Basic Consumer Advice: Choose an Independent Fiduciary

Episode 201: Peter Mallouk - #1 Financial Advisor In America: Tony Robbins Business Partner

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The Learning Leader Show

"I was not the greatest student, but I loved learning." - Peter Mallouk on why he earned 4 undergrad degrees, an MBA, a JD, and a CFP

In This Episode, You Will Learn:

• Common themes of leaders who sustain excellence:
  • Realize there is a recipe: Like baking a cake
  • Bring incremental value
  • Energy
  • Discipline to do it over and over and over
• Why start his business? Was uncomfortable just doing Estate planning and working with unethical people
• Key to success
  • Great early hires helped propel Creative Planning
• Time management tips
  • Focuses on doing what he enjoys most - Spending time with clients and employees, not pointless meetings
• "My #1 job is to be the best option for our clients as an advisor. I spend 99% of my time with clients and employees."
• "I loathe meetings and seminars"
• Key to all of the awards?
  • "Money follows value" -- In 2008/2009, people started looking for another financial advisor
• "We are very good at taking someone good and help make them great"
• Interview process:
  • They receive over 100 job applications per week
  • Resume screen all
  • Pick the 5 best and do a phone screen
  • Bring the best of those 100 (1 person typically) for an in person interview
  • Meet with 6 different people
  • Within the first 30 days, it still feels like an interview "We throw the ball and they better catch it, it's hard."
  • Qualities needed:
    • Education
    • Ability to be detail oriented
    • Great communicator
    • Must be task oriented ("We can't make them be this, they need to have it")
    • Make sure they can meet the clients needs
• How the Tony Robbins relationship started -- Peter informed Tony that he didn't fully understand what he was talking about (in regards to money)
• "Tony got pissed off and wrote Money: Master The Game..."
• What to look for in a business?
  • "Find something that is idiot proof because at some point an idiot will be running the company"
• The keys to look for in a financial advisor
  • Independent - Gets paid the same on every investment no matter what
• What response has Peter received from other financial advisors?
  • "It has been negative. I'm okay if they don't like me. I'm competing against them, I don't expect us to all get along."

Continue Learning:

• Follow Peter on Twitter: @PeterMallouk
• Read: Unshakeable - Your Financial Freedom Playbook
• Connect with me on LinkedIn
• Join our Facebook Group: The Learning Leader Community
• To Follow Me on Twitter: @RyanHawk12

You may also like these episodes:

Episode 078: Kat Cole – From Hooters Waitress To President of Cinnabon

Episode 071: Nate Boyer - Green Beret, Texas Football, The NFL

Episode 179: How To Sustain Excellence - The Best Answers From 178 Questions

Episode 107: Simon Sinek – Leadership: It Starts With Why

Did you enjoy the podcast?

If you enjoyed hearing Peter Mallouk on the show, please don't hesitate to send me a note on Twitter or email me.

Episode edited by the great J Scott Donnell

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