The Money Script

Between Two Advisors - A Conversation with Caleb Brown

• Season 5 • Episode 22

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In this episode, Caleb Brown, CEO of New Planner Recruiting and CFP, shares his insights on financial services, compensation models for financial professionals, and the role of AI in financial planning. He also offers advice for those looking to enter the industry, highlighting essential skills and starting points.  Caleb reflects on his earliest money memory and recommends his book, “Finding Your Path: The Roadmap from Student to Successful Financial Planner,” as a guide for aspiring financial professionals.

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Caleb Brown 0:00

I mean, this is an amazing reminder to me that there's no rhyme, there's no training. I mean, it doesn't matter. Just start investing. The best time to start was a long time ago, but if you haven't done that, start now. Start putting money in every month systematically and just don't look at it. And don't worry about what the people on the cable shows say and the radio say, because look at these returns.

Seth Harrison 0:33

You are tuned in to the Money Script Podcast. Today we will share strategies to help you grow your financial literacy and improve your Money Script. I'll be back with some important announcements. Until then, enjoy the show.

Yohance Harrison 0:52

Welcome to the Money Script Podcast. It's your host, Johans Harrison. So happy to be with each and every one of you today. Today I am joined by Caleb Brown. Caleb is a also in the financial planning field. I think his role has, has changed a bit over the years. We'll get into that a bit. And he is joining us from the great state of Georgia. Welcome to the Money Script Podcast. Caleb, how are you?

Caleb Brown 1:15

Hey, great to be here. Thanks.

Yohance Harrison 1:17

Indeed, indeed. So if this is your first time listening to the Money Script podcast, as your host, my role here is to help you increase your financial literacy. We talk to a broad, broad audience, at least for this season. Next season we're going to do something a little bit different. I think I talked about that a little bit on the last episode, but I'll mention again at the end of today's episode. But, but again, our role here is to help you get more alignment between your values, your goals and your financial behaviors. What do you need to do different? What do you need to learn? We are here just to give you a little bit of a dose of some financial literacy so that you can continue on your journey and be able to reach your financial goals. So I like to bring different guests to the show so we can talk finance. And this season I've been talking to all of my peers. So there's been a lot of what we like to call between two advisors. So you get to hear us as advisors talk a little shop. And again, just really just to help you to get some of those nuggets, those little pieces of financial literacy so that you can grow. So with that, Caleb, again, welcome to the Money Script podcast. We, we today for our, we do have a current event today that we want to talk about because a lot of you are listening to shows on time. How do I know that? Because I get the email or the text that says, hey, is there a show dropping Friday. So yes, there's a show dropping. Well, today's Friday. A show dropped today. And this show will also drop on a Friday coming soon to you. And it will drop soon enough to still be relevant. Actually, what we're going to talk about is always relevant. Why? Because things are always changing, especially the things that we don't have much control over. So what we want to discuss, which is really pertinent to us because as we sit Today, we have 30 days, is that right? 30 days until our presidential election. Well, not just presidential election. There's a bunch of senators and House of Representatives and comptrollers and sheriffs and judges. It's election season, it's coming up and a lot of the pundits, both sides, like to talk about who, which presidency does the best for the markets. You've probably heard that Democrats are bad for the market. You've probably heard that Republicans are bad for the market. It depends on which bubble you're in. Because they'll both point fingers and say it's each other. The truth is it's a toss up. It really is. So. So let's get into it. So. So Caleb and I, we went and found this chart. Thanks to our friends over Investopedia, they built this little chart for us here that shows how the S P500 price changes by presidential term. Now first let's set, let's make sure we understand the terms that we're looking at here. So The S P 500 represents the 500 publicly traded stocks that are large company stocks and most of them are large. A few mids in there or, or middle large and also just mega. Just really, really big companies. Now this is an index. It is also a club. So you can get kicked out of the club. We don't know who picked. Caleb, have you found out who picks the 500 index?

Caleb Brown 2:40

Because.

Caleb Brown 4:14

I think there's a, there's a committee at Stanley.

Yohance Harrison 4:16

There's a committee. But, but does anyone know. Do you know anyone on that committee? Does anyone know anyone on the committee?

Caleb Brown 4:19

I sure do not.

Caleb Brown 4:22

So they're locked away somewhere.

Yohance Harrison 4:24

They're locked away somewhere. It's not like. It's not like Powell that comes out and tells us about the Federal Reserve. No, this is. These are like. I'm just gonna say they're, they're. They're little trolls living in a tree and they also make. No, those aren't trolls. Elves. They're elves that live in the tree and they also make yummy cookies and they pick the S P500. That's a sound bite. So. So the S P500. So this is dating all the way back to Eisenhower. Now the red and the blue are just Democrat versus Republican. So don't think of that as negative versus positive. There's. You'll see some of the negatives over there. So over what jumps out to you, Caleb?

Caleb Brown 5:00

This is amazing chart. Yeah, and I'm glad you brought this up because I was getting nervous there for a minute because I thought you were going to say, Caleb, who do you think is going to win the election? And can you go into it? I'm like, no, no. So I just, I mean, this is an amazing, amazing reminder to me that it. There's no rhyme, there's no train. I mean, it doesn't matter. Just start investing. The best time to start was a long time ago. But if you can't haven't done that, start now. Start putting money in every month systematically. And just don't look at it and don't worry about what the people on the cable shows say and the radio say because look at these returns. I mean, this is, this is a, these are, this is amazing. Like I, for me, when I invest personally, I, I never look at my accounts. And this is, this is one of the reasons why. So trying to take the fear and the greedy just completely off the table and anxiety or whatever else, you know, maybe some other feelings people might have, but other than maybe a couple sort of, you know, the Nixon and sort of the Bush stuff. I mean, look at the, look at the rates of return. It's amazing.

Yohance Harrison 6:07

Yeah, they're amazing. This is good. This is a, this seems like a pretty good investment to me. Doesn't matter. The President at the end of the day, doesn't matter blue or red. And for those of us that are, that are listening and you can't see this, I will put a link to this in the show notes so that you can check it out or come check it out on YouTube. Hey, look at that visual effects. But just to describe it to our listeners, out since Eisenhower, there have only been three presidential terms where there were negative returns for their entire term. Okay. If you went from the beginning of their term to the end, one of them is an asterisk beside. Because it's Nixon and Ford, because, you know, Nixon, he had to, had to. Something else he needed to do. So he wasn't able to finish out. And Ford picked up. But then Ford didn't continue because Carter came in. But the Nixon, Ford and the Bush Jr. 1 and 2 are the only Terms since Eisenhower that were negative for the entire term. Nixon, Ford was negative 13. Bush Jr. First term, negative 12 and a half. Bush Jr. Second term, negative 31 and a half. Everything else is positive. Not only is it positive, everything else is double digits. Yeah, Eisenhower 78.7 for his term, his second term, 34. So Eisenhower can walk away saying, hey, I gave you all over 100, you know, I mean that's, that's, and Republican. But then we can look at Clinton. Clinton was 79.2 and 72.9. He can walk away and say gave you 150%. So at the end of the day, it does not matter. And for those of you thinking about the election coming up, Trump's was positive. It was the downturn right there at the end because we went into Covid and all that good stuff. But Trump's was positive. Obama before him was positive. And Biden through July 3, 2024 is positive. So to Caleb's point, the real message here is get started early, get started now. Make sure you have a process where you're putting money in systematically. And like Warren Buffett said, if you don't have a better plan and you're a long term investor, the S P500 is a great choice. Okay. If you don't have a better plan and you don't understand what you're doing, your long term S P500 is not a bad choice.

Caleb Brown 8:34

And I think it's worth mentioning that the, but I mean, so the, the Carter Ford, the high inflation, right. There was a big inflationary period and then the Bush, we had 2001 terrorist attack, then we had the 2008, you know, bank meltdown. So those are pretty catastrophic.

Yohance Harrison 8:52

Oh, wait, no, you, you forgot. You left one small thing out. We also had 2000, you had.com. So yeah.com 0102. Yeah. Bush got Delta a tough hand when it comes, when it came to the markets in the economy. He did, he did, he did. So, but, and then here came the rebound. So that's right. Here's the thing. Guess what? Whomever is president for the next four years is going to have a legacy of things to deal with. A legacy. These things, a lot of things in our economy, they, the one way to describe it is there's two different ways I've heard describing it. One is a battleship takes a long time to turn around, okay? Especially when it's moving at full speed. It's got a slow, it's got a turn. It can't, as they say, turn on A dime. Another one is a train. A train takes once it's going full speed, it takes a while for it to stop. Our economy is the same way. A lot of these things are. We are feeling the results of the decisions that were made years ago. Our inflation is a result of the decisions that were made years ago. Okay? These things don't happen overnight. However, the people on television will try to make you think that they do, and that's because they need something to talk about so that you will tune in. If they tell you everything's okay and there's no need to worry, you will stop watching, and the advertisers will get mad, and they won't advertise on the platform anymore. And then Twitter will be worse, worth a lot less than what it used to be. So I did that. You see that?

Caleb Brown 8:58

Yeah.

Caleb Brown 10:27

So anyhow, they should turn all that off and just talk to their financial planner.

Yohance Harrison 10:30

Just turn it off. Just turn it off. Indeed. Turn it off. Because guess what? They don't know you. And they're talking about the economy. They're not talking about your economy. They're talking about the general. We're talking macroeconomics. They're not talking about your personal home economics. Speaking of economics, Caleb and I were chatting before the show. Seems like we're around the same age, went to high school at the same time. So, Caleb, out of curiosity, did you have to take home economics in high school and middle school?

Caleb Brown 10:58

I did not have to take home EC in high school, no.

Yohance Harrison 11:02

Yeah. So in North Carolina, we still had to do home EC in high school. So I had. I had a class. This is in. I want to say it was ninth grade. It might have been middle school. I've been eighth grade. But in that class, we learned how to cook.

Yohance Harrison 11:17

So we made. We made cupcakes. We made spaghetti. Like, who doesn't know how to make spaghetti? But we made spaghetti. We made something else. The cupcakes. I remember vividly because we made the icing from scratch. And that was my first time seeing. You know when you whip an egg and it gets all fluffy and like, whoa. It's like. This is. Because you ate them all that, too. No, I did. I did eat a lot of cupcakes. I did. I actually. I probably didn't eat any cupcakes. I was just eating icing. If I remember correctly. We. We had to. We learned to sew a button onto, like, a shirt.

Caleb Brown 11:35

Oh, I thought you were gonna say.

Yohance Harrison 11:53

It was a bunch of random, just home economic. It was the home things that we had to learn. We only spent one class on balancing a checkbook. Yeah, it was one class and we never talked about it again. And I'm pretty sure the teacher was pretty uncomfortable teaching how to balance a checkbook because I, I think that. I don't think it was something that. That she did as often as she wanted to. Yeah, so. So. But hey, financial literacy for you. So, Caleb, tell us a little bit about what you do in the financial services industry.

Caleb Brown 12:30

Yeah, I really have three primary roles. The first one is CEO of New Planner Recruiting. So we're a outsourced recruiting firm specifically for registered investment and independent advisors that want help hiring. Really just a couple types of positions. Paraplanner, associate planner, lead planner positions. So we do that for firms all across the country, usually in the larger metro centers or. Or virtually. So that's where I spend most of my time. My second role is I. I do have a cfp Certified Financial planner, and I still have a book of clients on an ria.

Yohance Harrison 13:06

Okay. I wasn't sure you were still.

Caleb Brown 13:09

Yeah, I have a team that helps me, so I can. I'm flexible to sort of move around. But, you know, I've kind of got several gigs going on. And then my third gig is the. I teach the practice management class and the University of Georgia's financial planning program. So I really come at it from three different angles. Academic, practitioner, and then recruiter. So I have sort of a different viewpoint than most of the people.

Yohance Harrison 13:36

I. I like that. Third. I want that job. How do I get that one?

Caleb Brown 13:40

Yeah, it was really cool. I mean, I just. It's. It's. You're. A long time ago, one of my coaches and just sort of mentors said your, Your net worth is your network. And I just. Somebody in my network that I went to Texas, I didn't go to school with them, but they knew me from. From Texas Tech, where I went to college and I just moved to Athens. They had a firm. They reached out and said, hey, you know, we're really looking for someone to teach us practice management course. And we think you'd be perfect because in your recruiting business, you're talking to 300 advisory firms a year and you're recruiting for a smaller percentage of that. And you're getting intimate viewpoints inside of these firms on what's doing, what they're doing, what's working, what's not working. We'd love for you to share that to the class versus what we're doing now is we're just. We have a grad student teaching it, we're just assigning a book and there's some readings and it's just kind of a boring class that no one's getting anything out of.

Yohance Harrison 14:33

So boring.

Caleb Brown 14:35

Now the student. Exactly. Now the students, they come in Tuesday, Thursday, 8:00. So they're not happy about the time, but they are happy about the content because it's pulling all their education together and it's, how do you make money as a financial planner running a financial planning business? And that's something they're very interested in.

Yohance Harrison 14:55

Yes. Yeah. So I want to talk about that a little bit because I believe in transparency and I think that it's important that the consumer base understands how financial plan, or let's not even say financial planners, how financial professionals are paid. Because there's a lot of people that like to use the term financial planner or financial advisor or just advisor, and it's not as synonymous as one would think with someone who is a fiduciary or who may be a CFP or fee only. So, Caleb, can you, can you talk to the public a little bit about how financial professionals are paid?

Caleb Brown 15:36

There's a spectrum, right? So let's just start on kind of the far left. And that's where the, the financial, the financial planning professional services profession got started. That's a commission salesperson, essentially. So they, they sell a product, mutual fund annuity, whole life insurance policy, and a third party, that company pays them a commission. Okay. And, and, and that by itself, there's not necessarily anything wrong with it.

Yohance Harrison 16:03

The problem is the only way to do business. I got into business. That was it. Like financial planning fees were still in their infancy. It was A shares, B shares, annuities and life insurance. That was, that's how we got paid.

Caleb Brown 16:05

It was the only way to do business.

Caleb Brown 16:16

So the Smiths, you know, the Smiths go to someone, the Smiths want advice, but. And they get advice. But. So for the adviser, the planner to get paid, there has to be a product sale. And as the, as the biz I've seen just in my 20 years, as the business has transitioned more to people wanting advice, more advice, less product sales, less products. Now it's, hey, we're gonna pay a fee just like you would to an accountant or an attorney to give objective advice. And there's no product sale associated with it because there can be a conflict of interest there. And that's the problem with, with the what at least that I have with the commission side. So, so the, the far left is commissions. The middle is what people refer to themselves as fee based. And that means that that professional is taking some commissions and some fees. Okay, so it's a little, little more confusing. And then if you keep moving to the right, on the far right side, it's what you would say, fee only. Which means again just like, like, like my firm, the only way we get paid is with, by the client writing a check or us deducting money out of their account. So hyper transparency. They know exactly how much they're paying, exactly what they're getting, we're getting paid for where some of the other methods, the other two that I just laid out, a lot of it is ambiguous and not really sure who's paying what and where the money's coming from. And hey, did I really need that or is that because that person gets to go on a cruise if they sell this many things? And so it just, it's very confusing out there if you're a consumer. And, and I hate this. Some of that is intentional. There are some people in this profession that have tried to confuse the public and it's frankly it's worked. You know, people think they're going to a fiduciary or fee only person, but they're not. And, and I know this because they come to me and say, well this advisor we're working like we didn't have to pay anything, there was no cost, they were really generous. Like hold on, let me look at your statement. This is what you paid. You just didn't realize it. So it's really just kind of a mess. But we're, we're moving and I'm, I'm loving the transition and what I see, we continue to move to the right of that spectrum or more hyper transparency, visibility, fiduciary, just the consultative collaborative approach versus I've got no agenda, I've got no products or anything to sell you. The only thing I have to sell you is here's what I think you should do and you've already paid me for it. So I've got no hidden agendas.

Yohance Harrison 18:51

Amen. Amen. Now as I, as I admitted, I started on one end of that spectrum, was introduced to financial planning and when I started my own firm, I became one of those fee based advisors because one of the things I still held on to was my insurance license. Why I work with a lot of brand new physicians and they typically need some disability insurance to cover their income, especially if they're sold, if they're sole proprietor and they're not, they're not associated with a Kaiser or Big Hospital or something like that. So insurance. So I still get some commissions if a client decides to implement an insurance policy through me. But also tell them you can go shop if you want. Actually here I'm going to bring you all. I have access to all of them basically except Northwestern Mutual. Well, I could but they, I don't feel like. No, they opened it up so you can, we can actually. But they have minimums they want you to hit. I'm not. I can find my client a suitable product from Guardian, from Emeritas, from Massmutual, from the Standard. That's what, that's what I do. I bring them all of them. Like here you have a gap of the insurance, here's your choices. I, at the end of the day I really don't care which one you choose. I just hope you close the gap. So for, for my business personally, insurance is maybe 15 of my total revenues but the rest of it is financial planning fees or investment management fees only on when it comes to, to products like

Yohance Harrison 20:25

funds closed in funds and, and private investments etc. They knock on my door all the time and I say look, this is a commissionable product. It's not for me. It's not. If it's something that I can, you know, if the client is asking for and I can put it as a part of their flat fee. Sure. But no, I don't need. Let me, let me buy. Actually what happens is they allow my clients to buy the product at what they call nav, the net asset value. So it's not marked up to cover the commission which can be helpful in some cases because those commissions can be like 10%. Yeah, because it's not just me, it's me and, and the wholesaler and the, the.

Caleb Brown 21:06

It's a lot of hands in the cookie jar.

Yohance Harrison 21:07

A lot of hands in that cookie jar. I get pretty excited when I say like oh, we get it for that price, so that's cool. Okay. So. So yeah, so no, no, thank you, thank you for sharing that. Can you speak to Caleb just a little bit about the.

Yohance Harrison 21:22

You mentioned how we're going more upstream towards this, more consultative, this financial planning. What has been some of your views and conversations that you've been having with your network about AI's role in the consultative financial planner role? Because I've been testing GPT myself. It's not bad. I love that it says talk to a planner at the end but yeah, it can give some pretty good answers.

Caleb Brown 21:51

Oh you mean in terms of a consumer putting in a question to get advice?

Yohance Harrison 21:54

Exactly, exactly.

Caleb Brown 21:56

I, I don't think practitioners are worried about that really at all. At least the ones I talk to, I mean they are such subject matter experts. The client experience is just so superior and at the end of the day these decisions, decisions that these professionals walk their clients through, at least the ones I deal with are so emotional and the stakes are really high. And hey, I mean, I mean just thinking, going back like Terminator, like you know, the T1000, like that, that's still not going to be able to cut it, right? Because I mean just think like buying a house, that's a, that's a very emotional decision, a big decision where to send the kids for college or we're getting a divorce. How do we divide these? I mean this is big stuff that people want a human to work through. But like hey, explain in our Roth RIA IRA or Roth conversion or what's the limit? I mean, absolutely, I mean I, I use AI. I mean it's a very, it's a great tool time saver on creating content, reviewing things, summing up things, you know, getting stuff started on marketing or an outline. So I think a lot of the financial professionals that I deal with are using it to help them service more clients and go deeper with their clients. So I, I'm just not. It's almost like the Robo advisors that came out like, you know, what was that?

Yohance Harrison 23:19

They're like all shutting down. Yeah, they're all shutting down. They're all of them. So, so Schwab just ended their, their institutional intelligent portfolio, what was the one that got bought by Goldman Sachs. But then they admitted that they overpaid for it and so now it's a shot, not all of them, but a lot of them are now disappearing and it's, it's pretty shocking to me and telling because I remember having the conversations with I, because I was in your similar position as yours in my former firm. I was, I was in recruiting. So I was recruiting advisors and this is something that would come up sometimes with advisors when it came to, when I would meet someone that was at a firm that was all commissions and I would say hey, come to my firm where it's mainly fee based with some commissions and they couldn't fathom the idea of not charging their client four or five hundred dollars to go buy a share of Google or something. It's like no, there's a different world. And the conversation, this was at the empathy of Robo advisor and they were trying to tell me that oh, you're not going to be able to do that fee based stuff because the robots are going to do it all. I'm like, no. I mean, a lot of firms will learn how to use the robots to save time, but there's still that human connection needs to be there that the client can't ask the robot. What's the s and P500? The client can't ask the robot about the philosophies around investing when it comes to a presidential election. If you tell the robot, hey, I want to, I want to hold off on my investing until after the election, the robot says, okay, yeah, but if you tell me you want to hold off investing after election, I'm gonna show you that slide and say, well, what difference is it going to make? Is that really how, how does that connect with your goal of having financial independence by the time you're 55? How does that connect with your goal of, as you were saying earlier, you know, buying the house, the car, whatever it may be, because it probably doesn't. You're allowing your emotions and what's going on and what they're saying on the radio, well, radio, now I'm dating myself again. What they're saying on, oh, I guess Sirius XM radio. There we go. But what they're saying on the radio, what they're saying on the television, what they're saying on the podcast, on the YouTube, on the, all the different forms of social media. And trust me, if you are someone that on your social media you have watched a video a little too long about the market's gonna go to nothing, or you happen to like something that someone said that was negative on the market, you were going to get shown more and more stuff that rhymes with that. Because that's how the algorithm and the advertisers, that's how it works. Believe me, I know I've accidentally said, oops, I didn't mean to stay on that for too long. Oh, gosh, now I'm gonna see that for the next 20 minutes. I gotta close it. I was like, no, I need to reset this algorithm. So, Caleb, every now and then I come across individuals sometimes in the medical profession that have decided that they're, they want to start to learn something else. They want to maybe potentially become a financial advisor. I also meet, I went and gave a, a talk at the HBCU Historical Black College University Symposium that they had a few months ago. And I met like 3,000 people there. And one of the big questions was they were asking, how do I become a financial advisor? What does that look like? So can you speak a little bit to the industry on people that want to get into the industry. What skills are people looking for? What do they need to do and maybe what are some places they should start?

Caleb Brown 27:02

First of all, that we want you, we want you in the profession. Okay. And I have a little bit different seat because every day for the last 15 years I talk to people in all parts of the country in all different fields and, and some like professional sports, fighter pilots, NASA people, fb. I mean like all these things that we think are like really, really cool. They're trying to get in financial planning because you know, maybe they're working at a high tech firm in Silicon Valley and they're getting paid beauku money, but it's not rewarding, not fulfilling. You know, maybe doctors who don't want to do it or they get carpal tunnel, they can't. Whatever it is, this is a great profession for you because one, you can earn a very good living. If that's one of your goals, you can do that. It's very flexible, it's intellectually stimulating and challenging and it just, you can have a great life and at the end of the day you can help people and it's just super rewarding and very fulfilling and you can help lots of people too. So I would tell you to try to, look, you're going to need to get some education. Okay. So there's a, there's about 200 institutions at universities, schools out there that offer about 350 different certified CFP programs. So you. I'm a believer in trying to become a certified financial planner. I think that's a, where you want to start and going through the coursework. So it's going back. You're probably going to spend, you know, 12 to 15 months going through the coursework and then you take an exam, then you have to get some experience. But that will give you some exposure to the coursework. And it's, it's investment planning, it's insurance planning, it's estate planning, retirement. Guess what? Even if you don't, even if you don't say, hey, I don't want to be that practitioner, you need to know this stuff for your own situation anyways. So it's a win, win situation for you. And I mean look, we, my clients are looking for people that have shown really, it's intangibles. Okay? So it's not GPA or sales success or career title passion for the financial planning profession. And what I mean by that is I, I'm, I'm doing financial Planning like I, I was a doctor for 12 years. Hated it. I'm, I'm not going to be stopped. You can tell me no all day long, Caleb. I'm just going to move on down the line and find somebody else. It says going to say yes. Commitment to their career. Look, I'm 37 years old. I don't. I'm going to go back to school. I'm going to go get my SIE or my Series 65, my CFP or whatever it is you're committed to that learning in your career. Sense of urgency. Hey, I know I'm in a service business now. If I don't get back to the Smiths, even though it can probably wait until tomorrow, we may lose a really big client and I'm not going to let that happen. So I'm going to get back to them immediately. And then sense of urgency's cousin initiative. Hey, I know I'm new on the job. I'm sort of waiting for someone to tell me what to do. I'm not going to do that. I'm going to go to them and say, I know I'm new. We've got four meetings I saw on the calendar tomorrow. You guys are scrambling around. What can I do to help? Let me just dive in and if it's just stapling papers, I'm happy to do that. Okay, those are the four. If, if someone has those four intangibles, because you can control those. I didn't say anything about GPA or where you went to college or anything like that. Those intangibles, that's what my clients are looking for. Okay. And then they can mold you as long as you're going through the education. My sense is if you can graduate, you know, college, you can get to the CFP program and you can pass the exam. Right. It's not rocket science. Now, sometimes the higher net worth clients, it does get complicated and complex and I mean it's. So there are some things you have to figure out, but it's not rocket science. You can figure this out with a good mentor and some practice. And I, I would tell you, you know, there's a lot. Look at professional associations, try to find a mentor, reach out to your alumni. You can do searches on LinkedIn to try to find financial planners in your area just to network with.

Yohance Harrison 30:26

For.

Yohance Harrison 31:03

And reach out to Kayla Brown because he has a massive network.

Caleb Brown 31:09

New planner recruiting firms.

Yohance Harrison 31:11

Yeah, there you go.

Caleb Brown 31:13

I wrote a book last year just for these people called finding your path, the road map from student to Successful financial planner. So it's, you know, we have a little niche carved out in this. But I love working with career changers. I love working with new planners, but I also love working with experienced people, too, who are in a bad fit, like we talked about earlier, and they want to make a move.

Yohance Harrison 31:34

Indeed. Beautiful. Well, Caleb, thank you so much for giving us that insight. So if you want to learn more, I'm here for you as well. Reach out to me. I love sharing with people my journey into financial services. I'm one of those people that just kind of dropped into it and got licensed and here I am a quarter of a century later still doing it. So I'm happy to tell you about my journey. Reach out to Caleb. We'll make sure that all of his contact information is in the show notes. And before we go. Almost forgot. Almost did it again. I apologize, people. Almost did again. Caleb, we have to ask you the one question that we ask every guest on the show except for the one that I forgot. I promise not do it again. Caleb, what is your first memory of money?

Caleb Brown 32:17

Yeah, this is a good one. I had to, I had to think back. I, I listened to some of the episodes, so I knew you were going to ask me this, so I was able to prepare. But I, I'm at 4 or 5 years old probably. I, I think around maybe 4 to 6. I heard the ice cream truck coming and I remember going to my mom and like, basically laying out a bunch of change on the, on the bed and trying to count the pennies and the nickels to try to, at that point in the early to mid-80s, like, trying to get, you know, $0.20 or $0.25 or whatever it was for a little ice cream. But just understanding, like, okay, it took you half. This is a medium of, you know, exchange. You have to be able to give this here. Then you get the ice cream and counting the coins out. And I, I've just, It's. It's stuck with me ever since.

Yohance Harrison 33:06

That means it's amazing. I just read the book Debt by. I forgot the author, but it's a book called Debt. It's about the origins of debt and it actually contradicts a lot of what,

Yohance Harrison 33:20

what is that manifesto that came out? The. The birth. Not Birth of Nations. No, that's the wrong one.

Yohance Harrison 33:28

Wealth of Nations. There we go. Those are very drastic. Those are different books there. Wealth of Nations. Oh, don't Google that one. The wealth of Nations. It actually contradicts some of the stories that were told in the wealth of nations and. But in the book Debt, the author discusses how credit and debt have been around, around longer than money. Because bartering didn't always work. Because if I had enough pigs or corn or whatever it was and all you could trade me with pigs or corn, then I. You weren't valuable to me. But I may still have something that you needed, so I may extend you some credit so that you pay me when you get something that I actually need. And then we decided to start coming up with symbols to represent that. So the idea of debt and credit were around a lot longer. But it's. It's fascinating as I was listening, because I listened to all these books I was listening to that I too, was thinking about as a child. I was trying to connect, trying to determine when did I learn? When did I realize that this coin, this piece of paper represented something that I had to trade for something else? I mean, when I think about first memories of money, I. I would come up for me or just earning it, getting it, whether it was from my grandfather giving me money on my birthday or. Or just having, like, the piggy bank. But I was like, when did I connect the dots at, wait, I trade this for something? And I haven't quite pinpointed yet, but when you mentioned the ice cream truck, it made me. It reminded me of the candy lady. We had a candy lady in our neighborhood,

Caleb Brown 33:29

Adam Smith.

Yohance Harrison 35:08

and what I remember is, is walking with my friend to the candy lady's house, and I thought she just gave out candy. That was my understanding. Like, oh, she's gonna give us candy. And then I watch him exchange his coins or whatever for something, and I realized, like, wait, I don't have anything to exchange. I thought she was just gonna give out candy. So that's something. When you've said that, it reminded me of that and I connected it with the book. So it's. It's just interesting how we've been all taught to play this wonderful game called money.

Yohance Harrison 35:44

And we just keep playing and the game goes on, and hopefully the US Never turns into Argentina. And with that, that's the end of your history lesson for today. Caleb, we want to thank you for joining us on the Money Script podcast. Remember, go out and vote. Yeah. I'm not here to tell you who to vote for. I'm here to tell you to vote. Okay? That is the uniqueness of our democracy, is that we get to vote. We may not always like the results, but that's why it's a democracy. Okay? You get to live to play another day. And if you really, really don't like the results, get evolved. Get involved. Excuse me, not evolved. You can do that too. But get involved. Get involved. You could be the change that you want to see. And with that, we will see you next time here on the Money Script podcast. Oh, and one other thing I almost forgot. Tell one person. Tell one person, you know, that maybe wants to be a financial advisor, has thought about it or talked about it. Tell that one person about this episode. Just one. We'll see you next time.

Seth Harrison 36:54

I'm back. Wasn't that a great show? I hope you learned something. I know I did. Now before you go trying anything you heard today, remember it is not intended to be specific tax or legal advice. If you need that, go see a CPA or an attorney. If you would like any complimentary consultation with a knowledgeable advisor, visit moneyscript.com and schedule a 15 minute consultation. Want Johans to come speak at your next event? Go to the MoneyScript website for that too. Of course, if you're watching on YouTube, make sure to like comment, subscribe and click the bell for notifications. MoneyScript Wealth Management is a registered financial advisory service in multiple stages. Want to learn more? Get the full disclosure on our website moneyscript.com.