How are Financial Advisors Compensated?
episode
DIY Money | Personal Finance, Budgeting, Debt, Savings, Investing
23 min
4 speakers
4 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
What is the main topic discussed in this episode?
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Hey, this is Allie and thanks for listening to the show. Give us a five-star review where you listen and share this episode with someone who might need to hear it. Now, enjoy the show.
Welcome back, ladies and gentlemen. You're listening to another edition of DIY Money. DIY Money. I have a question for you, Logan. Okay. So about a week ago or two weeks ago now, we announced that I will be stepping down from Jolay Financial.
That's right.
Effective March 30th. It's, you know, kind of, we'll see. Yep. But that's the goal, right, is for me to step away from the business.
First of all, you're not stepping away from the podcast.
Oh, no, I'm actually going to lean into the podcast. I'm really excited about that. So that's actually one of the reasons I am stepping away is to spend more time doing things like financial literacy and education and so forth. Really, really passionate about that. But all that to say, I know a lot of clients that you and I have worked with over the last six years have basically been saying, okay, you know, is Logan my guy? Is Logan the blah? Is Logan, Logan, Logan? And I could have asked Allie the same question because I'm sure she's getting this. But how's it been? How's it been for you?
This is literally a dream come true. Yeah, I think it's a mixture of emotions. It's bittersweet because I obviously love working with you and having you in the office and everything like that. I'm going to Disney World. It's been a wonderful mentorship and friendship relationship over the last six years. But it's really exciting, too. And I think it's it's hard navigating those conversations. But I think you just you tell people the truth. Nothing really changes on a day to day basis. We're still going to have conversations and we're still going to do the podcast and we're still going to meet and talk and do all those things. But I think our team is really ready for this next step. And I think we are ready for the growth.
in the exciting times that are ahead. And we're excited to continue to work with the clients that we already love and been working with for a very long time.
You know what's interesting to me? Because be 100% transparent, right? We've had a couple clients who have notified us and said, hey, you know, love working with you all these years, but, you know, with Quint gone, we're going to depart. What's amazing to me is over 25 years, and again, this is not just true for you, but I would say for Allie, I have identified a lot of opportunities in stocks and investments, a lot of themes. I mean, we've built a business to almost $500 million. You don't do that unless you've been decent at your job. I have never identified more opportunity than I see in you and Allie than I in my entire life, meaning I am – turning over this baby that I have built to who I believe... No one's paying me to say this, right?
I don't have a compensation. I don't even know why I'm saying this on the podcast. Whatever. I just think it's fascinating. So we're going to do a lesson in psychology.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–5:24
2
How did the hosts announce the upcoming leadership transition at their firm?
5:24–9:14
3
What reactions did team members and clients have to Quint stepping away?
9:14–22:52
4
Why do financial advisors often retire early and how demanding is the profession?
22:52–22:56