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Ron Rhoades

lines on the record
121
first
2016-01-15
most recent
2016-01-15
sittings or episodes
1
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podcast

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  1. “The fiduciary standard is going to change it in a lot of different ways. So let's look at the longer-term impacts of this. There's some things that exist now which are largely going to go away. If not by the regulators themselves, just from a standpoint of having a more competitive marketplace, 12B1 fees. Likely to be gone. Payment for self space. Okay. Proprietary funds. A lot less. A lot less of that.”

    2016-01-15 · Masters in Business · Interview With Ron Rhoades: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “For sure. Financially tax-wise, people don't need just investment advice. They need financial advice. And that's where you see things like the certified financial planning board of standards with their CFP certification becoming really prized as a standard for investors.”

    2016-01-15 · Masters in Business · Interview With Ron Rhoades: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “I think for a large part they went away. And the old model that you perhaps grew up in, that the old Smith Marty commercial, we make money the old-fashioned way we earned it, that largely disappeared and it's now just beginning to get back, come back in Part of that's because people want advice people, and it's really a lot more complicated world out there.”

    2016-01-15 · Masters in Business · Interview With Ron Rhoades: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “But they don't really get training and investment strategy, investment portfolio management, tax efficient investing, all the things that they really should know to be experts, they're nowhere close to being an expert.”

    2016-01-15 · Masters in Business · Interview With Ron Rhoades: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “And doing it without much training in what they do. It's almost as if sometimes when people get hired into some of the brokerage firms nowadays, they get training in how to sell.”

    2016-01-15 · Masters in Business · Interview With Ron Rhoades: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “And there's soft dollar compensation, and this other revenue sharing and gifts and the like. And when you start explaining this to clients, they typically get really angry because they thought that this guy was their best friend. And it turns out that they were a very good product salesperson.”

    2016-01-15 · Masters in Business · Interview With Ron Rhoades: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “Oh no, they don't charge me any commission bonds. Right. And then when I take them through and say, here's the commission, here's the 12B1Vs, here's the payment for shell space that the brokerage firm is getting of some amount, okay?”

    2016-01-15 · Masters in Business · Interview With Ron Rhoades: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “I think what it's doing wrong and where we really see things change over the last 40 years is we went from this fixed commission structure and abandoned that in 1975. That was a good thing. But it's been replaced with A whole bunch of variable compensation. Where people can get paid a lot more money to sell one product over another. And just a ton of conflicts of interest and a lot of hidden fees. Clients have no idea what they're paying. I have had many a prospective client client come in to see me and they say, you know what? I've never paid my broker a dime.”

    2016-01-15 · Masters in Business · Interview With Ron Rhoades: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “Absolutely. In fact, almost every financial planner I've ever talked to says, you know, I wish I had a minor in psychology. And it's that important.”

    2016-01-15 · Masters in Business · Interview With Ron Rhoades: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “Absolutely completely transparent and then work under that constraint to go out and find the best investment strategies and the best products to implement those strategies for the client. And lastly, it's candor. A lot of times clients really need to hear Something they may not want to hear, like spend less money or control thyselves in some way. Or keep the emotions down, you know, stick with this market. Things like that”

    2016-01-15 · Masters in Business · Interview With Ron Rhoades: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “Bury it in one word trust. And if you look at trust, it's really got three elements to it. The first is That the advisor before you is a true expert in what they do. The second is they're going to put your best interest forth and keep those paramount above their own interests.”

    2016-01-15 · Masters in Business · Interview With Ron Rhoades: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “Writing about the fiduciary standard for years, yes. I have Oh, absolutely. Yes, I don't really hold things back very much. I'm a little bit on the blunt side when it comes to things like Fenros. Well, you seem so generous.”

    2016-01-15 · Masters in Business · Interview With Ron Rhoades: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “I'm pretty surprised when I go to industry conferences that the number of people who come up to me and said that they've read my blogs and we have a nice discussion about it.”

    2016-01-15 · Masters in Business · Interview With Ron Rhoades: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “And I always thought I'd get into teaching when I was in law school. I would run study groups of 100 people that the first year students But the opportunity presented itself and I rushed for it because. And I've never looked back because the students, it's so great to see them transform, even over the course of a semester, especially over two or three years. And I just love going to work every day at Western Kentucky University. It's just a fantastic place to be.”

    2016-01-15 · Masters in Business · Interview With Ron Rhoades: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “You know, if you're a good financial advisor, you're really a good educator You like counseling and kind of teaching colleges counseling en masse in essence.”

    2016-01-15 · Masters in Business · Interview With Ron Rhoades: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “We don't want to send our clients here and here. We need to do it the right way. And we explored eight different business models and ended up forming our own independent registered investment advisory firm.”

    2016-01-15 · Masters in Business · Interview With Ron Rhoades: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “I was in the state planning and tax attorney. I got recruited to help a major financial services company. Attack the 401k market with a retirement planning program. And that lasted for about six months. Enjoyed it, was glad to see the program Kind of in because it involved flying up here to New York and back from Florida where I was at the time every week for 26 weeks straight. But after that some CPAs that I have helped put together their firm from a legal standpoint approached me and said, you know, we're not very happy referring who we're referring to right now. And I said, well, I'm not very happy. So they asked me to help them interview financial advisors in our community. And we did about a dozen interviews and nobody even came close to meeting our expectations. And then we got together and said, we just need to do this ourselves.”

    2016-01-15 · Masters in Business · Interview With Ron Rhoades: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “There's some irony in that. I know. Yeah, that's neat. I was balloo and Brear and Little John and Goofy as well. My clients used to say that they had a goofy attorney, so to speak. Or a...”

    2016-01-15 · Masters in Business · Interview With Ron Rhoades: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “Now it goes back to college years. When I was going to college, I was working during the day at Walt Disney World. I was a Disney character. And I just remember all the time having a book about stocks or bonds. This is probably about 1980 or so, tucked away in my beer costume and during breaks offstage, I'd be reading it.”

    2016-01-15 · Masters in Business · Interview With Ron Rhoades: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  20. “Push them, expand their comfort zones, to show them how to develop and maintain relationships other than the relationship they have with their smartphone or their Facebook page. Okay. And to get them to set goals and really think about self-improving themselves and getting ready for a career.”

    2016-01-15 · Masters in Business · Interview With Ron Rhoades: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  21. “Well, you know, I ask people to think back to their kids, and as they were growing up, Kids need to be pushed to develop and that's why God invented mothers.”

    2016-01-15 · Masters in Business · Interview With Ron Rhoades: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source