Episode Transcript

[0:00] You never know how much time you have.

[0:02] For me, that stopped being an idea and became reality on August 22nd, 2021.

[0:10] The doctors put me on a ventilator and told my wife to call hospice, so she could prepare

[0:14] for the day they planned to pull the plug.

[0:17] Six weeks later, I woke up to an entirely different reality, I could not walk, I could

[0:22] not talk, I could not even lift my own arm.

[0:26] And I woke up realizing something else, I had not made the right preparations for my

[0:30] family.

[0:31] The plans I thought were pretty good fell through when it mattered most.

[0:35] That is why fiduciary alchemy welcomes voices that would have warned me about the holes

[0:39] in my plans.

[0:40] My hope is that you live a long and prosperous life, but I also hope you make better plans

[0:45] than I did.

[0:46] So tune in, take notes, and stay with us through the end, when bluesman grendle and the

[0:51] compliance choir.

[0:53] Bring a word of caution.

[0:55] Today, I want to welcome Peter Calber, who is the co-founder of Welthrive.

[1:05] Here's a lawyer that you want in his, in your corner.

[1:11] He's helped clients save tens of millions of dollars in taxes.

[1:16] His passion lies in helping entrepreneurs and their families thrive both financially and

[1:21] personally.

[1:22] He has over 40 years of experience and has uncovered what keeps the rich rich and the

[1:29] appliances insights to him, powers clients with actionable strategies that yield measurable

[1:35] results.

[1:36] Only that, Peter's managed portfolios exceeding $2 billion in investments.

[1:43] And actually, the more I think about it, I would imagine more than that.

[1:48] I just kind of pulled that out of your bio.

[1:50] Peter, welcome back.

[1:51] Yeah.

[1:52] That's the inception value.

[1:55] I probably should have calculated the end of it value, but at a portion in my part of

[2:02] my career was very involved in the asset management world.

[2:10] Personally, I think that world has become somewhat of a commodity or a lot of it has become

[2:17] somewhat of a commodity.

[2:19] Some more exotic strategies, not so, but in my own life and with my partner, we've pivoted

[2:25] really to focus more on helping people reduce their taxes, because we think that adds more

[2:32] value than a couple hundred basis points or something like that in their investment.

[2:38] But, you know, well, that's really interesting perspective, and especially when you talk

[2:44] about commoditized, I mean, it's something I talk about.

[2:49] When I talk about wealth management, financial advisors, it's a type of field that we love

[2:55] as marketers.

[2:56] We love the right monetized fields, because it's so hard to differentiate.

[3:01] Correct, correct.

[3:03] And so, my partner is a CPA, and I would say, he and I've been working together for

[3:10] about 20 years, and I would say for the first ten or so of those years, the core was

[3:15] investment management.

[3:16] And we dabbled in, you know, this basic stuff tax loss, harvesting or estate taxes,

[3:22] things like that, but we started to hear a lot from our clients and other advisors that

[3:30] we work with the sort of constant complaint that they didn't feel like their advisors were

[3:37] bringing them proactively interesting tax ideas.

[3:43] We heard that enough, and we thought, that's different from what we do.

[3:47] We should stick our nose into that.

[3:49] And so, I mean, that's probably eight years ago that we started down that road.

[3:55] It used to be just part of our wealth management business.

[4:00] The reason wealth thrive exists is really that's a separate business legally related to

[4:08] our other businesses, but it focuses almost exclusively on the tax savings.

[4:14] And so, I don't know, we're just, it's more interesting to us, it's more energizing

[4:19] to us.

[4:20] We think we deliver a better ROI to our clients.

[4:24] So we're just having it to, you know, entrepreneurs don't like to stand in the same

[4:29] place along the way, so, well, and this is one of the reasons I love pie casting.

[4:35] You know, I have the same frustration.

[4:38] I'm the one that tells my CPA about tax, right?

[4:42] And I get to talk to people like you who have all these insights, things I haven't even

[4:48] thought of.

[4:49] And that's one of the things I love about pie casting.

[4:53] It's just opportunity to do that.

[4:55] Oh, look, you know, what, one of the great skills usually have a good entrepreneur is their

[4:59] life long.

[5:00] learners, right? So whether you can learn by doing, you can learn by listening, but we tend to be

[5:07] knowledge sponges, right? Yeah. Yeah. Yeah. And it's interesting, there's always something to learn.

[5:15] And the world is dynamic. We'll get into this in a few minutes about how, yeah, AI is really

[5:22] shaking things. 100%. Yeah. We're trying to climb that mountain too. Probably. That's it.

[5:30] But the frustration that you talk about, it's been frustration from, I mean, I'll go back to my

[5:33] CPA. I, I, I, I approached him and I said, hey, I heard about this thing called the, uh, the

[5:40] gastro role. Right. He's like, oh, yeah. Yeah. And I was like, well, I won't use it. And we kind of hammered out

[5:47] something for me to use it. It's like, good. Why didn't he bring it to me? Okay. And then here about,

[5:54] and that's a, I mean, just between that, that's a baby step in the great world of tax

[6:00] strategy. So it's revealing that you fact of that, it called maybe hear that over and over again.

[6:08] That's tragic, really. It is. And you know, another one I heard about recently was the importance of

[6:14] setting up a home office. Yes. Yeah. So now if I'm driving, you know, I have an office in Austin.

[6:20] If I'm driving, there's an even better one than having a home office, which I'll tell you about

[6:25] if you want me to, but let's go. Okay. So basically what happens with home office, you know,

[6:32] oversimplify a little bit. Let's just say you have a 3000 square foot home and your home office is

[6:38] 300 square feet, 10% of it. And the CPA does some math. So you allocate, you know,

[6:46] your electricity, whatever it is to that space. And that is a good number. Here's an interesting

[6:56] offtake of that, which is the way the Augusta rule works is if you have a business, which could be

[7:06] single member LLC, S core, whatever it is. And if in that business, you have a practice of holding

[7:13] meetings, your company can rent your home from you for the meetings, right? So now if you think about

[7:24] that, the first that rent is deductible by the company, because it's a business expense. You could

[7:32] have the meeting in a hotel in Austin or whatever wherever it would be. So the beauty of the

[7:40] Augusta rule is that the rent, that the company pays to you, to use your residents for a meeting,

[7:48] 14 days of that income a year is totally non-taxable to the homeowner, right? And the way that

[7:57] works is you have to get a valuation, which we arranged for clients, if they want us to do it,

[8:04] well, well, if I went to a hotel in Austin, what would it cost to have the meeting there versus

[8:10] having it in my house? And it turns out that when you do the math, the average can be something like

[8:16] $2,000 a day, rent the room, get the audio visual guy, bring the food in and whatever.

[8:23] So 14 days, time $2,000 a day, that's $28,000 of tax read income, this is not monumental,

[8:31] but it's a sort of free me there ready to be taken by you. I can tell you, at least when you

[8:40] mentioned it to your CPA, he'd heard of it. We've had cases where clients at CPAs, that even heard

[8:46] of the rule, the rule is in the internal revenue code. This is not edgy, creative stuff. This is like

[8:54] basic blocking and tackling. And I think it's just, and this is not a criticism, but the temperament,

[9:02] the mindset, the comfort level of the typical CPA, one person I was talking with the week or so,

[9:10] says they only want to paint between the lines, right? They don't want to get outside the lines.

[9:17] That's not often a good fit, because most entrepreneurs have a lot of the success that they have

[9:26] because they paint outside the lines. That's, and look, we're not doing anything. No one's

[9:31] going to jail for stuff. We're doing no one's paying huge penalties, but the bigger opportunities

[9:38] are in the gray zone that's outside the lines, not what's inside the lines, but it's still shocking

[9:45] that you don't even hear from your CPA about, I don't mean you personally, tons of people,

[9:49] that you don't hear about the stuff that is right in the middle of the fairway. Well, and when you

[9:55] explained it, you added a dimension that never entered my conversation with CPA.

[10:00] So the approach I was taking was I was finding comps I was looking at the RBOs right and was like what would a what would an equivalent house rent for right

[10:12] Which is different than what you said you said what would it cost for me to rent a conference for him at a hotel right

[10:18] Well, there's a little bit of there's a little bit of a market out there of people who

[10:24] So you want to have a justification if you're going to take advantage of this rule of the amount that the company paid you and you did not report is income

[10:35] So there's a little cottage industry out there of people who specialize in doing

[10:40] valuations

[10:42] And the guy we use I think he's in Texas somewhere. I have to look that up, but so

[10:49] That's just a very simple straight. There's a little

[10:53] A lot of these strategies are it's all record keeping right, so if you're going to take advantage of this strategy

[10:59] You want to have an agenda for the meeting you want to have minutes of the meeting which you can just do by turning your computer

[11:06] To inspire flies on or whatever one it is that you use so

[11:14] We just love telling people about things that they've never heard about that are advantages to that

[11:20] What are some so that one's kind of mainstream what's what's one that's a little bit more in the gray area?

[11:25] All right, I'm going to give you one more mainstream one that a lot of people don't know about then we'll do a couple more

[11:31] Interesting ones, so there's another thing which we call pay the kids

[11:36] PTK so a business

[11:39] Your business could hire your kids to work in your business now

[11:44] They have to do real work. They can't just you know, you can't just slap them on the payroll

[11:50] But if they do real work and the work has to be age-appropriate like so we're not going to defend the fact that our three-year-old was doing AI coding for us now

[12:00] Maybe these days a six-year-old could do it. I don't know, but not a three-year-old

[12:04] So there if the business pays a kid for legitimate work that's deductible by the company

[12:13] Because they could have hired not your kid, but somebody else is kid

[12:18] And again, it has to be age-appropriate now some things would be obvious, but some people get really creative

[12:24] So we have a client

[12:26] Who designs custom very fancy wedding dresses for people for weddings and often that also includes the brides may

[12:36] Or whatever. So what this lady did was

[12:41] She's got a whole bunch of marketing materials brochures online things videos and stuff like that and in some of the videos

[12:47] There's both a lady with her wedding gown on and the little brides made in a kind of matching dress, right?

[12:55] In her videos

[12:57] The brides made is her daughter who's like four years old and what a very

[13:03] Enterprising person

[13:06] Created was they pay the child a

[13:10] royalty to

[13:12] License the use of the child's image in the business and that's

[13:18] It's age-appropriate work. She puts on the dress. She stands there. She smiles, but

[13:24] It's definitely valuable work. So that's

[13:27] PTK pay the kid. So that money

[13:31] Which is about

[13:32] 17-18 thousand dollars per kid per year

[13:38] Again deductible by the company because they're just paying your kid rather than somebody else's kid

[13:43] But that money's not taxable

[13:46] To the parent or to the kids the little exception to the normal rule and what a lot of people do is they take that money

[13:54] And put it in a Roth IRA

[13:57] So you know you do that three four or five six years in a row and you invest the money wisely that can you know

[14:05] Maybe it turns into a hundred grand or a hundred and fifty grand it could be used for college or whatever so

[14:12] That's another

[14:13] somewhat more

[14:15] Basic

[14:16] one

[14:18] So are there some restrictions so I'm I'm at the point of grandkids so we don't have a

[14:23] In the house

[14:24] Can I pay the kid and pay the grandkids?

[14:27] I think you can let me double check on that

[14:31] Let's just thank the grandkids. Let me double check. I will do that for you. Yeah, yeah, because that's I mean that's

[14:40] I mean it's just fascinating and yeah

[14:44] And so and you said it was a cap of what did you say about 17-18-18?

[14:47] It's 17-5 or 18-thousand right now. It generally equates to

[14:53] the standard deduction in other words. They're basically letting you use

[14:57] that amount in addition to whatever else you're using this

[15:00] Andre deduction for, but that's another one.

[15:03] It's right in the internal and revenue code.

[15:05] This is not in the gray zone at all.

[15:08] I like to call it their three zones.

[15:10] There's the red zone.

[15:12] That's all the stuff that you should not do.

[15:14] That's a small part of the internal revenue code.

[15:18] And what we say is then there's the green zone,

[15:20] which is the stuff that's right in the code.

[15:23] That's not the majority of the code.

[15:25] The majority of it is kind of the whole gray area

[15:28] where if you're thoughtful and creative

[15:31] and not too adventurous, you can come up with new stuff

[15:36] to make a much more significant impact on your taxes.

[15:42] Well, let's talk about that.

[15:43] What are some gray zone examples?

[15:48] So I'll give you a couple.

[15:49] So a strategy that we use a lot with clients

[15:52] is to have clients invest in solar panels.

[15:56] Now, this is not putting solar panels

[15:58] on the roof of your house.

[15:59] This is investing in a large scale.

[16:02] Like maybe those movie studios who knows,

[16:05] they might dedicate 10 acres of that to solar panels

[16:09] to generate energy for our movie studio.

[16:12] I don't know how movie studios work,

[16:14] but lots of educational facilities have those farms.

[16:18] They're very common.

[16:19] Now you know those storage unit complexes, right?

[16:23] Someone buys a piece of land, great at flat,

[16:25] put a whole bunch of storage units on it.

[16:28] These days, most of the roofs of those individual storage

[16:34] units are solar panels.

[16:36] Mm-hmm.

[16:37] So the way that works is, first of all,

[16:41] this is a very safe strategy too

[16:44] because as opposed to paying the kids

[16:47] and what we call duality unit rental,

[16:49] which come out of the internal revenue code,

[16:52] the solar comes out of federal legislation.

[16:55] So it's been authorized.

[16:56] There's nothing particularly creative about it.

[16:59] There are two tax benefits.

[17:01] One is the way we implement that is,

[17:04] we have a client set up a little LLC.

[17:07] So the Andrew's family LLC solar business, whatever.

[17:13] And as long as over the course of a year,

[17:16] you spend a hundred hours of time,

[17:20] quote unquote, managing your solar business,

[17:23] all of which you can do from the comfort

[17:25] of your chair and your computer

[17:26] because we just feed you the activities.

[17:29] That's considered an active business.

[17:32] So the solar panels which you buy

[17:35] for your active business are equipment

[17:39] that can be depreciated.

[17:41] Just like if you had a real estate business

[17:43] or and because of some changes made in the one big

[17:49] beautiful bill, the very new recent tax legislation,

[17:54] all of the cost of the solar panel

[17:57] can be taken as depreciation in the very first year.

[18:01] So you expense pretty much the whole cost

[18:03] of the whole thing.

[18:04] That's called 100% bonus depreciation.

[18:08] Now also applicable to real estate.

[18:11] So that's one benefit.

[18:12] So you get, if you can think about the tax return,

[18:15] you have all your income items, wages, distributions,

[18:18] investment income, that's your income,

[18:21] then you have deductions, the standard deduction,

[18:24] but one of them is depreciation.

[18:26] So that brings your income down

[18:29] so that the number that you pay taxes on is lower.

[18:32] So that's a good benefit.

[18:34] The real benefit of solar is it generates tax credits

[18:41] and tax credits go dollar for dollar against tax.

[18:47] So they reduce tax as opposed to deductions

[18:51] which reduce income and what's really powerful there

[18:55] is the way the solar legislation works is you can acquire

[19:02] there's a generally a limit of how much credit

[19:05] you can apply in a single year.

[19:07] It's about 75% of your income.

[19:09] You can only use credits to wipe out about 75% of your income.

[19:15] The solar program lets you buy more credits

[19:19] than you can use in the current year.

[19:20] Well, what do I do with those extra credits?

[19:23] The law says you can carry them backwards up to three years

[19:30] to file an amended tax return and get refunds

[19:33] of taxes from prior years.

[19:35] So a lot of clients that we meet for the first time,

[19:39] what's on their mind is oh, I'm gonna make a whole lot

[19:42] of money in 2026 and what do I do to avoid

[19:46] paying a lot of tax?

[19:48] If in their case, one of the things they can do

[19:51] is this solar investment.

[19:54] It's not only gonna have a benefit for 26,

[19:57] it may enable them to go back to 25, 20...

[20:00] 423, 3 years backwards and get some refunds of prior taxes.

[20:05] So it's a fun feeling to get a check from the IRS rather than

[20:10] writing one to the IRS.

[20:12] So we do a lot of that.

[20:15] So that's a more intricate, not crazy.

[20:20] Again, that one's just completely authorized by legislation.

[20:23] So it's not edgy or risky in any way.

[20:27] That's a good one.

[20:30] Yeah, that's, that's wild.

[20:32] Well, and let's, let's touch on why it's important.

[20:37] Yeah, so all of us only have so much time in the day.

[20:40] Understood.

[20:42] And why should I take my time away from earning money

[20:47] to focus a little bit that time on saving taxes?

[20:50] So it's you mean, it's really just a math problem.

[20:53] So we all talk about, we all know about.

[20:57] If I put a dollar in the bank and I buy a CD and it earns 4%.

[21:00] And I just keep doing that doing that.

[21:02] That interest rate compounds and I have more money.

[21:06] Now, we would never recommend so many of the money

[21:08] in a CD if 4%, but if I put it in my investment account,

[21:12] let's say it earns 10%.

[21:13] So they're the famous rule of seven would operate, right?

[21:17] If I earned 10%, for seven years in a row, I double my money.

[21:21] So if you just think about that in the context of taxes,

[21:26] let's say if I do nothing, I pay 40% in taxes.

[21:31] I do some of these neat strategies that I've just described

[21:35] and I pay 20% in taxes.

[21:38] That's money that I can put to work somewhere else

[21:41] in my business, in an investment portfolio,

[21:45] in a piece of real estate, which is then

[21:48] going to compound at that rate.

[21:52] So I love when I do a presentation,

[21:55] a formal presentation about taxes.

[21:57] The cover page says, the second best way

[22:02] to get rich in America.

[22:04] The first one is start of business.

[22:07] Grow it to significance.

[22:09] Generate a ton of income sell it, whatever you want to do with it.

[22:12] The second one is paying less in taxes.

[22:15] Because that's more money you can put into the first one.

[22:19] And we have a slide that kind of shows how the compounding works.

[22:22] So it's just the math of it is tremendously powerful.

[22:29] And I think it's particularly powerful with entrepreneurs.

[22:34] Because I use silly examples like compounding at 4%

[22:37] compounding at 10% if you have a really successful business.

[22:42] I mean, that compounding might be 20% 30%

[22:46] whatever the nature of your business is.

[22:50] And whether it's not a political thing,

[22:54] but I think either from a control standpoint,

[22:59] most entrepreneurs think, I can probably put my work.

[23:04] I'd rather try to put my money to work in something.

[23:08] I'm running and controlling, then give it to somebody else.

[23:12] And that could be a money manager or the US government

[23:15] or whatever.

[23:16] But most entrepreneurs like that control feature.

[23:19] So it's just super powerful, the math of it.

[23:23] And people only have to see it like for one year.

[23:28] And they tend to become in a good sense, addicted to.

[23:32] It's another form of saving.

[23:36] Well, and if I think about from the perspective of like

[23:39] marginal tax rate and potentially payroll tax,

[23:43] assuming it's still under the cap.

[23:47] A lot of the work we do is all driven by driving people

[23:51] who are starting in the highest tax bracket.

[23:54] 37% federal, oh my God, if they live in California,

[23:58] New York, those numbers are 45 to 50%.

[24:01] Getting them down to like 20% or something like that.

[24:05] So that's part of the math is that whatever

[24:10] you're left over with, it's taxed at a much lower

[24:12] marginal rate, which is good.

[24:15] Right.

[24:16] And so if we just take that math going from 30% to 20%.

[24:23] If I'm doing my math rate, that's like 17% correct.

[24:27] Return.

[24:28] Right.

[24:29] Well, if you can pick a stock or a fund that's delivering

[24:33] 17% return a year, you're a genius.

[24:37] And we do this math all the time.

[24:39] So I was on a call this morning.

[24:41] I'm going to just try and remember the exact math

[24:44] that I'll be close.

[24:45] So this is a gentleman that has a big IRA.

[24:50] And he would love to Roth his IRA,

[24:52] do a Roth IRA conversion.

[24:55] So just for the audience, what happened?

[24:57] Normally, if I take money out of my IRA,

[24:59] I pay income tax.

[25:00] on it. That's kind of the way IRAs work. So you could pay 47% tax on that.

[25:07] If we can use a tax and the benefit is once it's over in the Roth IRA,

[25:12] it's never going to pay taxes again. Now a lot of people don't do that because they go,

[25:17] oh my god, if I pay 47% in taxes, I'll have to live to be 100 to make back the money.

[25:24] If we can save a lot of that tax by using tax strategy, it becomes much more appealing.

[25:32] So we did a presentation for a client this morning, which involved the solar strategy we talked about.

[25:40] So his return on his investment in solar in terms of the tax benefit was 51%.

[25:49] You're going to have a tough time finding investments that do better than that.

[25:56] So yeah, that's kind of we'll talk a lot about a lot of the strategies that we use.

[26:01] Solar would be an example is what we call a tax equity strategy. So if you don't do a tax

[26:09] strategy, your CPA calls you up and says you have to write a check for $200,000 to the IRS.

[26:14] I'm just making that up. We might show the person, if instead of sending that $200,000 to the

[26:22] government, let's just say he sent 75,000 of that to the government and he got to keep the

[26:31] rest of it in his wallet, in his portfolio, in his business, the ROI can be phenomenal.

[26:39] Yeah, so we passion it about any chance we have to educate people about how they can take advantage of that.

[26:51] So let's wrap up with one thing. It's it's it seems like foolish to ignore AI. That's

[27:00] and just I've seen something. Let me just throw this out. There's something that

[27:05] called open claw. Yeah, okay. So I know I think I know what we use a lot of these tools.

[27:12] I'm certainly familiar with clawed. I'm not sure I totally know open clawed, but

[27:15] no, so not clawed clawed like lobster claw. Yeah, yeah. Oh, oh, okay. So this thing is looking as

[27:23] revolutionary as chatGBT was back in 2002. Okay, and people were actually talking about

[27:32] spinning up instances and treating them like regular employees where they give them instructions.

[27:37] And these guys, they work autonomously. You give instructions like, hey, please, you know,

[27:46] please look at my emails and my calendar for the last month. Yeah. And tomorrow, I want you to

[27:51] tell me how I can save 20 hours in the week. And once you do that work, and it will come back.

[27:57] You come in the morning and it has a message for you saying, okay, here's what,

[28:01] here's what to do. And by the way, I've already built this integration to do it for you.

[28:05] It's like the next level be done beyond what everybody's used to. We're we're looking at that

[28:10] world in a, in a bunch of different ways. So right now we have a marketing department. And they

[28:18] send emails and they do posting on social media and all of that. That's human labor. Now

[28:25] significant part of our marketing department is in the Philippines. And they do a phenomenal job.

[28:30] But it's a whole lot cheaper than if we did it in America. So initially, we got, hey, we're big enough.

[28:37] We have a bunch of people doing marketing type stuff. We need a CMO, a chief marketing officer, right?

[28:47] So we're looking at whether we could train the computer using AI to be the chief marketing

[28:57] officer, right? And come up with the ideas. And we use it all the time for, you know,

[29:06] a client ass a problem. We do the research. I've done this many times. And I get all the data.

[29:12] And then I feed it in and say, can you turn this into a three slide power point presentation?

[29:17] And 60 seconds, they come back with a nice little presentation or an email or whatever.

[29:24] So that's using it, I guess, to not in a mean-spirited way, but just to replace slow and expensive

[29:34] not a criticism labor. So that's one area. Another area we're looking to use it in is so

[29:42] imagine you have a sales and marketing campaign that starts with an email. And if a person reads the

[29:48] email and they like the email, they can request more information. They might fill out a little

[29:52] questionnaire. And in our system traditionally, if they answer, it gets rooted to a real human

[29:59] being who looks-

[30:00] that thing and tries to contact the person. So we're using AI to see if we can design

[30:08] near the front end of that funnel we call it a bot an agent right and that agent would say

[30:16] Craig I'm so happy you contacted us and it'll do some of the work that would actually make

[30:26] what would do two things one make sure it really is somebody that a human being should talk to it's

[30:31] a high enough quality prospect and might do some of the prediscovery work so the human being doesn't

[30:38] have to do that so so that's kind of in another way using AI and agents and bots and things like

[30:49] that now what we'd really like to do is when we do tax strategy we have a very elaborate computer

[30:57] model that we get these data in points we feed it into the model and we always have to do some

[31:04] tweaking of the model right so we're working very hard to see if we can use AI to do a lot of that

[31:14] automatically like you know hey Mr. Jones give me these seven data points we put those in and just

[31:22] boom AI does a first pass that would be very helpful to both us and the client was on a

[31:28] call right before I was talking with you and then you know what's your normal fee for doing tax

[31:33] strategy and she says which is totally legitimate how do I know that you will come up with something

[31:39] that I would consider a good ROI right so she doesn't want to pay fifteen thousand dollars to

[31:46] save twenty thousand dollars in taxes that would not be good but if she could save two hundred

[31:51] she might think that's interesting so we somewhat do that manually now we have to write the

[31:56] client an email put the stuff in we think we can use AI to do that training so that would be good

[32:04] for us because it might mean that we don't waste anybody's time that isn't really a good prospect

[32:11] for us yeah if they are it's good for the client because it gives them confidence to go forward

[32:19] knowing that it there's a high probability that they're going to get the result so

[32:24] we're not by training or expertise yet AI but we do think it's revolutionary and we're trying to be

[32:36] all over it as we have a rule in our company we just for twenty twenty six you have to prove

[32:42] that you try to do something with AI at least for an hour every week and that's every employee in

[32:49] the company not just like people like me but so we're trying to embrace it and part of the trick

[32:57] is it just changes so fast it does yeah and that's and that's that open claw thing that

[33:04] mentioned that's kind of a level so but yeah it's I think that's the key I mean my take is

[33:12] I was talking with somebody about this earlier I say I think I think AI will eliminate job titles

[33:21] but I don't think it will eliminate jobs 100% and so the question is you know what are we doing

[33:30] to make sure that we're improving product yeah that's the challenge right so you know if you

[33:38] used to cut hey with a side and somebody invents a tractor if you don't learn how to get a tractor

[33:45] and how to operate a tractor you're going to become obsolete if you learn how to do that with a

[33:51] tractor you might be able to cut twenty times as much whatever it is right so and you've got to

[33:58] take a tractor yeah you need somebody maintaining the tractor you just create an your job

[34:04] exactly so I think it's it's I think you're right it'll for the people who learn how to do it and

[34:09] take advantage of it I look at it more as a huge opportunity than yeah so we're trying to

[34:19] embrace that as much we can definitely well I love that Peter is always a delight to speak

[34:28] with the eyes I look away every conversation energized I just thank you for coming on the

[34:33] fiduciary alchemy how does it reach you so I would say you know I'm come from a different

[34:40] generation literally this call me on the phone I mean my phone number is 9176974156

[34:47] just email me Peter at welthrive and it'll it'll come to me and love to always eager to have

[34:56] an introductory conversation with you know anybody about

[35:00] The topics we've discussed today.

[35:03] Excellent.

[35:04] Love to do this.

[35:04] And thanks again for coming on to do sure you know my pleasure.

[35:08] You take care.

[35:09] Thank you for tuning in to fiduciary alchemy.

[35:12] The coolest financial podcast you're likely to find.

[35:16] We go looking for voices like the one you just heard because I want you to dodge the mistakes that I made and learn it without the coma without the drama without nearly paying the man.

[35:27] I don't know why I lived when so many others died at that part still a mystery.

[35:32] Now some folks ask, Craig, what is it you do?

[35:35] Well I'm telling you now, that's no mystery at all.

[35:37] We solve hard marketing problems and crowded markets, so good folks like our guests can rise above the noise become visible memorable.

[35:46] Here resistable and grow like never before.

[35:49] If organic growth is your problem, reach out, call me.

[35:52] Let's make a plan and bring your next steps into the light.

[35:56] But don't leave yet.

[35:57] Stick around a minute more and listen to bluesman Grendel and the compliance choir deliver a word of caution just for you.

[36:27] It is not financial tax, so legal advice to guide your call.

[36:36] Nothing here's an offer.

[36:40] Nothing here's a buy or sell.

[36:44] No recommendation, no solicitation.

[36:49] I'm saying it plain and well.

[36:53] Pain and well.

[36:57] Pain and well.

[37:04] Past performance ain't no promise.

[37:08] A what tomorrow brings.

[37:12] Markets turn and people lose on all kinds of hopeful things.

[37:19] Every investment carries risk.

[37:23] Prince of Paul can fade away.

[37:27] What works for one won't fit us home.

[37:31] That truth is here to stay.

[37:35] Fade away.

[37:36] Fade away.

[37:39] Here to stay.

[37:40] Yeah that's the compliance blues.

[37:45] Lord the compliance blues.

[37:49] Get your own financial tax and legal help before you make your move.

[37:59] That's the compliance blues.

[38:09] You sit your way through yours alone.

[38:13] You need to not the same.

[38:17] Different facts and different goals can change.

[38:22] It's the whole damn game.

[38:25] So talk to somebody qualified before you choose your own.

[38:33] Because the weight of every money move is your own loan to hold.

[38:41] Your own loan to hold.

[38:46] That's the compliance blues.

[38:51] Lord the compliance blues.

[38:55] Get your own financial tax and legal help before you make your move.

[39:04] That's the compliance blues.

[39:09] Get your own financial tax and legal help before you make your move.

[39:19] That's the compliance blues.

[39:24] Get your own financial tax and legal help before you make your move.

[39:31] Get your own financial tax and legal help after you make your move.

[39:43] That is right for you

[40:00] You