No B$ Wealth & Mastering Financial Planning with Stoy Hall

[00:00:00] Entertainment Insights Don't take life too seriously. Welcome to Brainsky Unleashed. Hey everybody, Brainsky Unleashed here we go again. This particular episode, man can I just say how many times I have attempted to align my schedule with this guest and it's been mostly my fault.

[00:00:23] I will take full ownership of it. But I'm excited about this one. He's a very unique individual. He's got a podcast that is growing. It's got a great name by the way because it totally aligns with my belief in life.

[00:00:39] And so I'm so happy to have him on. Now before we jump in, as always make sure that you look at that little subscribe button that's looking right there at you, staring at you. Just click that button, hit subscribe.

[00:00:50] Don't forget to rate us five stars, anything less wildly unacceptable and enjoy the show. So today we have Stoy Hall. He is the CEO and founder or founder of Black Mammoth. He also has a podcast called the No Bullshit Podcast. Like I said, totally aligns with me.

[00:01:06] Hate the bullshit. So Stoy welcome to the program. I appreciate it. And I'm so excited to have someone else who says no bullshit and just says it as it is. It makes life a lot easier. Totally.

[00:01:17] And just because we've established that in the way that we did, we are now explicit and will probably be labeled as such. So congratulations. We've totally labeled ourselves on the Internet. Yes. Yeah, there we go. All right. So Stoy let's talk about Black Mammoth first, right?

[00:01:31] So you're a pretty young guy and Black Mammoth. First of all, what is it? Let's tell the audience what it is. Yes. Yes. Black Mammoth has a modern family office. A lot of you are like the hell is a family office.

[00:01:43] If you Google it right now, there's probably some in your area. And what they're going to do is they're going to focus on the investments. Right. And their job is to take your family, right?

[00:01:52] Your whatever pod if you will, and invest it aligned with your goals for your legacy. True family offices, private family offices, the most wealthy people in the world all have them. You just don't ever hear of them because again, private, right? Whole privacy.

[00:02:07] I guarantee you most people who even listen to this and or live and breathe as human beings have no idea what a family office is. Go ahead. Correct. I'll tell you what we want to dispel a little bit. True family office are going to be your right hand.

[00:02:23] They're going to be over your shoulder. They're that person and confidant and team that can get everything and all the things done for you. So from, hey, if you have legal issues, you need to set up Trust Will's legacies.

[00:02:34] You want to buy a car or a home, lending, your business operations, other things about your business. You want to buy assets, literally everything in your life. The family office is there for whether to do themselves personally or to go vet out

[00:02:49] and make sure that you are doing it correctly as well. And that's a very vague answer because it all depends on the situation. Our industry loves to say it depends, right? Oh, it depends on this. It depends on that.

[00:03:02] It really does come down to each family's setup and how they want to operate. But ultimately, it takes that ability of whoever they are. I work with business owners, minority women business owners, so they can leave a legacy that continues on and on and on and on.

[00:03:18] And I alluded back to the ultra wealthy. Ultra wealthy keep becoming ultra wealthy because they have family offices like this built that their next generation can't come in and just blow up their money. It is designed in a certain way and ran by a team.

[00:03:32] So that's what Black Mammoth is here for. And that's what we're here to do for others. Right. Let's take that step back to my initial comment, which is, hey man, you look kind of young.

[00:03:42] So how in the world did you get to do what you're doing and have a reputation and a background and wisdom to accomplish all of this? I mean, clearly you're an educated guy. No one's going to come into this with zero education go, hey, I can help people

[00:03:56] get people in actually help them. So what's the background there? How did you just come up with this? Like where did this come from? Yeah. And I appreciate it. I am 35. My body feels about 60. You're young. I played collegiate football, so my body hurts everywhere.

[00:04:11] But when I grew up in a, you know, when my childhood was not great when it comes specifically to money and financial education and learning about that and growing up, I knew that there was a way and around people because I've seen successful people. There's things around.

[00:04:27] I'm from Omaha. So you know, there's a little famous guy there who may have made a couple of dollars. And I wanted to learn as much as I could because why can't everyone have what they have? Right.

[00:04:39] And ultimately got to college, worked at the Boys and Girls Club for about four and a half years off campus. And again, that same theme popped up. Financial I used to call illiteracy. I'm focused more on education now.

[00:04:53] And it was like, oh, people don't know what they don't know. And when it comes to our divide in our country, a lot of people call it race. I don't as much. It's socioeconomic divide and really it comes down to the education and understanding of

[00:05:07] how the money game works. And so got through college, got my degree, came into this industry in the insurance world, which is awful. But I learned a lot. So it's so dirty. It's so most people have no idea.

[00:05:23] They have no idea how dirty the insurance world really is. It's just disgusting. It really is. It's literally about money and how much commissions I can get. It has nothing to do with you as a person. Nothing.

[00:05:32] No one is doing anything to help you and it's only to take your money and make commissions. That's all it is. Correct. And I learned early on that that's what it was about. So I wanted to get into this financial planning at that point in time.

[00:05:43] It was kind of, I don't want to say new, but it was the new fad. And I started doing that, ended up getting fired from the insurance company, by the way, because I was focusing on financial planning, not making sure I get three to

[00:05:55] six life insurance sales that week. I left them, joined another firm in the RAA space and recognized that, holy crap, people, the ultra wealthy, pay people for advice. They pay them to vet things out.

[00:06:09] They pay for them to be there to help them through the situation because we can't know it all. It's impossible. I can't be a doctor, an attorney, and a financial professional. You just can't do that.

[00:06:20] And so why do the ultra wealthy and just wealthy in general pay for advice, but the rest of us don't? I'm going to stop you there for a minute because I disagree and agree at the same time. That's great. Right? So I agree with you.

[00:06:35] Well, let me start with, I disagree with you. I disagree because you can do all of those things at the same time, but I agree with you in a sense that it doesn't actually work because you're only going to go to one. Right.

[00:06:48] And most people think that I'm educated, I may be a doctor, I may be a lawyer, I may be a this or a that. Okay? I may be a business owner, a pilot or whatever.

[00:06:58] And you could be good at a few things, but you will not be good at all of them. As a matter of fact, you will probably create a mess for yourself at one of those things

[00:07:07] without even knowing that you're doing it because your freaking ego is in the way. All right, you can continue now. I'll walk away. No, very valid point. And I say the same thing as well. So I definitely appreciate that.

[00:07:18] And so I recognize all of that and why can't they? So that's what led me into my own business and working with specific people who have this mindset of like, I want help.

[00:07:30] And I don't want to be the one that has to know and do everything because I'm good at my lane. Right? I am good at my lane. I really want to be really good at my lane, but I don't want to know your lane

[00:07:40] just enough to make sure I'm successful. And so that's where it came from and started off and has grown. And now in our industry, we're seeing a giant shift from investments, which are just a tool. And I'll be all to this holistic financial planning type of thing.

[00:07:58] I'm calling it everyone's moving towards the fame and office and I will die on that hill. But I think we're shifting towards that because of behavior finance, because of psychology of money, etc. And that's really what people are wanting.

[00:08:10] They're not wanting the next greatest stock tip because if they don't have any money invested, doesn't matter. If I get you a billion percent return, you have zero dollars and zero times a billion is still zero. So I'm going to bring something up.

[00:08:23] And first of all, it sounds like you could actually possibly down the road be known as the second Oracle from Omaha. Possibly. Maybe. I don't know. Maybe. I mean, would you complain if that was the case? Not at all. Not at all.

[00:08:37] I'm going to bring something up because we talked about it and the insurance world is dirty. Isn't the financial advisory world dirty as well when you really think about it? It is.

[00:08:53] And I want to be very specific when we put these labels and I don't mean labeling people. Literally in our industry, it's called this. Financial advisors, I would say a lot more yes. Financial planners, a lot less. Okay. So let's distinguish for the audience.

[00:09:09] And that way we can distinguish what is dirtier versus cleaner because there is a filth factor. And I learned about it not too long ago. I am older than you. I'm not that old. I don't feel that old.

[00:09:22] I mean, granted my body feels old depending on the mood. But at the end of the day, no, neither one of us are that old. But yet I'm middle age and I just learned how dirty these industries are.

[00:09:37] And it's scary that I just found out at my age of 47 how dirty it really is. But go ahead. Explain the difference between the advisor, the planner, and which one is cleaner and dirtier and why. Yeah, absolutely. So financial advisors, they don't have like as a...

[00:09:50] Let me back up. There's a difference between an advisor and a planner. Planners are CFPs, right? We're certified by a board. We have to take an exam. We're held to a higher standard. Is it the greatest standard ever? No.

[00:10:02] I think it has a lot of work to do. I want it as equivalent to a JD and a doctorate personally. I think that needs to be in our industry. However, you could also be a financial advisor just with a normal Series 6, selling life insurance with it, right?

[00:10:17] And what comes into play with advising, it's directed by investments. It is either commissionable or you charge a percentage of those assets, right? And to me that role is more dirty if you will because it's about money almost exclusively, right? They're charging by money.

[00:10:34] They're making commission on money and everything is about how much money is in that account or how many assets you have under management or we call it AUM for you out there to how many assets you have investible, right? But let's break it down for a moment.

[00:10:46] Let's take it down to its simplest terms. Let's imagine I'm a financial advisor, which I'm not, full disclosure. But let's imagine I'm a financial advisor under the conditions that you have just outlined, which is the truth. And I say, you know what? You know what, Stoi?

[00:11:00] I'm advising you and I know that if I sell you this fund versus this fund or this product versus that product, even though the product over here might actually be better for you in the long run, I make a better commission on this one.

[00:11:15] So I'm going to guide you to this one because that's how I make money, not how you make money. That's disgusting. Correct. And it's happening all over. I'll add a layer to that. Say random numbers because numbers are easy. $500,000.

[00:11:30] You have $500,000 invested with me and you come to me and say, I really want to pay off my mortgage. It's like 250,000, right? And yes, as an advisor, I'm going to say, hey, keep being invested, take some money out, pay it down over time, blah, blah, blah, blah.

[00:11:44] You can say all of those opportunities, but it comes down to this simple fact. Are you going to say yes or no? One, am I going to say no because if you take out half of the account with me, that means my commission gets cut in half.

[00:11:58] My pay literally gets cut in half that day. Are you saying no because of that or are you saying no because it's not what's in the best interest of the client in the long run? Guess what? Most of them say no too. Well, it's going to hurt them.

[00:12:11] Correct. It's going to hurt them. It's going to hurt me. It's going to hurt me. And so that's why I believe it's more disgusting in that side of the realm. And that goes with insurance too. It's same. Totally. On the flip side, we have the financial planner side.

[00:12:24] Typically what we're seeing is most of those are on retainer models, subscription models, meaning you pay them monthly or one flat fee somewhere around those parts. We are designed to be with you side by side in these scenarios, right? I'm not making money because of the insurance.

[00:12:41] If you need it, but we're only going to recommend it if it's what is in your best interest and what you're supposed to be doing for your situation in that moment. If you fire me the next month, yeah, I lose my money, right?

[00:12:54] If your cash flow goes down, I'm in jeopardy of losing my job. But I need to help you. I need to help all of this at the same time. So if you make money, obviously I can still keep my job.

[00:13:05] So we are more aligned when you're doing the planning side of things than you are just truly doing the investment side of things. And ultimately what comes into play there is emotions, right? The relationship building, learning more about them and their family and all the

[00:13:19] things that go into their life, estate planning, taxes, et cetera. When you're only on the advice of the investment side, none of that really matters to you, right? Only thing that matters is I want more money in this account so I make more money.

[00:13:32] So conversely, just for argument's sake, if my goal is to increase the value of my retirement, right? And I'm looking at a guy who says he's a planner or advisor and he runs a program and says, you know, look, I get 1% of everything.

[00:13:56] So he is now motivated to get as many dollars as possible into your account because the more dollars that get put into the account, the more money he makes. He gets one penny for every single dollar that you make.

[00:14:11] And so is that not, it can be dirty, but is it the worst thing that could happen? It is not the worst thing that can happen obviously because there still need to be good at their job and make a return or otherwise you're going to leave them.

[00:14:28] My only thing to that or one of my things to that is there's other types of investments that aren't inside of those accounts, right? You're talking about stocks, bonds, mutual funds, essentially in those accounts. What about real estate? What about investing in other businesses?

[00:14:42] What about investing back into yourself or your own business? It's totally useless. They are completely useless in that situation. And even though they may have great advice, they cannot help you in those situations at all. Correct. And nor would they want to.

[00:14:53] They don't even want to learn about the alternative side of things that by the way, they could still get paid on because it can still be in an account. They have not taken that step to do so. Guess what though? The richest people in the world do.

[00:15:06] Everyone talks about building wealth. Guess what? Real estate's in their portfolio. Oh, without a doubt. Other businesses are in their portfolio. So you're just doing what is normal. They're doing what is necessary to grow wealth. So ask yourself this. Do I only have stocks, bonds, mutual funds?

[00:15:23] If so, you're not truly growing your wealth the way the ultra wealthy are. Yeah. You're just doing what the media is doing. You're dead on it. I mean so much so that there's other things that most people are completely unaware that they could even invest in because they're

[00:15:35] out there. Like for instance, I came across investing in bridge loans. Now most people don't even know anything. You could literally put your money into a bridge loan combined with other people's money to loan it to a company or a transaction

[00:15:49] where money is needed to bridge from this financial tool to this financial tool and you can get yourself probably 25% over X period of time. Now wealthy people, they play this game all the time. Big money will play games like this all the time and make money with

[00:16:05] their money. But no advisor will ever get you into that. It doesn't exist. It's not even on their radar. Real estate is not on their radar. You know, there are so many different ways of making money. You're absolutely right.

[00:16:18] Businesses, you can literally invest in businesses to make money and have shares of the investment into that business. Does that exist with an advisor? Of course not. It doesn't even, not there. Totally not. So this is, I think is a very important lesson for anyone that's

[00:16:38] listening as you should be because everybody has this desire to make money. They all want to increase their wealth. Which way are you going to go? Which way makes sense? Planner makes a lot more sense than advisor.

[00:16:52] How many people who are listening go to an advisor versus a planner? Ask yourself that one. Now, if you're listening to this and you've recognized that you have an advisor, not a planner, what's your next move? What do you recommend? Stoy, what do you recommend?

[00:17:09] How do they find a planner? What should they be looking for to solve that problem that they don't know that they have? If you're like me and I love social media, go ahead and literally just Google it if you wanted to.

[00:17:20] Go to CFP.org to look them up. But I would say go to No BS Wealth. I have planners on my site that I've vetted out. Reach out to me, engage with me. I have a database of them that are really great people. Okay.

[00:17:35] And what we've been working on is a community of all of us that are very like-minded because guess what? Biggest difference between advisors and planners when it comes to clientele base, advisors are trying to get as many as possible, thousands, tens of thousands, doesn't matter, right?

[00:17:49] Because it's just a numbers game for them. Us planners, we fight about it all the time, but I found the range between 40 and about 65 clients we can take on personally. Now if we have staff and grow it, yeah, we can scale that, but really

[00:18:03] each one of us can only take on 40 to 65. Think about that. There's only maybe, I think like 19,000 really CFPs around. The math isn't there when there's 133 million plus adults in the United States, right? Let alone the world. So just do that. Reach out and engage.

[00:18:25] I'm here for you. I will do as much as I can. So the others that are around me. But again, I'm always going to push my podcast, No BS Wealth. Go there and you'll see a bunch of them are already interviewed and ready to be there.

[00:18:38] Now let me clear up something that could be going through the minds of those who listen, because if they pay attention to numbers whatsoever, you sit there and go, so this guy's limiting his income to 40 to 65 or whatever that magic number is. No, he is not.

[00:18:51] He is limiting his client base. Therefore he can serve people well and serve them with dignity. But is his income being limited? Absolutely not because I assume Stoy that you are a product of your product, meaning that you are investing in all these

[00:19:07] different things that you're possibly recommending, therefore growing your wealth and your empire without having to take on the burden of thousands of thousands of clients you have to serve just to get their pennies. That is correct. Absolutely. I own other businesses. I own real estate.

[00:19:20] You're not, you're not wrong. There you go. So the answers are there. The answers are always right in front of us. It's just a matter of how you look at them. So Stoy, let's go through that website one more time and

[00:19:28] let's cover that podcast one more time for the listeners. How do they find? Yes, you can find No BS Wealth at NoBSWealth.com. We are on Spotify, Apple, you name the places we're out there. We're also on Instagram, TikTok. We got kicked off Reddit, Facebook and LinkedIn.

[00:19:44] So you can find me and Black Mammoth and No BS Wealth literally across the board as much as possible. No BS Wealth likes to bring on professionals to talk about no bullshit wealth, both in our industry, outside of our

[00:19:55] industry, both in the mental health side of things, both not in the mental health side of things, just to give you a well-rounded view of what's going on and understand a couple of things. One, you're not in this thing called life alone.

[00:20:08] There's a lot of us out there. There's a lot of stories out there. We're just hopefully helping you to take that first next step. Okay. And two, that literally no one has their shit together. I've talked to and interviewed a lot of people, a lot of

[00:20:21] wealthy people, a lot of non-wealthy people. None of us have our shit together. So you might feel disorganized and like there is no sun coming up tomorrow. Guess what? We all feel that way. We all have our own things.

[00:20:31] Just know that there's a lot of people there for you and are going through similar opportunities or situations. Just take that next step. We're here to help. All right. So listen, I thank you for joining us. It's been a pleasure having you on.

[00:20:44] I think that we've actually covered some no bullshit topics that hopefully people will pay attention to. And I think that there's probably some ways in which you and I can synergize and we're going to cover that off

[00:20:55] this podcast, but I think I'd like to have you back on in the future and maybe go over some stuff and really dig in on some things that could really benefit people if they're just willing to open their eyes and here's enough to pay attention. Absolutely.

[00:21:09] I'm down for it. All right. Excellent. Thanks so much for being a guest.