Your Money Why with Brad Barrett

george grombacher 0:00
Hey, what’s up? This is George G. And the time is right. welcome today’s guest strong and powerful Brad Barrett. Brad, how you ready to do this?

Brad Barrett 0:08
I am. Thanks for having me on.

george grombacher 0:09
I’m excited to have you on let’s go. Brad is the Managing Director and Partner with one Capital Management is 20 year financial services veteran. Author, he’s passionate about educating investors. Brad excited to have you on Tulsa. What about your personal life smart about your work and why you do what you do?

Brad Barrett 0:29
Yeah, again, thanks for having me on. Married two kids. We’re coming up on our 10 year next year. In fact, my wife Ron and I were just talking about you know, you have two kids, I got a seven year old, a five year old, you got to kind of plan ahead. So it’s a year out. We’re already there. So yeah, based in the Los Angeles area, our headquarters here for our firm is here, born and raised here. And it’s just been a quite a ride. I, I always tell people, I never will. I’ve never flipped the burger, whether that’s good or bad. I got into the financial services industry when I was 16 years old, believe it or not. I think and I’ve talked with my clients a lot about this here at one capital is that, you know, typically, when it comes to finance, we go through something, you know, cathartic, let’s just say. And for me, it’s 16 dad working for a company for 20 years. And it went bankrupt. And we lost pretty much everything. I was a, I was the oldest of three, two younger sisters. And that summer, when his company went bankrupt. You know, I remember looking to get my car I’d saved up I was 16. And didn’t that didn’t happen. Let’s put it that way. And I don’t know what I said. But I end up going to a local bank and just said, I need a job. But I really was two things. I want to learn everything I possibly could about money. So in my dumb 16 year old brain, it wouldn’t happen to me again, right? And then that’s kind of when God touched my heart. And so that’s what I want you to do with your life. And I’ve never looked back. So it’s been 20 years since then. And went through college, got my undergrad at Arizona State with economics and started my practice, actually in college through a broker dealer that happened to be here, locally in the Santa Monica area, and just kind of expanded from there. It’s just been a blessing. And it’s something I truly am passionate about and purposeful with, and it’s been quite a ride.

george grombacher 2:12
Yeah. Well, I appreciate that. Certainly sorry that your dad had the experience he did. And hopefully he bounced back.

Brad Barrett 2:19
But did you know I share that typical background simply to share the why of what I do, and why do it. But you know, my dad definitely in the guy I revere, right as my father. And I think through that time, he worked for the company actually for like two years out of bankruptcy, you know, and he was traveling from here and we’re in 1000, Oaks, California and going on to Santa Ana, which is like a two hour drive with LA traffic every day. You know, and it was just cool to see he bounced back, he was rewarded through hard work with other job opportunities. And so I don’t say that for empathy, more for kind of a Trump and story, if you will, riches, to rags to riches kind of thing, you know. So it’s a, that was it was a good event was kind of one of those God, imprints in your life. That was kind of supposed to happen, though you didn’t want to happen kind of thing. So

george grombacher 3:06
I appreciate success is very rarely just a straight line just goes as perfectly as we expect. And I mean, starting in financial services, the age of 16. And now here you are celebrating 10 years marriage and two kids, I’m sure that the way you’ve your mindset and how you think about money and success has probably changed and evolved quite a bit.

Brad Barrett 3:30
Yeah, it’s definitely evolved. It started out with education start out with kind of understanding and learning my craft, if you will, you know, getting an economics degree helped me understand the macro side of things and focusing on my CFP, my certified financial planner designation in my 20s was just a big part of it. And then just growing the practice, you know, when I came over to one capital, we were at about 560 million. And we grew that over the past really 10 years to almost, we’re a little over 5 billion at this point. And it’s it’s I don’t share that for the numbers. I share that for the success stories of the families, we’ve been able to help grow their wealth. And that’s truly what I think’s important when you talk about to a financial advisor or where their validity lies is really in the willingness to kind of get better and create better wealth and better scenarios. And I think you know, better thinking for clients. I know we were sharing a little before but I think the psychology of how we perceive money I think many people out there we get into this like kind of rat race, if you will, where it’s just like you have to grow, grow grow, you’re kind of looking over the fence. I always say to clients like Comparison is the thief of joy in all aspects of our lives. So really be careful and I think the area that I happen to have specialty in and have worked in for 20 years happens to be money and we can call it like we like we want to call it but that’s a very powerful drug. For many people. Let’s just be honest, right? It, it it for some reason. Validate someone for other reasons that provides worth to someone To a lot of people that provides identity. And if you think about that a lot of those things are actually really just void fills, you know, and money is a really powerful drug in that aspect. And I think, you know, we take a big approach with that with clients to really, we call it understanding your why. So when our discovery meeting with a client, it’s not about just numerical data, it’s really actually about the qualitative side of things, right? It’s like, walk me through, you know, how you came into the same question, you asked George, like, walk me through why you’re here? Like, what was your upbringing? What was your background? Did you learn about money from your grandparents, your parents? Did you learn about it from, you know, a bad event or a good event? Right, you know, I’ve seen it all and, you know, nearly 20 years of doing this, you know, I love it, I’ll never say I’ve never seen it all. But like, you’ve seen a lie, right. And I can simply share the stories and of the 2000 clients that we’ve serve across this great nation of ours. I mean, it’s, it’s pretty incredible to see the stories of understanding where someone comes if someone was raised, you know, with a silver spoon, using that, versus someone who was raised on food stamps, they’re going to come into my office later in life with very different aspects to money wouldn’t I mean, and we all know that like subconsciously. So I think it’s really important for a good adviser to sit with you kneecap to kneecap or nowadays via zoom, or whatever, and just kind of understand you, because that’ll help them. First off, I think it adds validity to the words of you know, custom and tailored all these words, you hear out there, like I’ll build you a custom plan and a tailored this and a portfolio, you know, those words that actually mean something. So the only way you can do that is to understand where they’re coming from, and then help them align where they want to get going with it. And really, you think about those scenarios, money’s a vehicle on that road, but it is not the road itself. And ultimately, it’s not the goal itself, right. You might the destination, if you will. And so I think, the way we think about money, the psychology of it actually plays into the success stories that we’ve seen with our clients. I love

george grombacher 7:03
it. It’s not it’s a vehicle on the road, but it’s not the road itself. I think I just love that I love hearing the way that people talk about financial advising and, and the work that people are doing. So I think that is such a such a powerful thing. And to your point. For so many people, it’s it’s filling a void, but it becomes the road. And but it’s it really I was gonna say it ought not be because I think it ought not be but unless you actually take the time to take a step back then why would you think it was anything other than the ultimate goal?

Brad Barrett 7:39
Yeah, and I think that’s where counsel comes in. That’s where an advisor kind of just helps you. I mean, to kind of play that analogy out, because I’m sure anyone watching or listening to here was like, Yeah, I hear you, but like, they’re probably rolling their eyes at us, like, but money’s like, we need money. And I’m like, trust me, I’m well aware. I’m not saying, you know, we don’t want to focus on it. It’s not something very important. But so is our emotional well being. So is our physical well being I mean, we, there’s a saying I use with our clients sometimes is we tend to, in our younger years, sacrifice our health or our wealth. And then what happens is, I see it time and time again, when we get older, we tend to then sacrifice our wealth for our help. And I’m just a big advocate. Thank you don’t, it doesn’t have to be that polar opposite design, it can be a bit of both. And, you know, to simply play out the car analogy, if you will, I mean, think about this, right? Like, ask yourself, anyone watching or listening, if you ask yourself this, like when’s the last time you got into a car, and just drove around aimlessly? Right? I mean, it’s right or wrong, we all have a destination, we’re dropping the kids off at school, we’re going to the grocery store, we’re going to work, go to the coffee shop, gym, whatever it might be, right? Very rarely nowadays, we get in a car and just kind of mosey around. And what I see a lot with clients is they’ll come in with, you know, what I’ll call the junk drawer of a financial plan, right? That one drawer in our house, just kind of everything randomly goes into you. I mean, and they think it’s a cohesive plan. And I think it’s like, oh, no, I kind of got it together. Just need some you know what I mean? And I’m like, Look, these are all important things in there. Don’t get me wrong, but there none of them are, you know, a part of the other if you will, right? So, you know, I think when we align the destination, okay, you’re in the car, right? I’m just a pet, you’re driving, it’s your money, a good advisor, just your passenger, a guy who’s been to the destination before. Who’s seen the potholes, knows the detours knows the routes simply there to give you guidance, allowing you to veer off course with the different things that come at you. Right, but ultimately, they still in the same direction of the goal that you laid out. You did. And if you don’t, you know, and I think that’s a same imagery, if you will, of understanding that the car that’s getting you there, right, the road you laid in the roads, what you do every day, it’s how you take care of yourself and how you’re going to get to that goal ultimately, right. Because you can stack a bunch of Benjamins as the young kids say nowadays but not have any health to use it right So I think there’s a lot of a lot to be said there. And we’d like to focus on that, because I think it brings more pride brings more joy, more things that you wouldn’t see a financial adviser talking about, like they want to talk about rates of return or numerical data. And Doug, you’re on important, right? But we talked about someone who comes in actually joyful and happy about the progress they’ve made about the money they’ve earned, saved, invested, just getting closer and closer to their goal for financial freedom, if you will. I think that’s a big win like that. You can, I guess, revel in bigger or bigger wins more often,

george grombacher 10:35
if you will. Yeah, I think that that’s really well said, and such a benefit to help people to be able to pull back just a little bit, so they can see all of it fit together versus the way that we’re accustomed to consuming things, which is okay, I’m gonna focus on this and take care of this thing. And then I’m gonna go over here and take care of this thing. Just pulling back a little bit helps you to do what what it is you’re talking about, be more aligned, be more cohesive?

Brad Barrett 11:03
Yeah, I think there’s a lot to be said in that. I use that imagery of a junk drawer a long time ago. And it always stuck. Some clients always said it, because we all have it in our house, right? I think anyone out there right now, especially nowadays, you’re just alluded to it, like whether it’s social media or your buddies, and there’s always a side hustle thing going on, and, and again, all great. But at the point, you start thinking that that’s a whole cohesive, integrated plan to get you to your goal. I think stepping back and sitting with someone really does help you see it from a different angle, and be like, okay, is that really worth my time? It might be? Is it really gonna get me to the goal that I want to have? Or is it just causing more turmoil? Because I think I need to be doing it. Because, you know, Joe across the street is doing it, and he’s killing it, as they say, or whatever, you know what I mean? So I think it’s just a good perspective, almost, you know, sit back and take a look.

george grombacher 11:51
Yeah. So 1000s of clients that you have helped, and I’m sure at various stages of life, and then you’ve been able to see them over the course of 20 years realize goals and develop new ones. I guess I’ve got a couple of questions sort of all in one. Is it common for people to have clarity on what they want? And then how often do you encourage people to be sort of revisiting that process?

Brad Barrett 12:19
Great question. I think the first part of that question is no, and I. And I say that simply because I’m not saying that they don’t know what they want at that time. But if this kind of dovetails into your second part, right, is that it changes I think having having having a, you know, a laid out roadmap that allows you to adapt to the changes in your life, I guess I’ll say this, the ages and stages of your life, the seasons, if you will, something you wanted when you were 22 Doesn’t mean you necessarily wanted it 32. And you can keep that scale going upwards and upwards, right. I mean, there’s memes out there galore joking about all that kind of stuff from a, from a social aspect, right? We don’t have those kinds of memes on the financial side. But the goal is I know I had when I was 22, was to simply build a practice that I could be proud of serving clients in the financial service industry. That goal is still there today. But my sight of it is a little bit different than it wasn’t 22 in when I was 22 years old, for someone who was just starting a career and are 22 now might be married with a kid with a mortgage, it’s a little different, you know, and that’s okay. And I think so everyone that would come in as an idea of what they want to do and want to keep them on. And I’m not trying to, I always tell the client, I’m never going to try to change who you are. Like, I think some people try to like, Oh, you’re okay, let’s do this, like, you know, drink my Kool Aid. And we’ll go this way. And that’s what you should do. Like, that’s not what you should be doing either. We should really be identifying who you are now. And then as that and build a plan that allows you to grow just like we all do daily, weekly, monthly, yearly, and adapt to those things. And then those areas filter into your monetary life, right? How your money follows suit versus using money as the key indicator for that, if you will, I think repositioning it in the importance of your life, I think I think matters quite a lot.

george grombacher 14:07
Yeah, agreed. So you sitting down with somebody and I forget the exact phrase that you use something along the lines of determining your why, what what,

Brad Barrett 14:16
what is the phrase that you’d like to use discovery meeting? Yeah. So during our initial meeting with clients called the discovery meeting, and I just are saying really is is what what What’s your why, you know, why are you here? You know, why do you work for money? What does money mean to you? And that helps us longer winded answer to get us to finding out what their why is that why I’ve seen dry man, I’ve seen a lot of different why. You know, I’ve seen people be very honest with me and say I just want to become as wealthy as I possibly can. My parents didn’t have money and I don’t want to do that. Okay, great. That’s your why. I’ve seen a lot that says I just want to take care of my wife and my kids and so whatever that means, whether I’m here are gone. That’s my why a lot of people say I don’t need a whole bunch of money, I just want to be financially free by the time I’m 40, for example. So understanding those three of many very different scenarios are wise actually helps us as an advisor, build them an idea and a plan on how to get there. Every one of my clients has a different route, if you will, to get to some of the same goals, but still very, very different in many ways.

george grombacher 15:29
And why wouldn’t it be right? We’re all we’re all unique individuals. But getting down to what that money route really is? Or what that money? Why is what is the? What is that that that motivating factor that brought you into my office today that you have goals that you want to reach? Why is that? Yeah, and I know, I, I don’t know what it is, if if it’s, if it’s, you’re ashamed of it, or you’re embarrassed, you’re just not accustomed to talking about it. But I imagined, sometimes you need to draw it out of people and just say, Hey, it’s okay. Whatever it is, nobody’s judging you. In fact, I want you to tell me exactly what it is no matter what you think I’m going to think about your answer.

Brad Barrett 16:12
I mean, you nailed it, I share this. And this is just a factual opinion. If I can say it in my world, right. I think there’s three things we keep close to our chest, right? Money, politics, and religion. And oddly enough, I found in what I do, because I’m at the seat every day with these clients is that money is like, almost the closest thing. It’s like a taboo subject matter. I mean, I tell some younger families or the families that have 1516 year old 18 year olds, and even talking about the birds and the bees, conversations, like parents will have a harder time talking with their kids about money than they will about sex. And I find that fascinating. In so many aspects and actually lens into your comment, I think it’s totally true. And so I guess what I’d like to say is, I’m always in the receiving seat of that when people come in, I go through that process, because I want to kind of flip it back and really understand but anyone who’s watching or listening, like, if you’re at all, any of the adjectives you use yours, like ashamed, bashful about it unsure. I mean, all those are typically callings or reasons to actually focus on it, in my opinion, you know, those are kind of, in prompted prompts, right? Saying, Hey, you should go and ask about this. Because, you know, just because you follow us on Instagram doesn’t mean that’s the right route for you, you know, necessarily. And I think, again, back to the validation, many of us carry that we don’t realize, right, for us to walk into there, we almost feel like our identity or our worth is in check, when we go meet with somebody, like, oh, it’s not gonna be enough or, or I won’t be as rich quote, unquote, as the last person. And I think I can share with you simply, from my standpoint, as an advisor, like I come into every meeting blank slate has no matter what the client I met two hours ago, with a new client, there is no such thing as comparison in my world. Because if we build a plan unbiasedly, objectively, and independently for each one of our clients, it shouldn’t be right. And I think, you know, again, the client has to be comfortable to walk in the doors, and then they have to feel that love and feel that trust from you. Right. And I think that just comes with lack of better term bedside manner and experience, which is why I think it’s key when you look for an advisor, you want to find experience, you want to find credential, and you want to find fiduciary, those are like my big three, you know, because I think experience matters when it comes to that initial discussion. Like, do you like this person? I mean, do you feel some trust them? Do you feel it being judged? Because you feel being judged? That’s probably what’s happening, sadly. So, you know, go with your gut intuition. You know, it served you well, likely. So those are important, I think.

george grombacher 18:54
Yeah, totally. If, you know, there’s lots of obviously marks of an effective or a really top tier good advisor, but feeling comfortable to share that why to share your those things we keep so close to our chest that you know, if you can get your clients to open up which you obviously have evidence that you’re doing a great job, so I appreciate that.

Brad Barrett 19:18
Well, yeah, it’s I mean, I think, to your point, exactly, just to round that out, I think it’s very clear that when someone comes into a financial visors, it’s all it almost feels like a financial undressing. It almost feels like a financial physical, like no one likes that. Right? And it’s funny, it’s just it just hit hits a different part of your soul than it does when you’re showing your body versus your money. Don’t ask me why I’ve just seen it. It’s a crazy thing. And I just I just love sharing on these shows like, you know, it’s an it’s an important thing because your financial health becomes very important just as much as your physical health, right? You can’t use one without the other. So why would you focus on one and not the other. So important. Yeah.

george grombacher 20:05
Well, Brett, thanks so much for coming on. Where can people learn more about you? How can they engage with you?

Brad Barrett 20:09
I appreciate it. You know, really our show I do weekly. It’s called the Make Your Money Matters show with Brad Barrett. We have two or three episodes every week. If you’re in the Los Angeles area, we have a radio show Make Your Money Matters show airs on Sundays, on K vta 1190. And I think, you know, our websites also really great place to learn more about me and our advisors. It’s www dot one capital.com. And I think those are great places to follow along and see our mission and see what we talk about daily when it comes to the financial advisory and just overall investment world.

george grombacher 20:44
Excellent. Well, if you enjoyed as much as I did, should read your appreciation and share today share with a friend who also appreciates good ideas, check out Brad’s podcast that make your money matter show with Brad Barrett. It’s B A R r e t t. And if you’re in the Los Angeles area, find him on the radio as well and then go to one capital.com and check out all the great resources and everything that we’ve been talking about today and go a little bit deeper and certainly get in touch and find out if it’s a good fit for you. Thanks again, Brad.

Brad Barrett 21:20
Thank you. Appreciate it.

george grombacher 21:21
Until next time, remember, do your part by doing your best

Transcribed by https://otter.ai