Episode 69: Secrets to Selecting Your Financial Advisory Team For More Wealth and Less Income Tax

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Are you overlooking the power of practical experience in financial advisory roles? 

Join Kyle and Jon as they share some Canadian Wealth Secret Sauce related to selecting the right guidance, evaluating solution providers, and navigating the complexities of client suitability in this week’s episode.

In today’s fast-paced and complex financial landscape, finding someone you can trust may feel daunting, but what if that was just the beginning of the “real work?” 

Whether you’re a successful Canadian incorporated entrepreneur, business owner, seasoned investor, or even a newcomer to the world of finance, the struggle to identify the right advisors and solution providers is a universal challenge. In this episode, we will dive into the crucial aspects of practical experience, results-driven evaluation, and tailored guidance, offering valuable insights to help listeners navigate these uncertainties.

By exploring the importance of practical experience in advisory roles and emphasizing the need to prioritize results over credentials, this episode addresses a pressing need for clarity and confidence in financial decision-making. In a world where information overload can lead to analysis paralysis, understanding how to choose the right guidance becomes paramount.

Furthermore, the discussion on client suitability underscores the significance of personalized solutions tailored to individual circumstances—a concept often overlooked in generic financial advice. By highlighting the value of seeking expertise specific to the problem at hand, we aim to empower you to make informed choices and avoid cookie-cutter solutions that may not align with your unique wealth building goals.

Ultimately, this episode provides not only practical advice but also a mindset shift, encouraging listeners to question conventional wisdom and seek out solutions that prioritize tangible results and personalized approaches. Whether you’re grappling with investment decisions, insurance choices, or financial planning strategies, this episode promises to equip you with the tools and insights necessary to navigate the complex world of Canadian finance with confidence and clarity.

What you’ll learn:

• Gain insights into the importance of practical experience in financial advisory roles, helping listeners understand the value of expertise beyond traditional credentials.
• Learn how to evaluate solution providers based on their track record of achieving desired outcomes, empowering listeners to make informed choices when seeking financial guidance.
• Understand the significance of tailoring financial solutions to individual circumstances, enabling listeners to prioritize personalized approaches that align with their unique goals and needs.

Tune in to this episode now to add some of the Canadian Wealth Secret Sauce related to selecting the right financial guidance, empowering yourself to make informed decisions and achieving your unique financial wealth building goals with confidence!

Resources:

• Book a Discovery Call with Kyle to review your corporate (or personal) wealth strategy to help you overcome your current struggle and take the next step in your Canadian Wealth Building Journey!
• Looking for a new mortgage, renewal, refinance, or HELOC? Reach out to Jon to share some options.
• Follow/Connect with Kyle Pearce on LinkedIn for daily posts and conversations about business, finance, and investment. 

Calling All Canadian Incorporated Business Owners & Investors:

Consider reaching out to Kyle if you’ve been…

• …taking a salary with a goal of stuffing RRSPs;
• …investing inside your corporation without a passive income tax minimization strategy;
• …letting a large sum of liquid assets sit in low interest earning savings accounts;
• …investing corporate dollars into GICs, dividend stocks/funds, or other investments attracting corporate passive income taxes at greater than 50%; or,
• …wondering whether your current corporate wealth management strategy is optimal for your specific situation.

By hopping on a discovery call with Kyle, he will review your specific personal and corporate financial situation in order to determine if there are some quick wins available for you to minimize taxes personally or corporately, provide ideas for how you can increase your personal cash flow, and ensure that the net worth of your estate continues to grow in tandem.

Let’s Connect For A Discovery Call!

For those interested in having a review of your financial wealth plan, learning more about potential joint venture (JV) opportunities, or a mortgage review, book a free discovery call now.

Watch Now!

Transcript:

00:00:00:11 – 00:00:28:09
Kyle Pearce
Today, we’re going to be digging into an idea that we’ve talked about before on the podcast. However, we’re going to take a slightly different angle. Today we’re going to be talking about now whether your financial advisor actually has your best interest in mind. But if they’re able to take your best interests and actually provide you with what truly is best for you and your financial plan.

00:00:28:11 – 00:00:52:21
Jon Orr
Back on episode 29, we discuss some articles surfacing around employees of big banks and financial institutions being pressured to advise in order to meet sales targets instead of client objectives. But today, I think we’re going go beyond those. We’re going to kind of dig into really understanding and thinking about what is it that we want? What problem do we want to solve and finding who the right person is to solve it.

00:00:52:21 – 00:00:56:08
Jon Orr
I think we’re going to find some surprising results on who those people are.

00:00:56:10 – 00:01:16:22
Kyle Pearce
So in this episode will be digging into some of the things that you might be considering when you’re looking for an advisor or when you’re trying to assess whether the advisor you’re working with is a good fit for you. Be it financial or otherwise, so that you can depend and get the best advice for your specific situation.

00:01:16:24 – 00:01:29:19
Jon Orr
All right, let’s go.

00:01:29:21 – 00:01:35:03
Kyle Pearce
Welcome to the Canadian Wealth Secrets podcast with Kyle Pierce and John Walker.

00:01:35:04 – 00:01:48:09
Jon Orr
We are recovering high school mathematics teachers and education consultants whose entrepreneurial spirit led us to begin multiple businesses in real estate investing, digital courses and coaching and consulting after the bell rang at dismissal time.

00:01:48:14 – 00:02:25:05
Kyle Pearce
Fast forward a decade later where we’ve grown our portfolios and our time freedom to the point where we can now help entrepreneurs, business owners and investors to grow their wealth into a legacy that lasts generations through hidden investment and tax secrets. Your financial advisors won’t believe our true. All right there, John. We’re going to dig in here. And it’s interesting because as we started planning for this particular episode, I brought a story to you and I said, you know, I feel like I want to riff on the podcast about this because it was actually an experience.

00:02:25:05 – 00:02:56:16
Kyle Pearce
I had it just last week, and I thought to myself, I’m like, Wow, I had a bit of a mini epiphany. And as we were discussing it, you did say you’re like, You know what, Kyle? If you go back to episode 29, we did talk about some of the challenges that were presented in many articles around this idea of the big banks and employees feeling pressure to sell certain products to their clients or really potentially lose their job if they don’t meet those sales targets.

00:02:56:18 – 00:03:23:12
Kyle Pearce
And what I really want us to be able to dig into here is not so much that angle, because, sure, there’s a pressure for individuals that are working for we might call them captive agents or captive advisors where they’re working for a specific big bank or they’re working in a specific industry where they can only offer a certain amount of products and services that they might feel like they have pressure to meet those sales targets.

00:03:23:14 – 00:03:43:16
Kyle Pearce
But that’s not really what we’re going to talk about here today. We’re actually going to talk about something a little bit different that actually goes beyond that. So let’s put the price targets aside. Let’s put all of those pressures which do exist and go back to episode 29. If you don’t know what we’re talking about here, definitely go back and check that out.

00:03:43:18 – 00:04:10:04
Kyle Pearce
But today, we’re going to talk about something that’s actually a little bit different and we’re actually going to focus in on the agents, the advisors, those fiduciaries in your life that truly do have your best interest in mind. Right. So I’m saying they truly do care about you and they do want to do the best for you. But today, we’re going to talk about how sometimes that may actually not matter.

00:04:10:06 – 00:04:27:15
Jon Orr
Yeah, I think that’s an interesting way to think to kind of frame what we talked about in 29, because back then we talk specifically about that because they financial advisors may have big banks anyway have a pressure to sell you their product because that’s just what they’re supposed to do. You want a mutual fund? Here’s our mutual fund.

00:04:27:17 – 00:04:48:02
Jon Orr
That’s where they’re aimed at, which means we talked about that it might not be. Even though they want the best for you, it might not be the best for you. But let’s take that aside. Let’s not talk about, say, big bank advisors in this sense. Let’s just talk about financial advisor who also wants the best for you. But they might not just be the best for you.

00:04:48:02 – 00:05:06:09
Jon Orr
They might think they’re doing the best for you, but they might not be the best fit for you. And it’s like it goes back to kind of like thinking about we did an episode a long time ago as well with Matt. On coaching, like finding a good coach for yourself. People who have good coaches go far. If you have a business coach, you’re more likely to be successful in business.

00:05:06:09 – 00:05:32:21
Jon Orr
You will have a personal trainer at the gym. You’re more likely to have that part. But mostly that was because of you’ve got that accountability partner. But they’re giving you that advice all the way through, and I think this is related to that. What we’re trying to address here is that if you have a financial advisor, it’s I want a financial advisor that not only has the best fit for me, but has experience solving the problem that I want solved.

00:05:32:23 – 00:05:49:01
Jon Orr
And I think that’s the distinction we want to make here today versus what we did before. We weren’t really focusing on like, what is it that we will not solve? Is it that I want not to worry about what my future financial plans look like because my financial advisor is doing that? Okay. How are you solving that problem?

00:05:49:01 – 00:06:17:09
Jon Orr
How you solve problems like that? And before and I think specifically, a person who’s the right fit for you is if and I believe this is that they’ve solved that problem not only for past clients before, but they’ve solved that problem for themselves. And I think that’s a really key difference between someone who’s, say, a financial advisor or coach or a mentor, and if they’re not living the life that they’re promoting, why not?

00:06:17:14 – 00:06:33:21
Jon Orr
We got to ask those types of questions, right when we’re saying, Who is this person that’s providing me guidance? Because I think that’s a really important distinction. Like, why would you pick someone who is saying, I think you should be working out seven times a week or five times a week, but they don’t do it themselves like you wouldn’t do it that way.

00:06:33:21 – 00:06:50:19
Jon Orr
You wouldn’t pick a personal trainer who did that, right? You’d be like, No way. Like, I’m not going to do that. You’re not going to pick someone who’s like a business coach that says you should optimize the structure of your standard operating procedures and you should get people in line and create goals, you know, key results in KPIs and like then they’re not doing that in their own business, right?

00:06:50:22 – 00:07:10:03
Jon Orr
They’re not going to do that. But in financial advice, sometimes we have these people who say, you should do this and do this and do this, but they don’t do that themselves. Now, it’s also possible they don’t do that themselves because the financial like the fit doesn’t work for them, like they have a different makeup or a different set of conditions or constraints they’re under.

00:07:10:05 – 00:07:22:12
Jon Orr
But if those constraints were the same, would they choose the same options? And if that’s not the case, they can’t be the right fit for you. That’s where we wanted to like riff on in this episode, because there’s a lot of meat there.

00:07:22:14 – 00:07:43:05
Kyle Pearce
Yeah, yeah. And you said a lot there too. So many directions I want to go with that. And you know, just to bring the listeners up to speed, I was on a call with a I’ll call it a colleague, I suppose, because this person is an advisor in the financial space. And we were just connecting to kind of meet and see if they have maybe there was some synergy there.

00:07:43:07 – 00:08:04:11
Kyle Pearce
But something I found really interesting with this individual, this individual has been officially in the space longer than I have, right? So right away you’re like, Oh, okay. Like they’ve been around for a little while. Okay, that’s good. And they probably have some clients and all of those things. And as the conversation went on, I was sort of asking like, So what is sort of your niche?

00:08:04:11 – 00:08:26:09
Kyle Pearce
What problems do you try to help your clients solve? And to be honest, you and I, John, we know that this from multiple businesses that we’ve built over the years, that we tend to focus on helping others who are trying to overcome the same problems that we’ve had. And partially it’s because we know exactly how to do it right.

00:08:26:10 – 00:08:50:07
Kyle Pearce
We feel confident with it. But then also it’s also very easy now. Easy maybe is the wrong word, but it’s much easier to try to help someone solve a problem that you’ve had before. Then to try to help someone solve a problem and in the moment you’re trying to help them figure it out too, right? Like you’re trying to figure out what to do while they’re trying to help themselves figure out what to do.

00:08:50:07 – 00:09:10:08
Kyle Pearce
You’re not really getting there. You might have a little bit more, maybe more knowledge in the space and, you know, say if it’s finance in the space. But again, it’s like if you haven’t done it before, that could be really difficult. So for me, this particular individual was saying that they focus on helping retirees with investing for retirement.

00:09:10:08 – 00:09:28:09
Kyle Pearce
I was like, Oh, that’s great. I don’t really do that. And that’s fine. I was like, That’s awesome. That’s fantastic. In my head, I’m thinking, Hey, if there’s anyone that might need that sort of service, I could send them your way and just out of goodwill and send them your way because he seemed like an amazing guy. This person was so nice.

00:09:28:11 – 00:09:46:20
Kyle Pearce
You could tell that there was a lot of intentionality and really just a good heart on this person wanting to do good things, like he was passionate about the work and I’m like, That’s fantastic, right? Sure, that helps him get clients. But then as we went in, I just sort of said, so like, what is it that you’re investing in?

00:09:46:24 – 00:10:15:06
Kyle Pearce
I’m fine. If people want to invest in whatever they invest in, as long as they have a reason for it. Right. Like, I just want to know your reason. And this particular individual said I help them with segue funds, which is kind of like a mutual fund, but sold by insurance companies. There’s some different aspects to them. I’m licensed to do that, but I don’t use them myself, so I never chat with them about with clients, not say they’re bad, but I don’t because I don’t do them myself.

00:10:15:06 – 00:10:35:01
Kyle Pearce
I don’t do them myself. I don’t feel comfortable trying to suggest for someone else to go there. They could be a great fit for some clients. I’d much rather send them off to someone who focuses on that specific part of the business than for me to try to do that work with them. So I just was asking, So what kind of returns are you getting?

00:10:35:01 – 00:10:52:14
Kyle Pearce
What are the fees? So you wasn’t sure the fees. And I was like, okay, so which ones are mostly told me about one particular fund that historically had a really good rate of returns or told me the rate of return? I’m like, That is a pretty good rate of return. I’m like, So what benchmark is that fund trying to beat, basically, right?

00:10:52:14 – 00:11:14:01
Kyle Pearce
And a better benchmark is just basically what we’re trying the basket of things, of investments that we’re going to try to emulate in the market and we’re going to do that. Sometimes it’s balanced. It’s a balanced portfolio, so it’s going to peg it to something over here or it might be S&P 500. But this person asked me and said, Well, what do you mean by benchmark?

00:11:14:01 – 00:11:34:19
Kyle Pearce
And didn’t actually understand what the word benchmark was or how it sort of relates to this conversation. And in that moment, it sort of dawned on me, and this is where I came up with the idea for us to riff on this and maybe provide people with some questions, some things that they might want to ask when they are working with different advisors.

00:11:34:19 – 00:12:01:14
Kyle Pearce
And it’s okay to have more than one advisor, right? You might have an advisor in one section of your world, be it finance or otherwise, and then maybe someone else for something else very specific. And it dawned on me that this person clearly was a great person, had good intentions and wanted the best for their clients. But after that I immediately questioned, How can you give the client the best?

00:12:01:16 – 00:12:31:17
Kyle Pearce
If you’re giving your best? Right, you’re doing the best you can, but is that good enough for the client? And that part for me really resonated. And that’s where I sort of sent you that message at the time and said, Oh, I think we should have a conversation about this, because I don’t know if we’re asking the right questions when we try to figure out who is a good fit for our lives and to really to go and seek out that advice.

00:12:31:19 – 00:12:57:15
Jon Orr
And when you soon as you said, that when you realized that this person was trying to do their best and you thought that they weren’t probably the best fit for that person because they just didn’t have the experience or the knowledge or has solved that particular problem before or thought about it, My immediate thought was like, Well, if I’m the coach or if I’m the advisor, how do I know I’m doing my best and you’re working with a client.

00:12:57:15 – 00:13:19:08
Jon Orr
It’s like, when is the trip wire to tell you that? Wait a minute, am I out of my breath here? Is this client the right client for me to provide guidance for? Because everyone wants to do their best and everyone wants to make that client feel that you’re there and you’re looking out for them, Which is true. As an advisor, you’re are looking out for their best interest up to the best of your ability.

00:13:19:10 – 00:13:33:04
Jon Orr
It my immediate thought was like, Well, what are some of those trip wire moments where we’re like, These are the things I should really be thinking about as an advisor so that I know when I’m out of my depth. And maybe those are the same questions you’re thinking about, like what a person might ask an advisor.

00:13:33:06 – 00:13:57:18
Kyle Pearce
Right? And I think when we go all the way to the beginning, I think where you get some different challenges is when and how or why someone got into, say, an advisory role. Right? And again, it stretches beyond finance, right? For you and I, John, we spent over a decade doing consulting in the education space like we know that really well.

00:13:57:18 – 00:14:24:04
Kyle Pearce
Like, imagine if we just went to school and in a lot of cases you can literally just take a course, right? You could take a course to become a licensed to sell mutual funds or to sell insurance or to arrange mortgages or to become a realtor. Right. For example, there’s a lot of things out there now other people will go through and they’ll take a little bit more training.

00:14:24:04 – 00:14:40:24
Kyle Pearce
Maybe someone goes through and gets like a finance degree or they get a, you know, whatever it is that they’re doing on the finance side. But the reality is like when you come out of school, imagine if you and I came out of school, we both had math degrees, both of you and I have I have math degrees.

00:14:40:24 – 00:15:01:24
Kyle Pearce
We went and got her Bachelors of Education and as well spent some time there. And then we came out of school and then we immediately thought to ourselves, you know what? Instead of actually going and getting some experience as math teachers, let’s just open up a math consulting business and let’s try to help everyone else learn how to teach math.

00:15:02:01 – 00:15:23:17
Kyle Pearce
Like, imagine if we did that. I feel like that would have been a really first of all, would have been very difficult to have any success. Why? While Because we have no clue what we’re doing, we’ve never done it before. And then when you think about that and we just sort of like now take away that scenario and throw in a different scenario and say like, let’s say it’s being a financial advisor.

00:15:23:19 – 00:15:47:15
Kyle Pearce
So you’re coming out of school, you’ve studied maybe studied markets, maybe you’ve only taken a course, I don’t know, but you’re coming into this world and then you’re expected to advise people and you’ve got to assume that that’s got to be really difficult as well because you’re like, I’m looking for my first paycheck and I think I know what to do with it once I get it.

00:15:47:17 – 00:16:19:19
Kyle Pearce
But I’m going to tell so-and-so client that walks in the door whose net worth is ten times mine, or maybe 100 times mine, right? If you’re coming straight out of school, that could be a really difficult thing. And not to mention that you go into an industry where, let’s say you are working at a big bank or you’re working in a specific sort of office or industry where the education and the continuing education they give you is going to obviously be around the things that they believe or they want you to be selling.

00:16:20:00 – 00:16:44:19
Kyle Pearce
So you might be getting better at that thing, but unless you again have some sort of way to gain experience outside of that world, you’re kind of living in a bit of a bubble and you could still have a massively great heart with all the best intentions, but yet you might be coming up incredibly short for some of your clients, right?

00:16:44:19 – 00:17:12:17
Kyle Pearce
There’s always going to be some of your clients that are a perfect fit just by chance, and they would have ended up there anyway wanting that particular type of product. But it’s about the others. It’s like, how do I help the others so that when I’m advising, I’m actually giving you a well-rounded opinion of what you might consider doing versus a very narrow one and really one that’s limited to my own little bubble, my own little knowledge bubble.

00:17:12:19 – 00:17:34:09
Jon Orr
I think when you think about someone who is coming out of school and I think it’s an interesting field because like what you said, it’s you’re coming out of schooling and you’re going right into coaching in a particular industry. And there’s not like many coaches who do that, it’s not like us. It’s like education. Does it make sense for you to do that?

00:17:34:10 – 00:17:52:00
Jon Orr
It doesn’t make sense for you to do that. And most in business coaching, I’m not going to like become a business coach without running a business. I’m not going to be able to become a gardening coach without running and maintaining a garden. Financial advising is like being a coach. You don’t get to be a coach in a way without that experience.

00:17:52:00 – 00:18:12:06
Jon Orr
But I want to talk about the experience piece for a bit too, because I think experience sometimes may be overrated. So we’re kind of battling two sides here where we’re kind of say, This is why we’re just ripping. You know, it’s like we don’t have any answers here. We’re just have questions because it’s like sometimes being new can be really great for a particular individual.

00:18:12:06 – 00:18:33:10
Jon Orr
And I think that’s where it’s like, if I’m looking for a solution, then I want to find a person who has solved that problem for me. So if my solution is my financial wealth planning and they’ve done that and they’ve done that repeatedly, then I want to pick them to do that. Because if they’re solving my problem and they’ve got evidence that they’ve solved my problem, now, typically.

00:18:33:10 – 00:19:00:05
Kyle Pearce
The more that you get, you the same result that you want. Right? Right. Did it for these hundred clients and they got this result and I’m like, I’m cool with I don’t need to have the best return. Right? We talk about average ness. It’s like, I just want to know where am I going to end up, Right? If I’m hanging out with you now, we can’t predict that with any certainty in the financial space, of course, but at least you go like, wow, you’ve had a really good track record.

00:19:00:05 – 00:19:09:00
Kyle Pearce
Okay, I’m with you on that. Even if you were in a narrow space, if that outcome is what you’re looking for, then maybe it’s a great fit right through.

00:19:09:02 – 00:19:26:06
Jon Orr
It doesn’t matter whether you’re new or experience at that point, right? If you can say, I’m going to get you that outcome and that’s the outcome you want, then let’s do it. That’s exactly what you’re looking for. That’s true. In any coaching field. It doesn’t matter whether that experience is there. The experience just helps you prove that you’ve done it before.

00:19:26:06 – 00:19:41:24
Jon Orr
But I think solving that one problem, this is what you do with a friend of, you know, a friend is solve the problem. Then you call your friend, even though your friend is not a qualified advisor of anything. Let’s just like you know, they figured that thing out and you were like, Tell me how to figure that thing out.

00:19:41:24 – 00:20:00:23
Jon Orr
And they’re like, This is how you do it. You’re like, Perfect, Done. Moving on. That’s because, you know for a fact that they’ve solved that problem, that same outcome, some outcome you want. This is a site example, but we’re looking at for our podcast, we wanted to grow the podcast, we want to grow this podcast, we want to grow our other podcast.

00:20:00:23 – 00:20:21:21
Jon Orr
And we reached out to a few different people to help us and coach us on how to grow the podcast and you stumbled upon Anthony and tag in. In reality, we don’t know whether Anthony and Tagg have a tons and tons of experience, but what we did know was that they got the result that we wanted and they were going to help us get there.

00:20:21:21 – 00:20:32:11
Jon Orr
And it was like, That’s exactly what we want. We want that outcome. And you proved that you could get that outcome and we don’t care that you’ve been doing this for ten years. We wanted that outcome. Yeah.

00:20:32:13 – 00:20:35:16
Kyle Pearce
Or you would have been the first one hands for all we knew right at the time.

00:20:35:16 – 00:20:51:15
Jon Orr
We’re getting that outcome. So it’s like we are choosing a coach or a consultant because we want a particular outcome and you’re helping us get there and you prove that you can solve that problem or get that outcome. So there’s lots of kind of nuances here for sure.

00:20:51:19 – 00:21:15:14
Kyle Pearce
Yeah, and you definitely gave me this thought. There’s like sort of almost like a couple different buckets and maybe a couple of scenarios, I suppose for us to be thinking about and trying to help the audience in figuring out how do you navigate this space? And it can be in all aspects of life in terms of like, what is it that I’m after, What am I looking for and who can best help me And I want this example is like, who would I rather I’m using?

00:21:15:14 – 00:21:37:14
Kyle Pearce
Matt as an example, right? Matt Bigley. They’re on our early episodes. Used to be with us. My real estate partner is a partner on a few deals with John as well. So Matt came into the real estate space as a realtor after having taught for 20 years. He was a teacher for 20 years when he walked in the door, he had a team to work with, right?

00:21:37:14 – 00:21:59:24
Kyle Pearce
A great mentor to work with to guide along those early things. So we’re not talking about how can he file the papers right and things like that. No, no, we’re not talking about this. We’re talking about the actual service. Who would I rather have Matt helping me with? Either buying or selling my rental property when he’s a brand new agent.

00:22:00:01 – 00:22:28:12
Kyle Pearce
That was this is years ago now. He’s definitely got many years under his belt. Who would I want? What I want? That or a 20 year vet from the industry who’s never actually owned their own rental property or maybe even never sold a rental property or anything of that nature. Right? So sometimes you have to do this compare and contrast of like when does experience matter in terms of like the length of time and when does it actually matter?

00:22:28:12 – 00:22:54:08
Kyle Pearce
When does life experience actually sort of almost supersede experience in an industry? Right? So that for me is a really interesting one. Or again, a realtor who may have been doing real estate for 20 years, and you’re an investor and you want to do a BR Right. So you want to buy, you want to remodel, you want to renovate, you want to refinance, you want to repeat, you want to do that whole model.

00:22:54:10 – 00:23:18:18
Kyle Pearce
But you’re talking to a realtor who’s never done that, or you’ve got another one. Let’s say it’s a brand new realtor who’s sitting there just got their license, but they’ve been doing BRS for ten years, right? I’m like that experience to me. Right? You’ve solved my problem whether you were licensed at the time or not. I want to go with that person for sure.

00:23:18:20 – 00:23:42:12
Kyle Pearce
So just asking the right questions I think is really important. Sometimes it’s not just asking someone how long have you been doing it for, but really, what problems are you good at solving? Can you help me to solve my specific problem I think is one of the biggest maybe misses that I’ve made in my life is not recognizing that specifically.

00:23:42:12 – 00:23:55:06
Kyle Pearce
Right? You just sort of think hard. This person’s been in the industry for a while. It’s all good. Instead of thinking about who has the most experience doing that particular thing or solving that specific problem.

00:23:55:08 – 00:24:18:03
Jon Orr
And this is actually the flip side, you know, is if you are the realtor and you are working with the client and you have not yet figured out what their main problem is that they want solved, and if you have not figured that out, you’re not going to be the likely pick because it’s when you do figure that problem out and then you address that, that’s the problem.

00:24:18:03 – 00:24:35:22
Jon Orr
And you can, you know, you got that social proof or you got that proof that says, like, I’ve done this, then you’re a winner. You’re the coach for that, you’re the consultant for them, you’re the realtor for them, because that’s that niching down effect. If I want a realtor, I can pick the best realtor, but I want a realtor who specializes in this one area.

00:24:35:22 – 00:25:09:09
Jon Orr
I’m going to pick that because you’ve learned that that’s a specialty now, that’s the specialty nature of anything you don’t. Does it have to be someone who has that experience? So I think we’ve kind of addressed both sides. But my big takeaway here in just we’re just riffing on this conversation and thinking about coaches in general, consultants in general is, I think just realizing that you put it a really nice way is that there’s some sort of spectrum between experience of generality, but then also very specific and unique experience.

00:25:09:09 – 00:25:29:13
Jon Orr
And it’s not always the same with like how much experience you have with a certain problems, all about kind of the unique situation, unique problem that you want solved or a unique outcome and can you find that person to do that instead of trying to just pick the best person? Because the best person might not be the best person for that one issue?

00:25:29:19 – 00:25:30:03
Jon Orr
I love.

00:25:30:03 – 00:26:06:07
Kyle Pearce
It. And maybe I think a big takeaway for me is sort of thinking about what experiences, what problems has a person solved before thinking about that, Before you ask them for their ideas or advice to ensure that they’re the right people to be asking that question. Right? So an example, if you go into a big bank and you ask them about real estate investing, they might be real estate investors on the side and you might spark up a conversation or they might say, actually real estate, it’s a really risky asset class.

00:26:06:09 – 00:26:42:15
Kyle Pearce
Well, then again, in one of our episodes, we talked about, well, risk. If you don’t know it, then sure, it’s risky. It’s definitely risky. Right. So making sure that when you’re asking for that advice, make sure that that person that you’re sitting in front of, that’s the person that you should be asking. And, you know, if you run yourself through some of those questions or maybe even ask them some of their back story a little bit, you might be able to come to the conclusion as to whether that particular question is the right fit for that particular individual or whether you save that one and you seek out another person for that specific question.

00:26:42:15 – 00:27:04:02
Kyle Pearce
So hopefully from this particular episode, my friends, you’re thinking a little bit differently. We tried to take a slightly different angle here with all of this media out there about the big banks and, you know, pressures, selling and all of those things. This episode’s just more about just trying to figure out like I’m not saying never go to a big bank for any sort of financial help.

00:27:04:02 – 00:27:34:20
Kyle Pearce
Maybe if you need a mutual fund and that’s what you’re after, then do that. Go for that. That’s that’s where you want to go. But don’t ask them for maybe real estate investing advice and vice versa. You probably don’t want to ask the realtor for mutual fund advice or index fund advice, so just make sure that you’re thinking through who are the people that you’re looking to for mentorship, for counseling, for coaching, for consulting, whatever it is that you’re doing.

00:27:34:20 – 00:27:56:04
Kyle Pearce
Just make sure that you’re thinking through who are the right fit and you can have more than one person for one idea, right? So you might need to go to more than one place. And I know we all want it to be super convenient and we want one person to do everything that could be a great fit, but maybe it’s not.

00:27:56:07 – 00:28:01:16
Kyle Pearce
And that’s the part that I think we want to be thinking a little bit more intently on.

00:28:01:18 – 00:28:20:22
Jon Orr
Yeah, the likelihood of the one stop shop is not for you in this area, and I think that’s important part. Friend. If this is the first time you listen to our episode, we encourage you to hit subscribe so that you get our episodes every week, Wednesday mornings, folks. That’s when they are going to pop in your podcast player.

00:28:20:22 – 00:28:35:04
Jon Orr
Make sure you download them and listen on your way to work or at the gym, or when you’re crunching away some numbers on the computer on your spreadsheet. If you’ve listened before, we encourage you to rate and review the podcast.

00:28:35:06 – 00:29:22:09
Kyle Pearce
And remember, you can reach out to us over on the Canadian Wealth Secrets dot com website. You can find links and resources over on the episode six nine page that is Canadian while secrets dot com forward slash episode 69 and remember you can book a discovery call and ultimately help you out with your next step in your wealth building journey by heading to Canadian wealth secrets dot com forward slash discovery just like Claire from London, Ontario did earlier this week, we hopped on a call, had a fantastic conversation to five year old and this particular individual, Claire is an educator, has already owned a number of income generating properties, was curious about whether a participating

00:29:22:09 – 00:29:46:09
Kyle Pearce
whole life insurance policy made sense for him at this point in his journey. And after we had a nice long discussion and we discussed everything he was doing, he was working on filling up his tax free savings account. We discussed the benefits to filling up that tax free savings account before the RRSP, and based on his particular situation, my suggestion was, you know what?

00:29:46:11 – 00:30:19:11
Kyle Pearce
Hold off on participating whole life insurance. In your case and just keep filling that tax free savings account in the meantime and that we would hop on a few calls so he could better understand how it might make sense on his journey, but not in this exact moment. So if you’re looking for just a quick little review, some ideas or just general reaffirmation of your plan, feel free to reach out over on Canadian wealth secrets dot com forward slash discuss.

00:30:19:13 – 00:30:36:13
Jon Orr
All right Contained wealth secrets seekers we’ll see you next time.

00:30:36:15 – 00:30:51:18
Kyle Pearce
Just a reminder that this episode is not investment advice. It is for entertainment purposes only. You should not construe any such information and or other material as legal tax, investment, financial or other advice.

00:30:51:24 – 00:31:06:18
Jon Orr
John Or is a mortgage agent with Brick’s mortgage license number. Rm2 3006803 Kyle Pierce Licensed Life, an Accident and sickness, insurance agent and wealth architect with the PAN Corp. team, including corporate advisors and pan Financial.

Canadian Wealth Secrets is an informative podcast that digs into the intricacies of building a robust portfolio, maximizing dividend returns, the nuances of real estate investment, and the complexities of business finance, while offering expert advice on wealth management, navigating capital gains tax, and understanding the role of financial institutions in personal finance.

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