NO BS Wealth_audio_CFP SERIES_Dominique Henderson

[00:00:00] Stoy Hall: All right, welcome. Welcome to our guest. I’m Henderson. This is gonna be a fun one. I love kicking this series off, if probably the best way to do for all those out there this series, black CFP series. Because I’m great at marketing is gonna be brought to you by Black Mammoth and it’s gonna be designed around highlighting black CFPs attacking our industry and then seeing how we all can come together and really help.

[00:00:35] Now obviously we are black CFPs. We’re gonna be talking about the black community a lot, but this goes for minorities and really any community. We’re just gonna highlight the one that it’s the color of our skin is who we are. Welcome brother, how you. 

[00:00:49] Dominique Henderson: I am doing well story. Thank you for having me, man.

[00:00:51] I love what you guys are doing. Had the chance to do my research on you guys, and I like what you’re doing, bringing the Midwest family office field there. Drake relays is is a common thing with us track and field folk. That was way back in the day. That’s a whole nother story. But good to see the work that you guys are doing and I’m happy to be on here talking with you 

[00:01:17] Stoy Hall: today.

[00:01:18] Appreciate that. And as always, the Drake relays had some rain chilly weather and then one bright day. So it was a traditional 

[00:01:25] Dominique Henderson: Drake relay. Common Drake relays. Right. For sure. Why don’t we jump into your journey. Take us through your journey of where you started and how you are, where you are, and then highlight that.

[00:01:38] Stoy Hall: With what you just accomplished and highlighted yesterday before your golf round or earlier this week, . 

[00:01:45] Dominique Henderson: Yeah. Yeah. Thank you for that. So just in case this will be recorded, I am gonna be looking at some notes. There’s a couple lessons I wanna make sure that I share Yeah. With your audience.

[00:01:54] Just because this, I think the platform. For podcast is a special one and a sacred one when you take time and energy and finances to to take a pocket of the world and blast that out. So I like to make sure that we’re utilizing that. So I am the oldest of three military kids and we got the opportunity to bounce around a lot.

[00:02:20] And the reason why I highlight that, I think it. It dovetails into this first lesson, which is how you start isn’t as important as just starting. My, I had a very non-traditional background and I think it’s kinda key for me to say this because as a black cfp there are a lot of things culturally, I think messages that have been.

[00:02:43] Portrayed to me or spoken to me over the years. And we can unpack some of those, but I think what the military gave me in an experience is that every two or three years I was forced to find another set of friends. And so my perspective was a little bit different when it came to some of the things that are highlighted in our culture today.

[00:03:06] And I think that allowed me to be adaptable allowed me to have this sense of perseverance and diligence. I just couldn’t put out anything that I wanted to. My dad didn’t have that type of standard for us. And starting is a big deal for me, but I think a lot of people start to.

[00:03:27] Wrapped around the axle, if you will, around the pedigree of how they start or what’s on their resume. And I talked to so many career changes and aspiring financial professionals in what I do and one thing I always told them is just get started. Just start somewhere. Start with your why and move from there.

[00:03:44] You’d be really surprised about where that can take you. So my journey has been, I would say non-traditional maybe comparing it to some others, maybe not so much. But those were the kind of the beginnings of Dominique. 

[00:03:59] Stoy Hall: I love it. Hey. And that’s having a military background and we.

[00:04:05] We’re actually doing another series for some veterans. Actually we’re filming on Monday. But it’s a huge background in not from the standpoint only standpoint I really love is the structure and the discipline. A lot of my leadership abilities come from that studying military tactics in, in, in war and whatnot.

[00:04:24] And it’s really the mindset behind it all. And really, like you said, you just start just start it. Steal it from the seal. Embrace the suck and just get through. Because when you do that, things do happen, like you had said. And I love following you and what you’re doing with career changers and aspiring in, in the service area.

[00:04:46] In regards to that though, specifically, what is the hardest thing that you have learned from these people in creating and changing into our industry? Yes, we assume that they’re getting started, but what is. Biggest hurdle? 

[00:05:05] Dominique Henderson: Good question. Probably ties well to a second lesson I want to give, which is failures aren’t final.

[00:05:13] So I think there’s a lot to say around this. There’s probably been a lot of idioms and whatnot created around this. But I think at the end of the day, when I take a my, when I look at my journey, so I started back in this industry in 98. When I graduated from Prairieview, I did eight years at a hedge.

[00:05:32] Did a couple years of real estate, not so successfully. Cuz if you do the math, I stayed eight years of the hedge fund, got out 98 in 2000. Is when I left in 2007, we had the crisis before that where there were bubblings and rumblings around it. I end up returning back to financial services and I give that that story because in a lot of aspects I was a career changer, right?

[00:05:55] So back office, hedge fund is way different than front facing client relationship management and all that kinda stuff that I end up doing in the latter part of my career. And I. Failing forward is this notion that sounds really nice, but it’s really true and practical. You think about riding a bike or even I think about, I have three grown children now, but I still remember when we were teaching ’em how to walk they were doing all this stuff.

[00:06:22] They were failing forward. And I think that’s so key for people to understand because. We do live in a social construct. A lot of it is facade. A lot of it is, I’m gonna show you all this stuff. I’m gonna show you my bag and all this other kind of stuff, and you may not really actually have it together behind the scene, but it’s this Mike Todd, I like to follow him.

[00:06:47] He talks about being humble, open, and transparent. I think that’s an aspect of our industry and we’ll get into this later. That I hope is coming out a lot more talking to career changers and aspiring financial professionals. What I always try to leave with them and make sure that they understand is Because you’re coming into an industry that you don’t know and you’re not familiar, it’s okay to grind your way up, right?

[00:07:15] You don’t have to necessarily have the illustrious, CFP behind your name or any of this other kind of stuff, because clients ultimately when you just boil it all away, no matter how many certifications you have. Clients just really want to know that you get them in their problem. They, that’s what they want.

[00:07:33] And so communication, soft skills, empathy, active listening, all these things here are what allow the relationship to flourish. And I tell people like, as a career changer, , you have done this already. If you’re a mom or dad, you’ve done this already. It’s a matter of really code switching from that and putting it and painting it.

[00:07:57] Financial advising. Financial planning. Financial coaching they often look at these, and this is how failures aren’t final. They often look at these spots in their life and they’re like, I didn’t do this. I didn’t pass the series 65. I didn’t pay the 66, la da. And I’m we can use all those failures to fail forward, right?

[00:08:16] And use that as part of our story and embrace that. Like really owning your story to help you relate to clients better. So I think that’s how I. I view failure and at least what I try to teach the career changes or aspiring financial professionals that I work with.

[00:08:36] I 

[00:08:36] Stoy Hall: love it. I love it. So your journey is your journey over. You finished? Do you, have you gone through your 

[00:08:41] journey? 

[00:08:42] Dominique Henderson: Absolutely, man. We gotta keep on doing this journey. No, it’s not over. I think if you’re not waking up every morning, Very enthused about the next 24 hours, whatever that you’re given, that’s a problem for me, right?

[00:09:03] I I don’t, I’m not going to throw hands with you over it, but I am gonna challenge you, right? I’m gonna say wow, you’ve been given another day. To walk in your purpose, fulfill your your life’s destiny. You gotta embrace that. And it comes to maybe some of the stuff that Gary V has said, which is, if you don’t love what you’re doing right now and you’re getting paid a load of money, does it really matter?

[00:09:27] I talk about this in my book. It’s like I was. I was working for somebody a pretty well established ria, doing what a lot of people aspire to and wanna do. But then at the end of the day, me and my wife were having this conversation, having these conversations, and she was just like, you don’t seem like you’re happy.

[00:09:43] And I was like, I’m not like and so I had to resolve that. And so I I hope having finish that part of my journey. I can now give away that part of me to others and help them find that. I often tell people, I was like, you can’t give away what you don’t have. So since I’ve walked through that I can actually tell people, Hey, I know what it’s like to leave a six figure deep six figure job and be.

[00:10:13] I’m Finn, go do something really scary. While my kids are still teenagers and I gotta pay for college and all this other kinda stuff I know what that’s I totally get it. Yeah. But at the end of the day you still gotta walk in with what 

[00:10:24] Stoy Hall: you’re called to do. Absolutely. And you mentioned a book.

[00:10:26] What book? What you talking about? Book 

[00:10:30] Dominique Henderson: Man. This has been a long time Cover man. I have the story behind this. The pandemic has affected everybody a little differently, but I think most of it has been negative in the sense that it has caused let me paint that both ways. I think it’s been negative and positive.

[00:10:53] I think it’s been negative in the sense that people that have had, have been afforded opportunities have seen, in some instances they haven’t made the most with that. And time is so precious. But on the flip side of that coin, people have. Oh, because time is so precious, I need to do more. And matter of fact, this job that I’m traveling to every day, risking my life by getting on the highways and stuff, I think I’m not gonna do that anymore.

[00:11:19] And work from home has afforded me that. And now I’m gonna look at some other options. So actually I was having a lot of these conversations with not only clients inside of Jumpstart, but also clients inside of my wealth management firm which kind of gave me like this aha moment, if you will, about, hey, There’s some things that I know about perspective that I would love to share with people so that they can get unstuck because I, one of the things I think is super tragic, is the fact that we can’t restore time.

[00:11:52] Like we can’t get time back. And if you waste it, that’s all you had. And so I want people, literally, I want people to be able to have the tools to get unstuck, to feel. That the dream that they once dreamed or the goal they once have, it could still be achievable. That’s not to say they will, but let’s try at it.

[00:12:13] Like really, let’s go for it, swing for the fence and see if we can do it. And and hang it all out there. Assess, address, and adjust. Is the name of the book a Practical Guide to Becoming Unstuck in Achieving Your Goals? It is we got it on pre-order right now and we’ll be shipping May 19th, I believe.

[00:12:30] Really happy and excited about that. 

[00:12:34] Stoy Hall: How was the process of writing the book? 

[00:12:36] Dominique Henderson: Grueling . 

[00:12:39] Stoy Hall: It has to be. I couldn’t imagine. I’ve thought about it, but then I’m like, I gotta sit down and write my thoughts. Can someone just get in my brain and kick it out 

[00:12:47] Dominique Henderson: please? Yeah. There’s a lot of tools nowadays that help with the effort.

[00:12:52] I would imagine that people like some of the best selling authors out there that we know of and that we’ve read they had a much harder go at it. But I think Community really helps with this, right? So I’m in a couple of masterminds one of ’em that meets weekly.

[00:13:11] And my, my cohorts, my partners they really pushed me to stay accountable to some of the things that I wanted to do. So that really helped. But yeah, I’ll in a word it was grueling. It was like, okay, I’m gonna write 2000 words today. And at the end of it, it was like, okay, only 300 made to the final edit.

[00:13:33] It’s there’s a lot of work for what? For what. But hopefully it will bless a lot of people and begins a movement where people can really walk in what they were called to do, what they were destined for. I strongly believe that everybody was put on this earth for a purpose. And sometimes you need a little help finding that, but once you do, man the whole world opens 

[00:13:53] Stoy Hall: up to you.

[00:13:54] Absolutely. So Amazon pre-order shipping May 19th is that. Yes. 

[00:13:59] Dominique Henderson: Yeah. We got a Kindle version. There’s also, I’m doing a limited amount of signed copies through Dom Henderson sr slash the Unstuck book. So people can look at that way also. But yeah, we’ll have paperback and e Kindle version.

[00:14:17] I, since I have a podcast I was told that I have to do an audio version at some point, so we’ll see about that. In the summer, we. Pretty full plate right now. But we will try to get that on the dockets for 

[00:14:30] Stoy Hall: maybe q3. Absolutely. And everyone listening, we’ll have the links to, to the book as well as his podcast and jumpstart in the link on YouTube.

[00:14:40] So don’t worry about that. We’ll, we got you on that one. So now we’ve learned your journey and it’s still going, but you’ve hit a milestone with the book and everything you’re doing with the movement. What’s your vision of this industry going forward? Really good question. I think this is coalesced around a real simple phrase that I’ll unpack in our conversation, which is this convergence between financial planning and financial coaching.

[00:15:12] Dominique Henderson: It’s really the traditional, with the non-traditional. I came up in this industry with the. The professional, if you will the provider of financial services, in the ivory tower with their suit and tie nothing around, suit and ties nothing even around big mahogany desk and all this other kind of stuff.

[00:15:36] But I guess the aura of walking into that room was that the professional had all the advice and all the knowledge. And the person that was seeking the consumer financial services, if you will, they were in this position of, oh, lowly me. I’ve screwed up so badly. How can you help me in your infinite wisdom story?

[00:15:56] And I, I just think that is, that doesn’t serve anybody. It obviously if you wanna look at other industries it’s caused tax planning. Insurance and things like that to get commoditized. And so I think in order to avoid that for our profession, since the seat we sit in is so sacred like that’s something to get into because to have somebody, what I call get financially naked in front of you takes a lot of courage.

[00:16:27] On their part, but also takes a lot of empathy if you do it the right way on our part. And so I would love to see a better melding of these two traditional versus non-traditional concepts. So that people really get the benefit of what I call real financial planning relatable, empathetic, attentive listening.

[00:16:49] I think that this is what has the ability to change family truths and everybody should get that opportunity. So that’s my take, my short take on it. 

[00:17:00] Stoy Hall: Absolutely. Wholeheartedly believe in the same exact thing. Coming from it, from a family office standpoint, it’s the same mindset when someone gets naked in front of you like that it’s a lot of weight.

[00:17:13] It really is emotionally for them in financial planning we have our weekly meetings with the team and we go through plans and whatnot, and majority of what we’re doing, Esque It is the behavior, it is the mental side. We call it money mindset. That’s really. The majority of what planning is right.

[00:17:35] And having someone to listen to and in your court and deal with that. You’re right. That is the only way, in my opinion, that going forward this industry needs to shift to. Otherwise it won’t be the industry. We know it’ll be something else. It’ll be coaching whatever. It won’t be planning, it won’t be advising, which is in a whole different topic.

[00:17:54] But I love that. I love that. So what is your steps and things that you’re doing to. This vision and this purpose? 

[00:18:04] Dominique Henderson: Yeah. There’s a couple things. I think to your point, just to double click on that, I think the, because it was so austere, wound up tight, stuffy that it, the pendulum has at least in the 20 plus years I’ve been in the industry, I’ve seen it swing all the way to the right where it’s too cavalier.

[00:18:31] And everybody’s a money coach and Right. I’ve got my six figure debt story. Let me go ahead and teach you what I know. I think some of that has to be corralled in, if you will. But there, I think it is the happy medium, to be honest. I think there is a happy medium. There’s professionals like Sandra Davis who has a whole certification, the financial fitness coach which teaches a lot of that stuff.

[00:18:56] Obviously the CFP board has upped the ante by incrementally increasing the amount of behavioral finance that they’re testing for when it comes to Conferring that designation, if you will. So there’s a lot of people even people I haven’t spoke of Ted and Brad Cla and Rick Taylor and George Kinder and all these people.

[00:19:16] It’s out there. I still don’t think it’s a popular way for professionals and practitioners to view this, because to be really quite honest and maybe stepped on some toes, if you have not done the. It’s hard for you to be vulnerable with your clients. Absolutely. It is what it is. If you come to this industry fake it will find you out.

[00:19:41] You might be able to sell a lot of insurance and a lot of annuities and a lot of other things really quickly and have a veneer of success. But eventually clients find you out. So I think having that authenticity part that actually. To be honest, empowers your client to have real, not just buy-in but like ownership over their situation.

[00:20:07] Like true agency, which is what we want them to have. Cuz make no mistake about it. Like we can have all the degrees and all the knowledge, but they can only set themselves free. Cuz it’s the mindset, like you said. This is what we’re espousing, coaching, advising, consulting and jumpstart.

[00:20:28] This is the way. And I often tell people, jumpstart when they ask me to explain, I was like, alls it is I’m showing people what I do in my ria know I deal with clients every day. I’m just teaching what I do in my ria. If you know there for the longest, I looked around the industry before I started Jumpstart.

[00:20:51] Cause I’m a big belief in partnership. There’s no point in reinventing the will if it’s already been invented. Let’s just improve on it. But I looked around the industry and I was like, okay if a person wanted to come into financial services, would they get what I got or would they get something better?

[00:21:09] And I saw very few instances of better. Now know there are financial advisor programs out there. And stuff like that. And nothing to poo about them, but at the end of the day, they are in-house proprietary products that essentially that they’re espousing if you will with quotas, with certain segments of the population that you can only service da.

[00:21:29] And I was like, no. What about a 52 year old engineer that wants a encore career? That just wants to help people back at his job because he has a love for personal finance. Like how does he get into the industry? And I didn’t see anything and so I just built what I call the hello Fresh of financial services,

[00:21:48] Like you follow these six instructions and and you’ll have a meal, right? Yeah. . Yeah. You still gotta cook it. But at least you had to get the groceries and at least they’re in the increments and the measurements that you eat in order to, yeah. 

[00:22:04] Stoy Hall: Oh, I love that. The Hello Fresh. I love that.

[00:22:07] Well done there. You had talked about partnerships. My experience in this industry is there’s not very many partnerships. We obviously be in a family office and doing a lot of private equity stuff with our real estate, our hedge fund. Some international stuff have our own niche.

[00:22:25] We know what we’re experts at. Our clientele base, I think the oldest we have is one, and she’s 65. Everyone else is under 50. So we know where we’re at, we know where we’re at, business owners, et cetera. What I found difficult is across the. Definitely locally, but across the nation that firms don’t wanna work with each other.

[00:22:48] Like they’ll pick each other’s brains. Don’t get me wrong. But why wouldn’t I come to you and be like, Hey this person doesn’t fit. Or I need help with this. Cool. Let’s work with that client. Or whatever it may be. Why do you think we’re not seeing those partnerships? And then speak to some of the partnerships that you have or that you’re looking.

[00:23:12] Dominique Henderson: Yeah. So I think I like to watch a lot of nature and I think about when a old lion is going off the scenes. There’s two rivals that usually come in or maybe a rival that comes in and just because of the survival of the fittest mentality he’ll they’ll battle and whoever gets wounded basically dies off and his younger killed, I hate that our industry’s like that. What that was birthed out of. Obviously there’s been some and George, Ken told me this story the whole broker dealer back in the day deal was a movement. We had the transactional services there and we had this whole movement.

[00:24:07] Was really birthed in competition and trying to steal clients from one another so that was the birth of the movement. And it’s not that old, it’s only about 60 years old. In context I don’t know that we’ve even seen a model about what working together looks like. We have these these trade organizations like FDA and Napa and X Y P N and all these others that.

[00:24:36] That allow for us to gather together, but to be honest, like around what, cause I don’t know too many efforts from a community standpoint that last unless you have a mission or a cause that you’re going after. And so that’s my long answer to your short question about these partnerships in that I think we have to find a cause, we have to find a common cause.

[00:25:01] And that doesn’t mean. Stories cause will always be Dom’s cause it just means that in order for us to have a fruitful partnership where both of us are being mutually expanded by that partnership, I think we have to have a common cause. And so something I think for those that wanna see this industry move forward around that convergence of financial planning and financial coaching, I think it makes sense for well established firms that like what we just talked about.

[00:25:30] Likes the, let’s call it the product or service, that financial planning can deliver the end result for clients. If they like that, they would open their eyes to non-traditional methods to fill the pipeline. So season six of my podcast, the whole theme was fixing the talent pipeline in the financial services industry because I think it’s broken and it does need to be fixed.

[00:25:53] We can’t really expect a majority white firm to Have more effect than what they’re currently having by reaching multiple layers deep down into to society, to those, even to the have nots with just pro bono work. Come on now. Really. Like you have to go to HBCUs. Or non-traditional circles to recruit people that you can train up and be as talented with their peers in order to start reaching the demographics that you didn’t have access to.

[00:26:30] That’s how that happens. And it has to be a long history of that because you know how it is a lot of us is gonna be, show me stakes, especially in our communities. Stick around a little while, let me see what you’re gonna do. So these are the type of things, and these things are gonna take time.

[00:26:43] They’re gonna take less egos, they’re gonna take. And we all know we can make a lot of money in this industry. It’s gonna take less paychecks or less amounts in that paycheck. You have to do some sacrificing in order to make this thing really work. And to be honest, those are the kind of partnerships I’m looking for.

[00:27:00] I’m looking for the type of partnerships that people are looking to satisfy the long game, not just these short wins, not just the stuff that you know, I know we all talk. Diversity, equity and inclusion, which I think is a hot topic. Acknowledged. I think it’s a needed topic, but I don’t want it to be just a fly by night topic.

[00:27:20] I really want it to be something that people see the benefit of diverse views from their own and look outside of their own sphere to find solutions to really hard problems. A lot of these problems are really hard to solve and we need everybody’s brain power in the room. 

[00:27:40] Stoy Hall: I agree, wholeheartedly agree.

[00:27:42] And you bring up the DII standpoint. And yet, to me, honestly, my feeling of that is just another one of those things. Let’s push it out like the NFL’s Rooney rule. Let’s just do it. It sounds good. It could, it will do some good. But is that the real strategy? Forever, right? The long run.

[00:28:04] And everything we think about is the long run because there is such a lack of generational wealth, generational legacy in the black community and minority community actually, just in all communities, if you will, but specifically ours, that’s just not there. And we get so short minded and focused on the now and how do I get money now and how do I look good now?

[00:28:28] It dies before it even gets to the point of being alive for the next 20, 30 years. So I think that’s a huge deal. And like you said, it’s not about the money. It can’t be, we, you’re gonna make plenty of money. Your family’s gonna be happy, life’s gonna be great. But you’re not gonna be that CEO that takes in millions if you really wanna be a part of this development of changing the course of our history, really.

[00:28:49] So that’s important. Yeah. So everybody out. Join us, partner with us. Let’s come together. Let’s have conversations, deep conversations, and not deep conversations. Just on the side, somewhere quiet. Let’s be loud. Let’s get on podcast. We got podcasts all over the place. We’ve got social media presence.

[00:29:06] Let’s be loud so people can hear us and our people can hear us. So can really change that needle. 

[00:29:13] Dominique Henderson: And let’s give credit just there are people out there that are doing the work. And partnering, right? So I want to give credit to. Even the CFP board of standards they have several efforts FPA does even corporate from the corporate side.

[00:29:34] TD Ameritrade and T Price. I know they’ve done a lot of work and grateful. Absolutely. But I talked to. I talked to a couple of my friends that are in academia about this Danny Harvey Preston Cherry, John Loving Nandita, Doss. All these when it comes to it, it’s great to put these programs in HBCUs.

[00:30:00] Step number one. You gotta have exposure. Absolutely. Because you don’t even know what you can be if you don’t even know this. I have a friend, she, Bernard who’s with Dalton, I forgot their new name that they have now. But anyways, the point is she, before the pandemic was in a room at A H B C U, where more than half the room didn’t even know that CFP was a thing.

[00:30:23] And all these kids look like us. HBCUs, so that’s a problem. So yes, we do have to have programs inside of HBC’s next step, which I have not really seen. A lot of efforts on this, but this is the next step, and this is the long game, which is endowments across these HBCUs to start putting academia qualified professionals in place to teach this stuff.

[00:30:50] There’s obviously there’s a pipeline shortage from filling up kids to be in these classrooms, but also we gotta have professors that teach this stuff, right? And It doesn’t pay as well as client facing. Just be honest. It doesn’t, you’re right. I think there’s a lot of things to be said about what we can do at that level, and to be honest, I think I obviously, I focus like on the career changer, or at least the first two years in the game type of professional with what I do on the consulting.

[00:31:26] And there’s a lot of, there’s a lot of meat on the bone right there. But at the end of the day, I think we have to start this thing early, man. The kids have to know that certified financial planner is a real career. It’s a profession where you help people achieve their dreams. That’s how we should say that on career day, if we’re doing it at a high school.

[00:31:46] Hint, hint for people that have time to do that . So I think those are the type of things that we have to do in order to get that exposure out there. And I think it in scratching each other’s back. I think it makes it easier for Merrill Lynch or Morgan Stanley or Schwab to write a check because you see the long game in that and you know that, oh, if I write a.

[00:32:11] And I give it to this foundation or whatnot. It’s not gonna be this thing that just fizzles out in a couple years cuz this kid decided to change their major. But if they’ve been listening this message since they’re like eighth grade’s, like that’s all they wanna know. That’s all they wanna do.

[00:32:23] It I think we can compete with, it’s not as glamorous, but I think we can compete with. The basketball hoop dreams, if you will if we do this thing the right way. Because this is one of those professions where it’s not going away. It’s like law. It’s like medicine.

[00:32:40] It’s not going away. And we definitely need to do a better job on training up the next generation and cultivating that talent. 

[00:32:48] Stoy Hall: Yeah. I love how you brought up basketball. We have. This industry is fun. I have fun every day. I know you have fun every day. Is it stressful? Absolutely. But it’s that thing that’s gonna be there forever, right?

[00:33:01] I was an athlete, I played at Drake University. You played football and it has an end and it’s devastating to have that end. This career doesn’t have an end unless. It’s your end. I think we need to get these young kids to understand that, right? And there’s always the athletes that think they are gonna go pro that just don’t have the talent.

[00:33:23] And early on if you can recognize that, You could actually have your niche be where you want to be, and now you’re helping those pros that we know all the stories in the world about these pros. Most of ’em are broke. Okay? Yep. Because they don’t have this set up correctly. They don’t have a person like that.

[00:33:41] So if you can talk that walk and play a little ball, but know that, hey I’m not gonna do that. I can’t make it. And not because of your mental, your mentality, it’s just physic. I’m 5 10, 2 30. That’s not really great for a linebacker, right? I just don’t have it. I’m two tens too slow.

[00:33:57] Like I understand me. So I’m gonna go help that. And I really want young kids to understand that I try to get into schools. It takes a lot of time. So for those that are in there pass that message on. Get really deep into that. I think it’s amazing for us to speak upon sports and relate it to our in.

[00:34:18] Yeah, 

[00:34:18] Dominique Henderson: absolutely. 

[00:34:19] Stoy Hall: Absolutely. So for a little curve ball that was not in any of prep stuff, cuz this is no BS wealth. We get real. Bring raw, 

[00:34:27] Dominique Henderson: bring the ruckus. 

[00:34:28] Stoy Hall: Real. Real. All so there’s not a lot of black people in our industry as CFPs that we know of. Percentages show us that. I hear this a lot from other CFPs other wealth in general, and this minority across the board. But I’m gonna hit on black people right now. Why do black people not wanna work with us? Why is it so hard to get established but also have just black people wanna work with you?

[00:34:59] Dominique Henderson: So I’m have to borrow from the great Dr. Myron Golden on this. Wealth is a mindset. It is. I think it can manifest and definitely demonstrate. Itself in your bank account and in your balance sheet. But it starts with the mindset and I think. Depending on your circumstances, because they’re black or white US or non there are poor people Yep.

[00:35:39] Around the world. . Absolutely. And it, it’s not exclusive to the color of our skin in our zip code in United. It. So you have to look beyond that and say, okay, so what is it then? And I have to go, I have to believe it’s a mindset. And a mindset is shaped about perspective to get into what he teaches about this and what he says about this.

[00:36:02] It’s like, how do I see a situation? Do I see glass half full? To make it really simple or do I see glass half empty? And I think that is the reason for you may see a struggling advisor. Let’s just make it really plain and take the gloves off. Like you can see you can hear about this story of a struggling advisor.

[00:36:28] Close your eyes, not know who it is, and you might think they’re black. But they end up being somebody else that you didn’t expect. And if you peel the layers back, it’s gonna be a mindset issue. It’s gonna be some talk tracks that they need to change, just like those 10 CD changers we had back in the nineties.

[00:36:48] Yep. I think you, you have to change those talk tracks and you have to start telling yourself what is actually true. Now there’s a difference between truth and facts, I think. We get a lot, our information overload in 2022 when we’re recording this podcast is tremendous, right? We everybody, there’s something competing for all of our attention and I think we get inundated with a lot of noise, but distinguishing noise from signal, that’s how I would differentiate.

[00:37:22] Facts and truth, right? Facts are gonna be more likely on the noise. There’s a lot of facts out there, right? The truth about the matter, right? Is that as a military kid of three, having a hard time fitting in at some points I had to I questioned myself and so therefore, You saw me act out.

[00:37:46] I’m using air quotes for those that are listening in the podcast. In, in performance, right? I saw a lot of how I was going to people please and be who I am by performing, getting really good grades being a star athlete and all this other kinda stuff because I was caught up in human doing right.

[00:38:06] But I wasn’t created to be a human doing. I was created to be a human being. Who is Dominic? Who is that person? Unpacking this and bringing it all the way back to why do certain financial advisors struggle and why do they not find clients that look like them, that wanna work with them? And I think it has to do with a, that advisor adopting a mindset that I am qualified to serve who I want however I want, as long as it’s in the best interest, of course.

[00:38:37] That’s kind of table stakes. No brainer for me. Absolut. And then the clients, finding those clients that hang out in the areas where that mindset is normal. So I think you have to, it’s almost if you’re going to go I’m not a hunter or gathered type of person, but it’s like you use the right bait for whatever you wanna catch.

[00:39:01] So if you’re looking for certain type of clients, they hang out in certain places, right? And I think you go there and find that mindset and look for a mindset. I think a lot of people start their businesses maybe niche focused. Specifically around like vocation or things that people do and that’s great.

[00:39:20] But what I’ve transformed my wealth practice to be more so as a psychographic of person, and I describe it as a person that values their. Over money, because ultimately that’s what I do. And if you don’t do that, I already know we’re not gonna be a fit. It’s not gonna work. You’re not gonna trust my advice and I highly value my time.

[00:39:40] I, I think having that, and this goes back, I said earlier story, you have to do that self-work. You have to get vulnerable enough to figure out who you are, to know who you wanna serve. 

[00:39:51] Stoy Hall: Absolutely. And it’s a great ending too, because what I’m gonna tie it back to is for me, how I figured all of that.

[00:39:59] Besides going through injuries and adversary, adversities is reading books. Reading a lot of different types of books to, for me to figure out myself, not just to read it for entertainment. I don’t have time for that. I value my time. I don’t have time to just read for entertainment. I need to read cuz I need this to be working correctly.

[00:40:18] My advice on people with that is go out, look for some books. You’re gonna have all the videos and podcasts to listen. There’s a lot of noise and truth into both of those, but the book allows the time for you to digest it all while you’re reading it, take your notes and understand, is that me? Is that person?

[00:40:38] So go do that and go get book. Hit it up. It’ll be in the links for 

[00:40:44] Dominique Henderson: sure. Amen. Amen it. I will say this, it is a little different. I made it intentionally. On the actual information. Cause at the end of the day, this is what I was like, there’s a lot of information. What I’m saying in this book is probably stuff that you may have heard before.

[00:41:02] The question becomes is how does information cause transformation? That was the answer or the real question, right? And we already know the quality of our answers are judged by the quality of our questions. So I believe that information. Causes transformation when you have affirmation and revelation.

[00:41:25] So you have to start to see things and to your point, you’re reading the books off the page or they’re reading their letters off the page inside this book, and something’s getting revealed to you about who you are, how you’re showing up, what you’re noticing, and then you get the opportunity. Especially when you speak the words there’s something totally different that is a whole nother podcast to unpack that.

[00:41:50] But then you use the spoken word to affirm who you are. And when you’re hearing it over and over again, it’s reinforcing, it’s almost building you inside. And so that person that you’re building inside is the person that’s gonna eventually show up. Why That, which is why you have to read, you have to have a steady diet of things that are affirming.

[00:42:13] So that’s what I want for everybody with this, is I want them to be transformed. I just don’t want to be giving more information. I 

[00:42:19] Stoy Hall: love it. I love it. Anything we miss? Anything else you wanna say? 

[00:42:24] Dominique Henderson: You’ve done it, man. I think this is a great 

[00:42:26] Stoy Hall: conversation. I do too. Definitely appreciate your time. I appreciate you being on this series.

[00:42:30] Appreciate everything that you do. And we’re gonna highlight it as much as we can and really change the long term. It’s a long. Yeah. 

[00:42:38] Dominique Henderson: Absolutely man. I appreciate you and keep going what you’re doing, man. All right, 

[00:42:42] Stoy Hall: brother. You have a good day. All right, 

[00:42:44] Dominique Henderson: you too.

[00:42:56] The proceeding program was sponsored by Black Mammoth. Any awards, rankings, or recognition by unaffiliated third parties or publications are in no way indicative of the advisors future performance or any individual client’s investment success. No award ranking or recognition should be construed as a current or past endorsement of black mammoth.

[00:43:18] Information regarding specific awards, rankings, or recognitions is available on the Black Mammoth website, www.black mammoth.com. All investment strategies have the potential for profit or laws. Investment strategies such as asset allocation, diversification, or rebalancing do not assure or guarantee better performance and cannot eliminate the risk of investment losses.

[00:43:43] There are no guarantees that a portfolio employing these or any other strategy will outperform a portfolio that does not engage in such strateg. This broadcast should not be construed by any client or prospective client as a solicitation to effect or attempt to effect transactions and securities or the rendering of personalized investment advice due to various factors including changing market conditions.

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