The Compound and Friends - Josh Monday Meeting 7/15

Episode Date: June 15, 2019

This is not a business of numbers. It uses finance, but it is not even a business about finance. This business is a business of communication. Of relationships. Of empathy. Josh discusses the topic at an all-hands Monday meeting at Ritholtz Wealth Management. 1-click play or subscribe on your favorite podcast app   Subscribe to the mini podcast on iTunes or Spotify   Enable our Alexa skill here - "Alexa, play the Compound show!"   Talk to us about your portfolio or financial plan here: https://ritholtzwealth.com/   Obviously nothing on this channel should be considered as personalized financial advice just for you or a solicitation to buy or sell any securities. Please see this 3,000 word terms & conditions disclaimer: https://thereformedbroker.com/terms-and-conditions/ Hosted on Acast. See acast.com/privacy for more information. Learn more about your ad choices. Visit megaphone.fm/adchoices

This business is not about finance at all. We are financial advisors. We work in the financial services industry, but it's not about numbers. We practice finance, finance if you will. We use numbers all the time, very important, but this business is not run on a calculator. It's not run on an Excel sheet or on performance reporting software. This is a communications business. It's not run on an Excel sheet or on performance reporting software. This is a communications business. It's what we do. It's an empathy business. It's about relationships. It's about trust. I'm going to tell you something that an older gentleman told me almost 20 years ago when I first started working very, very early in my career, he said,

oh, and I think this is like one of those timeless pieces of wisdom that never goes out of style. It's never not true. It cannot be invalidated by anything. And he told me, and some of you have heard me say this before, all things being equal, people do business with people they like. I'm going to repeat that. I think it's really important. All things being equal, people do business with people they like. Last week, I was talking about the fact that we don't invest in technology. We treat technology as a cost, which is exactly what it is. I told you that we choose to invest in people.

Specifically, we invest in you people. What do you mean, you people? You people. I want to show you why using a couple of quotes from Ritholtz Slack. Okay, this is Joey. Joey, don't blush. Two days in and it's already been a monumental week. One, prospect cried tears of joy after going through call two.

During our discussions, it became increasingly clear level of frugality he and his wife were practicing was not grounded in reality nor mathematics. Two, existing client just left after a tearful meeting. Her employer is reducing headcount and at age 53, she's worried about finding work again. The good news is that we planned for an externality event of this magnitude. Even if she were to retire tomorrow, her family's plan is still on track without having to sacrifice. And then after he hit send on Slack, Joey hopped on his unicycle and rode to the coffee shop

after a job well done. Joey, I love you. Give Joey a round, by the way. Joey is, if not already there, on the cusp of being an advisor managing a $100 million practice. Well on his way, well on his way to becoming what I believe he will become one of the most notable and important financial advisors in the Portland, Oregon area. Years from now, he's going to walk into a room and other financial advisors are going to get real quiet. And they're going to say, you know who that is? That's like employee number eight at Redholts Wealth. This guy. That's who that is. That guy's an equity partner at Redholts Wealth. Give Joey another round. Well done, my man. Here's another one. Erica, sorry. If I may say, sometimes I just have moments with clients that make me realize why I've always loved operations and been in it longer than some

were even born in this company. True story, LOL. I know, me too. One, knowing that I help them fix or achieve something and that they trust me in handling their needs. Clients are always first in my book. Lesson 101. And I want them to know I have their back in every way possible. Two, the unknown. Every day you come in, you never know what the next thing will be, i.e. to get a specific task done for them. Makes the day interesting. Three, knowledge. Just when you think you mastered the field, along comes a client that gives you something that you don't know and you are like, interesting.

And then I need to conquer it. Four, to catch something that a client wasn't aware of. To be one step ahead. Five, the trust they have in you, to even confide in difficult family situations or the conversation that has nothing to do with investments, just about their lives and they ask about yours. Anyway, wanted to share,

as there have been some highs and lows for some of our clients these past several weeks on family situations, and I was glad to help them ease them through it to remove that burden this is what I love most that's absolutely fucking beautiful everyone give Erica a round I was going to attempt that whole quote in a Staten Island accent but then Erica would have made fun of my Long Island accent and the whole thing would have backfired on me. Look, this is a communications business.

This is an empathy business. It's about relationships. It's about trust. And when it comes to communications and when it comes to empathy, I think we're the best in the world at this. I think we're the best in the world at this. And there are people that don't know that yet.

They haven't come across us. They haven't met us. They haven't had conversations with us yet. They haven't come to us with their problems and heard our solutions. But they will. They will. Keep it going.

Everybody give yourselves a round of applause. You guys are having an incredible summer. An incredible summer, not just on numbers, but on career, on personal growth, on contributions to the firm. I'm proud of you all. Let's have a great week. We're rock and roll.