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A Tale of Two Brothers Interview

Jeff:  Wow Gary, this is our first interview style podcast.  We’ve been talking about doing this for a while now.  How does it feel?

Gary:  It feels great. 

Jeff:  Perhaps I should introduce myself.  My name is Jeff McCartney and I’m the voice of LGK Wealth Management’s podcasts.  In addition, I’ve been friends with Gary, Lexy, and their boys for what, six years now do you figure?

Gary:  Yeah, hard to believe how much time flies.  When are you coming to Alberta?

Jeff:  Yeah, well.  Soon Gary, Soon.  I’d like to come just to watch Connor McDavid some time.  Fishing in Jasper would be nice too.  Anyways Gary, I was reading your recent article, Tale of 2 Brothers and I thought, let’s put you on the mic to talk about it.   I want to know, what prompted you to write it?

Oh and to the audience listening, the article I’m referring to is called The Tale of Two Brothers and if you want to stop before we continue and read the article, you can find it on the LGK Wealth Management Website in the articles section.  It will only take you a few minutes to read.

So again Gary, what prompted you to write it?

Gary: I liked the choppy seas analogy as a representation of the investment market.  Even at the best of times, it fluctuates like the waves on an ocean and some waves are bigger than others, right?  It’s easy to feel nervous when you’re out there bobbing around.

Jeff:  For those who haven’t read the article yet, perhaps we can give them a little more context of what you mean.  Give us the overview.

Gary:  Well, the story starts with Brode and Marcus setting sail, out on the choppy seas to try their hand at investing and reaching for financial freedom.

Jeff:  Sorry to interrupt Gary.  Who are Brode and Marcus?

Gary:  Marcus and Brode are my children’s names.  I used them for fun and truthfully because I knew many of my clients who would be reading this would recognize them as my kids and might enjoy the article more because of it.  I know I enjoyed writing it more because of it.

Jeff:  Ha.  So Brode and Marcus are sailing the seven seas to try their hand at investing.  What was the message or idea you were trying to get across with the story?

Gary:  I wanted to compare the limited options that are often made available to investors through their bank branch to the strategies that we make available through LGK.

When I talk to new clients or prospective clients who have come over from banks, they have often mentioned that they’re given what feels like a very templated proposal.  When I review what they show me, inevitably I will see that the majority of investments are managed in-house by the bank that the employee works for.  Once the investments are set and in place, the client doesn’t hear from that person again, or if they do, that person always seems to have something else to offer to sell them.  It’s almost like their saying, “thanks for helping me reach my goals.  Good luck with yours.”  That may seem a little harsh, and perhaps that’s not what bank people are thinking; however, we do know that bank employees have aggressive sales goals and targets, have many, many clients, and so perhaps don’t have as much time as they should to look after all their client’s needs.

Jeff:  So that’s Brode then.  He’s been given his investment recommendations, and he sails off into the night right, but perhaps without a compass or a map? 

Gary:  Correct

Jeff:  And the other side?

Gary:  Well Marcus chooses to go with us at LGK Wealth Management.

Jeff:  And what do you offer?

Gary:  Investors who join us at LGK Wealth Management (as Marcus does) will find that their investment choices are unrestricted. We regularly research and review thousands of investment products and as a result of that research, we maintain a short list of strong managers that we then recommend to clients.  We get regular updates from those managers; one, to ensure they are making the right decisions; and two, to ensure they remain suitable for our clients.  If changes are needed, we can call or meet with our clients to explain our rationale.  In other words, we’re not tied to the organization we work for when it comes to recommending investment products.  We only recommend the best and most suitable strategies for our client’s needs. 

And we go beyond just investment selection and portfolio development.  We also offer advice.  For example, should a client contribute to a TFSA or RRSP?  Or, could they draw more money out of their RRIF account without affecting their OAS payments?  These are just two.

In addition, we also help our clients plan for various events in their life.  Planning for retirement, providing post-secondary education for children or grandchildren, or ensuring estate wishes are realized on passing are all examples.  We provide advice in all these areas, and have relationships with other professionals like accountants and lawyers who we turn to when our client’s needs become more complex.

Jeff:  Alright.  So the first part of the article is about what an individual can expect when they first decide to become a client of LGK Wealth Management.  It seems to me the second part is about ongoing service.

Gary:  Yes, we know from experience and from talking to our prospective clients that they spend a lot of time on hold, or bouncing around from various faceless support staff who are usually very friendly and professional, but are rarely consistent.  Sometimes they find themselves re-explaining their questions again and again.

In contrast, we’re always present and available to talk with our clients.  We have regular meetings, provide progress updates on their portfolio and various plans (education, retirement, etc.), and make changes to their investment holdings when it’s appropriate or when their needs change.  We make sure we stay aware of our client’s evolving needs.  This is where I used the analogy of steering the ship.  Our clients will never feel rudderless with LGK Wealth Management.

Our approach is not a one size fits all approach.  Every one of our clients is different and unique. 

Jeff:  And what about stormy seas Gary?

Gary:  We know investment markets go through periodic downturns.  The problem is that we don’t know when.  But a well-built portfolio is like a well-build sailing vessel.  If the winds come up and the seas get stormy, it’s best to steer the boat directly into the waves.  It can take it.  However, if you lose faith and turn to run from the storm, there’s a much greater risk of getting swamped and losing out on that future that was so carefully designed.

Our portfolios are built so that clients can feel confident sailing forward during both good and bad markets.  And just like an old 17th century sea captain, you can find LGK Wealth Management standing up on the quarterdeck facing the future confidently and guiding the ship to its destination.

In reality, we want our clients to know that we’ll always take their call and we’re always there to provide guidance and advice so that they can accomplish their most cherished goals.

Jeff:  Thanks for that Gary.  I like that 17th century sea captain analogy.  I can see that old salty character in my mind.  That must me you eh Gary? (Insert chuckle here)

Gary:  It’s not just me.  It’s also Lexy and Fred of course, Brandy, Jennifer, Dakota, Amanda, Beverley, Sonja, Andrea, and Tina are all important parts of our crew.  I’m proud of our team and I see us continuing to grow as more and more people realize the value of our services.

Jeff:  Well, it’s a great story Gary and I can say from my own experience that I’ve certainly experienced the phone frustration of being transferred around to people who seem incapable of helping me.  Combine that with spending long periods of time on hold, and it can drive you crazy.  Anything you’d like to add before we sign off Gary.

Gary:  No, I think we’re good.

Jeff:  Well, let’s leave it at that then.  Shall we do this again?

Gary:  Definitely

Jeff:  Great.  See you next time.

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