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Speaker 1: Global business news twenty four hours a day. If Bloomberg

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Speaker 1: dot com the radio plus mobile last and on your radio.

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Speaker 1: This is a Bloomberg Business Flash from Bloomberg World Handquarters.

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Speaker 1: I'm Charlie. Pelett's stocks are slipping from near record levels

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Speaker 1: after European Central Bank President Mario Draggy downplayed the need

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Speaker 1: for more stimulus measures to bolster growth. Apple weighing on

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Speaker 1: stocks falling the most in two months, a day after

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Speaker 1: the introduction of its latest iPhone. Apple is down now

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Speaker 1: by two point seven percent. The SMP five hundred index

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Speaker 1: down four one to drop there of two tents of

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Speaker 1: one percent down, Industrials down forty six, a decline of

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Speaker 1: three tents of one percent, and nastank is down twenty

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Speaker 1: three points, a drop of five tents of one percent.

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Speaker 1: The ten ure down twenty thirty seconds, with the yield

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Speaker 1: of one point six one percent. Gold down seven ninety

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Speaker 1: renounced the thirteen thirty seven, a drop there of six

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Speaker 1: tents of one percent. Crude oil surging four point three

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Speaker 1: percent that after the inventories report up a dollar ninety

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Speaker 1: four a barrel forty forty four right now on West

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Speaker 1: Texas enemy the a crude I'm Charlie Tellerton. That's a

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Speaker 1: Bloomberg business flash. You're listening to taking Stock with Bim

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Speaker 1: Box and Jatholeen Hayes on Bloomberg Radio. What would you

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Speaker 1: do if you fired yourself? Would you rehire yourself? Well,

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Speaker 1: let's find out a little bit more from Elliott Wis Blooth.

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Speaker 1: He is the founder and the chief executive High Tower Advisors,

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Speaker 1: helping to manage over thirty billion dollars in assets for clients.

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Speaker 1: He's based in Chicago, but he joins us here at

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Speaker 1: Bloomberg World Headquarters in New York. Elliott, thanks for being here.

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Speaker 1: Good to see you. I mentioned this idea of hiring

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Speaker 1: and firing yourself because I know that is something that

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Speaker 1: you do every year. Explain what it is this means.

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Speaker 1: So I have to give full credit to the inspiration.

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Speaker 1: Andy Grove at Intel is famous for this technique that

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Speaker 1: he did with his management team, and I've adopted it

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Speaker 1: and made it pretty personal and adopted it on the team.

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Speaker 1: And the general idea is that you can't get to

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Speaker 1: a state of mind where you can forgive yourself for

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Speaker 1: all the things you did wrong the year before unless

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Speaker 1: you actually fire yourself. Have a candid conversation about all

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Speaker 1: the things that you you didn't do exactly the way

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Speaker 1: you would hope that they would turn out, or the

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Speaker 1: judgments you made that in hindsight, maybe you would have

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Speaker 1: made them a little bit differently. And it's a bit

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Speaker 1: of a tongue in cheek exercise, right, because there's something

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Speaker 1: funny about firing, and you fire yourself. But then, of course,

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Speaker 1: after you've smarted the wounds of being fired, you have

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Speaker 1: the good sense to hire yourself back. And it's the

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Speaker 1: hiring yourself back, I think where there's a lot of

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Speaker 1: magic that can happen inside of a way of a

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Speaker 1: person thinks about decision making, because if you're the new guy,

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Speaker 1: then you don't have any obligation to all those crazy

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Speaker 1: decisions the old guy did, right because after all the guy.

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Speaker 1: So you go through that process and what it allows

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Speaker 1: you to do is say, well, if I was the

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Speaker 1: new guy showing up here for the first time, what

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Speaker 1: are some of the things I would change today? And

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Speaker 1: that frees your mind to say, Okay, here are a

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Speaker 1: couple of decisions that I'm gonna make today, or judgments

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Speaker 1: I'm gonna make today, and they may not be massive profound,

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Speaker 1: monumental shifts, but they might be very important changes that

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Speaker 1: you're going to make to begin a process, or to

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Speaker 1: begin a conversation, or to accelerate or decelerate part of

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Speaker 1: the world around you. And that freedom is is pretty

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Speaker 1: powerful and pretty liberating. So I guess every year you've

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Speaker 1: rehired yourself so far, I think you'll probably rehiring yourself,

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Speaker 1: maybe tough for some years another. So sure with us

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Speaker 1: last year, what was the number one thing that you

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Speaker 1: didn't do correctly? You said, oh boy, you believe blew it, Elliott,

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Speaker 1: And then the new Elliott got to say, okay, here,

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Speaker 1: so I'm doing So we a couple of years ago,

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Speaker 1: we had a strategic plan to optimized part of our business.

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Speaker 1: We knew we had built a platform that a lot

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Speaker 1: of advisors used, and we had a strategic vision to

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Speaker 1: take it and apply it to a different part of

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Speaker 1: the marketplace. And we knew intellectually that it would make

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Speaker 1: sense because it was a good idea. But what we

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Speaker 1: hadn't done, and what I hadn't done, has taken the

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Speaker 1: time to properly fully evangelize all of the people that

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Speaker 1: had to make it happen. And it's not just the

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Speaker 1: CEO and a couple of leaders in the business. You

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Speaker 1: need to have a consensus if you're going to really

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Speaker 1: take on a strategic shift, and so I had moved

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Speaker 1: too quickly ahead of the people that had to make

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Speaker 1: it happen. And I recognized that. But in the process

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Speaker 1: of firing myself and rehiring myself, I realized how important

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Speaker 1: it was to go back and re evangelize some of

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Speaker 1: those people and really get them on board in a

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Speaker 1: way that when we renewed our energies in the first

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Speaker 1: part of the year, they would be much more engaged

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Speaker 1: and much more involved in making the that that sort

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Speaker 1: of activity a success. As a result of that, this year,

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Speaker 1: we're on track to have the greatest growth year we've

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Speaker 1: had since we launched the business, and a lot of

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Speaker 1: that was because many of the people that didn't really

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Speaker 1: feel included in the conversation were properly brought into the conversation.

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Speaker 1: They hit the ground running with a different level of energy,

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Speaker 1: and it was largely because I had failed to properly

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Speaker 1: evangelize them and bring them to where they needed to

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Speaker 1: be to make the initiative as success. I'm not going

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Speaker 1: to ask about the biggest concern that registered investment advisors have,

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Speaker 1: which is your force of employees so to secure. But

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Speaker 1: what are some of the things that they're coming to

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Speaker 1: you with that they're getting from their customers. What kinds

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Speaker 1: of questions are they coming to you with. Well, I'll

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Speaker 1: tell you. I was in Minneapolis Saint Paul last night

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Speaker 1: and I welcomed the new team UM into Higower and

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Speaker 1: a fantastic financial advisor, a veteran of the industry, and

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Speaker 1: a great group of his clients joined to welcome him

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Speaker 1: into his new office, and we went to welcome him

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Speaker 1: to High Tower. And what I heard at that room,

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Speaker 1: and I heard as I was was reading the clients

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Speaker 1: and over the cocktail hour, is what I'm hearing a

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Speaker 1: lot of, which is that there's a significant amount of

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Speaker 1: um uneasiness about the markets and there's a difficulty today

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Speaker 1: with with opportunities that will create yield for clients. And

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Speaker 1: so there's a strong sentiment in the community to not

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Speaker 1: reach for yield, to not to not do things differently

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Speaker 1: because the markets today are are difficult for a lot

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Speaker 1: of advisors to find opportunities. So it's a combination of

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Speaker 1: market environment coupled with a sense of an easiness. And

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Speaker 1: I think that uneasiness is fueled not just by maybe

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Speaker 1: the political landscape in this country, what's happening, what's happening

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Speaker 1: around the world, things like Zeka. There's a whole variety

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Speaker 1: of things that are playing into it. But the levels

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Speaker 1: of uneasiness we're we're hearing, you know, literally from around

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Speaker 1: the country are are pretty high well. And we do

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Speaker 1: talk to advisors. We understand it's it's very difficult to

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Speaker 1: keep the risk low for your for your client and

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Speaker 1: also get them the kind of returns that they would

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Speaker 1: like to have. Uh more broadly than especially at a

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Speaker 1: time like this, they've got negative rates and you know,

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Speaker 1: bond yields negative around the world are so very low,

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Speaker 1: or fixed income isn't helping that much. Dividend pain stocks

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Speaker 1: maybe a little bit played out, that's a possibility. But

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Speaker 1: what can and should a person expect from their advisors

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Speaker 1: It first and foremost, making sure I don't lose money.

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Speaker 1: What is the number one thing I should be expecting

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Speaker 1: them to do? So, I think the most important thing

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Speaker 1: for an individual to think about is do they feel

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Speaker 1: that their financial advisor has built a comprehensive plan for

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Speaker 1: them and their family, and it may not just be

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Speaker 1: limited to the technical financial plan which maps out various

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Speaker 1: needs that a family may have. It's is the financial

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Speaker 1: advisor looking at today's market in context of the person's

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Speaker 1: total wellness, how they think about where the family is going,

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Speaker 1: where the needs are going to be. Because we focus

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Speaker 1: much more on the total picture, if you will, then

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Speaker 1: what might be happening is different for a wealthy customer

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Speaker 1: that you you probably have a lot of those versus

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Speaker 1: somebody who's just hoping will have enough money to live

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Speaker 1: in retirement. Obviously there are differences in those needs. But

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Speaker 1: I think that if you're thinking about a person's well

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Speaker 1: being and how they think about their relationship to money,

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Speaker 1: everything is contextual in terms of the quality of their life,

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Speaker 1: the quality of their health, educational needs, retirement needs, and

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Speaker 1: everybody has those needs. They may just have different quantities

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Speaker 1: and different complexities with that with those stages of life.

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Speaker 1: But a person who's thinking about retiring at one income

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Speaker 1: level is going to have similar life stage issues even

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Speaker 1: if they have many more dollars, so the complexity may change.

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Speaker 1: And obviously a person with a lot of money has

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Speaker 1: a different set of problems than a person who has

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Speaker 1: has more modest income, but emotionally and from the way

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Speaker 1: they are going through their lives, they're having similar experiences Elliott.

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Speaker 1: According to the Council for Economic Education, they do a

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Speaker 1: survey of the States. The study found that seventy parents

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Speaker 1: experience at least some reluctance to talk to their children

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Speaker 1: about financial matters. So how do you become a financial

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Speaker 1: grown up? It's a great question in some ways that

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Speaker 1: that makes the case obviously for a thoughtful financial advisor,

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Speaker 1: because if the mom and dad are having some difficult

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Speaker 1: times having these conversations, this is where a good professional

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Speaker 1: can engage. You know, one of the things that we

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Speaker 1: have to start talking about is the relationship between money

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Speaker 1: and and total wellness. And if you look at the data,

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Speaker 1: a lot of the stress that comes from divorce, a

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Speaker 1: lot of the stress that leads to people calling into hotlines, UM,

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Speaker 1: a lot of the reasons that people feel uneasy about

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Speaker 1: life can in many ways be tied to their money. Yet,

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Speaker 1: people don't tend to think of their financial advisor the

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Speaker 1: same way they do as a doctor or a lawyer.

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Speaker 1: They think of the financial advisor more as a tactician

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Speaker 1: or a strategist to deliver a certain routine a certain return.

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Speaker 1: I think if if the good financial advisors that are

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Speaker 1: out there have figured out that the way they can

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Speaker 1: add a lot of value is actually by broadening the

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Speaker 1: way they interact with the families and the people, and

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Speaker 1: the opportunity to do that, I think it's fantastic when

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Speaker 1: you have parents that need a third party to talk

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Speaker 1: to their children about about how to think about money.

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Speaker 1: Fifteen seconds left. How do I know when to fire

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Speaker 1: my advisor and move on? It's a very difficult question

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Speaker 1: to answer in but I would say that the first

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Speaker 1: the first indication that you have the wrong person is

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Speaker 1: when you get the sense that they're they're trying to

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Speaker 1: constantly sell you something and they have a new thing

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Speaker 1: to sell you rather than trying to build you a

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Speaker 1: long range financial plan for your future. Well, short answer,

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Speaker 1: but long on wisdom. Thank you so much. Elliott Wisbloo

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Speaker 1: founder and CEO of CEO of High Tower. He is

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Speaker 1: talking to us about financial advisors, talking about what you

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Speaker 1: should look for in them and more, and we'll hope

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Speaker 1: you'll come back soon, Elliott. I'm Caffeine Hay's along with

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Speaker 1: pim Fox, and this is Bloomberg