Monkey to Millions | Victor (Session 11) - CFP and Insurance Tests on Deck
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In this session, Victor gives us all a lesson on the various roles as a financial advisor at Fidelity. We learn the difference between a Relationship Manager, Financial Consultant and Investment Consultant is and how pay is structured from the most junior levels to the highest levels. Victor talks about his next steps to gain more skills including an exam on Insurance and starting his CFP and CFA in the near future.
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WSO Podcast (Episode 11) Transcript:
Patrick (CEO of WSO): [00:00:23] Hello and welcome. I'm Patrick Curtis, chief monkey of Wall Street Oasis. And this is Monkey to Millions, a show where you get a front row seat as I mentor young students and professionals to try and help them break into their dream jobs. In the first cohort, you'll meet four students, all preparing for intense job interviews while trying to also balance a personal life and schoolwork. The goal of this show is to shine a light on the struggles of trying to break into competitive positions with a nontraditional background and to give you a roadmap for your own success. My hope is that as you get to know these four impressive students, you're inspired to dream big. Remember, these are real people and this is their true story. Let's get to it. In this session, Victor gives us all a lesson on the various roles as a financial advisor at Fidelity. We learn the difference between a relationship manager, financial consultant and investment consultant, and how pay is structured from the most junior levels to the highest levels. Victor talks about his next steps to gain more skills, including an exam on insurance and starting his CFP and CFA in the near future. Enjoy. All right, Victor, I'm tired. It's a long week. It's November 2nd and it's been too long since we've chatted about your progress. I know last time we chatted, you had kind of been promoted, right?
Victor: [00:01:46] Correct. It just got promoted and I took a long trip overseas. So right after promotion.
Patrick (CEO of WSO): [00:01:52] So tell me a little bit about just what's going on with the day to day. Have you settled in and stuff like that and what's it like?
Victor: [00:01:59] Yeah, so definitely it's been a while, so I'm glad actually we got got a chance to again chat. So basically right after I got promoted a week later I took this long month and a half trip basically I think five weeks I got back and I kind of settled with the systems and the programs and the new office, the new actually the branch office. So I went from one branch, another branch. So they were like a few days of orientation. Then I got put into cohort training for my new role. About a week later I just finished that.
Patrick (CEO of WSO): [00:02:33] For the listeners, what's the role again?
Victor: [00:02:34] What's a relationship manager? That's what the Fidelity calls is basically the way they explain to the client is that financial consultants are being the doctor, the main doctor, and we are like a head nurse or something like that.
Patrick (CEO of WSO): [00:02:50] So tell me about the Yeah, tell me about like if you were to join Fidelity as an undergrad or like your initial, what are the titles, How does it go up, just to remind.
Victor: [00:02:57] So you've got two different centers, you've got the original centers and the branch. So it kind of differs. And original centers you have absolutely this like I'm pretty sure not everyone likes about client services, customer services, just regular call centers. And the one that I did was the Investment investment solution Representative is basically what you do in the branch as a, I would say, relationship manager slash investment consultant. You reach out to clients who's got less than 50 200,000 in their accounts. You try to come up with the solutions and that.
Patrick (CEO of WSO): [00:03:31] And that's like for those. So it's called Investment solutions Consultant is the first representative.
Victor: [00:03:37] It is kind of the second second rank on the I would say so.
Patrick (CEO of WSO): [00:03:42] And what's the pay like out of school for? Do undergrads get that right out of school if they wanted it?
Victor: [00:03:47] Yes. And the one thing that the most important thing I would say actually they the hiring right now, there's a hiring frenzy for fidelity. So the most important thing I would say that since most companies and I don't know right now, but when I joined, they didn't offer positions to people who did not have their the licenses, which is six, seven, six two, three, four, 6 to 5 or 6 to 6, Fidelity basically not only gives you that orientation, it also allows you enough time with the material and everything. Make sure that you got enough time to pass. I haven't seen that from people. Chase I got offer from Wells Fargo. They do. But you kind of work day to day and whatever you study on your time. But fidelity actually and again I'm kind of I know shamefully pitching that but it's because of people who actually came to the fidelity and I've seen from my own experience that it is pretty generous, at least the time wise, they allow you to go study.
Patrick (CEO of WSO): [00:04:47] That's all done. So people coming out of grad could apply for this. And then what's the exactly what's the it's always you pretty low pay initially, right?
Victor: [00:04:54] Exactly. It's around 50,000. 50,000. Yeah. But once you get your licenses and you got a little bit experience and then the kind of sky's the limit, it depends on your work ethic and of course, opportunities about.
Patrick (CEO of WSO): [00:05:06] Bonus for first year would be almost like nothing like 2%, 5%.
Victor: [00:05:11] I would say about like a 5 to 10% of that, like because of Christmas bonus. And if you do over work, they do pay over time. They do pay very well for over time. There's a time and a half.
Patrick (CEO of WSO): [00:05:23] Time and a half.
Victor: [00:05:24] Yes, I think 1.5. Yeah, I think so.
Patrick (CEO of WSO): [00:05:28] Yeah. And so the day to day of that initial entry level job is like you're calling clients that don't have as much money. You're just trying to get get them into like ETFs, low cost solutions, Vanguard, stuff like that, trying to help guide them in terms of like diversification, making sure they're not putting all their money in like GameStop or whatever.
Victor: [00:05:46] Exactly. So you basically you try to. Yeah, exactly. You try to roll them. If you have a roll over options, let's say they have their offer of one K and you want to kind of invest them to IRA rollover and then get them to get it into.
Patrick (CEO of WSO): [00:05:58] Fidelity and be like, Hey, get it all managed under one roof, we'll help you. Exactly.
Victor: [00:06:04] Exactly, exactly.
Patrick (CEO of WSO): [00:06:05] So you're doing that type of stuff and you're so you're just on the phones a lot doing. Are you doing zooms with the clients ever or is it.
Victor: [00:06:15] So right now? I do. But when I was in ESGR and Regional Center, I don't right now, since I.
Patrick (CEO of WSO): [00:06:21] Have a regional center or.
Victor: [00:06:23] A regional regional center, which is a sorry Regional center. Yeah, Regional center. So you have like Colorado, Utah, they don't have Brett Batchelor branches. I think Colorado does have it both regional and the branches, but mostly the regional centers are in those location where you don't, you work basically mostly from home. And I mean this is pretty cool.
Patrick (CEO of WSO): [00:06:47] I mean it's a pretty cool gig because I'm sure Fidelity has great benefits and all this stuff like matching on for and K and all this stuff, right? So like, I don't know, like I assume it's for people who are kind of interested in finance, but maybe the markets in general, I think it could be a really cool job. So tell me so like typically, how many years are you in this initial entry level thing? Let's say you're good and you're talking to clients, they're rolling, everyone's rolling over there or on to Fidelity. You have good metrics. You're calling you're talking with a lot of clients per day and like, yeah, tell me about those numbers. Like, would you be doing like ten calls a day, 50 calls a day?
Victor: [00:07:23] So it depends on the role. For example, if your client services, you get maybe like a 50 to 70 calls, but those are all short calls. It's basically maintenance calls, account maintenance. If you're in the role of investment solutions, then they require most of 66 because you need to advise also.
Patrick (CEO of WSO): [00:07:39] Clients a series.
Victor: [00:07:40] Of 66. 66. Yeah, Yeah. And then one what.
Patrick (CEO of WSO): [00:07:44] You're doing is that what you're doing now?
Victor: [00:07:46] Right now? No, I am in the 6 to 6. I do advise, but I also work very tight knit of group of people. I base support my financial advisor who's booked, who's got a book of clients, let's say 100, 150, 200. We are like far more personalized than what I was doing in as I.
Patrick (CEO of WSO): [00:08:04] Have 100 hundred and 30. 200. Okay.
Victor: [00:08:06] And mostly, yeah, mostly that middle range and middle range. Exactly. Exactly. And also it's very tight knit of group. Instead of me just reaching out to a bunch of people that we have never met, this is mostly making sure that they have met with my financial.
Patrick (CEO of WSO): [00:08:22] Your boss what's his title?
Victor: [00:08:23] I is some of them are vice president of financial consultants. Some are just financial consultant.
Patrick (CEO of WSO): [00:08:31] And so financial consultant or vice president?
Victor: [00:08:33] Financial consultant.
Patrick (CEO of WSO): [00:08:34] So it's not a financial advisor. It's not called or it is.
Victor: [00:08:37] I think our fidelity calls them both. We use them both at financial advisor.
Patrick (CEO of WSO): [00:08:41] And this is so confusing, all the.
Patrick (CEO of WSO): [00:08:44] Terms.
Patrick (CEO of WSO): [00:08:45] That's what I'm trying to ask you, because I think the listeners probably don't know what the difference is. So, so basically. As you move up, you can you can go from like the one where you're servicing the lower kind of accounts in terms of like lower amount that's best to try to get them to roll over or try to get them into some products that are good for them. Diversify all the good stuff. Portfolio balance. But you're not really like advising them necessarily on like stuff or it's mostly trying to get the money in.
Victor: [00:09:12] You do advise them, but it's not as much as the financial consultants or advisors. You basically need.
Patrick (CEO of WSO): [00:09:18] The 66 to do the calls as.
Victor: [00:09:20] Well, mostly for advice and stuff. Yes.
Patrick (CEO of WSO): [00:09:23] Okay. So then let's say so.
Victor: [00:09:24] And these are to the best of my knowledge, by the way, I don't.
Patrick (CEO of WSO): [00:09:26] Yeah, that's fine. That's fine. I'm going to hold you to it. So financial. So then the financial advisor, the consultant, that's your boss, you're supporting him with kind of more medium. We call them high net worth, we'll call them middle net worth clients that are basically trying to he's having to have a little bit longer calls, a little bit longer strategy calls, and you're helping him kind of figure out like who we should be talking to. Stuff like that or what's what's your day to day like in that.
Victor: [00:09:52] Exactly. So I have some of those. I have some of the like we don't do most of call calls. We we only reach out to people who actually get flagged, hey, this person is retired and has got this much amount of money and has got like a stock concentration and let's say Microsoft and it's all $900 million and all of them Microsoft. So we need to reach out to those people that, yeah, we know that you happen to check your 4a1k, but this is what we offer.
Patrick (CEO of WSO): [00:10:18] Are you dealing with high net worth clients?
Victor: [00:10:20] Yes, yes, yes. Oh, you.
Patrick (CEO of WSO): [00:10:22] Said there's so you'll talk to people who are like 100 million in the bank or whatever or.
Victor: [00:10:25] Not. Not 100 million. Not that much. Maybe 5 to 10 million. Yes.
Patrick (CEO of WSO): [00:10:30] Got it. Okay. And so you'll you'll try to get them on the phone saying, hey, you know, you're overly concentrated in this one.
Victor: [00:10:34] Yes, yes, yes.
Patrick (CEO of WSO): [00:10:36] Microsoft probably being a good example because.
Victor: [00:10:38] I was just mean through so much. Yes. I was just throwing that out there because it's very rare.
Patrick (CEO of WSO): [00:10:44] No, I'm sure that's a problem with a lot of portfolios at any sort of tech exposure. Not so much Amazon and Google these days coming down. Yes. So so, yeah. Tell me a little bit about. Okay, so your day to day is kind of supporting. So like give me a split of your day, like a typical day in the life of of your title, which is again remind me investment right now.
Victor: [00:11:05] Relationship manager. Relationship manager. Yeah. I'm looking forward to become an investment consultant which is one heck higher and that kind of and then.
Patrick (CEO of WSO): [00:11:13] You'd be side by side with your boss and you'd have a relationship manager under you or not. Yet you have to kind of run.
Victor: [00:11:17] It for a while first before I'm going to have to run it for a while like this.
Patrick (CEO of WSO): [00:11:21] But you'll be a little bit more like you'll be the one doing all the calls. Exactly. Oh, that's so cool. So it's great. So tell me a little bit about like, Yeah, just day to day. Like, are you?
Victor: [00:11:30] So I work very differently from everyone else. I'm not going to lie. It's not it's just going to be a bit different, but I'm just going to try to give as much because I kind of jot everything down minute by minute. What I do to make sure that I maximize the time that I spend on any task. So it might not be the same, but usually we have this meetings that I have to attend. This is weekly team meetings, you know, some kind of catch up with my FC, put a nurse aside that might be like 2 to 5 times a week, depending on the day, you know. And then I have the calls and task that my boss is assigned me.
Patrick (CEO of WSO): [00:12:05] He'll have flags. He'll be like, Hey, you got to do these 20 calls today.
Victor: [00:12:08] Exactly. Exactly. Yes. Or for example, rich actor Patrick. Patrick has got this WSO, It's IPO sold out or something like that. Yeah, something like that. You know what I mean? Like, we need to reach out to Patrick, say that, hey, he's already retired and he's got a401k inactive or Hey, Patrick wanted to transfer the 401 K, but there was some kind of issue. I need to reach out and follow up on it, see what he needs and make sure that we maintain that kind of relationship. Because then Patrick does not feel like he got he got forgotten and he's not getting taken care. It's kind of, you know what I mean? Like a personal touch. Yeah, that's what kind of head nerves come into play. Yeah. And then there are some tasks that are requires that we have this fidelity maintain accounts I think to manage accounts which you have this brain trust from Boston, they kind of do the trades, do the investment, everything. So we reach out to those clients. These are again high net worth clients and high net worth. What I mean is are 3 to $10 million, stuff like that. And then it would kind of reach out, make sure that they understand what's going on. If they're in question, it might be like a simple question is, hey, I want to create a trust, but this document is missing and I need to talk to you. So instead of sending them to for the regular client services, we want to make sure that we take that extra step for them to make sure that they're kind of it's kind of a premium service kind of thing.
Patrick (CEO of WSO): [00:13:28] Yeah, because you don't want.
Victor: [00:13:29] An airport, don't want.
Patrick (CEO of WSO): [00:13:30] To lose that. You want to piss them off and lose that Exactly.
Victor: [00:13:32] Exactly. Before $10 million kind for because he has to wait for a password change for about 20 minutes on the phone. Does that make sense?
Patrick (CEO of WSO): [00:13:39] Yeah, it makes a lot of sense. Yeah. So that's cool. So you're doing like so then in terms of like the initial, the initial job at school, it's like 50 ish K but like what's determining like bonuses and pay? Pay raises there.
Victor: [00:13:52] So right now my bonus is it's just Fidelity's proprietary bonus because of my role I don't.
Patrick (CEO of WSO): [00:13:59] Like I'm saying me right out of school, like the one not the relationship manager.
Victor: [00:14:03] The option one. What what what does I think it's just overall it depends on it is the same for the. Not right now. Not the one that one the role that I'm in. The one that before the shit out of school it's basically they do a Christmas bonus it's a holiday bonus. There is some kind of retention bonus and depending on how well you perform, there are a few metrics for your KPIs. I'm guessing that's pretty much the same exact a core retention.
Patrick (CEO of WSO): [00:14:33] Relatively small percentage compared to.
Victor: [00:14:34] Every.
Patrick (CEO of WSO): [00:14:35] Investment bank 5 to 10%. So it's usually your base salary that's going up over the years. If you get promoted, you pass your series 66, you start becoming more like a financial advisor.
Victor: [00:14:47] Exactly.
Patrick (CEO of WSO): [00:14:48] Or a consultant, whatever you want to.
Victor: [00:14:51] Call investment consultant, and up becomes then then the bonus starter kind of management.
Patrick (CEO of WSO): [00:14:57] Consultant. Are there set base salaries for that or is it like 180 K? What is it in there?
Victor: [00:15:04] It is my, my, if my recollection is right, I think it is 90 K plus the the bonus that you make you kind of make around I think 130, 240 and then depending on how well you are your your job. So it is a very much a production role right now.
Patrick (CEO of WSO): [00:15:23] In inbound sales in this is not you going out and building your own book of business. Can you do that? Is that what what if you were to go bring in new clients into Fidelity.
Victor: [00:15:34] So you basically pass them down up to depending on how much money they have, pass them up to your financial consultant or vice president, financial consultant, and you got to get a credit. Every time they make a trade, you get a little bit of bonus from that. But it's not in your book as an I see you're kind of a junior person learning. You're kind of on the job training for. See if that makes sense.
Patrick (CEO of WSO): [00:15:56] Got it. Investments. So like when you if you're going to be in, what, a year or two, you're going to be.
Patrick (CEO of WSO): [00:16:02] A year.
Patrick (CEO of WSO): [00:16:02] You'll be like your own financial consultant at that point.
Victor: [00:16:07] Exactly. Very.
Patrick (CEO of WSO): [00:16:08] Should you bring in somebody under your thing, you're now getting a cut of all those trades that they do, mostly based on trades and volume that they're doing. Is it based on assets under management that it's both.
Victor: [00:16:21] It's both, I think, but more so assets under management. Yes. Yes.
Patrick (CEO of WSO): [00:16:24] If you eventually build a book of like 50 million or $100 million underneath you, what's your pay look like or how high do you I.
Victor: [00:16:32] I have people who actually work almost like seven, eight years. And one of two of them are my mentors. I'm trying to be like them and they're really hard working people. Do one of them last year made around 700,000.
Patrick (CEO of WSO): [00:16:44] Right? So it's one of those things that if you build it and do you know what his AUM is underneath him or what?
Victor: [00:16:50] Oh, I think around 50, if I'm not mistaken.
Patrick (CEO of WSO): [00:16:55] Yeah, you can get that. But you have to.
Victor: [00:16:58] Oh, yes, you have to. Absolutely. You have to work. But again, I mean unlike. Yeah, it is more of a like a day job to a certain point. But once you're in the production role, it is not a day job, it is not 9 to 5. You need to kind.
Patrick (CEO of WSO): [00:17:11] Of once you're in the financial consultant role, like I see salaries a little higher, you're saying. But it's not like going to be most of the pay. The pay the upside is where you're bringing in new business. Fidelity underneath.
Victor: [00:17:22] Exactly. Exactly. Yeah.
Patrick (CEO of WSO): [00:17:24] Makes sense. That's awesome.
Victor: [00:17:25] That's exciting. It is very exciting.
Patrick (CEO of WSO): [00:17:28] Yeah, it's. If you're good with people. And you know the markets well. It's like sky's the limit, right?
Victor: [00:17:34] I that's that's my thinking like a little bit about that plan. I basically reached out and again, this is what I picked up from you. I reached out to a bunch of people and ask them basically shamelessly, can you be my mentor? You know, some of them are in like a one above me and some of about three steps above me, and I meet with them like 15, 20 minutes. I only bring 2 to 3 questions, particular questions. I don't want it to be open ended. We get to kind of drink coffee, talk about their lives. But when it's like an actual work related mentoring, 2 to 3 questions. Make sure that I know what I'm asking. Kind of have kind of homework for myself. Come back if I didn't understand that. Right? So they told me and that includes also my branch manager, which I am taking my insurance health by accident insurance for California next week.
Patrick (CEO of WSO): [00:18:21] So it could be.
Victor: [00:18:21] Yes, exactly. And I'm doing that in about a week. I'm going to sit for the exam. And once I'm done with that, the day after I'm starting my CFP course, which Fidelity pays for it, they told me that I should probably take my time, but I just want to make sure I kind of get that out of the way. So I'm hoping to next year. This time I'll have my CFP, even though I won't be able to put in my name. But it's going to take about, I think I will need another nine month or so next year by this time to have that experience. And then, you know.
Patrick (CEO of WSO): [00:18:53] And that's why it helps you get promoted faster.
Victor: [00:18:55] Oh, yes. Oh yes. Oh, yes. And I'm not going to stop there. I'm going to work on my CFA. I know that again, they told me that it's not required, but understanding the markets, having that knowledge and also having that designation to kind of build up that scratch again, this is kind of.
Victor: [00:19:09] The credibility with just your clients.
Victor: [00:19:11] Exactly, exactly, exactly. It's kind of like saying that, hey, I've got my MBA. Most likely you don't use your MBA as much, but everyone knows that Patrick graduated from Wharton School of Business. That kind of tells like, okay, not everybody.
Patrick (CEO of WSO): [00:19:24] Especially in especially in your business, like, I don't know much about the asset management business and this whole financial planner. I don't know it well. So thank you for educating us. But the. What I do know is that perception is like reality, right? A lot of times. And so when you get the CFP, when you get the CFA, you have all that stuff. It just it makes people a lot more comfortable talking and asking questions. And then when people ask you about the markets, you have an opinion. But like, you know, you're just going to know that's what you're going to get asked all the time. And then, you know what really probably makes the best financial managers or the most successful, I should say, not necessarily the best meaning the most successful in terms of growing your AUM is just if you if you're aggressive about meeting new people and meeting the right type of people and getting in the right circles.
Victor: [00:20:13] Exactly.
Patrick (CEO of WSO): [00:20:14] Because like and that you could add ten 100,000 clients and almost the same effort for adding one $1 million client or $110 million client. And you get ten times the rewards of adding that $10 million client versus so like if you get into the high net worth type of world somehow and you're smart about how you do it, we should talk about that.
Victor: [00:20:36] Yeah, I really would love to actually talk about.
Patrick (CEO of WSO): [00:20:38] Because I think it's fascinating, like, how would you do that? What events should you go to to start meeting people? What that type of stuff, Do you know what I mean?
Victor: [00:20:46] Yeah, absolutely. And I if, if I catch a drift. Right. Let me just kind of say it in my own words. So it's basically you got this like a 3 to 5 year plan, right on the first one designation party. Understand the market, understand your job. And the second part, I think the most important thing about our luck area of work is just this is what they drilled to us. And you're absolutely right. I heard that for someone who was in the military, perception is reality. If you look like you're sleeping, it doesn't mean that you are sleeping. It means that you are sleeping. That's what you are perceived. So it kind of got you in the military and fidelity. What they told us that client do not care how much you know, unless you care how much you care about them. So you've got the personal side of that. You have to be very personable, warm, because they don't want to talk to a robot. You might have all the book knowledge, but if you are not relatable, that doesn't. It's kind of two sides of middle and you have to develop that human interaction. You have to really like people to talk to, and also you've got to bring that expertise. But you are actually right. It is a fascinating thing once you get those. And it's also a to be honest, it's not like you get stuck here. It's once you have all this designation market knowledge, you can always do a lateral transfer to a much more to what we have partners that we work with their wealth advisors precisely, they work 10 million plus people and they make far more money. They have far more in charge of their day to day. You know, it's all kind of how you prepare and set yourself up for the next, I'm.
Patrick (CEO of WSO): [00:22:15] Sure, not just the insurance stuff, but then also be probably more knowledgeable in tax. Exactly. Would probably be another interesting step and thing to have to be able to start dealing with higher net worth individuals like knowing how to set up certain defined benefit plans and looking at their structure of their own businesses and figuring out, Hey, you got to do this. You shouldn't be, you shouldn't be doing this, why aren't you paying? Why didn't you have this set up, for example, to help shield some taxes and blah, blah, blah? Like knowing that stuff is probably really valuable to these people and you can pay for yourself like, Hey, you're paying 50 K and taxes, What are you doing? You know?
Victor: [00:22:49] Yeah, yeah. No, no, no, that's true. I think a CFP kind of introduces us to those six aspects of financial planning. And then what do you do with it? It's kind of your own thing. You've got to take it and kind of master it so you can kind of create that niche. That's awesome. It's awesome.
Patrick (CEO of WSO): [00:23:04] Well, yeah. Thank you for educating us. Any questions? Anything I can be helpful with? I know I'm not that helpful in this space. You're. You're teaching me more than I'm.
Victor: [00:23:10] No, no, it's. It's always great to have this exchange of information. I'm really happy that to be on this journey with you. Well, let's talk about that. Probably like a few months after once I kind of got the insurance and kind of moved on with the CFP, what events to go to and whom to talk and what you're asking me, the fun part. Yeah, exactly. Because you're like, are you kind of broad and always my horizon. I kind of get stuck in about it.
Patrick (CEO of WSO): [00:23:38] Like maybe you should pick up some really expensive hobbies.
Victor: [00:23:42] Golfing. Golfing. It sounds golfing.
Patrick (CEO of WSO): [00:23:45] Maybe you could become a polo player.
Victor: [00:23:47] Polo player? Okay, I'll look into.
Patrick (CEO of WSO): [00:23:50] Anything with horses. Tends to have people a lot of money if they own horses.
Victor: [00:23:50] Yeah, true, true, true. Actually, very true. And I live in Newport Beach, so it is one of the great places.
Patrick (CEO of WSO): [00:24:00] A lot of money there.
Patrick (CEO of WSO): [00:24:01] So, yeah, a financial.
Patrick (CEO of WSO): [00:24:03] Planner there, you're going to be running well, But yeah, just just being smart about like putting yourself in the right place, meaning people networking. And we can talk a little bit about like perception in terms of like.
Victor: [00:24:14] Absolutely.
Patrick (CEO of WSO): [00:24:14] Like agents versus like how agents present themselves, like real estate agents versus how a financial planner presents themselves and how like the difference of it, like the sit ins are a little more flashy. This you want to also be well put together, but you don't necessarily want to be as flashy, right? You don't to look like, oh, I'm making all this money off of my.
Victor: [00:24:35] Yeah true. A very, very. And also, like I got to tell you this, like I was find this like a very it's always the kind of an unspoken rule right about the age if you're nontraditional if you go to different this is the probably only space that haven't been a little bit older, if very, very positive because yeah.
Patrick (CEO of WSO): [00:24:54] Very more gray hair dude work on it. Look, you need this beard. The gray beard helps.
Victor: [00:25:00] Yeah. We have really good financial consultant in their mid twenties, but they lose business because just it's again perception as a reality because they don't trust them. Like, how would you know this much if your you weren't.
Patrick (CEO of WSO): [00:25:12] Even you were like 12 years old when you went through the great financial crisis and.
Victor: [00:25:16] Exactly. Exactly. And that I've seen that and I'm not going to lie. I kind of enjoy that a little bit. It's like, yeah, it's a guilty pleasure. But I just wanted to kind of let you and your audience know that it's actually if they have a nontraditional pupil, it's a really good space to be. But like anything else in life, it takes a lot of work. It's who you what you make of it. So it's not always sunshine. And it's a long.
Patrick (CEO of WSO): [00:25:45] Long bill. It's it's a long road, but 15, 20 years, you'll be very happy you want that direction.
Victor: [00:25:50] Exactly. Exactly. Well, I'll be working out. I'll be working with you, hopefully. Yeah.
Patrick (CEO of WSO): [00:25:58] The longest mentee.
Victor: [00:25:59] Relationship. Yes, exactly. Well, I'm super happy with you, Patrick. So you always help me to broaden my horizon. I'm more than happy to.
Patrick (CEO of WSO): [00:26:07] Well, I mean, I think the more interesting part will be after all the legwork is done, I think the more interesting part is talking about like like I said, you know, I kind of half joking about picking up expensive hobbies. But if your job is to, like, try and build a book of business, I think it's smart to put yourself in those things and actually try to enjoy it and build relationships and friends before you even know.
Victor: [00:26:27] Exactly.
Patrick (CEO of WSO): [00:26:28] Even anything pitching to anybody. It just building friends and knowing those people I think helps long term will help your business because. Even if they don't work with you or they most likely they already have financial advisers. They may have friends that don't.
Victor: [00:26:44] Yeah, exactly. And also look at old texts, maybe 3 to 5 really rich people. And then you kind of said, Yeah, and Exactly.
Patrick (CEO of WSO): [00:26:51] And you something where it may take you three or five years to build that relationship before they decide, Hey, you know what? I'm going to give some money to Victor.
Victor: [00:26:58] So and also it's coming from the point of view, you're not desperate for anything. So that helps to like, you're not really looking for it. It happens. Good. It doesn't happen. You're good with that, too. So that kind of helps.
Patrick (CEO of WSO): [00:27:10] Yeah, I think yeah, I think you're going to be very successful with this. I think it's a great I think it's a great path for you because I think you're good with people and I think that's going to that's really what matters. And you have the intellect to be able to learn all the other stuff about the market.
Victor: [00:27:23] So awesome.
Patrick (CEO of WSO): [00:27:25] Congrats on the path, man. I'm excited for you. I'm excited to see the see the trajectory.
Victor: [00:27:30] Thank you. Thank you so much. Yeah, me too. Well, you know, we'll chat again in December. I'll tell about my insurance and on my CFP going on. And whatever the question we have, we can try to talk about that.
Patrick (CEO of WSO): [00:27:40] You awesome and good luck.
Victor: [00:27:41] All right. Thank you so much, Patrick. Good luck with everything.
Patrick (CEO of WSO): [00:27:44] And thanks to you, my listeners at Wall Street Oasis. If you have any suggestions whatsoever, please don't hesitate to send them my way. Patrick at Wall Street Oasis. And till next time
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