Ep 69: Organic growth, investors, and exits with Abby Salameh

Episode 69 of Rethink Financial Advice, co-hosted by Derek Notman, CFP® (Founder & CEO, Couplr AI) and H. Adam Holt, CFP® (Founder & CEO, Asset-Map). (32:05)

Episode 69 of Rethink Financial Advice, co-hosted by Derek Notman, CFP® (Founder & CEO, Couplr AI) and H. Adam Holt, CFP® (Founder & CEO, Asset-Map). Listen on Apple Podcasts, Spotify, YouTube, or Acast.

Episode Summary

Abby Salameh joins Adam Holt and Derek Notman on what an advisor does after building a practice large enough to coast on, and what that decision quietly costs. The number that organizes the episode is a valuation one. Recurring revenue on its own tends to be worth roughly five to seven times earnings, while recurring revenue combined with real growth can roughly double that multiple, which is how practices reach the ten to seventeen times figures now being paid. Salameh’s argument is that most advisors have no organic growth goal at all, because rising markets made the question feel unnecessary, and that stripping market appreciation out of the numbers reveals what is actually being built. She also cites the finding that the average advisor spends about five percent of their time on business development.

What this episode covers

• Why recurring revenue plus growth commands roughly double the multiple of recurring revenue alone
• Measuring organic growth with market appreciation stripped out
• The share of time an average advisor spends on business development
• Outsourcing everything that does not drive firm value
• What a practice sale means beyond the transaction, for clients and for the seller

Full Transcript

Machine-generated transcript of this episode.

Welcome to Rethink, the financial advisor podcast. My name is Adam Holtz. And this is Derek Notman. We are your hosts, both veteran advisors and FinTech CEOs who challenge the status quo, question everything and have fun doing it. Hear honest commentary on the challenges facing advisors today. And be part of a community where we can all rethink the profession. Now on to our episode. Derek, what is your advisor, Swan Song? Oh, boy, you are making me feel old. I know I got gray hair, man, but come on. Well, you arguably already had your advisor, Swan Song. Half retired. Half retired. You know, I’m probably not unlike a ton of advisors though.

I built up a practice and then I stopped working a whole bunch, right? And just started resting on my laurels. Me too, I did that too. It’s easy to do after it’s really hard to do. You know, this is not an easy business to get started in. And it’s an interesting question because you do get it to a certain level. And then what? How do you focus on organic growth? You know, you coined a new funny term of something about advisor as a software or… Well, advisor as a service. Well, your business and my business is software as a service. We call that SaaS. Right, yeah.

But we’re now seeing all these companies are buying up practices and they’re getting into the advisor. As a service business. So they’re getting into the ass business. That’s what I think. They’re getting into the ass business. That’s very profitable there, Eric. Very profitable. I mean, you wouldn’t have ever thought. They’re playing huge multiples. I have to tell you. It’s crazy. Wait, you better back that up a little bit now. In all seriousness though, it is true. You build up a recurring revenue stream. It’s super profitable. Great margins. And now you’ve done it for 20, 30 years and you’re starting to sing your swan song. What is it?

And what’s your exit? How does organic growth continue on for your ass business after your ass is out the door? There you go. That’s a good question. Well, swan song is an interesting perspective because Derek and I were recently at the Nitrogen Fearless Investor Summit, a place that’s near and dear to us because it’s where we met several years ago when we started this podcast and had the opportunity to interview Abby Salome. And if you don’t know Abby, Abby is actually a pivotal figure in financial services and wealth management. And she recently joined Shannon Spots with team at RFG advisory as a partner and chief growth officer earlier in this year, 2024.

And she’s got a huge experience, Derek, in the back. She was used to work as the CMO of CASE, very large growing SaaS alts platform and also was in strategic development at Hightower and Fusion Advisor, which basically sold to NFP and eventually Kestra. And she doesn’t just do marketing. She actually knows a whole bunch and supporting advisors and loves the business of wealth management. And now is really bringing in business and leadership at RFG. And really focused on the empowerment of women as a female leader, as well as their market. So I think this is really great that we had an opportunity to get her perspective on these questions specifically.

So with that, let’s hear from our interview there. So tell us more about what is your perspective on the market, given your history, the roles that you have, what’s your unique perspective and just tell us more. So my unique perspective is such that, you know, PE Capital obviously has come in and really changed the landscape of large RIA firms. And when these acquisitions occur from the large RIA firm like a Hightower or whomever, you know, one of the things that they have to do is financially engineer the underlying firm. Because they know that there’s a finite period of time from when they invest in the business to when they want to transact the business.

And I think that changes the nature of how you can support advisors. So when I was looking at RFG and they were looking at me, they were just taking in their first capital from a PE firm, Longridge Equity Partners. And I wanted to make sure that Longridge had the same philosophy that we have, which is long-term success, helping advisors really build their business without compromise, not trying to financially engineer their businesses and extract the profitability out of it. And I think that’s really different for the market. I would agree. It’s interesting because we just have a conversation earlier today. Kind of a similar theme about PE coming in and what that does and it’s not always good.

Yeah. Right. And then if you couple that with organic growth being so abysmal. So our advisors are growing at 20% average year over year. And by organic growth, I mean new assets coming in. I’m not talking market appreciation. I’m not talking- All new assets coming in the door. And I think that’s because we lean in and invest in their growth. We help them with their growth. We help them with their brand building, with their story, with helping them in their local communities, engaging and prospecting and doing all the things that are gonna help them with their growth initiatives. So I’m curious, obviously you have an interesting perspective and seat in this.

You’re actually doing it, right? Just watching it. What do you think advisors don’t perceive? What’s the missing opportunity that advisors are not seeing right now that they’re just missing? Or being confused by maybe? Yeah. And I think there’s two things. One, if you look back at advisors who are being acquired or are selling their business. I don’t think they’re looking at it from the long-term perspective of what is this actually gonna mean for my business in the long run? And is that okay with what this is gonna do to my business? Because it will change the nature of the business. And then on the other side, I think advisors know what they’re hearing.

They know that the wealth transfer is coming. They know that women will control 30 trillion dollars of wealth in four years. However, it’s almost like until it happens, they’re not gonna make the changes in their business. So how can we deliver the catalyst moment today that helps them change the way that they’re doing their business to serve that next generation of wealth before we get there? We just gave that presentation here at Risko Mines about how this great wealth transfer that nobody’s paying attention to. No one’s paying attention to. But they’re not kinda like, eh. When it happens, it will do something. Yeah, we’ll deal with that one later.

That’s exactly right. So I think you guys are gonna go back and agree with that. I think so. Yeah, you know what? So give us a peek under the hood a little bit then about what you guys are doing at RG. Yeah. If you’re trying to help an advisor, if there’s an advisor listening to this today, like what would be one or two tips or actionable steps that they could actually try to implement so they’re getting in front of this thing instead of just reacting, if ever. Yeah. So I think there’s two things that an advisor needs to do to get ahead of this. One is obviously technology.

I mean, you know, so as much as possible, you have to use technology to remove operational burden and friction. And that means your fully integrated tech stack, building the workflows and the automations, removing yourself from the non-value adding activities within your firm so that you free up your time to be able to go out and do the prospecting, which so many advisors don’t have time to do. You know, I was listening to Joe Duran’s session this morning. And I think he said something like, when they looked at a survey, it turns out that advisors were spending less than 5% of their time on prospecting and new business development.

It’s wild. So for advisors with RFG, we have scaled everything behind the scenes so that the only thing the advisor needs to do is focus on- Well, it’s interesting you say that because a lot of advisors are like, okay, yes, I need tech. I get it. But I don’t want to go learn the tech. I don’t want to deal with it. I don’t want to have to figure out my processes and my work flows and blah, blah, blah. So you guys take that. It’s not really- You do it all. You do it all. And I guess the advice is find the fluid to do it for you.

Because most advisors don’t want to bother with it. Right. And they shouldn’t. That’s not what they’re- Yeah, it’s other job. They shouldn’t. You know, if you can outsource all of those things that are not driving value for your firm, then you will never succeed in your growth goals. That’s it. And I think advisors don’t even think sometimes like I need to have growth goals. No, they don’t. They just, it’s been all boats float in high tides and markets have been brave and everybody’s swimming. And you know, life is grand. But when you strip out market appreciation, what is your growth? So it’s interesting how the business has become so professionalized.

We’ve moved away from sales and- We really have. Acquisition, right. So many of us grew up either in investment sales or in insurance sales. Where you were literally flipping through the phone bar. Oh, yeah. It was the bulk of it. Yeah, right? I think it’s interesting because Joe also mentioned that the news professionals actually don’t know how to sell, right? That’s right. Yeah, effectively we’ve all just keep managing the existing book of business because as you’re right, it’s grown from the market appreciation. And I think this can be a really rude awakening. I think a lot of advisors seem to be looking for the monetization to come from maybe an acquisition or rolled up and so forth.

They really haven’t positioned themselves. One thing on that point, if you’re an acquirer and you’re buying a business that does not have an organic growth strategy for a plan, you’re gonna be in trouble. Yeah. Like- Now or in the near future? I think it’s starting to happen now. You’re looking at it from a cashflow perspective. We bring this bunch of AUM in, that’s cashflow, but then all of a sudden the whole thing blows up. Right. Right, so the firms that are paying five, six, seven, ten times. Ten times? I just recently heard that someone just went for ten. I got to wonder what- I think creative planning was even higher than that.

I feel like it was like 17, 18 times. Yeah, so what do they buy? What are these organizations really buying at it? Well, I mean, it’s a great business, right? It’s recurring revenue. You wake up every January 1st and you already have this incredible income and revenue stream. So they’re buying that, but what they’re not buying or what they don’t know if they’re buying is the future growth. Because if you think about it, many of the advisors, and RFG skews younger. We intentionally skew younger because those are the ones that really wanna grow and those are the ones that we wanna help grow. But if you’re looking at the average age of the advisor and the average age of those clients, they’re gonna be in de-cumulation mode.

So you’re looking at an asset here and the assets are gonna start to decline. And if there’s no organic growth engine built in, what is the strategy? Yeah, that’s a great question. You know, based on all the things that you’re seeing, and I know you’ve come to so many events, right? You’re very present. We get to follow you on social media too, so we just see you traveling. It’s been a whirlwind the last month. You do it all, right? You’re doing all the parenting- The bags under my eyes. Yes, well, I think we all. We’re hiding it. We’re hiding it for our video we’re hiding.

Is there anything in the industry that you think is worth debating that you’re seeing that you’d love to put out on the stage for advisory thinking about? Yeah, I mean, obviously the big hot topic is AI and how that’s gonna impact this industry. And I think there are areas and use cases right now that can easily be deployed, especially in marketing. Like my background is largely in marketing and the things that you can do with AI to really drive efficiency with marketing are amazing. It’ll be interesting to see where else the regulated bodies will allow for AI to take hold and help with efficiency. So, in areas of investment management, in areas of operational efficiencies in compliance, like, can you use AI so that you’re not surveilling a hundred thousand emails a week, but AI is doing that for you.

Oh, yes. You know, think about what that can do for driving operational efficiencies. Huge. So, I think that’s still a big debate as to whether or not the deployment of AI, we will see that in the next five years or it’s gonna be further out because I do think regulations are gonna need to catch up with where we are today. I think you’re right. And then I think the other kind of disruptor, just going back to what we were saying, is this giant wealth transfer and the fact that 70% of those that receive and inherit those funds are gonna fire their existing parents and boys.

That is gonna change everything. Yeah, and I think those numbers probably will. It is interesting though, I’m curious just to throw this in. The reality is that so much of the reason why somebody stays with an advisor is what we call relationship currency. A lot of trust there, there’s history, especially with the boomers, we know that they’re not likely to move inspect and the recent survey from- What, 9% or something? 9% would move for fees. In other words, they’re not trying to save money. Right. They don’t even know what they’re being charged. They don’t even know. Yeah, they don’t. As long as they’re happy, my account’s going up.

Maybe not even, they don’t even look at it. They don’t even know. That’s the reality. This is true, right? Yeah, this is true. The question I have is really, how does this affect potential acquirers of businesses? Because the reality is that whoever the aggregator is buying the business, they’re buying that relationship. That relationship is eventually, we’re talking about it probably in the later part of its years. How can these piggy firms actually expect to keep these assets when that person departs? Are they really going to be able to retain these assets to get paid back? And I think there’s a really big problem with that.

I would agree. I think there’s probably some firms that are deploying strategies like bringing in the next generation of advisors and establishing those relationships now with that next gen of advisor before that senior advisor rides off into the sunset. And of course, that senior advisor is receiving the payment based on retention and sometimes gross. So there are some incentives there for the selling advisor to collaborate and assist with that transition process. But I agree. I still think it’s going to be a big issue. Well, what do you think, Adam? Really fun conversation with Abby and great to be able to do it in person with her, but what do you think on her thoughts about where everything’s headed?

Well, I don’t know if you noticed that you and me and Abby, we had such a banter going on. We’re all talking at the same time. It felt like a family gathering. We were all just agreeing and then debating. It was fun. Yeah, it wasn’t fun to do that one in person. Yeah, gosh, she’s got such a great perspective. It just cuts right through it. And there was some things I really learned in there and I did not know that or hadn’t really thought too much about the whole private equity kind of just jumping into this space. And it really made me think, Derek, that the investors, these private investors are basically looking at these practices just like they look at us in FinTech.

Are we a SaaS, software as a service business that’s got growth and recurring revenue? And that’s a really, really interesting play that they’re looking at these financial planning practices as recurring revenue and a growth rate. And that model just works if you can keep the money on the books. It really does. From an investment standpoint, from the PE firm, wow, look at all this passive cashflow, good margins, it’s staying on the books. Well, yeah, of course, as a PE firm, I have my investors I have to answer to. So I wanna generate a good return. So I totally get it. It makes a lot of sense.

And also, man, if I’m an advisor, I’ve got 50, 100, 500 million. And I’m kind of thinking like, man, I’m kind of done. Time to retire or go play golf or whatever you do. It’s appealing, okay, here you go, buy it, see ya. I mean, it talked about an easy transition or succession plan, but man, does there’s so much more to it as she talks about what’s the long-term impact of a decision like that. Part and parcel of that, it makes me think of like six things that she said. But one of the things that’s interesting is we know that in the valuation of the FinTech space or just in valuation of any kind of company or private investment you’re gonna make, having recurring revenue is worth, let’s say, five to seven times a multiple.

But if you have growth with it too, it can double that multiple. And that’s why when we see practices going from 10 to 17 times EBITDA. Is that what they’re going for now? That’s what I’m telling you. Yes, some of them are. And you’re wondering, how are they justifying it? What does the buyer know that the seller is either holding out for that kind of price? It’s probably because they have organic growth. And it’s a big, big question because as I said before, a lot of advisors have forgotten how to sell. They’ve learned how to retain and maybe organically grow their existing customers. I shouldn’t say that’s not really that organic.

I guess that’s kind of just a, I see market growth, clients have a rollover. You’re picking up these assets here and there and it’s always been positive. That’s internal growth, right? It’s organic, internal organic. Let’s define it that way. I get it. There’s another term, we don’t know what it is, but you guys know what we’re talking about. That thing where you’re kind of just picking up additional assets without working too hard versus having an actual lead generation strategy like what you’re working on a coupler that’s bringing new business, new clients to the table to monetize the existing infrastructure you already have to building to scale it.

I think a lot of advisors have forgotten how to do this. So they’re not gonna get the exit multiples. And then about when you think about what she says, even if you do, is that the business that you’re gonna wanna be in in five years, 10 years? Because it’s gonna look a lot different once a PE and a big venture gets behind it. Yeah, I mean, at the end of the day, let’s not forget the people we’re serving as advisors. And if I sell the PE, you know, the first three to six months might look the same, but what happens after that? I think that’s what Abby was alluding to is that PE definitely changes the dynamic.

I would almost argue it’s a little less human. And we have a human business, like it’s people to people at the end of the day. You know, we had FinTech icon Bill Harris on our podcast. I saw that, yeah. I think it was number 59, that was a while ago, but I just interviewed a person for like a fireside chat. And we’re all this different FinTech technology conversation, but at the end of the day, it’s like people are people, humans are humans, that they want to talk to somebody. And I think that’s where Abby’s kind of driving with some of this organic growth stuff is that’s the value.

And it’s almost like PE and organic growth are at odds with each other in a way. That’s interesting that you say that, because the general attitude of most investor buyers, where they don’t have the relationship currency, they have the capital, and they’re looking to get a return on their capital, and their job is to actually make it more efficient. So you know what most PE companies do when they buy a tech company, any kind of service company, they go and they try to find efficiency. So they start cutting. And at Tiburon recently in San Francisco, I stood up and I asked the panel of the top RAAs, the large, large RAAs, that have three, four, 500 advisors and tens of billions of dollars.

I asked them straight up. I said, how are you staying innovative when in a sense you’re starting to act like a large broker dealer to try to create consistency and scale, which means you can’t let every advisor do what they want. They have to start following the regimen. That means everyone uses the same CRM. Everyone used same financial planning tools. And then all of a sudden I’m like, wait, I came to an RAA for independence and flexibility. And now you’re telling me it’s in my best interest from a PE perspective to cut overhead, which means I must get ubiquitous, which means all of a sudden we’re just building the next generation of broker dealers and they’re going to look like big behemoths worth a couple billion dollars and someone’s going to get rich.

But is that the business you want to be in in five, 10 years, if you’re sticking in the business? Probably not. I don’t know. I don’t know. That’s tough. If you’re part of that cap table, maybe you’re like, you know what, I don’t care. Like this is my exit plan too. Right. Tell me what financial planning tool to use. I don’t care. You know, maybe they don’t care. So it’s just funny. Well, man, it’s such an interesting point that you make and it is happening. We see it happening. And yes, like there are efficiencies that have to be done at that level. But I don’t know.

I mean, the way that Abby is talking about what they’re doing or RFG, they’re doubling down on organic growth. They are. They have a repeat relationship, if I heard it correctly. But there’s investors that have a say now, probably a board seat, right? And yet they’re focused on organic growth and she’s at, what’d you say, 20%? That’s really great growth, not including anything that’s happening in the market. So maybe there’s a sweet spot between the two, but you have to go into that eyes wide open, I think. Yeah. Look, I know that it’s interesting because I know Shannon has basically put in a whole team and kind of operationalized that.

You see a lot of good culture. I think one of the things that you notice from RFG also is they’ve got great authentic branding. And you and I have talked a lot about that. Yes. Very strong on social, very present in conferences, always speaking, always out there. They’re going after big time women’s marketplace, recognizing that that’s where the puck is going, especially, I think, especially in this generational wealth transfer or great wealth transfer. So I think they’re very smart to be thinking about how do we scale out to a marketplace that’s underserved generally and doing it with a predominantly female leadership, which is really strong to see as well.

And I think they’ll be, they’ll definitely be leading the charge, I think, in this marketplace. But I think that was, I think her comments around that definitely had some good debate there. Okay, you bring in P, your venture, and there’s some influence there. And that was the message to a lot of advisors, even if you’re listening right now. Hopefully you are. Hopefully we have a few listeners. But. You need one listener. The one listener. No, no, no. We’ve said this, I almost feel like we’re a broken record on this now, Adam. But she was talking about use technology to remove what she said, operational burdens and friction.

Totally. And boy, does that resonate because there are, there’s so much time we can get back in our day as advisors when we incorporate technology. And like we said, you don’t have to become a technologist. Someone on your team can, you can outsource it. There’s lots of ways to do this. But you can speed things up. And then that means you can be better at your organic growth. Cause you’ve operationalized. Is that a word? I think it is. It is a word, Derek. I think I just, I might’ve made something up there. I’m coining it. But anyways. You’re coining yours operationalized. Okay. All yours. There’s a trademark.

There’s a trademark. And I trademarked that. I copyrighted it. I copyrighted it, she says. Copyright, trademark, international. It’s all mine. Yeah, okay. But that, yeah, technology can do all of these things. So that’s where we can get that, that time back for the growth that we’re looking for. And that was, that’s at the core of even what we’re doing at Coupler. Coupler removes a ton of friction because at the end of the day, it’s one of these massive problems we have, whether it’s money in motion from generation to generation or seeking advice for the first time. There’s way too many friction points. Remove the friction, connect human beings.

You’re probably gonna have some pretty great organic growth if you do those things. Yeah, well, look, she said it and Joe Durant even commented on it that the average advisor is spending 5% of their time on development. I mean, not, like I said, they forgot how to, but they also feel like they don’t need to because they’re making enough capital. But what does that mean if I can actually buy my time back by delegating to humans or tech that can do this work at a lower cost? And you have to decide that that’s important to you and then establish processes like going out and getting new opportunities.

It’s an investment. We tell our clients to save for college, retirement, whatever. Yep, we do. We gotta do the same thing. Absolutely. Well, so, all right, so let’s talk about, so advisor, what can you actually do? What can you take away from this interview with Abby and our little banter on top of it? What do you think is the first one for you there? Well, I like her whole conversation again around organic growth and really defining that. So organic growth is not the markets helping you grow every year. That is not organic growth. Organic growth is net new assets, new products and services sold as a result of spending more time because of technology, spending time on your brand, your prospecting efforts, your story in general.

If you want to be more engaged in your local community, do that. You know, we used to kind of lump all that into prospecting, but I would call that branding or marketing nowadays because it is slightly different, but that’s organic growth because you do those things, more money comes in the door. Okay. Awesome. So I think for me, really defining the growth goals is a big one because I think that the advisor have gotten really a little bit resting on their laurels. And I don’t think the markets that we just experienced for the last six years are gonna be the same markets the next. I think we are about to hit a wave where people will start making distributions either required under RMDs or we’re gonna start seeing the next generation getting involved in their parents’ asset management.

We think that adult X generation is showing up at mom’s table and saying, hey, mom, why are you spending 1% for this? And I think that we have a big risk of not reaching out to existing clients and having a forced outreach. It’s much easier to keep an existing client than to go get a new one. So why don’t we just double down where we have leverage and relationship currency. I think that’s gonna be a big one. You know, one thing I would add. Yeah, oh man, that relationship currency. I’ll give you an example. The client review this week and they asked me, Derek, we know you’re not taking on new clients but would you work with our son?

There you go. Can we make an introduction? He’s married, he’s got a job now. They’ve got a young kid at home. Would you be willing to take them on? Like 100% yes, right? Of course, and that’s that relationship capital that you’re talking about. You know, when that kind of thing happens, that’s organic growth right there. That’s great. You know, one thing I would add though, just to kind of get a barometer of where your practice is at. I do this every December. Run a report of all of your AUM. How much net flows did you have in or out? Hmm. Between assets lost, RMDs, distributions.

It’s something you typically might not look at but how much money is actually flowing in or out of the business or just even out. So I looked at my practice. I only have about eight clients out of over a hundred households, not a hundred clients out of a hundred households that are actually taking distributions. So we’ve got a lot of money coming in, not a whole lot coming out. Yeah. Right. So take a look at that. I think that would just be like a little tip if you’re listening, like try looking at that and see what’s going on in your own book. You know, it’s funny that some of us actually grew up in the analyst side as a certified financial analysts or we’re investment advisors.

We don’t actually look at our own businesses in many cases with the same scrutiny. We look at the Vanguard total stock market reduction. Like that’s not worth it or that’s worth it or this is a good manager. Are we a good manager? Are we actually managing our practice like we hold other investments? And I think because we’re the only cap table holder we don’t have anyone else to account to and it’s paying our bills and we’re like, it’s good enough. It’s working. It works. Right. So wait, but I don’t know that that has an exit story. That kind of business doesn’t have an exit story.

You’re going to wind up selling it for cheap. Well, Stripe, I love cars, man. I’m like, when was the last time you changed the oil? Oh, I haven’t, but it’s still running. Right, the light’s not on. Yeah, the light hasn’t popped on. Or maybe it popped on, but maybe it’s just a bad light, right? I’m okay. I don’t need to change the oil yet. You’re saying maintenance. Yeah. Then all of a sudden, boom, you come to a halt. Engine blows up and you’re done. That’s it. That’s right. Didn’t see it coming, right? It’s not my fault. It’s not my fault. Yeah, right. Yeah, right. You were the driver.

You’re the owner, right? I agree. So, but that’s kind of what I hear. I think RFG has done a great job at what I’ve talked to that team before. They’ve done a great job of- I love their model. They’re professionalized and I think great people. So that was really fun to hear from Abby and of course, to see her in person at Nitrogen. We actually recorded this live at Nitrogen. And I think that was a special place for us because it’s kind of where we met. So I think it was a fun opportunity to be back there and be there in person. Abby, thank you so much for your time and the energy you’re putting into this business.

Your last hurrah, as you told us. It’s your swan song. So we’re excited for this project with you and thank you for sharing your time. Anybody who wants to reach out to Abby, you certainly could do so through social. With that, Derek, any closing thoughts, anything we need to do? Thanks to all of our listeners. Make sure you follow us on social and share the podcast. Take something away that you learned today and use it. Implement it. Make a change, even if it’s a small one. Do something. And as always, just thanks for everyone and your support and awesome hanging out with you again, brother.

Thank you for listening to Rethink, the financial advisor podcast with Holt and Notman. Be sure to subscribe now and join the ongoing conversation. The information covered and posted represents the views and opinions of the guest and does not necessarily represent the views or opinions of AssetMap or Connector. The content has been made available for informational and educational purposes.