YouSaid · the spoken record

Peter Mallouk

lines on the record: 173
first: 2019-12-13
most recent: 2019-12-13
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Incomplete team, incomplete coaching. We didn't have all the pieces. We didn't have the special teams. We've got it all now. And I wish I had a time machine I could go up started that way.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“And a very strong bias towards service and value. How do I deliver more services? I wish I had the vision in 04 to go. These were all the services that were needed and really found a way to build it out all on day one instead of taking 14 years to build it. I told our team at our last annual meeting that for the first time I feel like I'm at the starting line. I feel like for the first time I have an offense and a defense and an offensive coordinator and a defensive coordinator. Up until now, we've been playing with an incomplete.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I mean, it took all the way until from 04 until 2017 to put all the pieces together. And it was really like hearing from clients, oh, I need this. I need that. And then going, well, I need to build a service to do that. So I always had a very strong bias against product. I don't want to own anything where I make more money.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“The same thing I try to do with a client. I try to give that client as much value up front as I can. So they're going, wow, this is, I made the right decision. You want the employer to feel the same way about you.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“The first 30 days when you're at work, the reality is we all judge each other in the first few seconds of seeing each other. There's a whole book about this called You've got Three Seconds. Basically the idea is when you meet somebody in a few seconds, you've decided what you think of them. And it's up to them to dig themselves out of that hole. Or they're going to go up or down later over time. But you've kind of put an anchor on them. The same thing happens when you're employed. Don't grow into it. Come in hard. Come in strong. Hit the ground running.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“Here's what I so talk about how you can help the place that you're coming into. Now, once you show up, you can differentiate yourself by going the extra mile. This is an industry where it's very easy to go the extra mile. I mean, there's a lot of things you can do more for your client or your employer. And it's not hard to separate yourself from your peers if you are willing to stay a little later or take on a project or offer your help. I mean, even with hundreds of people, I am very aware of the people within creative planning that do that, especially those that are starting out. And so you tend to get judged.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“Try to get into the right environment to begin with. Second, create separation between you and other people. And I think there's a couple things. One in the interview process I'm always fascinated when somebody goes, well, I'm coming here for experience or I'm coming here because I can think I learn this and that. Imagine somebody going to an NFL tryout and going, I'm here because I want to learn to get better and get trained. You want somebody who's going to come. Here's how I can help you win.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“So, first, I'd say, you know, it's kind of like show me your friends, I'll show you who you are. You know, you give me the four people you hang out with the most. I don't need to meet you. I can pretty much tell you. What kind of guy you're like, don't just go somewhere for experience. Try to get to a place that is aligned with the values that you're trying to do, right? So try to get, if you're focused on being a fiduciary and fee-based or fee-only, get into an RAA. Just start there, right?”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“Physical events, not a cyber event. Right. If we move into a world where there's a cyber event or some teenager with drones causes havoc in Times Square, I think that's going to be a cocooning effect that we're not, we've never thought about or are prepared for. I think those are the real threats to the economy that, because you look at the economy is very resilient. It can get through everything. Burrito and Chipotle is going to cost more 10 years from now than it does today. Nike shoes are going to cost more 10 years from now than they do today. The market's going to go up to the right. The way it always has. But these kind of things. Are the kind of things that can change that narrative. And so those are the things that I think about when I think about existential threats. The norm”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“No one went to months. There was a cocoon effect for months. This, to me, would be much worse because people would be like, well, wait a second. You know, 9-11 at least requires some strategy and some breakdown in defenses.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“Blew up the oil, blew up the oil fields right before they were going public. That's not brain surgery, right? And I think that we look at 9-11 as like an impossible, you know, we've got all these measures in place to do all these things to protect things. But at the end of the day, a kid in the garage with 10 drones. And the internet can cause a lot of damage, and I am concerned about that, what it does to the way we live with each other, you know, from a personal level, kind of your kids, grandkids, that kind of thinking. And from your specific question about the financial industry, what does it do to economics? If you remember after 9-11, no one went to the movies.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“If we get a serious breach of a major institution, you know, a trillion plus institution of which there are a whole bunch of them. That is enough to freeze capitalism for a while, I think And so I think it's going to be very interesting to see if that can be prevented if it happens how our economy is going to react to it. The other thing I worry about is you look at what happened in Saudi Arabia, where I think we're debating who those drones that went in.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“And I don't think I know institutions are worried about that, the very big institutions. I don't think we quite know what that's going to do to the average American when that happens. Is everything going to be in mattresses?”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“That's exactly right. I think the market is what's forcing most of this. The market is what has forced lower mutual fund fees and lower commissions and disclosing proprietary products and all the market's pushing that. The government's done a phenomenally horrible job. I think in this space. And so I think that you're right. I think capitalism itself is forcing us to get where we need to be. Pessimistic, I worry about two things. I think One, I think there is going to be a cybersecurity attack on a major financial institution that succeeds at some point in the coming year.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“Right. It's taken long enough, right? It's taken a long, long, long, long time. And I think we're almost there. I think we're going to get to a world someday where every advisor is a fiduciary, that the firm that's advising the client doesn't own their own products, that they get to know the client a little bit before they invest their money and that they do all that at a reasonable price. It's taken a long, long, long time. I think we're well on our way there. That gives me a lot of optimism. I felt like the industry's been broken for a long time now. Could be really close to there and have it not be fixed by the time when you and I are still working, it might not be fixed. But it's”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“America's amazing cities. And so we've tried to hit every city that has a baseball stadium where three fourths of the way done, that's been a complete blast. And I try to cram that in wherever I possibly can, which is rare because I've got three kids that are teenagers and they all have like 27 sports enhancements.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“That's true It's all of your cultural references. That's true. I try to cram too much trip into too little time. So I've tried to lay off that and just go look, am I going to a city? We're going to do two or three things that are fun. But I think that.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“So I love short trips. That's probably my favorite thing where I can, if I'm going to see a client in Boston, I'll take the whole family and I'll go make a weekend of it. And I can kind of get Griswold about it. My kids are like, so I've tried to explain the European vacation reference.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“And you can be growing and you can think your competition's some music store across the street. It's not. It's something you're not even thinking about, right? And I constantly look at creative planning and say, what am I not thinking about? What can I do better? How can I stay in front of somebody else? How can I be the better offering? How can I do more for less all the time I'm asking that question because I've been on the receiving end of capitalism's death blow several times.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“Spent in the store. But you know what? It was worth more than any college degree that I got. It was an incredibly valuable experience. But it taught me about how fast technology changes things. For sure.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“Done. The printer I used stole it. So they basically took the art my mom had drawn and the sayings and then just copied the whole thing. And so that was a hell of a lesson. The biggest lesson though was the music stores. I had one store, save the money out, got to two, saved the money, got to four, save the money, got to eight, had three partners, bought out the three partners, was about to graduate from law school. And I'm like, you know what? I bet if I stopped opening stores, I can make 100 grand doing this. I'm not going to work. This is what I'm going to do. Napster came out I think it was 100 days the last store was closed. Really? My total take. Over my, I think, six years of running these and buying out all my partners was $8,400. It calculated into cents per hour.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“They had a donation that went back to SAD and Madden. And so This went on for two years. I'm like, hey, I'm not even in college. Do I need to go to college? Uh-oh. Well, here's what I learned about patents. So all of a sudden, the shirt wound up all over the country and I hadn't had it traded. And that was it. I was out of business. No trademark.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“Up until now, probably nobody did. I don't know what door I've opened here. But I have found you can't find one online, thank God. So anyway, then the wound up creating CDIC smoke, create a whole line around this.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“School wouldn't let you. On the front, it said CDIC drink, CEDIC Drive, CEDIC die, and on the back it said don't be a basic one. And so this winds up selling like $100,000.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“I had an idea for a t shirt. It was against drunk driving. My school wouldn't let us do it. It was a Catholic school and it was Little Racy. So we created the t-shirt. My mom said, oh, you should just go make it. So I made it. Wound up selling like a hundred thousand of this t-shirt.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“So I've failed many, many, many times. So I'll give you just some growing up experiences. So, you know, I started a lawn mowing company with a friend. And I mean, it was a real deal. We were making some good money. And back then you had to bag all the grass. And then some other people came along with these big machines. And you didn't need to bag grass, it turned out. It turned out people thought you needed to, but you didn't need to. So it would take us like five hours to do alon. They would do it in 10 minutes. And, you know, we were like, wow, we're out of business. That was super quick. We didn't understand where this industry was going.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“Just like investments, right? There's so much stuff out there. Part of being good at investments is to know the 98% that doesn't matter at all. What you don't need to read, what you don't need to watch, what you don't need to care about, what you don't need to invest in, what you don't need to research. And then you get, you carve. That book for me really just changed my thinking of who do I want to be around? Who do I want to spend my time with? What things matter? What things don't? How do I get everything that doesn't matter away from me and focus more on the things that do matter? And so it became an interesting time in my life to read that book. It's the only book I've read more than once. I enjoyed it a lot.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“This too shall pass, and it really, if you start to take that attitude for me, I'm not sure this is what the book was about, but it really crystallized, you know, if I look at like all the stuff that comes at you all day, everywhere and all the stuff you encounter, the reality is 98% of it doesn't matter at all.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“It sounds like really horrible. What it does is it clarifies for you the highs shouldn't be too high, the lows shouldn't be too low.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“He was a Jesuit priest that. Lived in the Far East, and so it's got a combination of all these things. But the basic message of the book is get over yourself. You don't matter. Whatever you accomplish, a couple years from now, no one's going to know who you are. We don't know who anybody from Mesopotamia is. We might remember Abraham Lincoln, but you go far enough in the future, very, very, very little matters.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“Pretty straightforward. Very, very straightforward. And then a book that really kind of transformed my thinking was Awareness by Damello. And he was a Jesuit priest who awareness.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't know if I've ever heard of that. I don't have to put that book. I got it for my kids. I got it for all our employees at the time. And it's really interesting. I mean, like when you talk to that client, when you talk to a colleague, when you talk to a family member, are they leaving feeling better about themselves and their day or worse? And it's an interesting.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“Who else? So I read a couple books every week, but I can't get away from the same two books, I think, as being super influential to me. One takes like 20 minutes to read. It's called How Full Is Your Bucket. And it basically just says, you know, everybody you encounter, you leave feeling better or worse. And is somebody, are you filling people's buckets up? Are you draining their buckets? It's really informed the way I interview who I work with, the way I get through a day, making sure that I'm in the right mind frame all the time. And it was so obvious, such a light, quick read, but it's really informed myself.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“And my dad's like, Hey, yeah, don't worry about it. It'll all work itself out over five years. And that's interesting. And I went and read a bunch of books and found out he was right. And that probably wound up sending me on the trajectory reading some Bogle books and Jeremy Siegel books and the rest is history.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“Put it in an index fund. And I remember watching the Asian contagion on TV. I can't even remember what year it was. 98? Okay. All right. All right. Well, that's impressive. Right. I could be wrong. Could be 97.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I would say that the person that owned creative planning before me was just such an incredibly, I mean, he's an incredibly positive person and was an incredible influence to watch he treated people so well and he always had a positive attitude. He always looked on the bright side of things. And this is a business that you need to infuse. It's interesting because you need to be an optimistic person. You have to take a pessimistic point of view when you're doing planning. You have to plan for the worst, right? Right. So I really liked that kind of style that he had. But really the biggest influence was very early. I had had a t-shirt company and I made a bunch of money and I was a few thousands of dollars and my dad said, I'll just.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, it's, I mean, it's an actual city, Barry. There's like 2 million people there. Kansas City. Oh, so you're in Kansas City. We're not in a town of 300 in Western Kansas. Gotcha. Yeah, we're in Kansas.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“I feel very good about the offering that we have from the people to the process. And I think what you have to be the fastest person in the world. You got to be faster than the people you're racing against, right? And I feel like we're in a good spot right now.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“And it's not different from office to office because it's not 23 different firms. So it's really opened my mind to that. We've now done two acquisitions. We have two other firms under LOI, and we don't have a mergers and acquisitions team. It's just someone has a conversation with Jim, and then they meet me and we're off. And if they're philosophically a fit, and look, maybe one in 10 times it is, you've got to be philosophically a fit. You've got to like the people and all that. So you get to that 10% with that 10%, it's happening pretty quickly. I think that we're finding there are a few people that are very like-minded out there. And I think they're finding that, hey, this is a firm. That's kind of like me. It's not really an amalgamation of a bunch of stuff. And so they can be a part of something that's.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and so I think that what's happening now is the description I use is we have a very, very strong tree trunk with very strong branches that we've built. We built them. The creative planning DNA. And we could add leaves to that tree and have that tree flourish without damaging the tree And so we're not a billion dollar firm where the whole trunk was put together by 25 firms, right? So when people come into creative, they know this is how it works, right? This is the culture, this is the investment philosophy, this is what the people are like.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and even though it was our first one and they didn't know what they were doing, we didn't know what we were doing. You know, they'd never been acquired before. We never acquired it, it was wonderful. And I looked at Minnesota and said, you know, we had a presence there. It might have been around half a billion. And now all of a sudden we're about a billion dollar enterprise. And we've got some scale and we're going to get noticed. And we're in the, just like you said, how many billion dollar firms are there, right? So now all of a sudden we're in the conversation on cases we weren't before And it got me looking at the whole country and saying, you know what, in Dallas, we manage about a billion. We were approached by a firm that has about 600 million. We now have an LOI with them. And so you'll”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“And, you know, they left, and I told Jim's, I gotta go. I go, I really liked him, but, you know, I think they just want to know what we're doing. And anyway, Brad called me the next day and said he was interested in continuing dialogue. I think it was 30 days later. They were part of creative planning”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“Don't know him at all. So, actually, I don't know. He winds up talking to Jim, the guy in my office. And Jim's like, you know, maybe you should talk to Brad. And I'm like, I don't, I just, we just got done with this. Let's give it a little time before we do a couple acquisitions. So we'll just have a conversation. So Brad comes to Kansas. He says, I want to come to Kansas City. He comes to Kansas City, brings an advisor. I find out the advisor is his son. So I'm like, well, maybe they're just kicking tires. But I really liked them. They're from Minnesota. All this stuff everyone says about everyone. Minnesota night. It's true. I don't understand it. But I really liked him.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“That was this year, and it was amazing. To me, this was really fascinating because I was very focused on building out all our services and building a culture. And we did that. And really in 2018, we moved to a new headquarters. We made a bunch of shifts in technology. We finished our hiring push, got all the right people in all the right places, finished building out our trust company, institutional alarm, and so on And really, we're in a place where I could finally start to think about that a little bit, but I'd kind of put it on the shelf as not a priority. And a guy, Brad Johnston, gave me a call literally out of the blue and just said, Hey, I've talked to all these firms. I thought maybe, wait, wait.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“I've thought about it, and I just thought, you know, that's just not what we do. It's not our style. And I want one creative planning client to talk to another creative planning client and go, this is what they do for me. And I don't want anybody to go. I never saw a person ever and everything was online. And I know there's people that want that. And that's totally fine. It's just not what we do. To me, it's just we don't sell ice cream either. It's just completely different”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“Right, they're all buying those. So maybe they're talking their books a little bit I don't buy into it totally. So I think that most $500 million firms cannot compete at the level they used to. I'm hearing that from firms that call us. To be acquired. I mean, they're just saying, look, I used to be able to grow and it's gotten a little more intense, a little more competitive. And I feel like to bring on larger clients, I need to be at a larger firm. There's no question that's a force. But it reminds me of like when the robo advisors came out and everyone said, Well, everything is going to go to the robos.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, I know there's a lot of people running around going, all those guys are going to get crushed. And I don't necessarily agree with that. If you go to the”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think that there are advisors that do a lot of good, and there's a lot of advisors. This is not fantastic. And I think having a bunch of really good advisors that survive is better than having a whole bunch of advisors. And so I don't see this as an industry crisis. I think if the industry contracts a little bit, that's just fine. We've got the technology for it to contract. I'm just focused on finding the right people for our little tiny section.”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“No Thundering Heard in Kansas, is that right? No. I mean, I just need to find a few awesome people every quarter. And I'm always going to be able to find that, right? And so I just don't, I spend any time worrying about. About that, and frankly, about the industry. I think the industry could use less advisors”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source
“I read a lot about this, and I view it very differently. So, as running creative planning, our market share is 0.000. Too, right? Or 0.0. Nobody has market share in the space. So I don't to me, even if there were half the advisors, I don't need to have 40,000, not Merrill Lynch. Right. So”
2019-12-13 · Masters in Business · Peter Mallouk on Building a Powerhouse RIA · IDENTIFIED FROM THE TRANSCRIPT · source