Host Ryan Nauman welcomes Matt Halloran (“Matt GPT”), Chief Evangelist at Zocks, to discuss how AI is affecting wealth management and why many advisors still underuse it due to fear, unrealistic expectations, compliance concerns, and industry noise. Halloran argues advisors are only scratching the surface with note-taking and content tools, while the bigger opportunity is integrating structured data across the tech stack to uncover client opportunities, speed service, and drive organic growth. He recommends talking with peers, ensuring secure two-way integrations, and testing platforms side by side. The conversation covers building trust through incremental adoption and social proof, how AI-driven faster communication can help during bear markets, and how reclaimed time should be reinvested in clients, teams, personal wellbeing, and relationship building. Halloran also notes AI can support compliance via accurate transcriptions and reduced errors.

Connect with Ryan Nauman:

LinkedIn: https://www.linkedin.com/in/ryannauman1/

X: https://twitter.com/LkTahoeBadger

www.AdjustedForRisk.com

Learn more about Zocks: https://www.zocks.io/

00:00 Show Kickoff AI Focus

00:54 Meet Matt Halloran

01:39 Career Path Influence

03:51 Kindness Trust Culture

06:14 Why Advisors Fear AI

09:47 AI Beyond Content

12:28 Choosing AI Tools

14:47 Clients Bring AI

16:22 Trust Compliance Steps

20:32 Bear Market Speed Service

23:57 Faster Client Communication

24:42 Using Freed Time Well

27:07 Feed Your Soul

28:50 Next Gen Advisor Skills

31:03 Preparedness Story

34:10 Winning Over Skeptics

39:01 Organic Growth Plays

42:41 Augmented Intelligence

45:01 Compliance Safety Net

46:54 Wrap Up And Resources

Ryan Nauman Market Strategist Adjusted for Risk:

Welcome everyone to the Adjusted for Risk

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podcast from the shores of Lake Tahoe.

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I'm Ryan Nauman, the host of the show.

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Over the past couple of years,

the wealth management space

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has been grappling with AI.

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First, it was understanding what AI is.

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Now, it is all about how to

implement it to enhance the

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client and advisor experience.

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Well, I have on an industry expert who

is going to share his thoughts on the

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impact AI is having on wealth management

and the opportunities that it opens up.

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All right, enough from me.

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I have already talked enough.

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Let's go ahead and bring

on the star of the show.

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My guest, he doesn't need

much of an introduction.

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You all know him, but here it is anyways.

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I am honored and very excited

to welcome Matt Halloran.

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Matt is also known as Matt GPT, and Matt

is the chief evangelist at Zocks and is a

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very popular presenter and podcast host.

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Matt, thank you so much

for coming on the show.

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MattGPT: Thanks

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Ryan Nauman Market Strategist Adjusted for Risk:

honor to have you on.

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Really excited about

this, uh, conversation.

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Can you please tell us a little bit

more about yourself, Zocks, and how does

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one get the title of chief evangelist?

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MattGPT Halloran Chief Evangelist Zocks:

Well, uh, first off, uh, thank you

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very much for having me on your show.

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I, I really, really appreciate it.

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Um, so my, my journey in financial

services started in 2006 when

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I worked for, uh, what's now

known as Carson Consulting.

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It was called Peak, and I was the life

coach, uh, at that consulting company.

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And I noticed very quickly, uh,

that, um, there weren't a lot of

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non-advisor influential people.

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Everybody had their licenses

and were an advisor that made

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a million dollars 10 years ago,

and they were all on the stages.

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And so I went to Omani and the other

people on the team and was like,

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"Hey, I really wanna get on stage.

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Like I, I, I wanna talk

about communication,

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interpersonal relationships."

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I was a therapist before.

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And they were like, "Okay."

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So they gave me a platform.

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And then I partnered with, uh, with my

old business partner named Kirk Low.

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He runs Proud Mouth, which is

a company I, I co-founded, and

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we wanted to try to unlock the

key to being influential, right?

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So how do you really take, uh, a person

who has really no clout within the

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industry and really make them influential?

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And so we tested all sorts

of stuff on me, dude.

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Some of it worked and some of it didn't

work, but so much of it did that, that a

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couple years ago I was voted the 10th most

influential person in financial services.

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And it's because if you have a proven

method, you have a good distribution,

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and more importantly, you're really

kind and generous to people, people

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then help you become more influential.

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So that is actually how I ended

up being the chief evangelist for

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Zocks, because I'd built such a huge

network of people who I'd been trying

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to be kind to, and Zocks was really

missing that human component, 'cause

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they're a fintech company, right?

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Um, and they saw what I offered, so when

I came here I presented the now what

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marketing strategy, which was, "Okay,

10 hours a week back in your life.

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What are you gonna do with that time?"

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Everybody else is just

talking about features.

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If we start talking about advisors'

lives, we'll have even greater impact.

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And, you know, I'm at 750,000 impressions

from content, uh, you know, since I

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started here and, and we're starting

to really change the conversation

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Ryan: You know what, Matt?

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I love that.

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I thought, I love that you

brought up just being kind, right?

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I feel as if, for whatever reason,

I'm not gonna get into it, but

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we've lost that sense of kindness

in a lot of ways, and it's amazing.

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It's like that and respect.

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I always get so frustrated.

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It's like, they're very easy to do.

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It's very easy to say

please and thank you.

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Doesn't really take much effort, but

it's a lo- I feel like it's a lost,

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I don't know, characteristic or trait

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MattGPT: Well, it, it makes me sad,

to be really honest, that, that, you

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know, instead … It's good for you.

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See, you, you can believe in altruism,

like, you know, "Hey, Matt, you do

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this because, you know, you're just

trying to be a, a kind person, and

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it's part of my personal mission

statement," and all of that stuff.

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But, but to be really honest, I

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It also feels good.

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I love helping people.

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I love being kind to people.

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I love when people put time on my calendar

because they wanna pick my brain on what

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I've been talking about and doing for

the last 20 years in financial services.

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And I also like raising people up.

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Uh, I believe that there is more

than enough for all of us, dude.

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I really do.

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And so I don't have that scarcity

mindset where I'm gonna try to, you

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know, poke you in the eye so that I win.

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No, man, I'm gonna put my arm

around you and let's win together.

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And, um, it, it … That's

what my influence is all about.

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Now, there's other influence that's

fairly, you know, um, uh, sensational, or

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they're very controversial, or whatever.

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There's lots of types of influencers.

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Um, but Zocks really liked the

idea that, you know, my, my overall

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thing is I love advisors, man.

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I love advisors.

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The amount of responsibility that

your audience has, most people don't

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understand that level of pressure, stress.

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Uh, you know, I've watched a

couple of your other shows.

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Most advisors didn't get into this

industry to become marketers, you know,

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to write systems, to be tech people.

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They came 'cause they wanted

to help people with their

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money and financial decisions.

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And, um, I wanna do whatever I can to

continue to support this amazing industry

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Ryan: That's awesome, Matt.

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I love it.

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You're doing a fantastic job,

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MattGPT: Thanks, man

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Ryan: job.

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And also, and we're gonna get onto the

conversation, but I feel as if we all

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know this industry is built on trust.

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There's no greater way of building trust

through kindness and, know, respect.

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So kudos.

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Kudos to you, Matt.

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MattGPT: Thanks, Tom

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Ryan: do you feel that financial

advisors are using AI tools

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to their full capabilities?

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And why are they not using AI

tools that are accessible to them?

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There's a lot of AI tools, whether

it's just basic ChatGPT or Claude.

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Uh, what's holding them back?

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MattGPT: It's fear, dude.

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Uh, I, I mean, you know, and the

fact that we're in an industry that

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is so slow to adopt technology.

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And I'm gonna, I'm gonna

actually make a statement that's

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gonna say that that's wrong.

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I, I cannot believe how quickly,

uh, AI has been adopted in

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financial services practices.

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Um, now it is not structured AI.

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It is not AI that is specifically

built for them, right?

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I mean, most people, well, they

don't … Every time you Google,

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you're using AI, dude, right?

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You're using Siri, you're using AI, right?

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Um, so I think it- advisors are starting

to do that a little bit more, but

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they're just scratching the surface.

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Uh, they're, they're,

they're saving time, right?

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They're making some things more efficient.

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Uh, they're making sure that their data

going from this place to this place

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to this place is actually consistent,

which was always a big nightmare for all

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the advising offices that I worked at.

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But the next phase of what AI is going

to be is how can you use this large

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language model and this structured

data to actually service your clients

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better and grow your book of business?

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Um, there aren't a lot of people who

are building those systems, um, whereas

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that has been a major focus for us.

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A- and the other thing too is I think

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There's so much noise around AI.

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Uh, I mean, it, if you run a Google

search or if you go on LinkedIn and

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type in AI for advisors, it's just

like … And most of it's crap.

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It's either AI-generated slop, or

it's just, you know, somebody's

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opinion about something that shows

unbelievable levels of ignorance.

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And then you have a couple of bubbles

up of, of people saying smart stuff.

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Most people don't really re- realize

the power of what AI can do for you,

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what it can do for your business,

what it can do for your team.

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Uh, I mean, uh, we just launched

something recently and, and this to

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me, I get a little choked up, and

not, like, in a bad way, but, like,

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in a really excited, happy way.

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Um, one of the biggest issues that I

always had in consulting the firms that

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I worked with was the fact that they

had all of these disparate systems.

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Their financial planning tool didn't

talk to their tax tool, didn't

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talk to their CRM, didn't talk to

their email system, didn't talk

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to their calendar system, right?

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Zocks is, like … So I, I like

to equate it to an Oreo cookie.

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So here's your tech and,

and you're the advisor.

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Zocks is the thing in the middle that

makes all of it really communicate and

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work together, and if you could just go

into your computer and say, "Hmm, how many

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people did I talk to about a 401conversion

last year that didn't do it?"

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And all of a sudden you have a list, dude.

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Uh, I mean, how many people

had grandkids last year?

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What, h- 529 plans, right?

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How many people were supposed to do a

Roth conversion that didn't last year?

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How many people brought up

held away assets that we didn't

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gain in the last six months?

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Dude, this is the sort of stuff that

large language models and AI can do

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for you that changes the industry.

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This is a game-changing thing that is

now available to all of your listeners

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that I've been waiting for since 2006.

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Ryan: Yeah, I agree.

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I think it's fantastic.

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Matt, do you think there's a

lot of just misconception or

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maybe misuse of AI right now?

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Financial advisors, they might be using

AI, but maybe it's just for content

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creation or emails, just generic

communication type tasks.

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Do you think advisors are finally

accepting it to more than what it

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really is and what it should be used

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for?

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MattGPT: I, I think w- unfortunately,

most financial advisors think binary.

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It's either y- good or bad, on or

off, it works or it doesn't, and

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that's actually not how AI works.

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It's garbage in, garbage out.

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And so unfortunately, a lot of

advisors get very frustrated

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with AI because it doesn't output

what they want it to output.

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That's because they're not

inputting the right stuff, dude.

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And so, um, you can make AI sing

if you know how to just ask the

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right questions and have it be

clearer and clearer and clearer.

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Um, I, I had a, I had a, a, a woman

came up to me at, at a conference a

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little while ago and she said, "I found

four mistakes in your AI note taker."

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I was like, "Okay."

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She's like, "Well, it

shouldn't have four mistakes."

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Uh, y- d- did you ever have

mistakes when you took notes, lady?

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I mean, come on.

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Now, please understand, she was an

engineer, and I mean, we all know

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what working with engineers are like.

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But that's the sort … They have

really unreal expec- unrealistic

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expectations of what these systems can

do, and that they actually get stronger,

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better, smarter, faster over time.

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And so I had a, I had a, a guest

on our show, uh, we just launched

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a podcast called Better Practice

Better Life, uh, Human First with AI,

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and the guest was talking about you

need to have AI implemented in your

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practice for an entire calendar year

before you'll ever know if it works.

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And you know as well as I do, brother,

it's the shiny thing at the conference,

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and it takes their attention, and

they think it's gonna solve all

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their problems, but it doesn't

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Ryan: I- that's a great point about

having it for a full year before you know.

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But so then do you think, if I implement

AI today, one test, it i- like you said

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at the beginning, it is moving so fast.

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In a year you might think, "Well,

there's something new and shiny out

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that's doing something different.

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What am I doing here?"

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Like, and you brought it

up too about the noise.

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Like, how do financial advisors shift

through the noise to figure out exactly

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what they need in an AI platform,

AI agent, is it right for them, and

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will it be okay for them in a year?

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MattGPT: Yeah.

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Um, so I think what you really need to

do is you need to talk to your friends.

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A- and, and advisors don't do

this as much as they should.

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I, I remember, um, uh, it was

probably m- early 2007 and I was

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on with an advisor, and w- I, I

was life coaching this advisor.

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We had a process called the blueprinting

process that I took the advisors through.

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And, um, he said, "Matt, what,

what you don't understand

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about us is we're on an island.

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It … I don't have any

other coworkers really.

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I have an assistant."

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Yeah, he was a big producer

with one, one team member.

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He's like, "All I do is see clients

all day, and then I go home, uh, and

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then I, you know, I'm with my family."

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He's like, "I don't really

have other people to talk to."

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And I was like, "Why don't

you go to conferences?"

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"Oh, they're a waste of time."

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Really?

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Like, you don't wanna sit at a table

with 20 other advisors and be able to

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commiserate and have real conversations?

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Especially because some of them might be

able to help you solve their problems.

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And I think that's one of the things

that, um, really does need to happen,

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is you need to have those conversations.

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That's number one.

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Number two is it … I talk

about this all the time, how

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to make your first AI decision.

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The first one is, um, you have

to look at your tech stack.

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So whatever AI you're looking

for has to securely integrate two

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ways with your tech stack, right?

253

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And then number two, test

them all side by side.

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All of us will offer you a trial.

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Well, I don't know if all of

us do, but almost all of us do.

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And see what user interface you like.

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See which one gives you

the outputs that you want.

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You have the opportunity

to make these decisions.

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And the Ezra Group, uh, just did a study

a little while ago about how quickly,

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like literally, you can integrate

all of the stuff, uh, with, with an

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AI platform, and it's, like, days.

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So within days, your audience can be

entirely up and running testing two

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different, uh, you know, AI systems back

to back and side by side so that they can

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make a better, more informed decision.

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It's … Uh, that's what I would

really recommend that they do.

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Talk to your friends.

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Test them side by side.

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Ryan: That's funny when you say days.

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I-- initially when

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MattGPT: Yeah.

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Ryan: thinking

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MattGPT: No.

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Days, dude

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Ryan: and, and it goes back to what

you were saying earlier, this industry

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is so slow in adapting new technology,

except for now they're forced…

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MattGPT: That's right

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Ryan: to, right?

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Otherwise they're, I don't

wanna say it, but they might be

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done

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MattGPT: no, uh, and I'll say it for you

'cause I've actually said this from many,

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many stages, is AI is the comet to coming

to kill all of you dinosaurs, right?

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So th- this is not…

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In fact, uh, I'm, I'm working on an

article right now, uh, for, for one of

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the trade pubs basically talking about,

um, your clients are bringing you AI.

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Uh, and I'm sure you've

heard this at conferences.

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You've probably heard this from clients.

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Man, I had a client who came in and

brought me a spreadsheet of, of all of

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the trades that we executed in the last

six months and, and was ask- you know,

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AI was like, "This was a bad trade."

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Right?

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And advisors are flaming pissed about it.

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They don't realize that guess what?

293

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They were there doing that before.

294

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They were just taking notes on

watching CNBC, or they're talking to

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their crazy uncle who made all the

money in the stock market, or they

296

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were at dinner and somebody had said

something somewhere else, or they're

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reading The Wall Street Journal.

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This is just a much faster, more

succinct way to go ahead and aggregate

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large language pieces of data, right?

300

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But if you're not gonna move in this

direction, first off, your practice is not

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gonna be worth as much when you sell, and

two, your clients, when it comes to speed

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to service, which is really what AI does,

and uncovering opportunities for you in

303

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your existing book of business, those are

the things that if you're not doing that,

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you are a dinosaur, and unfortunately,

we're the big comet coming to kill you

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Ryan: You're exactly right.

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Exactly.

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I'm glad you said it.

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Glad you said it

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MattGPT: Uh, uh, I'm allowed to say that.

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I actually got that one

approved at Tox here, so

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Ryan: Awesome.

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Awesome.

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mentioned it, we talked about it

earlier that this industry is built on

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trust, whether it's the vendor, technology

vendor like Zocks being trusted by

315

00:16:32,483 --> 00:16:36,843

the financial advisor or the financial

advisor having the trust of the clients.

316

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Do you think advisors fully

trust AI at this point?

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MattGPT: Man, dude, I'm

gonna go back a little bit.

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I don't think advisors

trust tech still, right?

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I, I mean, you know, you're

oversold on your CRM, it's gonna

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solve all of your problems.

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00:16:50,404 --> 00:16:52,974

Your financial planning tool is the

greatest financial planning tool.

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You're never gonna have to go ahead

and blah, blah, blah ever again, and

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it doesn't live up to expectations.

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So there's been a pattern over time

that, that AI has even a heavier

325

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lift because of how much it can do.

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What most advisors are doing

is they're starting with like,

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you know, low-risk things.

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Again, note takers, that's where our

system, pretty much all of us started.

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Um, but, but they're really

not integrating things.

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They're afraid of how it's gonna talk

and all of those sorts of things.

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And, and this is gonna be somewhat

of a shameless plug, but it's really

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important to me as a person who's been

working in this industry for so long.

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Everything that Zocks built was

built for SEC and FINRA realities

334

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and compliance and privacy in mind.

335

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And so, like we don't record anything.

336

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Ours is live transcription, which

is kind of a big deal, right?

337

00:17:47,684 --> 00:17:51,014

We have ways to protect

PII going back and forth.

338

00:17:51,754 --> 00:17:55,264

A lot of other organizations

don't have that, and I think that

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trust is gonna be built over time.

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I think, you know, you, you, you

use the note taker, uh, and you see,

341

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"Holy Moses, I missed a whole bunch of

stuff," and then you go from note taking

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to, you know, having a meeting prep.

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With the click of a button, you

know, you're prepared for your

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meeting in minutes instead of hours.

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And then you go ahead and click the

button to do a lot of the follow-up tasks.

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And then you click the button to go ahead

and integrate with your e-money and all

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of the different systems that are there.

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And then you start going ahead and

looking at all of the structured

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data and asking it questions.

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But I think it's an incremental thing,

um, that once you get confident with this

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level, you're gonna move to this level.

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In fact, that's really what my job

is now, is to get the thousands

353

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of advising offices that are

using us to take that next step.

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Because most of our clients, they

just … The, the note taker is like

355

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the greatest thing since sliced bread.

356

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But once they turn on a couple other

buttons and they see how it all starts

357

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working together, is really amazing.

358

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The other thing too is

look at social proof.

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00:18:55,824 --> 00:19:01,304

Social proof, um, so, uh, my favorite

sales book of all times, uh, i- is,

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is a book called, uh, Principles

of Influence by a guy named Dr.

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Robert Cialdini.

362

00:19:05,644 --> 00:19:07,614

And so Ryan, I don't know

if you've read that book.

363

00:19:07,764 --> 00:19:09,854

If not, dear God,

everybody needs to buy it.

364

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And w- it talks about

365

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Ryan: I just wrote

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MattGPT: Yeah, wonderful.

367

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It, it's the, it's the ethical

influence, like how do you get

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00:19:16,164 --> 00:19:17,404

people to do what they wanna do?

369

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And one of the most important ways

to build trust is social proof.

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00:19:21,264 --> 00:19:25,874

So when you have organizations

like Hightower, Osaic, Cetera,

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00:19:26,174 --> 00:19:28,304

right, Kestra, Cambridge, right?

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00:19:28,304 --> 00:19:32,914

You've got these huge firms that, that

have looked at us and said, "Wow, uh,

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we're gonna stick with them," that's

the sort of social proof that you know

374

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that the level of due diligence these

large organizations are doing It is

375

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not the same due diligence you can do,

'cause you don't have the team to do it.

376

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So look at the social proof,

dip your toe in the water, then

377

00:19:48,914 --> 00:19:50,424

take a step, then take a step.

378

00:19:50,424 --> 00:19:52,664

It's the, you know, how

do you climb a mountain?

379

00:19:52,664 --> 00:19:54,254

You take one step toward the mountain.

380

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The mountain is AI.

381

00:19:56,454 --> 00:19:58,074

You just need to start taking those steps

382

00:19:59,885 --> 00:20:00,445

Ryan: Exactly.

383

00:20:00,505 --> 00:20:05,865

And like you said, whether it's just

a chatbot, notes, note-taking, so-

384

00:20:05,865 --> 00:20:09,375

and just see how that works, how you

like it, and then just go from there.

385

00:20:09,395 --> 00:20:12,515

I feel as if that's the case

with a lot of technology.

386

00:20:12,735 --> 00:20:17,715

When I was in the industry 20 years

ago, the technology, we, we just used

387

00:20:17,715 --> 00:20:21,215

a little piece of it, and then all of

a sudden there, you know, the account

388

00:20:21,225 --> 00:20:22,845

manager came in and showed us how.

389

00:20:22,905 --> 00:20:23,395

It blew our

390

00:20:23,395 --> 00:20:23,775

minds.

391

00:20:23,795 --> 00:20:26,605

It was like, oh my gosh, what

have we been doing here this whole

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MattGPT: Yeah

393

00:20:27,655 --> 00:20:31,005

Ryan: And same case with AI here too.

394

00:20:32,075 --> 00:20:38,015

I often think on the investment side,

we're getting all these new ETFs, crazy

395

00:20:38,015 --> 00:20:44,835

ETFs, new products, and when the markets

are ripping higher every day, every month,

396

00:20:45,685 --> 00:20:47,595

these products all look great, right?

397

00:20:47,605 --> 00:20:51,635

Everything looks great right now, but how

do you think advisors and their clients

398

00:20:51,635 --> 00:20:56,455

will react to AI when we finally have an

extended bear market and, you know what,

399

00:20:56,465 --> 00:20:59,595

hits the fan and things start to blow up?

400

00:20:59,895 --> 00:21:05,305

Do they trust AI even more, or are

they gonna pull back and be, "You know

401

00:21:05,305 --> 00:21:06,565

what, I'm just gonna do it on my own"?

402

00:21:06,820 --> 00:21:07,390

MattGPT: Yeah.

403

00:21:08,090 --> 00:21:12,110

So the advisors who do that,

they're, they're donezo, dude.

404

00:21:12,540 --> 00:21:19,950

Um, one, one of my favorite stories is

a, uh, uh, an advisor, uh, she had…

405

00:21:20,010 --> 00:21:23,840

She was the third advisor, uh,

that this couple was interviewing.

406

00:21:25,310 --> 00:21:29,650

And so, uh, you know, they came

in and, and she had our, our, our

407

00:21:29,660 --> 00:21:32,040

notetaker in, in place, 'cause you

can either have it on your phone

408

00:21:32,040 --> 00:21:33,820

or in your, your, your computer.

409

00:21:35,280 --> 00:21:38,340

And they're having this great

conversation and, and, um, so the

410

00:21:38,390 --> 00:21:42,750

conversation gets done and, and, and

she says, "Well, so, so, you know, very

411

00:21:42,750 --> 00:21:46,600

soon, uh, you know, you're gonna get

a follow-up email summarizing this.

412

00:21:46,600 --> 00:21:49,270

You're gonna get the tasks that I'm gonna

do and the tasks that you need to do.

413

00:21:49,550 --> 00:21:53,750

And I'm also gonna give you a short

example of the kind of planning that we

414

00:21:53,750 --> 00:21:55,550

do based off our conversation today."

415

00:21:55,760 --> 00:21:56,740

They're like, "Oh, yay, great."

416

00:21:56,740 --> 00:21:57,560

So, you know, shook hands.

417

00:21:57,560 --> 00:21:59,040

You know, "It was great to

meet you," and they left.

418

00:22:00,520 --> 00:22:04,400

By the time that couple got

home, all of that was done.

419

00:22:05,850 --> 00:22:09,430

And so y- the couple gets, gets home

and, you know, uh, the, the s- the

420

00:22:09,450 --> 00:22:14,450

spouse opens up the phone, uh, a-

and he looks at his wife and he goes,

421

00:22:15,750 --> 00:22:17,590

"Hey, she emailed us all that stuff."

422

00:22:19,268 --> 00:22:19,748

And she's like, "What?

423

00:22:19,748 --> 00:22:20,318

What are you talking about?

424

00:22:20,318 --> 00:22:21,268

We just left there."

425

00:22:22,208 --> 00:22:27,048

So they called her, "Hey,

uh, how did this happen?

426

00:22:27,268 --> 00:22:31,758

Like, you just sent us a beautiful

summary of everything that we just talked

427

00:22:31,758 --> 00:22:35,208

about, what your firm is willing to do,

what we need to do to move forward with

428

00:22:35,208 --> 00:22:39,498

your firm, and you gave us a, a rough

financial plan that actually showed

429

00:22:39,848 --> 00:22:43,718

that you were listening to all of the

kind of hopes and dreams that we have.

430

00:22:43,948 --> 00:22:45,128

How did you do that?"

431

00:22:45,128 --> 00:22:48,888

And she said, "This is the technology

that we've implemented into our firm

432

00:22:49,108 --> 00:22:53,668

because we know that it is wildly

important for us to get you answers

433

00:22:53,668 --> 00:22:55,238

in a much more timely manner."

434

00:22:55,568 --> 00:23:00,398

And, and the, the, the husband said,

"The other three people we interviewed,

435

00:23:00,798 --> 00:23:02,228

we haven't even heard from them yet.

436

00:23:02,258 --> 00:23:03,368

It is weeks ago."

437

00:23:03,858 --> 00:23:04,708

That is what…

438

00:23:04,728 --> 00:23:07,848

That's where the bear market stuff

happens because there's gonna be

439

00:23:07,848 --> 00:23:10,948

so many people who are gonna be

looking for another advisor because,

440

00:23:10,978 --> 00:23:13,918

you know, they're not generally

gonna leave because of performance.

441

00:23:13,948 --> 00:23:14,738

You and I know this.

442

00:23:14,758 --> 00:23:16,978

They generally leave because

of poor communication.

443

00:23:17,258 --> 00:23:18,168

That's, that's been…

444

00:23:18,438 --> 00:23:21,048

Kitces has come out with

that for 20 freaking years.

445

00:23:21,298 --> 00:23:22,858

Everybody's been talking about that.

446

00:23:23,488 --> 00:23:26,178

Even if you don't have the greatest

performance, if you are communicating

447

00:23:26,188 --> 00:23:29,458

effectively, quickly, and, you know,

with really good information to your

448

00:23:29,458 --> 00:23:31,778

clients, generally they're going to stay.

449

00:23:32,368 --> 00:23:35,598

There's gonna be so much money

moving 'cause once the FAANG craps

450

00:23:35,598 --> 00:23:39,388

itself, which it's gonna, uh, I'm

not a analyst, it's just gonna happen

451

00:23:39,388 --> 00:23:40,528

'cause that's how everything works.

452

00:23:40,548 --> 00:23:41,638

That's called a market.

453

00:23:41,648 --> 00:23:42,708

There's ups and there's downs.

454

00:23:42,848 --> 00:23:44,408

It can't just keep going straight up.

455

00:23:44,748 --> 00:23:48,428

Um, but when this does happen,

those advisors who are implementing

456

00:23:48,428 --> 00:23:51,978

technology, uncovering new opportunities

in their book of business by

457

00:23:51,998 --> 00:23:53,928

asking simple questions, right?

458

00:23:54,008 --> 00:23:57,488

Expect- uh, clients are expecting

faster and more complete communication.

459

00:23:57,538 --> 00:23:59,448

AI helps with that, right?

460

00:23:59,588 --> 00:24:04,448

This is what you need to implement

now because you all know that's

461

00:24:04,458 --> 00:24:08,328

going to happen, and if you wanna be

successful when the market isn't great,

462

00:24:08,518 --> 00:24:10,158

you gotta have a good tool in place

463

00:24:11,785 --> 00:24:15,305

Ryan: Matt, I'm so glad you brought

that up because you're exactly right.

464

00:24:15,315 --> 00:24:17,665

It's all about

communication, communication.

465

00:24:17,925 --> 00:24:21,975

If this speeds up your communication

transparency to the client,

466

00:24:22,385 --> 00:24:26,655

it'll make these tough times and

the times of chaos much easier.

467

00:24:26,975 --> 00:24:28,655

So that's a perfect segue, Matt.

468

00:24:29,075 --> 00:24:31,295

Now it makes it so much quicker.

469

00:24:31,295 --> 00:24:34,175

You have this communication,

maybe a prospect meeting.

470

00:24:35,225 --> 00:24:39,145

an hour or so, you already send

out that information, that proposal

471

00:24:39,145 --> 00:24:41,625

generation, the notes, financial plan.

472

00:24:42,015 --> 00:24:44,685

Now, what should the financial

advisor do with their free time?

473

00:24:44,685 --> 00:24:48,505

Go hit the golf course, go,

you know, spend time with the

474

00:24:48,804 --> 00:24:48,924

MattGPT: Yeah

475

00:24:49,065 --> 00:24:50,775

Ryan: What should they do

with this free time now?

476

00:24:50,852 --> 00:24:53,602

MattGPT: So th- this is, I'm, uh, I'm

gonna go back to the binary thinking

477

00:24:53,602 --> 00:24:55,582

of my friends and financial advisors.

478

00:24:55,592 --> 00:24:57,122

It's either work or not work.

479

00:24:57,372 --> 00:25:00,962

Uh, a- and so I, I don't think

it is black and white here.

480

00:25:01,812 --> 00:25:05,932

On average, what our, our research,

and actually not our research, our

481

00:25:05,932 --> 00:25:10,152

strategic partners' research has

shown us is, um, we save about 10

482

00:25:10,162 --> 00:25:12,592

hours of team's time a week, okay?

483

00:25:13,542 --> 00:25:16,102

So y- you're not gonna go

spend … Some of you will want to

484

00:25:16,102 --> 00:25:17,452

spend 10 hours on the golf course.

485

00:25:17,502 --> 00:25:20,542

But I'm gonna challenge all of you

here, 'cause I think you need to put

486

00:25:20,542 --> 00:25:22,012

it in a couple of different buckets.

487

00:25:22,692 --> 00:25:27,252

So I want you to take … So that, by the

way, a week, a week of your team's time

488

00:25:27,302 --> 00:25:32,332

every month, and you know how back using

real AI assistants like what we have here.

489

00:25:33,202 --> 00:25:34,292

So why don't you take,

490

00:25:36,512 --> 00:25:40,882

why don't you take three hours e-

every week you go play golf, right?

491

00:25:41,242 --> 00:25:43,642

Or maybe every other week

you go play golf, right?

492

00:25:44,192 --> 00:25:47,182

Then I want you to take a couple of

hours and, and why don't you work on

493

00:25:47,182 --> 00:25:49,472

yourself, I don't know, psychologically?

494

00:25:49,902 --> 00:25:52,262

Why don't you work on

yourself spiritually, right?

495

00:25:52,342 --> 00:25:56,342

Why don't, why don't you do stuff to

make yourself a better human being?

496

00:25:56,852 --> 00:26:00,022

Start figuring out ways to give

back to the community, fill your

497

00:26:00,022 --> 00:26:04,352

soul, uh, help other people to,

to make them live a better life.

498

00:26:04,852 --> 00:26:08,162

And then peel off five of those

hours, we're still working on the

499

00:26:08,162 --> 00:26:13,152

40 hours, five of those hours, and

do in-person client events, which

500

00:26:13,152 --> 00:26:16,122

by the way, are really successful.

501

00:26:16,622 --> 00:26:22,122

Um, and then why don't you do, uh,

a couple of extra webinars, right?

502

00:26:22,122 --> 00:26:25,322

That are just free to your general

public that you're gonna be able to

503

00:26:25,322 --> 00:26:27,942

educate people on what you know about.

504

00:26:28,182 --> 00:26:32,092

And then, I don't know, why

don't you go out on a date?

505

00:26:32,102 --> 00:26:38,152

Because here's the deal, most advisors are

spending after 5:00 on their notes, dude.

506

00:26:38,502 --> 00:26:42,202

Following up on their notes and their

tasks and all of those sorts of stuff.

507

00:26:43,302 --> 00:26:45,222

Work on your personal brand.

508

00:26:45,452 --> 00:26:46,902

Find a niche.

509

00:26:47,192 --> 00:26:49,012

Start creating real content.

510

00:26:49,032 --> 00:26:54,132

You have so much time, and it

all just can't be more work.

511

00:26:54,382 --> 00:26:56,922

You're n- you don't need to see more

clients, 'cause we already know that

512

00:26:56,962 --> 00:27:01,062

the, 150 is the amount of relationships

we can have w- that are deep, right?

513

00:27:01,112 --> 00:27:03,592

So you're not gonna be able to double

your cl- I mean, some of you are gonna

514

00:27:03,592 --> 00:27:06,102

try to double your client household,

which means you're gonna give most

515

00:27:06,102 --> 00:27:07,352

of those people terrible service.

516

00:27:07,772 --> 00:27:09,762

But work on yourself.

517

00:27:11,252 --> 00:27:15,332

There's, there's a, somebody in the

industry who will re- remain nameless

518

00:27:16,202 --> 00:27:21,362

who, uh, had a major epiphany, uh, m-

because of some tragedy in their life,

519

00:27:21,602 --> 00:27:25,402

uh, and they've really swung the pendulum

from being very, very money-focused to

520

00:27:25,422 --> 00:27:27,202

really focusing on their spirituality.

521

00:27:27,642 --> 00:27:32,072

And, and part of that is, is because so

many of you think that the hole that you

522

00:27:32,072 --> 00:27:36,402

feel in your soul, that kind of emptiness

that you feel can be filled with money.

523

00:27:36,672 --> 00:27:41,172

Um, and so what I'm asking you, which

is really not a normal thing to ask all

524

00:27:41,172 --> 00:27:44,932

of you hard-charging business owners,

is y- you gotta still feed your soul.

525

00:27:45,262 --> 00:27:48,452

And when you're given the gift of

the one thing you can't make more of,

526

00:27:48,662 --> 00:27:51,170

so there's time, talents, treasures,

rela- Relationships and control are the

527

00:27:51,170 --> 00:27:51,540

five things that you can give up to be

successful, 'cause the universe doesn't

528

00:27:51,540 --> 00:27:51,610

just give you things for no reason.

529

00:27:51,610 --> 00:27:51,650

We're giving you back

530

00:27:59,240 --> 00:28:00,620

10 hours a week.

531

00:28:01,500 --> 00:28:05,600

Just take a little bit of time and work

on yourself as a human, because when you

532

00:28:05,600 --> 00:28:09,170

do that, you're gonna be surprised that

your business is gonna get even better

533

00:28:11,121 --> 00:28:15,731

Ryan: That's fantastic, Matt,

and such great insight there.

534

00:28:15,731 --> 00:28:19,921

And I often think too, that 10

hours, have more team events.

535

00:28:20,011 --> 00:28:24,351

Take your team out golfing, take them

to wherever, out to lunch or dinner.

536

00:28:24,351 --> 00:28:27,741

Reward them also for all the

hard work that they're doing.

537

00:28:28,601 --> 00:28:34,201

S- fantastic insight because I do

believe the more you do with your life,

538

00:28:34,331 --> 00:28:38,771

whether, you know, help your soul, it,

it comes back to your work environment

539

00:28:38,781 --> 00:28:40,991

too, and everyone, everyone wins.

540

00:28:41,251 --> 00:28:42,421

Everyone wins, Matt.

541

00:28:42,831 --> 00:28:45,011

So I think that's fantastic.

542

00:28:45,361 --> 00:28:47,501

I'm gonna, I'm gonna have

to start doing that more.

543

00:28:47,642 --> 00:28:48,102

MattGPT: Yeah

544

00:28:49,251 --> 00:28:50,191

Ryan: Um, for sure.

545

00:28:50,961 --> 00:28:59,431

what does a next gen or new advisor

who is, you know, uses AI, AI-enabled

546

00:28:59,431 --> 00:29:01,691

advisor look like moving forward, do you

547

00:29:02,020 --> 00:29:02,440

MattGPT: Yeah.

548

00:29:02,440 --> 00:29:05,560

So there have been a lot of people

talking about this and writing about

549

00:29:05,560 --> 00:29:08,910

this right now, and I'm very, very

happy where the conversation's going.

550

00:29:09,320 --> 00:29:13,040

So this next AI-enabled

next-gen advisor, it's all about

551

00:29:13,040 --> 00:29:14,780

judgment and relationship first.

552

00:29:15,080 --> 00:29:16,730

AI does not have judgment.

553

00:29:16,750 --> 00:29:18,770

AI cannot make a relationship.

554

00:29:19,010 --> 00:29:22,910

AI can just handle the, the,

the paperwork very clearly and

555

00:29:22,910 --> 00:29:24,730

succinctly with less errors.

556

00:29:24,820 --> 00:29:26,410

That's also gonna increase your trust.

557

00:29:26,680 --> 00:29:30,660

But it's also gonna give the opportunity

for you to spend more time to build the

558

00:29:30,670 --> 00:29:33,480

relationship, and that is unbelievable.

559

00:29:33,680 --> 00:29:36,520

The speed to servicing that I was

talking about is another thing that

560

00:29:36,680 --> 00:29:40,370

is expected now that most of you

are just not doing a good job with.

561

00:29:40,750 --> 00:29:44,450

The things that used to take a week.

562

00:29:44,720 --> 00:29:48,810

I, I mean, I, I've known advisors who

I've coached, it was a week before

563

00:29:48,810 --> 00:29:54,410

they executed all of the trades and

got all the paperwork submitted and,

564

00:29:54,550 --> 00:29:58,610

and delegated all of the tasks and,

uh, you know, did all of the follow-up

565

00:29:58,610 --> 00:29:59,720

and stuff that they needed to do.

566

00:29:59,720 --> 00:30:02,250

That's gonna be able to be done

in minutes, if not an hour.

567

00:30:02,630 --> 00:30:05,830

And so that's what people are gonna

be expecting, and that's what the

568

00:30:05,830 --> 00:30:07,470

next gen is really looking for.

569

00:30:08,730 --> 00:30:11,730

The other thing that I

think is wonderful is

570

00:30:14,884 --> 00:30:20,424

You, with the click of a button, you're

gonna know what the last 10 meetings

571

00:30:20,424 --> 00:30:25,694

were with a summary of what you talked

about, what their concerns were, what the

572

00:30:25,694 --> 00:30:29,354

tone of the meeting was, what you said

you would do, what they said that they

573

00:30:29,354 --> 00:30:31,844

would do, what you did do, what they did.

574

00:30:32,194 --> 00:30:36,694

And you're gonna be, have this wonderful

one-page document that is gonna give

575

00:30:36,694 --> 00:30:43,074

you a summary of birthdays, kids,

grandkids, vacations that they took

576

00:30:43,334 --> 00:30:48,284

so that you can be so prepared going

into a client meeting that the client

577

00:30:48,294 --> 00:30:50,414

Y- you're not gonna have to do … And

I know a lot of your listeners

578

00:30:50,414 --> 00:30:54,264

have done this, where they're, you

know, walking into the meeting and

579

00:30:54,264 --> 00:30:55,824

they're, they're like, "Oh my God.

580

00:30:55,874 --> 00:31:00,164

I have no idea what the heck I talk

to about these people with," right?

581

00:31:00,194 --> 00:31:03,284

And so that's what is this next thing.

582

00:31:03,284 --> 00:31:06,304

One of my favorite stories, uh, it's

actually from, uh, one of our salespeople.

583

00:31:06,304 --> 00:31:08,134

His name's Rex, and I love this guy.

584

00:31:08,134 --> 00:31:10,544

He's, he's beyond a salesperson.

585

00:31:10,544 --> 00:31:12,084

This guy's s- very sage-like.

586

00:31:12,594 --> 00:31:16,694

And he was telling us a story, uh,

about a, a client who … So she

587

00:31:16,694 --> 00:31:19,804

was, she's a pr- younger advisor

taking over from an older advisor,

588

00:31:20,144 --> 00:31:21,484

and he's almost on his way out.

589

00:31:21,484 --> 00:31:25,404

So it was like this was, like,

the last meeting, uh, that, that

590

00:31:25,404 --> 00:31:30,024

she had, was the biggest client,

the humongous client, A++ client.

591

00:31:30,354 --> 00:31:33,724

She was a little bit nervous

about it, and so, uh, the primary

592

00:31:33,724 --> 00:31:34,804

advisor didn't go to the meeting.

593

00:31:35,074 --> 00:31:37,274

Uh, this was her first

meeting with him on her own.

594

00:31:37,624 --> 00:31:41,344

And the, the client came in and,

and, um, he was really distraught.

595

00:31:42,264 --> 00:31:43,984

And she was like, "Hey, hey, John.

596

00:31:43,994 --> 00:31:45,104

What, what's going on?"

597

00:31:45,434 --> 00:31:49,534

And he said, um, "My daughter's

favorite chicken," he named his

598

00:31:49,534 --> 00:31:53,844

daughter, named the chicken, "uh, is

in the hospital and, and I just got

599

00:31:53,844 --> 00:31:54,954

off the phone with my, my daughter.

600

00:31:54,954 --> 00:31:55,754

She's freaking out."

601

00:31:56,254 --> 00:31:58,664

And, and the advisor was like, "What?

602

00:31:59,804 --> 00:32:02,144

Your daughter's favorite

chicken's in the hospital?"

603

00:32:02,144 --> 00:32:05,054

I mean, she's like, "Oh," you know, of

course she was like, "Oh, I'm so sorry

604

00:32:05,054 --> 00:32:06,134

that happened," and so on and forth.

605

00:32:06,344 --> 00:32:07,294

And he's like, "Yeah, yeah, yeah.

606

00:32:07,294 --> 00:32:09,184

You know, I just want you to know

I'm just a little bit distracted."

607

00:32:09,714 --> 00:32:11,514

So then they go in and they

have their meeting, and the

608

00:32:11,514 --> 00:32:12,714

meeting goes incredibly well.

609

00:32:13,664 --> 00:32:19,144

So in our post-meeting follow-up, uh, in,

in the summary, it said as a suggested

610

00:32:19,144 --> 00:32:24,774

action, "Send daughter," name, "and

the chicken," name, "a care package

611

00:32:24,784 --> 00:32:25,994

for the chicken in the hospital."

612

00:32:26,954 --> 00:32:29,594

And she was like, "Well, that's peculiar.

613

00:32:30,584 --> 00:32:31,094

Whatever.

614

00:32:31,094 --> 00:32:32,404

What's the worst thing that can happen?"

615

00:32:33,324 --> 00:32:34,424

So she did.

616

00:32:35,094 --> 00:32:39,864

She actually sent a care package to

the daughter with the name of the

617

00:32:39,864 --> 00:32:45,646

chicken Minutes after it landed, the,

the biggest client she had called her

618

00:32:45,646 --> 00:32:47,826

up, "I cannot believe you did that.

619

00:32:48,256 --> 00:32:53,216

I can't believe that you were so

thoughtful to send my daughter

620

00:32:53,246 --> 00:32:57,546

and her, her chicken, who's

recovering, um, a care package."

621

00:32:57,576 --> 00:32:58,686

And here's the best part.

622

00:32:58,696 --> 00:33:00,556

So that's just warm and

fuzzy, touchy-feely.

623

00:33:00,706 --> 00:33:03,656

She did maintain the business from

the guy who was the biggest client.

624

00:33:04,166 --> 00:33:05,446

She also got her daughter.

625

00:33:06,026 --> 00:33:11,046

That is what is the expectation that's

gonna be happening very, very, very

626

00:33:11,046 --> 00:33:16,626

soon, because if you're not having

that level of detail and that level of

627

00:33:16,626 --> 00:33:19,816

preparedness that you can now do with

the click of a button, dude, you're not

628

00:33:19,816 --> 00:33:23,266

gonna be winning all of that business,

and that's what the next gen, not just the

629

00:33:23,266 --> 00:33:27,276

next gen advisors look like, but that's

what the next generation of investors

630

00:33:27,276 --> 00:33:30,616

and people who want relationships

with advisors are gonna expect

631

00:33:32,217 --> 00:33:33,567

Ryan: I love that example, Matt.

632

00:33:33,667 --> 00:33:38,477

That's fantastic, and it goes back to

something I've said a lot or heard a lot.

633

00:33:38,507 --> 00:33:44,947

AI is great support however you wanna use

it, but it's gonna make the relationship

634

00:33:44,957 --> 00:33:49,827

building and being somebody who likes

relationships even more important.

635

00:33:49,837 --> 00:33:52,937

Because like you said, AI,

it doesn't feel empathy.

636

00:33:53,307 --> 00:33:57,847

It d- can't build a re- It can help

you, though, build better relationships,

637

00:33:58,117 --> 00:34:04,527

just exactly what you said, and it's

ma- and it will make the responsibility

638

00:34:04,527 --> 00:34:09,107

of advisors in building relationships

even more important, which is a

639

00:34:09,252 --> 00:34:09,652

MattGPT: Yeah

640

00:34:11,297 --> 00:34:14,726

Ryan: How do you get advisors who

built successful practices, like you

641

00:34:14,726 --> 00:34:20,286

said, might be million-dollar practices

years ago, they're set in their ways.

642

00:34:20,286 --> 00:34:21,447

They're like, "I built this

643

00:34:21,476 --> 00:34:22,937

thing the way I did.

644

00:34:22,947 --> 00:34:25,306

Why do I need to change and adopt AI?"

645

00:34:25,357 --> 00:34:26,877

What do you tell those advisors?

646

00:34:27,178 --> 00:34:30,478

MattGPT: Well, I use the, I use

the asteroid analogy a lot, dude.

647

00:34:30,478 --> 00:34:34,007

And, and sometimes that, uh,

doesn't go over incredibly well.

648

00:34:34,318 --> 00:34:37,998

Um, it, it has to be

incremental change, right?

649

00:34:38,007 --> 00:34:44,697

So, w- and, and this is the reason why

the notetaker is still such a great hook.

650

00:34:45,038 --> 00:34:46,398

Because if I say to my…

651

00:34:46,628 --> 00:34:48,828

You know, so, uh, I'll

use a couple of examples.

652

00:34:48,978 --> 00:34:52,478

So one of the advisors that I coach

is a humongous Ameriprise advisor.

653

00:34:52,737 --> 00:34:55,928

I mean, she always had her junior

advisor at every single solitary meeting.

654

00:34:56,378 --> 00:34:59,698

So labor-wise, from a profitability

standpoint, those were less

655

00:34:59,708 --> 00:35:03,428

profitable clients, and her associate

wealth advisor, who was really,

656

00:35:03,428 --> 00:35:08,058

really freaking smart, would miss

things, or he'd get sick, right?

657

00:35:08,188 --> 00:35:09,948

And so if he was sick, he

couldn't be in the meeting.

658

00:35:09,988 --> 00:35:11,838

AI is never sick, right?

659

00:35:11,948 --> 00:35:15,268

And, and AI can be templated over time.

660

00:35:15,418 --> 00:35:18,788

It'll start learning exactly what

you want those notes to look like.

661

00:35:18,788 --> 00:35:20,828

It doesn't get it perfect the first time.

662

00:35:21,048 --> 00:35:24,118

The first time it's gonna be 20 pages

long, and then you need to go ahead

663

00:35:24,118 --> 00:35:27,248

and adjust and adjust and adjust

until it gets to what you want it.

664

00:35:27,388 --> 00:35:28,688

You save that as a template.

665

00:35:28,768 --> 00:35:30,238

Bam, Bob's your uncle, it works.

666

00:35:30,448 --> 00:35:33,158

But so that's what, that's

always the entry point.

667

00:35:33,438 --> 00:35:37,718

The entry point is not integrations

and helping you do financial plans.

668

00:35:37,898 --> 00:35:41,158

It's not gonna, you know, integrate

with MCP and help you create a custom

669

00:35:41,158 --> 00:35:44,488

slide deck for each client, you know,

before they come in that's built off

670

00:35:44,488 --> 00:35:46,108

PowerPoint with your brand standards.

671

00:35:46,358 --> 00:35:50,048

It's finding those very,

very small paperwork issues.

672

00:35:50,238 --> 00:35:53,298

Those time that you have

to spend with your notes.

673

00:35:53,558 --> 00:35:58,208

The time that you, knowing that you don't

remember and you missed an opportunity.

674

00:35:58,508 --> 00:36:02,228

When all of those things,

an advisor can really see

675

00:36:02,228 --> 00:36:04,008

themselves making those changes.

676

00:36:04,528 --> 00:36:07,418

But g- let's get back to the Ezra

group, what I talked about before.

677

00:36:09,220 --> 00:36:12,130

Technology used to take

forever to implement.

678

00:36:12,440 --> 00:36:16,510

You know, I, I mean, there's

people who are still messing

679

00:36:16,510 --> 00:36:17,763

with their Salesforce, right?

680

00:36:17,763 --> 00:36:19,120

You know, I mean, that's a great example.

681

00:36:19,410 --> 00:36:22,640

Uh, or, or, you know, their

CRM still doesn't do everything

682

00:36:22,640 --> 00:36:23,690

that they want it to do.

683

00:36:24,680 --> 00:36:28,600

W- we built a system that it's

pl- it's literally plug and play.

684

00:36:28,800 --> 00:36:30,790

Do you need to make

adjustments and tailor?

685

00:36:30,790 --> 00:36:33,890

Yes, but the system works out of the box.

686

00:36:33,900 --> 00:36:40,360

So there's, there's, there's what … So

there are so many people who are

687

00:36:40,370 --> 00:36:44,560

able to go ahead and implement our

system without any sort of training.

688

00:36:45,240 --> 00:36:50,250

But this changes the power dynamic,

and this is where a lot of advisors

689

00:36:50,260 --> 00:36:54,540

struggle because they'll say, these,

these older advisors generally will be

690

00:36:54,540 --> 00:36:56,320

like, "Well, I don't want to use it."

691

00:36:56,480 --> 00:36:58,060

Okay, listen, dude, I

don't care if you use it.

692

00:36:58,580 --> 00:37:00,330

Your team wants you to use it, right?

693

00:37:00,830 --> 00:37:03,120

I mean, they're tired

of chasing you around.

694

00:37:03,180 --> 00:37:06,350

O- one of my, one of my favorite

experiences here, I just started

695

00:37:06,350 --> 00:37:09,490

here, and I went to Estate

Con, which is wealth.com's,

696

00:37:09,750 --> 00:37:13,990

uh, conference, and, um, and I

had … This woman came up to me.

697

00:37:13,990 --> 00:37:16,110

I had, like, like, I didn't e-

I had, didn't even have, like,

698

00:37:16,110 --> 00:37:17,630

any Zocks clothing at this point.

699

00:37:17,730 --> 00:37:19,250

I was, like, two weeks into the business.

700

00:37:19,410 --> 00:37:20,180

They're like, "Go.

701

00:37:20,180 --> 00:37:21,150

You need to meet people."

702

00:37:21,650 --> 00:37:23,740

So I went to the conference,

and this woman came up to me

703

00:37:23,740 --> 00:37:26,290

and she said, "Hey, Zocks guy."

704

00:37:26,300 --> 00:37:27,665

And I was like, "That's not me."

705

00:37:27,665 --> 00:37:29,540

I didn't know what she was talking to.

706

00:37:29,550 --> 00:37:31,120

She's like, "Hey, Zocks changed my life."

707

00:37:32,580 --> 00:37:37,400

And I, and honestly, man, I, I thought

I was getting hazed by the two senior

708

00:37:37,400 --> 00:37:38,720

salesper- people that were there.

709

00:37:39,450 --> 00:37:42,370

And, uh, and, and she's like, she's

like, "No, no, I'm, I'm serious."

710

00:37:42,510 --> 00:37:44,310

And I was like, "Well, you

know, tell me about your firm."

711

00:37:44,310 --> 00:37:45,340

She's like, "It's not my firm."

712

00:37:46,590 --> 00:37:47,650

And I'm like, "What's going on?"

713

00:37:47,660 --> 00:37:50,740

And she's like, "I'm the chief

of operations for … " You

714

00:37:50,740 --> 00:37:51,960

know, we have seven advisors.

715

00:37:52,680 --> 00:37:57,750

"I spent 50% of my time chasing them

down for all of the tasks, all of

716

00:37:57,750 --> 00:37:59,130

the notes, to be able to tr- you know

717

00:37:59,350 --> 00:38:02,260

And then I'm spending all of that

time, you know, on all of the meeting

718

00:38:02,260 --> 00:38:04,960

prep and then, you know, and then

they would never do the follow-up."

719

00:38:05,260 --> 00:38:09,750

She's like, "You guys

saved me 50% of my time."

720

00:38:09,750 --> 00:38:14,950

So those grumpy old advisors, right,

who don't want to change, I don't care.

721

00:38:15,160 --> 00:38:16,240

Your team does.

722

00:38:16,410 --> 00:38:19,380

That's gonna be where it … You're

gonna get the biggest bang for your

723

00:38:19,380 --> 00:38:22,830

buck because you go into a meeting,

your team member clicks a button,

724

00:38:23,060 --> 00:38:28,180

Zocks is there, the meeting's

over, you click the button, right?

725

00:38:28,260 --> 00:38:31,860

Then your team can actually get

all of the notes, all of the stuff,

726

00:38:31,890 --> 00:38:34,890

get ready for the meetings, do

all … That, that's where we win

727

00:38:37,017 --> 00:38:37,327

Ryan: Love it.

728

00:38:37,757 --> 00:38:38,387

Love it.

729

00:38:38,437 --> 00:38:43,157

So with that then, we've talked

a lot about just the time

730

00:38:43,280 --> 00:38:43,490

MattGPT: Mm-hmm

731

00:38:43,497 --> 00:38:44,707

Ryan: AI can free up.

732

00:38:45,107 --> 00:38:50,847

Maybe it's using AI to b- find the best

ETF or mutual fund for your clients, or

733

00:38:50,847 --> 00:38:55,887

maybe it's proposal generation or content

creation, using AI for content creation.

734

00:38:56,097 --> 00:39:00,447

What do you think is the biggest

opportunity for advisors who adopt AI?

735

00:39:02,270 --> 00:39:07,160

MattGPT: Uh, one, I think it's

going to be real organic growth.

736

00:39:07,760 --> 00:39:11,230

So there's so many people who are

constantly talking about organic

737

00:39:11,240 --> 00:39:13,280

growth, but here's the deal.

738

00:39:13,970 --> 00:39:18,760

It costs so much more to get a

new client than it does to sell

739

00:39:18,760 --> 00:39:23,200

an existing product to an existing

client, and I think we've forgotten

740

00:39:23,200 --> 00:39:25,490

that very simple business component.

741

00:39:25,670 --> 00:39:29,140

When you can go into your book of

business and ask that question about,

742

00:39:29,440 --> 00:39:33,390

you know, grandkids, you know, "How

many of my clients' kids got married?"

743

00:39:33,660 --> 00:39:37,630

Um, you know, "How many of my kids or my

clients were bragging about their daughter

744

00:39:37,630 --> 00:39:39,400

who just got a promotion at Apple?"

745

00:39:39,630 --> 00:39:39,950

Right?

746

00:39:40,000 --> 00:39:43,260

Being able to uncover those opportunities

in your existing book of business

747

00:39:43,260 --> 00:39:46,950

where you can make a quick phone call

to Julie and say, "Hey, Julie, gosh,

748

00:39:46,950 --> 00:39:49,450

in our last meeting, you were talking

about how your daughter just got

749

00:39:49,460 --> 00:39:51,440

promoted to a huge position at Apple.

750

00:39:51,700 --> 00:39:55,640

Um, do you know what sort of

financial education that she's gotten?

751

00:39:55,670 --> 00:39:58,420

Uh, would you mind if I reached

out to her and gave her a call?

752

00:39:58,420 --> 00:40:01,000

'Cause I've been your

family's advisor for 20 years.

753

00:40:01,400 --> 00:40:04,220

Would you be okay with

making that happen?"

754

00:40:04,310 --> 00:40:05,990

And of course, she's gonna say yes.

755

00:40:06,520 --> 00:40:07,160

That's what…

756

00:40:07,190 --> 00:40:08,480

That's the next level.

757

00:40:08,490 --> 00:40:12,330

That is the opportunity that is already

sitting right in front of you that

758

00:40:12,340 --> 00:40:16,680

you guys all can't see because you're

too busy doing the other things.

759

00:40:17,520 --> 00:40:20,190

The other thing is, is confidence, dude.

760

00:40:20,660 --> 00:40:27,050

And again, this is warm and fuzzy,

touchy-feely stuff, but when you, 5,

761

00:40:27,050 --> 00:40:32,840

10 minutes before your client meeting,

you can sit down and have that meeting

762

00:40:32,840 --> 00:40:38,990

prep document done where you know all of

the conversations, all of the pertinent

763

00:40:38,990 --> 00:40:42,890

information, suggested questions, oh, you

know, talking about some of the things

764

00:40:42,890 --> 00:40:44,730

that they wanted to talk about last time.

765

00:40:44,970 --> 00:40:49,120

Um, all of those things, your

confidence level goes way up, which

766

00:40:49,140 --> 00:40:51,660

means your stress level goes down.

767

00:40:51,870 --> 00:40:55,600

So you're walking into a client meeting

with a different level of confidence

768

00:40:55,790 --> 00:40:58,880

instead of being freaked out 'cause

you don't remember all of the stuff.

769

00:40:59,100 --> 00:41:04,130

It's freaking right there, and, and

that's one of those unquantifiable things.

770

00:41:04,140 --> 00:41:05,440

You know, we can help

you grow your business.

771

00:41:05,440 --> 00:41:06,890

We can reduce your admin time.

772

00:41:07,080 --> 00:41:09,910

We can reduce your NIGOs and, you

know, bad, in order paperwork,

773

00:41:09,920 --> 00:41:11,180

all of that sort of stuff.

774

00:41:11,680 --> 00:41:18,330

But when I can make you feel better,

stronger, smarter, faster, and that

775

00:41:18,330 --> 00:41:20,600

you're gonna be able to provide even

better client service just because

776

00:41:20,600 --> 00:41:22,410

of a piece of freaking software?

777

00:41:23,480 --> 00:41:24,780

And here's the other thing.

778

00:41:25,600 --> 00:41:26,120

We're what?

779

00:41:26,120 --> 00:41:29,010

100,000 people short

in financial services?

780

00:41:29,330 --> 00:41:29,480

Right?

781

00:41:29,480 --> 00:41:32,010

I mean, so many people are

retiring, and we have a really

782

00:41:32,010 --> 00:41:33,580

old population in this industry.

783

00:41:34,070 --> 00:41:37,600

AI efficiencies is gonna be able

to, one, help you attract way better

784

00:41:37,600 --> 00:41:41,520

talent, and two, you're gonna be able

to get them up to speed way faster.

785

00:41:41,630 --> 00:41:45,700

Which, by the way, is probably a whole

nother podcast, uh, that, that we

786

00:41:45,700 --> 00:41:49,520

could do on just the talent aspect,

uh, in associate wealth advisors

787

00:41:49,520 --> 00:41:50,940

and moving people through the ranks.

788

00:41:51,170 --> 00:41:53,240

Uh, but that is another

really important thing

789

00:41:54,939 --> 00:41:56,339

Ryan: Matt, let's schedule it now.

790

00:41:56,479 --> 00:41:59,179

Let's schedule that on next

pod- the next podcast now.

791

00:41:59,340 --> 00:41:59,910

MattGPT: fantastic

792

00:42:00,899 --> 00:42:04,479

Ryan: I love all the touchy-feely

stuff that you're talking about because

793

00:42:04,479 --> 00:42:08,709

when I started in AG myself in the

early 2000, it was so transactional.

794

00:42:08,979 --> 00:42:12,209

It was just stockbrokers selling,

buying stocks, you name it.

795

00:42:12,659 --> 00:42:16,989

Now, it is so all about relationships,

so you need to be good at the

796

00:42:17,009 --> 00:42:21,469

touchy-feely stuff, whether really

you're on the investment side or not.

797

00:42:21,759 --> 00:42:23,719

Those days are long gone.

798

00:42:23,749 --> 00:42:24,939

Now it's relationship.

799

00:42:24,989 --> 00:42:30,059

Everything that you've just talked

about during this podcast is so true.

800

00:42:30,669 --> 00:42:32,239

lastly, last

801

00:42:32,239 --> 00:42:33,869

question here for you, Matt.

802

00:42:34,189 --> 00:42:38,349

What's the thing about AI and

financial advice that you don't

803

00:42:38,359 --> 00:42:41,419

think people are talking about?

804

00:42:41,838 --> 00:42:46,428

MattGPT: Well, and I'm gonna be beating

this drum as long as I'm here, which

805

00:42:46,428 --> 00:42:48,348

is what are you gonna do with the time?

806

00:42:48,548 --> 00:42:52,618

Everybody's so focused on the time

savings, but nobody's giving any advisor

807

00:42:52,618 --> 00:42:55,268

a solution on what to do with that time.

808

00:42:55,268 --> 00:43:02,468

A- and it, I, when you are right with

yourself, you are gonna be a better

809

00:43:02,468 --> 00:43:05,308

business person, you're gonna be

better in your relationships, you're

810

00:43:05,308 --> 00:43:06,908

gonna be better with your community.

811

00:43:07,078 --> 00:43:08,098

A- and we…

812

00:43:09,538 --> 00:43:12,708

That's what makes a great

business person, in my opinion.

813

00:43:13,368 --> 00:43:17,798

If you're really truly gonna be great

in business, if you're truly going to

814

00:43:18,138 --> 00:43:23,958

want to help your clients, which all of

you do, when you have that extra layer

815

00:43:23,988 --> 00:43:30,908

of security, understanding of yourself,

mental wellbeing, physical wellbeing,

816

00:43:31,068 --> 00:43:33,418

your health is in, you know, in check.

817

00:43:33,618 --> 00:43:36,598

When you're not walking into a

meeting with blood vessels popping in

818

00:43:36,598 --> 00:43:39,398

your nose and your forehead because

you're so stressed out, and you're

819

00:43:39,398 --> 00:43:43,818

70 pounds overweight because you work

all the time, your clients see that.

820

00:43:44,448 --> 00:43:47,208

They worry that you're not

taking care of yourself.

821

00:43:47,248 --> 00:43:50,908

But if you walk in, you're calm,

you're relaxed, you know, you just

822

00:43:50,908 --> 00:43:54,558

had a wonderfully spiritual fulfilling

experience, or maybe you went out and,

823

00:43:54,588 --> 00:43:58,408

I don't know, volunteered at a local

food bank, and you just got that good

824

00:43:58,408 --> 00:44:01,948

feeling of just being a better human,

your clients are gonna feel that.

825

00:44:02,928 --> 00:44:08,428

I also think that, uh, firms that

are really winning with AI, and

826

00:44:08,428 --> 00:44:13,088

this is really not talked about

enough, are using that extra time

827

00:44:13,408 --> 00:44:16,728

and that extra, um, lift, which is…

828

00:44:16,848 --> 00:44:20,038

I, I, see, I like it to be

called augmented intelligence.

829

00:44:20,168 --> 00:44:22,068

I hate that it's called

artificial intelligence.

830

00:44:22,428 --> 00:44:24,578

Because it's like Tony

Stark's super suit, right?

831

00:44:24,808 --> 00:44:28,578

Uh, so he puts on the Iron Man

outfit, he's different, right?

832

00:44:28,588 --> 00:44:30,088

He's stronger, smarter, faster, better.

833

00:44:30,088 --> 00:44:32,598

Well, I mean, he can freaking fly

and all that cool stuff, right?

834

00:44:33,288 --> 00:44:36,788

This is what advisors need to do,

and they can then put that super

835

00:44:36,788 --> 00:44:39,658

suit on their, their other team.

836

00:44:39,848 --> 00:44:43,878

They can put that on the new advisor

coming in, and we're gonna start seeing

837

00:44:44,088 --> 00:44:49,208

how much faster new advisors can get into

client relationships instead of doing

838

00:44:49,208 --> 00:44:53,498

all of the menial stuff that advisors

want them to do to learn the industry.

839

00:44:53,718 --> 00:44:57,018

That, that time is gonna

be shrunk exponentially

840

00:44:58,807 --> 00:44:58,837

Ryan: Yeah.

841

00:44:59,137 --> 00:45:00,567

I love that au- augmented

842

00:45:00,804 --> 00:45:01,069

MattGPT: Yeah.

843

00:45:01,069 --> 00:45:06,374

And I think the last one, dude,

is AI can save your butt, right?

844

00:45:06,644 --> 00:45:10,914

Uh, so I'm, I'm at a, I'm at a large

insurance conference, uh, a little

845

00:45:10,914 --> 00:45:15,614

while ago, and, uh, this large general

agent, I, I didn't know who he was, I

846

00:45:15,614 --> 00:45:16,994

didn't really realize he was that big.

847

00:45:17,114 --> 00:45:19,314

But I, I do these, like, Johnny

on the Street interviews.

848

00:45:19,664 --> 00:45:22,114

And, um, and he came up to

me and he's like, "Hey, I…

849

00:45:22,154 --> 00:45:23,284

Can I do an interview with you?"

850

00:45:23,284 --> 00:45:24,464

I was like, "Let's go."

851

00:45:24,734 --> 00:45:26,144

So, you know, we walked

over to this place.

852

00:45:26,144 --> 00:45:28,744

And, and so I said, you know,

"Hey, you know, uh, I'm Matt GBT,

853

00:45:28,774 --> 00:45:29,954

I'm here at the LIMRA conference.

854

00:45:30,194 --> 00:45:31,384

You know, hey, I'm here with John.

855

00:45:31,594 --> 00:45:34,464

Uh, you know, John, you pulled me aside

and said that you wanted to talk about AI.

856

00:45:34,464 --> 00:45:35,284

What do you wanna talk about?"

857

00:45:35,284 --> 00:45:37,694

And he grabs the microphone,

which, you know, again, whatever,

858

00:45:37,714 --> 00:45:38,604

I should have held onto it.

859

00:45:38,994 --> 00:45:40,924

But he grabbed the microphone,

he goes, "Here's the thing."

860

00:45:40,934 --> 00:45:41,964

He's pointing at the camera.

861

00:45:43,494 --> 00:45:44,654

"AI saved my butt."

862

00:45:44,674 --> 00:45:46,434

And I'm like, "Okay, elaborate."

863

00:45:46,574 --> 00:45:48,454

C- of course you couldn't hear me

'cause he was holding the microphone.

864

00:45:48,984 --> 00:45:51,264

And he goes, "I had a client complaint-

865

00:45:54,036 --> 00:45:55,076

We had the transcription.

866

00:45:56,376 --> 00:45:57,716

I submitted the transcription.

867

00:45:58,666 --> 00:45:59,826

They're like, "Nope.

868

00:46:01,486 --> 00:46:03,086

Th- your complaint is not valid."

869

00:46:04,236 --> 00:46:07,416

And the advisor was like, "Do you

have any idea what that did for me?"

870

00:46:08,516 --> 00:46:14,286

So when it comes to compliance,

when it comes to privacy first, when

871

00:46:14,286 --> 00:46:17,006

it comes to those sorts of things,

I don't think that we're talking

872

00:46:17,016 --> 00:46:19,056

about those auxiliary benefits.

873

00:46:19,386 --> 00:46:25,006

Nigos, how many times do you submit

paperwork to your home office and it

874

00:46:25,016 --> 00:46:29,166

gets kicked back because one number's

wrong 'cause somebody miskeyed something?

875

00:46:29,816 --> 00:46:33,656

That doesn't happen anymore

because we go field to field.

876

00:46:34,246 --> 00:46:36,606

And so, yeah, there's a

whole bunch of stuff, dude.

877

00:46:36,606 --> 00:46:38,216

But those, those are, those are my things.

878

00:46:38,626 --> 00:46:41,576

And again, I'm always gonna lean on

the number one thing that's the most

879

00:46:41,576 --> 00:46:45,396

important to me is I've been a life

coach in financial services for 20 years.

880

00:46:45,696 --> 00:46:48,876

I want all of you to live a better

life and not just have a better

881

00:46:48,876 --> 00:46:52,256

practice, and you can do that when

you have great tech in your background

882

00:46:54,321 --> 00:46:55,701

Ryan: That's fantastic, Matt.

883

00:46:55,731 --> 00:47:00,491

I think that's a perfect way of wrapping a

bow up on this show and this conversation.

884

00:47:00,491 --> 00:47:01,231

That is awesome.

885

00:47:01,251 --> 00:47:05,531

I love that last example of

covering your butt with compliance.

886

00:47:06,261 --> 00:47:09,541

I've had a lot of conversations,

haven't really had that one

887

00:47:09,541 --> 00:47:11,031

yet, so that's fantastic.

888

00:47:11,051 --> 00:47:12,361

Thank you so much for sharing.

889

00:47:13,121 --> 00:47:15,701

Matt, thank you so much

for coming on the show.

890

00:47:15,701 --> 00:47:18,271

Like I said, it was such

an honor to have you on.

891

00:47:18,611 --> 00:47:20,721

Really fun conversation.

892

00:47:20,751 --> 00:47:23,781

I learned a lot, a of great insight.

893

00:47:23,851 --> 00:47:24,561

Thank you.

894

00:47:24,611 --> 00:47:28,271

Where can our audience get

more information about Zox?

895

00:47:28,390 --> 00:47:29,730

MattGPT: just go to zocks.io,

896

00:47:30,020 --> 00:47:31,690

uh, and that's gonna be the best place.

897

00:47:31,690 --> 00:47:34,290

You can book a demo there,

you can do a free trial there.

898

00:47:34,490 --> 00:47:37,760

Uh, we've got all sorts of great

information that you can have there.

899

00:47:37,960 --> 00:47:40,360

Uh, if you're an existing

Zocks user, please make sure

900

00:47:40,360 --> 00:47:41,810

you go to the Zocks Academy.

901

00:47:41,820 --> 00:47:45,810

Great information on how you can use

our products and services even more.

902

00:47:46,010 --> 00:47:48,740

And very shamelessly, if you're

not following me on LinkedIn,

903

00:47:48,750 --> 00:47:49,790

I'm putting out content.

904

00:47:49,960 --> 00:47:52,980

Uh, I talk about most of this

stuff almost every week, uh, and I

905

00:47:52,980 --> 00:47:54,640

would love to be able to continue.

906

00:47:54,830 --> 00:47:56,080

Uh, I'm not selling anything.

907

00:47:56,290 --> 00:47:59,850

Uh, I'm just here to try to educate

the financial services public on

908

00:48:00,270 --> 00:48:04,030

really best practices with AI, uh,

and, and how it can help you have

909

00:48:04,030 --> 00:48:05,410

a better practice and a better life

910

00:48:06,801 --> 00:48:07,741

Ryan: Yeah, that's fantastic.

911

00:48:09,031 --> 00:48:12,781

Matt, I, a lot of people may not

agree with this or believe it,

912

00:48:12,781 --> 00:48:16,781

but I do do some research and prep

work before coming on the podcast.

913

00:48:17,131 --> 00:48:19,701

Zox, I've known Zox for some time.

914

00:48:19,711 --> 00:48:24,681

You guys do a lot of great research

content, information on the website.

915

00:48:24,741 --> 00:48:28,141

I followed you for a long time also.

916

00:48:28,161 --> 00:48:33,581

I cannot re- recommend following you

and, uh, on and connecting on LinkedIn.

917

00:48:33,901 --> 00:48:35,821

A great site, great content.

918

00:48:35,821 --> 00:48:37,241

You guys are doing great things.

919

00:48:37,241 --> 00:48:37,591

I love

920

00:48:37,814 --> 00:48:38,224

MattGPT: Thanks, man

921

00:48:38,601 --> 00:48:43,771

Ryan: So thank you so much for listening

to this episode of Adjusted for Risk.

922

00:48:43,991 --> 00:48:46,691

You can watch all of our other

episodes on the Adjusted for

923

00:48:46,691 --> 00:48:48,781

Risk YouTube channel and Spotify.

924

00:48:48,851 --> 00:48:51,801

Also, please be sure to like and

subscribe to those channels, and

925

00:48:51,811 --> 00:48:53,861

also give us a follow on LinkedIn.

926

00:48:54,661 --> 00:48:56,911

you very much and have a

great rest of your week