20 minutes | Mar 31st 2020

The Importance of Creating a Financial Plan (Especially Now) with Texas WealthWave

Subscribe on iTunes! Subscribe on Google Play Podcast RSS Feed   In this week’s episode, Texas WealthWave Senior Marketing Director Bryan Linder is here to discuss how his financial service company aims to help educate families and businesses in Frisco with financial management, and his advice for financial planning during the COVID-19 pandemic. SHOW NOTES: [00:20] Introduction [02:15] What makes Texas WealthWave different? [04:00] Current events and current conversations [06:37] What common questions are people are asking now? [08:50] Available resources Texas WealthWave offers [13:10] Bryan’s advice in the current climate [15:00] How to get in touch with Texas WealthWave LINKS & RESOURCES: Texas WealthWave on Lifestyle Frisco Texas WealthWave Website Texas WealthWave: Instagram | Facebook Bryan Linder: Instagram | Facebook | LinkedIn Connect with Lifestyle Frisco on:  YouTube Facebook Instagram Twitter LinkedIn Transcript Machine-generated. Welcome to the Frisco Podcast I’m your host, Scott Ellis, and today we are hanging out with Bryan Linder from wealth wave. Bryan, welcome to the show. Hey, thank you so much. I’m excited to talk to y’all. Appreciate you taking the time to join us. I want to dig in and talk a little bit about what you guys do because I think people have known you for a couple of things around Frisco, but we really want them to understand what WealthWave is and what you guys do. And I think from that we’re going to spring forward into some, some current event conversation around that as well. But why don’t you start off by telling us a little bit about yourself and the story of WealthWave. Yeah, I appreciate it. That’s good. Yeah. You know what happens is funny, whenever I go somewhere they’re like, Bryan, we see you all the time, but what do you really do for a living? What do you actually do? And so, you know, I, I do want to let people know, you know, I’ve been in the financial services industry, uh, 17 years. I’m going into my 18th year and I’ve owned and operated, uh, an independent agency of my own starting in ‘07. So the first part of that I was corporate and the rest of it, I’ve owned my own business, central Texas, and it’s grown to over 2000 agents across the United States at this point. But we just moved our headquarters to Frisco last in September. So we operate right there out of the Star, right in formation. And so we’re excited about expanding there. And so I guess to kind of wrap it up in a real quick nutshell, I mean, when you think of financial services, you think of companies like Merrill Lynch and Edward Jones and New York life and Fidelity and some of these bigger firms. And basically that’s what we do in one place. So we’re a brokerage within wealth way. We can represent about 300 different companies to help individuals, families, families, businesses, really with anything financial related between budgeting, debt management, college savings, retirement, estate planning, all those things. We do all that right there in Frisco. I didn’t realize you guys were quite that big. 2000 agents? Yes. Yeah, we, you know, we started with just a couple. We expanded across a course, a bulk of them. They’re in Texas, probably about 1200 here in Texas. The other 800 are spread out throughout the United States and Puerto Rico. Okay, very good. So one of the first questions that comes to my mind is how is, how, how, what makes you different with respect to how working with um, you know, kind of mid middle tier clients rather than going to the really high end stuff. Like how does that, how is that different for people like us, for families and Frisco? Yeah, that’s a great question. You know, my dad started in the industry back in 1979 he actually opened up out of his Purina feed store right there in downtown Austin where the convention center is now today. And back then, you know, he started the company in a, in a vision that a business could create, could be created in our industry where instead of the wealthy being served by these financial advising firms, that everybody, the normal person, the coach that he coached with, the people that he sold cattle feed to get access to that type of management. But for them and for their own households, even though they didn’t have 200 300 $500,000 to invest, all they had was maybe 50 bucks a month. And so fast forward now 40 years later. And that’s really what separates us from most of the big firms and wire houses is I talked to people on a daily basis that can save $10 a month, some of them, some of them $500 a month. And now some are very wealthy clients. Of course it runs the gambit. But where we have our strength is we can sit down for free with a client or a family and we get fully on in involvement in their financial household to deliver a strategy that doesn’t cost a dime for the information. And so I think that’s one of the benefits that we offer is I’ll, I’ll spend hours and hours developing a strategy and the client doesn’t have to pay me anything and I’m just there to provide that service and education. All right, that’s good to know. So, and I think, you know, kind of spilling over into current events, probably good timing for a lot of people because there’s, there’s a lot of folks that I know are feeling a lot of financial uncertainty right now and it’s probably a more important time than ever for people to have a chance to sit down with somebody to chat about what’s happening right now, how their finances are and, and having a game plan, I would think to deal with that. Are you guys having conversations with people around everything that’s happening with the COVID-19 and the current pandemic? Oh, 100% you know, for some reason, at the end of last year, I had this vision in my mind that to move my entire business practice virtual, so we still had our physical office and we still do meet physically with our trainees that were trained to become agents and our clients there in Frisco. But I wanted to try and do something where I could train from the office, but using Facebook Live and using Zoom. And so what’s interesting about that is we had all of our platforms in place starting January 1st so when this happened, we were ready to go already. And so I’m doing trainings and client appointments from my home and yes, I probably spent anywhere from five to 10 client appointments a day right here in my, in my living room answering that question. And the benefit that I kinda have is I, when I started, I started my business in 2002 so it was right after the 2001 turn and I went through 2007 as an agent and advisor. And then here we are, 2020 and I think a lot of, uh, new clients, I’ve never been through a downturn before. Some of us that are a little bit older. Sure. We saw 2007 we saw the recession, but some of the millennials, they have never seen a downmarket. It’s a 12 year old market. So they are panicking. There are a lot of questions and even those that are gen X or even boomers, you know, we’re in the worst spot because most of us haven’t saved enough. The boomers that are, we getting ready to retire now just saw 30% of their [inaudible] and just evaporate, which is what’s crazy. It was the fastest downturn. It was a three week drop. That’s never happened in the history of the stock market where it dropped that quickly and that much in that short of time. So yeah, panic has ensued and one of the things I challenged people on is you’re very emotional with your money, right? You know, when it comes to your money, it’s your money. And I get that. And that’s where I advise people, get an outsource outside coach that can help you work through those things because in your mind you panic, you want to sell, you don’t understand. It’s frustrating, but if you have someone there that’s cheering you on to help you understand it, you’ll generally will stick with it. Just like you have a physical trainer that says keep the diet going, keep pushing the weights, eventually it’ll work. The same thing happens with money and that’s where I think people like us really can add value. So what are some of the more common questions you’re getting from people right now in the current climate? I mean, right now it’s how can I stop the bleeding more? The flip side is what would you suggest I get into? Right? Because for most common investors, you really don’t have access to buying the market low, selling it high unless you have your own account that you’re trading in. And most people don’t have the financial education, the financial literacy to actually try it on their own. Or would I advise them to a thousand education and training. And so that’s where I get a lot of the questions. So my first answer to the ones that are scared is, listen, we’ve seen this before. You know, it’s a, it’s a different chapter in the same book, markets go down, markets come up, but when panic ensues, your reaction is to pull out of the market, park it at the bank, park it in a cash or money market account, which is fine at this point, you’ve already lost it, right? So doing that doesn’t really help you at this point. But the trick is now when you go back in, if you, if you waited this long and if you don’t know how to manage the markets and you don’t have an educational background, you may miss it. So what I saw happen in 2007 was clients panicking, pulling out, and then when the markets rebounded, they waited and waited and waited. And it was like 2012 2013 before they went back in the market. So they miss a very big upswing. And my opinion, this upswing coming after this is all settl
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