Business Innovators Radio - Interview with David Cargill Financial Advisor with LPL Financial

Episode Date: August 10, 2023

Mr. Cargill graduated from the University of Nebraska – Lincoln in 2014 with a Bachelor of Science in Business Administration. His primary focus was Accounting. He also emphasized Economics and Spanish.Mr. Cargill joined LPL in 2022 after two years with a similar firm. There he oversaw 50 retirement plans: coordinating and conducting their annual plan reviews, fund analyses, and other administrative tasks. He also provided portfolio management and financial planning services to individual clients. Prior to his financial career, David spent five years with a non-profit organization, where his responsibilities included fundraising, recruiting, and supervising of team members. David’s business studies, along with his broad scope of management and networking skills, have created a solid foundation for his career in financial services and the development of long-term client relationships.Learn More: https://cst-lpl.com/Influential Entrepreneurs with Mike Saundershttps://businessinnovatorsradio.com/influential-entrepreneurs-with-mike-saunders/Source: https://businessinnovatorsradio.com/interview-with-david-cargill-financial-advisor-with-lpl-financial

Welcome to influential entrepreneurs, bringing you interviews with elite business leaders and experts, sharing tips and strategies for elevating your business to the next level. Here's your host, Mike Saunders. Hello and welcome to this episode of Influential Entrepreneurs. This is Mike Saunders, the authority positioning coach. Today we have with this David Cargill, who's a financial advisor with LPL Financial. David, welcome to the program. Thanks for having me, Mike. Hey, so I'm excited to talk with you because it's always neat hearing different people's perspectives.

And it seems like you can look at the same thing and bring up a whole new nuance to many topics. So I want to hear what you are doing to serve your clients and community. But before we dive into that, give us a little bit of your story and your background and what got you into financial advising. Yeah, thanks. I am originally from Omaha, Nebraska and went to school there at the University of Nebraska and had a, financial background. And then before I went off to work, I actually joined a nonprofit organization, did campus ministry all over the United States and international missions as well. So it brought me all over the world. And really in that time, just developed a big heart to help people and to just uplift

others and make the world a better place. And so as I was nearing the end of that six-year term, I decided that I wanted to pair that love for helping people with my financial education and financial advising was the perfect fit. You really get to know people, know their stories, know their goals, and help them really attain those, help families, individuals really be financially established and secure and really change lives. So that's what brought me to financial advising. And after a few years of working with a really senior amazing advisor, I made the move to LPL so that I could run my own practice, work with the clients that I really wanted to serve. And really with LPL, they're the largest independent broker dealer.

And I like that to be able to do really what's in the best interest for the client and not the, the organization or the firm. So that's where I'm at right now and just love it and love what I do. Yeah, you know, you said a whole lot there which I want to unpack because it's super important to not have an agenda for a certain client and have a cookie cutter approach and say next, you know, here's your plan next. to be able to listen and learn and come from that heart of a teacher and educate and teach. And I think to have that approach is so refreshing for your clients, I'm sure. It is. It is. And I've been told that by many clients that they, yeah, they just feel known by me and that I have their best interest in mind. And I always take the time to really sit down and and explain things at a level where they feel comfortable and empowered.

And I always tell my clients, you know, this is your, this is your life. These are your dreams. And I'm here to make sure you get there in a way that you're comfortable and that you understand. And that's a loaded comment right there that they understand because I think that sometimes people, like we'll say, oh, yeah, yeah, I got that. I understand. But then do they really? So I think taking that calm approach to teach and educate and make sure that you're

really, before you move on, you're making sure that they understand. And it starts with kind of like how Stephen Covey used to teach in his books, begin with the end in mind, you know, helping your clients look forward and go, you know, where do you want to be? You know, almost like being a life coach, right? Like, you know, what does retirement look like feeling like? an experience for you. It could be traveling the world. It could be diving into ministry and having different opportunities that way. So what is your approach to sitting down with your clients

for the first time and going? We'll get all the money stuff figured out. But let's figure out where you want to be at this age and then at this age. Yeah, definitely. It's just, it's asking those questions and really getting to know who they are. And just like you do in these sessions, you ask people, you know, how did you, how did you get to this point? You know, what really, what really drives you? What, you know, what do you hope to accomplish? And a lot of times, you know, really from unpacking that, you might come in thinking one thing and then you hear them say another thing. And you just really ask questions and get to know them. And I think a lot of, A lot of my clients are prospective clients are surprised when we meet because it's not just,

well, tell me, what do you have? Okay, yeah, we can do this. We can get you there. And, you know, go over all the numbers. You know, I really don't try to get into that until much later. And a lot of them have said that's been a real difference maker to them is that, okay, this guy really knows who we are and what we're trying to accomplish. and when you have that and you have that level of trust,

then as you're going through all of the strategies and the numbers, they believe that you can do it. You know, you're not just trying to base your proposal off of fees or performance, which is also a good thing to review, but you've got to get to the heart of the issue is who are they and what do they desire. Yeah, and yes, putting the cart before the horse. You know, you start talking about products and outcomes and

numbers before you figure out, you know, really what you want and why you want it. And because I really feel like when you think about setting goals and that's kind of what we're talking about here, what's the goal for, you know, you financially wealth, retirement, what does it look like? You want to have something that holds you and draws you toward it, not something where you feel like you're pushed. Otherwise, you feel like you're, I'm always, you're always. I'm always, you're always, you're, I'm ways on edge, you know, like, oh, I got to make sure that this is done so that or, oh, this is off half a degree. So now we're not going to hit our goal. But when you take that 60,000 foot view, you know, and you kind of go, look, here's my mission. Here's my ultimate, you know, end goal.

Is this fitting into that? So talk a little bit about kind of what's your mission in life, business, personally, professionally, and that has that translated into how you work with your clients? Definitely. Well, I, you know, personally, I have a family that drives a lot of what I do, married two children, a third on the way. And so they're really the goal and the focus of my life is to love them and to provide for them and to raise them well. And so really that kind of gets into a lot of my professional career is, you know, I'm a family man and I strive to help other people. You know, everyone came from a family at one point or another.

Yeah. And really just trying to help them live their best lives. And coming from that nonprofit role, that nonprofit area, I really just strive to put others before myself and say, how can I help this person? And believe in the end, you know, that if I do good, that, you know, I'll be provided. I trust in Providence and I trust in God to be able to provide for that. And so that gives me a freedom with my clients to be able to just say, okay, this is, you know, this is what we are going to do, what we can do, and not be attached to any certain way of doing things. And so professionally, I just, I love to serve my clients.

I'll probably tell a story here later about one of my favorite client stories. But just helping people doing good. And then from that, people like to refer someone that they know and trust and is helping them in a way that they've never been helped before. And that's really how I try to grow my business and my practice. and, you know, everyone wants to grow and be a big advisor and producer and things like that. And I, you know, I believe that will come and I desire to grow my business exponentially. But I like to do it with the people that I care about and I care about how their lives turn out and their families. You know, what I like about the way that you laid that out is you only brought up.

So I'd like to grow my agency. and be successful at the very end. It started with this foundation of I give and I serve and I love and I provide value to my clients, to my family, to God. And all of that needs to play well together so that the business end of things starts building on a strong foundation.

You know, it's almost like, hey, could you, I literally have 50 clients right now I can send you. They're coming your way. And if you don't have the right systems in place, that would overwhelm people.

And so just like, you know, if you were saying, I just want to be the biggest financial advisor in the universe, well, that's misplaced ambition, in my opinion. You have just laid out, and when a client or a prospective client of yours would hear that or sense that, they get the feeling that you're just not after to turn and burn and turn through the system and put someone in this and only go after the low-hanging fruit. You're able to work with someone and develop something that is massive in the industry,

which is a relationship. So talk about that favorite client story that you remember mentioning. Yes, definitely. So after I became an advisor, I had a friend from the nonprofit, contact me and we chatted about advising and he had been doing it on his own. And kind of going back to that coaching, we went through a lot of sessions together to go over his investment strategy and what I, for the, provided. And, you know, every advisor has this, that hard fought client battle that eventually

you win them over through just coaching and educating. And then they become just an amazing client that listens to what you have to say and does it. But from there, we, we did a lot of great work with his investments and planning to the point that, you know, a few years later, he was able to cash in that account and purchase half of his family business. And I remember afterwards he said, hey, I'm so sorry that I have to leave you as a client. And I told him, I said, hey, this is actually what we set out to do. You know, we set a goal. We work towards that goal.

We accomplish that goal. And now you get to go and do what you love to do. and be successful. I go, that's, that's a successful, uh, story in my book. And I don't want to just manage people's money to manage people's money. You know, I want people to reach their goals and be satisfied with the work that we did. So that's always been one of my favorite client stories. Um, and he's doing amazing things today. You know, I like that he started off as a DIYer, you know, I think I can do this. I'll Google this. I'll try that. But then at some point he had to the baton over to someone like yourself that has that outside perspective. So is that something

that you find is common with some clients that go, you know what? I appreciate the fact that I've tried some things and maybe I'll keep a little side account where I can still do some things, but, you know, guide me in the direction I should go now. Yes, we get that quite a bit. And some people, they say, you know, yeah, I've tried this. And maybe now I, I, I'm, I have a family. So I can't just commit all my time after work doing this or up late at night. And so a lot of people, really, you know, really smart people. I have clients who live in, you know, Silicon Valley that are amazingly brilliant and could do it on their own.

But they just say, hey, I don't have time for this. And so they've really passed that baton to me. And so, yeah, I get that a lot. and there's a lot of things out there in the news and the media and people do that. But I just kind of tell people, I go, if you're basing your investments and the direction of your accounts on what comes out in the news, you're already too late. That's old news. It's already happened. So really our approach is to be proactive, to be forward looking, and to say to our clients,

hey, this is what we see. This is how we see it. and a lot of clients have really loved and enjoyed that. And honestly, that's how I've won a lot of new clients is by being proactive in our investments and our strategy, which they all really desire and want. Of course. Is there a type of client that you tend to work with best as far as just the how people resonate with your approach? Maybe it's younger families that you're having long.

term goals or maybe it's pre-retirees. Is there something specific that you find is a commonality in your clients? Yeah. For one, we do, we do personal and business wealth management. So we have an entire section of our practice where we do 401Ks and work with business owners. So a lot of times I love working with business owners, especially in smaller companies, because you can really not just help the plan, but you can really set them up for a lot of success and help them really mitigate risk that they might not know that they have. So you can really help someone become successful in their business at something that they already are good at. So I really love with that. There's a lot of different challenges and nuances that are there that keep me on my toes and keep me learning and growing.

So I like that. And then as far as the personal wealth side of things go. Families, I love working with families. I actually just had a client come on who were the parents of clients that I had. So I had younger clients and their parents from me working with their children had seen the level of care that I took for them and now they're moving their assets over to me. So I love families creating generational wealth. And one of our specialties is just retirement income. A lot of times you have advisors that kind of play by the 4% drawdown Monte Carlo simulation, see how long we can make your wealth last until you pass. And we really take a different approach where we want to be able

to generate income for people, usually around 5%. But the big thing is, is we try to preserve the overall portfolio so that, you know, if you start retirement with a million dollars, we want you to end retirement with a million dollars and be able to pass that on to your children, your grandchildren, your church, your charitable organization, what have you. So I love working with families and honestly people that are getting ready to retire and want to do good while also having enough money for for themselves. You know, you hear that example many times where you do a good job for one member of the family and then the other member comes to you.

But many times you hear it like, oh, hey, we did such a great job with mom and dad as they were planning retirement that here come the kids. And you just gave an example. I know it's not every example is the same. But, you know, you were working with the younger side. They had such a great experience with you. They brought mom and dad in. And that's just so neat to have that legacy building where you're working with those families and you're seeing, you know, joined goals together.

And sometimes they can kind of overlap a little bit, you know, with legacy and things like that. So that's huge. And then one last thing that brings up to my mind is what you were mentioning about. If they start off with the million, we want them to, you know, at least have that or more. It's just the huge holes in the bucket. I mean, there's so many things that could go wrong in wealth planning for retirement from taxes to bad investments to risk and volatility. And to hear you say that that's your approach is we want to be careful.

And you threw out a number there. And that was not an aggressive number. So that tells me that you work with your clients to have a nice, sane approach to making wise decisions. And we want to protect that retirement wealth that you're building. Exactly. Exactly. And that's a big thing is we want to be able to give people, you know, what they worked hard for.

But we, you know, more people would be affected by losing their money than doubling their money and especially in retirement. Yeah. Well, David, it's been such a neat time getting to know you and how you serve your clients. If someone is interested in connecting with you, what's the best way that they can do that? Yes, they can go to our website. Our website is c-st-l-l-com.

It has all of our contact information. People can submit a request for an appointment. And we really just do everything through that. Excellent. Well, David, thanks so much for coming on. It's been a real pleasure talking with you. Yes. Thank you so much for having me, Mike.

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