Banking on Digital Growth
Banking on Digital Growth

Episode · 10 months ago

132) #ExpontentialInsights: Retire as You Desire: Where Do You Put Your Dollars?

ABOUT THIS EPISODE

It’s always nice to have some extra cash.

The trouble is: knowing where to invest it.

The truth is that most people need help deciding what to do with their money — especially entrepreneurs.

Today’s guest, Bill Bloom , President, Bloom Financial Company , is on a mission to help entrepreneurs better invest their dollars to maximize their success.

In this episode, we discuss:

  • Why people need help investing
  • What to look for in an advisor
  • How Bill’s latest venture will provide sound financial advice at scale

You can find this interview and many more by subscribing to Banking on Digital Growth on Apple Podcasts, on Spotify, or here.

Listening on a desktop & can’t see the links? Just search for Banking on Digital Growth in your favorite podcast player.

...there's just so many things that entrepreneurs are great at doing, of planning their money is not one of them, they don't want to deal with that, No, Yeah, You're listening to banking on digital growth with James Robert, lay a podcast that empowers financial brand marketing, sales and leadership teams to maximize their digital growth potential by generating 10 times more loans and deposits. Today's episode is part of the exponential insight series where James robert interviews the industry's top marketing sales and fintech leaders sharing practical wisdom to exponentially elevate you and your team. Let's get into the show greetings and hello, I am James robert ley and welcome to the 132nd episode of the Banking on Digital Growth podcast. Today's episode is part of the exponential insight series and I'm excited to welcome Bill bloom to the show. Bill is an independent financial planner and principle of bloom financial company as well as the host of the retire as you desire podcasts and author of the book by the same name, retire as you desire your guide to a happy and healthy retirement. Now, what I'm most excited to chat with Bill about today is the journey he is just embarking on that is rooted in technology using technology as an exponential multiplier to create even more value for people through collaborations with financial brands with banks with credit unions and it is this journey, I know many financial brands are thinking about to welcome to the show. Bill, it is so good to have you on today, my friend always great to be with you. James, thank you so much for having me. I've been a fan of your show for a long time and I'm really glad that I had a chance to meet and connect through strategic coach. Absolutely. And you know, Justin Brain has also been a guest on this show. I mean he is the ultimate, ultimate connector of people, he helps people find the who's to their house, something that dan and I had talked about in a previous episode, but what I'm looking forward to talking about today and before we get into that is really like the journey that you've been on as an independent financial planner who is looking at utilizing technology as an exponential multiplier and really I would say it's even more of the fin tech side of things. But before we get there, always like to start off on a positive note, what's good for you personally, professionally, it's always your pick. Well, I would say personally our little guy was my birthday yesterday, so that's that was amazing birthday and our son, thank you, thank you. Our son is two and he was singing, Happy birthday, happy birthday, happy birthday and he was like helping me blow out the candle where he was doing it. So we did it four times yesterday and my wife got me this like triple layer doughnut cake cause I love...

...sweets, I'm a big donuts pastries, that's my thing with a excellent cup of coffee. So just had a great day yesterday, life is good, very, very grateful. Well, you know, I love I love the story because you're bringing me back in my own mind with my my four kids who are now 11, 975. And we went through those experiences together. So you're definitely recalling some some really good positive memories and and thanks for getting, you know, just, just setting the stage here. Because at the end of the day, I that's that's what it's all about, right. I mean, you've got the retire as you desire podcast, you've got the book. Let's get into your thinking now on the technology side and where your journey has been as an independent financial planner, really looking to create a much bigger, better, brighter future for all of those in your universe per se, What's that journey been like? The journey spent outstanding because when I started my company, I was 28, I think I made $24,000 of revenue that year. It was brutal. It was really like, like net net net, it was crazy. I was young. I didn't know what I was doing at the time, but over time I started to figure things out and that's when I joined strategic coach that year. So it was a great year, difficult year. But I realized one thing and you know what that was James, what's that? I realized that I was not going to be able to help hundreds of thousands of people, millions of people just doing one on one financial advising and I love doing that. I love being a hero to people who are 50 and older and helping them plan for income for the rest of their lives and the same thing with high level entrepreneurs, which I know listen to your show because once you get your money in order then you can go out and create next company, then you can go out and do the things you want to do or take a one year sabbatical. There's just so many things that entrepreneurs are great at doing, of planning their money is not one of them, they don't want to deal with that. So it's been an interesting journey. I'm curious and you're touching on something that Audrey and I just had a conversation a few episodes ago framed around Kobe and we're utilizing Kobe more and more through the conversations in the advisory work that we're doing is episode 1 24 to really help Bank Leaders marketing team sells teams, understand their natural operating strengths. You're coming at this, looking at this from the lens of an entrepreneur, which I just facilitated a panel discussion in august that will be released through some collaborative work that I'm doing with Nimbus on the Fintech front and we're looking at small business, the work that they're doing also with auto books, small business as a major growth opportunity here, coming back to the entrepreneur and the issues and the challenges...

...around managing money. How much does Colby play into that because an entrepreneur is typically going to be a very high quick start on that Kobe scale. But then the fact finding and the follow through they're going to be lower in. So it's not a now they can do it but it's not a natural operating strength and they're gonna get tired and burned out. How much of that do you think plays into some of the struggles and challenges an entrepreneur might have with managing money here. Oh a ton, a ton James because for instance, some of the folks that I work with, that strategic coach, not at the company itself, but some of their clients, you know the higher fact finders, they take a lot of time to make decisions. They want to know all the investments, they want to know all the costs and we go through that with everyone. But they go into all those details a lot more than a quick start and quick starts, they say, you know what I trust you, I want to work with you. I like your personality. I like what you have to offer me because again at the end of the day it needs to be all about them. That's what I create customize. But the cold, the score is fascinating because when you're taking that high level entrepreneur who loves details, you need to go slow, slow and steady and when you're in the banking world, there's a lot of regulation, there's a ton of regulation in my world and I'm a fan of that, I believe because it helps me, it helps my clients, it needs to be there. But when you're dealing with the banks in the Fintech, if you are able to use the Colbert to understand who should be doing what and put the right pieces in place and the same thing with clients, like we talked about Justin, he's better off working with quick starts as well. The people who have really high fact finding, they don't make decisions quickly and you may never hear from them again because they don't take action. So understanding those things are very important. It's so interesting that you say that because when we look at the typical, you know, bank leader, credit union leader profile, it is more their, their, their natural initiating strength is around fact finding or even follow through and there, the opposite is true on that quick start. But if you're getting to the fintech space, which is more entrepreneurial driven, that's why I think we've seen an explosion of Fintech over the last really 3 to 5 years and I think it's just going to continue to grow because there's opportunity and onto an entrepreneur sees opportunity, we're going to go into that and let's let's look at that, you see opportunity here because coming back to your point, you want to create an impact much larger than yourself than the one on ones and so you have a vision and I'm excited to see where this goes. And as before we hit records, like we can come and do a check in, you know six months from now, three months from now and see the progress that...

...you're making on this journey. And that's why I'm I think there will be a lot of lessons too for you know someone in banking, someone at a credit and who is listening to learn from this experience because you if my memory serves correct, you're an eight quick start. Am I correct on that? 5582. So and a quick start and once again, if you haven't, if you're confused with what we're talking about, go back and listen to episode 1 24 you're gonna get a lot of clarity out of that because I know there's a lot of facts. What are they talking about on here? This quick start fact finding? So go back to episode 1 24. Listen, but let's transition now into you see an opportunity. What is this opportunity that you're seeing and what are you doing to create, capture and capitalize on that opportunity here with technology James. I'm starting a new company and it goes back to financial advice when you're doing a financial plan, the way that advisers get paid is when you manage the money for the client. So if you're listening to the show watching the show and you have a financial advisor, they get paid for managing your money and you hope that they're doing a good job. The thing that I see and it's missing is what does it look like from a big picture. What do the numbers say? How do you use the numbers every single six months, every single quarter every month, every week to make better financial decisions? And that's the technology that I'm building right now with my team. I'm not doing it because I wouldn't know how to how to do that. I found a who and they're phenomenal. So, and I'm really looking to collaborate with other financial institutions who have advisory services or banking services that we could help make lives better for our clients. And I see the vision being a really tech base for people's financial futures and just what does it actually look like? And I think we're gonna be able to solve a lot of those questions moving forward and I'm really excited about this. You bring up a point of collaboration and I'm a big believer that particularly now in a post Covid world with technology, there's so much collaborative opportunity all the way around and dan, and I talked about this in episode 1 69. The title is why exponential technologies, demand, exponential teamwork and so you're looking at collaboration opportunities with other institutions, other organizations, when you take a step back and you think about the the premise of the driving force, the why you're doing what you're doing with this new venture here? What are the biggest questions? What are the biggest concerns that people have that you're seeing from just your experience that they have around money? Because money is really it's it's an emotional game that people get really tied up into. So what are those questions? What are those challenges? What are the concerns that you're seeing here? Well,...

...the majority of people here in America don't understand what to do with the dollar. Where should it go? Should I allocate it? Should I save it that try to pay off that? Should I invest it? The majority of folks don't know what to do? And that's true of business owners do. They don't know where to put their money and that's what the current company is. What we're gonna be building. What I'm going to be building is to help answer those questions on a holistic scale and a personalized scale And banks are great at doing certain things. Financial advisory firms are great at doing other things. I'm looking at how do we incorporate this? And then looking down the road, how do we get aligned with insurance companies with mortgage companies? Like how do we bring this from a big picture standpoint put to make the proper and best decisions for people holistically, that's what the what the end game is here. Yes. And into that point of that business owner. You know one of the things that I opposed this on linkedin, I said small business is still one of the fastest growing opportunities for financial brands to to really capture. And I noted that and even predict that it's going to continue to grow particularly in a decentralized world because I think we'll see an explosion of small business and the idea the very idea of what is small business will continue to transform. And so there's the opportunity it comes down to focusing on a niche. What are those pains? What are those common questions and concerns? But regardless of what small business was in the past, what it is today. I think there's some common patterns that we see and are experiencing here when you look at the the pains of the small business owner in aligning yourself with that. What what's keeping them up at night most that someone who is listening to like I really connect with that because I've got people who are dealing and struggling with that too. What are those pains? Well the small business owner does not follow the advice as you should for your own personal household. And we saw this to the pandemic, how many business owners had to file for P. P. P. Money. So the way that I talked to a lot of the business owner clients have the opportunity to work with this. Okay what are your reserves for your business? How long can you pay your employees if God forbid we go through another pandemic or your industry is not doing well if they're shortages. So have that six months to a year set aside in reserves or liquidity or other investments just to be able to run your business. That's the first and foremost one that I've seen over the past couple of years because look what's happened right? And then figuring out, should you invest your money, should you invest in staff? I'll give you an example that just happened the other day. I was working with the business owner. They were very successful and they're like, Should I invest $250,000...

...with myself? And guess what folks, I would get paid on it. And I told him you should invest in more staff Because it's the right thing for him to do with his business. He needs to grow out another team and then he's going to be able to 10 times 20 times 50 times that investment in a sales team. So again, I had to do the right thing not get paid and tell him to invest that money with building out another team. So, and it feels good to do that. It truly truly does. It's going to help him in the long run technology has transformed our world and digital has changed the way consumers shop for and buy financial services forever. Now, consumers make purchase decisions long before they walk into a branch. If they walk into a branch at all, but your financial brand still wants to grow loans and deposits, we get it. Digital growth can feel confusing, frustrating and overwhelming for any financial brand, marketing and sales leader, but it doesn't have to because James robert wrote the book that guides you every step of the way along your digital growth journey, visit www dot digital growth dot com to get a preview of his best selling book banking on digital growth or order a copy right now for you and your team from amazon inside you'll find a strategic marketing manifesto that was written to transform financial brands and it is packed full of practical and proven insights you can start using today to confidently generate 10 times more loans and deposits Now back to the show and I think you bring up a very interesting point. It's what I see really as the future of, we'll just call it at a macro level financial services, whether that be on the banking front, the commercial small business front, the advisory front, the mortgage front, it's this idea and essence around coaching, right? And we both have had experience through working with dan and just you know, I can see why he says coaching is going to kind of be the next big growth opportunity in multiple verticals because the world is getting more confusing the world is getting more complex, the world's getting more chaotic and there's two, we can do one of two things at that point. We can either go into what I call the cave of complacency, which creates a false sense, a pseudo sense of security. But if you look around all the corpses and the skeletons on the floor, like it's probably not best to stay here and that's why I think it's the call to adventure. It's the call to come out of the cave of complacency. But when you go out on that journey into unchartered territory, you don't want to do it alone. You want to do it with someone who has been there, they've helped others along a similar journey. And you know, it's the quintessential helpful guide that I speak so much about through, through the methodology of story selling, Thinking about financial...

...services once again at the macro level, where do you see an opportunity to really, I think bridge the human digital divide because you know, we can check out all day long, but I can only be held accountable so much by, I mean I'm not even held accountable by like alarms and I try to hack all of this stuff, but when a human being comes and says you need to do this, I need to do this. I'm like, okay, you know, Bill told me to do this. I like Bill, I know Bill, I trust Bill. So I'm going to do it because Bill is gonna hold me accountable, how do we like find that balance of human digital divide and and what are your thoughts on, on on on this whole coaching aspect here coaching, there's been so many coaches that have come out of the woodwork during the pandemic and again you have to start somewhere dan started somewhere, he was doing it one by one, they needed groups and then he had some coaches and now he's only doing 10 X and free zone, then he'll only do his own after next year. So for all the coaches listening, you have to start somewhere. But I think from a financial perspective you need to work with someone who understands your industry. So if a millennial came to me and they're 22 years old and they just wanted to start out planning their investments, I'm not the person for them. If a 30 year old millennial and I'm a millennial too by definition, If a 30 year old millennial who just sold a tech company and says, you know what I need to plan out my money for the rest of my life, I'm the person, so understanding whomever the right coaches, for you take your time, interview people hire them and actually allow them to help you and if it works and if it doesn't it's okay to fire people just like in your business. If they're not helping you, it's okay to find a new coach, you don't have to be stuck with them for life. So I understand what you want first and if the coach is going to be doing a good thing for you to help bring that out of view and give you clarity and clarity is the best thing in life. I think once again you're hitting on another key topic that that is really kind of transcended through multiple conversations that I've had. It's knowing who the audience is, knowing who you want to serve, knowing who you want to create the greatest value for. And back to your point here of your example. I can't help but think of Ben stop it. Who's the ceo at unify money, another fintech startup and who is targeting those with net income of $150,000 or more and there's a marketplace in the United States of about 15 million people, more or less who fall into his ideal quote unquote account holder and so, you know, flipping this back around, you provide provided advice, You provided guidance that wasn't necessarily to the benefit of yourself, but to the benefit of that...

...person that you are helping. I think it's it's that type of courage to look beyond the present moment and really look into the future because it will come back. But I see a lot of, you know, financial institutions financial brands who are just so focused on the present moment, it's hard to, you know, to make that leap, what for someone who is listening that like I get it, I get what you're saying, I believe in that. But you know, I'm like the 2% of my organization because we're so focused on the here and now. What advice would you give them to? Maybe start shifting from looking beyond just the present moment of value creation to playing a much bigger, even longer term game? Well, I received a couple of great introductions from this person because of what I did and that was unexpected. I didn't ask for it. That happened organically because I am playing the bigger game and I am playing the long game. It's not about now. I've created my company to create cash flow so that I could spend my time doing the things that I want to and that's what my family with, my clients, with my team, with the people who I really enjoy spending time being around. So it should always be about the long game. Yeah, we have quarterly numbers. But that's why you need to have teams and people focusing in on those revenue goals. Maybe you shouldn't be doing the selling in and of itself. Maybe you should have a team surrounded focusing on that. So you could be in your unique ability and I know the things that give me energy, I know the things that I love doing and my number one strength finder is a futurist. So thinking in the future is easy for me. That's what I love doing. That's why I'm a planner by nature. So if you're thinking about now you're probably playing the wrong game. You know it's interesting you say that because one of the things that I wrote in banking on digital growth is you have two key roles in any organization. I think these roles are probably more important now in the banking space. You have a what I would call a visionary, a visionary leader who sees the future. They see opportunities that others don't see, they're even able to bring the future back into the present moment. So a little bit of quote unquote time travel, we can hop in the DeLorean and take a spin around the block if you will and then you have managers, managers who are focused on the present moment, you know, to make sure that things are happening but what is not better than the other. We need those visionary leaders to bring the future back into the present. But we also need the managers to actually execute in the present moment to then achieve that future vision going forward. When you think about the greatest opportunities in the financial services space, once...

...again at a macro level. Whether that be financial advisory like you're doing banking mortgages commercial because they're all what they're all like little unique abilities of sorts. Absolutely at a macro level. What do you see the future being like hop in the DeLorean, let's go out five years leap back to this point. What do you see will happen between now until then? That may look different or it may look the same. What are your thoughts? I truly believe that the new company that I'm building is going to be a big bridge and a big collaborator in the financial space because there's not one great company that does things well, you do everything while I should say. I think we need to be looking at what is going to be Your clients or whomever you want to be a hero to best interest. Because let's face it, we went through the 2008 financial crisis out of the banks, a lot of the financial institutions, they didn't look out for people, then they didn't, our whole financial system collapsed because of greed and we need to change that if things are going to prosper in the next five years in this wonderful country that we live and it needs to be about whomever you want to be a hero too. And I think if that's your goal, if that's your vision, I think things will be pretty good around here. But if you're looking internally from a scarce mindset, being all about you or your own company, I don't foresee that being a good collaborator in the future. And so again, I just truly believe that things need to be all about whomever you're being hero to. And to that point, it's about getting really clear on a few things and we've been having a lot of conversations with financial brands in our banking on Digital Growth program. It's because I think it's it's a time we've come out of the pandemic, we're still navigating through the other side, but we've been able to get, you know, 18 months behind us and do some reflection first and foremost, why do we do what we do? Is it just too, you know, do transactions, you know, take deposits, you know, give loans or is there something even deeper that we might have forgotten about of why we got started in the first place, particularly I would say those community financial institutions, those community banks, those credit unions, we started this to really transform people's lives to give them hope for an even bigger future. And to me like that's why we do what we do here and why I'm so just grateful to have the conversation of like minds with you today because we really believe that, you know, we can help make the world a billion times better by getting a billion people beyond financial stress towards a bigger, better, brighter future. Now we're not bankers per se or financial advisers, but it's through that knowledge transfer and the connections that we're making there...

...comes the collaborations, I want to move to this because, you know, we're in I think 125 plus countries now that people are listening to the show, you're creating something from the ground up, if you could say I'm looking to make these connections, I'm looking to make these collaborations, who would the ideal person be to reach out to you and what what would that look like in in a in a perfect world scenario? Oh my God, I'm so glad you asked this because this is the new company that I'm working on is going to be international. This is not going to be just a United States based company because we're going to be able to utilize the technology and go to a country like Argentina where my wife is from or go to Mexico or Canada or go to the UK and really understand how should money be working for you? And that's what the new company will be doing. So the folks who I really want to collaborate with our people in the banking industry's in different international countries because we're going to be helping our clients figure out, should we be paying off that? Should you be paying off your credit cards, should you be saving? Should you be investing in that? Technology is going to help show you that and give you options and help educate you self education from a technology standpoint and the Ai and the smart tech is going to help with all of these things. So international banks, international investment firms because we do want to partner with folks too help invest their money as well. So those are the right type of people right now. If you're looking out and these opportunities are there, What might be the biggest roadblocks that hold, hold the financial brand, a bank, a credit union nationally internationally? What might hold them back from really creating this future that I think you and I both see because I am the same way I've had a lot of people say, man, you see the future and it's like I just, I I look at trends and patterns and then I do it. I mean, that's my job as a digital anthropologist is to really look at the macro level, look at marketing, sells technology, human behavior, how everything intersex. And then it just becomes pattern matching. And I mean, coming back to your two year old, right, we start pattern matching at a very, very early age and I think sometimes we we lose that ability to match patterns and we just kind of get into the road and the mundane. What are the biggest roadblocks that you see that? You know, banks, credit unions need to be aware of moving forward into this new world here. Well, I think compliance is the big one and I'm a huge fan of compliance James. I believe in it, it should be there, but it could be part of it, especially going international. So for the international people...

...listening reach out. I mean, I love to connect with you and just have a simple conversation to see if collaborations do make sense because I do want to help other people in other countries. And that's the one thing that I see that could be an issue. It's a big world, it's a big world and you know a lot of opportunity here. I'm excited for you and really look forward to just checking in, let's just say six months from now as you get started on this journey and we'll wrap on this what recommendation based upon all the lessons that you have learned so far, moving from just say Independent Financial Advisor. But moving into more of a Fin tech like space because we've got banks, we've got credits, we've got Fintech listening what has been the biggest lesson that you've learned, number one and number two, the biggest recommendation that you can make to the dear listener as they just continue to move forward along their own digital growth journey and reflection of what you've done so far. So number one, I'll tell you a really short story is I hired a gentleman to help create the technology for this new company and I asked him three times to take the Colby, I'm not kidding you James. I said you know what? Take the Colby please, I'd like to know, I'd like to know after the third time he didn't do it. Obviously he has no follow through. And the last straw was I sent him a text, we're just chatting. He goes please don't text please send it through a portal bah bah bah. So I fired him immediately. I said you know what this isn't a good fit. I know You don't have followed through so use the tools that are available to you like Colby, what is it? $55 that saved me probably a couple $100,000. $55 investment. You know and I want to do this. I want to do this for the deer list because we did this on another episode as well. If you're listening the 1st 10 people that text Colby, K O L B E 283 to 5495792. I will get Audrey who is our certified Kobe consultant and advisor To actually facilitate that. And so yeah it's $55. But it'll be our gift to the 1st 10 that text because you're right what we are seeing and what we're finding time and time again. The mindset is far greater than the technology because technology will multiply one of two things. It will multiply the clarity that you have as a leader as an organization. It will multiply your confidence. But it will also multiply the internal confusion, the internal conflict that you have. And so back to the point here if someone does want to connect with you continue the conversation and I like that that's a really practical advice. And once again, one that we're out like in real time...

...collaborating on to create value for others, how can someone connect with you to continue the discussion Bill, my email is best and my email is Bill at bloom financial, that is B L 00 M like the flower bloom financial dot us, it's not dot com dot u S. So Bill at bloom financial dot us and linkedin is a great way to connect. My name is Bill bloom on there and I'm out of Chicago Illinois here in America and also you've got the email you've got linked in and I want to give you a shoutout bill for the podcast to retire as you desire. Get the podcast. Subscribe to the podcast. I think there's a lot of great lessons for the dear listener to learn from you as well on that And thank you so much on Mondays, I do a 3-5 minute money and a tip about things that are going on in the world about questions that I receive and I actually answer questions that I get from listeners. So we have an email that you can send your financial questions too. And on Thursdays we, we have high level guests like James and other strategic coach folks and other high level business owners talk about their life and business and abundance and all sorts of great things, see there you go, there's another practical takeaway right here at the very end. So if you stuck around there was a reason that you stuck around if your bank, if your credit union and you're like how do I do all this content, marketing stuff? We've been dabbling with content, the money monday tip, three minutes, you get some practical content out of that and you just make that a habit to continue to, to publish that every single monday. So I think Bill would be a great lesson, a great teacher in that lesson to learn from. So Bill, this has been fantastic. A lot of fun and really I I do thank you for joining me on another episode of Banking on digital growth. James truly an honor. Thank you listeners for listening. I mean that's what this is all about all about you guys. So thank you again for having me and can't wait to do this again. 100% as always. And until next time be well do good and make your bed. Thank you for listening to another episode of banking on digital growth with James robert. Ley. Like what you hear, tell a friend about the podcast and leave us a review on apple podcasts, google podcasts or Spotify and subscribe while you're there to get even more practical improvement insights visit www dot digital growth dot com to grab a preview of James roberts, best selling book banking on digital growth or order a copy right now for you and your team from amazon inside, you'll find a strategic marketing and sales blueprint framed around 12 key areas of focus that empower you to confidently generate 10 times more loans and deposits until next time, be well and do good.

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