IDEAL Plans Ideal Advisors

Ep. 13 - Why this Father-Son Wealth Mngt. Team is Thriving - an Interview with Scott Brantingson

May 10, 2020 Richard E. Boone Season 1 Episode 13
IDEAL Plans Ideal Advisors
Ep. 13 - Why this Father-Son Wealth Mngt. Team is Thriving - an Interview with Scott Brantingson
Show Notes Transcript

In this episode we'll interview Scott Brantingson, Sr., of Monocacy Wealth Partners of Bethlehem, PA.  Scott is an industry veteran with over 30 years experience as a branch manager and wealth manager.  He will share with us how and why he decided to leave a very lucrative branch management role to start his own wealth management firm with his son Scott, Jr.  By listening to this episode you will learn how they have evolved their client engagement and operational practices.  He will talk about how those changes have made it easier for prospective clients to understand the value they deliver and how they help current client feel emboldened to make referrals.  And lastly, Scott will discuss some of the of the biggest challenges any family run wealth management firms may face: how to create an equitable division of labor and responsibility between the generations, provide a clear career path and room for growth, and ultimately how best to support each other and their clients in good times and bad.

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 resource is in the proper sequence to serve your clients extremely well while living the lifestyle you desire. In today's episode, we will interview our guest, Scott Brantingson. Scott is a financial advisor with Monacacy Wealth Partners, based in Bethlehem, Pennsylvania, who primarily works with business owners and families. Scott and I began working together over a year ago, and over that time he's made a number of refinements to his approach to how he works with its clients that have generated some amazing results. In this show, we're going to dive into those changes he's made and how those have affected him and his clients. So Scott, welcome to the show.

Scott Brantingson:   1:09
Thanks, Rich pleasure to be here.

Richard Boone:   1:12
Great, well, it's a pleasure to have you. To get the most value of this episode we're just going to focus on a few main areas. So we're gonna talk about some of your messaging or what we'd call your branding. We'll talk about your processes that you take your clients through and ultimately, how you've optimized your business. So why don't we just take that 1st 1 and talk about that message and branding? So if you would just please share with our listeners really, how you got into the business? And who do you really enjoy working with the most?

Scott Brantingson:   1:42
I got into the business from primarily a sales background. I was in early in my life as a  adolescent, and in college I was a quintessential individual that didn't have much direction in life. The question at the Thanksgiving table concerning what you want to do when you grow up with one that I tried to avoid it all lengths. But, uh, fortunately, I was blessed in college to sort of serendipitously apply for a job at our college newspaper selling advertising and really had a great epiphany. Actually the first day in the job I approached I remember the company Don Miller Shoes stores in Erie, Pennsylvania, and I got to know the man and learned about his business and built some built  rapport with him, and he also bought a full page ad in the in the college newspaper. So I got paid for it as well.

Richard Boone:   2:43
That's a good day's work!

Scott Brantingson:   2:43
It was. I think people exaggerate sort of events on podcasts because you need some material that was right up there on life in terms of something that really dramatically changed me. And I knew that some form of sales - I left advertising and got into a telecommunications equipment that sold to a company called E. F. Hutton that doesn't exist anymore. And I hung out with a lot of advisors, and I thought, this is a perfect mix to get into something that is very entrepreneurial but also is predicated on really getting to know people building rapport and also, um, having the opportunity for some financial gain.

Richard Boone:   3:28
Exactly. Well, that's a great story because it's for one it's true and for second it's you know, this is kind of how a lot of people I think get into this business. They didn't necessarily think that they'd end up as a financial advisor. But they found out they were good at it, right? The skills that they learned maybe someplace else. And then they were able to apply it to financial advisory. So you've been able to do that. So tell me, you know, the back half of that question is, who do you really enjoy working with the most? And I know you have a pretty clear idea who you could make a big impact on. So why don't you share that with your listeners? And also, how did you even get to that point? How did you figure out who you really enjoyed working with the most?

Scott Brantingson:   4:11
I think the answer to the question is I don't want to make a trade. Even as we work through our process, I think there's two sort of paths that you can go on there. One is quantitative, um, certainly a particular profile of assets and net worth and all really wise business decisions. And even as a business consultant, I'm grateful for that input. The other path is probably the one I either err to or appreciate the most. And that is people that really want to, um, connect on a very interpersonal basis. I think working with my son occasionally accuses me of trying to fix people. But that's really just I think maybe, maybe it's not so nice a way of saying that, you know Dad, people will invest money with you without them knowing your body mass index or...

Richard Boone:   5:12
Without getting too personal?

Scott Brantingson:   5:14
Right!  And maybe sometimes I crossed that line. But but on my journey to be, uh, a financial advisor I was at one point at least, the psychology major, and I've also done some ministry it at my church. So obviously I'm I'm wired to that way to be an exhorter and trying to help people in aspects of their life that transcend. And quite honestly, a lot of some people want that other people, um, you know, I can't say I haven't had situations where people have looked at me like That's not really why I'm here. But, uh, the deeper the relationship, um, from a life perspective, that leads to financial stewardship is, uh is the relationships that were most precious to me.

Richard Boone:   6:05
And that's fantastic. I know when you were working when we were working on building your brand, building out that message, I think you you were interviewing a number of your clients about you know, what they valued most. And it seemed like it was the amount of time that you invest really into each of your clients. So, you know, maybe address that a little bit. How much time do you put in? So to speak, with a quiet before you really ever offer them any advice at all?

Scott Brantingson:   6:35
Well, that is really what I'm the most grateful for in terms of our experience. And I've been an adviser for 30 years and I think I have some self awareness. And I guess if I don't have self awareness, I wouldn't know it. But, um, in that case, I realized because I thrive on the interpersonal, I'm also really lacking, Um, in some organizational aspects of my life and process aspects of my life, it certainly, uh, you know, I'm not an engineer by trade, that's for sure. And so, um, I did all of this, but I didn't structure it or even deliver it in an effective way. And so now, after certainly after our relationship, there's a couple things that happened. One is I can answer that question even though I'm getting there in a round about way. And that is the first meeting is solely dedicated to Discovery. And I would have said that before to some degree, but I wouldn't have been is disciplined about it. Secondly, how I I think I have fairly good intuition and trying to ask people probing questions. But I never formalized it, and I didn't have even a document to be able to refer to certain questions, and I never chronicled it. I never memorialized that I maybe I should say, I never delivered it back to a client. So more direct answer to your question. At least the very first meeting is just simply based on Discovery. I'd like to say I guess it continues throughout their whole relationship.

Richard Boone:   8:19
But you spend a lot of time with your clients, which I'm sure benefits everyone, right. I mean, that's the whole point of having a long term relationship. You know, it can't be superficial. So let's let's talk a little bit about communication. You know, how do you really deliver or communicate your message, if you will, of your value. You know, talk to me about how you kind of spread the word or, you know, make it clear to your ideal clients what it is that you can do for them.

Scott Brantingson:   8:50
We've worked on ways to communicate effectively what you do and to do it in a way that's not trite or sound like an elevator speech. I think to some degree, that's still a work in progress. And that's because there's no question that it's more structured now. So when I discuss that first meeting, I also literally have a process that talks about, um, the services that we provide. And it seems to be getting longer and longer in terms of that. So the direct answer is I now have a document or a piece of paper that speaks about the estate planning and tax preparation and even we just talked this week about services that help people get their house in order concerning their passwords and cloud based things. So the number one thing is in the most direct answer to your question is I have a document that tells people that. I think the harder thing and the thing I continue to work on is in a conversational way, how to express that without it sounding at least to my years sometimes trite or too much like an elevator speech? So I am, I'm still working on that, to be honest.

Richard Boone:   10:08
Well, and I know it is always an evolving effort to create a message that really sticks. You know, some people, it's like it just hits him in a hurry and, you know, it works perfectly. Others, you know, you have to continue to work at it. But the fact remains is that you've taken the time to interview people. You learned what it is they value, been able to now articulate some of the things that they are asking for and how you deliver it and you've documented it. So those are all huge pluses because it makes it easier for people to remember what it is that you do. Is that fair to say?

Scott Brantingson:   10:42
Absolutely. And I have - you started off this thing that we've made some progress and you've helped me get there. I can think of in the last year that we've worked together just quickly you know three or four people that have said to me Oh this is exactly what I was looking for.  And that was all really less about my warmth and the thing that I thought I lead with, and a lot of it was to demonstrate deliverables.  Even a process that says before you leave, we're going to go online and set you up on your web, um, or your online access. And then how do you want your statements delivered? I mean, those were the things that used to really have the potential to really detract from the goodwill I've created because we screw up on the small stuff.

Richard Boone:   11:40
So let's shift gears a little bit. You started the business just a couple of years ago, right, Monocacy Wealth Partners. When was that?

Scott Brantingson:   11:48
October of 2018.

Richard Boone:   11:50
So, why don't you share for our listeners, you know, why did you even start that? I mean, you were a branch manager with Raymond James for years and years. So why did you break off? Why did you start this? And where did Monocacy even that name - where'd that come from?

Scott Brantingson:   12:06
So I've been doing this for 30 years.  Sometimes I say about 50 pounds unfortunately. And I really enjoyed being in the field and growing my book of clients. And then one day somebody told me, uh, you might want to be the branch manager. And, um, I have to admit, I did that with a certain degree of trepidation. But started a branch for A. G. Edwards, which is a really great company and eventually it was taken over by banks. and (I was) promoted to a position where I was overseeing about five branches and probably for two years, just realized that I had gone a long way away from what I really I think God put me on this Earth to do.  I mean, I enjoy leadership, and I'm sure it's made its been a refining fire in my life. And the people that know me still think and tell me that I like to be in charge, but, uh, to be in a corporate complex manager job in a wire house - no shot against that. But as far as my purpose in life became almost untenable, and I would have never told you I don't want to sound like some sort of middle aged sort of crisis. But I would have never told you that. You could be, uh I would have been very skeptical anyone that said you could be promoted into a position that's very high paying and and, uh, what seems on the outside to look attractive and that there was no amount of money on this Earth that would want you to stay in that position. But that's, that's right where I got to. And so when I stepped down, I immediately said, I'm gonna open my own company and tried to apply the disciplines that have accumulated over the last 30 years and then still focus specifically on my clients and have absolutely maximum flexibility. The name Monocacy happened to be a creek in our town of Bethlehem.  And when I was driving over it I said, that's what it's gonna be and I called my son and I said, Why don't we call Monocacy? Which doesn't mean a lot outside the people outside of this area. But if you're from Bethlehem, it has familiarity.

Richard Boone:   14:14
Okay, well, let's change gears again a little bit. Let's talk more about the processes that you take your prospective clients and your existing clients through. If you would describe really how you begin working with somebody and how that process has evolved.

Scott Brantingson:   14:29
Process prior to our engagement was we have a client coming in or prospect coming in at two o'clock, what are we going to do? And then I was going to I rely on my extemporaneous gifts to be able to sit down with them and make sure they feel good about it. So then you said one thing to me, though, that if you're gonna be referable to somebody, they need to have a general idea of what they're getting people involved in, and it has to be consistent. If you ask me the words that you mentioned to me that really sunk deep in my mind, that would be it. First of all, most days at least the best days, that question wouldn't be asked in my organization. And if it was, I would probably say in a frustrating manner, Well, you know what we're gonna do? We're gonna have the questionnaire for our deep dive or discovery meeting, and we're gonna have the document that explains our process. So along with that on our best days we have an email that goes out set some standard in terms of what people should bring to the meeting. We have our digital recorder set up, and we come into the day with a lot less stress, and we enter the meeting with a higher level of confidence. So maybe that's the real byproduct. I think when people sometimes listen to podcasts they, you know they want to, not that details aren't significant, but the byproduct of all that (is) a higher confidence level when you go into a meeting.

Richard Boone:   15:58
Well, they're usually looking for a take away, and it seems like the biggest take away from your process now is that it's structured.  And you're allowing your client or your prospective client to actually really understand it. And because they understand it, they realize, you know, as you said, what they're getting into.  I just remember so many advisors candidly admitting that they just kind of wing it. Right? They just kind of wing it.  And it's not that they're not good at serving their clients - they are, right. I mean, you couldn't last, you know, even a year as an advisor if you weren't any good at it. But the fact is, if you're just winging it, then your clients don't know really how to talk about you. Would you say your clients now have a better sense? I had to talk about you?

Scott Brantingson:   16:45
Absolutely. And particularly the new accounts that I have brought in.  And there  are also people that have gone through the more - I'm gonna call more formal process - and I have a much higher confidence level in asking them to refer me.  I think by nature, you know, little reveal - little confession - is you know, I think there's a part of me that always has a bit of self doubt. I don't know where it ranks in the world with other people. Um, almost like somebody's gonna find my high school academic transcript on the deal...

Richard Boone:   17:22
The truth comes out about high school Chemistry!

Scott Brantingson:   17:27
It was more than just chemistry! So I think you know, I think there's always I come off (to) people as "so you've been very successful". But this little part of you that sometimes lacks confidence or wonders whether the next guy is figuring out how to beat the index by 200%. And that translates into, um, maybe not asking for introductions. But I think the people, I don't think - I know the people that have in fact - I shouldn't say that the people that have gone through this formal process, the ones that I've stuck to the process the most, actually, as I think about it, of all said I've told people about you. That's a really, um, testament to it.

Richard Boone:   18:07
Well, I seem to recall, and is that you picked up a heck of a lot more introductions over the last year or so than you had before. And I think part of it is, you know, you're also offering it right. You're asking to make introductions. So in general, you know, now that you have this process in place, you know this Discovery and it's very kind of formal is it easier? I mean, I think that that might be the easiest way to look at it. But is it easier now to ask for an introduction from a current client?

Scott Brantingson:   18:36
It is. Only because I think I'm doing a better job. I believe with confidence that the people that have gone through the more formal process in my practice, I feel that there's less of an opportunity that their clients are going to be disappointed. Or the referrals are going to be disappointed. And that's really the big risk of the introduction, isn't it? You know, are you going to take care of people?

Richard Boone:   18:58
Yeah, I've seen the studies on that. People are reluctant to make introductions because they're worried about blowback, right? They're worried that somebody's gonna just be, you know, some relentless person that you know - the typical sales guy who chases their friend around constantly.  Or when they finally do meet it's just all sales.  Versus if you're already taking your clients through a very set process that they can see exactly how you can work and you're asking a lot of questions about everything, and you can prove your value, then all of a sudden, it's like, well, not only do they feel more comfortable working with you, but they're more comfortable to introduce somebody to you because they know what they're going to get. So, Scott, Not too long ago, we did a group call and you were sharing some ideas with some of the other financial advisors that we're working with in this coaching relationship, and you had mentioned how you're reaching out to some of your clients. At the time, the market with, of course, you know, disintegrating. So there's a lot of people really, obviously wanting to hear from their financial advisors. So I was wondering if you could you share what you're doing with your clients these days. What are you doing when you call them up? How are you talking to them, et cetera, so that we can share that with our audience here?

Scott Brantingson:   20:13
Well, um, it's really been an interesting time. In the time that I've even noticed that if two weeks go by during this time and you don't talk to your clients when you do talk to them they think, Oh, it's been a while. So there's something about this season where a lot of conversation is really helpful. And I have a bit of a model, how I approach it. One is to gain understanding and then show empathy. And I don't really believe just gaining understanding about people's concern or worry, or whether they'll ever be able to retire or when they're gonna be retired.  I had two clients that retired April 1st, so they were really worried and to not show empathy is obviously a mistake. But at some point, I think you need to call to a higher purpose. So ask questions, and gain understanding, show empathy, and call to a higher purpose. And in my life, the ultimate higher purposes, my faith in God and that that he holds my future in his hand. Now I know everyone doesn't share that. Although when the world is crumbling and there's disease there's at least a few more people that want to hold tightly to the transcendent or the metaphysical things. So they're sometimes, if during this season, where the higher purpose is very pragmatic, like converting to a Roth or taking tax losses. But there are a lot of times where I can really talk to people about their most serious worries, and that, I believe, can only be answered by having faith. And my faith happens to be in Christ. And so it's giving me a venue - even a person, my largest account that it was a very large company - I've known him for years but was receptive to me, even sharing a little bit of this resource in the place where I receive my hope from and so it's been very edifying.

Richard Boone:   22:21
So what you're talking with your clients it sounds like you know, they're not only appreciating, you know, hearing from you, but it sounds like you're bringing them to this level of- I don't know how to say this - but you're calling to their attention the concept of hope.  That things were going to get better and there are some constructive things that they could do. Am I characterizing that correctly?

Scott Brantingson:   22:44
And I don't want it to sound trite and I don't think it is trite. I mean there is, Rich, there is a limited hope in money, health, you don't have to be spiritual to acknowledge the fact that those are inherently transient, aren't they?

Richard Boone:   23:02
Yeah, absolutely.

Scott Brantingson:   23:04
I mean, they just are. That's as real as today. Beauty, whatever it is that people cling to in life.  Uh, it's fading to some degree, and money is a super important part of our role. But if you're looking at it is a resource for all hope and security and it makes a lousy object of that. And we learned that in these times. So, um and many people just express that by a call from a friend or doing something that selfless. But ultimately, I've been able to share. My hope is, isn't gone.

Richard Boone:   23:44
Let's shift gears one last time. I want to talk about some of the things you've done to optimize your business. Now you mentioned briefly that your son is working with you as well. So that's ah. Scott Jr., if I recall. So Scott is with you. He joined you with the business. Tell me a little bit, you know, share this for our listener's benefit. Just describe your working relationship, maybe even go backwards a little bit and talk about why he wanted to come into the business and why you guys wanted to work together. And then we'll talk a little bit about the working relationship. And there's a reason that this is important, not just for you and for your listeners but also there's a lot of advisors out there that have family in their business. Any business that's family operated at some point, the next generation's gonna take it over. So with that as a backdrop just share some of the thoughts that you have about your working relationship and why Scott Jr is working with you.

Scott Brantingson:   24:40
Okay, well, the reason it started when I was in this complex management job back at the wire house and I still had a book, and so I needed someone to sort of baby sit it. And he was in public accounting then, and just like my CFP, I don't know that he was working on his public accounting credentials. And so he came in and looked after the book. But I wouldn't say that was a very optimal arrangement.  I was busy doing my thing, but when we started on our own and I think the number one thing I would say about all of this, a lot of people ask me, What's it like working with your son? What's it like working with your father? There must be a fairly long list of people that find that's a very difficult thing to do. And maybe the proof is in the pudding, whether you could talk to him directly someday. But for me at 60 years old and starting a business, the passion level or the interest in creating something that's successful for my son, who I love, and also produces a legacy that people see is evident.  And they have, you know, I didn't realize how old I was looking when clients said you know, I've worked with you and I appreciate you, but I'm really happy to know that your son's there for the next generation. So that's both nice to hear and not so nice to hear! So that's one thing you know. It's been a really, there's practical aspects of it in terms of our giftedness. I'm starting a business, and I'm working with my son and I have a passion level that I had lost in that corporate job 10 years ago. So I'm, ah, really excited. I don't know exactly who's ever listening to this, how you create that. I know that's not possible if you want to bring your kid in and he hates the job.. It won't work.  His interest in succeeding is even during this last a few weeks, been grateful that he's been here.  And we've picked days to be the stronger one or encouraging one where we've got a little concerned about the world.

:   27:00

Richard Boone:   27:00
That's an interesting way to look at it, you know, one of the benefits of having a partner, whether it's a father son team or some other kind of dynamic. You know, sometimes you could just thrive simply because the other person is having a better day than you are right. It helps to encourage you. So it sounds like that's part of your dynamic. Yeah, let me ask you a different question along those lines, though. Here's the I think the $1,000,000 question for most other financial advisors is Who's really doing what? You know who's really supposed to be driving business into the door, if you will?  Who's doing more operational stuff, or are you doing basically the same stuff?

Scott Brantingson:   27:42
Well one I'll say being a manager for, I think it was about the height about 80 financial advisors, one component you have maybe with a son who wants to be in the business and you want to be in the business is I think we both feel like we're okay with doing a little bit more.  In other words, were less apt to take score. I know that when I look at this industry, that's harder to do when it's not your child to be selfless or to not think of it as a quid pro quo. Or that you know, I had a partnership, and the senior partner is 90 and he hasn't given me any of his accounts. And all of the things that really are the big issues.  Is somebody willing to be sacrificial?  Which in this relationship, you know, my son, I would tell you that he thinks I do more and I tell him that he does more. So that's sort of a general, um, we're not taking score. And I don't know how you get to that with outside of the family relationship. I think I know how you get there. I mean, I've got in there with a sales assistant.  But step back.  My son is better even in this interview process. He certainly either is better, has more of an appetite to make sure the notes get after meeting, get put into the system to get the technology set up. So there's some sort of just practical things when we leave a meeting that he does that I don't want to do any more.

Richard Boone:   29:17
Probably a little more tech savvy I would imagine.

Scott Brantingson:   29:22
Absolutely, right opening accounts.

Richard Boone:   29:25
But he's driving in business, on its own, right?  I mean he's out there working. He's talking to clients. It's not like he's waiting around for you to just hand him business. He's already doing some of that stuff on his own.

Scott Brantingson:   29:35
No he isn't (waiting around). He's had the good fortune of becoming a golfer at an early age, and that doesn't mean he's giving business on the golf course. But he is a member of a golf club and he's on the board of the golf club and he's doing a great job of fostering relationships and opening accounts so...

Richard Boone:   29:56
Well, you're very lucky, then. I have known a number of father-son, you know, family type teams. And often the younger is waiting for the elder to just pass stuff through. Scott Jr., he's actually out there doing what he needs to do. There was a movie, I think called Failure to Launch. Right?  You don't want to re-live that, or not that you did live that, but you don't want to have that. Let me ask you about career path then for your son.  And this would be good I think for anybody that's thinking about bringing on another advisor.  What do you see him doing? I mean, what do you think his path will be, so to speak, Is he gonna essentially completely take over? And I guess in a backhand way that what is what is your future? You know, it's it's 60 year. You look in the retired soon, and you know it's got just gonna take it all over. What's your plans?

Scott Brantingson:   30:49
I'm not, I'm not. I don't think I'm good at just waking up. I'm a little intimidated by not having a job to go to every day. So maybe that's just something I've gotta work through. So I'm not saying suggesting that's overly well adjusted. I'm just telling you, the thought of getting up and not coming to work is pretty dreadful to me. There is still a deference to the overall What's the company gonna look like? Are we gonna hire people? Still probably has to be - that's probably a hard thing for me to turn off. Um, I hope it's not overbearing, but I think for him to flourish as a leader in managing people, probably I have to figure out how to get the heck out of the way in that regard.  Because I think, um, I think I will automatically - one I'm his father, but secondly, you know, I've been in that role so long that I think that you almost need me to get out of the way a little bit in terms of him just making more of the overall decisions for the direction of the organization.

Richard Boone:   32:00
Well, and I think that's a struggle that, you know, probably enough, a number of family offices have is you know, at what point does the younger generation make more meaningful decisions? Right, because they can't really grow completely. I mean, they can, they can do some of the, you know, the blocking and tackling, right, going out and networking and meeting with prospective clients and, you know, communicating the value and bringing them in, setting appointments, and doing the appointments. They do all of that. But that's every financial advisor. Every single financial advisor on the planet has to do that. The next step up is to start running a business, and that requires making some decisions about marketing and everything else. So at some point they'll be taking that over.

Scott Brantingson:   32:47
Or even something more innocuous, like we're gonna have a team meeting every Tuesday morning at 10 o'clock. And, you know, I think most people left to their own devices would prefer not to go to the team meeting on Tuesday at 10 o'clock.

Richard Boone:   32:57
So he makes you go?

Scott Brantingson:   33:02
Maybe they shouldn't! You know, I guess I've I've done this long enough to know that I'm the 1st one in the room with the computer set up and, you know, tapping my foot waiting for them to come in. Yeah. Wondering Why don't you do this? Why don't you lead this meeting? And I think the reality is because, like I said, I'm in the way of that. And then the next thing is what, you know what if you're gonna bring other advisers in and what's that gonna look like? And how are you gonna police that? The financials, the accounting and all of those...

Richard Boone:   33:33
Yeah it's definitely a complex world in that regard. Well, let's, I got just a couple last questions for you, and then we'll wrap up. And the 1st 1 is just changes and improvements that you'd like to make, you know, What would you still like to do? In other words? And then the last one is just more of a general, you know, what's the final advice so to speak that you'd give any financial advisor out there thinking about adding staff, junior advisors or family to their team. So let's first talk about any remaining changes or improvements that you'd like to make, and then we'll ask the last question.

Scott Brantingson:   34:09
I think the changes and improvements continue to be a long list. I have, for whatever reason, been given a pretty high state of being unsatisfied with things. But one is even more structure in terms of how we're gonna add employees and what the compensation looks like. I'd even like to come up with what I think would be the better model. I don't know. There's a lot of models floating around in our industry now. I don't want to just say, Hey, you don't have to wear a tie on Fridays and, uh, you make the same amount of money. So I'd like to put a little bit more flesh room, um, and then formalize that process, too. So we formalized the process with a prospect, but we haven't as far as if we grow out people.  We should apply the same thing to that. What the first meaning would look like. What what exactly are you offering and be able to communicate it effectively.

Richard Boone:   35:12
So mainly regarding the optimization of the business, how to expand it. So the last question, of course. Just advice. You know, what would you tell another advisor that's thinking about adding staff, or a junior advisor, family to their team.

Scott Brantingson:   35:27
I would say first try to find people that are pretty clear about what they're giftedness is. And if they tell you I'm good at everything, tell them well, you can't come work here.  Help them to discover their gifts, and hopefully they have enough self awareness. Secondly, I don't know how you can replace the passion I have for seeing my son succeed, but again, I have had a services for 30 years. Find someone that you feel like you could be altruistic enough and bless them enough that you don't have to worry am I getting a dollar more, $2 more, or I'll pay you once I hit a certain level. If you want to build an organization with gifted, intelligent people that support you, then you need to have a certain degree of benevolence. And without that, I don't see how you could build the team.

Richard Boone:   36:26
Well Scott, I really appreciate you sharing all of your insights with our listening audience. And, you know, it's always a pleasure to speak with you. So thank you very much for being a guest from this, on the show.

Scott Brantingson:   36:41
It was my pleasure. Thank you.

Richard Boone:   36:44
Okay. So, Scott, if somebody wanted to get a hold of you, what's your contact or best way to reach you?

Scott Brantingson:   36:50
My phone number is 610-419-3946 and my email is

Richard Boone:   37:03
And Monocacy Wealth Partners is located at 190 Broadhead Road, Suite 323. Bethlehem, Pennsylvania, 18017. Securities are offered through Raymond James Financial Services Incorporated Member, FINRA/SIPC. Investment Advisory Services offered through Raymond James Financial Services Advisors Incorporated. Monocacy Wealth Partners LLC is not a registered broker dealer and is independent of Raymond James Financial Services. So that's it for today. This is the IDEAL Plans Ideal Advisors Podcast. I'm your host, Richard Boone. If you'd like to reach me, I can be found at 800-630-1590 or  And I'd love to hear from you if you got any questions at all or if you like some help with your business, please give me a call. Thank you very much.