Unlock the Power of Estate Planning with Lara Galloway

Lara Galloway
SVP of Channel Management
June 28, 2023

Overcoming hesitation when it comes to estate planning is completely understandable. Given its intricate and legal nature, it is common for advisors to approach the topic tentatively, which is exactly why you should incorporate it into your...

Overcoming hesitation when it comes to estate planning is completely understandable. Given its intricate and legal nature, it is common for advisors to approach the topic tentatively, which is exactly why you should incorporate it into your seminar marketing model.  

In this captivating episode with Lara Galloway, SVP of Channel Management at White Glove, you will discover the profound significance of estate planning and gain insights on how to navigate these crucial yet often taboo conversations with your clients and their families.

Additionally, the episode will cover effective strategies for crafting a compelling next generation succession plan, enabling you to secure the loyalty and trust of the future generation. As you assist your clients in building and expanding their wealth, it becomes imperative to discuss the destination of their legacy once they're gone. Don’t miss out on this discussion that will empower you to enhance your practice and provide even greater value to your clients.

In this episode, you’ll learn:  

  • How to navigate challenging conversations surrounding estate planning
  • Strategies for capturing the next generation of investors
  • Proven tactics for attracting and retaining individuals who haven’t yet established an estate plan
  • An exclusive invitation to White Glove's Annual Host University — an extraordinary event that promises to transform your marketing perspective
  • And more!

Connect with Lara Galloway:

Host University:

About our Host:  

As SVP of Channel Management, Lara drives collaboration between White Glove’s Resource Partners, expanding industry reach and providing financial professionals with educational resources to aid their success. Lara leverages her experience as an accomplished entrepreneur and business coach, helping both White Glove’s employees and clients hone their speaking and selling skills while also offering insights on practice management.

Podcast Transcript

Voiceover: [00:00:00] Welcome to the FAST Podcast, Financial Advisor Strategy Talks with Lara Galloway, SVP of Financial Education at White Glove. Lara provides advisors with an opportunity to hear from some of the best minds in the business, follow along to learn quick tips to help you grow your business. From gaining new leads, to keeping current clients engaged and everything in between. 

Now onto the show.  

Aric Johnson: Hello and welcome to the FAST Podcast with your host, Lara Galloway from White Glove. Lara, what's going on?  

[00:00:05] Lara Galloway: I am very excited to chat with you today, Aric.

[00:00:09] Aric Johnson: Me too! I'm excited. You have had such a run of great guests, and then there's me, so.

[00:00:16] Lara Galloway: Well, I appreciate your depth and breadth and your perspective, and I know that you bring so much to all the different podcasts you're doing with people like me, so we are going to benefit from that today. So thank you for being willing to join me.  

[00:00:30] Aric Johnson: No, I love this. You and I both have the same heart when it comes to coaching, teaching, helping people succeed, and so this conversation's just going to be a riot.  

[00:00:40] Lara Galloway: Absolutely.  

[00:00:41] Aric Johnson: Yeah. Alright, and one of the things that we're going to focus on today is estate planning. And that White Glove really focuses on estate planning with everyone that you work with. Why?  

[00:00:52] Lara Galloway: Yeah.  

[00:00:52] Aric Johnson: And what drives that? That's my first question.  

[00:00:55] Lara Galloway: You know, I feel like I'm beating this drum everywhere, and you know what I've learned being a marketer for a long time, Aric, and I'm sure you know this, is sometimes you feel like you say things all the time and then you find out there are people that actually haven't heard what you say. And I swear I must be talking about this every single day in every conversation I have, and yet I find out people haven't heard this. So, I appreciate you bringing this up. And I'm excited to talk a little bit about estate planning on this podcast today, because every conference I'm going to when I'm out there, like I was just at an event with some of our resource partners at StoneWood Financial. They put on an amazing training and education event. They have insurance professionals and financial advisors. They're coming in and they're talking about all the stuff that, I mean, people are like, oh my God, I didn't know this about my industry. I didn't know this about these products. I didn't know this stuff worked. And when I got up and I started talking to them about, are you doing estate planning workshops? And everybody's like, huh? I'm like, yeah. Right?  

[00:01:54] Aric Johnson: Cricket. Yeah, cricket.  

[00:01:56] Lara Galloway: And they're like, I said raise your hand if you consider yourself an estate planner. Well, there were no estate planning attorneys in the audience, okay? But by the end of my talk with them, I swear to you, I said, say it with me, raise your hand, I am an estate planning strategist. And they all did. They raised their hands. I am an estate planning... So, the thing that I want to say is, the reason White Glove is all in on this, is because financial advisors, by the nature of the work you're doing, you are doing estate planning strategy.  

[00:02:29] Aric Johnson: A hundred percent.  

[00:02:30] Lara Galloway: Right?

[00:02:30] Aric Johnson: Yes.  

[00:02:31] Lara Galloway: I mean, if you're talking about designated beneficiaries, if you're talking about tax advantages for passing things on, if you're talking about rollovers into Roths, if you're talking about step-up cost basis, any of these things that you're doing, those are relevant to estate planning strategies. And so when I started talking to the advisors at this most recent conference, they were like, well, yeah, yeah, I do that every day. Well, yeah, I do that every day. They're like, okay, so, the reason White Glove wants to talk to you about doing estate planning workshops, like we have great workshops for you, but the reason we want to talk to you is this one is taking off like a wildfire. So in a nutshell, this is the most successful workshop we could convince you to do right now.  

[00:03:14] Aric Johnson: Yeah, I've had conversation after conversation with the advisors that I worked with when I was coaching, and the same thing. It's like, well, I don't really do estate planning per se, and I just kind of lean in. I'm like, did you know that your client's going to die at some point? That's an estate, you have to plan for that. You're planning their retirement, are you planning for them to write the very last check and then die and that's it? There's no money? There's going to be something left. So you have to focus on that. And they're like, oh, that makes sense. The smartest people, some of the smartest people I know are like, wait a second. You're absolutely right. So it's not easy to get them to that point. Well, excuse me. I think it is easy to get them to that point. Like you said, everybody's raising their hand at the end. You can get them there, but then there's a bit of fear about how to do a workshop. So when you're talking about hosting an estate planning workshop, who are the ideal hosts for that? Are we talking about the financial advisor or should they be bringing some folks in to help out?  

[00:04:15] Lara Galloway: Oh, that's a great question. Before I answer that, I want to back up and just laugh out loud at the statement, like, did you know they're going to die? Yeah. So that is, I want to just say that the big resistance, a lot of our advisors say, well, look, I'm really comfortable doing social security workshops with you. I'm really comfortable doing taxes in retirement. I'm good at that. That's my daily business. But estate planning, man, I don't want to talk to these clients about death. A lot of these clients are very nervous when it comes to that topic and it's taboo and I can't do it, or they don't want to do it. And I mean, like you said, like this is inconceivable that if you're not talking to them before they pass about how they want to pass their legacy to their family, then what, if you're not doing planning, then you're going to be doing cleanup.  

[00:05:09] Aric Johnson: Yes.

[00:05:10] Lara Galloway: Right? So think about that, that whole piece. So like you said, it's not hard to get them there to realize that, oh yeah, that makes sense, I should do that. Right? And as an advisor, don't you want to provide that service to your clients in an incredible time of need? They don't want a cleanup on aisle five. They don't want to, I put up a graphic that's a little cartoon that says you see the stairway to heaven and there's St. Peter and there are people checking into heaven. And it says, do you prefer a room with an ocean view or do you want to see them fighting over the will? Right? I just...

[00:05:48] Aric Johnson: That's great.  

[00:05:48] Lara Galloway: I love it. Yeah, I love it. Right?. And it's like, because this is what you're leaving behind, is you're going to, if you don't do this legacy planning with your clients, then you're basically leaving it for their family to have a lot of struggles. So you want to avoid that. But...

[00:06:02] Aric Johnson: Can I jump in just for a second? Because can I talk to the greed side of things?  

[00:06:07] Lara Galloway: Yeah.

[00:06:07] Aric Johnson: Okay. And I say that tongue in cheek because I don't know any advisor out there that is, once I'm done, my business is just going to poof, be gone. Right? I just, it's just going to be gone. There's either a succession plan, or maybe there's a family succession plan. I know a lot of advisor, father/son teams, father/daughter teams. I have a mother/daughter, excuse me, a mother/son team that's doing phenomenal. There's always somebody else that's going to be taking over the business. And that's usually part of an advisor's retirement plan. Right? They're going to sell it or whatever. Don't you want that next generation involved? So if you have clients, are you not helping their children to be more secure in their future as well? That's all part of that estate planning, and if you can capture that next generation for your next generation of succession plan, then your business is extremely valuable. You're going to get more when you sell it, or your children are going to benefit from it. I mean, there's so many things that they're missing by not addressing this issue.  

[00:07:06] Lara Galloway: Okay, so I got to riff off of that because that's another huge point that I always make, and I think you're exactly right. It's talking about that next generation. So with any of your clients, if you're not doing estate planning have you ever, like, do you work with your clients, Aric? Do you talk to them about how they need to get the family members in the room?  

[00:07:25] Aric Johnson: Yes.  

[00:07:25] Lara Galloway: Can you bring your spouse, can you bring your partner? Can you bring your children into these conversations? Right? Because we know for our advisors, that they're going to have better success, a better relationship, better, continuity, a better value in their book of business if they make the relationships with those family members, right?  

[00:07:49] Aric Johnson: Yep.  

[00:07:49] Lara Galloway: And with the great wealth transfer, where's that money going? It's going to these heirs that you, Mr. or Mrs. Advisor, are not connecting with today. And if you're telling your clients, If you're telling, so as an advisor, if you're saying all the time, please bring in your family members. Let's talk about financial planning. Eh, right? That can be a hard sell. If you say, please bring in the family members that you want to transfer your legacy to. And let's get them actively involved in making that happen the right way, the way you want it to. Now, that's a whole different conversation. So I believe that one of the top reasons why advisors need to do estate planning workshops and address and become, assume that role of estate planning strategist is to build intergenerational relationships. I love that.  

[00:08:44] Aric Johnson: 20 years ago, Lara, you know this, 20 years ago, the discussion was, we need you to, both partners need to be in this conversation because the statistics were through the roof that when the husband died, and this was, it was primarily the man that was in charge of the investment finances, this is how it was 20, 30 years ago, when they died, almost immediately the wife found another advisor.  

[00:09:07] Lara Galloway: A hundred percent.  

[00:09:08] Aric Johnson: Because the advisors were not bringing in their spouse, or the spouse wasn't the money person in the family, quote unquote. I'm using air quotes on a podcast, everybody, sorry, but they weren't the money person, so they let the husband take care of it, or the main breadwinner, take care of it. And then the client or the advisor is losing a client almost immediately because they never really had these conversations. That's not the case anymore. They've done a really good job, in my opinion, of bringing in both spouses. But now the conversation is, if you're not talking and building those relationships with the next generation, same thing. Money's gone. Your client is gone, those assets are gone. They're no longer in your portfolio.  

[00:09:47] Lara Galloway: Yes.  

[00:09:48] Aric Johnson: So that's a big deal.  

[00:09:49] Lara Galloway: Large sucking sound. The void, the drain.  

[00:09:53] Aric Johnson: I wish we had a, yeah. I push a button. Yeah.

[00:09:58] Lara Galloway: Push a button, make the drain sound. Yeah.  

[00:10:00] Aric Johnson: Seriously, yeah.  

[00:10:01] Lara Galloway: Yeah, so I mean, you just hit on a great point. So there's so many reasons that we feel advisors that are doing these workshops are going to get better results. So again, just to talk the money side because you know that's what we do here, so as far as the money side goes, when we are doing the different workshops, we have our core three workshops at White Glove, which are Social Security, Taxes in Retirement, and Estate Planning. And can you guess which one of those generates the highest net worth clients?  

[00:10:33] Aric Johnson: I am going to say not social security.  

[00:10:35] Lara Galloway: Right. Good guess.  

[00:10:38] Aric Johnson: Yeah. That's a good quick one. I would say, leaning toward the estate planning.  

[00:10:43] Lara Galloway: Yeah. A hundred percent, I mean, the thing about Social Security, the reason those workshops are so successful for us, Aric, is because they reach the masses.  

[00:10:52] Aric Johnson: Correct.

[00:10:53] Lara Galloway: Everybody in America has some relationship to Social Security, so if they see a workshop being advertised in their area at the local library about social security planning and that sort of thing, they'll sign up for it because it's relevant to them. You know who signs up for estate planning workshops?  

[00:11:11] Aric Johnson: People with estates.  

[00:11:14] Lara Galloway: That's the answer. That's it.

[00:11:16] Aric Johnson: And most people don't think they do, right? A lot of people, I'm not going to have an estate. But even in that conversation, a lot of people do. But the ones that have estates, they know it, right? I mean, they really know it. So those are much wealthier people than I.  

[00:11:28] Lara Galloway: Absolutely. And what we talk about at White Glove is that we have self-selection topics. People raise their hand and self-identify. Oh, that's relevant to me. That's one of the secrets of our marketing, right? That we use these topics. People say, what filters, how do you target, where did you, what age group? What do you know, it doesn't require a lot of that because when you actually run a workshop that says estate planning, right, the people who sign up for it, are people who have estates. Because if, like, I don't have an estate, I'll just be honest with you, okay? So, if I go out there and I see an estate planning workshop, I'm like, that doesn't pertain to me. Well, I just filtered for that advisor. Do you see how that works?  

[00:12:11] Aric Johnson: Yep. Absolutely. Yep. Self-selected out. I do the same thing. But I do find it funny that as I'm driving around, especially with my wife in the summertime, there's a lot of estate sales that aren't estates. They're really not, sorry.

[00:12:24] Lara Galloway: It's so true. It's so true. I think estate sale means something a little different.

[00:12:29] Aric Johnson: It's slightly different. Yeah.  

[00:12:31] Lara Galloway: Yeah, yeah.  

[00:12:31] Aric Johnson: So let's talk about these workshops. I mean, I love it from an educational perspective. I love it from a coaching perspective. What are some of the misconceptions, I guess, that are out there from the advisor that prevent them from wanting to do this or feeling like they can.  

[00:12:49] Lara Galloway: Yeah. Yeah. One of them is, so, this is something our founder, Dean Thurman, talks about a lot. He says, I used to think as an advisor, this is Dean speaking as an advisor who runs his firm, InvestWise Financial, he said, I used to think that nobody would show up to an estate planning workshop that didn't make 11 or 22 million or whatever that cutoff number was. You guys are advisors. You know, don't quote me, I'm a salesperson. I may be getting it wrong, but whatever that number was, he thought, oh, nobody's going to show up that doesn't meet that minimum. Right? And he said, I was really surprised that some of the more mass-affluent showed up. And what he said, so here's a misconception. A lot of advisors think, oh, that's just only going to be the ultra-high net worth folks. And that would be great. Like when you get one of those in, I mean, it's a doozy, you love it, you get a a 20 million or something. Fantastic. Right? But what we are seeing actually, in the data that we have, Aric, showing us for these workshops is that the average level of assets of somebody coming in to one of these workshops is about $750,000. Now that's a nice bump above just the the basic mass affluent. It's stepping up and yes, there are people that walk in with a one two, five million. We track these numbers all the time, so we get several of those, but by and large, the floor is raised for the average net worth to around 750K. So you're starting at that. Most advisors aren't going to be upset with that number to save their lives.  

[00:14:25] Aric Johnson: Yeah, seriously.  

[00:14:26] Lara Galloway: Right? We're going to be in good shape. So that's one of the first ones. But the big one that I want to stress today is advisors, kind of like I said, when I went to this event and I asked, who here is an estate planner or who does estate planning? And you know, there was one hand that did go up and this guy said, I do estate planning, but I'm not an estate planner. I said, great, you get a gold star. And so what I want to talk about here, and this is a great distinction again, that Dean Thurman, light bulb went off for him and that he's coaching a lot of our clients that are getting into the idea, but still a little nervous about doing estate planning. He says, what is your role as a financial advisor when it comes to estate planning? What is your role and what is the role of an estate planning attorney? And so the answer to that is, as we kind of started at the beginning, the advisor's job is to do all the funding of the trust. Right? An attorney cannot do that. The advisor has to take those monetary vehicles and fund them properly. That's your job. Right? And then mitigating all the tax risk and the upside of it all, that's the advisor's job, right? An attorney cannot do that. That takes a ton of strategy. So the various other things, but the misconception is that an advisor doing estate planning workshops has to be all this legal side of things, has to create the documents, has to be an attorney. No, you don't. And you are not misrepresenting. That is not what we're asking here. We're asking you to own your role and do it well in an estate planning workshop. So you're the strategist, that's what you do. You fund the trust. You make sure the designated beneficiaries are right. You make sure they're choosing the right tax vehicles to get the best advantage and not leave their family with a mess that hits them hard financially when they don't need it, right? So that is one of the biggest things. And then you can, we actually we're so all in on estate planning where I was saying this at the conference, that we're doing everything we can to remove every obstacle, and advisor could say as to why they don't want to do workshops on estate planning with us. And one of the things we're doing, Aric, is like, we've actually partnered with a network company called Estate Guru, who's a wonderful partner of ours, and they have a network of attorneys all across the United States, and by partnering with us and you get on their platform, it does a beautiful like estate plan, kind of like storytelling and showing the client where all the assets are and how it's going to work. It's phenomenal. They've got that and then they've got the attorneys in each state to help get those documents prepared. So when they fill in the questionnaire and the stuff with the client about the estate, they get a beautiful picture of how it's going to look, and then it tells them, here are the docs you need. You've got your power of attorney, your durable medical, your trust, your this, your that. As long as it's pretty straightforward, it spits those things out like that, they're all authorized by the attorney and the attorneys are there for backup for additional or complex needs or whatever. So we're not excluding all that stuff that the attorneys do. We're saying that we can help with that. Or you asked me earlier, do you ask the advisors to present these workshops on their own or do they partner with somebody? If you've got a partner, if you've got an estate planning attorney that you refer back and forth to, and I hope you do because that's phenomenal. Yeah, we just, were talking to one of our clients, Kurt Stahl, who just did his first estate planning workshop, and he said he's now got this attorney that he's bringing into the workshop with him. They are now trading back and forth. He's gotten a ton of referrals from this guy and he's given some referrals to this estate planning attorney. So they actually are going to, I think, consider doing some workshops together. He did that first one by himself, but now he's maybe going to bring him in. And so people can do it all different ways. They can bring in an attorney, if you've got one. If not, we have a whole network to help you if you don't have that.

[00:18:27] Aric Johnson: Yeah. That's fantastic. And thinking about, it's funny that you threw out the 11 and 22 numbers, right?  

[00:18:32] Lara Galloway: Yeah.  

[00:18:32] Aric Johnson: Because, and you were talking about self-selection. I think there are people that do have an estate, they do have quite a bit of money, but they look at those numbers 11 million, 22 million, what you can pass to somebody before deal with a ton of taxes that sunsets right, in just a couple years. So, I'm curious, because you guys track all this data, I'm going to love to see your data in a couple years, how that changes this self-selection process that people do once that goes down to the what, the five, six million number? If it goes back, I think a lot more people will identify themselves as having an estate because, okay, now I really need to do something about these taxes because I'm going to near that threshold. So I think this is a huge opportunity to have these workshops and begin this process and start to educate your clients because they're going to face more and more people with more and more questions. And if they're not partnered up with an estate planning attorney,  

[00:19:26] Lara Galloway: Yeah.

[00:19:26] Aric Johnson: Or a good CPA, somebody that can really talk to the tax situation if they don't have a deep bench, they need to get one now. Right now.  

[00:19:36] Lara Galloway: Absolutely. Yeah, I think you're right. I think with that threshold dropping, Aric, you're absolutely right. I think we're going to see a lot more people identifying that. And you know how it is with everything generationally, I think we like to claim a new name for something. And it's what we always did, but now we're going to call it something different, right? So maybe we won't talk about estate planning so much. Maybe we'll be talking about you know, trust planning and avoiding probate or something like that, because there are so many people that aren't making, don't have a net worth of 22 million who would absolutely benefit in so many ways if their advisor talked to them about trust and how that could protect their family and the benefits that that provides. So, I think it could be really interesting to see how that data does change over time.  

[00:20:26] Aric Johnson: Yeah, it's funny because my kids just five, 10 years ago when they were beginning to be getting into adulting, right, they heard the media talking about that the oh, the wealthy, they need to pay their fair share. They never pay their fair share, blah, blah, blah. And I had to tell them, look, I said they're paying their fair share, but they're playing within the rules, right? There are certain rules and strategies that can be used to help the wealthy continue to be wealthy and pass wealth generationally, do true estate planning because they hire somebody that knows the rules to the game. They're not cheating anything. This is written into the tax code, a lot of this stuff that they're dealing with in these estate plans. And my kids are like, what do you mean? I said we all have the same rules to play with. It's just different when you have more money, so there's different things that you can do and can't do. I said they're paying their fair share. It's just that they also have certain things that the people that they hire to figure this out do really well and they figure it out and they plan ahead. And so they started to get it. And we talked about a few specifics I'm not going to get into on the podcast, but yeah, when you have somebody, like a financial advisor who knows what they're doing and has the bench to help the family succeed generationally, that's a relationship that they're going to keep for a very long time, and if they're afraid to have these conversations, they're missing out on so much.

[00:21:46] Lara Galloway: Such a good point. And I love what you just said there too, kind of what the advisors have the bench and the knowledge to do. And so I just kind of want to like pause and think about that for a minute too, because one of the questions that we have when people do workshops with us about Social Security or Taxes in Retirement or Estate Planning, they say, yeah, okay, so I'm going to go do this workshop and I get it. I'm going to be the warm, friendly educator. I'm going to be that subject matter expert. I'm an educator, but I'm a subject matter expert on this financial topic. So say you're a subject matter expert and your financial topic is estate planning and you're coming in and sharing some high level stuff that is so beneficial to these families to hear like they're looking at their legacy. They're seeing what's out there, and they're going, wow, gosh, I hope I do this right. Hope I avoid these pitfalls, whatever. Well, how one of the questions we get is, okay, yeah, I can get up there, I can do this. I get it. I'm already doing this stuff, sure. But then how do I pivot to where I'm actually talking to them about managing their money? How do I do that? Right? Because what we say at White Glove is your job when you're doing a workshop is you are that warm, friendly educator. You're that subject matter expert, but your goal is to be auditioning for your job and basically your goal is to get people to sign up for an appointment with you because they go, wow, I've learned so much. You've taught me so many things that I didn't even know I needed to know, and I'm now very clear that I need your help. I can't do this on my own. So thank you for empowering me with this knowledge. And now I know for the next steps, I clearly have no idea how to do this and I wouldn't be able to mitigate all these tax implications like you're talking about. So how do I do that? And that's to get them to sign up for an appointment with you or a meeting. We don't like to use the word appointment, trying to get all these right words. We want to call them a meeting, right? Say come in and I'll sit down and we'll go over some ideas about how we could work together on that for you, for your family. Okay. And then when they come in, here's the deal guys. If you do a social security workshop or if you do a taxes in retirement workshop, a lot of times the pivot is somebody's going to come in and they're going to sit down and meet with you and say, yeah I got this 401k. I just changed jobs, so I want to do something. What should I do with this old 401k? Do I roll it over? Do I put it somewhere else? Tell me what to do. And then your job as a money manager or as an insurance professional is to help them figure out whatever the right product or process is to manage that money and make it grow and take care of it for them. Mitigate that risk. But when it comes to estate planning, so you may be given one asset to look at or maybe a couple. When it comes to estate planning though, Aric, here's the deal. Nobody is going to leave out any of their assets when they're talking to you about an estate plan. Because the impact is the whole picture, right? Every piece impacts another one. So when you're talking to your clients about all this stuff and saying, my job as your estate planning strategist is to make sure that each of these vehicles are funded properly to make sure that the designations are correct, to make sure that the impacts of this on that are advantageous andthe disadvantages are minimized. Right? And the risk, that's my job. The estate planning, the point when they get to your office is they're going to have the whole picture to share, and now it's your job to start talking to them about how to make sure each one of those pieces is taken care of properly. And that's how you do the pivot to managing their money, because now they're laying all of those assets before you saying, please help me make sure I take care of this whole thing together, not just one little rollover, one little IRA that you're going to manage. And I think that is a huge distinction and one of the most powerful reasons, again, that advisors should consider doing estate planning workshops because you get the whole picture.  

[00:25:46] Aric Johnson: Yeah. And here's the thing, is that advisors that are worth their salt, they know, they know that they're not going to have all the answers in that first meeting. But if they present all that stuff, that's where you can take a look at it and say, okay, here's, here's what we can start to do. There's obviously going to be a follow up meeting, and that's when you can pull in those professionals and reach out to you, Lara, and your team to get connected to somebody that can say, I need you to take a look at this piece of it. I'm focusing on this piece of it. And then the next meeting, all of a sudden, The client realizes, wow, they really know what they're talking about and they have other professionals helping them to help my family succeed. I think that's fantastic.  

[00:26:22] Lara Galloway: Oh, yeah, yeah, absolutely. Like you said, deepening that bench too. I mean, we hope that this will help you expand your business and really differentiate yourself in your business because you are talking about estate planning and deepen that bench with those estate planning attorneys that you can build referrals with.  

[00:26:39] Aric Johnson: So I want to ask another question. When you suggest the workshops and you help these advisors figure out how to do them, how intimate are they? How many families are you, do you set a cap? Do you, what do you suggest for that? I mean, what are we talking here? Are we talking 10 families? 20 families? Or are we, is it smaller than that?  

[00:26:58] Lara Galloway: That's such a great question. So we typically say for any of our workshops, honestly kind of the sweet spot is around 20, we call them households. So that may be husband, wife, partners, whatever. So people that are filing the same tax return. So we say maybe 20 or 30 is a pretty good number. We have some clients that do big webinars, and they may have like a hundred people in webinars, but webinars are a different game and they're more about scaling, and you have to have a pretty deep bench yourself of advisors who are willing to take meetings from all those registrants or attendees at a webinar because that's a ton of people all at once. So for those in-person workshops, whether or not you're doing in-person or whatever, that sweet spot is kind of a bit smaller and I would say the 20 to 30 is the biggest number, and just a funny story to share. One of our advisors who recently did a workshop said that one of the biggest clients that he got from, or the biggest client that he got from his first workshop was a woman who was, I think was 81 years old, and she brought her daughter with her, and her daughter was 62. Right? So you think mother, daughter, whatever. It's like no, her daughter was 62, also 100% his target audience. Right? She's still, she's pre-retiree, still working or whatever, so, but getting ready to be retired, so like what a great opportunity for him. But he said, oh yeah, this mother/daughter team. And I asked him how old, oh, she was 81 and the daughter was 62. It's like, oh, okay. Yeah.  

[00:28:29] Aric Johnson: That's fantastic. I love that. All right. What else do we need to learn today about this process and how you guys help?  

[00:28:36] Lara Galloway: Well, the biggest thing to take away from this guys is that it's pretty much a blue ocean out there for estate planning. And you know, one thing that White Glove always promises and always delivers on is we will never make you compete. If you're doing a workshop in your area, you will never be competing with another advisor doing the same type of workshop in your area. We're not going to have you guys doing the same thing. And when it comes to social security and taxes in retirement and some of the other topics we have out there, there is some competition sometimes, especially in really dense metropolitan areas. We have advisors that are wanting to do workshops and they're waiting, they're on a wait list, Aric, to get in to an area. Okay? Which is hard if they're wanting leads and they need those leads, they want them now. They don't want to wait until the area is available because someone else is already doing a workshop there. Estate planning changes the game. If you are wanting to get in to do workshops in your area and you've been told by our teams that we can't do it because it's a saturated area and we've got other advisors doing workshops in your area and you've got to wait, talk to us about estate planning because estate planning is not competitive with our other topics and is by and large pretty open everywhere. So that is a great piece of knowledge. If I haven't been hard hitting enough about this yet, I hope that that would push you over the edge.  

[00:29:55] Aric Johnson: Yeah, well, I mean, that's great information because you're the ones that have the data on it, you know what's going on in the specific areas, and it's for an advisor that's just sitting there in a little life raft in that big blue ocean, they have no idea what's underneath them. They have no idea what's going on unless they have somebody like you in their corner that can say, hey, let's talk about what this looks like in your area and what's going to be the best possible outcome for you by focusing on A, B, or C. So I I love that. I love that. Again, this has been fantastic. Lara, folks need to get this information. How do they get ahold of you So they can make an appointment?

[00:30:29] Lara Galloway: Yeah.  

[00:30:30] Aric Johnson: Or make a meeting. Set a meeting, right? Not an appointment. Set a meeting.  

[00:30:34] Lara Galloway: Listen, learning and applying as we go. So, excellent. So to make a meeting with us and learn more about it, you can always reach out to your executive marketing consultant at White Glove. You can go to our website and find one if you don't have one or reach out email info@whiteglove.com. But wait, there's more. Okay.  

[00:30:51] Aric Johnson: Oh, I like that.  

[00:30:52] Lara Galloway: Aric, I got to tell you, we've got something really exciting coming up, and this is where our, this is our annual live in-person event. It's White Glove's little mini conference that we do for all of our advisors, all of our clients that are wanting to start hosting workshops and all the ones that are already doing it, and they're really successful and they come back and they tell the newbies or the people who want to improve or the people who just want education and always are looking to learn. They come back and do peer-to-peer learning. It's amazing. It's called Host University. Okay? And it's happening, it's coming up real soon. It's August 27th to 29th in downtown Detroit. We've got an amazing agenda and we always bring in, Aric, these industry experts, and then we bring in all these advisors that are doing workshops with us and that are getting success and who are delighted to share what they're doing that is working so well. And you can bet this is going to be estate planning heavy. So this year at Host University we are going to 100% talk a lot about the whole thing that I've just kind of scratched the surface on today about estate planning. So guys, please reach out to us. Go to our website. You're going to see us marketing it like crazy very soon. And again, info@whiteglove.com. If you don't see it and you want to find out information now, you should register and come and spend the time with us and listen and learn from people who are making like their entire, growing their entire book of business with workshop programs like this and those who are really delving into estate planning. So if you want to hear more, that would be the top way to do it.  

[00:32:29] Aric Johnson: No excuses to invest in yourself. I mean, that's all there is to it. As a coach, you did this, you talked to your clients about how to invest in themselves in time. Time and learning are the two biggest factors in any practice, I think. And this is a fantastic opportunity. I hope you have just, I hope we blow the roof off that place.

[00:32:47] Lara Galloway: Thanks. We hope so too!  

[00:32:49] Aric Johnson: Yeah, absolutely. Lara, thank you so much. This has been really fun. I appreciate you including me in the podcast. It was a lot of fun.  

[00:32:56] Lara Galloway: It is so nice to have you, always. And with your industry expertise and all the people you're talking to, again, I just really appreciate your perspective, so thanks for joining me today.

[00:33:05] Aric Johnson: Hey, you bet. And our last thank you, of course, goes to you, the listening audience. Thank you so much for tuning in and listening to the FAST podcast with Lara Galloway. If you have not subscribed to the podcast yet, please click the Subscribe Now button below. This way when she comes out with a new podcast, it'll show up directly on your listening device, and we humbly ask that you rate the podcast and leave a review, as this actually does help others find the show. Again, thank you so much for listening today. For everyone at White Glove, this is Aric Johnson reminding you to live your best day every day, and we'll see you next time.  

Voiceover: Thank you for listening to the FAST Podcast, Financial Advisor Strategy Talks with Lara Galloway, your go-to source designed to help you grow your business. Have questions about the topics covered during the show? Visit our website at www.whiteglove.com or email us at info@whiteglove.com. 

Don't forget to click the follow button to be notified when new episodes become available. The information covered and posted represents the views and opinions of the guests and does not necessarily represent the views and opinions of White Glove. The content has been made available for informational and educational purposes only. 

The content is not intended to be a substitute for professional investing advice. Always seek the advice of your financial advisor or other qualified financial services provider with any questions you may have regarding your investment planning. 

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About the
FAST Podcast

We see the podcast as an effective tool to help advisors grow and continue their education by delivering valuable tips from some of the top minds in the industry.

Here at White Glove, we recognize that time is every advisor's most precious resource, which is why the episodes are presented in a quick, interview-style format, making advisor education convenient, portable, and on-demand.

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Our Done-for-You workshops allow you to focus on what you do best – advising your clients!

White Glove is truly Done-for-You. We book and manage your venue, we fill the room with leads, we track and report stats, we do all the heavy lifting.

With our performance-based pricing, you can relax – Pay after your event and only for those who attend.