Why people don’t hire a professional adviser?

ABOUT THIS EPISODE

Financial expert, John Browning, shares a few common reasons why some people don't hire a financial advisor. One major reason is fear. Other people are concerned about costs. There are other reasons that you'll hear about on today's episode. Listen to see if John talks about one that you've heard of. And be sure to connect with John by texting "LIFE" to 21000 or GuardianRockWealth.com.

Welcome to the build your life podcast with John Browning. Build your life as a relaxed and unedited conversation with financial expert and number one Amazon bestselling author, John Browning Jones the founder of Guardian rock wealth and serves clients across the United States. John's the author of the book build a life, not a portfolio, a guide to your financial future based on your personal values, which you can purchase on Amazon, or stay around to the end of today's show and I'll tell you how to get a free copy mailed right to your door. I'm Michael The lawn, your host for the next few minutes as we chat with financial expert and business owner John Browning. Well, hello, John Browning. How's your day treating you, sir? It's treat me theoteristic. I'm glad to hear that. I'm glad to hear that. Hey, we've had some a couple of really good episodes. We talked a couple we sho about automotive terms and things as released to financial advising, which I really I am joy. Last time you took me on an entirely new trip around what to do with a k. You gave your number one piece of advice for somebody who's leaving a company. So they need to go back and listen to that if they didn't hear it. And set us up for a couple of new episodes coming up around for one case and things that we'll talk about later. But we mentioned this in the last episode in and it's one the question, John, that I've just kind of had. It's kind of like a lowgrade fever. You know it's there, but you can still do some this question just kind of keeps knowing at me and I wonder why don't, as complex as financial planning is, why don't people hire somebody like you? Why don't they hire a professional advisor? We are so many people just bent on doing it themselves. I think that there are. There's a whole lot of reasons and and I hear them all. I been and the bottom line, I...

...think, really comes down to probably to two main things, and one is the problem is it's it's important, but it doesn't seem urgent. And if anybody has listening, he has ever read the seven has a highly effective people and there's different ways you could put together your schedule for the day. There's planning tools and there's the urgent and important, the important but not urgent, and then you kind of have all the rest. And I think this tends to fall into people's minds under that important. But I don't have to do it right now, right and so it's really easy. Because the other part of this is fear, a huge fear factor, not to show that they have like ten years ago, but there's a huge fear factor with just surrounding the whole thing about finances, financial planning. I mean, do you really want to go tell somebody that maybe you don't know that well all about your financial situation? Yeah, maybe not right if they can be really intimidating. But the interestingly enough, if you've got a medical problem, you'll tell your doctor just about anything. That's that is so true, and it's but sometimes those medical issues are not just important, they're also urgent. It well, and but the doctor will, every doctor out there I believe, will tell you come to me before it's urgent and got that nagging pain somewhere at your body telling you you need to do something about it, even though it might not be urgent, because it's affecting your daily life. And that's what I would encourage people to do. They know it's important but they just never get around to it. That's the number one thing, and a lot of that...

...is because of fear. Yeah, and I like that in the looks. Think that Dr Analogy. You know, I keep putting off, and you know I'm fifty five, John, I keep putting off my annual physical that I should have had probably a decade ago. Right, I'll do it. Going to the doctor's is a hassle and it cost money. He's not free. He doesn't thank me for free. You're not a hassle because I can book online and do a zoom call and your first consultations free. If so, what's the deal? I just think people are are they're fearful of for whatever reason, but they are losing traction. You mentioned traction in the automotive aspect, with tires on the road, and if you have bald tires you've got no traction, especially on wet rain roads. Yeah, Planning Your finances, you've talked about this for a long time. Jan Of this podcast. Your number one word is consistency. That's right, and if you don't get started, you're going to get no traction. You're going to have no consistency in you're going to wake up one day being sixty five or seventy gone. Wow, I should have called somebody, and so my encouragement, I guess it is just called somebody. I'll John Guardian rockwellcom or make it simple, text life Ilifa to twenty one thou get his contact information, hit the button on your phone column, set up a zoomy. It doesn't cost you a thing to begin a conversation with John to see where are you and can he help you build a financial road map, like we talked about a couple episodes ago. Listen to these podcasts. That's a great place to start. But I just know that a lot of people are not. A lot of the TV commercials want to make you think that you can do it yourself, and some people can. That doesn't ask majority can. Well, and that that, I think, is so those two things right if you're a professional, and I'll tell them myself right. You know, I I sort of grew up, so to speak, on Wall Street and I managed at one point I managed a hundred and fifty seven have been billion dollars. That would that...

...was what was underneath of my purview. And so who who better to who would know better than me how to manage my portfolio. Well, I will tell you. I did not do a great job at my financial planning. And there was a point, you know, I had had a nice couple Nice cars I have, you know, I had six kids, I had, you know, I was paying for stuff. I you know, I had nice suit, whole nine yards, and suddenly I found out I got laid off. Wow, oh boy, oh boys, so the Big Wall Street guy. And, by the way, you don't get your unemployment check right away. A matter of fact, you don't even like I got a set. I was fortunate. I got a severage check because I've been with the company, that particular company, for over eighteen years. So I got a severag check. That didn't come right away either. And there was a there was a period of time where I was in my nice drive, my nice infinity, and I was how many people listening to this podcast know how important it is to show up for your kid when he's worked really hard and he's in his wrestling me right? I mean how many people know that's important? Yeah, right. So it cost three bucks at that time to get into the wrestling meet and they don't take credit cards. I don't know if you knew that, but they don't pay a credit cards. At middle school wrestling needs. I was digging through my car, my couch to come up with the three bucks. Now, two days, two days in advance, you know, two more days and I would have this big seven check, you know, and when I've been a problem. But right then, sorry about cash, for I got down I had twenty five cents. I didn't have and I just to ask a buddy of my say, Hey, got twenty five cents, and he just laughed and said, yeah, here you go. You know, I didn't think but I was thinking of myself. Oh my goodness, I can't believe I don't have an extra twenty five cents...

...to get in here, but I was going to do anything I needed to show up for my son. Yeah, but you know, that just tells you that if your doctor, do you diagnose yourself? Probably not, and if you do, that's bad idea. If you're a lawyer, what are they what are they say? Yeah, your lawyer and you have yourself as a client. You have a full for a client or something like that. Right, and it's it's true. Judges won't even really allow it. Yeah, because you're too close to it. It's too personal. So even myself, I don't necessarily manage my own financial plan. I bounced that thing off of somebody that's an independent third party, my partner. Yeah, and and he kicks me in the butt sometimes. It says now, I don't do that, and he what? He's right, and we need that. And and, but that's the thing I love about how you guys operate, Johnny, and we've talked about this on other episodes of well, I mean you bought the Harley, right, hmm. And and you like to buy toys what'son while and sometimes that's okay. But having that third party look into it right where what you can function as that third party. Somebody say hey, John, we're thinking about doing this, and you can look at them. Go you can do that. But here are some of the ramifications that you might want to think about. It's always their decision, right, if their money, you're just there to kind of guide and direct. And then you also talked about you being the bad guy because when the relatives come and knock and they need somebody, you say no, you can't do that, and then you that's it's clean, I'll take the plane yep, yeah, that comes for free. When you when you work with John, he becomes the bad guy. Yeah, yeah, really valuable because it gets very emotional and, you know, family dynamics and everything else used to. I'll take it, especially if you if you start building wealth, and when family understands that you've got wealth and you're going to start leaving some money or something, and they start showing up on holidays and things, something's you know, you can spell a wrap. Yeah, but having you there to say, well, we have to run it by our financial advisor. Boy, that's nice.

If you don't have that, well, well, y'all do right. Fear, I think. I think you probably nail it with fear. People are just scared to reveal themselves. Maybe, okay, I want on a limb here. Maybe it's not necessary. Here it's embarrassment. There's can, there can be that and some place. People don't come to me because they think they can't afford me that. We have programs for you. Have really have programs for everyone. Yeah, if you just are nowt or if you've gotten yourself in, you know, Af fix, so to speak. Hey, who has it? I did I just told you. You know, I did something stupid, right. I just you know, pretty much all of this have at some pointer or a time. And there's also this I call up the curse with a dollar sign for the s and furs of money. The curse of inheritance, is something that I'm kind of writing a bit of a paper on in conjunction with another another one of my professional friends who focuses on inheritance and family wealth. And there's just a lot, but there's a there's a lot of reasons. The other reason is, well, I can do it myself. You mentioned this to like CNBC will tell you what to do with your money. There's a bunch of youtubers out there, and I'll tell you what to do with your money. And there's the meme stock crowd, the Robin Hood Crowd, the I'll tell you what to do. Now, none of them may be licensed. And here's the one thing, like, I have personal experience with the folks on CNBC, right, because I've been on some of their shows. I put together portfolios with some of those guys. I know some of them personally. They're really nice guys, right and gals. Yep, nice people. Guess what? They don't even know your name. You know. They don't know who you are, they don't know what your hopes, dreams fears are, they don't know where you want to go in the future. They'll give you random, not random, but they'll give you specific like stocks, or you should buy this, but should you buy that it? It's just like why we're not giving financial advice on...

...this podcast, because I don't know who's listening. Right. I can only do that if I talk to you individually. And what I think? I often use the analogy when people are doing all of us themselves and they're really good at their job. Right, they're fantastic, very smart. I have I have a gentleman who is literally kind of a rocket scientist. He's a clientomer. Okay, he's way smarter than I am, right, I'm sure of that. But he knows that he's good at what he does and I'm good at what I do, and so he asks me and he uses me as part of his team and I, because I know him now, I can give him some really great advice on how to build his life and what he wants that to look like. And if you look at all the really amazing people out there, the Steve Jobs, the you name the famous person. They didn't get there on their own, built the team around themselves. Now you're the CEO. You know I you can hire me. I will be your CFO, your coo, whatever it is that you need. And anything I don't have direct expertise in, I have other people on my team who do have that expertise, whether it's legal estate planning or tax planning or whatever. So trying to do it on your own as a big temptation and a big reason that people don't come to me early. They stay. And that and that's just the Plano procrastination. It is now and and and as we wrap up, I want to you just open up a whole kind of worms there to me telling we think financial planning, we think stocks, bonds, but you also understand the tax ramifications of it. You also understand what to do with the K and win, and we talked about that on the last episode. If you ever change jobs, what do you with that one k this there you you know about that. You know about a state planning.

You can bring people to the table. I don't have to go try to find an attorney. I asked you and you bring people to the table. There are so many things that touch financial planning. When it's done right, that doing it on yourself, you're going to miss the boat on lots of it. And listening to the pundits who don't know you, they're not going to give you a great counsel for you. So because you're about helping people build a life for them and achieve what they want. Going back to that road map we talked about two three episodes ago. So that's just it's just so baffling to me why people don't reach out and just say I need some help. When you can we talk and see if there's a fit. And that's the beautiful thing about reach out to John and Guardian rockwellcom or you can now text him. If you just text the Word Life Alife to twenty one thousand, you'll get all John's contact information right on your mobile device. You can say that, you can watch a video about his Amazon best selling book and you can reach out to him very easily to schedule a zoom call or a phone call or probably even in person if somebody were could find you. Yeah, yeah, we still do in person, but we also do everything to meet them completely remotely and virtually, and you know I do have clients from a Hawaii or Rhode Island, a lot around the Chicago area, and your right here in Florida, where I am now, North Carolina, Colorado. I mean I've got clients all over and we can make sure they have a great experience. And it's really cool as well, because people are mobile, people are moving all over the place, not just you, but when you work with John, it doesn't matter where you live. You have the same guy helping you build your life all of your life. Think about the consistency of that and how that's going to help, because you don't have to re explain your situation to a new advisor every time you move to a new city. John's with you every step of the way. Right, Yep, and I will. I will get on a plane, you know I have. I do it all the time. I'm going to head up to...

Chica, be in Chicago mid month next next month, in October, and I see some clients in person. I love it. I think that's great. So he's very personal. That's word. Starts with a personal conversation with you about your plan and the life that you want to build. So reach out to financial expert John Browning at Guardian rockwellthcom, or just pick up your phone and text the word life to twenty one. Tho. John, thanks for another great episode. We will talk to you again in the near future. All right, we'll talk to you soon. Money really is a big part of our lives, and John Browning can help you and your family learn how to keep money in the proper perspective. It's important, but it's only a tool that can help you build the life that you want. If you like, John Emil you a free copy of his book build a life, not a portfolio. Go to John's website, Guardian Rock wealthcom, and click the contact to US link and send your request. John Will Mell a copy of his book right to your door absolutely free. Thanks for listening to building your life podcast with John Browning. Be Sure to subscribe to this podcast so each new episode will be sent to you automatically when it's released. Have a terrific day. Nothing in this podcast should be construed as personal investment advice, and past performance is no guarantee of future results. Investing is not appropriate for everyone. There is a risk of loss associated with investing in the markets. No representation or implication is being made that using any methodology or system will generate profits or insure freedom from losses. Please remember that investing carries risk. Guardian Rock Wealth LLC and it's affiliates are fiduciary investment advisors. Please consult with US or another experienced qualified investment advisor before making any investment decisions and or trying to implement any of the strategies and tactics we may discuss in any of our publications or podcasts.

In-Stream Audio Search

NEW

Search across all episodes within this podcast

Episodes (130)