I'm presenting the world's worst boss the one who goes job done huge national Jobs likes looking for anyone with a pulse we'll just call him Phone Lindsay come in looks like little Nathan is fitting right into the office he loves Bring Your Child to Work Day How would he feel about a more long term position of the company money well there's an opening in senior management I think Nathan would be a perfect fit he's. Wants me to find better candidates than those huge on line job sites and Nathan is a local So what do you say something in accounting then he's good for numbers he's in the 1st grade he literally gets lines of traction good enough for me I'll see you both here on Monday at 9 am sharp but he has school in the day I was school's overate I'm offering on the job training Don't be a Dave find your perfect local employee Help Wanted San Diego don't call local jobs that work we don't discriminate against people named Dave Dave is a common name fungus and so we're using it as a catch all for lackluster bosses everywhere in the big national board because they really don't care these are not writers to tell us you're Dave was insulted by this ad that would be a real Dave move Dave. To come out and write your lifestyle on a scale of one to 11 is a life that's nothing like the life you were promised after getting good grades a college degree and a good job in corporate America tennis a life of your dreams if you answered anything less than a 10 tune into the Dell Wamsley radio show Dell self-made millionaire and founder of lifestyles unlimited will show you how to live the life of your dreams and pay for it with passive income the radio show weekdays at 7 pm on the eater San Diego. 96 point 10 am 117 pm It's your business sponsored by Richard Museo. To. Cover the sun coming up good Sunday morning everybody. Richard new c.e.o. It's your business. Everybody's having a great Sunday morning. I know my voice sounds a little bit off today. But having some sort of sinus issue because of this cold dry weather here in San Diego but no fever no runny nose notional throat no nothing so I don't know what it is I think it just is cold dry weather and of course I talk too much like I'm doing this radio show talking too much I'll just have my gas to have 2 of them so I can just like you to ask each other questions today I'll just be quiet my boys rest up. Big congratulations to sell your Potteries Sonny Manny Machado why not. Have Peter Seidler on the radio show about a year and a half ago one of the Potters co-owners he told me off air that he thought they would maybe be able to contend by 2019 at the time I said Don't say that on air Peter because I don't think that's true 2020 at the earliest but now they know that they got the great Manny Machado maybe that maybe Peter's prediction that they can 10 by 21000 will become true he's a great ballplayer. And certain graduations of the Potters for doing that. I guess you gotta take advantage of the opportunity when it comes up a lot of my friends are like I don't really like Manny he sort of has an edge to him. And I said you know what we need some players with an edge there was reading an article last season or a manager and he said this is like the best clubhouse I've ever had all the guys get along and I think that's great the problem is they don't want to baseball game . He really Ok is 81727374 that used to get in fights in the clubhouse and then go out and win 3 straight World Series. Much prefer that it went to guys who get along great. Played baseball but enough of that I got 2 guests so I want to welcome them and I ask them a little bit about their background their history how they got here. Should go 1st but I'm going to do my future brother in law 1st we'll talk about that later. So Richard Matt c. Give us a brief background about where you're born where you went to school how he found your way to San Diego what you do and why you're passionate about it so let's say from conception until you pulled into the parking lot today what your story is a long story but born and raised in Valparaiso Indiana actually oh man that's a college basketball hotbed. Right actually born in Mercy Hospital in Gary Well Michael Jackson was born Ok yeah Jackson you know I've met Barry Gordy who's Barry Gordy how you got to be kidding me I get it I know you're a musician the founder of Motown. I got to tell you continue I have to tell you my funny story he's the founder of Motown he's the guy who signed the Jackson 5 Berry Gordy and I took my daughter Demi who you know to a tennis tournament cost a number of years ago and she said I want to get his autograph. And I said No problem I know Maria will walk over there and get her autograph I said but the guy she's talking to was even more famous than she is she said that can't be possible nobody could be more famous than Maria Hsia I said well this guy's more famous the guy she's talking to is more famous than Maria. You're talking about gordie he was there watching the tennis and Acosta because Berry Gordy is a huge tennis fan so I had to explain to her who Barry Gordy. I wouldn't of expected her to know at the time she was about 13 you know now she's $22.00 but it was so out of tennis program she not only got Maria Sharapova his autograph she got very gorgeous autograph the founder of Motown. Anyway I had didn't mean to interrupt but if I did start trying to top out what Richard guy actually but. Going down to any any university did some studies down there a little music school and moved out to California in the eighty's Ok it's a good time and it was a good time so any time beach my future wife joined me out there Ok. So we had. 2 kids Samantha was born in the 1990 s. Was born in Newport Beach Ok was no where it was born no evidence actually born over trips hospital just across the highway here Ok. So Nicholas. Gruen I spent a lot of years I spent about 10 years with Charles Schwab doing some management there Ok I spent about a dozen years with Ameritrade that's what brought me out here there's a retail office across the street I started running that office and that brought us here to San Diego that would've been what 20056. Spun off and working dependently now with Zenith Investment Management my partner here Jacob to par Oh Ok Well we're going to ask Jacob his from conception to parking lot with your story. Well you know I something that it's something that means a lot to me I was actually born in Mexico City Ok and my wife went to school there oh yeah college is that right yeah University San Diego but they had a. Relationship with the university in Mexico City so she matriculated for part of her time there she loved it there's actually a lot of particular universities and city I don't know if you've been but it's a lovely city I have in which he speaks highly of Mexico City Yeah yeah. So we came over here when migrated when I was 6 years old actually in the Phoenix area and. You know a quick story about how he came here you know my grandfather my dad had a business and Mexico city big city. So yeah in the world yeah and back in the eighty's. Business was booming lot of big corporations here s. And p. 500 companies you know have their production. Manufacturing companies or factories over their local g.m. And Ford so on and so forth a long story short the macula Dora Yeah my grandfather started a business 4th grade education didn't go to college and his business was actually assembling the assembly lines for a lot of these corporations so a guy definitely got in or out of the you have to actually do something like someone's doing that so yeah right that's interesting so my dad was the one that went to school master's and all that and. This is great you know they both knew how to make money and knew how to spend it maybe not so much saving and investing so you know unfortunately the company went bankrupt and forced us to come out here and . We actually are somewhat newish to the San Diego area we came here almost 5 years from the Phoenix area I went to Arizona State So Ok Go devils that's where I met my lovely wife Rebecca I've had a lot of Arizona State folks on my show I love that hopefully not too many Wildcats actually more I was on a state dinner zone or summer and yeah I like that yeah I don't know why that is but it just is. So yeah we've been here out. Here a couple years actually and a similar story to Richard the real reason I came out this San Diego was I took the position with t.d. Ameritrade in the same branch hired him as I got to Richard was a big reason why we came out here and. And working for fidelity t.d. Charles Schwab a couple years ago 2016 is when I decided to you know take the lead and you know have conviction in how I perceive wealth managers should run and help clients. And started Zenith Investment Management So here we are and big congratulations are in order for you so you sleep at night get me sleep at night because you have a 5 month old isn't so outside the market being what it. Is I can't control a 5 month. Learning the. I'm learning that for sure she actually started the place she's got to give the name I mean Leo Charlotte. 5 months old. But it's fun I would not trade it. Yeah I remember those days it goes by fast that's what people keep saying Richard I'm going to talk about how fast it goes by so fast daughter Samantha is marrying my son Evan That's right later this year we're going to talk about that and I mean you talk about flying by Evan soon to turn it's going to be March 28 years old holy cow I don't want to think about it I want to congratulate. You rich that's exciting stuff. So how many team members at your office on your team. 3 actually me Richard and our assistant so we're very much starting our our company here from the ground up but you know we're really looking to be a local presence you know compete here locally have you know your financial and other trade money managers here so our expectation our goal is to is to be at that level so it's you know one day at a time and partner up with Richard I think we're going long way to achieving that and you can be found a way to San Diego because of being in the financial services industry I did yeah so ever since I graduate from from a.s.u. That's all next financial services it's funny how people wind up here in the never go back to where they came from was specially the summer heat in Phoenix I go back a way yeah I like Phoenix sometimes you drive through there on our way to Durango because you got a place in Durango Colorado and it's a nice town but we drove once in July. And we took our dog and then our daughter Mia who has a dog was with us and it was so hot. Driving through Phoenix that the dogs wouldn't get out of the car to go pee because they couldn't even stand on the pavement Yeah even in the shade on the pavement you know if you found a tree. I mean the dogs wouldn't they wouldn't go out I'm not what do you do when you have to live in this kind of heat I like you know November to March Yeah it's beautiful in the fall through until you get up until spring time but our spring training right now is gone yeah you know spring training is going on and Florida used to be the epicenter spring training and now of course Arizona Yeah and it's really cool you know I noticed Speaking of many Machado the Potter's 1st spring training games are against the Chicago White Sox. Look at how well did that go he didn't play but the White Sox thought they had Manny in the bag because this is a funny story and we got one minute to brakes on and waste time with this story. You know the White Sox traded for his brother in law yonder Alonzo who used to play here for the pot. And his best friend John Jay who used to play for the Padres everybody used to play for the Potters they can if we sign his brother in law in his best friend come to Chicago to play legacy yonder and John told him how great San Diego us and I'm thinking you talk about you know summers in Phoenix I'm thinking summers in Chicago I've been there hot here with brutal weather I think and you know it's better for some rest career to play on the West Coast than it is in the Midwest during summertime because the Midwest is going to wear you out well he took less money you took Well you took more guaranteed. Kinds of incentives and stuff that could have gotten more but but. There were the rumors his wife wants to live in San Diego and I can't blame him it's Richard Museo here on am 117 f.m. 96 point one got Richard. It's your business we're going to take a quick break and there was talk more about the financial services world that profession as well as how it feels when. Your 1st kids get married. Everybody be right back Green Acres. Right out of. Manhattan just give me that country. If you're currently employed in a job that's not truly satisfying ask yourself these questions is this what you want to be doing for the rest of your life is the money in the material things we're sacrificing your family time this is Steve Brusk a general manager here at Salem and we're experiencing tremendous growth right now we're recruiting for an experience digital and broadcast salesperson we offer excellent pay and benefits in a work environment this creative respectful productive and fun if you're a hard worker and you're willing to learn and you love the sale submit your resume assailing Media dot com and we'll set up an interview right away Salem is that equal opportunity employer at the end of every single day I lay my head on my pillow and I know that what we've done during the day has made a real difference maybe that makes sense to you to submit your resume today assailing Meet dot com. Richard here's what your business. That's able comes your way. Simon and Garfunkel you know the song Richard Manson do. So there's a funny story about the song. Comes you all that was on the Sounds of Silence album In fact it was the be tracked to. Scarborough Fair but in March of 9091 my wife and I had our 1st child Evans soon to be 28 with 2 daughters Mia 26 and Demi you gentlemen met you here on the radio here with great frequency She just turned 22 party graduated from college. But back in 1900. 70 scoring to soon be marrying Samantha Metsi So Richard and I are future brother. But Evan when he was a little tiny baby had a hard time falling asleep at night and so I would pick him up we lived in Kensington at the time we lived on Van effect it was 4631 Van Dyck avenue I would pick him up and we'd go outside around 9 o'clock at night because he had a hard time falling asleep and I had him on my shoulder like holding him with one hand because those babies are tiny for the 1st year and to put him to sleep I tried all kinds of different songs that I would sing to him and nothing worked until I came up with April come she will so every night I put Evan to sleep on my shoulder singing that song April come she will and I would have to sing the whole song you know I think it into September I remember a love once new has now grown old and gone from memory what the lyrics are and that was a song that I would put Evans and then I put him in the crib and he would be asleep and he would sleep great it was just getting him to sleep but that was the song that I would put my son to sleep with every night I think he just fell asleep because of the abject boredom that he felt from my horrible singing voice. Trying to try to tear me out exactly. But anyway so in November my son Evan is marrying Richard daughter Samantha and I can't believe how fast 28 years has gone by but what do you feel like when your son's not married yet so this is the 1st of your offspring that's getting married to my daughter. And so my 1st getting married Samantha is your how does it feel I feel like Steve Martin in Father the bride he of remember that movie I remember that very You still look at this 27 year old girl and you see the 8 or 9 year old child and he still can't even get your mind around the fact that she's an adult and getting married so it's remarkable Yeah I'm the same way I like 20 years ago I was putting him to sleep singing a. Changing diapers I was really good at changing diapers. Because I'm very mechanical you know you move this take this time off I don't know how it is now Jacob if it's easier than it used to be a very mechanical. Technology given you know how it develops diapers are probably much I guess I'm going to find out again someday if any of my kids ever produce grandkids no hurry there guys. So yeah it's interesting feeling when the 1st one. Because I think until one of the makes a decision to get married it's almost like they're still kids. That felt that way to you Richard but it always sort of or maybe until I get them all off. I'm not sure what it is that defines when they're no longer a child but it is getting married certainly certainly gets me off the list of still being a kid they're still your child but they're no longer a child so yeah. Rancho Bernardo in is in November. Yeah it's exciting stuff but yeah that was sort of that was the song I used to sing to. You probably wondered why I pick my music does it have any. Reasons behind it the answer is absolutely yes it does but Richard briefly your musicians here right I am a musician Yes Tell us about that ever so briefly don't want to talk about your profession so play in a band called the jukebox kings we do fifty's and sixty's do up we play out of politics. And. Maybe $23.00 gigs a months a lot of fun. Get a lot of dancers out they really enjoy our music yeah you guys have a great reputation and put on a great show are a bit of back to business since the show is supposed to be about wealth and business and so on so you're both financial planners but you both came up through I guess I would call it the stock brokerage world right some of the firms you listed I consider them so. Richard you're a little bit older than Jake. Just going to set the table this way Jacob when I started in business I'm a little bit older than my future and brother my future brother in law when I started in the c.p.a. Business there was no such thing as a financial planner it was all stock brokers and then in the early eighty's you had a few people who said I'm a little bit different I'm now a registered investment advisor we call them. And I'm going to charge fees for example to do planning and provide services to people who need help with their finances but. There really weren't a lot of people who did that it was all stock brokerage firms and you know big names like Merrill Lynch. And so on and everybody was a stockbroker now you still see stock brokerage in the world and you still see the big names but there's many many more people who have gone the direction that both of you gentlemen have but Jacob you're too young to even probably know that entire history because the way you came up for you stock brokerage is probably not an option for very long. Well you know I have done my fair share of research and I am familiar with the evolution of this profession and it's an interesting time because going back to what you mentioned in the eighty's when investment advisors were something new something you know people didn't really maybe truly get. You know Charles Schwab was was the pioneer in providing that platform they were and you know fast forward a couple decades now you have the delegates you have all the major custodians offering you know a platform for these investment advisors and you see the space the wall of share of the space gradually just getting bigger and bigger and bigger and I think it's just about education and really understanding the. We can call it one of the ultimate questions of working with a financial professional was how you get compensated I think a lot of the ties people think of that people maybe asset I don't think people really understand get a concrete answer but. You know we're extremely happy to be in this space and we're big believers in where this profession is going and you know again how to approach it opposed to you know being a broker to Advisor or really right now as I mentioned the kind of evolution of really from a consumer standpoint and investor understanding who you're working with if it's truly a broker a broker slosh advisor or just an advisor there's these 3 kind of categories where . You know people just don't know you know who that is how they operate so again going back to the question of how you get compensated is a great way to understand exactly who you're dealing with right now gets to the fundamental issue of independence to Vittie. I of course am a c.p.a. So we can't charge commissions can't take. We have to charge by the hour or a stated price to do a job. Because independent objectivity is one of the hallmarks of being a c.p.a. Going back in history. Of course the traditional compensation model was commissions so you're being paid a percentage of everything you bought or sold or the assets under management correct and that's not necessarily independent or objective because I know a lot of stock brokerage firms would also offer investment products that originated from themselves which obviously isn't the entire universe of possible investment choices that the end user the customer or client whatever you want to call them would be able to have access to the conflict was really based on a transaction paid by doing a transaction so I had more transactions you did the more you got paid right but that wasn't working in anyone's best interest in the end the came in the c.f.p. Of the certified financial planner she came in and it really started to change that and the internet information started flowing a lot better people started learning more about how they were being compensated how they were paying for their services you know the consumer is more savvy than ever because it's the age of information so you can go online and Google virtually everything and you know my joke is half of what you read is accurate and correct but. But that's a joke I mean the point is that it places much more power in the hands of the consumer because they're much more knowledgeable when they can have a discussion now with a c.p.a. With a financial advisor because you can actually sort of understand the profession that that person is in and so that's a great thing. But you know obviously you want to be independent in your. In the advice you give and so that's why I think the transition away from stockbroker it is so wonderful. Because it sort of takes away any inherent I'm not saying there are conflicts of interest but there are inherent or potential conflicts of interest with that old fashion model. And so that's why I think it's been such a positive change but I want to. Do this after the break I want to talk about the education in the training that's involved in becoming certified as opposed to the education and training that was involved in for example merely being a stockbroker because and I want you guys to. Have different designations now for people who have moved into financial services into you know. P. F c there's a multitude of different designations So we have to take a break in about one minute when I come back I want to talk about the education and training involve the continuance of that education and what these designations mean because I think it's also great for consumers to work with more educated advisors as opposed to educators advisors just my humble opinion about C.P.A.'s as well in fact I'm famous for telling people who are looking at. Who they should hire ask your c.p.a. How much continuing education you are they're just doing the minimum of 40 hours every year are they doing extra because if I'm a consumer. I want somebody who's going the extra mile in terms of keeping up to date on things or maybe even teaching those courses. As opposed to barely doing the minimum to get by when we come back after the break which I think we have to take about 20 seconds I want to talk about how one becomes designated. So on and so forth and why I think that's so important Richard Museo is your business. New father Richard old father Richard new c.e.o. Even older father here and it's your business. I am alive at 70 the answer also if I'm 96 point one the answer going to answer my question to myself when we come back . 96 point one. She's. Getting. Out of the sixty's. To. Somebody you have to go through the door and you know they have meetings under the cone of silence which never work and. Age and 9999. Well there's at Remember it's the 3rd round correct there's the remake but it's no I know that much it's nowhere near as good their day but it's nowhere near as good as the original as Mel Brooks was the guy behind Get Smart in anything that Mel Brooks was behind turned out pretty well if you like comedy. You know sort of the premonition of cellphones Maxwell Smart would take off and make a phone call. But I've got to give a big thank you to my sponsors could not do this award winning show with my great roster sponsors you can find out more about them at our website business dot com but a big thank you to Plato epic c.p.s. Up in San Marcos to tax time coming on in March talk about new code section 199 a. And if you want small business or medium sized business you want to definitely not miss that show new code section 199 area can explode 20 percent of your income from income Plato epic C.P.A.'s Also if you like our base paperless income tax return preparation happy tax check out Happy Tax dot com Yes my son Evan is San Diego's franchisee great approach preparing income tax returns in a very efficient manner Happy Tax dot com. Also a couple of recent guests Joe Grushka with cost segregation initiatives helping real estate owners improve their cashflow cost segregation initiatives also Paul Heinz Paul of course is the c.e.o. Of Hearthstone Private Wealth Management all fiduciary all the time and Paul is also the catalyst behind Sr safe and sound dot org Here in San Diego helping prevent financial abuse of the elderly also elite lifestyle management Michelle St Clair great to concierge service if you need more time t.-i m.-e. The most precious 4 letter word on the planet none of us have enough of that elite lifestyle management to help you with all kinds of things from a simple to the more complex full service concierge service also Lombardy family office helping wealth advisors make heroes out of c.p.a. To the C.P.A.'s very best clients by offering a full suite of services family office I'll everything under the sun that you could possibly want all in one virtual place the family office and last but not least a lot of beach coffee company my niece Melissa Southern an onslaught of beach Coffee Company the beach walk center in beautiful waltz a lot of beach right between John Coast highway between Via del of. Lois and if you drive a lot of you loyal listeners actually skip breakfast to listen to this great show. And if you get hungry listen for about another 25 minutes and head on over this line to be tough a company and I said Last but not least but that's not true we've got Geiger law office she's Last but certainly not least Brenda Geiger and her great team of attorneys specializing in asset protection and estate planning also thank you to Courtney Holst pop acts graphics of the great job she does on our website I Business dot com And thank you to Geoffrey Bilodeau our producer here and also the funniest man in San Diego just Google it you'll see what I mean he won the award for being the funniest human being in San Diego Congratulations death all right back to the financial advisory world I was talking about continuing education maintenance of education credentials. Initials or letters behind people's names a gentleman whoever wants to go 1st to be a stockbroker what kind of education do you need what kind of licenses do you need . All the stockbroker business the Series 7 is what to buy securities Now these are registrations licenses right I think what we're talking about here asking right is more certifications sort of occasion so beyond getting a series 7 which gets you in the business what things are out there what how do you get them how much education is it how do you maintain them why are they so important here great question so a Series 7 license requires no formal education at all you can high school drop out pass a series and you can affect stock trades for people Ok Norie is a different license old together again to get there are a license there are no education requirements I personally am a c.f.p. a Certified financial planner Ok so in order to qualify for that I had to have an undergraduate degree in either finance accounting economics something similar in addition I had to complete several courses in the school of financial planning and then I had to pass the capstone and meet other requirements continue to education. Experience tied with a job things like that so the financial planners very intense in terms of the education requirement and continuing. Education if that makes sense you have to have a requirement on an annual by annual basis to just like just like you with the c.p.a. I've got 40 hours a year I'm going to have to complete so again we always will exceed those because you know things are changing all the time business changes and you have to stay on top of the stuff. I also see other designations. To which I think is chartered financial analysts there's a number of designations out there right there. Maybe a bit too much. Might be a little bit confused using for the consumer I did some reading getting ready for this show about well for example if you wanted to be. You know in life insurance specialist you might go for a different different nation and. Not think that the consumer could necessarily know even from those initials that you're a life insurance specialist but so I think it's good to have options but it's also good to be clear for the end user the consumer so we're talking about clients consumers being much more educated because of living in the information age but this is the type of consumer who wants to work with financial advisors changing I mean you know I've read about robo advising Do people really want personal contact with living individuals or is it all about like in my profession the big challenge now is because of technology tax returns for example of become a price based commodity. You know if you meet somebody at a networking event you go hey I'm Richard call you tomorrow forty's and if you make a mistake. What do you charge. It's not happening in your profession as well because of technology Yeah you know it. And just to go back you know with with certifications Obviously we always want to. Do the best that we can for clients by bettering ourselves but go back to what you mention about our Yeah people say that the acronym registered investment advisor. That's not designation Right right that's just a type of professional that you deal with which is what we are and you asked me about the series 7 and the differences between the professions and brokers advisors . You know we're here to assist clients and given the advice we're not here to sell folks equities right you know and to go as long as having your series 7 no longer be active talking for both Richard and I it's something that's our business model you know no right or wrong is just the way that we're approaching this thing and not necessarily selling folks stocks or any products or anything but I think it's brilliant because you've taken away the issue with independent stops activity you are by definition Well that's exactly right so what we're trying to do is accomplish and environment where our clients can really feel comfortable and understanding that there is no incentive for us to pick investment a over b. You know other in an environment where they truly are getting unbiased advice 100 percent of the time there is no compensation aren't to take over a and you know your show is about building wealth you know about to your audience of you know maybe what's important to them as I'm listening to this is you know understanding again how they're professionals being compensated but maybe we can also talk about the investments in cells right in the world as you mention with the robot advisors and how much of a bigger influence you know those types of avenues for some people are. In day business is about relationships and people and. It's important to be technology. It's technology but again you know our business the type of clients that we cater to small business owners high net worth folks they value a relationship and they value conversations they value us calling them. You know robot advisors are a big big way to grow wealth for people out there but again no right or wrong just different way of understanding your situation and we're here to sit down with folks to you know maybe make make light of that to understand you know what's of value to them whether p.r. Avenue or not you know I had a great guest on a couple of weeks ago named Joe Bash and his job is putting professionals together so they can have better relationships. Are so very you know very old fashioned in the sense that it's all about putting people together face to face but I know that the challenges for clients are really interesting because people are living such a long time you know backward so security started I think average life expectancy was about 62 years of the government was betting on people not collecting for. And . That's not the case now and then of course the cost of medical care tends to increase as one gets older so if you happen to live to be 100 he desisted living or long term care not necessarily covered by insurance. So it's a different it's a lot different than when I started in my profession 40 years ago because longevity and cost increases how you do financial planning for people is way way different than what you would have done 40 or 50 years ago just because 4050 years ago you didn't have. You know you make a great point Richard because back in the day the stock brokers It was just trying to make money on a trader transaction money management is simply one aspect of this entire picture there's a state playing there's tax planning there is retirement income planning there's so many things involved disability planning disability playing Exactly and that's why you do need a good quarterback a good way to work with to help coordinate all those things yeah yeah it's a lot a lot of different component pieces lot of different moving pieces. And I mean what you know that's I think why relationships are supported I've got to go to break in about 30 seconds because no one person can do all of that expertly they have to know the experts you can do all of these pieces and you use the term quarterback you want to be able to bring those resources in so that your clients are getting the best services from everybody who is a complementary service provider that's my humble opinion about. Where to value lies if your financial professional Do you know these other relationships can you bring them into that your client is getting the best of all worlds We'll talk about that after the break though Richard Museo it's your business Jacob. Future brother in law or Richard Matt say hey I'm alive in 70 f. I'm 96 point one No we're not selling tickets to the wedding so the public can go sorry. We should it would differ a sum of the costs. And say that Everybody sit tight I just have a great idea and I'll be right back. Amazon and Barnes and Noble. And 96 point one. To. 10 of it so. It's Richard this you know it's your business trip back to Charles Richard. You know my mom was Brian Wilson psychiatric nurse back in the 1970 s. Oh the stories we could tell. But I think I still think that sound is the greatest album ever written 8 out of the u.s. So a little piece of worthless trivia the album cover of is taken right here at the San Diego Zoo. Take a look at it. They came down here and shot it at the Zoo Do you know the story. Did you know. Park should be circa 1906 or so when he decided to leave the infamous doctor and he decided to walk from his home and to Mexico. To Mexico and wound up. Under the Laurel Street Bridge. And then they checked him into the psychiatric unit hospital which is on the way you know when you're going out of Mission Valley heading east My mom was psychiatric nurse there and that's how she got that gig. Being Brian Wilson psychiatric nurse. He was actually found homeless in San Diego. Very interesting story but I think he's one of the all time greats not just out of the USA. Richard I got you before you get to important stuff to do you know the story about the Wrecking Crew Have you heard about the Wrecking Crew I have it was a house band that played behind all the great musicians so all that music you hear on Pet Sounds none of it was played by Carl Wilson and Dennis Wilson. It was all played by the Wrecking Crew and they also backed up Sonny and Cher Frank Sinatra back to late Glen Campbell was you know came out of the Wrecking Crew Leon Russell came out of the Wrecking Crew I had the son of one of the leaders Danny to ask on my show because he had a documentary out a couple years ago I think it's on Netflix now I just get it you really enjoy it the Wrecking Crew Carol Kaye was the bass player is here Ok exactly Carol Kaye was the bass player but what an interesting lady she was what a pioneer for women in music so what the things you learn in the show. I'm just taking notes here but watch the documentary the record but yeah that's that amazing background of serves up that's all the Wrecking Crew. Get the credit but it's Brian Wilson and the Wrecking Crew I don't mean to pop anybody's bubble here but it's true all right but back to business day Can we were talking about robo advising stocks you know index funds things people are buying are different than they used to be how things changed for the consumer Yeah you know great it's one of those things where you know folks listening. Maybe as a reminder just in perspective. You know something happened really interesting in 2016 and the world. Stock trading to mutual fund trading to index funds you know that's kind of the buzzword right index funds index funds to buy the index and wait it out because over time you'll do fine boy not right you know Warren Buffett made that bet right with these hedge fund managers right in the index and all of us is a great company the economy is strong over long periods of time and when you add in you know Vanguard Jack Bogle and his pioneering with making the mutual fund e.t.f. Industry compressing fees ever and ever to almost almost nothing it's really changed the landscape and you know I think as an investor then people always have the question of you know what should I invest in right what stocks should I pick example get buy whatever it is right now we're in a world where as of 2016 something really happened that changed the dynamic of the landscape of investing where now there is more index funds out there than stocks. Actually 8 to one ratio Oh it's not much it's I would have to guess that high it's quite amazing actually there's around 43 or so 1000 domestic equities here and there's a global registered in the the public exchanges there's over 3000000 and that's funds. Over there are 3000000 well to take the mindset of investor right and put themselves ourselves in their shoes and then having the question of you know what should I invest in well now they're asking themselves what should I invest what index fund. In a much bigger pool of investments to look at. So it's something that you know we've obviously have taken note it's something that. We really have made it a point to. Provide again and a platform from clients to command where if they want to invest in index funds and rightfully so with with the fees we want to be and we are actually in that spot that's really war we provide great value to our clients we love index funds too but the reality is with options people have nowadays more than stocks it takes you know some some effort some time some energy to really understand what in the seas are right and what particular times and. Just looking at were the trend line is going to another I guess a little trivia here for your stat. Passive and vasty. Is really picking up steam but I was seeing a lot of single country Japan Japan's investment investing in passive funds nationally is 73 percent wow you think about for every 10 people 7 people are investing in pacifies compared to our country we're currently have 40 percent or so Ok. So we definitely want to partner up with their client's. Perspective clients to make sure that they understand that if this is the trendline you have some professionals here to help you decide for through everything as again I think the big takeaway is you know now not only do you have to worry about what stocks but a much bigger pool of index funds to choose from so again we want to make it a point we're we're the experts and in choosing these annex funds. You know I will took those numbers blow me away I mean I knew the number was bigger but not 8 x. Amazing Yeah yeah and it's only grow Yeah I was going to say and it's trending even further up. So it was as well to visors financial planners to people asking about other asset classes like hey you know my next door neighbor made a fortune in real estate should I go buy some rental properties you get those kinds of questions. You always get those kind of questions it's interesting because probably the most important thing anybody can do is make sure they have a proper risk profile for their personality and don't get too caught up in chain chasing whatever the trends are whatever your neighbors doing or whatever the guy on t.v. Stellan you should by this time because if you keep chasing these things you're probably late to the game in race right and if you were to look at Callan charts to see what the top asset classes were over the last 20 years most people would have no idea that maybe a big cap value would have been one of the most performing sectors classes so a lot of people are even aware that those are things that we could help them guide them along yeah you asked about real estate all the time just to follow up on my own comment because the family office that I work with were 100 percent the Joker's 110 percent real estate. But people who go into real estate who haven't been in it don't realize that it's not a passive investment. I mean I guess you could buy a wreath and say you got that exposure right but but you know directly on real estate is not a passive investment because you have crazy tenants toilet break all kinds of strange things happen it is not a passive investment it's a real business the phone rings at midnight exactly things happened so the neat thing about the the independent space the r I a is being in the pen and we are incentive is to find the best investments for a client so whether it be in their sponsored it could be reached we talked about what you talked about or whatever else is out there we have the freedom to go out and really do the research put in the time analyze different investments outside of index funds. To see if it's the right thing for clients you know regardless of what stage in life there and so whether it be reads or again another asset class outside of ordinary. That's a really unique you know space that we're in the sure. Allows us the opportunity to do that. Jack a question for you because you're younger than most wealth advisors that I know and I'm for example older than most. Younger than most even though I'm getting up there in years I'm still young my profession has become very gray and I've read similar demographics or the wealth advisory world that it tends to be an older fashion not younger you are younger people coming back in or into wealth advisory because I know it's been a real challenge for the c.p.a. Profession to get young people interested what about your profession Yeah it's a great question you know I think the turnover in this industry in this profession I should say is just so high. It's a great question because to pinpoint whether it's. People with themselves professionals understanding you know the other avenues whether they're acting as a broker or as an advisor they're acting as both. It's tough you know a lot of these corporations make it. Difficult to be successful long term. So it's a great question so I have it contradicts or for you I don't but I would say that I think there's a lot of really talented folks that. That I know personally that do a great job in this space to be our i space and you know the truth is the baby boomer population is still growing it's still aging and you know there has to be some demographic whether it be people my age to take care of them so I would hope I would hope that more people come like myself in the industry yeah I was always critical of the stock brokerage industry for the same reason I was always critical of my own profession c.p.a. The way they would hire new people in the profession in c.p.a. World it was hire a bunch of young people out of college and just absolutely work them to death through tax season and beyond and hope that one out of every 5 sticks in is the same in stock brokerage hire 10 people and hope one has some really good sales skills and makes it in the other one can just go disappear that's not that's not a really healthy business model long term well for the corporations you can argue that it is right but you know what I'm saying for human beings is absolutely a consumer. Who is suffering as is the yen investor the. Client So I hold you know this movement in this space continues to go as it truly does provide again an environment or unbiased advice is really almost guaranteed so we got about 20 seconds phone numbers websites how do people find you guys so you can find. Zenith I am dot com or you can reach a. Contact number 858-716-7500. 0 really appreciate it. Thank you Richard Matty really appreciate it I'll be seeing you again yeah I think you've got sort of a busy year with some details we have. And it's like wow I feel like I different sort of forgotten how much work it was to get married a lot of work a lot of work anyway. Really appreciate everybody tune in Richard Micio it's your business here on the answer and 1170 f. To 96 point one We're going out with some Steely Dan pretzel logic was out for fetish everybody have a great week out there in San Diego and man I'm a shadow I can't wait for opening day take care. I'm the happiest. And. It's your business sponsored by Richard Museo there's a lot going on right now and broadcasters are on the ground covering all of it bringing you the weather the traffic and breaking news all while entertaining you 24 hours a day someone needs to tell you what's going on around the world and in our hometowns and that someone is us we are free radio we are always there we are broadcasters visit we are broadcasters the time for text radio to 5 to 86 to learn more furnished by anybody in the station there's nothing worse than choosing the wrong real estate agent and losing precious equity in cash Hi Larry Elder here if you're planning to sell your home during the next 12 months you've got a call San Diego's real estate authority John Reeves with weak point real estate the current market is the slowest it's been in 8 years so now more than ever you need to work with an agent who has a proven track record team and systems that can weather a slow market and agent who actually guarantees your success every time in writing for a long time I've been telling you how John Reeves will guarantee the sale of your home or he will buy it guaranteed in writing and how John has an exclusive database of over 5000 pre-approved buyers looking to buy right now as the market continues to shift John is killing it selling 65 homes in the last 60 days while most agents continue to struggle so don't just call any agent when you could have the best working hard for you call San Diego real estate authority John Reeves now 858800 home and star. Package that's 858800 h. O. M. Jr has the buyers dot com That's Jr has the buyers dot com imagine doing one thing that gives you an entirely different. To do with the words if it's my Gallagher inviting you to join me for December 2nd through the 11th 2019 today at the end. 96 point. 911 somebody. This Hour. Is warning Democrats about the very real dangers that can arise from stereotypes using a story ripped from the recent headlines where the House rejected a resolution that specifically condemned anti-Semitism Majority Leader Mitch McConnell told a story that began in France back in 2006 a Jewish man was kidnapped for ransom because crumbled a phone has. Had to be read when the plot failed of the man was killed mourners planted a tree at his owner earlier this month that Curry was. Chopped out just one example of a rise of anti-Semitism in Europe in recent years although. Heels of a massive influx of Muslim refugees new Capitol Hill Ethiopian state broadcasters say all passengers aboard an Ethiopian Airlines plane that crashed this morning outside are dead that's 57 people passengers and crew combined for more than 30 different nations at least 8 were u.s. Citizens the cause of the crash not mil if you're a planning on traveling to parts of Europe in 2021 you're going to me of a new kind of vsa u.s. Travelers planning on visiting Bowl Garia Croatia Poland Romania or Cyprus will be required to get the new document through the European travel information and authorization system u.s. Had been in disagreement with the European Parliament and European Commission over a visa requirements it has for citizens from the so-called Shandon area he used these a free travel zone he called for the us to reciprocate visa free status to the 5 countries same as it does for other e.u. Nations Randa Russia reporting when is any election not every lection when you hold it in North Korea voters including Leader Kim Jong Un are at the polls today approving a new lineup of roughly 700 members for the national legislature it's all a sham no voters only get to vote for one candidate and in typical North Korean fashion turnout is compulsory more on the stories of townhall dot com You could send a child in your life to a public school why then you could send them to one of San Diego's finest private schools for half the normal price was the answer so.