Business Innovators Radio - Interview with Troy Thompson, Owner and Founder of Angel of Freedom Financial

Episode Date: September 19, 2023

Troy Thompson is the owner and founder of Angel Of Freedom Financial. He works with a proactive team of specialists who provide tremendous value in the areas of tax, law, wealth management, risk management, estate planning, and business development. This holistic approach multiplies and accelerates current plans, and identifies areas for enhancement.Troy has over 28 years of investment and insurance experience. As an active-duty Registered Nurse, he started his finance experience as a client in 1995. After Troy’s retirement account was cut in half the second time in 2008, he realized the limitations of the conventional approach. This led to a journey of personal discovery and investigation of alternatives that resulted in his current practice of offering a Virtual Family Office.Learn more:https://aoffinancial.com/Influential Entrepreneurs with Mike Saundershttps://businessinnovatorsradio.com/influential-entrepreneurs-with-mike-saunders/Source: https://businessinnovatorsradio.com/interview-with-troy-thompson-owner-and-founder-of-angel-of-freedom-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 us Troy Thompson, who's owner and founder of Angel of Freedom Financial. Troy, welcome to the program. Thanks, Mike. It's great to be here.

Hey, so I want to learn how you serve your clients and dive into all of the things that you do that way, but give us a little bit of your background and your story and how you got into financial services. And part of that story, I want to hear what is the story behind the name, Angel of Freedom? So that sounds like a really great name. Okay. Yeah. Well, my first career was in the medical world. I was an active duty registered nurse for 23 years. And so on the surface, people may see that or hear that and think what's the connection between. finance and medical, but I think there's a lot of connection. And here's a quick example. In the medical world, there's a process, plan, implement, evaluate. So, you know, the patient comes in, I assess them, develop a plan, implement the plan, evaluate the results, wash and repeat. And so the same thing happens in the financial world is getting in a snapshot of the current situation, develop a plan, implement, and evaluate. And so my first mentor, encouraged me to go to this financial planning seminar that was the target audience was active duty military. And so I just graduated from college. I'm 22 years old. Went to that seminar, met with one of

their financial planners and started a plan for myself, including getting a life insurance policy, even though I had no debt because the Army paid for my school. I was renting. I was single. I had no children. So I had no need for a life insurance policy, but it made sense to me. And so that started my interest in insurance and investments. And then just over the course of the years, I took a stock market investment course or real estate investment course. And so I was doing these things, one part with a financial advisor, one part on my own. And then when it came time to retire from active duty, that seemed like a natural transition into the financial services. Yeah, neat. What about the name Angel of Freedom? Where did that come from?

Yeah. Well, as someone who, you know, was in the military, then there's a strong desire of freedom within me. And, you know, any entrepreneur, I think there's a strong desire within them that, you know, be able to create my own company, offer, you know, work who I want to work with, offer what I want to offer, have the schedule that I desire. Of course, there's still parameters within that. But I think within the typical entrepreneur, there's this strong feeling of freedom that's within them that they're expressing in some form or another. And so I happen to be on this video networking event. And there was a man on there, Nigel, Nigel Henry is his name. I'll give him credit. And so I was sharing my story and he looks at me and he says, you're the angel of first.

freedom. And I thought, well, that that really does nail down who I am in my core. And so I used that. And there kind of is an angel kind of a connotation with your nursing medical background, too. Wouldn't there be a kind of a like a tip of the hat that way? Yeah, I hadn't even thought of it like that. But that's a very good point. And, oh, and in the financial world. Now, so some people can hear that name and think, well, that's a little different, maybe. But in the financial world, the angel is not an uncommon term, such as angel investor. And so I talk or I think I share that I am, I'm a messenger. And so I'm delivering information, helping people for them to experience their greatest

level of freedom in their health, their wealth, and their relationships. And being that messenger, that means you're not a hardcore salesperson by now, sign your name on the line. You're an educator. You teach, you guide, you know, and there's a lot of things in the financial services world that need a explanation or a four. You know, I mean, it's not like check here and here's your order. So like when you mentioned you got life insurance back in the day before you even needed it, I would suspect that it just felt right because it's like, I know I'm taking care of my family and it gives me peace of mind. And now probably when you're in the financial services world, even deeper like you are, now you're realizing all the power that that kind of thing brings.

But I think that's a really neat aspect is that teaching approach that I'm sure that you take. Yes, I totally agree. Something that I am discovering and that has really come to forefront the last few years is that is enjoyable to me. And when I say that, I mean teaching and educating people. you know, it's so easy today to just go on the internet and get information, and that's fantastic. The problem is, you know, the algorithm is going to point me in a certain direction. And so it may not give me the full story.

There might be other things that are totally legitimate that, you know, the algorithm is not going to offer to me. So that's the value of an expert as I, along with a team of experts who I work with, are able to educate about other options. that might be able to enhance, multiply, accelerate what a person is already doing. You know, I think that resonates really well with a lot of people, but I think that sometimes people go, oh, yeah, yeah, I've got 30 years of experience. Well, in reality, I've heard this years ago, so tell me how this resonates with you. Do you have 30 years of experience like one year of experience 30 times over, or is it 30 years of experience?

And the difference is, obviously, every year I'm getting better. I'm improving. I am learning this new thing. I'm applying this. I'm listening to what my clients need. But you know as well as I do that in every single industry, there are people that just have the 30 years of experience, which is just surface level, one year of experience. But when you can say what you just said is like, I've got an expertise and I surround myself with other experts to bring that holistic approach to clients, that's a pretty powerful position to come from. Yeah. And I appreciate that distinction. That's an excellent way of describing things. And this goes back to my. medical analogy is in the medical world, the standard practice is a collaborative network, a collaborative practice, meaning let's say I'm a general practitioner, the patient comes to me and I identify something or maybe they reveal to me something that is outside of my practice,

my experience. And so then I connect them with an expert, whatever that is. And maybe I make a phone call to that provider and have a one-to-one conversation, or maybe it's done, you know, through the notes. But the point is, I recognize, okay, an expert can help with this. The financial world historically has operated more in the silo approach where I go to my CPA and they do the taxes and I go to my insurance agent, they do the insurance, et cetera, and so forth. And there's very little collaboration amongst those people. And so I am taking kind of that medical model, operating as the primary care manager, if you will,

and then bringing in the experts to help optimize the scenario. Because just like you shared, let's use the CPA as an example. They might have 30 years of experience, but they have 30 years of experience doing these same five tax strategies, let's say. And there could be other things that could help their client, that they just don't have the time to implement or maybe aren't even aware of. You know, you brought up CPA, so I want to bring up where my mind goes. Like you said, the CPA only does taxes.

Well, it's almost like being an order taker. Like, you know, I'll take a burger and fries, here you go. Well, if a CPA only does quote unquote air quotes the taxes, but you're not looking consultatively going, hey, Mr. Miss client, you know, I was noticing when I'm going through your records here, you've got And what if we could do? And let's go ahead and. And so I think that that's a huge opportunity that in the indie industry like yourself with CPAs, but that brings up opportunities to be, you know, kind of doing the what's expected. But then how can we really bring extra value? And sometimes it would benefit the CPA. Sometimes it wouldn't. Sometimes it would benefit you. Sometimes it won't. But it's great advice. And the client then feels like, wow, that's way more than what I was expecting to get. Yes, absolutely. And I would say it always benefits the CPA and me when more value is being given to the client. Because then they are going to see, you know, that, you know, my CPA is different than the rest where they plan ahead, right?

They're doing this proactive planning, holistic planning. And so even if it doesn't result in kind of direct financial compensation from that client, well, people talk to each other. And so that client is going to send other people, you know, to the CPA. And so ultimately, you know, the more value that goes out in the world, the better the world is. And people are happy. And then that will come back in some form or another. Yep. You know, on your website, I see a really neat graphic talk about the team-based model.

And when I see virtual family office, I know enough about the industry to know that that typically is reserved for people with about 100. gazillion dollars. So if you're, you know, I mean, in reality, it's like just mega numbers, but if you're able to bring this to people that are, you know, the normal, normal people with normal numbers, but bring that family office and that team approach, that's a pretty big competitive advantage. Yes. Yeah. And that is something that's very meaningful to me and goes back to my comment about providing more value is sitting down the individual and finding out, you know, what's the biggest challenge, what's the most important goals, and being able to connect with the people who can help achieve that. You make an outstanding point about, you know, the family

office, typically people who have multi-millions, let's say 10 million or more, maybe even 100 million or more. Yeah. They have the financial resources to have their own family office. But people, you know, especially business owners, they have similar needs as those higher net worth people. They just don't have the same financial resources. And so what I can do then is kind of on an all a cart basis, bring in that expert to help solve the problem or help, you know, accelerate the result, whatever the situation is. And so they can get access to the same as, say, your higher net worth individual without the same cost. So without mentioning details or names, can you give us an example of what that would look like when a client comes in and

And they thought they were just coming in for X, but you bring in this whole team and virtual family office. And now you're doing this and this and they kind of walk out, you know, not the same appointment. But they kind of through that process, feel like, you know, I feel like a big shot. And I feel well taken care of. And I feel protected. So can you think of an example that way? Yes. Yeah.

So here's one quick example. Someone worked with recently. I'm thinking of details here without getting too. detailed, a higher income, W2 individual, let's say 600,000 to 1.2 million a year, depending on the year, and also invests in real estate. And so he has multiple entities and has multiple tax return. So he's set up an LLC for this real estate holding and another LLC for this real estate holding. And so that's a very common approach and a very effective approach for reducing risk. That is kind of like a 100 level asset protection. So someone in that level where they're

getting a higher net worth, say three, four million and higher, they've got multiple assets. They could benefit from another layer of protection. Now, this is where I bring in the expert, but that, you know, an attorney can set up a structure where they can further reduce the risk. Maybe it's a family LLC or something else. And the point is doing more layers to further protect them. And then also this individual, as I described, you know, high income, higher net worth, and basically had nothing in place in terms of his estate. Now, my particular area of expertise is life insurance. And so one of the biggest things I can do to show my family that I love them and people that I care about them is avoid leaving a mess when I'm gone.

And so that's where this man originally came from the purposes of tax planning through the process. All these other things are reveals like, okay, wow, there's really nothing in place here as far as any kind of estate planning. So that is a need as well. So that's just a quick example that comes to my mind related to your comment. Yeah, that's huge. And I think a lot of people think, oh, I'm good because I, and did that first layer, but then it's like, ooh, then there's more and then there's more. And it's not everything at once because you need to be at certain levels to need or have the

full advantage of these other levels. So I think that's pretty interesting. With all of your clients that you work with, are there specific specialties that you tend to focus on? You know, like what is the typical client for you or A? And then B, if that typical client, what would be a trigger for them to go, maybe I should talk to somebody because I just don't know. Maybe Troy can help. So what are some of the things that your best clients, if they're not working with you right now? What are they experiencing or

noticing that might make them a good candidate for some of the benefits that you bring? Okay. Yeah. So one thing that comes to mind is if they feel like, well, I'm doing really well and I'm paying too much in taxes, that's certainly a good starting point and taking a look at that. So that goes back to what you actually mentioned about, okay, doing the same thing for 30 years. And I say I got 30 years of experience. Most tax professionals, they are working so much that there's not enough time for them to kind of do the deeper dive with their clients. And that's where I can come in and help. And so many times there are things that can be done to help defer, reduce, eliminate income tax, capital gains tax, even estate tax.

if they have enough wealth to be in that situation. So that's one thing that comes to mind. Ask me the question again here. Get me on the right track. Yeah. So if somebody, yeah, if one of your,

you know, perfect target audience clients is sitting there, they're not your client right now. What would be happening in their personal or professional life to make them go, ooh, that's kind of like a trigger that maybe I could be doing more, doing better. And you answered it with,

you know, if you feel like you should be paying less and taxes. I mean, everybody does, but maybe someone that has, you know, sufficient real estate holdings or someone that is only dumping a lot of money into their, you know, qualified plans or 401K, because at some point, and I'm not the expert you are, but when you make the kind of money that you were mentioning with that W2 example, you can only contribute certain amounts to certain accounts. And then at that point, well, then what? Yep. Yeah. So as you were speaking there, remind me of another example would be real estate investors. And so this, again, this goes back to,

you know, what the typical tax professional knows. There are other ways to decrease the tax impact with real estate. So that would be a great person that would be a benefit and be a fit for me. And the other thing I was thinking of is business owners. And so business owners who are looking to grow their business and that can be growing it in terms of revenue, right? Kind of the strategic planning of, okay, at this point, buy another truck. At this point, get another employee. And or that can be growing their business from improving the leadership in their business, improving the culture in their business.

And then on the other end is people who are ready to sell. So two things about that. Kind of like the analogy of the tree. When is the best time to plant a tree 20 years ago? Second best time is today. Best time to plan for selling a business is when it gets started. And the second best time is today. But especially if a person is, you know, three, four years or less out from when they think they might want to sell.

Now is the time to start planning that secession plan or selling. because there's a huge impact in the long-term result with some great planning ahead of time. And that can be both making sure that family and children and all of them are happy with what happened, as well as tax implications that go into it. Yeah, that's huge. And I think that's a big piece that we'll probably end with right here. But I wanted to just mention that when you mentioned, you know, a business owner in selling and exit planning and all that, that that's a two-day seminar right there, as you know, right?

I mean, you can't, you know, you don't just wake up one day and go, I'm going to sell and give me this much money because there is so much that goes into it. How do you make the business look good enough to get the highest dollar? How do you sell? Do you sell it out all of those things? So I think that that answered my question exactly right. You've got people sitting there going, ooh, well, I've got a lot of real estate holdings. Maybe I'm paying too much in taxes. Maybe I need to have some corporation layers all done in the right way.

legally and nothing strange. And then also I'm a business owner. Maybe I could be getting more business development or at the end. Maybe I should be planning better for an exit the right way. All focused on building and preserving legacy and retirement and wealth and all of that. So I just really like that approach that you take. It's really just refreshing to hear your teaching educational attitude toward this. Not let me just sell people and make a bunch of money.

Let's just make sure we develop long-term relationships. So thank you so much for coming on. If someone is interested in learning more and reaching out and connecting with you, what's the best way they can do that? Yes, the best way would be to go to AOF Financial.com, and that's F as in freedom, AOF Financial.com. And then all the other ways to get a hold of me will be there. Excellent. Well, Troy, thank you so much for coming on. It's been a real pleasure talking with you.

Yeah, my pleasure. Thanks for having me, Mike. You've been listening to Influential Entrepreneurs with Mike Saunders. To learn more about the resources mentioned on today's show or listen to past episodes, visit www. www.Influentialentrepreneursradio.com.