Meet Jason Wendt And His Mission

SPEAKER_00 0:00

Welcome to the Influential Advisor Podcast. Today we are sitting down with Jason Wendt, a financial advisor at AmeriPrize Financial in Chicago, with over 15 years of experience working with high achievers, business owners, and busy professionals. Jason is a fiduciary advisor and certified exit planning advisor who recently became an Amazon bestseller with his book Beyond the Numbers, a High Achievers Guide to Financial Freedom Without Sacrifice. In this conversation, Jason makes the case that the number your clients are planning for might be the very thing standing in their way.

SPEAKER_02 0:47

Good, Gabe. Good morning. How are you doing? Good morning. I'm doing great. I wanted to start, Jason, with you've recently written a book, and now some really incredible things are happening that I've been hearing about. And so could we start with you telling us about what's going on?

SPEAKER_01 1:02

Yeah, good news on my front. I became an Amazon bestseller in the financial services sector on Amazon. So that's really exciting there. Also, I was just featured on NBC as one of their financial experts, which will be airing it in a couple of days. So I was at the studio working on that and just got invited to speak at a couple universities locally.

SPEAKER_02 1:21

That's incredible. And so tell me about that's with the book as the foundation, then all of a sudden these things happening. Tell me about what happened on NBC, how'd that come about, and what was your experience?

SPEAKER_01 1:32

Yeah, it was just it's the knowing the right people at the right time and then having breakfast with some of them and realizing, all right, so Jason knows what he's talking about. People in the area knew who I was, but didn't they know what I do, but that's about it. The book really solidified, okay. Yeah, he's more of an authority in the market. He's really committed to education in the Chicagoland area. The interview was it was pretty casual. Uh we just sat down at this, we went to the studio in MBC uh Chicago and just started chatting. Uh the to the relevant topic today uh is taxes. So just educated uh the community on some tax tips, not necessarily advice, but just how to think of make sure if you can't file to file an extension. The penalty for not filing is often more than not paying. So you want to make sure, so just some fun, unique facts and details.

From Physics To People-Focused Planning

SPEAKER_02 2:17

Since we're a few days away from tax filing deadlines, that's perfect timing for you to get those messages out and to help people make sure that they're taking care of things on time. Yeah, yeah. Good. Jason, that's incredible. And congratulations on Amazon bestseller, too. I mean, that's fantastic for your book and to be able to get to share that with people. I wanted to take a step back and start at a little bit farther back. Could you tell me, Jason, about your background and what led you to where you are today?

SPEAKER_01 2:44

My background educationally is in physics with business and administration and entrepreneurial studies. So that's what I went to school for. Not realizing I was gonna be a financial advisor later on in life. But what I did is I like to solve problems, I like numbers, but I also like people. So realizing after I graduated, what really jobs are there for that? And uh, ended up talking to my mom's financial advisor out of school and realized that all you do is help people solve problems, not necessarily not to say that people have problems, but make their lives financially efficient, which that's what the physics side of things did is solving things to make them more efficient, understanding the situation. And fast forward, that's what really got me into the advisor space. I learned a lot more about it. I like people. I used to be a portfolio manager, so when I got into finance, I was an advisor for about a year. And then I got on the technical side because I really wanted to use that part of my brain. And I still enjoy that. But one thing I missed is the human aspect. Really working with people as a portfolio manager. You're trading, you've got multiple screens around you, and it's you don't talk to anybody. I couldn't wait to leave work and call my mom, call my grandma, talk to a human. Just somebody. Just somebody. So that's when I realized, okay, I need to get back in the advisory space or more the space where I'm helping and in interacting with uh people.

SPEAKER_02 4:00

I hadn't thought of that angle before, the problem solving of physics, and now how you can apply that in your work as a financial advisor to help people solve their financial problems. How have you seen those connections, what you were learning in school now showing up in what you're doing in the work that you do now?

SPEAKER_01 4:15

I would say there's from the uh the mindset, it's very unique. A lot, there's a lot of financial planners that think of a client's situation in a certain way. What it's allowed me to do is think of it differently. The way I solve and make my clients' lives financially efficient is I'd say less typical than the average advisor. Thinking where they're at today, where they want to be tomorrow, I just look at it differently. And that's what led me into writing a book, too.

Why The Number Is Not The Goal

SPEAKER_02 4:39

Great. That's what I wanted to ask you next is tell me about the book. What's it called? What's the idea behind it, and who is it intended to help, Jason?

SPEAKER_01 4:46

Yeah, so the book is uh Beyond the Numbers, a High Achievers Guide to Financial Freedom Without Sacrifice. My goal for this is I through my 15 years of experience, is I've noticed a lot of folks that they are always asked a number or they have a number in mind of when they want to retire. And my follow-up question is what does that number mean? And inevitably I get that's the number I need to never run out of money. And I notice that people are just the when they're working, they're just saving, they're in the accumulation phase, and they've got the distribution phase. And we forget about another phase, enjoying life. And my book talks about I go beyond the numbers, looking at their what's really important to them, their values, their family, activities, staying fit, and putting that in the plan and being intentional and then also financially efficient along the way, too.

SPEAKER_02 5:29

That sounds great. Is that something that people miss when they come to work with a financial advisor typically, that they're not thinking of those sides of things and how they can really make that money worthwhile in their lives and to benefit them?

The Airplane Dream And Intentional Spending

SPEAKER_01 5:42

I've seen many clients that say they've got a great financial plan when they come in and speak with me. They I often see that there are missed areas, either from an efficiency standpoint, but also a lifestyle standpoint too. One of the I've got a client that we were just talking not about finance, just getting to know each other a bit more. She'd been a client for a few months, and she had mentioned that she wanted to eventually own a small airplane. And when I heard that, I was like, that sounds amazing. That's great. I'd love to have a client with an airplane. But then she said it'll never be feasible, maybe in her retirement years. Fast forward, she started taking lessons. Now she's got a small Cessna, and that was intentional. So we put that on the goals of money and planning to achieve part of it, might not have been the smartest financial decision in the sense of she could accumulate more money, but would she be happy? And that's where looking at, all right, that's okay. That's okay to have these goals and want to make sure she achieves those goals along the way before retirement, too.

SPEAKER_02 6:36

I love that. If that was high on her list of goals to have a plane and then she gets to do it, I think that sounds like a wonderful financial decision. Okay, Jason, the people that you're working with, they've done everything right, they're already successful. But when they come to you, what do you find that is holding them back financially?

SPEAKER_01 6:54

What I found is it what's holding people back is either time, inclination, or knowledge. And they usually have two of those. I'd say most of my clients are very knowledgeable, but they may not have the time. Or if they want to do it, they don't have the knowledge to do it. And so I guess the value that I provide is I take one of those pieces of the pie off. By taking the financial piece of their financial life off their plate, they'll at least have now time with their family, an inclination to be to do what they want for business or professionally, really enjoy life. One example I've got uh for that is I've got an X IT, uh he's a math major, a client, knowledgeable beyond belief, very smart and programming-wise, he could do all the actual tables we want. But now he's retired. He doesn't want to do this, he wants to just enjoy life. And we built the trust, he knows that I know what I'm doing, and then I can take that piece of the pie and he can just focus with his family and enjoying life.

SPEAKER_02 7:48

Enjoying life for him, what's that look like?

SPEAKER_01 7:50

Tell me the story about him. Yeah, with him in particular, the two years before retirement, they bought a cabin in Wisconsin, wanted some peace and just uh calmness in life. They lived in the Chicago suburbs. He grew up in Europe, in a big city downtown. After a few years being in the log home, they started to get bored a bit. They're gardening, they're doing other activities, but realizing they were missing something. And that's when I came in. And I don't think a lot of people would say is tell me more about your prior life. What did you like about that? Because now you things are a little bit more relaxed. And they love the hustle and bustle, they love the big city life. So we sat down one day in a review meeting and just spoke about what they're looking for and then started looking at neighborhoods in Chicago. Of okay, let's see what we can, if we can get you, can we can you get both lives? Can you have the the cabin life and the city life at the same time? Can you afford it? I ran the numbers, they can afford it, and started picking up neighborhoods for them to look at. Fast forward a few months later, now they've got a home and a condo in a high-rise downtown, and they've got a cabin as well. So they're living best the best of both worlds.

SPEAKER_02 8:49

Best of both worlds, it sounds like it. And what's what has he said when you've spoken to him since about getting to enjoy those two different worlds?

Childhood Money Stories That Linger

SPEAKER_01 8:57

They love it. I guess that's what I always ask is where are you at? Yeah, like where's Waldo? Are you at the cabin? Are you downtown? Where should we meet for our next meeting? It seems like they're living a much more fulfilled life. And something too with them is they travel all over the world. So we've been intentional, and when it takes what we've done is put goals that take money and planning to achieve on their plan, whether it's a significant travel trip as well. So being intentional with more expensive goals, but making sure we hit those along the way too.

SPEAKER_02 9:26

That makes me think because we all grow up with certain beliefs about money. And so, how much does the hidden narrative that we have, that story that's being told in our heads, shape the financial decisions that we end up making?

SPEAKER_01 9:38

That's a good question. What I've found is a lot of families and people, how they've learned about money as a child really will affect them. For example, if their parents were very uh tight on money, they may have millions today now that they've accumulated, they've invested well, but they're still tight.

unknown 9:54

Right.

SPEAKER_01 9:54

And they're not enjoying the money. And that's where I've come into the conversation and shown them brought in scenarios of all right, certain vacations, certain gifting strategies, that they'll still be okay. They'll still enjoy their life, but also have more fulfillment, helping their family out or a charity that's important to them.

The First Meeting Starts With Values

SPEAKER_02 10:11

I could see how that permission, when it's coming through, talking with you and working with you, that may give them the permission to go out and to actually enjoy what they have. Jason, I was thinking about something that you wrote because a lot of people, when they go to see a financial planner, that they're taking their statements, they're laying it all out on the table and expecting to start right there. But you take a different approach. And so can you walk me through what it's like when clients come to see you and what's that first conversation really about?

Retiring Through COVID With Confidence

SPEAKER_01 10:40

The typical first conversation, clients want to start out with, here's my number. And I get that so often, and so I know what to ask next is what does that mean to you? Inevitably, I get that's the number I need to hit before I retire to never run out of money for the rest of my life. My next question is what's important about money to you versus the number? And what I'm learning from this about the client is their values, what's really important to them. The number is arbitrary until we have a reason for it. You can have more money in the world than you ever need, but if you're not feeling fulfilled and enjoying life and hitting your values, it's not important. Right. It has to start there. I had a client in January 2020. We all know what happened in March 2020. Yes. He called me in January, wanted to retire early, and then COVID happened. Market plummeted. From there, six months later, he called me, or a few months later, he called and he's nervous. I told him that you're actually gonna be you're gonna be fine. We've got everything in process, even during these market conditions that were unknown, that you can still retire early. Within six months from that first call, he retired and comfortably. So I was able to really provide peace of mind that he's taken care of, the risk in the portfolios we planned for, but then goals too. We still had his goals. So when I say he can retire early, it doesn't mean he can't remove goals. Didn't I didn't allow that? I said you can hit all your goals today. He's in Granada, sailing the world, he's got a boat, so he he's part-time boat house, and he's got a house on land.

SPEAKER_02 12:01

So he went from we were all were feeling that just scared about what was happening at that time. And then when he called you, all of a sudden that shifted the thinking where he saw that things were still gonna be okay, and then that leads to getting to go and live the dreams that he wanted to do in his retirement.

SPEAKER_01 12:16

Yeah, I helped him assure him that he's gonna be okay. We all everything we had planned for is still gonna work and he's still gonna be able to be successful and live that that dream.

SPEAKER_02 12:26

And is that the reason why you start instead of with the numbers, with getting to know the person because you understand where they want to get to in their life?

SPEAKER_01 12:34

Absolutely. And that I created the values first financial framework, which is a bit unique. It's a less traditional planning approach, looking at the values first, living by intention, and then using numbers as a conduit to hit all your values.

When DIY Finances Become A Liability

SPEAKER_02 12:48

Jason, at what point, people that are doing this on their own, what point does managing your own finances stop being an advantage the way they might see it? And then it becomes a liability to them.

SPEAKER_01 13:00

Yeah, it's probably before they realize it. Usually before they've got everything in order, they get not in order, they've probably got 10 different investment accounts, and before they realize it, they can't handle it. They want everything to be at one place because it's you got 401ks over here, individual retirement accounts over there, you got your health savings account or FSA account, your bank accounts. It gets overwhelming quickly.

SPEAKER_02 13:22

10 different accounts is a ton to manage and have to think about. Right.

SPEAKER_01 13:26

Yeah, and that's a stressful because you got 15 different logins, and then every quarter, each login needs a new password. It's a pain. I've helped out my clients really consolidate those into one account, sometimes or not to one account, but one institution. And then there's always they'll always have a few more institutions, 401ks, maybe their bank accounts. And I've got software too that'll integrate that so they can look at everything on one page. So they just log in and they can see everything really nice and neatly. One of the advantages, too, for when I work with clients is they will be able to see it, I'll be able to see everything and not ask for statements again and again. So prior to some technology advancements that I've added to my practice, are now I get the updates and that when I do year-end reviews, I'm not asking for the 401k statements or the outset accounts. I already have that. So it saves them time and it makes my job easier for them. They don't have to do as much work.

CEO-Level Coordination And Estate Planning

SPEAKER_02 14:17

And that probably sounds really good to a lot of people to have to stop, get to stop thinking about it and to bring some peace of mind. One of the things that I could see bringing peace of mind is the team that gets built around a client. And so could you tell me about what building the right team for your clients look like to you and what does the coordination between financial professionals actually look like?

SPEAKER_01 14:39

When I bring clients in, I consider myself more the CEO of their finances and they're the board. I'd say the industry standard is the advisor is a CFO, chief financial officer. I look at myself as a CEO because I'll have people that are going to be experts in a lot of different arenas. So whether it's insurance, estate planning, taxes, investment planning, financial planning. And there's I have 17 different specialists. I don't think any advisor can corner all ends of the market. So I have these people there at my disposal anytime to either to be on client calls, to support them. And being the CEO, I'm managing, I'm orchestrating all the connections there. So I just worked with a client the other day. She doesn't have an estate planning. And I sent my estate planning attorney a message. We chatted back and forth a couple of times, made the introduction. They now have a meeting on the calendar. They didn't have to do any work. They know that I vetted this person. They know the client care that's going to come from this person because I have vetted them. So they're very comfortable about that.

SPEAKER_02 15:34

Is that something common that you see that people they've reached the stage of life where they really should have that in place, but they don't have their estate plan done?

SPEAKER_01 15:41

Yeah, oftentimes it nobody wants to talk about estate planning. We're talking about death when you're gone. It's a negative topic, but it's a topic that needs to be addressed. Nobody thinks that they're gonna they're gonna die tomorrow. It can happen. A part of the estate plan, too, is gifting or passing money on to your heirs efficiently. So you need to have that in line, and then there's risk involved, and you can mitigate the risk to some degree too, and that's part of the estate plan that people don't realize sometimes.

SPEAKER_02 16:07

So, how do you raise the stakes if somebody comes in and they don't want to have this conversation? How do you bring it up to them where they understand that this is something that needs to get done and you can help them do it in the most smooth way possible?

Smarter Tax Strategy With Asset Location

SPEAKER_01 16:19

It's always a tough conversation to bring up. Most relevant for me is my father. He passed and his estate wasn't quite in order. And I'm in the industry, I've been there, I know what to do, I know how to do it. It was a pain, it was very difficult, it took several years. I never want to burden my clients with the pain that I went through. I want to make sure that things are in order and I can give them this is real, this is what happened to me. I don't want that to happen to you. Yeah, that's powerful.

SPEAKER_02 16:44

Okay, Jason, taxes. So a lot of people they think of taxes as damage control. How are you helping your clients to think about this in a different way?

SPEAKER_01 16:54

Yeah, so taxes at the end of the day, we nobody likes to pay them, but if you're paying, if you're having to pay taxes. We can certainly be more efficient with it as well. So when I look at their picture, I'm looking at what type of investment accounts they have. You've you've heard of asset allocation. So how many stocks do you have? How many bonds do you have? Yeah. What's really important is asset location. Where are these assets at? Are they in tax-deferred accounts till retirement? Then you have to pay taxes. Are they in tax-free accounts? That's after tax money going into these retirement accounts, and then they grow tax-free forever. So looking at really what how to be efficient with the taxes is really important too. Sometimes it's better to pay Uncle Sam today. So then your beneficiaries or later in life, you won't have to pay as much. A good example, I've got a client that has required minimum distributions. They're in retirement, so they've been in retirement for 15 years now. Investment accounts, we've done very well. But now their income is so high. We we need to we have to pay a lot to Uncle Sam. Before all this happened, we started converting some of that IRA to a tax-deferred, or not tax-deferred, but a tax-free vehicle, Roth IRA. So he paid taxes in his 60s early on, which lowered his required minimum distributions in his 70s. So it kept his tax bracket a bit lower in the future.

Gifting With A Warm Hand

SPEAKER_02 18:11

So there's really some forethought that needs to go into that before you get to the point where you're receiving required minimum distributions and to think ahead. And so it doesn't become burdensome or overwhelming, and those tax implications have been thought through and dealt with. I wanted to go back a little bit, Jason, to because you were talking about how you can help people to enjoy the money that they've saved and that there's some difficulty sometimes flipping the switch, that you've been an accumulator, you've saved diligently, now it's time to spend it, but there's some fear around that. And so, how do you help clients, if they're feeling that, navigate that tension and start enjoying the wealth now and still manage to be responsible for the future?

SPEAKER_01 18:52

Yeah, the biggest thing I've shown is I'm a visual person. I notice a lot of people to be visual. We can talk about numbers all day long. Yeah, people will just glaze over. So showing visuals charts of okay, this is what your financial life will look like if we have a gifting situation for your kids. If you've accumulated a lot of money in retirement, you'll never need to spend all of it. Why don't we gift some of the money now to your kids from a warm hand versus a cold hand? My grandma always said that she'd rather gift from a warm hand versus a cold hand. So looking at that, if we did a situation where we gave, if you've got two children a certain dollar amount, how'd that make you feel? And then looking at will that affect your financial life? And if it doesn't, then I'd encourage them, let's let's do this. Let's gift, let's start gifting today.

How To Get The Book And Connect

SPEAKER_02 19:36

That's such an interesting example. I've never really thought of it, honestly, that because I want to be able to leave something to my children, but to be able to give it to them where I can see the effect that it has on their lives sounds even better than just where I have no idea what they're doing with it. Jason, I wanted to ask you for listeners that have heard themselves and the things that you're talking about, would like to get in touch with you or to get a copy of your book, what's the best way to reach you?

SPEAKER_01 20:03

Yeah. So LinkedIn, if you just search my name, Jason Went, it's W-E-N-D-T. I also have a website, beyond the numbersbook.com. You can visit that website. There's a sign up as well. You can get a free copy of my book. I'm working on the audiobook as well. So that'll be on Spotify and Apple Music in the next few weeks. Otherwise, email directly at Jason at beyond the numbersbook.com.

SPEAKER_02 20:27

Wonderful. Jason, it's been a pleasure speaking with you today. Thanks so much for taking the time.

SPEAKER_01 20:31

Thanks, Gabe. Thank you for your time too. Great speaking with you.