Black CFP® Series with Dr. Preston Cherry!

[00:00:00] Stoy Hall: welcome Dr. Cherry. Dr. Chair, cfp, . I need to get some more letters in front of my name. That’d be 

[00:00:18] No BS Wealth_Preston Cherry: great, 

[00:00:18] Dr. Preston Cherry: man. Oh man. Shoot, man. Letters are, they’re all good, man. Experience going a long way. Shoot. You’ve been in the game a long time. 

[00:00:25] Stoy Hall: Absolutely. Absolutely. Welcome to the Black CFP series.

[00:00:29] This one’s an important one, I think, not only for our industry, but for us too. I know we’re both part of a lot of groups and. The more black people can get involved in all minorities, but more black people get involved and really help not only for our own community but for others to hear a different voice and a different spin on it.

[00:00:47] Cuz our experiences are, vastly different. I know we’ve known each other for a little bit now and you’re, launching a pod in YouTube and we’re doing all those things, but why don’t you, why don’t you back that up and, tell us who you are and how you got to where. 

[00:01:03] Dr. Preston Cherry: Yeah I got started, wow.

[00:01:05] It’s going on, I don’t know, 16 years now. I started in oh six, something like that. Oh 5, 0 6. I got my master’s in oh six in financial planning a while back. And a year before that I got my series seven, so that the licensing thing, I was at a bank story. So I really started, it as a teller back in the day.

[00:01:29] And as. As life would tell it. I like puns. as life would tell it. I still carry a lot of stuff from the teller line. You know about money, right? I do. Cause when people back in the day my second job, my first job was at, pharmacy, at pharmacies. You just do it on the floor stacking the stuff on, the floor and all that type of stuff.

[00:01:55] But my, my, my other job was was at a teller line, and I did that for a lot of years. So I worked on the retail floor at personal banker, all that, and I did that for a number of years while I was going through undergrad. And the reason why I tell that story is, that we always ask about people’s money stories, and how we connect with people and all that. Back when people were actually inside of banks, people were telling their money stories every day, 2, 3, 400 transactions a day story. People were having their, and all across social economic status, people were telling you what they were doing with their money day in and day out, right?

[00:02:34] That’s where I started and then it navigated toward what I want to do. And, I ended up in an investment operations department. Then started getting in investments, then got the, Masters of financial planning. Took off from there and did all it, did all type of stuff in the financial planning world, junior financial planner, all this other stuff.

[00:02:55] Associate. Financial planner, all this, all these type of things, right? Manage money. I was investment money manager, managed co, co-managed a, family office for 120 million. So I did all these things, retirement planning, all of these. So this, the perspectives has allowed me to not only do my thing story like far, is just have my own firm and, do a number of things, but also, Not only young folks coming into the profession, but also professionals that are active in their journeys as well.

[00:03:29] And also help my clients in their journeys. So yeah, 

[00:03:33] Stoy Hall: I love it. Enjoying it. Yeah, not enjoying it, 

[00:03:36] Dr. Preston Cherry: right? Yeah. That’s why I share it all the time. He’s live aspirationally is one of my, is one of my, go-to lines. What, do you aspire to? What do you aspire to do? Think boldly about your life, right?

[00:03:52] One of another taglines is, life money balance. Let your life lead your money, not your money Lead your life. You knows, let’s establish what you wanna do with your life first, and then your money will follow and it’ll start being a tool to to, help support what your life aspiration. And that came from a period and, people had these stories all the time.

[00:04:21] Everybody has a story. Story. You know what I’m talking about. Everybody has a story. Everybody has a story. They wanna be heard. Just, I’m about to I, rarely say it, but I’m gonna bring it out. Point blank period, . But everybody, has a story. And if you can tap into that story, then you can tap into.

[00:04:44] If you could tap into your story, you could tap into your money and far as let your life lead your money, not your money, lead your life. If they’re going two separate ways, that doesn’t really feel good and you can feel it when they’re going two separate ways. No, no question. And that’s where concurrent came from, where the name of the practice is that if your, money are not life and money are not aiming at a similar point.

[00:05:10] If they’re not working. Then a point of tangenty, then it really doesn’t feel good because they’re going like this. At a point in my life I felt that my life had no direction. I had a lot of fundamentals inside of me. Cause I was blessed with good parents and I had a fundamental nature of self-worth and self value.

[00:05:30] I, I say all the time, those are those two inputs in life. That those are the greatest gifts you can give a young person self worth, self value, and some love. Those are those. Assets are compound more than any financial asset, right? Cuz you can stack on top of that. All right? So I always had that to come back to and I’m grateful for those.

[00:05:54] Okay. So when I got, when I had my fog years so to speak, and I was able, I’ll say, okay, what can I do to turn this around? I was like, okay, let me reach out for some help. And then I was like, oh, okay. Let me get let, me get some stuff together and. I said, let me live boldly. Let me live aspirationally and see what’s next.

[00:06:16] And then that’s when the life started leading the money and not my money. Trying to fill a gap of of lack of fulfillment and direction. That’s what I’m talking about. I 

[00:06:31] Stoy Hall: love that. We, call it money mindset, right? That’s, what we harp on a lot. And it’s very much the same.

[00:06:38] If you don’t have the right mindset in relationship with your money, it’s just gonna bring you down. It’s gonna cause issues that everyone’s going through. Once you have that squared away, which you got to and I’ve gotten to, once you get to that, Then you’re living life and then the money’s coming, like you’re talking about, and now you’re focused on going forward as opposed to always feeling like you’re getting pulled some way, one way or another.

[00:07:05] So I, I love that. I love that. In terms of clientele, what do you look for? What’s I don’t wanna say ideal clientele cause that’s our industry talk, but who do you love to work with and who do you wanna work for? 

[00:07:16] Dr. Preston Cherry: Yeah. Yeah. That’s, just real talk right there. I, wanna work with folks. Who wanna work with themselves.

[00:07:27] The willingness to, work on their journey they want to engage. They’re ready. They’re, ready. It’s okay. I call it the, ah moment. It’s okay have you come to a point to where you realize that you want to do something? At least you’re, ready.

[00:07:55] At least you’re ready. Okay. You, don’t necessarily have to have an abundance. Assets. Okay. But you had to have an abundance of willingness and you definitely you have to have some income though. Some, an abundance of, not an abundance of, but good, chunk of income because there’s areas, there’s ways to where if you’re not ready income wise to where there’s, resources for that, there’s community resources, there’s pro bono resources, there’s a lot of resources to where you.

[00:08:28] Get services for that now, for different firms where they’re independent firms. Okay. There’s, resources for that I serve and, so do many firms they serve a particular set of households, right? But far as it is just willingness to come to the table and have a, and having.

[00:08:52] An a moment, which is, I’m ready to do something. My household is ready to do something different. All right. I’m ready to aspire, I’m ready to think boldly about without apology, about what I want to do next with my money in my life. All right? And do what it takes to do to, go to that next stage.

[00:09:14] That’s what I, that’s who I like working with, because they wanna work with themselves. That’s what I’m talking about. It’s about. It is about the, psychology of it is about the, mindset. It is about the, willingness to, start and to engage and stay engaged. And live abundantly. Live aspirationally. That’s, the most and, to want to transform right into the person or the household that they want to become. That’s who I enjoy working with. 

[00:09:48] Stoy Hall: A hundred percent. That’s the people we all wanna work with, and I think the best thing you said there is you do not have to have an abundance of assets, right?

[00:09:57] Every listener, listen, you don’t have to have a bunch of assets. That’s not what we’re talking about. You have to have the willingness and the correct income. Now, I’m not saying that you could have more expenses, income, we’ll work on that, but if you have the correct income, Go work with Dr. Chair, right? Go, to concurrent.

[00:10:17] You know what I mean? If you have that ability, do that. But there is so many resources between what you’re publishing, what we’re putting content out. Every most of the RAs I know there is free and clear content that you, if you are not ready for, that can go learn. Get your feet wet, figure some things out.

[00:10:37] Hell do it yourself if you really want to. And then when you’re ready We’ll, take a look at it, we’ll help you. But I think the most clear thing I wanted everyone to know there is you have to have a willingness. And it’s not about how much assets you have. Please do not get caught up on, I don’t have enough money to talk to you, cuz that’s not, that’s only hurting yourself.

[00:11:00] If you’re willingness. If you’re willing, we’ll work with you if you feel as if you just don’t have enough assets. But you still are willing. Let’s go let’s, ride, right? 

[00:11:10] Dr. Preston Cherry: That’s right. That’s right. No, no doubt. Income. Income builds assets. Absolutely. Income flows into income funds, assets. All right.

[00:11:21] And I know people are like, okay, let’s get these there’s just, there’s a lot of shaming out in the. And a lot of out in the space wherever platform that you tune into and all that. And there’s a lot I got some content coming out on, on that. I’m loving your platform story you out there pushing the content and I’m glad we’re on it’s, I’m glad that we’re, people need to connect and just share The more content is out there that’s combating, not necessarily combating yeah yeah, just offsetting.

[00:11:55] A lot of the noise right. That’s out there. And I, tweet, I tweeted the other days content without context. And caveats that is doing a disservice to the public. And I’m glad that everyone that has their platforms that are actually trying to do justice and service for individuals is great.

[00:12:18] And then when we get to combine, like we’re doing today and helping folks, that’s great as well. The the, script that’s out there that says, okay assets, all the. There’s a process to get the assets. There’s a process and there’s no shame in taking the time into having income first, doing what you have to do in order to be in the process to gain the assets.

[00:12:51] If you don’t have the level of assets right now, you’ll get. It’s a, it takes a little time. Yeah. And, we’re all trying to, we’re all trying to get there and do it at your pace. That’s it. We all, 

[00:13:07] Stoy Hall: we’re all on this financial journey. All of us. Yes. Some of us got a jumpstart and we we had legacy plans from our parents.

[00:13:15] All of those things, those people are really lucky to all of a sudden have assets at a certain age. Probably 90, what? 99% of? Of us. Not that way. We didn’t have that. So what you’re saying, and everyone needs to realize is it’s a journey. Wherever you’re at on that journey, you’re supposed to be there.

[00:13:34] Now let’s just get ahead, let’s get to where you want to go. And guess what that doesn’t mean you start with a million dollars in assets, $10,000 of assets, zero negative if you have student loans, right? It is. I student loans. I got student loans, right? , I still paying on them. , they’re still there. So like we are all in it.

[00:13:52] It’s a journey and you need to realize it’s a lifelong journey. There is no getting rich quick. Some people have it, some people don’t. It’s a journey. And I, love that part. But I, want to hit upon, cuz it’s one of my questions that you had talked about of us coming together, doing this and others putting out content on there.

[00:14:13] Why is it in our, in. We don’t partner more often In your eyes, why do people and I’m specifically speaking about RAs, cuz that’s all I care about. I don’t care about all the others, wirehouses and all that. Don’t need to get into that. But why do RAs not partner together? Because I’m gonna let you answer before I get into my spiel, but why is it in your eyes that firms like us, we do not partner together across across the world, across.

[00:14:41] Dr. Preston Cherry: Yeah. I, Good question. Let’s see. I, think that we’ve had our, we’ve had our experiences in the big firms and. Potentially we’ve had lack of identity in those firms and it’s been enjoyable that we’ve had identity with our with our own individuality a little bit. And it’s, and it feels good to, to spread wings and have a little control over our own destiny and also our own messages.

[00:15:15] And I think it’s just across the board with. Individual firm to, to have control over your messaging and, the like. So I think that’s a, I think that’s a part of it. I think that’s a part of it. That said, there’s something to be said about, joining and, aligning and say, okay, after you’ve had that, after you’ve had that moment of that, that individuality, it’s I know some people don’t like sports references, but I say sports references all the time because listen, everybody knows wherever your background is, either sports music or something, you have to pick a point of reference where everybody knows yeah. Everybody knows housing or everybody knows that, hey, you can go to housing cuz everybody knows it.

[00:16:04] Either apartment or a house or sports or whatever. So you pick a point of reference. So anyway it’s, Coming out and it’s okay, I’m going to score a whole bunch of points. Okay. And then later on your career’s maybe I could dial back on the individual awards and maybe I could try to get a better team around me and win a championship.

[00:16:28] Okay. It’s just a natural progression of things. And I think that once we get that, initial. Good feed or good shock of, okay, I got my individual message out and this, that, and the other. Okay, how about we team up? All right, so I, maybe it’s about time. It’s the natural progression of thing is, okay, how do we win the championship not only for our greater good internally, but externally serving others.

[00:17:03] Cuz it’s not a, or it’s a. . So I, think it’s the next stage is because I think that at greater scale it’s the messaging actually, and the philosophies can have larger reach to the public if a lot of us are coming together at greater scale. Absolutely. 

[00:17:25] Stoy Hall: And, what you’re talking about in that it’s, the industry has to be ready to do.

[00:17:31] Our independent firms and niche firms are relatively young in the whole process of how businesses operate, right? Yes. And, so I think you’re right about that is we’re all wanting the control and our individuality and focus on us, get our businesses going, and then you get to a point where you’re like, man that’s, for me it’s, more like that’s selfish, right?

[00:17:54] I’m not saying, I’m not calling people selfish. I’m saying for me, that doesn’t fulfill. What our actual service and purpose is, because I know I can’t handle a thousand clients. It’s just not, it’s just not possible. That’s a thousand clients. A thousand people is very, small in this world, let alone the country that we live in.

[00:18:16] And so why are we not using and relying on each other for our expertise and, all of those things. I loved your answer. I’m pushing that really, hard being loud with. Let’s work on partner. There’s a lot of experts at what we’re doing. Let’s rely on that. Who cares how the comp gets done and all that.

[00:18:36] We know whose client it is. That’s what’s most important. We are just helping them achieve what they need to go. The comp will take care of it. Compliance we’ll let the teams figure that out. But for us it’s, Hey, I’m really good at. And I can help, let me help you and help that client reach that.

[00:18:55] As opposed to, I know before I didn’t have all the experiences, I’m trying to figure it out and learn it all myself so I can take care of that client as opposed to, I’m probably hurting the client cuz they can go now, they can deploy now they can do whatever it is now. If I had that partner or or that network to do and I’m glad we’re all doing content like this.

[00:19:17] It’s just gonna help us connect those bridges a lot. 

[00:19:21] Dr. Preston Cherry: I feel you. I can’t wait to extend that conversation. I’ve had conversations like that over the last few, years, actually the last four years actually behind closed doors. Yeah. We’ve been touching on it with a few people here and there.

[00:19:36] It’s we should push that, should push 

[00:19:38] Stoy Hall: it. Oh, absolutely. Absolutely. And that’s what I tweeted out. I I was in Nessus Park. The boys were grabbing some firewood and that’s what I tweeted out and said, we need to have a cocktail hour, just everybody get this all together and. And really learn and build that team and really see where we go with it.

[00:19:57] I, posed this question, I think it was a couple weeks ago. Cause we’re redoing our services, doing some DIY stuff, but also mainly the family office that we have. And my question was, do you like doing things by yourself or do you like a team? 67% on the Twitter pole said that they rather do things the.

[00:20:17] and I’m, about to release a video response to that of there’s not one damn thing you do in your life that does not involve a team. Think about it. . Yeah. Yeah. Think about it. Yeah. Now, subconsciously is that team, just cuz you follow people on Twitter, you listen to a podcast, YouTube, if you read a book, you watch a TV show, guess what?

[00:20:36] They’re technically part of your. , they just not, might not be the professional that you’re paying for, right? In this life. You cannot go just doing it yourself there, there is no doing it yourself. You are getting information education somewhere. And that’s what we’re trying to say is where the professionals help us, help you.

[00:20:56] That’s why a lot of us are pushing out the free content. But it was really interesting how people believe that they’re doing things themselves when realistically they got a team somewhere. There’s, a team, mom, dad. Somebody’s helping you. 

[00:21:09] Dr. Preston Cherry: Yeah. Oh yeah, it and, I think the question is, diving a little deeper, which is yes, we have a team around us.

[00:21:18] Yes. You have to outsource, yes, you have to do all these things. Who is leading? The organization. It’s a little bit of ego, a little bit. You have to have a you, have to do, you have to have a ego to do a lot of things. There’s no question about that. It’s about a healthy ego.

[00:21:37] And, Dr. MLK has, talked, he has a speech about this actually. So what you do with that and it’s an ego is quite, na is quite natural. It’s, how you use it in order. Facilitate what you’re doing in life. And it’s hard to balance sometimes. It really is. And that’s why you have to do certain things in order to keep it in, check.

[00:22:00] It, so I don’t think people are denying that they need resources, a team of resources around you. However, this is where when you get at teams, when you do collaborate, it’s like, When you have all these alphas, so to speak, in the room, it’s like, who who is leading that? Whose philosophy is taking point?

[00:22:23] You know this? How do you condense all that? How do you integrate all of those? That’ll be, I’m not saying that would be tough. It would just, how do you align all that? So everyone is, on front street, so to speak. And for the greater. I, think that, but see that, that, all, that, all that is you had to, encourage people to say that.

[00:22:48] What would it, feel like? It’s just reframing the, it’s reframing the question. What would it feel like to be at a, corporation or a business that has a great culture, right? A great you, we left certain. Cultures and business structures and management hierarchies and this, that, and the other.

[00:23:15] Okay. How would it feel if that actually existed? Would you be a part of that? That’s a different question. Yeah, it is. Okay. Yep. It is. That is a different question, right? To where you’re seeing a, team. Of leaders and voices. Okay. And that culture is different. All right? Now, you’re now, it’s a different question.

[00:23:46] All right? And if you, if we pose it that way and people say, okay, now I wanna be a part of that. Okay? And then the egos are, are the that barrier is, lifted a little bit and now it’s reshifted in the mind, the mindset. There you go. , there you go. Is, shifted a little bit and is more welcoming in right?

[00:24:12] Stoy Hall: Absolutely Next, question. That gets a little deeper. Yeah. Or both. Black CFPs. That’s what we do. How many black clientele do you have percentage wise? 

[00:24:26] Dr. Preston Cherry: So this is a, fine line for me. Yeah. So I, tend not to lead with, prerequisites.

[00:24:36] I’m a cfp, I reverse that. I’m a CFP that happens to be black. Okay. I, do have black clients. I, am from a, first of all, I’m a humanist first. I’m a human being first. I think culture is very important because I don’t think as humanists we, are should not have to be homogenous.

[00:25:02] We don’t have to be homogenous in, within the cultures either, right? All right. We don’t have to be homogenous within genders or so, so to speak, and within the, within these boxes, so to speak. But I know I’m, a, I am a financial. Money is univers. It’s a universal language like math, like music, all right?

[00:25:27] And how it works intertwines through life like love, right? All right tho. That is universal, right? And it happens across the life cycle and across households and relationships and people. It is about existence and how it flows through us as human beings and through cross. Is universal so far as planning is concerning planning for money that is universal.

[00:25:56] So I happen to be a CFP that happens to be black and, I haven’t, I happen to have a lot of cultural experiences that allow me to empathize across many emotions. All right. I could empathize with with. Different demographics. I don’t even wanna call them out because of, cuz of the experiences I have in life.

[00:26:22] I’ve been through trauma. I’ve my mother is the greatest vulnerable person that I’ve ever met. All right. Personalities. My, my dad I’ve I’ve even published personality research papers the, black experience, so to speak. I’ve seen that.

[00:26:43] I’ve seen suburbian experiences. I grew up there. All right. I’ve had these conversations before with folks and some folks are saying you’re not this or you’re not that, and you’re not to this and you’re not to that. I’ve experienced that my whole life. Same brother. I’m like brother.

[00:27:03] And particularly either on either side of the aisle, I’m like, I was like, brother, you don’t want me to. Play this card or that card, right? Because we sitting around on a spade table that’ll come out quick. , let me holler at you. You know what I’m saying? I got hey, I got Maxwell.

[00:27:25] Hey listen let me, cause songs they kill let me holler at you. So I’m a CF that happens to be Right. I’m a CFP that happens to be black. Absolutely. So I natural naturally capture the culture. Just naturally. But I also capture everyone else, and this is why it’s a, I make it a point to when you see, my life money balance banner on my on, my website.

[00:27:55] All right? It’s, it is a quilt of people. Cuz I’m a person of a higher power whatever, faith you, you follow. But I’m a person of the. I’m a person of the earth that wants to be about, the human condition. So when somebody sits in front of me about their money, I’m learning about their value, which is financial planning.

[00:28:25] I’m learning about their attitudes, their culture, because I want to, so when we’re talking about when the question is, I know that was a little lengthy about the answer, but it’s important I am a CFP that happens to be. And enjoy when somebody’s black in front of me. Yes, but I also enjoy any culture or person that sits in front of me that wants to express their value and background and foreground in front of me and share that with me so I can help them on their journey.

[00:28:57] Stoy Hall: There you go. There you go. That was deep. Everyone ever wanted to realize that. That’s, pretty deep. Cuz that’s, real right there. That’s real. I know there’s a lot of things about how the black communities, minority communities actually they, aren’t as financial literate.

[00:29:14] They’re not able to have the resources that suburbia does. And I pose that question really to combat. That idea that, the ideology of just because you’re poor and you’re in a certain community, you don’t have access to us, or to experts in any field. And the way you pose that is, again, it comes back to what you said.

[00:29:38] If you have a willingness to work for yourself and get yourself better, I’m here for you. , right? And that’s all it is. Don’t matter if you’re black, brown, right? It don’t matter what you are. But what we need to do is I, believe what we’re doing here, what you’re, releasing is we’re being louder.

[00:29:55] We need to be louder than that noise. A lot of that noise is just bad advice and stuff anyway, but we need to be louder to allow other people to see real CFPs for who they. We can actually really do good. I think a lot of our industry is just a lot of noise, a lot of pub publicized noise from giant firms who can spend millions and millions of dollars on noise 

[00:30:20] Dr. Preston Cherry: because they can’t and not, and story not all of, certain demographics come from trauma or lack of access as well.

[00:30:31] I wanna get that story. Debunked as well. Lack of access is a very, real thing, and particularly in non-majority communities. That’s, a fact. So having to overcome lack of access and institutionalism and a whole bunch of other things is a fact. Okay. However the propaganda.

[00:31:04] Illiteracy, financial illiteracy, so to speak, and lack of access is upon all non-majority individuals. And that’s where every one of those individuals start. That is a myth. And and the fact that more advanced or more financially accessed groups that they don’t need financial wellness introductions and also that they’re more financially savvy.

[00:31:31] That’s also a myth. All right, . All right. Because I I’ve done financial plans, high net worth individuals, and that’s, I could tell you, right? Ask that heavy. I can tell you that’s, they need financial conversations, financial wellness, this, that, and the other. All right, so when we’re talking to our communities, we don’t even talk at people.

[00:31:52] We need to learn where they are and talk with, and don’t assume that we’re talking to a, group that you know it doesn’t know all the time. And that in a lot of the, some of the platforms that talk directly to, if we’re gonna talk to our, talk about our, people, so to speak, right?

[00:32:11] That oh, it ain’t no, you don’t know this, you don’t know this. Don’t, just don’t assume that. Because I can write I can write you a hundred people down list right now. That, comes from well to do, when I say to do households, I’m talking about married for 15 or 20 years, this, that, and the other, blah, blah, blah.

[00:32:30] That don’t come from trauma or, this, that and the other. All right? Or of what, the society projects of non-majority households. So we just don’t need to. Everything all the time. All right. And there’s nothing wrong with coming. That is, I wanna say this quite clearly too. There’s nothing wrong with coming from a, lack thereof.

[00:32:52] Also, we need to empathize and come with a a, open heart and hear where people are coming from so we can help. Folks on their journey as well as to try to close that gap along with that too. Either or. We just don’t need to assume. 

[00:33:13] Stoy Hall: Absolutely. Absolutely. I posed this one the other day on, on Twitter.

[00:33:17] I was copying or tweeted about somebody had mentioned about the accreditation credited investor rule. And, how. It’s just a it’s a wash rule. I, don’t believe in it really at all. For what the factors are, right? You have to have 250, 300,000 of income, 1.1 million in assets, not including your primary residents.

[00:33:40] For those that don’t know what an credit investor is, when an credit investor allows you to do, Is to go into private equity deals, certain funds, certain private off public forums that really create wealth that a lot of wealthy people actually get into. And most people build their wealth outside of the stock market, right?

[00:34:03] I find it funny that we make it hard for people to access. Make it a lot easier to get in the stock market. So what is your opinion on the accredit investor rule and what would you like to see going forward or, change or whatever in regards to people having access to get into certain investments?

[00:34:24] Regardless of where they’re at in life. Yeah. I, 

[00:34:27] Dr. Preston Cherry: think that some, consumer protection rules have good intent. I think they have good. and what, the consumer protection rule is saying is or, at least trying to say is, that before you get into an illiquid investment, okay, let’s try and, have the liquid investments, your order of operation taken care of before you get into something that may tie up your funds in a.

[00:35:01] That may be not in your best interest. Okay. So that’s, what the rule is trying to do. It, it, is trying to and most, rules and protections are, tempting to. Be or try to be best interest rules. Like for instance IRAs people are saying, okay, don’t put your money in IRAs or retirement accounts cause you can’t get your money until 59 and a half.

[00:35:32] They are retirement accounts. And, there’s and, it’s not a, it’s not a or thing or just like what? Just not an only thing. You could have both have a taxable account and also a, or a brokerage account, a little bit of more freedom and flexibility, and also have a retirement account.

[00:35:55] You’re not supposed to be in those things anyway, so for the most part for the most part if you have to tap ’em in. Okay, cool. Get that’s a whole nother discussion. But the point is, back to the question about the accreditation rule. It’s, a protection rule. Do I wanna see things change with the with the accreditation rule?

[00:36:15] I don’t know, story. I don’t think that it’s a too much of a barrier it hasn’t been too much of a barrier in my experience because for, those that for those that it applies to and want to that says, okay, dang if I didn’t have that rule, then I could then I can get into this.

[00:36:42] Let’s just have those cases. In those cases, more than likely we probably need to address something else. If you’re on the cusp, we probably need to address something else. Let’s, look at some other areas to where we can fund first before we get into investing into something that’s going to I don’t know.

[00:37:10] It’s something that’s made not necessarily in your best interest, but not for the right now. So let’s get your assets up in order to, invest in those areas. And then there’s also other area, there’s other ways in order to get into those areas as far as let’s take for instance, real estate.

[00:37:30] Okay. I know that’s your game, right? That’s, your thing, right? So if you want to get into real estate You You can get into real estate in different areas, different ways. Get ’em through your IRAs. You can get ’em through certain ways where you don’t have to necessarily be accredit.

[00:37:50] So, there’s just different, ways to access that around 

[00:37:54] Stoy Hall: that rule. There is, and I think that’s what, why I don’t like the rule so much is because it makes people go around that rule. Once you go around that rule, you’re less protected and usually there’s not an expert doing what is in your best interest.

[00:38:08] And I believe part of the rule should be if you have a CFP or somebody in that realm who is a fiduciary and you’re educated and you’re ready to go. Does it really matter? Should it matter that they’re, not there? Because to me, what that does is it just pushes people to, oh, again, you have to have a certain amount of assets.

[00:38:27] Has nothing to do with age. I can give you about 20 people right now that are may or may not be on our investor list, that are accredited investors that aren’t anywhere as educated or ready to be in that investment as someone. Is, doesn’t have that. So it’s not an experience thing.

[00:38:46] It can be, but it doesn’t matter to me. It matters where it’s coming from. And is it part of that plan? Like you read it, read back to, and I believe that should be part of that, right? Because otherwise there’s a, we’re a ton of ways to get around it. Just go get your series 65. Cool. You’re accredited now you can bypass accreditation right there by just having a 65.

[00:39:07] And I don’t feel like we. Figure out ways to get around it. We should use it correctly and have the right people on your team. Otherwise you’ve got people we lost a. Earlier this year because could not get into commercial real estate through, us, because of regulations and all that is now just decided to stop playing with us.

[00:39:30] So they didn’t have to worry about that and just go out and start doing properties and stuff on their own with, without any guidance. Yes, they’re intelligent enough to figure all that things out by themselves, but to me, that worries me because who’s really watching? That’s our job. That’s our job to help ’em.

[00:39:48] And I can’t help ’em because our regulations have caused them to leave it. I wanted to hit upon that that one popped up like some hot takes every now and again. Yeah. Yeah. So I had to hit that one up. 

[00:40:01] Dr. Preston Cherry: Yeah. Some regulations are tough sometimes. 

[00:40:04] Stoy Hall: Yeah. And that’s what running a business and people need to realize our regulations in our industry are.

[00:40:13] There, there’s a lot of things that we have to do. We have to notate, we have to track archive not do, say, not say that I don’t think the public really gets a full understanding of the things that we are allowed to do, not allowed to do, and where it’s a gray area that we don’t wanna take that.

[00:40:35] And I, think that’s important that I’m gonna do a lot more being loud about, is that right? There’s things we just can’t do and say that people on Reddit, other YouTubers that do not have our regulatory body can day do and say, and that’s why I think it’s really nice that the s e c and CFP are allowing us to do testimonials and allowing us to do a lot more content stuff without handcuffing us because there’s people out there doing it.

[00:41:03] Don’t have that licensing and they don’t have to worry about the liability piece. 

[00:41:08] Dr. Preston Cherry: It’s, it is, I would say this, here’s what I would say about this. It it’s, about having people’s best interests. And this is why having good content, and if you’re an RA ria, you have a lot more freedom. And particularly if you’re not, if you’re not bound, I have an ra and that’s and, you have a lot more freedom.

[00:41:28] Okay. You, can say a lot. Even it’s about having the responsibility, having the internal integrity in order to say the things that are in the best interest, even if you’re not tied to a regulatory body or the, are you having a c p or a designation or, a state or a federal or this. Okay. What is your, entity?

[00:41:54] Your responsibility is to the people that you serve, all. So when you say you can deliver, because I’m, we’re about to do it. I’m doing it right now. I just shot some video this morning. I gave a little jiggy with a dance this morning. I’m about to post on TikTok this morning. Alright, y’all dealing with people’s emotions, I’m dealing with people’s families, I’m dealing with people’s children.

[00:42:13] I’m dealing with people’s elderly parents this, that and the other. We’re inspiring generation. We’re dealing with people’s sadness. We’re dealing with people’s a transformation of, emotion. All of this, right? Even with having regulations so to speak, or boundaries or whatever, you can do it right?

[00:42:35] So I don’t want to hear that. Alright, so you, can do it if you have the integrity and, you can do it within 30 seconds. You can do it in 60 sec, 60 seconds. You can do it within a minute. You can do it without shaming people. You can do it without making people feel bad and this, that and the other and, leaving out inform.

[00:42:55] Just because you want to capture people’s attention for a second. All right? And, playing on people’s misinformation or, stuff like that, right? And that’s what people are doing. Just, to, in order to capture people’s information. Imaginations real quick. So that’s a cop out and I don’t wanna hear that.

[00:43:15] So even with the boundaries are there for the protections of the people. And then where’s your integrity in order to, serve those folks. That’s what I’m talking about is if you have, the best interest of the people and the care about you serving, yeah, you can do it.

[00:43:33] But if 

[00:43:33] Stoy Hall: you don’t, please don’t. You just harming people for, what? Your own good. Don’t be selfish. You know what I mean? Don’t be selfish and you can still make money. And you can still make money doing it. You can still make money. You can still make money. Yeah, 

[00:43:47] Dr. Preston Cherry: absolutely. And, matter of fact, people will they, will hand you their money and be like, thank you, I know I as a consumer, if I’m getting receiving good service and good advice from somebody if I go to a tailor or if I go to a a somebody’s flying me up in the air or whatever it may be, whatever if I go to a coach or a counselor or a doc, whatever somebody’s coming in to my drywall or something, I don’t give, I don’t care what it is.

[00:44:19] If somebody’s giving me a good service or a product, okay, and they have my best. I’m paying them all day. Yep. Absolutely. I’m, and I’m saying, Hey, thank you. And, where do I send it? And when? When can you come back? 

[00:44:36] Stoy Hall: I hear you. I hear you. . As we wrap this thing up what, do you have coming out?

[00:44:43] What’s new in your world that’s coming out that you wanna highlight A little. 

[00:44:49] Dr. Preston Cherry: Yeah, appreciate your story, man, and I appreciate the chop up man. This has been good stuff, man. Yes. The Life Money Balance podcast, it’s it’s gonna be picking up. So content’s gonna be coming out, so you can find that on, YouTube Life Money Balance podcast is on YouTube.

[00:45:06] You can also find it on any, of your your platform audio channels, all of your audio. You can find me. All the social that dr. Preston Cherry, and that’s all the social medias. So that’s where you can find me and also the, firm at concurrent fp.com. Absolutely. 

[00:45:26] Stoy Hall: And little off topic, but just email those out.

[00:45:29] I’ll make sure to get them in the description and, have the team. Tagging correctly, but I, love this. I can’t wait for us to do this again. I can’t wait to get your podcast out there and, start blasting that. This is fun. And like, you said, we could chop this up for hours. We really do.

[00:45:45] Oh, yeah. There’s a lot of topics we can get upon, but I appreciate your time. I appreciate everything that you do for the people. And if there’s any way we can support we’re. 

[00:45:57] Dr. Preston Cherry: Hey, back at your story. Love you brother.

[00:46:11] 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. No award ranking or recognition should be construed as a current or past endorsement of black mammoth.

[00:46:32] 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 loss Investment strategies such as asset allocation, diversification, or rebalancing do not assure or guarantee better performance and cannot eliminate the risk of investment losses.

[00:46:57] 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 affect transactions and securities or the rendering of personalized investment advice due to various factors including changing market conditions.

[00:47:21] The information discussed in this broadcast may no longer be reflective of current positions or recommendations. While information presented is believed to be factual and up to date, black mammoth, do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects Discuss.

[00:47:39] The tax and the state planning information discussed is general in nature and is provided for informational purposes only and should not be construed as legal or tax advice. Listeners should consult an attorney or tax professional regarding their specific legal or tax situation. Past performance is not indicative of future results.