Transcript
Speaker: Hi everyone, welcome back to the Future of Finance podcast. I'm your host, Marissa Wood, and today I'm sitting down with industry expert and my business coach, Dee Costa.
Speaker: Marissa. So welcome Dee. you. So today we're going to share some of the value that we receive from working with asset marketing systems, which Dee is the vice president of, and we're also going to go through the value that clients receive from working with an independent advisor, which Union Financial Services is an independent advisory firm.
Speaker: So thanks for coming, Dee, and you know I'm happy to have you here on your first podcast. Thank you. I'm excited to be here. Now tell me, Dee, how did you get started in the financial services industry? I know you've been in the industry for what, 40 plus years now? 40 plus. Right.
Speaker: Yeah, it's kind of an interesting story. I started right out of school. I went to work for a tiny little life insurance company called Life Insurance Company of California. in San Francisco.
Speaker: And about six months in, e f Hutton, which was one of the largest stock brokerage firms in America at the time, bought the life insurance company.
Speaker: They decided they wanted to diversify and and own a life insurance company. So they bought our company and moved us to San Diego. And I was young at the time, and I'm like, I'm up for the adventure. So I moved with EF Hutton Life to San Diego, and we started with 19 employees.
Speaker: When I left the company, we had about 800. Wow. But it was such an exciting time because I was part of the team that actually helped um design and develop Universal Life.
Speaker: So we brought Universal Life to the to the world, and that was amazing. just a brand new strategy for investing in life insurance. And I was there for about 15 years, um really started at the bottom and left as a vice president. And I loved training advisors on these new products and and traveling the country. And I loved it so much, I decided to become a financial advisor.
Speaker: So I went to work for New York Life and um I will never forget what my first my first manager said to me. He said, you know, Dee, you will not really get into this business until this business gets into you.
Speaker: And I didn't know what he meant at the time. i was still pretty young. and and um selling life insurance and got my securities license during that time, learned how to do financial planning.
Speaker: But it was a captive company, so um we were limited to the products that New York Life could sell. We were competing at the time against A.L. Williams or Prime America, which is still around today, I think. But their philosophy was buy term and invest the difference. And so I ran into a lot of people who had bought term insurance but never invested the difference. And for our listeners, term insurance is the more affordable life insurance option that really just offers you a death benefit.
Speaker: There's no cash value. You're not building up any value inside of it. And so, yeah, that buy term and invest the difference You have to invest the difference if you ever want to build up a real asset. Absolutely.
Speaker: And there's nothing wrong with term insurance. I mean, it does pay a death claim if you die. But statistically, 98% of all term insurance never pays a death claim. because people outlived the term.
Speaker: So um I had the opportunity to talk to people about permanent life insurance and or either a mix of term and permanent life insurance to cover the need just so they would have something.
Speaker: People would say to me, what's the best insurance to have? You know, and I would say the one that's enforced the day you die. so That's powerful. yes Yeah, that's so true. So, you know, you buy what you can afford, but permanency, I mean, we're all going to die. So that's kind of a permanent reality for all of us. So I believe that everybody needs a little bit of permanent life insurance. And certainly the products we offer today offer great opportunities to build tax-free assets inside the policies and so forth. But what really changed my life and what I realized
Speaker: my manager was telling me um happened when I delivered my first death claim check. And i will never forget, um her name was Marianne Metrianis, kind of a tricky name.
Speaker: um She was a little bit older woman, and it wasn't a huge death claim. um but she wanted to make sure she had insurance in force to leave a little behind for her family. And i will never forget the family's gratitude because she had gotten sick for about a year before she died, and they had stopped working to take care of her and had lost some income. And so the little $50,000
Speaker: The insurance policy that she had taken out meant a great deal to them. And the tears and the gratitude just, it really changed my life. And it made me understand, you know, for most people, $50,000 is not enough. For them, it was life changing. For me, it was life changing.
Speaker: And so I was with New York Life for about 10 years, helping families invest, buy life insurance, get the coverage that they needed. And then i was recruited to become an international trainer um for financial planners. So that's kind of the path that led me eventually to asset.
Speaker: Wow. Yeah. Yeah, I mean, this industry really is so incredible when you think about the lives that you're changing, you know, whether it be through life insurance, through retirement planning.
Speaker: You know, we hate to say it, but money really does make the world go round. You know, it's not it shouldn't ever be top priority. But if you don't have it, man, it matters. Absolutely. And so.
Speaker: I don't think we take it lightly how important our job is. and That's right. That's cool to see that it ignited a passion in you. Yeah. And during my training days, i was helping advisors build agencies and training them up in financial planning and whatnot. and then um And it was also in a captive environment. And when Asset called me to come to work for them,
Speaker: I actually went to a seminar and the person who started our company, Rick Metcalf, um did a seminar and he was talking about indexed annuities. Now, I had been in the industry for, what, 20 years by now, and I had never heard of an indexed annuity.
Speaker: Around when was this? It was 2002. okay. Yeah. And, you know, we the financial um issues had happened in 2001, back in the end.
Speaker: I just could not believe there was a product that allowed you to participate in the upside of the market with no downside risk. I was blown away. I'm like, oh, my gosh, where have I been living?
Speaker: under a rock, but it opened up my eyes to the um to the whole independent side of this business and having a world of products to choose from.
Speaker: What a difference that made. Because I had worked in a captive environment. Of course, I knew what an annuity was, but I had only ever heard of fixed rate annuities. and so Kind of like a cd alternative. Exactly. Exactly.
Speaker: Yeah. And so for our listeners, you know, being captive is really only having access to that specific company's financial products, whether it be their proprietary annuities or mutual funds.
Speaker: And it does limit you on the solutions you can offer a client. Because you only have what you have access to. That's right. Whether you know there's other stuff out there or not, um you know that independent world of financial services really allows you to service the client.
Speaker: Well, and as a fiduciary, it's your responsibility to do what's in their best interest. And that's, it's like choosing a car. If you really wanted a a Tesla, let's say, but all you had to choose from were Fords, you know. Yeah.
Speaker: you know yeah Nothing you can do about it. You're limited. Yeah. So, you know, being able to have access to the world's best products, tailored solutions for your clients, it requires independence. Absolutely.
Speaker: And so tell me a little bit more about, you know, who is Asset Marketing Systems? How did you get started there? And lead me through that. So Rick Metcalf started Asset in the mid-90s. And again, this was a period of time when the stock market was just going through the roof. And he was also a New York lifer. And he wanted to – he had a real heart and passion for helping people in retirement, pre-retirement and retirement.
Speaker: And he saw this opportunity with indexed annuities help America's greatest generation, whose primary concern was safety. Of course, they wanted great returns, but they were they were not big risk takers. they wanted They wanted safety, guaranteed income, those kinds of things. And New York Life said no. So um he started he started asset marketing systems in the ninety s And he was like,
Speaker: Profit crying in the wilderness, you know. oh There's these great products. And so he the company grew, and in 2002, they them.
Speaker: recruited me to come work for them And it took a while to make the decision, but when I saw his passion and what he was doing for people, and when i I understood the magic of indexed annuities and the beauty of being independent, I you know i jumped aboard. and um And it's been a been there for 23 years.
Speaker: So I'm just so blessed to be able to work with Rick's daughter, who's our CEO now, and the values that she ascribes to. so as...
Speaker: As an independent marketing organization, training and business consulting company, we do have access to every great insurance carrier, annuity carrier.
Speaker: um We also support people on the security side, but there's no limit to the product choice. In addition to that, though, we've got a great product expert team.
Speaker: So you're not really left to your own to pick from thousands of products. We've got absolute, I call them savants. They're so good at what they do.
Speaker: um If you have a client that needs immediate income or they want income 10 years from now, um whatever the planning scenario looks like, we are able to put all of that together and guide you through and I know you're really good at this on your own, but we're here to help um guide you to the absolute best solution for your for your client. Our product team is amazing. And that's huge, especially for, you know, we're a family business. Union Financial Services a small family business, and I know a lot of other advisory firms that are affiliated with asset marketing are small family businesses as well. And
Speaker: you know That's what makes us special is that personal touch to our clients and that you know intimate relationship. But at the same time, we need to be able to scale ourselves. you know There's only so many hours in the day.
Speaker: And so being able to outsource the research behind annuities and the research behind certain income strategies and having help with you know the paperwork and right each step of the follow-through of each plan you know, that's crucial in the success of our business and being able to serve our clients. We wouldn't be able to do it just us.
Speaker: And, you know, I've tried to explain to our clients over the years that, yes, we are a small business, but we have this back office that gives us marketing support, ah you know, compliance support, all of the research and development.
Speaker: And, it's a game changer honestly i don't know how we would do it without you guys and you know tell me a little bit more about some of the unique services that asset provides so i was talking about our product team and i i'm you know i'm wowed by them honestly ah we also have an advanced we call it advanced markets team where some people have very complicated planning needs of tax wise or estate wise, things of that nature, buy-sell agreements for businesses.
Speaker: So we have some leading industry experts on our team that that deal with those more advanced and complex cases. And And they take hours and hours of preparation and research and you know running through the tax code and understanding the unique needs of business owners.
Speaker: And so we provide all of that to not just your firm, but all of the firms associated with Asset. um We believe that we're part of your team. So we're invested in making sure that your clients have that tailored solution exactly um as they would want it to be for their family. so um So that's very exciting. And we also have a an amazing marketing department that they help you, i think they help you not just understand your own self and your own brand, but your your clients as well, because we work with people across you know all demographics, across the United States. We've got agents that, of course, you know and and have gone to events with. um
Speaker: And we learn insights from all of those people. And then we share those back out to our advisory firms. And It just helps everybody understand client needs better when we're all in this sharing culture.
Speaker: Absolutely. i I will never forget my first experience with Asset was in 2017. was about to graduate college. And, you know, obviously I had grown up with parents in the industry. I knew who Asset was.
Speaker: i knew, you know, some of the intricacies of the industry. But... When I went to this first sales and networking conference, which we do every year, and that's you know where we go and learn about product updates and strategies for our clients, and we just get filled with info and then leave and get to you know put it out to use. And so the first one I attended in 2017, I remember sitting in the audience and going, oh my gosh, is this industry just all acronyms?
Speaker: DOL, IRA, SEP. It was just all acronyms, and i was my head was about to explode. I'm like, this is so overwhelming, but also looking around the room and saying, wow, this is inspiring.
Speaker: you know If all of these people can make a really great living and support their families and support their office staff and change their clients' lives,
Speaker: I want in on it. This is awesome. And it also helped, you know, seeing a lot of really amazing women be at, yeah you know, a leadership position in ASSET. That was inspiring, too. And yeah, after that conference, I was like, I am in. I can't wait to graduate college, get licensed and get going.
Speaker: yeah Our culture is very unique. I mean, growing up at EF Hutton and at New York Life, the culture typically in financial services is very competitive. Like I said, we we were...
Speaker: the enemy of A.L. Williams and Primerica, and it was just crazy times. But even within the office culture in ah private or captive companies, it's very competitive, um not a lot of sharing.
Speaker: yeah In the asset culture, in the union financial services, being part of the asset family, We walk the talk. I mean, there is not something that an advisor ever keeps to themselves.
Speaker: yeah No gatekeeping. No, and no. It's amazing the amount of sharing. And you've seen that now of as you've attended numerous sales and network networking events. People very open to, you know, what's the best way to do a Roth conversion or um tips and tricks on on tax strategies and tax planning.
Speaker: In fact, we just got back from Cincinnati and we had an amazing study group where we, there were about 15 of the top advisors in the country, including you and Lisa. And We actually put together case scenarios, actual case scenarios.
Speaker: And from many different perspectives, we pulled them apart, put them back together, um put together financial plans, um asked each other questions. Iron sharpens iron. And in that room, we saw an entire day.
Speaker: of iron sharpening. it was, did you think of this? Did you think of that tax strategy? Did you think of, you know, this conversion? And it was amazing walking out of that room thinking,
Speaker: You know, this is just such a great industry that you you never stop learning. And when you've got a team behind you, the the big asset family, but you've also got a team of advisors that you can call every single day if you've got a question or they call you.
Speaker: um We're just constantly learning. It's it's just so much fun. Yeah, because the industry is constantly changing. And, you know, no matter if you're the most successful advisor this year or not, you have to keep learning because the products that were the best three years ago might not be what's best right now. I mean, especially with the interest rate environment that's right changing drastically. It's...
Speaker: Our world is really appealing right now. Interest rates are high. Guaranteed income is high. You know, there's bonus opportunities for clients. And it's really exciting getting to learn them and then bring them back to our clients and say, you know, we have a really great solution for you. Yeah.
Speaker: um Now, what would you say, because I know you have your weekly calls with me and Lisa, and then you also speak to advisors all around the country, what would you say some industry trends are right now?
Speaker: Well, one of the things that I am hearing a lot is that the consumers feel a bit of uncertainty right now. They're not quite sure about this tariff um issue that's going on. I think people are somewhat confident in the future. In fact, they say consumer confidence is up right now.
Speaker: But there's some hesitancy, you know, with the stock market kind of a little wobbly, just... um Someone can make a comment on CNBC and the stock market goes down 200 points. So um I do think, you know, I've been with ASSET for 23 years. I've never seen people desiring, you know, peace of mind and safety as I do right now. I'm hearing that across the board.
Speaker: across the country from all of my advisors is that where can I put my money that no matter what happens, if the stock market's up to today, down tomorrow, um that I'm not going to lose the NASDAQ I've worked so hard for, that I can participate in gains and and stop worrying. You know, we've got people kind of sitting on the sidelines right now, just waiting and watching. And That's not really a great place to be is in procrastination or panic mode.
Speaker: So, you know, we want to be politely persistent with people to let them know that by not making a decision, they're making a decision. And typically that leads to anxiety, lack of sleep.
Speaker: And investor behavior suggests that people tend to get out of the market when it's falling and get in when it's rising. So let a professional help you get unstuck. you know and Investing is emotional. it So much. And it's really emotional when you're doing it yourself.
Speaker: Yeah. You know, I think half of our job as advisors is to take that emotion out of it and then put some logic into there because, yeah, you know, of course, you know, you see the stock market dropping and you turn on the news and hear this bad news story, that bad news story, and you think, I got to get out of the market.
Speaker: Well, maybe, yeah maybe not. Depends on if you're retired or not. If you're in your 30s and 40s, then no, you don't. But, you know, if you're retired, yeah, we need to put a safety net in there, at least on a portion of that money. Absolutely.
Speaker: And I, you know, the other thing we hear is that the vast majority of divorce in this country is related to finance. And it's not lack of money. it's It's men and women often don't think the same way about money.
Speaker: And it takes a third party, an independent advisor, like you said, to take the emotion out of it. So we're not just helping people plan for the future. Sometimes we're saving marriages. Oh, my gosh. Yeah, it's true. No, that is – I could see how that's true. um you know and And product-wise, obviously we can't recommend any products without knowing a specific client's situation and what would be best for them.
Speaker: But are you seeing that the trends are more towards shorter term index annuities, index annuities with lifetime income features, maybe with extended health care features?
Speaker: All of those things, actually. Yes. um People are opting for a little shorter term, five, seven years, because we've seen the um invent of so many great products over the last couple of years. We know that in the next few, they'll probably just keep getting better and better. how I say that.
Speaker: However, interest rates have a lot to do with how much... upside we can put into the product. So now is like such a perfect time to take advantage of what's available today. um As people are aging and more and more people are turning 65 every single day and retiring, the concern about health care and retirement, the costs of it, that's magnified, you know, tenfold right now. So that's a huge, huge concern.
Speaker: And then guaranteed ah income is, again, um super important and on everyone's mind right now. People are used to getting a paycheck all of their life in we go back to that marriage friction. You know, what happens when the paycheck stops? It's like, how much can we spend this month or next month? Well, let an advisor help you figure all of that out and go enjoy your retirement.
Speaker: You know, something else that we're seeing a lot and i I'm sure you are as well with with your advisors is that whole refinancing of Maybe some outdated annuities. Absolutely. Because, you know, the fact of the matter is, you know, what was best, like I said, a few years ago might not be what's best now. And just because you're in an annuity that, you know, you signed up for 20, 10, 5 even years five even years ago Even three years ago. Yeah, there sometimes is the potential to reposition it into something that's better now. Absolutely. And, you know, that's an option.
Speaker: so I would encourage your audience, if anybody listening. has an annuity of any kind to come see you to have it reviewed because the likelihood of being able to get better returns, better features, maybe that healthcare um feature that wasn't available three, four years ago, um higher income rates. I mean, we are seeing, I personally actually just refinanced one of my own annuities And i had purchased it about eight years ago for guaranteed income in retirement.
Speaker: But because of the new products, I actually refinanced my own and doubled my income in retirement, doubled it. It is so critical to have all your annuities reviewed.
Speaker: And it's a simple process, especially for the client. It's a matter of, you know, and ah a new application. And really, us and assets back office and the insurance carrier, we take it from there, repositioning the funds from one carrier to another. Simple.
Speaker: No taxes. That's right. No penalties sometimes. That's right. um I mean, if you knew ah ah simple 30-minute visit could double your income, isn't it worth it?
Speaker: Yeah. Yeah. Absolutely. Absolutely. Now, for any of our listeners maybe that might be in our industry or they might be an independent advisor, tell me about how they could contact Asset. Maybe they want to have a conversation to see if you would be a better FMO or just something that they could incorporate into their practice as another feature. Sure.
Speaker: Well, I will say that we are not the biggest and and we never want to be. We're more of a bo boutique firm. our One of the things that we always say is we don't want to be all things to all people, but everything to a select few.
Speaker: So if you are looking for an IMO that actually knows your name, calls you every single week... introduces you to some of the best advisors around the country, treats you like family, gives you, you know, A-plus service, products unlimited, um you know, give us a call.
Speaker: And our website is www.assetfmo.com. And our phone number will be on there for for you to call us. But We love working with family firms such as your own, and you become part of a much bigger family that supports and loves you. And, you know, there there are a lot of ah ah firms in our space that do what we do, but many of them...
Speaker: cater to a much bigger Merrill Lynch type advisory firm where you've got 15 advisors. And if you're a family firm, you tend to get lost in the shuffle at some of those bigger IMOs. And so if you're a family firm or independent advisor looking for a team and a family and a supportive network of advisors, give us a call. Yeah.
Speaker: Yeah, I mean, it's it's made a huge difference in, you know, because I entered the industry at a really young age. I got licensed at 20 years old. And amazing that's not easy because, i and like I said, I understand the magnitude. Sometimes um I'm speaking with clients about their life savings and, you know, their future 30 years of retirement.
Speaker: And so I will say that not only having my parents in the industry, but having you and Asset be there to answer questions along the way and, you know, be able to give me that backing of someone that has 40 plus years in the industry. When I was first getting started, was able to give me the confidence that, OK, you know, I can service this client well.
Speaker: And it's only gotten better and better every year. Well, you're an amazing superstar, Marissa. Well, thank you. But it's such a pleasure working with you. We have our Monday calls. Yeah. 8 o'clock San Diego time, 11 o'clock Florida time. Dee's an early riser. Yeah. Like, if you ever want to feel like you got your life together, don't talk to Dee because she already did four hours of work by the time you woke up. No. No.
Speaker: Well, that's pretty much all I wanted to cover in regards to asset marketing. I mean, of course, if we have clients listening to this, you know, I hope this helps you feel more comfortable that we have an amazing back office support. And, you know, we really have chosen to work with the best in order to serve you the best.
Speaker: And, Marissa, I just want to congratulate you on your success and your dedication also to the community. So I would say if any of your clients are listening, tell your tell a friend.
Speaker: You know, if they've got an annuity that needs review or if they just have never done financial planning, Union Financial Services is top-notch. They will take care of you just beautifully. Oh, well, thank you. Pleasure being here. Thank you. Thank you. Yeah. And for anyone that's, you know, wanting to get in touch with asset marketing, we'll leave their information in the description below as well. And lucky for you, we have Dee coming on future episode where we're going to dive a little bit deeper into financial impact of potentially losing a loved one and that fear of, am I going to be okay?
Speaker: So thank you so much, Dee, for joining us. I'm your host, Marissa Wood, and we look forward to helping you live a better financial future. Investment advisory services offered through Brookstone Capital Management, LLC, a registered investment advisor.
Speaker: BCM and union financial services are independent of each other. Insurance products and services are not offered through BCM, but are offered and sold through individually licensed and appointed agents. The opinions expressed by Marissa Wood and guests on this show are their own and do not reflect the opinions of this radio station.
Speaker: All statements and opinions expressed are based upon information considered reliable, although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Investments involved risk and otherwise stated are not guaranteed. Past performance cannot be used as an indicator to determine future results. Any strategies mentioned may not be suitable for everyone. Information expressed does not take into account your specific situation or objectives and is not intended as recommendations appropriate for you. Before acting on any information mentioned, please consult with a qualified tax or investment advisor to determine if it's suitable for your specific situation. This program is designed to provide accurate and authoritative information with regard to subject covered. Indexed or fixed index annuities are not designed for short-term investments and may be subject to caps, restrictions, fees, and surrender charge as described in the annuity contract.
Speaker: Guarantees are backed by the financial strength and claims paying ability of the insurer. Please refer to our firm brochure, the ADV 2A, item 4, for additional information. Any comments regarding safe and secure products and guaranteed income streams refer only to fixed insurance products. They do not refer in any way to securities or investment advisory products.
Speaker: Fixed insurance and annuity product guarantees are subject to the claims paying ability of the issuing company and are not offered by Brookstone.
