: coral restoration. Anybody that wants to know more about coral,

955
00:53:16,800 --> 00:53:20,640
Speaker 1: there's a great Netflix documentary called Chasing Coral. But it's

956
00:53:20,680 --> 00:53:24,240
Speaker 1: a crisis and our ability to feed the world Carson.

957
00:53:24,440 --> 00:53:27,960
Speaker 1: We have UM three schools in Africa that we're feeding,

958
00:53:28,080 --> 00:53:32,520
Speaker 1: We're help We're involved with Scott Harrison's charity water UM.

959
00:53:32,560 --> 00:53:35,080
Speaker 1: We're giving you know, over twelve hundred people a day,

960
00:53:35,400 --> 00:53:38,040
Speaker 1: you know, fresh water from from Will's well. As we've

961
00:53:38,120 --> 00:53:41,440
Speaker 1: driven but we're just getting started Bury. I mean, we

962
00:53:42,040 --> 00:53:45,520
Speaker 1: as an organization UM really want to have impact and

963
00:53:46,200 --> 00:53:48,279
Speaker 1: and we're looking for more and more ways, you know,

964
00:53:48,440 --> 00:53:51,800
Speaker 1: to to help people. And I personally believe private enterprise

965
00:53:52,280 --> 00:53:54,440
Speaker 1: can do a much better job than the government can,

966
00:53:54,960 --> 00:53:56,960
Speaker 1: you know, and figuring out who needs it and being

967
00:53:57,040 --> 00:54:00,440
Speaker 1: very efficient and trying to deliver your needs. UM for

968
00:54:00,600 --> 00:54:06,160
Speaker 1: causes that that can can very efficiently invested. Quite interesting,

969
00:54:06,280 --> 00:54:09,680
Speaker 1: So let's jump to our speed rounds. Although we should

970
00:54:09,719 --> 00:54:12,680
Speaker 1: feel no time pressure. You can answer these um as

971
00:54:12,760 --> 00:54:16,320
Speaker 1: quickly or not as you like. You mentioned that Netflix

972
00:54:16,400 --> 00:54:19,920
Speaker 1: documentary about Coral. What are you streaming these days? Give

973
00:54:20,040 --> 00:54:22,880
Speaker 1: us your favorite Netflix or Amazon Prime Video? What are

974
00:54:22,920 --> 00:54:27,160
Speaker 1: you podcasting, listening to, etcetera. I love Joe Rogan, so

975
00:54:27,320 --> 00:54:31,000
Speaker 1: I listened to this podcast all the time with our

976
00:54:31,080 --> 00:54:34,000
Speaker 1: kids being out of the house. Janie and I we

977
00:54:34,680 --> 00:54:37,840
Speaker 1: just got through watching the Michael Jordan's The Last Dance.

978
00:54:38,320 --> 00:54:42,240
Speaker 1: That would be fantastic and we're good, um Avid readers,

979
00:54:42,400 --> 00:54:45,919
Speaker 1: and I'm reading UM The Tattoo Us of Auschwitz, which

980
00:54:46,040 --> 00:54:50,600
Speaker 1: is really really good right now Essentialism, which is another

981
00:54:50,680 --> 00:54:54,120
Speaker 1: great book UH that I love and UM and I

982
00:54:54,680 --> 00:54:57,520
Speaker 1: I spent a lot of time going on walks and heights.

983
00:54:57,560 --> 00:55:02,480
Speaker 1: I think most high functioning creative people can can gain

984
00:55:02,520 --> 00:55:05,320
Speaker 1: a lot by just going and not having anything, just

985
00:55:05,560 --> 00:55:08,680
Speaker 1: letting your mind go to wherever it goes. Then, UM,

986
00:55:08,800 --> 00:55:11,719
Speaker 1: Carson Partners was actually born on a hike. I'm trying

987
00:55:11,760 --> 00:55:15,040
Speaker 1: to summit all of the fourteen thousand foot peaks in

988
00:55:15,120 --> 00:55:17,400
Speaker 1: the US Berry and a lot of them I've done alone.

989
00:55:17,880 --> 00:55:20,000
Speaker 1: I've been fifty seven. I have twelve left. I got

990
00:55:20,080 --> 00:55:22,080
Speaker 1: to get a knee replacement before I can finish out.

991
00:55:22,160 --> 00:55:25,480
Speaker 1: But some of my best ideas have come on these,

992
00:55:25,920 --> 00:55:28,560
Speaker 1: on these, you know, several day mountain expeditions. You know

993
00:55:28,680 --> 00:55:32,680
Speaker 1: that I've gone on. You've done fifty seven fourteen thousand

994
00:55:32,880 --> 00:55:36,120
Speaker 1: foot peaks. Is that what I heard you say? And

995
00:55:36,200 --> 00:55:38,520
Speaker 1: it only cost you one knee? That's a fair trade.

996
00:55:39,120 --> 00:55:41,680
Speaker 1: Well cost me both, but I got to get the

997
00:55:41,760 --> 00:55:44,879
Speaker 1: other one fixed soon. Here COVID I supposed to haven't

998
00:55:44,880 --> 00:55:47,560
Speaker 1: done in March, but COVID hit and that didn't happen.

999
00:55:48,080 --> 00:55:51,800
Speaker 1: So let's talk about your mentors, who influenced your career,

1000
00:55:52,040 --> 00:55:55,640
Speaker 1: who helped make you into the run. Carson, we know

1001
00:55:55,800 --> 00:55:59,440
Speaker 1: today my mom and dad, My mom um growing up,

1002
00:55:59,520 --> 00:56:03,359
Speaker 1: My dad, hard worker, hard farmer, farmer. My mom though

1003
00:56:04,120 --> 00:56:06,239
Speaker 1: she was Ronnie, you can do anything you want to do.

1004
00:56:06,360 --> 00:56:09,120
Speaker 1: I mean, this is being a kid. She had me

1005
00:56:09,239 --> 00:56:11,400
Speaker 1: convinced if I wanted to be the President United States,

1006
00:56:11,440 --> 00:56:13,880
Speaker 1: that was gonna be it. And and uh, and she

1007
00:56:14,200 --> 00:56:17,520
Speaker 1: encouraged me on any any businesses that I ever wanted

1008
00:56:17,560 --> 00:56:20,000
Speaker 1: to do or start, and she was my partner. UM

1009
00:56:20,080 --> 00:56:23,640
Speaker 1: A lot of times she's passed away, um five years

1010
00:56:23,680 --> 00:56:27,920
Speaker 1: ago Mother's Day. And then I, um, I got to

1011
00:56:28,000 --> 00:56:30,640
Speaker 1: know a warm buffet here in town back when I

1012
00:56:30,760 --> 00:56:33,560
Speaker 1: was a business editor and and his nephew was in

1013
00:56:33,640 --> 00:56:36,680
Speaker 1: a YPO forum with me, and you know, just his

1014
00:56:37,200 --> 00:56:40,640
Speaker 1: his you know, wisdom and advice. And and then there's

1015
00:56:40,680 --> 00:56:44,279
Speaker 1: a gentleman here in Omaha, you know, self made billion billionaire,

1016
00:56:44,480 --> 00:56:47,359
Speaker 1: you know Howard Hawks who really started as business later

1017
00:56:47,440 --> 00:56:50,840
Speaker 1: in life. UM, just really gave me a lot of

1018
00:56:50,920 --> 00:56:54,520
Speaker 1: great advice growing up, uh in the business. And but

1019
00:56:54,680 --> 00:56:58,120
Speaker 1: ultimately it's my partners too, in my my coaching group.

1020
00:56:58,360 --> 00:57:01,600
Speaker 1: I mean you, if you have an open mind and

1021
00:57:01,719 --> 00:57:04,920
Speaker 1: you take the philosophy that you know, the older I get,

1022
00:57:04,960 --> 00:57:07,040
Speaker 1: the less I know. And I don't defend what I

1023
00:57:07,120 --> 00:57:09,760
Speaker 1: know and what I'm comfortable with, but embrace the unknown.

1024
00:57:10,280 --> 00:57:13,640
Speaker 1: You will learn something new every single day of your life.

1025
00:57:14,160 --> 00:57:16,280
Speaker 1: And a lot of it's very useful. I call it

1026
00:57:16,440 --> 00:57:21,200
Speaker 1: custal cool and useful information. Custal information. UM, as long

1027
00:57:21,280 --> 00:57:23,760
Speaker 1: as you don't think you've arrived or you've figured it

1028
00:57:23,840 --> 00:57:26,280
Speaker 1: all out. I love that there's a poster with an

1029
00:57:26,320 --> 00:57:28,720
Speaker 1: eight scratching his head. It's as soon as I figured

1030
00:57:28,760 --> 00:57:31,800
Speaker 1: out the answer, as they changed all the questions. And

1031
00:57:32,200 --> 00:57:35,440
Speaker 1: that's so true. You know that, Uh, the questions are

1032
00:57:35,520 --> 00:57:38,000
Speaker 1: changing rapidly. So one of these days I'm going to

1033
00:57:38,080 --> 00:57:41,080
Speaker 1: have to lean on a favor and and my collection

1034
00:57:41,160 --> 00:57:45,280
Speaker 1: of podcasts will be incomplete until I get Warren Buffett

1035
00:57:45,840 --> 00:57:49,560
Speaker 1: under or Charlie Manger under my belt. I don't suspect

1036
00:57:49,600 --> 00:57:52,680
Speaker 1: that's gonna happen anytime soon, given the lockdown. I think

1037
00:57:52,720 --> 00:57:55,720
Speaker 1: I sent them a snail mail about five years ago

1038
00:57:55,760 --> 00:57:57,480
Speaker 1: and I never heard back from them, but it was

1039
00:57:57,520 --> 00:58:01,000
Speaker 1: still early days. I should probably follow up again. You

1040
00:58:01,160 --> 00:58:04,360
Speaker 1: mentioned a couple of books earlier that you're reading. Now,

1041
00:58:05,280 --> 00:58:08,400
Speaker 1: what about books you recommend to people who say, Hey,

1042
00:58:08,480 --> 00:58:11,600
Speaker 1: I want to learn more about investing, finance, the economy.

1043
00:58:11,960 --> 00:58:14,640
Speaker 1: What books do you recommend for those people? You know,

1044
00:58:14,960 --> 00:58:18,240
Speaker 1: I really have never read any of those books, very

1045
00:58:18,320 --> 00:58:22,760
Speaker 1: attentive because and here's here's why. I mean, I've read

1046
00:58:22,840 --> 00:58:26,120
Speaker 1: I've read a handful of them, but I'm a little

1047
00:58:26,280 --> 00:58:29,640
Speaker 1: different in my beliefs, and that is this is that

1048
00:58:30,440 --> 00:58:33,920
Speaker 1: most people are trying to find a silver bullet of

1049
00:58:34,040 --> 00:58:38,520
Speaker 1: investing and they're just it doesn't exist. And and the

1050
00:58:38,640 --> 00:58:42,600
Speaker 1: silver bullet is is that if you stick to a

1051
00:58:42,760 --> 00:58:46,360
Speaker 1: plan and you get your risk budget right, you can

1052
00:58:46,440 --> 00:58:50,160
Speaker 1: be successful with deep value. You can be successful with

1053
00:58:50,360 --> 00:58:53,800
Speaker 1: momentum growth. You can be successful with passive you can

1054
00:58:53,840 --> 00:58:59,280
Speaker 1: be successful EPs with mutual funds. But as soon as

1055
00:58:59,320 --> 00:59:02,880
Speaker 1: you start reading this book, and then you read that book,

1056
00:59:02,920 --> 00:59:06,200
Speaker 1: and then you get distracted and you think that you've

1057
00:59:06,240 --> 00:59:09,800
Speaker 1: got something that's a black box, I mean, trying to happen,

1058
00:59:09,880 --> 00:59:13,640
Speaker 1: to have it happened in a hurry berry just doesn't happen.

1059
00:59:13,880 --> 00:59:17,280
Speaker 1: And my nearly forty years in this business, the clients

1060
00:59:17,320 --> 00:59:21,560
Speaker 1: that have followed a plan not gotten emotional. They got

1061
00:59:21,720 --> 00:59:26,160
Speaker 1: more wealth and they could possibly spent in ten lifetimes.

1062
00:59:26,800 --> 00:59:29,280
Speaker 1: But I've had those clients that are always chasing the

1063
00:59:29,400 --> 00:59:32,160
Speaker 1: hot dot, or they read this or that book. I mean,

1064
00:59:32,280 --> 00:59:38,080
Speaker 1: I liked um Unexpected Returns um uh, you know the

1065
00:59:38,400 --> 00:59:41,720
Speaker 1: Value Investor UM. I mean, I've probably read you know,

1066
00:59:41,840 --> 00:59:44,680
Speaker 1: twenty books over the years, but I really hesitate to

1067
00:59:44,800 --> 00:59:47,960
Speaker 1: give a book to say this is this is really

1068
00:59:48,040 --> 00:59:50,680
Speaker 1: what you which, which you really ought to follow, because

1069
00:59:50,800 --> 00:59:54,800
Speaker 1: it's the consumer behavior that's gonna drive their success, not

1070
00:59:54,960 --> 00:59:57,560
Speaker 1: what the market does or when not not, what investment

1071
00:59:57,600 --> 01:00:00,560
Speaker 1: philosophy they have. So just recommend think being fast and

1072
01:00:00,640 --> 01:00:06,760
Speaker 1: Slow by Danny Kahneman and that'll scare them off everything else. Um. So,

1073
01:00:07,120 --> 01:00:09,320
Speaker 1: so what sort of advice would you give to a

1074
01:00:09,480 --> 01:00:12,400
Speaker 1: recent college grad who came to you and said, Hey,

1075
01:00:12,440 --> 01:00:15,720
Speaker 1: I'm thinking about a career in finance. What would you

1076
01:00:15,800 --> 01:00:18,439
Speaker 1: tell them? I had this conversation yesterday, and I try

1077
01:00:18,480 --> 01:00:21,680
Speaker 1: to have them, um any day I can, because I'm

1078
01:00:21,800 --> 01:00:23,520
Speaker 1: lated and I have kids reach out to me all

1079
01:00:23,560 --> 01:00:26,120
Speaker 1: the time, and I tell them this is the the

1080
01:00:26,400 --> 01:00:29,400
Speaker 1: best time to get into financial service. I said, you

1081
01:00:29,480 --> 01:00:33,000
Speaker 1: don't realize that, but you've won five powerballs And they're like,

1082
01:00:33,120 --> 01:00:34,760
Speaker 1: what are you talking about? And I said, well, let's

1083
01:00:34,800 --> 01:00:36,960
Speaker 1: just let's just count them up here. First of all,

1084
01:00:37,000 --> 01:00:39,600
Speaker 1: you're a mammal. Do you know what the odds are

1085
01:00:39,680 --> 01:00:42,400
Speaker 1: for you to be a mammal? And then you're a human,

1086
01:00:43,320 --> 01:00:46,480
Speaker 1: And then you're in the United States of America and

1087
01:00:46,680 --> 01:00:52,720
Speaker 1: financial services if you choose at the most disruptive time possible,

1088
01:00:52,880 --> 01:00:56,000
Speaker 1: every single relationship is in play because consumers are starting

1089
01:00:56,040 --> 01:00:58,440
Speaker 1: to look and say, am I getting a return on

1090
01:00:58,520 --> 01:01:01,480
Speaker 1: the investment I'm making? And I and I and I

1091
01:01:01,520 --> 01:01:03,240
Speaker 1: give them the stat that we're going to have a

1092
01:01:03,400 --> 01:01:06,320
Speaker 1: huge capacity issue because we're don't we don't have enough

1093
01:01:06,360 --> 01:01:10,800
Speaker 1: financial advisor. And it couldn't be a more powerful, powerful

1094
01:01:11,280 --> 01:01:14,400
Speaker 1: hill win. But do it right. Don't go to the wires,

1095
01:01:14,480 --> 01:01:17,160
Speaker 1: don't go to the brokers. Go find an r I

1096
01:01:17,320 --> 01:01:21,280
Speaker 1: A that really is mission focused, that's not building it

1097
01:01:21,440 --> 01:01:26,040
Speaker 1: to sell it. That is really about being a consumer advocate,

1098
01:01:26,760 --> 01:01:29,600
Speaker 1: and you will do incredibly well. And by the way,

1099
01:01:30,000 --> 01:01:33,600
Speaker 1: when you prove your worth, negotiate a way to participate

1100
01:01:34,200 --> 01:01:37,400
Speaker 1: in equity. You know, in that way. That way you

1101
01:01:37,440 --> 01:01:39,640
Speaker 1: won't have to make it. Don't don't move around a lot,

1102
01:01:39,760 --> 01:01:43,200
Speaker 1: You'll find a place, stick with it, and and don't

1103
01:01:43,240 --> 01:01:46,120
Speaker 1: be afraid to ask, you know, for equity at some point,

1104
01:01:46,400 --> 01:01:49,800
Speaker 1: you know, in the in your relationship. Good answer. And

1105
01:01:49,920 --> 01:01:52,880
Speaker 1: now our final question, what do you know about the

1106
01:01:52,960 --> 01:01:56,960
Speaker 1: world of investing today that you wish you knew back

1107
01:01:58,200 --> 01:02:01,840
Speaker 1: when you were first getting started. I wish I knew

1108
01:02:02,120 --> 01:02:06,080
Speaker 1: my own advice because early on I was doing commodity sutures.

1109
01:02:06,200 --> 01:02:07,320
Speaker 1: I mean, this is the stuff I was doing on

1110
01:02:07,400 --> 01:02:10,680
Speaker 1: my own account, Barry, And I mean I actually had

1111
01:02:10,760 --> 01:02:13,600
Speaker 1: cattle delivered to me, you know, I never realized that

1112
01:02:13,680 --> 01:02:16,880
Speaker 1: a paper contract could turn into real cattle. And I

1113
01:02:17,080 --> 01:02:21,480
Speaker 1: went through that. Um I if someone would have said,

1114
01:02:21,600 --> 01:02:25,640
Speaker 1: run American businesses are like a yo yo going up

1115
01:02:25,680 --> 01:02:28,520
Speaker 1: a flight of stairs. You know, the market kind of fluctuate,

1116
01:02:28,760 --> 01:02:31,480
Speaker 1: you know, short term. I love what Buffett says. He says,

1117
01:02:31,520 --> 01:02:35,680
Speaker 1: our markets are capital relocation centers. They relocate well from

1118
01:02:35,720 --> 01:02:39,360
Speaker 1: me in patient to the patient. And I and my

1119
01:02:39,480 --> 01:02:41,800
Speaker 1: own take on that is they relocate well from those

1120
01:02:41,880 --> 01:02:44,640
Speaker 1: that have a plan from those that don't have a plan.

1121
01:02:45,120 --> 01:02:48,160
Speaker 1: And I wish earlier I would have figured that out

1122
01:02:48,520 --> 01:02:51,680
Speaker 1: for myself so I could then apply that to clients

1123
01:02:52,400 --> 01:02:57,040
Speaker 1: and uh and investor behavior will dictate your success, not

1124
01:02:57,240 --> 01:02:59,840
Speaker 1: what the market does, because you know, Barry, there's always

1125
01:03:00,160 --> 01:03:02,440
Speaker 1: that to make money regardless of what's going on in

1126
01:03:02,480 --> 01:03:05,280
Speaker 1: the market. Thanks Ron for being so generous with your time.

1127
01:03:05,520 --> 01:03:08,880
Speaker 1: We have been speaking with Ron Carson, founder and CEO

1128
01:03:09,000 --> 01:03:12,720
Speaker 1: of the Carson Group. If you enjoy this conversation, well

1129
01:03:12,880 --> 01:03:14,600
Speaker 1: be sure to look up an incher down an inch

1130
01:03:14,680 --> 01:03:17,240
Speaker 1: on Apple iTunes and you could see any of the

1131
01:03:17,320 --> 01:03:21,880
Speaker 1: previous three D plus conversations we've done over the past. Wow,

1132
01:03:22,080 --> 01:03:25,320
Speaker 1: six years, that's a long time. You can also find

1133
01:03:25,440 --> 01:03:30,720
Speaker 1: us at any of your favorite podcast hosts, Spotify, Overcast, Stitcher,

1134
01:03:30,960 --> 01:03:34,200
Speaker 1: wherever finer podcasts are sold. You can check out my

1135
01:03:34,320 --> 01:03:38,640
Speaker 1: weekly column on Bloomberg dot com slash Opinion, follow me

1136
01:03:38,720 --> 01:03:41,920
Speaker 1: on Twitter at rit Halts, sign up for our daily

1137
01:03:42,040 --> 01:03:45,200
Speaker 1: reads at rit Halts dot com. I would be remiss

1138
01:03:45,280 --> 01:03:47,520
Speaker 1: if I did not thank the crack staff that helps

1139
01:03:47,600 --> 01:03:52,560
Speaker 1: put this conversation together each week. Michael Boyle is my producer.

1140
01:03:52,920 --> 01:03:56,680
Speaker 1: Maroufle is our audio engineer. Michael pat Nick is my

1141
01:03:56,760 --> 01:04:00,160
Speaker 1: head of research. Attica Valve Run is our project manage Here.

1142
01:04:00,600 --> 01:04:04,080
Speaker 1: I'm Barry Hults. You've been listening to Masters in Business

1143
01:04:04,480 --> 01:04:05,640
Speaker 1: on Bloomberg Radio