hi I'm Josh Brown here with Michael batnick and this is the first episode of the unlock Michael and I have invited our special guest Nick Murray to join us today Nick is perhaps the biggest influence in my career he's been influential in the careers of I dare say thousands of advisers uh and Nick is coming out with a new updated version of a book that absolutely changed my life so let me start by saying thank you Nick and thank you so much for being here and agreeing to do this I know you don't do a lot of these types of things I don't but that's a reason that I'm grateful to you for your comments and for inviting me to kick off this series of yours for advisors which I think is desperately needed and I know you guys are going to be great at it really appreciate hearing that so you asked me to keep this part brief and I promised that I would but I do want to tell you that I think of all of the people who have written for advisors and have spoken two advisors uh you're I would argue that you are on a par with Jack Bogle and there's really no one else that I can think of on that list in terms of your impact on the way that people manage money and work with clients today um I'm not gonna ask you to agree or disagree with that but I would just love to get your reaction to that I would well I guess I would just love to believe it's true okay um I don't think of it as being true I don't think of it in terms of Industry impact I don't think about the industry at all never have um my relationship is to the advisor and everything else to me is noise I I was an adviser um I was a national sales manager to two advisors I love the business I love advisors with my whole heart and you know they're they're my people they're your clients they are they are my clients they are your clients absolutely very much so maybe more than you can imagine when did you know that there were so many advisers in America that were in need of someone to come along and say this is your true value proposition this is why you were put on Earth and this is what your clients truly need you to be able to do when did you when did you figure that out I I guess I sort of always knew it as I said I started as an advisor um after 10 years of the 70s chaos I stumbled into a national sales position of some responsibility and I traveled the country which I had never had the opportunity to do and met advisors everywhere and met clients everywhere and came to believe I don't know why I should have been surprised by it that it it was all the same set of problems a finite singled digigit number of problems the the the advisor couldn't figure out what he was supposed to be doing and when he did figure it out he had trouble articulating it and I for whatever reason didn't I could write out what my value proposition was and I and I could when a client said I have this that and the other quarrel with that I was able to say well that's eminently handleable by this that and the other fact of what I do for you um how much of it do you think was the adviser not being able to articulate the value prop versus the adviser feelings sort of impostor syndrome that they're not worthy of giving the advice that the clients need well I don't know where this the self-doubt problem comes into it in all of what we do I guess but mostly you got to remember that I go back to when investment advisory was a commission business it wasn't consultative it as much as it might have wanted to be was product sales it it was it was I'm I'm I was trained by EF Hunton and Company to be a security salesman and I'm by the way I'm very glad I was it's a wonderful wonderful set of skills and then you grow out of it and what I found uh around the turn of this Century in three to five years the whole industry of in investment advice went from commissions to fees and it was at that moment that I felt guys simply didn't know how to didn't know in their own minds um what it was they were still talking about standard deviation and and the officient Frontier and you know you said wait a minute wait a minute wait a minute the golden door was just open to you the the golden door of being compensated and well compensated for making plans and building portfolios out of those plans and then making the client leave them the hell alone the idea that that was a value proposition that you that you were not expected on any given moment to be able to explain what Christine lagard said on CNBC this morning this was unfortunately seemed to be a gigantic uh bolt of late news Well Nick I want to build on that because one of the things that happened in that transition and I had lived through it uh is that when you were a product salesperson you understood that every month you had to figure out something for your client to do in their accounts sometimes it might be rolling a municipal Bond sure because it matured and hey I got another commissionable sometimes it was a closed end fund IPO Cohen and steers it's paying 8% we'll we'll buy it on the IPO and I get a selling concession sometimes it's hey we have this underperforming mutual fund manager let's switch funds sure what that did though for the stock broker who was masquerading as a financial adviser was it gave them an opportunity to touch the client it was a purpose for a conversation now it's uh fee only it's let's build the portfolio and we'll leave it the hell alone well how do I stay in front of my client and what do I say to them and what am I supposed to be doing now so that conundrum that you describe is very real and I think when somebody like you had to come along and say hey this is what you're supposed to be talking to your clients about now not the product sales that you don't need to do anymore I see and they couldn't get anybody good to do it so they picked you f the void you filled the void that's right I that's that's the way that I would phrase that I hadn't thought of it that way before okay so I saw it I saw it firsthand I saw people not be sure of okay great the client trust me we buil the portfolio I'll bill them every uh four quarters every quarter now what Josh how did you find Nick Murray so can I tell that story it's not a long story okay you promise it's a fast story in the aftermath of the events of 2008 and 2009 like everyone else working on Wall Street whether they admitted to themselves or not I was lost and a lot of people in that moment who consider themselves to be professionals or advisors or asset managers um were in search of an answer what am I supposed to do a lot of people's beliefs about how things work were blown up okay so I was lost and I really wasn't exactly sure what I was supposed to be doing on the economy and the markets I had a Guru his name is Barry rid Holtz he was obsessed with real estate and mortgage rates and uh regulation and I was reading him to understand how the crash happened and what might happen next but on the advice side what does a professional financial advisor after a second 50% decline in a five-year period say to their clients or or or what is My Philosophy I was fortunate a friend of a friend introduced me to actually an an insurance financial adviser went up to his office and we were talking about investing in markets and he couldn't believe how much I was able to say about this stock did this and this fund did that and my recall of statistics and and data and things that in hindsight are very trivial to me now but at the time I thought that was really important and he handed me green book and he said you ever hear of this you ever read this and it had a golden tree on the cover yes and it said simple wealth inevitable wealth and I said what is this like self-help like like like is this uh is this the richest man in Babylon or is this Dale Carnegie he said do yourself a favor it's less than 200 Pages just read it and um after reading it I never needed to read another book I I have read more books since but that was my I found it and I felt that what you had articulated in simple wealth inevitable wealth was a philosophy that I could build my career based on that would help clients and give me the mental Clarity that I needed so that's one of the things that I wanted to say to you well that was not too long at all promise I enjoyed every minute of it you did the same for me you probably don't remember this but in 2012 I was sitting for lunch with Josh when I just started and I had impostor syndrome because I came from an insurance background and not everyone but a lot lot of the people there were selling product and not delivering advice and pretending to be you know holistic um and I was asking Josh well what about this what about this what happens if this happens and he said stop stop stop stop stop and he and when we went back upstairs he said I have a book for you and he handed me simple wealth and inevitable wealth and I read it in a night over the weekend and uh been a follower ever since so thank you thank you very much thanks for saying so I'm really enjoying that and I but I but I think if you look at you you must see fingerprints everywhere when you read blogs by people like Morgan howel and Ben Carlson and myself and Michael um not that you do that often but you must or or if you did you would see evidence of your influence all over the place and that's my next question I wanted to ask you so now the markets are very different than when you started your career as you mentioned given the current popularity of fee based advice Index Fund investing the prevalence of Behavioral Finance everyone talks it's on everyone's lips when Daniel Conan passed away last week it was highly remarked upon sure uh in a way that 20 years ago no no one would have really known the difference so I wanted to ask is it safe to say that the Nick Murray gospel has now become mainstream among professionals and their clients and would it be a stretch to say that you've been highly instrumental in bringing about what I would consider to be the modern financial advisor industry now I'm embarrassed I I think it would be a terrible stretch to say that frankly I I don't have I don't have any sense of that at all okay but again there may be an excuse for that and it and it is that I relate only to the advisor individual the indivual the singular reading adviser my guy which is not a gender specific right term my guy U my 300 Spartans except the gag is this time we win um at thermop the you're the Victor okay yeah well but that's what I mean the industry has come to where you already were I I'll stipulate to that but but but no more I won't feel causal about it okay I'll I I I have gone back and forth plowing my 40 acres and the industry to some greater or lesser extent has come around to where I am but to feel responsible for that I know you think it would have happened anyway oh sure okay well so given that do you ever feel like my work here is done oh no not at all no if you do you read my newsletter yes look at the questions they they continue to come in yeah it it's you may feel and I may feel that they that there variations on constant [Music] themes but they're variations that are vexing people badly at the moment which is which is what inspired them to write to write in um well your fan base keeps growing and we could relate because I get questions that I've answered a hundred times and I'm like I've answered that a million times but people discover you and not everybody who reads today was reading you three years ago so it's the same thing it's the same questions over and over and you have to keep repeating the answers for people that find you today or people think there's an exception all of a sudden always they'll say Nick I know you always say blank but but have you seen what just happened with whatever yes okay um if you had to use a few adjectives or descriptive phrases to describe the characteristics of what you consider to be a great financial advisor What would those words or phrases be what should advisor strive for and what should the investing public look for when hiring an adviser the word that comes to mind is empathy what what do I ask of an advisor what what do I think is the most valuable thing an advisor not so much does but is and and that's how to be highly empathetic um and we could spend the whole rest of the time on that but but empathy not only as a value but as a bridge to trust the whole issue of advisor client relationships is trust as you know because we will all get sooner or later to the point where their p panicking we say don't panic and they can't find it in their toolbox not to panic and yet they don't because of us and to me that's a singularly empathetic exchange of emotions has nothing to do with money has nothing to do with anything but a person who's out there trying to deal with pressing uncertainty and and being very badly equipped because he's human to deal with that uncertainty and here comes this person that he trusts Beyond Reason literally Beyond Reason and the person that person says Stand Fast yeah turn off CNBC log out of your account keep looking in my eyes don't look to the left or the right this is going to pass I can't tell you how can't tell you when I can just tell you what you really need to know is that this two Shall Pass just keep looking at me right I uh after n number of years in the business I'm hard pressed to see what in the world else it's supposed to be about so from the that's the long answer to what well it sounds like empathy but then there's courageous in there yes and that's and that's the flip side which is I'm asking you to trust me implicitly because I know what's going to happen I know I am to be trusted implicitly this is going to work we have a plan and the plan is based on all of financial history all of American History all of economic history this plan works if you don't get in there and blow it up right and so what I'm inviting you to do Mr panicking client who I love with my whole heart and I hope you can feel that I love you with my whole heart calm down Stand Fast continue to March looking neither to your left nor to your right the traits that great advisers have is that innate can it be learned and do you need a certain amount of life experience before you're able to have empathy and give advice that sober people need to hear I I would hope that ause of simple wealth inevitable wealth and my newsletter is to shorten that very true observation to get them up that learning curve faster and and somewhat easier than having life beat it into you over 10 or 20 years like I did when you're young you can yourself with data when you're older you also have the data but then you have specific life experience that you can point to even for yourself that tells you this is the right approach I think when you're young you're using data as an somehow as an end in itself and and when you get some maturity you're using data illustratively of truths yeah I think that's a really good way to put it I don't hear talk a lot about wealth technology or wealth Tech um you don't talk about software platforms that or programs that advisor use advisors use and I'm curious is that because that stuff doesn't particularly excite you or interest you or do you just not really see that as your lane uh or your or your area of expertise you let others worry about the tools and you focus more on the what like what are we using the tools for well the answer to that question question is it this or that is yes okay it's both I have no interest in it I'm handicapped to a certain extent and I consider this a signal failing by the fact that I'm a technophobe so but I'm living with it yes yes um I the the keyword that you use which is the key to my attitude toward all this is tool and I'm not interested in the tools so I never have been what about if the tools are specifically designed to help the advisor with the behavioral issues that you are an expert on if such tools exist I have not seen them okay and in the absence of having seen them I don't believe there are such okay the the the what you're talking about is the same thing I'm talking about which is only seen in the other person's eyes I think okay I just so for you it's an it's more of an emotional connection with the client than it is a specific software program that shows a client a reason to behave well like a Glide path for example or a risk score or something to that effect you think the relationship is Paramount to any of those tools I'm also now that you've described a couple of those tools deeply suspicious of them okay let me ask you this the world has changed um in many ways one of the ways is that technology has enabled us to do certain things like a zoom meeting for example and a lot of clients no longer feel that it's necessary to meet in person with their adviser does that make it more difficult to connect with somebody if you're not physically in the same room for them is that something that that advisers are asking you no I think that's the genius of Zoom I I to me Zoom is one of the Great total breakthroughs in the potential for advisor advisory relationships because we are so constrained by distance and and and schedules and and and and every other damn thing I just think it's wonderful I don't know if it's the answer to your question but I do think that that it is the middle ground well if it's if it's if it's inconvenient from a scheduling standpoint for an advisor to drop everything and go have coffee with a client because the client either is panicking about the markets or has a personal life event but Zoom facilitates that 15 or 20 minute conversation with enough veritude that it feels as though they were able to see each other very much so I think so I I would agree with that so um I wanted to ask you about your public speaking career you've always been very selective about which events you'll speak at and under what circumstan ances you'll appear on stage you mentioned this is only the third podcast episode you've ever appeared on um and we very much appreciate that you also don't give away any of your content for any of your intellectual property for free on the internet nor do you allow others to excert it or utilize it in any way for their own purposes can you tell us about why this selectivity and exclusivity is so important to you well I I don't know that it's any more or less complex than personality okay it is the idea that I'm plowing my 40 acres but when I when I started to do this fulltime a little over 30 years ago my bride who is the best adviser I have ever had or will have said if you're going to do this keep yourself reasonably exclusive and keep yourself reasonably first class and even even when I was sort of developing what I do now that guided me but then I mean I I you one gets to the point where one says I don't see the logic of giving away some of my in intellectual property to somehow induce somebody to buy more of it I never I I don't think I believe that that works okay um there seems to be a lot of evidence that that that P I saw a blogger boast the other day a a fairly high-profile guy that he had 600,000 newsletter subscribers and I was just gobsmacked by that and I looked it up and of course he does they're free was it Barry rid Holtz okay all right just checking it wasn't okay but but but you you could mistake one for the other it's I don't I don't get it I heard a famous standup comedian said somebody asked him why he doesn't tweet jokes or put jokes on social media and he said well if you give it away on Thursday nobody's going to buy a ticket for Friday night I I I think it's just at least for me it's just as simple as that I know financial advisors they're not used to paying for things yes um rightly or wrongly they're not used to investing in their businesses and um so the whole concept let let me give you n% of my content so that you will come back and pay me for the for the rest of it or for the preponderance of it or whatever there's a lot of information for free on the internet that's the other thing doesn't mean it's good or useful it just means it's free exactly some of it's good but how do you know who who has time to sift it all yeah it's funny when I go to an airport and somebody says oh it's free Wi-Fi okay but it doesn't work yeah but it's free okay great so then Nick so so how did you build your business absent what we're talking about was it purely Word of Mouth I'm sure it was seminars and yeah mostly I mean I was in 1991 at the behest of a partner I wrote a book called serious money the art of marketing mutual funds and this is if if you can cast your mind back that far this again this is one of these sudden shifts in the industry where there was individual stocks from the time of the Babylonians until 1990 and then suddenly it was mutual funds the Peter Lynch effect do you think the pet it was very very much the Peter Lynch effect and that became the way Ordinary People invested and it was so far out in front of the the investment advice industry you you had extremely skillful communicators with no idea how to how to even explain why you did mutual funds or or or which ones you picked they were selling stocks they're selling stocks yeah the train this train left right and so um that was sort of the the big event for me I I I got a thousand requests to speak over the next three years and um and the and the book did extremely well and you know my wife and I looked around after a year or so and said maybe this is the you know this is it's like lightning striking the next uh the next phase so Nick the philosophy in your book um that we're talking about today was ahead of its time how did you I don't want to say stumble what how did you craft that philosophy how do how did it develop uh with within within yourself to the point where you felt like everyone needs to hear this trial and error okay just all of my experience as an advisor and all of my experience as somebody who traveled around the country with advisors and their and interacted with their clients and so you saw everyone searching for a better way yeah very much so and and I and and I had the tarity to think that I saw what that better way was I'm staring Us in the face pardon it was staring us right in the face Yeah by process of elimination it was I mean I I would love to have been somebody who didn't have to make every single mistake there was to get to what was left and indeed in simple wealth at the beginning of simple wealth I say that that that what I'm trying to do to get you to in the the book is the state that I ended up with at after I made all my mistakes all the mistakes right so speaking of simple wealth when I talk to advisers about the books that change their lives and their careers the one that consistently comes up as much as anything written by Bogle or Buffett is simple wealth inevitable wealth I don't want to say it's a cult following but it kind of is a cult following and kind of people pass it down to their next Generation as I did with Michael and Michael I'm sure has done with uh with uh advisers and again it certainly changed my life what why do you think this book's popularity is so enduring um and why do you think it it holds up so well from one generation to the next and I know you've updated it um but what do you what what is it about that specific book do you think that has made it um so so Universal well it's un it's Universal in the sense that it is consumed massively by advisers which is what it was for yeah it's it's it's I don't want to say it's two books but it's an above the line book and a below the line book the above the line book is me speaking directly to the advis to the uh client to the investor saying what I always say which is that if wealth is your goal in the long run and I Define wealth as uh a constantly growing income that you can never outlive and then some significant Legacy for your children if that's your goal the tool is equities and it's not anything but it's not debt it's not asset allocation it's equities and this is and this is how you invest in equities and and you know the the the the basics make a plan dollar cost average rebalance you know blocking and tackling that's above the line below the line in every other sentence practically is the message oh by the way you will never be able to do this alone alone right that that you will absolutely have you it it's and it's not a criticism it's human every in in all of your economic life when prices go down you're excited and you fly toward that because values are going up in this one area of stocks when they go down you're convinced it's the end of the world and you blow out of there this is human this is going to happen to you again you you don't there's no way to un unplug that button right there's no therapy for this it's human and unless there's somebody there with you that you trust implicitly who can see this attack coming on you're going to be gone yeah and so as so yes it's a book for investors but it's a it's a I mean in its simplest aspect it's a book for advisors to give to investors and say this is our this is going to be our operations manual this is what we're doing this is what we're going to do yeah absolutely for the for the rest of our time together and this is why your right to assume that what I'm telling you is is the right way and I so yes it's it's been a Hu it God we thank it's been hugely successful as what it is is which is a tool for the advisor to give the to give the client can you tell us about the updated version that you have coming out this summer what can fans of the book as it currently exists look forward to that might be new um and and what what if any changes you know might have been necessary given how things in the world have changed well yeah it's I mean there a significant amount of updating going on because the last Edition was 2019 remember right before Co with my luck so now you've had Co you've had the enormous recovery from covid then you had the 22 bear Market it was it was getting to be time um but I you know the big thing in this version that's new isn't the right word for it but I'm much clearer somehow on the irrationality of bonds that that that in in terms that I think anybody can understand the the it's one thing to say the S&P is compounded real compound return is 7% for 100 years and the most comparable debt is 3% and the sevens are better than the threes but and and again to to rely entirely on a St a statistical argument isn't something that I enjoy doing or that I think is particularly effective and what I said for the first time in this book in this Edition don't ask me why for the first time is to say look the owners of great businesses make much more money in the long run than do the people who lend to those businesses because if they didn't the owners wouldn't take the loans and I just maybe this isn't maybe this isn't going to be astonishing to anybody but me but I don't know why I hadn't said that before but see to me if you are if you're in a dry cleaning business if you're if you if you're working at behind a desk in a in a a hotel whatever your your job is this to me is the plainest imaginable common sense and so the closer I can get you to you the investor to plain common sense that's the leap that I always try to make in each to be clear Nick if you own a a chain of restaurants and I'm a bank and I'm gonna lend you money I wouldn't do that if I didn't think the value of your business would grow because if the value of your business doesn't grow it's harder and harder for you to pay back that loan and as the owner of the chain of resturants you have the equity I'm not taking the loan right until I'm as sure as I can be that I can earn a significant return on the top of that loan and that's what 7% and 3% tell you that in the long run Superior companies as they must earn significantly more than their lenders do and this is this is common sense that's available to anybody ni now don't don't ask me why it took me seven editions of the book to get to that because I'm a little embarrassed by it I almost want to duck as I asked this question um does that philosophy change at all with interest rates where they are today versus where they have been over the last decade why would would they 5% versus 0% on cash minus what for inflation uh assuming inflation is close to what they say it is at three and a half% currently so I'm picking does the math re equities get harder with a risk-free rate that's above 5% there's no such thing as a risk-free rate say more there's just different risks if if I if I go to bonds I have now just put my whole financial plan on hold have I not because my whole financial plan is premised on both the growth of capital and income at a significant premium to inflation now you're asking me to be romanced by uh in your if I understood your example five on top of three and a half inflation so I'm going to put my whole plan on hold to pick up a point and a half taxable I asked that question because I feel that this is one of the biggest questions financial advisers are getting today their clients have gone through 15 years of 0% rates on cash give or take and now of a sudden it seems to be a big fat juicy number and I do think that there are difficult conversations taking place why would I take any risk at all well Nick you know that advisers don't think in real rates or maybe they do some do clients definitely think in nominal terms right they see the number on the screen that's why they have a good advisor they say it's it's a fiction nominal are are fiction they mean nothing can't spend can't spend my my I I actually know someone who had a 133% 6month CD in 1980 what what did that get him five and a half months later it's just and meanwhile the to make it even more wor more insulting the stock market had gone crazy on him I I uh I I have trouble thinking of anything dumber than chasing high yields on fix fixed income yeah okay um I wanted to ask I don't know if that's the answer Michael that's your answer well that's the we wanted we wanted your answer absolutely um I wanted to ask you about new technologies currently emerging um this happens all the time time of course so as new technologies have come along in Prior eras they've always been accompanied by fears of job loss fears of professional obsolescence and I think advisors go through those same questions just like accountants and lawyers and laborers and truck drivers by the way we survived but everybody everybody worries about these these things when a new technology comes along will I be displaced or will our industry be permanently displaced so for a lot of people right now the AI Revolution feels on the surface if you if if if you're not a deep thinker on the surface it seems as though it is the technological wave that could lead to the biggest displacement um and I think it's something that's on a lot of people's minds in the industry and what would you say to people that are worried about that sort of thing is is this a global question or about the industry I think it's it's how advisers should feel about the emergency of AI what aspects of their jobs might be most affected um will AI have the ability to take the place of question answering or any other function that the adviser sees as part of their value proposition I think you you of all people know the answer to this because I have an answer but people have heard my answer if you if if an advisor thinks that anything important that he does can be replaced by a calculation an algorithm of of something whatever AI is he has no value proposition he will be replaced well he'll probably wash out anyway but I mean we've seen this movie before when Robo came in yes this is this is Robo Redux it's it's the somebody running around saying I can be replaced by a calculation or whatever this is has has no value proposition doesn't belong here is probably going to wash out anyway um when Robo came in and I'm keenly aware that you were of the same mind at the time you and I both said and we were right basically every dollar that's being invested in in Robo is going to be lost well so there's an argument to be made it ended up being a huge cost savings from meril Lynch which started meril Edge MH for Schwab intelligent portfolios which became their call center yeah vanguard's Robo effectively replaced part of their call center um so for those companies it ended up being an efficiency thing for the Standalone B Toc Robo players well front tried to sell itself to UBS s of all firms the antithesis of Robo and by the way UBS got cold feet and said forget it uh and betterments on the runway trying to come public for many years now so I don't know of a single adviser who has replaced my Robo I can't think of a single raia that's lost a potential client because of Robo so I no and and and by the way there must be clients that were lost that were lost and good riddens right I mean if you got somebody who who genuinely feels he's getting more out of interacting with an algorithm right to save a half a point peace be with him that's right it's not it's not it's not a great Cent he's not our client this advisor did not understand their value proposition and again 10 years ago I was a a relative newcomer to the industry and Josh was steadfast that Robos were not going to displace us and they didn't no um the analogy that was used back then was Turbo Tax Turbo Tax didn't cost a single accountant their job and there are more accountants now than ever and there's more demand for accountants than ever right 25 years after the Advent of Turbo Tax so you think Ai and the AI Revolution uh is not going to have a much different effect not on us as personal advisers okay I hope and believe that it will have all kinds of positive effects technologically technologically sure okay I think people will feel better hearing you say that so it will allow us to more effectively serve our customer it it must it must and you don't think that the idea that a voice voice can be created by AI that can learn everything there is to learn about the person and have that communication you don't see that replacing true human uh connection you don't think it can ever do that no matter how good it gets simply stated yes okay okay um thousands of advisers are listening and watching this show including including many who hadn't heard of you before today or many who have heard of you but haven't read one of your books yet and to close this out and and be respectful of your time finally I wanted to ask you what do you want to say to the industry right now considering a whole range of ages and generations of advisers are listening what do you think that they should know this is the beginning of a great golden age that there's never been opportunity for an advisor like there is now just age is just one tiny part of it to me I I somebody told me and I want to believe it that the the average age of the American population is 38 and the average age of the advisor population is 56 and you have this so you're GNA have this gigantic void rolling down the hill um if if if if there was ever a moment to come into the business God knows this is it but but that's only part of it the to me the larger part of it is the Staggering almost incomprehensible accumulation of wealth in ordinary households and with that accumulation of wealth the proliferation of planning challenges which which Americans Heaven Knows are not educated or trained to make so as as wealth not just accretes but compounds um are just and and and the challenges remain beyond the scope of the of what most people can bring to their challenges uh Lord this is this is the great getting up morning of and oh by the way 70 trillion bucks or something are going to pass from are in the process of passing from the the Baby Boomers to the to the Next Generation anybody think they're going to know what to do with it because I sure as hell don't right uh I just it it takes your breath away the as someone who's been at this for a very long time it the opportunity just simply takes my breath away so you think this is the beginning of a of a golden age and I think it began with the when the baby boomers began to retire yeah this isn't I'm not saying this is minute one sure I'm saying if it's a nining game this is the bottom of the second well I think that's that'll be an extremely uh welcome point of view from you for for everyone listening to this I I hope so I hope so I hope it makes somebody who's wondering what he's doing here realize what he could be doing here and I hope it makes somebody who has a nephew or a son or a daughter who might be thinking about coming into the business to go to them and say maybe you should really sit down and and give this some very serious thought and talk to some good people because what I'm hearing is they need you and they're about to need you bad I I I I love that as a as a place to stop uh I want to let people know where they can learn more about your work and how they can subscribe so it's Nick murray.com Nick murray.com okay and your books are there there newsletter is there okay u a new brace of client seminars okay that I'm creating or they are Nick murray.com terrific that's Nick murray.com on behalf of advisers everywhere uh I want to say thank you so much for your time thank you for your wisdom all that you uh all that youve taught us and inspired us as an industry I know you care more about the individual you're speaking to so on behalf of that individual I'd like to thank you as well and I'm one of those uh individuals so thank you so much Nick I appreciate it thank you very much thank you I suspected that this was going to be a blast and it was oh that's so great to hear uh on behalf of all of us here at the unlock this has been uh Nick Murray legendary Nick Murray thank you guys so much for watching and listening we'll see you soon [Music]