In this episode, I interview John about his fifty-year career helping clients and what he’s learned throughout his journey.
It turns out that not much has changed in fifty years—people then and now share the desire to build a secure financial future for themselves and their families.
John has seen thousands of clients’ stories unfold, and today he’ll share that wealth of experience with you.
He’ll cover:
What he’s learned about understanding clients’ unique needs and goals
The importance of planning for mortality
Helping clients get through tough times
Getting confidence and clarity around a financial decision
How to balance short-term and long-term goals
And more
Mentioned in this episode:
Transcript
April Schoen: Hello, everyone, and welcome back to another episode of the podcast. My name is April Schoen. And I'm sitting here today with John curry.
John Curry: Hello, April. Hello, everyone.
April: And I am excited about today's episode because today, I'm going to be interviewing John on his journey throughout working with clients and helping them when it comes to their finances and their money for almost 50 years.
John: I'm glad you're excited. I'm a little nervous since you're doing the questioning.
April: I know I get to be on this side of the table. It's kind of fun. So John, let's just dive right in. And let's get started. And let's start with if you could just tell everyone a little bit about yourself and your journey as a financial advisor for almost 50 years now.
John: I just had a funny thought popped in my head. Totally out of nowhere. When I moved here in 1974, I got out of the Air Force. I came here and I planned to go to law school. Planned to go to FSU, then go to law school. And because I saw myself as being a trial attorney. And over the years, the things that I really wanted to be when I grew up, I wanted to be a school teacher, because of my 10th grade biology teacher, Mrs. Gavin.
Then I wanted to be a Baptist minister because of our pastor. And then I started visiting, believe it or not, trials. When I was in the Air Force, I'd go to if there was some big criminal case or something, I would go sit and watch when I was allowed in the courtroom. On base and off. I just had this vision that I was gonna be the next F. Lee Bailey.
So I come to Tallahassee, and I go to TCC. And the guidance counselor slash vocational counselor says look, you're a veteran. Let's do these battery of tests and see what you are best suited to do. So based on what I told her about what I wanted to do back in those days, in 1974, you didn't go to your computer. You filled them out and you mailed them off and they send it back. So she sat me down.
And she said, John, you really should consider sales. Specifically, you should consider getting in the insurance business. Which blew my mind. I'm like, I don't want to do insurance. Be a salesman. She said everybody's a salesperson, period. No matter what you do, you're having to sell your ideas. I said good point. So that's where it all began. And I bumped into a friend one day that had not seen since high school.
And we met, had breakfast one day, and I bought a life insurance policy. So back in the early days, April, September 1975, it was life insurance. And I got frustrated just with selling a product. And I wanted to be part of what's called the financial planning movement at the time. So I started reading and studying and getting the professional designations that I have, chartered life underwriter, chartered financial consultant, Master of Science in financial services over the years.
And that began the journey. And then I would have clients that I'd be working with that would ask me questions that I'd know the answer. One, our friend, Charlie, who's 96 now I think it is. He said, hey, I need you to help me with something. I've never done that. So he challenged me. And one person asked a question and another and next thing, you know, I have a lot of information that I would not have had had I not taken on those projects, challenges. And that's when I tell people, you got something on your mind, let us know.
We probably have dealt with dozens, if not hundreds of times. And if not, we'll learn, we'll help you. And then that information will be in our heads and we can help other people also. But that's really the very, very beginning of what happened. And I love what I do. Hope I do it right to the day I die in some form. Whether it be seeing clients, doing what we're doing with podcasts, our webinars, our live events. I just love people and I love what we do.
April: That's great. I was just thinking that I usually, you know, have a little fun and we talk about how, in the last 49, 50 years, there's a lot that has changed. But there's a lot that's also been the same from financial services or helping clients. Some of those guiding principles, I think will always, will never change.
John: Let me tell you what has not changed, and will never change in my opinion. That is all of us, as people, we want a certain amount of security. We want to earn a good living. We want to take care of our families, raise our children, educate our children, have some money for vacations, have some money for fun times, but also have a dream and a hope that someday we can slow down and do what we want to do.
This thing called retirement. I think retirement is a terrible word. There should be some other thing for it. And I think what we should do is reverse all that nonsense. And you work for about nine months out of the year. And then when your kids are out of school for three months, you're in retirement. It'd be cool if we can make it work that way.
And some people do. I know people who have done that, that when their kids are out of school, they shut down. But I think, I don't think I know for a fact. Somethings you think. Something's you know. Nothing's changed over the 50 years when it comes down to what people really want.
April: That's right. I love that you just mentioned that. So, when thinking back throughout your career, what have you learned about understanding client's unique needs and goals when providing financial advice and guidance?
John: That's a good question. What I have learned, and I'm still having to remind myself of is people think they know what they want. But rarely do they have clarity on what they need to get them what they want. Let me say that another way. They think they know what they want. But then when you start asking questions, they always tell us what they don't want.
And I'm a strong enough personality, I say that's nice, but I haven't heard you say anything yet about what you really want. It's all about what you don't want. You can't get clarity, and you can't get what you want, until you know, specifically including what you want. Then it will come to you. Like goal setting. Once you're clear on what you want and if you really mean it, and you got a passion for it, most of the time, you're gonna find it.
So the number one thing I would say is rarely, rarely is the customer or the client, right. We have a preset idea. I've heard something from a friend, I'm going to rush in and buy this mutual fund or buy this stock and all of my problems are solved. It's not true. Planning process should come first.
So what I believe is that everyone, I don't care if you make $10,000 a year or $10,000 a month, or $10,000 a day. In order to be successful, you have to have a game plan. What you're trying to accomplish, some deadlines, and then some parameters about what you will do or not do. And then you follow that plan.
April: Absolutely. And I think kind of hit on some key points there too, about just how everyone's situation is unique and different, right. So that's part of the process is giving them clarity, and it's not a one size fits all. It has to be to their specific goals, their specific concerns, right?
John: Absolutely. And I'll tell you what separates you and me from our competitors right now. We listen. Sometimes we'll have a meeting, and nothing's discussed regarding products. Sit down and let's have a conversation. My favorite words are let's have a conversation. And we will determine together if we even want to have a second conversation.
We may not and it's okay. But you sit down and you talk and allow us to pull out of you what it is you're thinking. And most of the time, I know you've seen this in our 10 years of working together. Somebody will come. I want X, Y and Z product. Okay, great. Why? Well, because my brother has that. Well, you're not your brother.
And then you start asking more questions and looking, that'd be the worst thing in the world. And we'd get paid a commission or a fee to do that. But they'd be unhappy later. Now we've got an unhappy client. So you got to have the courage to stand up and say, we don't agree with that. And provide that leadership, that guidance, and direction.
April: Now, you know, right now, I think a lot of people feel that we're in some tough economic times. You know we're sitting here in 2023. But 2022 was a tough year. And there's definitely been a lot of volatility this year, and some uncertainty. So, obviously, being in business as long as you have, and been helping clients as long as you have, this isn't your first rodeo of seeing some of these tough economic times.
John: No, I've been bucked off a few times.
April: So how have you helped people in the past get through that? And then how does that also apply to today?
John: Well, this may sound cocky, but I think the number one thing, especially in my case, in our case of working together for so long, we bring a certain level of competence to the table, because it's not the first time we've seen it. Okay, been there done that. There's not much you can throw at me I haven't seen. I saw tax rates of 70%, 50%. I've seen inflation at 16%. Money market funds being 21%. My own personal mortgage rate was 13%. And then when it got down to 10 I refinanced, 8 I refinanced, 6 I refinanced.
And I see people, I have a friend and neighbor down at Lake Talquin. He's worried about can he afford to build a house on the lot he bought. Interest rates are so high. I said, look, if interest rates are 10%, it doesn't matter. Get your house going, when the rates come down, and they will, then refinance. Don't allow that negative thing to keep you from having your dream.
There's usually a solution to every problem. I'll even say there's always a solution to the problem. You might not like the solution. But I think number one is confidence. Because we've been there. I think number two is our willingness to be patient and help people understand, hey look, this too shall pass.
Okay, you'll get through this. But it comes back to some principles. You said earlier. If you spend all of your money, and you got no rainy day fund, you got no backup reserves, you could be in trouble. So the first thing I would say is you've got to form the habit of saving money, and not spending everything.
And it doesn't have to be an investment in super aggressive stuff. And I've got quite a bit of cash just sitting in a savings account. Everybody will say well, that's stupid. Well, maybe it's stupid. But you know what, if I've got six months of income sitting right there and get my hands on in checking and savings, how much more power does that give me and not worry about the markets?
April: That's right.
John: I got one investment account. It has gone down again. It was up, down like a yo yo. I don't have to worry about it because I have backup money.
April: You have staying power.
John: Correct.
April: So when thinking about clients working with a financial advisor, how do you feel like a financial advisor helps clients with clarity and confidence when it comes to helping them make decisions around their money?
John: Well, my smart aleck comment first was going to be not all advisors do, right? Because some advisors just focus on how quick can I make a sale of some product, their favorite product. Whether it be life insurance, term insurance, whole life, universal life, variable life, they're so enamored over a product, or this particular ETF or this annuity, this thing.
How about just having a conversation and say, talk to me. What is it you want? What are your fears? What do you love? What do you want to do? And I think that's where you start. I consider myself to be a coach. More coaching than telling. Ask a lot of questions. I've had people say to me, wow, you've asked 100 questions. Maybe.
I don't know what it is. Most times I have a blank sheet of paper like I have right now in front of me. And we just talk. And you do the same thing, April. It's the same way with you. This is gonna sound very self-centered. But when you're to the point where we are, where you don't have to make a, quote, sale. You have the peace of mind of not being on all the time. You just have a conversation. And wherever it goes it goes.
April: How many times do we hear someone say, wow, that's a good question. I've never thought about that. Or no one's ever asked me that before. You know, we were talking about clarity earlier. But I think clarity is so important. And how can you make a financial decision if you don't have clarity?
John: Correct. And I think where we have an edge over most people out there who do what we do, is we have a process that has been proven. Okay. It is time tested and proven because it's based on strong fundamentals. It's based on sound economic principles, instead of, well, what's the flavor of the month this month?
April: Yeah, I was talking with someone recently. And she called in, she wanted some help. And she was telling me a little bit about her experience so far. And she basically met with an advisor. And he sold her a product, he sold her some type of life insurance. She's not even sure she needs it. Then she talked to somebody else.
They sold her an annuity, she doesn't even know how it works. And I said, whoa, whoa, whoa. We got to stop, you gotta stop going out and just getting this specific product. Like we don't even know how this fits in with the big picture. We got to do the plan first. So we know what are your goals? Where are your concerns? Where are you trying to get to in the future?
Because if we know what you want in the future, and we know where you are today, we can see are those two things in alignment or are some changes needed? And that lets us know what do you need to fill in those gaps. But you can't do it first. You can't get the product first. You got to have the plan.
John: Back in the 80s, I had a fellow Rotarian. He's in a different club. He came in to meet with me. We had a working lunch at the office. He came in and he was adamant about purchasing a particular product. I'll even tell you. It was a universal life product. I said I don't agree with you that we should use that product. He said, I'm the customer, give me what I want. I said hang on, I got an application out, wrote it all up. He wrote a check.
And I said, are you happy? He said I am. I said I'm happy. I'm getting paid a commission. But you're not going to be happy. This product will not work for you. But as long as we have understanding. I know you, I know you well. I have known him for years. And exactly 13 months, because he got his anniversary statement. First year.
Came in to see me the next month. He said I made a mistake. This was a terrible product for me. I said I told you up front. We had that conversation. What do you want to do? He said I want to get rid of and get something else. So you're starting over. You're gonna lose every dollar you put in. There's nothing coming back to you. He said I know that. I'm a business person. I made a bad decision. I can accept that and move on.
That taught me a valuable lesson in that, and that was 1983. My son wasn't born yet. So that had to be the first six months of that year. So I remember thinking, okay, I've got to have the courage to look someone in the eye and say, I do not agree with you. I couldn't stop him from wasting $4,000.
But we redid it and he was happy. And the day that he died, that policy was enforced. And a couple of weeks later, I was able to take his widow a sizable chunk of money. But I've always remembered that. And I've got dozens and dozens of stories like that I could share. It's just part of what you build.
That's my legacy. I mean, I know a lot of people, sadly, because someone died or became disabled, I brought checks when everybody else was coming to get money. That's the financial side of what we do. Whether it be the insurance, investments, or annuities. We help people build up money.
April: Quite the legacy you built. That's for sure. So I think that story you're just sharing is a good segue to our next question. Because I know we see this a lot. So a lot of people kind of struggle with, like, how do they balance what they want to do now. Kind of think of those like short term needs, with long term goals, right? So sometimes it could be, you know, I want to go on that vacation, I need that car, something that's kind of more pressing with also these longer term goals.
So maybe someone wants to retire one day. Maybe they want to send their kid to college and pay for the whole kit and caboodle. Maybe you know, they want to buy that dream home someday, that vacation home. What are some strategies that you've used to help clients kind of find balance between short term and long term goals?
John: I'm reminded of something an industry legend named John Savage said to me one time. It was really unusual. We were both waiting. We got to a particular breakout session early. We were sitting there. And there was one little table and we got to about the same time. Two chairs, we sat down, we had lunch together. And he started questioning me about my career.
And I'd only been in the business just a few years, maybe five years. And he says let's talk about your future. Tell me about old John. I see young John, tell me about old John. What? He started challenging my thinking from the standpoint of, okay, today, you think you're Superwoman, I think I'm Superman and all this stuff, when we're young.
April: We're going to live forever.
John: Live forever. But as you and I both know, you know, that doesn't happen. And what he shared with me has stuck. And this was probably. Well, it probably wasn't. It was 1981, because I was in New York City. And our meeting was at Radio City Music Hall. Now what struck me was you can learn from other people. And what I learned from him that started the foundation that later, in 1983, I focus on retirement planning almost exclusively, because the beginning of this conversation.
And he said everyone should have three types of money. And he drew circles. One is short term. That's your put and take. One should be long term for retirement that you don't touch at all. And then one in the middle. That's for your investments. And I remember that. And then some people have adopted that and called that the bucket concept, but call it whatever you want.
The bucket, the funnel. It doesn't matter. Call it the sock drawer. But you got to have some money that you know is going to go up and down. Car breaks down, you got to have tires, whatever. And then some money you say, there's no way I'm touching that money. That is for my future. But I think that if we don't do it that way, we're too tempted to raid the cookie jar. So you got to have money that you say, okay, this is to be spent.
If I need to spend it, great. And I like the concept that whatever is in my wallet is mine to spend. Every dollar. Because I have money set aside in those other categories. Retirement money, investment, money, and then secure money. But that's what I think. And then, and then our planning process, we do that, you know, we tell people all the time.
The number one thing you should be doing is saving as much as possible. The rate of savings is more important than the rate of return on your savings. Most people get caught up in this I've got to have a 15, 20% rate of return to reach my goals. You're not gonna make it if you base everything on that.
April: No. That's not how the real world works.
John: We're good, but we're not that good.
April: That's right. That's right. Yeah, I know. I think we go back and talk about it with clients all the time about having short term money, mid term, long term money, and like really thinking in these having these different buckets and how it can help them. Also, when you do have a plan, it kind of frees you up to be able to do other things. So for me personally, if I'm doing all the things. I imagine I have a checklist of 10 things that I need to do financially to make sure that I'm on track.
I'm you know, I'm doing all the things I need to do, and I'm just checking them off, checking them off. So if I have my plan in place, and I'm doing all those things, I'm saving the amount of money that I need to. I've got money in savings for my emergency fund. We're putting money away for retirement, our kids' college or whatever it is. Doesn't that free me up to spend the rest of it?
John: Absolutely.
April: Without guilt.
John: Yep. Without guilt or anxiety. Yeah, I look back to the investment account that you helped me set up. I lovingly call April, the investment guru geek, because she loves doing that. But, you know, I don't like the fact that it's up and down, like a yo-yo. But that particular account is not something I need today.
So I don't have to worry about that. If I need that money, then I should not be taking risk with the money. You know, I don't play poker and I don't gamble, like in Vegas, but I tell people don't ever gamble with the grocery money or the rent money. Don't do that. Other money, extra money, go play with it, go blow it.
April: I've had clients tell me too, hey April, I'm gonna invest this part over here. It's gonna be my play money. And then I want you to help me manage my real money. So it's good for us to have some distinction between that.
John: Absolutely. I like to call it the secure money. This was my secure money, keep your hands off of it. Yes, I can get a better rate of return. But you know what, I'm not worried about rate of return on this one. This is my money that I know I can go get it right now today. And this over here is long term.
So I'm okay with it. And when I say long term, heck, I'm 70 years old. I'll be 71 in December. And who knows how long I'm gonna live. You don't know, you might live to be 100 years old, I might live two years, I might live two days, who knows. I've had open heart surgery back in 2008. Folks, I'm looking at a heart shaped pillow that's on a pedestal here.
You walk in my office, you'll see it in front of our conference room. I keep that as a reminder that any of us could drop dead of a heart attack at any moment. But also, the bigger reason is for me to have a heart big enough to challenge people, when I know that we can help them.
April: Great segue, John, to the next question.
John: That's scary.
April: Walk us through a client's story or journey and how it was transformed or helped through your guidance. And what do you think are some of the differences that like advisors can help make for our clients' life and their choices?
John: I have two. Two ends of the spectrum. One was regarding a very good friend and a client who was dying, and another regarding a good friend who wanted to retire but he didn't think he could. So I'll use the first one. My friend had cancer. Knew he was dying. Several years older than me. Again, back in the 80s, mid 80s. I get a call from his wife saying would you please come to our house and have lunch with us? Our daughter is going to be here, our pastor and you.
And they both have passed away, so I'll use their first names now. But Lonnie looked me right in the eye over lunch. And he said, look, we know that I'm dying, and I'll be dead within a few days. I need to know that Barbara is secure. I said Lonnie, I can look you in the eye and tell you that she will be financially independent. She's not gonna be wealthy.
And I looked at the daughter, I said that she doesn't have to depend upon your daughter to take care of her. She is secure. She is secure. She can go visit the grandkids when she wants to. But she doesn't have to stay. And she can do whatever she wants financially. And big hugs all around. He said thank you for coming. Two days later he died. To me, that is always, and it's like, chill bumps right now about cry, just thinking about it.
April: Those meetings, you know, I was just talking with the team yesterday. And recently, sadly, we've had some clients pass away. And I remember I had one day where I met with two husbands whose wives had passed away earlier this year. And, you know, those are tough meetings to have.
You know, I know one of the guys had the tissue box out, we cried together. And but I think it also shows how important the work that we do and how we help clients to be there for them in that part. And one of things I was telling the team yesterday. A little bit of an aside. But as we have those situations, I want to make sure that we're doing everything we can to take all the financial pressure and stress off of that person.
I want to see how much can we do to alleviate that part for them, because they're already going through so much. So how can we step in and do more to help them with that kind of stuff? And that's kind of what we're trying to do with some of that.
John: Well, you're right about that. And I think, frankly, we all have to be reminded occasionally, nobody wants to talk about it. Nobody wants to talk about dying. But you know, that's guaranteed to happen. You're going to die. Now the question is what are you doing along the way to plan for that? So that if there's a car accident, or a heart attack, whatever it is. And before we finish this I want to circle back and talk about my situation.
So that's probably not one of your questions, but I want to talk about that. Is that okay? All right. So I used to make Pat so mad when I was married, I'm divorced now. But I would say once a year, we're going to talk about dying. Somewhere within a week of my birthday. December 9th. Why do you do this? Because we need to make sure that everything is in place. Legal documents, life insurance, beneficiaries on retirement accounts.
Everything is just right, because one of us could die. And I'd much rather talk about it one day out of the year, instead of dwelling on it and being anxious and worried about it the other 364 days of the year. Get it out of the way. And I tell people, if you would do that, if you'll sit down with someone that you can trust, that will ask the tough questions, that won't give you lip service.
That will look you right in the eyes and say bull crap, you're not doing what you said you want to do. And then build a plan, and then live the rest of the year, knowing that everything's in place. And I'm gonna hit my situation real quick, because we're on this topic. I have been diagnosed with cancer. Colon cancer that has spread to my liver. So I am taking chemo treatments now and chemo pills.
And depending upon who you listen to, life expectancy could be two to seven years. Or it could be longer, who knows. I have taken my own advice. Everything is in place, the life insurance beneficiaries and the legal documents. Everything is in place that if I drop dead at mid sentence, that my wishes are carried out.
Down to having a written list who I want to get personal items, I took care of it. Most of it had already been done. But there was some tweaking to do. So I have a permission slip now to live my life at its fullest, April, whatever it is. I have no fear about it. I'm at peace. And my wish is that everyone that we work with that we can get them there. At peace.
And then don't think about death anymore. Let's talk about the future. Like you and I were talking about our future last Tuesday. Planning ahead. What are we going to do? And people say well, when are you going to quit working? Why would I do that? If I enjoy doing what I'm doing. And that leads me to another story real quick. Okay.
I'm gonna use the first name. And I bet you know who it is. Our friend Steve. Worked with the state, came in one day, he was frustrated. And he was working with a gentleman that was just a pain in the butt. And he said, I wish I could retire. I said, you can. No I can't. And we're able folks to show him that he could absolutely retire that day if he wanted to and have the same income if not more, by retiring.
And I coached him a little bit. He went back and he talked to his supervisor. Long story short, they worked out their differences, because I told him go back and tell him that you met with your advisor. And you know, for fact, you can retire. And you wanted to let him know that you're on your way down to human resources to put in your paperwork. And the guy just about had a heart attack. You can't do that. Please don't do that.
Well, let's work on this relationship. And he worked I think another two years. I think it was around two years. But his entire work environment changed because he had the ability to walk away if he wanted to. And I think if we can get every person just listening to us, working with us, as planners, if we can get you to the point when you have walkaway money, walkaway power, your life will change. It will change.
April: You know, I think what that reminds me of is he got to a point where he was working because he wanted to not because he had to.
John: Absolutely.
April: Isn't that like a total mind shift. And you're working because you want to, not because you have to.
John: I can't believe you just said that. When I was at Rotary a couple of days ago, one of the guys came to me said, are you still having to work? And I smiled. I go, no, I get to work. And I get to pick and choose who I work with. And I've narrowed it down to the days that I'm seeing clients. Tuesday and Thursday. And if I need to on Wednesday, fine. But back to my personal situation. Chemo infusions are on Wednesdays and then I take the pills during the week.
So, 14 days on and then seven days off and repeat, repeat. So our game plan is to be busy on Tuesday, rest up on Wednesday, if I need to. But if I don't need the rest, come on in and do what I got to do. And then see class on Thursday. I think we have a heck of a game plan and we have a good team around us to allow us to do the things that we need to do and want to do.
April: One of the things I love about our team here is one, the clients that we work with. You know, I might be a little biased but I think we have like the best clients. They are so. I think, I always think of like, so many people walk in the door and a hug and a kiss and how are you? And how's the grandkids?
John: I want to interrupt for just a second. I remember you, you had not been here two weeks. You came in and you said, John, what is up with all the hugs and the kisses? Everybody comes in, a big old hug, a big old kiss. You remember that?
April: I do.
John: I said this is family. This is our family. And you've experienced that.
April: Yeah, we do. We definitely have a culture where we create this like family like atmosphere. And we really get to know our clients and they become friends. And we get to celebrate together. And we get to be there for each other. Also in those trying times, too, right? So talk a little bit about for you, when you think about building trust and building those relationships with your clients. What do you think that you've, approaches that you take to build those strong trusting relationships over the years?
John: One word. Well, two words. Be authentic, be yourself. There were times I'll say things I shouldn't say. You know, I was just thinking a moment ago, you made a comment about clients. We don't have any PITAs. P i t a. We don't have any people that are a pain in the ass. Okay. We have good quality people who are loving, caring. And I think that people can tell if you're sincere or not. I know I can. I can tell if somebody's BSing me or if they're genuine.
And one of the things that I work hard at, I'm constantly reading and studying, and I'm reading two books right now. Simultaneous, so I read yesterday for about four hours, I'm sorry, Sunday, and then about three hours yesterday. There's just things that I want to know. And then I want to be able to share that with people. And it's uncanny how something I'm reading, all of a sudden, somebody will say something.
And because of that knowledge that I have, either from the experience or reading or rereading, you know, like, a book from 50 years ago. And all of a sudden, I'm able to help people. And I think it's just being truthful. If you don't know the answer, say so. I don't know the answer. How important is it to you that we get that answer? Because if it's important, we'll work on it together.
Now one thing I won't do, because I got burned on this on early in my career too. Where I do all the work and a client poo poo's it like it wasn't important. But in the meeting together, it was very important. So I don't do that anymore. If you care enough about it, we're gonna sit here and do it together. I'm not doing all the work while you walk away and play. It's a partnership.
We do it together. And I think the way you build trust with anyone, whether it be business or personal relationships, you just got to tell the truth. And you got to be yourself. And sometimes they're not gonna like who you are. Sometimes you're not gonna like who you are. But be yourself.
April: I was just having a conversation with the team yesterday and I posed the question to them about what are our values as a team. What are our values that we have, not only with our clients, but also with ourselves as a team, and it was a great exercise for us to go through. And some of the top things that were coming up were honesty, integrity, loyalty, right.
These things that we want to like embody as a team, and that we want to make sure and hopefully our clients feel that. And I think integrity kind of kept popping up in my head. But talking about the honesty part. About being authentic. And it's not just for us about with clients, but also with ourselves with each other, holding each other accountable.
So making sure that if we say, we're going to do something, we do it, and that if we drop the ball that we just own up to it, right? Like, hey, I dropped the ball. I goofed this up. It's on me. I mean, I remember years ago, a client called and was like, April, I'm waiting for you to send me this form, or whatever it was. Like, why don't I have this yet? And I just apologized.
I said I'm sorry. I literally have it written down here on my list of things to do. And I haven't done it yet. So I apologize. I'm gonna get this out to you right then. But to me, it's just important to acknowledge, you know, I didn't have a reason, I didn't have an excuse, right? It just, it hadn't happened yet. And he was like, oh, no problem. And super happy about it.
John: It wouldn't matter if you did have an excuse. Nobody wants to hear the excuse. I'm frustrated with an organization right now. It's taken me three weeks to get something done that should have been done in about three minutes. And it was one excuse after another. And I don't wanna hear that. Well, I've been busy. You know what? I'm busy too.
Everybody's busy. We got something to do. Just tell the truth. You screwed up. I dropped the ball. And then if you're gonna give me hell for it, I'll just take the butt to him. Then when you're done I'll say now, can you think of any other four letter words you'd like to call me? If so, let's get it out of the way and move on.
April: And move on. I love that. I love that. So John, I'm going to kind of, we're going to start wrapping this up. Our interview has been so great. And I know we could probably sit here for hours and go through and talk about these different things and give you some ideas too for our future podcast. But what words of encouragement or advice do you have for clients that could be feeling uncertain?
You know, we talked about earlier about how a lot of people may be feeling uncertain about where the economy is right now, what's going on with that. So, you know, for clients, or people listening to this that might be feeling uncertain about their financial futures, because sometimes there is a lot of scarcity and a lot of fear out there, what words of encouragement or advice do you have for them?
John: Number one, just hang in there. Don't panic. Try, I like your phrase you use a lot. Try to tune out on the noise. A lot of people trying to push us in certain directions, pull us into certain directions, especially in the political world today. I've heard people say, well, it's the worst it's ever been. No it's not.
You go back and look out through history, you know, you had people having duels out in their yard. Shooting each other. We haven't gotten there yet. And I would say, just, number one, take the time to get your financial act together. And if you no it's not right, if you don't have a will, if you don't have a living will, a durable power of attorney, all those legal documents. If you don't have all your insurances in place properly.
And you're not sure of who the beneficiaries are of all of your stuff, sit down, come see us, or see someone and get it done. And then live your life and save some money. And at least get enough money to where you know you can pay your bills for a few months if the world goes to hell in a handbasket. And then have some for long term like we talked about, and move forward.
April: I think one of the worst things that someone can do is be like an ostrich and have their heads stuck in the sand.
John: And why would that be?
April: Because this is what we see. We have clients or people come in, and they're feeling scared, they're feeling uncertain. There's a lot of questions, but they don't take the time to look at it. So if you don't take the time to look at where are you at, what needs to be changed, what tweaks need to be made, are you on track, then of course, you're gonna have all this uncertainty, anxiety and stress around it. Let's shine some light on it. Let's open up the closet and turn the light on. Like, it's not the scary boogeyman in there.
John: I've always loved the concept of the ostrich with the head in the sand. Because when you do that your butt is in space. So you have a choice to make. You can go through life blind like that, or you can get help. And I have coaches, I've had a lot of coaches throughout my career. A lot. And mentors who sat me down and would tell me the truth.
But one of them just passed away a few months ago. He was like a big brother and a dad to me all in one. And he didn't have to take. He was a competitor, an absolute competitor. He had no need to take me under his wing when I was 22, 23 years old. But he did. And I attempt to do the same thing with young associates. If I can coach them and help them.
One of our colleagues asked me just today he says, I have a few minutes of your day. Some now during the day, I'll get with him. But I think it's just a matter of are you doing what you really enjoy doing in your work. So the encouragement would be if you're stuck in a job you hate, try to fix that. And the answer is not always running away.
As you know my favorite question for people about retirement and they're talking about their future is are you running to something or running away from something? Because if you're running away from something, you're probably going to find the same thing wherever you go.
April: I'm thinking of two clients right now. So one, I remember when she first came in, she wasn't sure if she, well, I shouldn't say shouldn't be sure if she was going to be retired because her plan was to retire in like two years. But her question, her uncertainty was around, could she financially afford to retire. Would she get to that date two years from now and then have to go find a job somewhere.
And she just really wasn't, she hadn't taken the time to really look through everything to understand her numbers. And so we walked her through our planning process and walked her through what we call a retirement rehearsal and kind of fast forwarded and showed her if you're walking out the door today, here's what it's gonna look like for you. And one, that's just so much fun John and I to do that with clients.
And it's great to me it's like this puzzle we get to put together. You know, we get to like throw all the financial pieces on the table and how do we put these together in the best way possible. But so we show her everything and we're getting ready to walk out of that meeting and she goes April, this is the best meeting that we've ever had. had, and I can't believe what you've shown me. It looks way better than I ever could have imagined.
John: But we hear that a lot. People will come in, I can't do this. I can't do that. How do you know that? I don't know. Well, let's find out. Let's verify it. I love what President Reagan always said, trust, but verify. Trust, but verify. And that folks, you can do that with us. We're gonna do with you. You walk in the door, you say, I got $500,000 in my retirement account. Let's verify that. Let's look at the most recent statement. Not because we don't trust you. But because most people don't know what they've got.
April: They don't. So another client, she was just determined she wanted to retire as soon as possible. And I think it was like she wanted to retire in the next six months. But she again, had not looked at her numbers. So we put the numbers together and show her retirement rehearsal. And it didn't look as great as she wanted it to look. Right, right. So sometimes that happens.
So we have this conversation. I said, well, isn't it better that we know that now? Isn't it better that we've shined some light on it, and that we know where this is going to look like if you walked out the door today, or you walked out the door six months from now. Now, let's see, what does this look like? When could you realistically be able to retire?
Like if you continued working for some time, if you do all these things, we have a system in place for you. You know exactly what you need to do between now and then you have a game plan to get you there, like what does that look like? And so for her, it was about two years. And so when she saw that, she goes, oh, I can do that.
I could do two more years. That's no problem. Because in her head, she didn't know. In her head, she wanted to leave now. But she was thinking that it was going to be like another 10 years. Like she just wasn't sure what that was really going to look like for her.
So for her it was really fun, too. Because like, okay, maybe I can't walk out today. But what are all the things I need to do between now and then so I can walk out in two years and feel good about it. And feel confident and know that I have a plan in place. So much different.
John: You just reminded me. This is something I want to share real quick before we wrap up. I remember one time, I had to go from my lake house over to Quincy. And I got about five miles down the road. And my neighbor called me and he said, John, are you aware that that little bridge over the creek, I think it's called Hammock Creek, I'm not sure the name, that it's out? I said no, I did not know that.
And he said, where are you now? And I said, I'm just about to get on highway 267. He said don't do it, you're gonna get backed up. So I made a U turn. And I thought about it so many times, like you said about when do you want to know something's not right. Now I could have driven all the way there just to look at a bridge being gone.
But if my time is important to me, I would have driven that 15 miles, I'd have been stuck. I'd have to find a way to turn around and get back. That's 15 miles back. And I've wasted my time. Now if I just really want to see a bridge falling down. I guess that'd be worth my time. So when do you want to know something's not working?
I want to know now. If something is about to explode in front of me, I want to know that and I can make a choice. I'm the big boy, I can make a decision. Okay, either I stay the course and I won't like it. Or I can make a change. Maybe it's a U turn. Maybe I park the car and I run a jump over the creek. I don't know. But at least I have my options in front of me.
April: So John, in closing, could you summarize what are some core reasons why working with an advisor is essential for our clients, especially for them to have success when it comes to their money.
John: This was one of the questions that you told me was coming, so I am ready. You see this bottle? You see that label on that bottle?
April: I do.
John: What does it say?
April: Gatorade.
John: Gatorade. Specifically, it says zero sugar. Okay, so you can read that label. But if you are inside that bottle, can you read that label?
April: No.
John: I'm looking inside here, I would not be able if I were inside that bottle, that big old giant bottle that would hold a six foot 218 pound guy. So my point of that is you rarely, whether it be you me in our own situation. Rarely can you see everything clearly by yourself. That's why professional athletes have coaches. Whether it be golf, tennis, they got coaches. The world's best always have coaches around them to get better and better.
Because the coach will see something they can't see. And I love the concept. I wish I could remember who told me this 30, 40 years ago about when you're in the bottle and you cannot read the label. And I've remembered that and I keep bottles handy. You'll look around the room. I have all kinds of little things here for memory items. That's number one. Also, you don't know what you don't know. That's true for all of us.
Sometimes people say well, I know that. Well, I get it that you know that, but you're not doing that. And the most dangerous words in the English language are, I know that. Because the moment you say, I know that, you shut down your ability to learn. I'd rather say, you know what? I thought I knew that. Maybe I'm wrong. Let me hear your side of it.
April: I've heard you say countless times you've seen one plan, maybe two. Yours and maybe you helped somebody where we've seen hundreds, if not 1000s.
John: We've seen 1000s.
April: Right. And so that experience of being able to see. I know what that looks like. I know what this is. I can tell. I had a client the other day, I was telling them like I can see your future. so clearly. If you do these things, I can see it. But it's hard if you don't have that experience.
John: So you have an advantage like I did when I was younger, I was working with people in their 70s, 80s and 90s when I was in my 30s. Because I remember clearly in 1983, I said, what do I really want to do when it comes to client planning. And I determined at that point I was going to work on and I created the secure retirement method.
Because I wanted to focus on retirement planning. That's what I did. And what you can do at age 39, you can see things as someone who is 69 or 70, can't see yet. Because not because you've experienced it personally. But because you've been with clients who've gone through that. At your age, you know more about Medicare, and social security than the people that are turning Medicare and Social Security age.
April: Probably more than I want to know.
John: Probably. But why did you learn it? You had to learn it in order to take care of our clients. Otherwise, they would be left to do it on their own. And we brought value to the table. And every time you bring value, you will be compensated in some way. Which is another lesson I want to end with. You cannot, well you can. You can be a dummy and sit there and say I want value but I'm not going to put any effort in.
Doesn't work. You got to do your part. So for those who are listening, if you come sit with us, we're going to challenge you. It will be fun. Just like we'd be laughing, chuckle and sometimes cry. But we have a good time and enjoy life. Gotta get the job done, but you also got to enjoy it.
April: Well, John, I want to say thank you. This has been great. I think we could sit here and go through and talk about this for hours. And like I said earlier, I was jotting down some ideas for us to share on future podcasts.
John: I want to end with something here. I should have said it earlier. When I was sharing my personal story. I'm adamant about this. When I had my amputation, I had three occasions where I was lying in a hospital bed, middle of the night and all of a sudden I just felt this rush of energy. Rush of energy. There was so much love, people thinking about me, praying for me. So I'm not sharing the story because I want people to say oh, poor John or oh my God, that's horrible. I don't even think that. It's not horrible. It's not bad. It's just part of life, move on. But I share that because I do know that a lot of people that I know are going to hear this. And I can't get to everybody personally. So please keep the bad part of my world in your thoughts and prayers and come in and let's go to work. And you'll get 100% of what I got. And the team.
April: Right. All right. Well thanks again guys for joining us today and we look forward to seeing you on our next episode. Talk soon.
John: Thanks, April.
April: Bye bye.
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If you would like additional information about our services, you can visit our website at curryschoenfinancial.com or you can call our office at 850-562-3000. Again, that number is 850-562-3000. This podcast is for informational purposes only. Guest speakers and their firms are not affiliated with or endorsed by Park Avenue Securities, Guardian or North Florida Financial and opinions stated are their own. April and John are registered representatives and financial advisors of Park Avenue Securities, LLC. Address 3664 Coolidge Court, Tallahassee, Florida, zip code 32311. Phone number 850-562-9075. Securities, products and advisory services offered through Park Avenue Securities, member FINRA and SIPC. April is a financial representative of the Guardian Life Insurance Company of America, New York, New York. Park Avenue Securities is a wholly owned subsidiary of Guardian. North Florida Financial is not an affiliate or subsidiary of Park Avenue Securities or Guardian.
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