Episode 201: Peter Mallouk - #1 Financial Advisor In America: Tony Robbins Business Partner
The Learning Leader Show
"I was not the greatest student, but I loved learning." - Peter Mallouk on why he earned 4 undergrad degrees, an MBA, a JD, and a CFP
In This Episode, You Will Learn:
- Common themes of leaders who sustain excellence:
- Realize there is a recipe: Like baking a cake
- Bring incremental value
- Energy
- Discipline to do it over and over and over
- Why start his business? Was uncomfortable just doing Estate planning and working with unethical people
- Key to success
- Great early hires helped propel Creative Planning
- Time management tips
- Focuses on doing what he enjoys most - Spending time with clients and employees, not pointless meetings
- "My #1 job is to be the best option for our clients as an advisor. I spend 99% of my time with clients and employees."
- "I loathe meetings and seminars"
- Key to all of the awards?
- "Money follows value" -- In 2008/2009, people started looking for another financial advisor
- "We are very good at taking someone good and help make them great"
- Interview process:
- They receive over 100 job applications per week
- Resume screen all
- Pick the 5 best and do a phone screen
- Bring the best of those 100 (1 person typically) for an in person interview
- Meet with 6 different people
- Within the first 30 days, it still feels like an interview "We throw the ball and they better catch it, it's hard."
- Qualities needed:
- Education
- Ability to be detail oriented
- Great communicator
- Must be task oriented ("We can't make them be this, they need to have it")
- Make sure they can meet the clients needs
- How the Tony Robbins relationship started -- Peter informed Tony that he didn't fully understand what he was talking about (in regards to money)
- "Tony got pissed off and wrote Money: Master The Game..."
- What to look for in a business?
- "Find something that is idiot proof because at some point an idiot will be running the company"
- The keys to look for in a financial advisor
- Independent - Gets paid the same on every investment no matter what
- What response has Peter received from other financial advisors?
- "It has been negative. I'm okay if they don't like me. I'm competing against them, I don't expect us to all get along."
Continue Learning:
You may also like these episodes:
Episode 078: Kat Cole – From Hooters Waitress To President of Cinnabon
Episode 071: Nate Boyer - Green Beret, Texas Football, The NFL
Episode 179: How To Sustain Excellence - The Best Answers From 178 Questions
Episode 107: Simon Sinek – Leadership: It Starts With Why
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Episode edited by the great J Scott Donnell
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