IDEAL Plans Ideal Advisors

Ep. 10 - Effectively Serving Sports & Entertainment Clients - an Interview with Andrew "Money" Martz

April 12, 2020 Richard E. Boone Season 1 Episode 10
IDEAL Plans Ideal Advisors
Ep. 10 - Effectively Serving Sports & Entertainment Clients - an Interview with Andrew "Money" Martz
Show Notes Transcript

In this podcast we'll interview Andrew Martz (or Money Martz to his friends), a Los Angeles based wealth manager who specializes in the sports and entertainment industry.  Andrew has acquired a client base in what is arguably one of the most difficult target markets.  He will share with us the steps he takes to truly understand his prospective clients' thoughts, attitudes, and concerns regarding wealth - and what they hope to achieve by working with an advisor. He'll describe how his system helps clients stay on track to achieve their goals and aspirations even during this down market.  And lastly, he'll tell us how he enjoys incredible client loyalty, advocacy, and lasting friendships with his clients by creating an engaging sense of community.  You may not wish to target a market as specialized as Andrew's.  But the takeaways about how he branded himself, adopted a world class process, and created a meaningful engagement may inspire you to think about how you can serve your favorite ideal clients. 

Richard Boone:   0:00
Welcome to the IDEAL Plans Ideal Advisors Podcast. I'm your host, Richard Boone. We named the show after my IDEAL Plan Process because it provides a step by step framework for financial professionals to create their own vision of an ideal advisory practice. IDEAL is an acronym for Identify where you are now and where you'd like to be Discuss your business model and possible adjustments you could make, Evaluate your proficiencies in the seven critical business elements, Assess your skills and priorities and Leverage resources in the proper sequence to serve your clients extremely well while living the lifestyle you desire. In today's episode, we're going to interview our guest, Andrew Martz. Andrew is a wealth manager based in Los Angeles, California, and he primarily works with entrepreneurs and business owners in the sports and entertainment industries. Andrew and I began working together towards the end of 2018 and over that time he made a number of very significant improvements to his business that have yielded some very amazing results. We're going to dive into some of the changes that he's made in some of what we call the seven critical business elements and how those changes have helped him and his clients. Hello, Andrew. And welcome to the show.

Andrew Martz:   1:12
Hey Rich. Thanks for having me. Glad to be here.

Richard Boone:   1:14
Excellent. Well, it's always a pleasure to speak with you. And you've certainly been able to share a lot of great ideas with some of the other people that were coaching and some of your friends, of course, throughout your company. So I think we can benefit our listeners here by some of the things you have to say. So just to get the most value out of our time, we're just gonna work on just a few of your main areas. What they call the critical business elements of branding, some of your processes and even how you develop business. So why don't we start with a little bit of branding? Maybe you could take a moment. Just describe really what you do for people. What's your brand? What's your message? How do you really position yourself?

Andrew Martz:   1:54
Yes, so I'm a Los Angeles based wealth manager. Wealth management kind of has this big broad range, you know, understanding and meaning. When most people in the general public don't really know what that means they just think you're a finance guy. So we focus on a couple of different areas; investment consultation, investment management, tax planning and tax advisory, estate planning, retirement and retirement income planning. And we deliver that in a comprehensive financial planning package. So I think clients come to us for a number of different reasons. But when we're speaking to a prospect, the general public, we are a comprehensive, full suite of services, financial services firm. 

Richard Boone:   2:34
So when you think about wealth management, I've always thought of it as a version of Family office, which is essentially a total outsource solution, kind of a turnkey approach. Would you agree that that's essentially your model? Or are you taking elements of other pieces of business models, if you will, in order to deliver to your clients?

Andrew Martz:   2:55
Yeah, for people who are listening on who are familiar with a family office style practice, we certainly achieve, you know, attempt to achieve that style of services. I think, for your general consumer we'll use the term We're your family CFO, we're your family chief financial officer. And essentially we want to help take a look at  every area of your life that has a financial implication. I think in the past, a lot of financial advisors were viewed simply as the investment guy. We're trying to move away from just providing investment services to really providing financial advice. So this deals with areas like insurance, whether it's your your life insurance, long term care, disability. We're even looking at the economics of your homeowners insurance, car insurance. These are all financial decisions that, that one is making. So when we start to create financial plans, it's dealing with all areas of your financial life. But certainly we do not have the resources and/or the capabilities to deliver everything in-house like a family office. So, yeah, we work with specialists and experts and providers in those different areas to help our clients. 

Richard Boone:   4:06
Well tell me a little bit about how did you get to the market that you're serving right now. You, I know are in the Hollywood, Los Angeles area, and you've been there for a number of years. So I'm really fascinated by your story of essentially how you got to where you are and some of the steps that you've taken. So how did you end up in Los Angeles? I think you are originally from upstate New York, so that's a story by itself. But how did you even get out West? And why are you trying to work with the entertainment and sports industries?

Andrew Martz:   4:39
Yeah, I'll give you the Reader's Digest version of that story. So born and raised in New York, not the really cool part of New York, but enough, You know, a small town in upstate New York eventually ventured my way down to the city for school and got into the financial industry, after college. I joined my previous firm, which is one of the major banks and wire houses, really during the financial crisis, and at that time I moved to Los Angeles as a part of kind of an internal corporate initiative. Our firm was, you know, acquiring other firms and expanding its footprint. And quite honestly, I was just young and I didn't have a lot of things holding me back. So I was looking for, you know, sort of a personal decision to make adventure out west and come to Los Angeles. When I got here, I landed in Hollywood. I quickly took over a book of business located right and smack dab in the middle of Los Angeles, where I was surrounded by a lot of individuals in the sports and entertainment world simply by geography and proximity. That's kind of how I got my foot into that door sort of say. We started meeting producers and owners of production companies and writers and directors and, you know, actors and actresses, athletes, agents and things of this nature because this just be kind of became the hub of where all of that business happened. So, you know, through through good old fashioned, picking up the phone dialing, you know, meet with a lot of people talking about what we did was able to create some relationships, have some referrals. It wasn't a concerted effort to say, Hey, I want to be an adviser to sports and entertainment. When I got here, I just happened to land in Hollywood. That was really proximity in geography based. To be honest with you.

Richard Boone:   6:21
That's amazing. I've known other advisers that tried to target that particular market and, you know, with mixed results, as you could imagine.  But you've been able to succeed at it, so I would tend to disagree that it was purely somehow circumstance that made you successful to be to be candid. I think you're pretty good at this. So tell me a little bit about how did you actually figure out how to talk to these people? Everybody's got their needs. Everybody has financial issues and so forth. But that's a pretty specialized field, I think you'd have to admit. So give me a kind of a rundown and for the benefit of our listeners, what are some of the steps that you actually went through to figure out how to speak to that particular market?

Andrew Martz:   7:01
I think you really kind of hit the critical element of this, which is how do you speak to your target audience? What I found was that traditional "financial speak" did not translate well to that audience. So, typically speaking, my clients tend to be younger than your quote unquote, you know, average Financial Advisor client. You know, the average age of our client is about 40. So typically you hear a lot of the advisors when they're when they're marketing of trying to attract new clients they're looking for clients who are just prior to retirement or maybe already in retirement with the traditional thinking that these are people with money. In catering to a younger demographic, you had to make financial concepts a little bit more understandable. So what I found was our client base and our prospect base really needed a lot of just kind of basic financial education. What are investments? How to invest? How do you even have the mindset to think about investing? Talk about the difference between very basic financial products. What is a stock versus a bond? What is an ETF versus a mutual fund? A lot of my early conversations to that target audience was about basic financial education. Basic financial planning, you know, translated into a way that wasn't using a lot of financial industry jargon and terms that, you know, I sounded like a talking head on CNBC, which is nothing wrong with, but it just didn't land with that demographic. So I really had to figure out how to make more complex financial topics really, really simple and easy to understand. And also to get exciting about because it's hard to talk to a 35 year old who's making you know what we would all consider a high income get excited about retirement plan. Nobody wants the, nobody is getting excited about retirement planning when you have a high six or low seven figure income. So talking about the benefits of planning for your future, looking for ways to use your wealth to make money and start to create passive sources of income. These are things that were attractive because it it now talked to the lifestyle that they wanted to lead. Not necessarily to the you know, the technical financial planning aspect of what might resonate with your, a traditional retiree with pension and Social Security. 

Richard Boone:   9:22
Well your brand is actually pretty special, I believe in terms of your ability to communicate with your target. So take a moment, if you would, and describe, if you can put it in the words, exactly how is your brand comparing to perhaps your competitors? You know, there's a lot of people that just kind of do the talking head thing right. But you've been able to tailor it. So what makes it really special? How is it standing out?

Andrew Martz:   9:47
Well, I think any message that an advisor has today, you know, is gonna be unique to what they believe in. So a part of my core belief is that money is not the all important thing, it's just a reflection of your lifestyle. You know, money is just a tool. It's never the most important thing.  Nobody's ever - we've all heard the adages nobody remembered how big their bank account was under deathbed. They remembered the relationships and what people said about them. How kind and generous and their family relationships, how great they were, you know as a father, as a leader. So I've always focused on the integration of lifestyle and finances, And how can we create a plan to make sure that your money matches the type of person that you are and want to become. I have found that that message has really resonated well with our clients because now it makes it very, very intimate and very, very personal. So focusing on the money is the tool that, you know, the legacy you leave, the lifestyle you live, the freedoms that you have, the choices you get to make. That's what we're always aiming to accomplish.

Richard Boone:   10:52
Well, that's a great segue into how do you discover these things that are most important to them. So tell me if you would, how do you go through your process, if you would? Let's kind of role play for a moment. If you had a brand new prospective client and I'm that person, what would you say to me to take me through your process, if you would, so that you can understand all these things that are so important that you can ultimately address and take care of.

Andrew Martz:   11:20
I usually set the stage and warn people. Hey, this may not be what you'd expect to talk to your financial planner and in fact financial advisor about.  I lay out for you know, any person I'm talking to for the first time in a formalized setting and I say a formalized setting because I may have a relationship with this person prior. Maybe this is a friend I've known for years. Maybe this is, you know, somebody that I've met in, you know, our parents circles that you know, our kids school at church or other types of organizations. I want to make a distinct get a differentiation at when we walk into a meeting to talk about what we do and how we help people, I want you to recognize that it may not be normal. And we're gonna talk about things that yes, your money and how you make money and save money and spend money. But I want to really understand what motivates you. So talk to me about the people in your life. Talk to me about the relationship that matter. Talk to me about the dreams that you have not just in your career but also beyond your career. What types of things do you want to make an impact on? And we start to use words like legacy and impact. And because this now I find touches the core of who we really are, what really is motivated us, the why behind we do what we do. And you find that people have a variety of different motivations. For some people, money is the motivation. I want to make more money, saved more money, have more money, which is great. You know other people, it's you know, they are motivated by their families. They're motivated by their children or their parents either living up to a legacy or creating one. So that first conversation we set the framework to say, Hey, I want you to know that this may not be typical from what you've experienced before, and this may not be typical to what your preconceived notion coming in. But that's okay. In making that statement, the walls immediately come down. So now we've set the stage for we're gonna talk about money, but first, we're gonna talk about all this other stuff to understand what motivates you. Down to, even Hey, what's your favorite sports team? How are you feeling about, you know, the prospect that the Dodgers winning the World Series? Those are the things that we think are important.

Richard Boone:   13:40
I wonder what answers you get.

Andrew Martz:   13:43
Exactly. Yeah. 

Richard Boone:   13:45
Well how is that process, if you will? How has that evolved?

Andrew Martz:   13:50
Yeah, I think that early in my career I wanted to focus on what most advisers out there with know as a client suitability. Right. So how tolerant are you to risk? Are you conservative or aggressive or an analogy that's often used If you're driving down the highway and speed limit is 55 are you going faster or slower? Tell me about are you married or single? Really not because we want to know about the nature of their their household of their relationship, but because we want to know their tax filings status. So to go beyond just hey, what is that normal, you know, kind of suitable, let me get all the basic information for a client, which is where I started. This has now gone beyond to like I want to really know people. I wanna understand their story. Because at the end of the day, when I'm looking at helping clients and managing clients were making number decisions. But numbers tell a story. And if we if we minimize our client relationships numbers that we don't recognize that all of the numbers that we gather are telling a story about this person, then we fail as an advisor for that client. So I want to understand the story behind the numbers first.

Richard Boone:   15:04
Sounds like a big departure from what the average prospective investor or a current client who has a financial advisor.  Sounds very different than what they're probably used to. You know, it's one thing to ask somebody all these questions, but what do you do with it?

Andrew Martz:   15:20
It's important to not just use this information for the purpose of that first meeting. And just have to, you know, hear a story and sell a product. But we really want to use that information to make sure that adding value to making financial decisions for the client. So when we gather this information and we'll gather it via note taking and, um, you know, basically a discovery process told us that we used during that initial meeting well, then capture that information inside of our CRM system will capture that information inside of our financial planning software. So now this lives live inside of, you know, the evolution of the client relationship. And that's important because as things change that are not quantitative, right, so as relationships change as desires changes, goals change, we want to see the evolution of those changes. And we can remind clients and look how far you've come or look at the difference what you know over the last four or five years.  Not just in your bottom line but also your perspective and what you believe in, what your goals were. So those live inside of our technology systems today, where we're continually updating pertinent information to reflect that clients can also see live right on their you know, their online experience.

Richard Boone:   16:43
How does that make them feel like? I mean, it's kinda hard to put words into somebody else's mouth, but have you heard from them? I mean, do they give you feedback that they appreciate what you're doing? Are they giving any kind of affirmation that your process is superior to other things that they've experienced?

Andrew Martz:   16:58
I think the best litmus test for how is the client really engaging in that qualitative data is their comfort level and their understanding with following their financial plan.  I find that you are more apt to continue in an investing plan when times are good or times are bad if you understand fully the why behind what you're doing. If you understand there's a bigger picture behind your child's 529 accounts and just having an investment account with money in it for college someday, this now means, hey, this particular Jane and John Doe said that they want to pay for 50% of their son's college education so that they're helping him. But he also understands the value of being able to spend on his own education. Some clients they feel like that. Other clients they want to cover 100% of their college, you know, education costs for the hildren. And being able to tell that story with inside of the client's financial plan reminds them of why they're doing what they're doing. Because sometimes life will throw curveballs at us. And markets can be good. Markets can be bad. Maybe I lose a job, I lose a client and my income, personal income is impacted. And as an investor, it could be harder to follow my financial plan. The litmus test that we understand we think we're doing a great job is that our clients follow their plans. They follow their savings plans. They follow and execute their investment plans. So that's really what I think is a great litmus test is Are your clients following your advice?

Richard Boone:   18:30
Are they doing it? Yeah, are they follow the instructions. And I seem to recall you shared with me the other day that you really don't lose clients. You know, there could always be a parting of the ways due to something else. But you're not losing clients because they were either not listening. They're not following your instructions or for whatever reason they're dissatisfied. Is that accurate?

Andrew Martz:   18:51
Yeah, I feel really like, you know, we have great clients. We have, I always say that our clients have a really high EQ and IQ.  That comes from just we work with people who we love and we believe in. But it's allowed us to continue to retain clients, grow our business in our practice. And again, I think that's really important because we all know in this business that results are really compounded over long periods of time. So you may not be able to feel the fruits of the, you know, the advice you're getting in the 1st 6 months or years. So the client experience, especially beginning new relationships, are so important to encourage clients to follow their plans so that they can really feel the impact of the decisions they're making.

Richard Boone:   19:34
So, Andrew, what I'd like to find out is really what you're doing to attract new clients. Obviously, they like what you're doing. The people that you have are very loyal to you. So what I was hoping you could address for us is some of your introduction ability or what you call the referrals, how you might be working with other professionals and also just the general activities.  I know you've done events that have been very successful for you. So maybe you could just explain for our listeners benefit, you know, some of the things that you're doing and what you intend to do going forward.

Andrew Martz:   20:04
 So I think a lot of our current activities are a testament to some of the work that you and I have been doing over the last couple of years. You know, traditionally to grow my business I, I was brought up in the school of thought of just pick up the phone, make calls and tell your story. So I grew up cold calling that's how I really built my business. Today I would say that while still picking up the phone and reaching out, the majority of new business is generated from a number of different activities. So as you alluded, probably the number one driver of new business growth has come from client referrals. Clients who, you know really love what we're doing for them. See, you know so much value in how we're helping them, not just with maybe they're investment management, but other aspects of their life. They just think that their family, their friends, their coworkers, could use same services. So we've been able to meet a lot of people that way. I think also another big thing that you and I have worked on is just kind of this, this idea of conversational marketing, something that I've always felt I was very good at but become a little bit more focused and targeted. So having a big network, personal network and being able to really talk to people about what I do and how it can help them, and so, being able to to see that personal network grow professionally as well. Beyond that, you know, some marketing plans and some things that we're continuing to do, we see a lot of value in the digital marketing space. So we are launching our podcast right now. Dollars and Sensibility, a podcast about general financial and personal money management topics.

Richard Boone:   21:49
When will that become available?

Andrew Martz:   21:51
You're gonna see that come available in the next couple of weeks, probably from when this is being published. 

Richard Boone:   21:57
Fantastic! Yeah, go ahead and repeat the name of the podcast.

Andrew Martz:   22:01
Yes, so the podcast is Dollars and Sensibility. So it's gonna be on all streaming platforms iTunes, Spotify, Soundcloud and every everywhere else you get your local podcast. So that fantastic. That's really been both of fun exercise and being able to talk about what we do, some thoughts that my business partner and I have. It's also a great way to on a high level, just answer a lot of the questions we hear from clients. And we know that if we hear that the questions from two or three people that there's probably 10 or 15 there that are asking the same questions. So talk about those concepts at a high level and be able to distribute that and then continuing to, you know, to write our goals and you publish on various topics, whether it's specific to, you know, certain type of individuals, whether it's real estate investors or people who are buying businesses or selling businesses and the, you know, the tax issues that caused there. Because they're really trying to be hyper focused and adding value and delivering value to a broader audience and offering our information and our intellectual capital free to the public in hopes that it will generate submit interesting people having some deeper and more personalized questions. And then the last thing that we have been successful are continuing to do is just live events. So being able to host events where we gather, whether it's our entire client base or prospects, we do this from kind of fun parties. Rather really, really great holiday party. This last year with quite a bit of people and bringing friends and family members. So made a lot of introductions and met a lot of new people.

Richard Boone:   23:41
Give us some more details on that that holiday party. And I'm sorry I missed it. I know you said - you told me I should come down and bring my wife down. Uh, you know, join you back in December for that. I regret not having been there, but, maybe...

Andrew Martz:   23:53
Don't worry. You guys are on the invite list for 2020.

Richard Boone:   23:57
Excellent! Fantastic! We'll be there. Yes, all our listeners. I mean, it was fascinating, and I think they'd get a kick out of it. So very inspiring. By the way.

Andrew Martz:   24:05
The only agenda behind the holiday party was - hey we'll do it around the holiday times we did a little earlier in December just so we didn't have a conflict with other holiday events that people may have to attend. And we just wanted to thank everybody in a way that says, Hey, let's come get together. What I've realized is I absolutely love every single one of my clients. I have a great relationship with people, many of them now for over a decade, and many of them love us in love what I do. But none of them knew each other. I thought, Geez, I love every single person that I get to work with I bet that they would enjoy each other's company. Let's just create an environment where we had some fantastic food, a great venue right here on the Sunset Strip in West Hollywood with great views and some great drinks and some music and get everybody together in a room just to thank them and say, Hey, this is what we do. Sometimes over the last couple of weeks, we've been working 80-90 hour weeks. This is what we do and put our heart and souls into, and we do it every day for our clients. To us, this is like an extension of our family. So as an extension of our family, we wanted to get everybody in the room and say, Just know there's amazing people here, get to know each other. Exchange phone numbers, you know, grab lunch or dinner together because you just never know. We just believe in the power of relationships. We think that were designed to be in relationships. That's why that's why you know...

:   24:04


Richard Boone:   25:36
That's why you're in the business! 

Andrew Martz:   25:37
… why we're in the business. But just we believe in relationship. The success out of that event was really, there's no agenda. There's no hey, by the way, you know, can you hand out 10 of our business cards? There was no product pitch. There was no Hey, by the way, we have this new you know, this new thing that we're gonna talk to you about in the new year. And there was no follow up calls made in that regards either. So it was really just to thank everybody. What we found from that was a higher level of engagement, a realization that other people said, Hey, I think my sister could talk to you. Hey, I think that my business partner, he should have been here I'm sad he couldn't come. But I want you to,  I want to, I want to get you his number so you can talk to him. We didn't even expect that or necessarily want that. It was an unexpected outcome that we thought was really, really cool.

Richard Boone:   26:25
Well, I believe you had a photographer there taking a lot of high end photos. Not just your typical cell phone photos. And if I recall, I think you had told me a few people were really lamenting that they had missed it.  You know, it was one of those kind of events where, you know, a social event of the season, right? Everybody wants to go to. AndI know other advisors attempt to do things like this. But this was special. This was pretty amazing. And I don't know that every advisor out there on the planet would try to do something of that scale. But if you could give any advice to an aspiring advisor that's trying to upmarket, what would you tell them about your event? That is kind of a gotcha, maybe a warning. Maybe be careful about this. Or conversely, what is a real secret to amazing success for that? Like that?

Andrew Martz:   27:15
Yeah, just the principle I live by is anything worth doing is worth doing really well. We did want to execute the party at a very high level. So we picked a phenomenal venue that has great food. That's got top shelf drinks and mixologists and bartenders. And it has the best views in L.A.  And we hired the best photographer to capture the whole night and get pictures of clients mingling together and us with clients. So we didn't just want this to be something at our office where, you know, we got Subway sandwiches, which there's nothing wrong with doing that. But in my opinion, you know, if you're if you're gonna execute something like this, you want to do it at a very high level. That was of utmost importance to us. And we encourage people to dress up. So we have people in tuxedos. We had people, you know, in suits. We had people, you know, in dresses and gowns and different things. So we did, we did wanna have some fun with this, you know, a lot of our clients, you know, they're looking for a reason to gather and be a part of something bigger than themselves. So it was important that the event felt like, Hey, you're a part of something really, really big. You're part of something really, really special. And then the capturing that and using social media, you know, using some of our digital platforms to be able to then show the world. Hey, we have a really special thing here, and we have a really special group of people. So, yes, some of our clients who who weren't able to make it, you know, we did get some feedback. Oh, my gosh. I can't believe I missed this. I can't wait till next year. You know, we had some friends and prospects were like, Oh, my gosh, this is this Looks amazing. It looks incredible. So my advice to anybody would be, you know, if you're gonna do it, put all your energy and effort into it. Think about all the details. You know, we had signage and valet, and so every, every part of the night was really well thought out. And from driving up to, you know, having your car parked by the valet to having somebody - it was actually a little rainy that night - somebody's holding an umbrella as you walked into the restaurant. It's all these little details were very well thought out and executed. So that the client experience, by the time they even walked in was this Oh my, Oh my gosh! Like this is, this is amazing. And then, you know, each each element just got better and better, in my opinion, right. 

Richard Boone:   29:34
I'm feeling more and more sick every moment as you're describing it - that my wife and I missed it. 

Andrew Martz:   29:41
It was a lot of fun and our goal, you know, now, I think the, uh, you know, as we were talking about the 2020 event is every year, we just want this to get incrementally better. So having to, you know, continually improve upon what we're doing, how we're doing it. I don't know. Maybe we'll have live magic at this years!

Richard Boone:   29:58
Well, hopefully this Corona virus will pass and you could do something during the summer. Perhaps. I know you were planning on doing two events a year. You know, Christmas, of course, it's the obvious one for a lot of people. But, you know, doing something every six months is probably not a bad idea either. Let's change gears one more time. I know you've been reaching out to a lot of your clients. I don't know that you've missed anybody. I think you've reached out to everybody that you work with. So in general whether you're a client or you're a financial advisor listening to this podcast, what's the biggest takeaway that you could give them right now to just get a little prospective about how to function during this crisis that we're having right now?

Andrew Martz:   30:44
These are really interesting times. I've heard the term unprecedented times used a dozen times a day on different channels. And I think the most important thing the reason that I'm not freaking out the reason our clients aren't freaking out is because we understand that we're doing everything within our control. In our business, we focus on our controllables. What do I have the ability to make an impact on? When I think about our discussions with clients were thinking about Hey, has this current crisis impacted your income? That's first and foremost. Is your business impacted? Is your job, your job and your livelihood impacted. If so, how so? If your income is impacted, do we have to now make some decisions on how we're spending and how we're saving? If that's the case, well, let's make some adjustments. Let's build a plan around the new income reality that we have. If the answer to that question is No, my livelihood, my income isn't disrupted then we have to look back to our plan and say, All right, will what's going on in the marketplace impact how we save or how we spend? What are potential threats and risks because of this? So this has been a time where we're really focusing. And it's why when we talked earlier, it's so important to document a financial plan because we're reminding clients constantly what it is that we believe in, what it is we're trying to accomplish, how we're going to get there, and by the way, we've already accounted for things like this happening. So the markets down 20, 30 you know, in some areas, 40%. It doesn't feel good, but it's okay because you're prepared for this. So I think that preparation is is the key ingredient to success. And we know that clients, we're not making any changes now. I heard a quote that I love and have been reciting a lot during this time. The time to get off of the roller coaster is not in the middle of the ride. Wait until the ride is over and then decide if you want to change seats. So the same thing is happening right now. So for advisors, this isn't a time where I think we should be making dramatic decisions on investment allocations. The allocation should have been set. We should be managing portfolios for clients' risk tolerances. And, hey, the market's just happened to be down. But their portfolio should not be down dollar for dollar to the market. It should be down respective to their their risk allocation. And if that's the case, then we know based on when they're gonna need that money, they're gonna be okay. It doesn't feel good, but it's reminding of clients what they're planning purposes. That's what's giving people a lot of comfort in this time I think.

Richard Boone:   33:31
Well, and you wouldn't be alone I'm sure in trying to kind of reset right, come back to why you did the allocation that you did. In fact, some of the people I've been talking, to said just pick up the phone. Reach out to your clients, speak to them. And if you need to do some sort of a rediscovery, go back through the process just to make sure that everything's the way it ought to be. And it sounds like you're doing that. Well, let's close on this note. I don't know if people know how to reach you, So why don't you share your contact information? And then once you do that, why don't you just share whatever last remaining thoughts you have for kind of the benefit of our listeners, and we'll start to wrap up.

Andrew Martz:   34:14
Yes. So our website is www.wisadvisors.com. Phone numbers, emails are on there. So any any advisors listening today who have questions or need some help, please feel free to reach out. All of our contact information is there. And, you know, as far as a closing thought, I think there has never been a time that's more exciting to be in this business. This is a time where I think that financial advisors and financial planners we are doing such a concerted effort to try to help your everyday consumer, your small business owner, your retiree. You're trying to help people. By and large I always say my clients are a reflection of me. My client's oftentimes look a lot like me. They're, they're working the raising families, you know, they're trying to live the best life they possibly can. So for me, the technology tools that we now have access to, the resources and really the ideas, the research and the understanding of this integration  that its not all about the money. But a lot of this is about helping people, you know, get over themselves, the behavioral coaching. You know, sometimes you play a little bit therapist. This is to me probably one of the most exciting times to be in the financial services business for the next 10, 15, I don't know how many years this will go until the rest of the industry kind of catches up. I think there's so much opportunity for people who are focusing on the planning aspect of being an advisor opposed to the investment management aspect or performance based advising. Its  gonna be so much success for them. So I wish everybody best of luck.

Richard Boone:   35:52
Thank you Andrew.  I really appreciate you sharing your your time and your insights very well, said as always again, thank you.  And as I start to wrap up, I just want to share with our listeners, if you'd like to find out more about how Andrew's gone through some of these processes, and what help I've been able to offer to him through my coaching - the phone number here is 800-630-1590.  Again, my name's Richard Boone. I'm the host of IDEAL Plans Ideal Advisors Podcast. You can also go to my website.  It's just www.idealplancoaching.com.  And as always, if you know anyone who might benefit from listening to this podcast, please feel free to share it. And I'd also appreciate any feedback you might be able to provide, the reviews on Apple. Podcast is the best place to do that. Any feedback is positive to me, so I appreciate any help or advice that you could give me as I try to improve my podcast. Thank you very much and have a great afternoon eEveryone