Transcript
Speaker: Hi, everyone. Welcome to the Future of Finance podcast, where we break down investment strategies to help you live a better financial future. I'm your host, Marissa Wood, financial advisor and one of the owners of Union Financial Services. And usually I'm the one asking my guests questions. But today we're going to flip the script. And instead of interviewing a guest, Erin Kennedy from Brookstone Capital Management is going to be interviewing me about the journey, how we got here. and what it means to be a financial advisor today. And so, as I said, we are joined by Erin Kennedy.
Speaker: Erin is an Emmy award-winning communicator with nearly two decades of experience in broadcast journalism and corporate communications. And before joining Brookstone Capital Management as director of communications,
Speaker: Erin anchored morning newscasts on CBS Chicago and led coverage of major national and local events. And she now brings her expertise and storytelling to the financial services industry.
Speaker: Erin, thank you so much for being here today. I really appreciate it. And before we get started, I'd ask that anyone listening, please subscribe to our channel, whether you're watching on YouTube or listening on your favorite podcasting app. It really does help us. So thank you, Erin. I'll turn things over to you.
Speaker: Marissa, thank you. It's very good to see you and welcome to everybody watching and listening. Yes, just for a little bit of background, when you asked me to be on your podcast, I was like, well, first of all, you do amazing content. So I was thrilled to be asked and to be a part of it. But I was like, i as my background states, I don't really know a lot about financial information. So I was like, why don't we talk about you? Because I feel like it's so refreshing to hear you interview your subject matter experts. You clearly have a wealth of knowledge. So I figured, you know, I would love to know more about this woman. So why not just dive right in? But it's great to see you. Good to be here. So I think that we should just start with the basics, right? Because I mean, you're
Speaker: busy you are doing such amazing work in a field that's not dominated by women. So how did you decide that this was the path for you?
Speaker: Yeah, thank you. And I always joke that I actually got started in this business unofficially when I was still in middle school. And it's it's funny to joke about, but it's not all that untrue. My parents started the company in 2006. And when I was in middle school, the school was actually directly across the street from their office building. And so every day after school, I would walk to their office. I would do my homework and when I got done my homework, I would help them around the office with tasks like filing, faxing, shredding, you know, all those ancient things that we don't do anymore because now it's digital. I'd make coffee for the clients and I would sit in listening to meetings and I didn't really understand what they were talking about for a few years.
Speaker: But I started picking up on things. I knew what the difference was between a traditional IRA and a Roth IRA well before I turned 18. And couldn't wait till I turned 18 so I could open one of those. But I didn't truly understand the impact the financial services could have on the everyday person until 2012. That was really like a turning point year for me. In 2012, my dad suffered a severe neck injury, which put him out of work for months. He was in the ICU for about a month. He then spent two or three months in a rehab facility. He was completely out of commission when it came to work. And up until that point, my parents had been running the business together.
Speaker: They did all meetings together. They put together plans um really as a joint effort. And so now our world was flipped upside down. And my mom had to step into this role as not only a caretaker, but the sole person running our business. And so it was a really stressful time for our family. And at this time that was stressful for our family, ourselves, my mom was introduced and referred by a dear client of ours to this young couple who had also recently suffered a devastating injury.
Speaker: And they were awarded a large legal settlement. And so at this point now, they had this lump sum of money that needed to sustain their family for life.
Speaker: It needed to put their children through school. It needed to replace their income. And they were young. So this was a Huge task load that my mom was presented with. And I watched her put her heart and soul and hours and hours on the dining room table every night into putting a plan together that would support this family. I mean, this is life changing money.
Speaker: in this case. And 14 years later now, I have seen that plan that she put together work. I've seen it in action. These clients are still thriving.
Speaker: Their children are now through college. Actually, their youngest is in their last year of college right now. And Those children have actually become clients of mine. That's how successful they have now become. And I've just seen this plan work. And so seeing that kind of long-term impact that we can have as advisors on families during sometimes the lowest point in their lives while still supporting our family. I mean, my mom was doing it all at that point.
Speaker: Seeing that kind of impact that we can have, that really changed my perspective. from this is just a way to make money and something to do as a career to a way of life. And that at that point, I knew that this is what I wanted to do for the rest of my life. And I was really young to know that. I feel very fortunate. And of course, being able to now work alongside my mom, we own the business together now, and she's the strongest woman I know. So that's the ultimate blessing. ah And it's just been amazing.
Speaker: Right. Well, and I think that your background really does help underscore that this is a family business when it comes down to it. um That being said, it's curious to me since you kind of started learning about this so young and i I only wish I knew the difference of a traditional and a Roth when I had been younger, when I was making $18,000 in my first job on TV. What was the one financial lesson you feel like your parents really wanted you to learn when you were young? Like if if there were one piece of advice that we could all give our children now, what would it be?
Speaker: I would say it would really be to live below your means, even if you're super successful this year. Life can throw you curveballs. I mean, I saw my dad was doing really, really well. He was perfectly healthy. And then all of a sudden, he was out of work. And same thing with a lot of the clients we work with. Life happens.
Speaker: People die too soon. People get disabled. People lose their jobs. And so have that contingency plan and save more than you think you need to, even when times are really going well. um And then just be consistent with it.
Speaker: You know, life life can be up and down. We can have periods where we're making a lot, we're making less, um and we don't want our happiness and our lifestyle to be so reliant upon that income because it really can change. Right, which is why having a plan is really important. just brings peace of mind when it comes down to it. So now that you've been doing this for a while, and again, you grew up in this industry, what does being a financial advisor look like 2026?
Speaker: I think it looks amazing. We're living in a world with A.I. We have so much information at our fingertips, so much convenience. We have a way that we can run our business so efficient now where we're not doing all those admin tasks that took up a lot of time. Right. Now we can be in front of a client where they need us to be. um so much more of the time than doing paperwork and and things that we used to have to be doing. um So that efficiency, I think we're so lucky to have. And it goes the same with clients.
Speaker: They don't want just data. They don't want just numbers from us at this point. They can get that on their phone with AI. They want that comprehensive plan, that relationship, guidance, education. um And that's something that we can provide to them through podcasts, through social media. We can give people education that they can.
Speaker: learn in a bite size information, bite size clip. They can learn on their own where it's not as intimidating to start becoming financially literate on your own because we have all of this information out there if you just take advantage of it.
Speaker: um And I really do feel like the industry is at such a great point right now with what we have to offer. I mean, interest rates are still high, which is good for income producing vehicles like structured notes and annuities. The market's doing well at the time of filming this.
Speaker: We have so many innovative products and vehicles and tools that we can present to clients that there's no excuse to not have a really balanced plan because we have all of these solutions. It's we're fortunate.
Speaker: who You know, just to piggyback on something that you're saying is like the market, yes, is doing well as we record this in early June. Things kind of feel unsettled, but that being said, the market has hit many all-time highs.
Speaker: I'm curious who you help because there's gonna be a lot of people maybe who look at their 401k or their IRA right now and they're like, I'm doing great. I don't need any help with this.
Speaker: That is so common and that's great that it's doing well right now. and And I hope it continues to. But history would show that there's always going to be a correction. The market is volatile. If it only ever went up and up and up and up, then everyone would be millionaires. It would be a no brainer. But I work best with professionals, business owners, families that might be making good money and they have that 401k at work, but they're looking for more organization. They might have these accounts that the balance looks nice on, but they don't really understand the components inside of it, or they don't understand what they can be doing outside of that 401k. Or when they leave a job, should that 401k come with them or should it stay? Where do they put it? Really just someone that, like I said, they might be doing well right now with their accounts or with their income, but they're looking for that simplification organization, they're busy. They don't want to have to learn what each stock and mutual fund means. They want someone to explain it in a simple matter.
Speaker: Here's what your money started at. Here's where it's at now. Here's what you've earned. Here's the income it could produce. And here's why. um That's something that everyone wants, no matter how successful they are. They want simplified organization. And that's where I really strive to be with my clients. I like to be very organized in my own life um because I'm busy. I'm running a company. My husband's running a company. We need things that are plain and simple right in front of us.
Speaker: Here's what we have. Here's what it's going to do. um Life can be too complicated. We don't need to overcomplicate financial planning. um But I also like to work with a lot of our clients, children and grandchildren. That is a huge passion of mine because as a second generation business owner, being able to work with those younger generations when they're just getting started and they're so excited to open up that Roth IRA now.
Speaker: That's really exciting for me because not only am I helping them in the very beginning, but it could turn into a lifelong relationship where I see them become successful over their life. So that's that's something that I'm really passionate about. And of course, there's no better compliment than a client saying, I want to introduce you to my child or my grandchild. Right.
Speaker: Yeah, that's a really good point. And I'm sure now that you've been doing this for a while, again, this is only new to me. I'm still young enough. I'm just in the save as much money as possible phase. Right. But I feel like what I've learned and what has been really interesting for me is as you creep closer to retirement and when you are recently retired, how complicated things can be without you even realizing it. Like there's so many moving parts between coordinating healthcare and legacy planning and taxes. That was kind of the steepest learning curve for me, but I'm assuming you must enjoy kind of putting those kinds of puzzles together to be in this line of work.
Speaker: Yeah, I mean, a little bit of problem solving is always fun. It keeps it interesting. And you are right. That accumulation phase can be a lot more simple and easy to digest than the distribution phase. Mm-hmm.
Speaker: Once it's time to start distributing your money or, as they say, go down that mountain, it can be a little scary because you don't want to run out of money. You don't want to pay more taxes than you need to. A lot of people want to leave a legacy to their family. And so putting together that comprehensive plan, especially when you're out of that accumulation phase is where you you definitely need a professional. You can't do that on your own. Right. No, I agree. That being said, so let's say, Marissa, that I come into your office. It's my first meeting. I don't even know if I should or need to work with an advisor. What can I expect when I sit down with you for the first time?
Speaker: Yeah, and I'm happy that you said that. I don't know if I should be here because I think that's a obstacle that a lot of people yeah face in not even scheduling that meeting because they don't know if they're the right candidate. Should I have a financial advisor? Is this going to be a waste of my time? Is to waste of their time?
Speaker: That's super common and relatable. And so prior to that first meeting, we usually do a quick 10, 15 minute discovery call just to get the absolute basic information out of the way. How old are you? Are you married? Are you single. Do you have any kids? Have you ever worked with an advisor before? These very basic questions out of the way. Tell them where our office is. And then we'll send over our intake form by email.
Speaker: And once again, this is not asking any financial questions. I'm not going to ask you to disclose how much you have in investments or your checking account on this form. It's just to find out if you have kids. is your goal growth right now is your growth income um have you ever worked with an advisor before have you ever invested on your own before just so that we know a little bit what to expect when you come in and we don't have to waste your time with these kind of questions you can do it on your own you know people are busy and so after that and i always will send someone a couple of our podcasts and videos ahead of time too because i want them to get a little bit of a feel of who they're going to be meeting with.
Speaker: Maybe it makes them a little bit more comfortable. They can do their due diligence on us before time, in more control over, i think I'll work well with this person, or they're totally not a good fit. And no offense taken, we're not a good fit for everyone. So I will send those over so that they can do a little research on their own. And then when it is time for that first meeting,
Speaker: come into our office. They're greeted by our amazing receptionist. And then we always have to go by the coffee bar. That is a must. We have a really cool coffee bar in our office. We have nice Nitro Cold Bro on tap. We have cappuccinos, espresso, lattes. It's funny. Everyone that becomes a client, we start picking up on what their go to drink is and and they can't wait. They're like, I got to get my vanilla latte first. Wow. Vanilla latte. Oh, yeah. So good. um And so we'll stop by there and then we'll go upstairs to one of our conference rooms where we usually spend about
Speaker: 40 to 60 minutes just getting to know each other. Now is when we're going to start asking you some financial questions. And they're not difficult questions. It's things like about what's your household income?
Speaker: Do you have a 401k? What's the current balance? Do you contribute to it regularly? do you have any life insurance in place? What's your family dynamics, this type of thing? And I know it can be intimidating disclosing this kind of information to people that you might not know that well. I mean, unless they're a referral, these people might not know us well. So it can be intimidating. but I always like to remind people that we have to know where you're at currently before we can give you any kind of advice. Of course. It's like with a GPS. If you don't have a starting point listed in your GPS and a destination where you want to go, how is that supposed to give you any directions on how to get there?
Speaker: Right. You know, so the more information that they share over those first couple of meetings, the better recommendations we can give them. um And so it's really just getting to know them. We never charge for a meeting. That's important to note. Also, people sometimes will come in and say, oh, my gosh, how much is this going to cost me? We don't charge for meetings or plans.
Speaker: we get paid in one of two different ways. If we're managing assets in the market, we charge an asset management fee annually. If we're putting together an insurance-based plan, annuity, life insurance, we get paid a commission from the insurance carrier. so Never anything that the client has to come in with a checkbook for.
Speaker: i always like to put that out there right away. Right. And, you know, you bring up so many good points with that answer there. And what I hear is, again, not only are you developing a relationship with the client, if you can predict their coffee orders, because that's some deep knowledge. But I think the other thing is,
Speaker: A relationship with an advisor when it's done well, is not a one-time meeting, right? The goals change, the destination may change. And this is part of an ongoing process and an ongoing relationship. I might not spend the same amount when I'm, you know, 40 versus 50 versus 60. I might not be making the same amount. So talk to me a little bit more about that relationship and the ongoing relationship.
Speaker: Absolutely. So, yeah, the first time we put a plan together, it's going to be the most meetings required from a client, usually anywhere between three and four to really get that plan in place in the beginning. But then after that, we always want to do check ins once or twice a year, whether it's in person, virtually, whatever the client prefers.
Speaker: to just see where we're at. Has anything changed? Did you have a new child? Have you changed addresses? Are you now less aggressive than you were last year because of X, Y and z And then we make some tweaks to their portfolio. It's very rare that no changes need to be made in a whole year, but we have to do those check ins.
Speaker: And then if they have questions more often than once or twice a year, of course, clients can always email us. We send market updates that Brookstone works with us to create just to give our clients an idea on where the stock market is every month.
Speaker: So that's something that clients can expect to hear from us at least two to three times a month by email and phone. And then we want to see you face to face at least once or twice a year. Right.
Speaker: And I really did enjoy your conversation with Mark DiOrio, who is our CIO and an amazing human and wildly intelligent. And just to underscore for everybody listening and watching, when you choose to work with Marissa, you gain access to a whole team of investment experts. Brookstone manages, geez, I think it's 13 billion or more right now. So I think that's a really special part of your relationship with choosing to work with Brookstone as well.
Speaker: That being said, I do want to talk a little bit more. You know, I think a lot of people don't come into that first meeting with an advisor, Marissa, because there are a lot of misconceptions. What do you think are some of the more common misconceptions people have about working with a financial advisor?
Speaker: The most common one would be that you have to be rich already to have a financial advisor. i think so many people think that. And it's really a shame because we all deserve to have an advisor to guide us with our finances. Most of us have a job and make some type of money within our household. And we want to know how to make that money grow and how to sustain our lifestyle with that income. and so You do not need to be rich already to have an advisor. I mean, I said before, I love working with our clients, kids and grandkids, and they certainly are not rich yet, but they deserve to learn and they deserve to get started. um so that's that's an easy one.
Speaker: We have clients that have a thousand dollars. We have clients that have ten million dollars and a bunch in between. And that's something that as an independent small firm, we're able to do that a lot of large companies might not.
Speaker: They might not take on those clients that are small. Right. And again, you've been doing this for a while. You've seen a lot of changes from faxes to not even including all the changes in technology. But where do you think the industry is headed?
Speaker: feel like obviously it's going to become more and more efficient. We're doing so many things virtually already. um Younger generations are starting to get more involved, which is great.
Speaker: um I think that could be somewhat from seeing things on TikTok and Instagram and YouTube that, hey, I need to start investing. But also we're realizing that pensions are becoming more and more rare.
Speaker: course. A lot of my peers have doubt in Social Security, whether it'll be there or not for us when we go to retire. And so that leaves no one but ourselves to fund that future retirement. And so I think people are realizing that. and We all know the earlier you start, the less you need to actually save to get to that goal. And so I think people will continue starting earlier and earlier, which is great. um And then I think it'll also be a shift towards, as you mentioned, more of that comprehensive planning. It's not just picking stocks and chasing those high returns.
Speaker: We've all had neighbors and family members that are talking about the next hot stock. We've all heard it. What do you think the next hot stock is going to be? What's a penny stock I should buy now that's going to be the next Apple? Well, you know, none of us have a crystal ball, so I i wish I had that answer for all of my clients. But It's not just about those individual stocks. It's about the plan overall.
Speaker: You can have these stocks, but what does that mean for your income, your taxes, your legacy, your health care? um There's so much more than just those individual stocks. So I think more of a comprehensive plan.
Speaker: that might involve other professionals too, estate planners, health insurance agents, CPAs, having everyone sit at that same table to make sure that the client's going to be okay throughout life. I think that's really where the industry is moving.
Speaker: yeah so I'm curious to hear what you think, because you speak to advisors and industry experts all the time. Well, I love that question. It is a great question. I don't have as much context as you do, but I feel like advanced planning will be more necessary as things seem to be getting more complicated and financially insolvent. I mean, of course you talked about social security. a lot of people wonder about that. Medicare, so many different variables, but also I think tax planning is going to be kind of the wave of the future when it comes with what separates the rich from the very rich, because as you know, we are living in a historically low tax rate right now and planning now for your future is so important. And when you mentioned, um
Speaker: us maybe talking through this question, I was trying to think of an analogy that would make sense to me when through what I've learned about the value of working with financial advisors. And when I was in my professional TV news career, I did not hire an agent at first because I didn't need one and you really don't when you start out. But as I started moving up in markets and you start, you know, making more money and things are more complicated and you're always under a contract, I hired an agent. And even then, like when I was in, um,
Speaker: Cleveland, which is market 18 out of 212. That was the first time I hired an agent. And I was like, gee, I don't know if I really needed the agent to get the job because I got the job by me kind of sending my own resume tape out there. It was a literal VHS tape back then. So don't judge me, Marissa, or anybody listening. You don't look old enough for that. I am that old. um I got the job and i was like, well, I still don't know if it's worth the money.
Speaker: And then i was two years into that job when they laid off the whole morning show where I was anchoring the morning news. And that was when I saw the value in having an agent. because I had an advocate for me and somebody in my corner who knew what to do because she had lived through all of this in her professional career, I had not. And that was when I saw her value. so When we talk through, you know, working with a financial advisor, it's, it might seem easy when things are on the up and up and the market is going up and you're just in the accumulation phase, but it's when the market is volatile or when the market tanks or when you don't know if you can rely on social security, that having somebody in your corner makes a huge difference. So I think that that personalized knowledge and context and
Speaker: You know, again, just decades of experience will be invaluable, especially as we in every other industry pivot toward incorporating AI. There's nothing.
Speaker: That can count for somebody just being able to walk you through it, look you in the eyes and say, you're going to be okay, right? That is so powerful and so well said. And as we live in this crazy world and as AI gets smarter and smarter, yes, there is always going to be value in someone face-to-face with you saying, you are going to be okay. um So i I really appreciate you being on here and and turning things around and and letting me share my story. I've never gotten to share that story before. So I really appreciate you giving me the opportunity to do so and for overall leading an amazing interview as you always do.
Speaker: Thank you, Erin. Oh, Marissa, thank you. This was a real pleasure and I'm happy that you're doing this. And again, I think you're doing a wonderful job communicating your value to everyone. So I'm just glad I was able to be a part of it.
Speaker: Thank you. And so for everyone watching, if you have specific questions that you want answered or you want your financial plan reviewed or even just get started for the first time, all you have to do is head to our website, union-financial.com, and click schedule a meeting where you can book a call, Zoom call, or in-person meeting to get your specific questions answered. And it's always complimentary.
Speaker: Erin, thank you again. It was really cool being on this side of the interview, and I look forward to working with you and Brookstone for many, many years. Likewise. And for everyone watching, thank you for tuning in to another episode of the Future of Finance podcast. I'm your host, Marissa Wood. We look forward to helping you live a better financial future.
Speaker: Investment advisory services offered through Brookstone Capital Management, LLC, a registered investment advisor. 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. 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 and 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 nation 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. 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. Fixed insurance and annuity product guarantees are subject to the claims paying ability of the issuing company and are not offered by Brookstone.
