YouSaid · the spoken record

Ron Carson

lines on the record: 64
first: 2020-06-26
most recent: 2020-06-26
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

“There is, Barry, and then you've got order flow payment, an invisible tax that consumers don't see. Like I said, there's a lot I think we can still do as a profession to become even more consumer friendly than we are today.”
2020-06-26 · Masters in Business · Ron Carson on Financial Advisers' Trust (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Clients, if they were writing that check back would go crazy. But because they never see it, it's this huge hidden drag on their performance that they really don't consciously think about. And that's one of the things we want our clients to think of every single penny they're paying, how they're paying it. And you know and I know we're big planners, you know, people will make an investment in their future, but no one wants to pay something and not see value beyond a doubt for the investment we're asking them to make. And I think cash is a great example of that.”
2020-06-26 · Masters in Business · Ron Carson on Financial Advisers' Trust (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Last year alone, we estimated it was in the high single digit, $7,000, $8 million directly to our clients because we did the sweep. And Barry, how crazy is the thing about banks, I'll pick on banks for a second. Most clients, if you go, do you love your bank? Go, yeah, I love my bank. What are you getting on your cash and your savings? And most of them are getting almost zero. Nothing. Yet the bank can turn around and get 19 at the Fed funds rate. I say, can you imagine if they were crediting you that? And at the end of the year, they said, hey, we want our fee to be 95% of what you made.”
2020-06-26 · Masters in Business · Ron Carson on Financial Advisers' Trust (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a conflict, but it's at least a conflict that's a client, I think, consciously knows. Or going in, am I going to get the best advice because this could hurt his business? And there's also conflict very, unfortunately, even on the fiduciary side, more so that are more nuanced, like cash. When we back, we had yield. There are some fiduciaries that in order to, they would not take the timer or effort to sweep a client into the highest yielding cash and let it sit somewhere where they weren't earning a lot of cash. That's a conflict, especially if you've got a custodian that's going to charge you or the client some additional fees if they're not making the return on the account. I still think our profession has quite a ways to go. The fiduciary is the future, but I think even as fiduciaries, we can get better at putting the client's interest first and being more transparent.”
2020-06-26 · Masters in Business · Ron Carson on Financial Advisers' Trust (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I do. I mean, the trend is accelerating, Barry. And let me just say something, because I think this is a fact that gets lost on a lot of people. Everybody has a conflict of interest, right? You can't help it. I'll use an example. Let's say you've got an RIA who has $100 million under management, and his largest client has $50 million with him. And his largest client comes and says, hey, I'm thinking about taking $50 million out and buying this business. That advisor has a conflict because he realizes if he loses that client's asset, he may not be able to stay in business. But we all know that the conflict is, are you going to do, remember what I said put the client's interest ahead of their own interest? So this advisor to say, listen, yes, let's do that and give them the best advice even at the demise of his own company.”
2020-06-26 · Masters in Business · Ron Carson on Financial Advisers' Trust (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Still have a massive gap between understanding fiduciaries versus brokers. And I'll open those talks and say, listen, if you get this one thing right, do you understand a true fiduciary versus a broker and you pass it on to someone you love and they get it, you'll have given a true gift that we'll give for the rest of their life.”
2020-06-26 · Masters in Business · Ron Carson on Financial Advisers' Trust (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, and Barry to this day, most people do not know. So I travel around the country pre-COVID. I probably give 60, 70 talks a year. And many of those to retail clients of ours. And I always ask the question, who in here can tell me the difference between a fiduciary and a broker? And anywhere from zero to one hand will go up. I mean, I was speaking at a CEO institution last year. There was 65 CEOs from all over the world. Not one of them knew the difference between a fiduciary and a broker. And to this day, a broker is not required to put your interest first. It's only suitability. That's it. I mean, if they disclose it in a 1,000-page perspectus and it says they can do it and they can charge it, it makes it quote unquote legal. And we have a saying of Carson. Just because it's legal doesn't mean it's right. And I think...”
2020-06-26 · Masters in Business · Ron Carson on Financial Advisers' Trust (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Nobody owns the space, and it's so fragmented to this day. There's 288,000 financial advisors. There's roughly a half a million in the mid-90s of the 288 today, nearly 111,000 are going to retire. We call them rich and tired. Most of them made a lot of money, and they just don't want to keep up with all the technological change. And we see that as a real opportunity to grow market share, but do it the right way. We have quite a few offices around the country. We have our proven process. We have very specific ways of delivering the value proposition. But ultimately, I feel that we have a real shot at owning or co-owning that in the future. You think about Vanguard owns as far as a brand, low-cost investing, fidelity owns, you know, the retirement plan market. But no one really owns the trusted wealth management market.”
2020-06-26 · Masters in Business · Ron Carson on Financial Advisers' Trust (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“We have Carson Group, and then Carson Walth Barry is the very, very first part of Carson Group. It's our retail offering. So we're on a registered investment advisor. We manage close to $13 billion in assets for several thousand families around the United States. Our mission is to be the most trusted for financial advice. And if I'm driving down the road and I don't know anything about our profession, I'm listening to this. I'm like, well, doesn't everybody want to do that? And I would say maybe, I don't know how many people consciously think of it, but we're in a profession, unfortunately, that in financial services is a huge category, Barry, but 65% of Americans do not believe that their advisor or the institution they represent were going to put their interest ahead of their own. And that's really the mission of what we're trying to do.”
2020-06-26 · Masters in Business · Ron Carson on Financial Advisers' Trust (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I do. They owned a drugstore in the middle of Nebraska. It was a small, small town. And I remember them writing me a check. And I pulled out of town. Of course, there was only gravel.”
2020-06-26 · Masters in Business · Ron Carson on Financial Advisers' Trust (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I want to get my securities license, and I was fascinated by. The stock market and the capital markets and how they function. And it just, I feel like I have hardly worked a day in my life. First few years were tussed. There's a couple times I thought I hated. I was going to quit the business. But once I got some, I'll call it epiphany around just taking care of people and really putting people's interest first. Not only did the profession become a lot more fun, but I grew incredibly fast. And I've always stayed in this line of work. And I've always been non-traditionalist. I've always thought of different ways of doing things. And so it allowed me to not only be in a business that I enjoyed, but it gave me a lot of creative space in order to try different things.”
2020-06-26 · Masters in Business · Ron Carson on Financial Advisers' Trust (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, initially, someone told me, so I went down to Nebraska to play football. And my first part of the season, I ended up becoming injured. I was red shirted. But I came from a family where my parents were struggling. I didn't have any money. And someone said, you can sell life insurance and make money. And I thought, well, I'd always had a knack for selling things even as a kid. I went to auction school, so I sold people and let me do an auction for their junk. And, you know, I had a little popcorn business. I had a lot of little businesses. I always had this entrepreneurial spirit. And for six months, I just called out of a phone book. And Amico Life had just come out with life insurance in those days. E.S. Hutton had come out with the Universal Life. And I didn't like trying to talk someone into buying insurance, whether they needed it or not. And shortly after that, I thought.”
2020-06-26 · Masters in Business · Ron Carson on Financial Advisers' Trust (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I absolutely was. And in those days, it wasn't even viewed. I didn't know this. I mean, I was totally unconscious and competent. I didn't know what I didn't know. And so I like the idea of being independent. But there wasn't a lot of places to even go. You know, the Brooker-Dealer community was super small, didn't have a lot of technology, sold a lot of product. But that's how I got started. You know, to this day, it was a great, great growing up experience. I feel like I grew up with the advisory world. I remember in 1994, 11 short years after starting, I was so excited when I realized I could become an RIA and truly be a true fiduciary for clients. And as you well know, our space has changed dramatically several times. Over the last 30 years.”
2020-06-26 · Masters in Business · Ron Carson on Financial Advisers' Trust (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“No, I grew up just north of Omaha on a farm. I thought it was going to be a farmer my entire life and those that remember the early 80s interest rates 21.5%, farmers were going broke. My parents went broke. And I was forced to do something else. And I was reading a money magazine article talked about the top professions of the future. And one was to become a CFP. And so I thought, you know what, that's what I'll do. And I literally ran three years ago, I was at the Napa Valley Wine Auction, and there was a pre-event cocktail party, and some lady said, oh, you're from Nebraska. What do you do? And I told her, she was, how did you get into that? And I said, well, I read this article. Her face lit up. And she goes, you're not going to believe this, but I wrote that article. And I'm like, well, then I owe you my career.”
2020-06-26 · Masters in Business · Ron Carson on Financial Advisers' Trust (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source