Welcome to the podcast entrepreneur perspectives building and protecting your business one podcast at a time a kource family production in this episode we’re going to talk about relating the people F3 and Coach K Our Guest today is David Yoder managing partner at abiding wealth advisers David lives in Pinehurst North Carolina with his wife and three kids and is the number one Duke Blue Devil fan David is one of the more likable individuals you can come across when he walks into a room you instantly trust
Him and in a no like and Trust world having what David has is a tremendous asset I have to say it is all genuine David is a registered investment adviser that immerses himself into the needs of his clients David brings perspective of a financial services business owner who
Understands how to connect with with people face to face his investment knowledge and positive attitude will help any entrepreneur with a great passion for life business and sports we are excited to have David on this podcast let’s get into it David welcome to the entrepreneur perspectives podcast great to have
You Eric thanks so much for having me today I’m looking forward to it all right well let’s get going with it then so we are going to start with 10 questions requiring a more thoughtful response and end with 10 rapid fire questions you ready let’s go man all
Right so you heard the intro about you but of course we can’t do you justice in one opening statement so tell us something real about you that the audience doesn’t know well as you said I am a giant Duke basketball fan I got that honest from my
Dad when I was uh six years old the first game I remember is watching Indiana the 1987 Indiana hoers beat Duke in the sweet 16 and I was hooked from that point on but I’ve been a huge sports fan my whole life but as a Duke fan i’ I never had really a
A football team that I could get behind of so something real about me that the audience probably doesn’t know is that when I went to graduate school at NC State Philip Rivers was there and I adopted NC State as my football team and so that gives me really a unique
Perspective in sports as a Duke basketball fan I’m always expecting them to find a way to win even when they’re behind and as an NC State football fan I’m always expecting them to lose even when they’re ahead that’s right so that’s perfect but it it does perfect Sports hatred of North Carolina too
That’s right yeah it’s very well-rounded hatred for the Tar Heels that’s great so we’ve got you know NC State football pretty big game Thursday night against Louisville see if they can contain Lamar Jackson highly doubt it but uh something to be excited for on a Wednesday it is so what why the
Difference though because probably a little bit before your time NC state was the team and Duke you know really wasn’t a whole lot before then until Coach Kate came around and we’ll get into him later but what’s the difference right why is NC State where they are versus in versus
With a talent-rich area versus a place like Duke and we’re talking different sports here and I get all that but we’re in basketball football why is it such a different sty why is NC State struggling so much and Dukes is on the complete opposite end of
It I think it’s a culture uh for the programs I think if you go back to NC State um as recently as as the early early 80s and into the later 80s with Jim Bano you know when they won this the national championship in 1983 that was
Their second title and that was as many as North Carolina had uh Carolina won in 57 and 82 and and Duke had none so to your point and before that the 1974 wolf pack was one of the best teams of all time with David Thompson and Tommy B
Tommy buron and back at a time when the ACC could only get one one team in the ACC tournament or in the NCA tournament so I think really and honestly I don’t even know it was just in grade school when it happened but but the scandal with valano in the late
80s and NC State as a university kind of going to The Other Extreme to avoid the appearance of any impropriety at a time when Duke was ascending and a time when Dean Smith was ready to to get any player that he wanted and and every single year Duke
And Carolina develop this rivalry which which now most would agree is one of the best rivalry in all sports NC State was declining while Duke was ascending and Carolina was at the top and there just hasn’t been room for three programs in college basketball yeah in the state and
Now it’s kind of a a culture where like I said Duke basketball you expect Excellence you expect to win and if you talk to to n State fans of which I’m one of them you expect to find a way to screw it up so it’s it’s interesting that how the mentality can
Kind of um work in that way and it’s kind of a self-fulfilling prophecy sometimes right yeah the narrative changed and you know it sounds like they got disrupted internally but then also competition came up right other places were ready to make their move we’re going to talk about disruption we love
Talking about that but it happens right it happens in sports and like all of a sudden one team’s gone other teams rise up and the other you know they beat the competition and off they go so pretty amazing to watch and it happens all the
Time all the time and I I think that happened with with NC State and and they’ve been trying to recover from that for a long time yeah and then they had Russell Wilson as we know and then he left to Wisconsin for great bigger things and then now
Look at him right so David and I a couple weeks ago state had four starting quarterbacks say understand that that Andrew luxer or jacobe brassette wouldn’t be starting understand that Mike Glennon is no longer starting in Chicago but how many other schools maybe one or two in the history have had four
Starting quarterbacks at the same time it’s not a lot and state finished maybe third or fourth in the Atlantic is their best Spanish yeah yeah I mean so they’ve they’ve really had some great quarterbacks but haven’t been able to do anything with uh any young quarterbacks
Listening I mean I think you know where to go to you got you got to go to ubu otherwise known as NC State right that’s right exactly right yeah all right so now taking a little bit away from that um and moving into the business world and your day-to-day work at abiding
Wealth advisor what is your focus and what’s the ultimate goal for the business and then yourself so my role at abiding wealth is I work with clients as a personal financial planner and so that means that I’m going to sit down with with somebody and learn about their goals and their
Dreams and what they’ve done thus far and if I’m doing my job right it’s educating them on all things financial planning you know one of the things I think that fil very strongly about is there’s not a lot of Baseline education at any point in in uh our school
Curriculum or out there for somebody is once once you became once you graduate from college or once you enter the workforce here are some smart things that you need to do in order to put yourself in a good position there’s there’s a lot of information but there’s
No requirement for anybody to to learn those things at any point in our school curriculum so um what I find is when people come and meet with me they often are are very unsure about the right things to do and they think that it’s very complicated or they’re very uncomfortable talking about
It and so my job is is just to to make those things that they think are complicated not so complicated because they really aren’t just help them to get organized um educate and Empower them and then once we have a plan in place to just work with them and walk with them
Through the years and one of the best parts about my job is I can develop really good relationships longterm with my clients get to know their families and be in a position when there is a major life event good or bad to be there for them and and to to help
Them and be somebody they can talk to yeah and you have a way I’ve seen this because I’ve known you for many years of relating to people on the front end and then you carry that out like you were just talking about for many years which I think is is exactly what you’re
Talking about here uh whether it’s talking to them about sports or talking to them about their family or the good and the bad times that’s something that I think is is very important and it’s not so much all the knowledge and the facts of what someone knows of being an
Adviser a financial adviser it’s everything else that goes into it it’s the emotional side of things it’s the human connection I think that you’re talking about and that people are looking for because it comes across in many areas as very confusing right you pick up a newspaper and you read about
The market and it’s confusing and I think it’s it’s hard for people to understand that and that’s why they need someone like you like you just said to simplify it and I think that’s what you’re coming across with and saying now uh which it makes a lot of sense to me
To hear it based on knowing you for many years yeah I I I think that’s if I were to boil it down into a very simple Mission you know when I when I interact with somebody it is to to develop Common Ground know so like you said Sports is that’s great in so
Many different fields because so many guys especially speak the language of sports and we can instantly relate about what happened over the weekend or the craziness that is the NFL season this year I mean Jacksonville beating Baltimore 44 to7 how did where did that come from you know and that that those
Kind of things can build the initial trust and then you need to whatever business you’re in whatever your profession is constantly seek to to to be good at what you do so that when you have that trust you can deliver for your client but I also think you should be able
To with maybe very few exceptions distill what you do in such a simple way that somebody can leave the meeting with you and tell somebody else what what just happened and it shouldn’t be uh David Yoda is smart and I trust him it should be this is what we did and
This is why we’re doing it and to be able to look back Downstream and understand why a decision was made regardless of the outcome right now has that become your ultimate your ultimate goal for like as you work with clients or just and now I’m speaking more about your business
And you is to be there for your clients for a long time to be that that trusted relationship or what does that look like for you for your business and for yourself yeah I I think the most important thing if I again if I’m doing my job right
It’s to serve the people that have entrusted me in this very important area it is uh for somebody to be better off because of of their relationship with me and that again that’s not necessarily helping them to pick the right stock or the right fund but to
Help them think about things that maybe they didn’t think about before you know one area obviously being are you protecting your family from your untimely death are you protecting your family if you get in a car accident you can’t work the the things that they’re not required to
Do but I’m in a unique position as the planner when we look at all the pieces to make them aware of but then also just to be somebody that speaks encouragement into their lives and to be somebody that is listening to them and helping breathe life into the things
That are important for their future yeah I think that’s outstanding well I mean and it’s it’s something that you take very serious and I think that’s awesome and you take the role seriously and you look at it I think I like how you said you know someone to be better
Off because of the things that you guys have talked about because of the things that you’ve done for someone that’s meaningful that’s impactful and that’s amazing now if we were to back off of that for a second and you’re not a financial adviser what when you’re not a
Financial adviser you’re out in your life what is your passion away from all that so it’s very similar I you know that I think one of the biggest areas that I’ve seen a deficiency in our society you know even from the time when you and I were growing up to today is we
Just don’t have as many real men today as we as we do as we did when we were growing up and what I mean by that is if you look at the statistics you know over 50% of kids grow up without a dad today and that’s just a a mindboggling
Number to me because I won the parent Lottery um my dad you know there was a program that I went through called Men’s Fraternity and it kind of identifies the characteristics of a real man and the four characteristics are someone who rejects passivity someone who accepts responsibility someone who leads
Courageously and someone who expects God’s greater reward and so the format of this program is we’d watch a video and then we’d get together in a small group and and I remember in my small group all these guys were kind of unpacking their wounds of a broken
Relationship with their dad or maybe it wasn’t perfect and I was just kind of checking the boxes you know because my dad was that guy so because I was really blessed in that regard one of my my main passion is um helping men grow as leaders and helping them to kind
Of mature as opposed to and I love sports but you and I can have a a very surface level conversation about what’s going on in the NFL and never go any deeper than that and and I think the real substantive stuff is when we can develop a relationship and connect
And grow deeper and I’ve been able to experience that through things like F3 and every man a warrior and it’s it’s the most lifegiving feeling for me uh because I I see other people grow and develop and that’s what makes me come alive yeah so you’re doing this
Like you just said you’re doing this not only in your business but you’re doing in your everyday life I mean it’s just it’s who you are and that’s something that fascinates me about doing this podcast is there’s a common theme people that are having success in their life
And it has to do with they carry this out no matter where they are no matter what they’re doing and you can have balance and you can do different things and like you said you can have fun but you’re you’re genuine in everything that you’re doing and I think that’s pretty
Awesome I wish I wish I was consistent 100% of the time but I know I know the formula at least right that’s right you’re on your way so and as we talk about that and as we talk about helping other people um we talk talk a lot about protecting businesses whether it’s
Insurance or staying relevant or creating content and so much of that in protecting a business is proper planning like you’ve been talking about and I’m just curious from your Vantage Point this is again generally speaking do you believe people are being led down a good path as in regards to their financial planning
Overall I think financial planning like almost everything out there today there’s just so much information available because of technology I think I think people when they’re trying to find out which financial planner should I use just like they would for anything else they’re going to do Google Search and get a
Review um and so I think in general I think they’re most of the things that are happening around financial planning are well-intentioned you know for instance there’s a kind of a disrupting thing that’s happened in our industry which is the fiduciary rule 1502 and I think the intent of that rule is really
Good and it says that a financial planner or a financial adviser has to do what’s in the best interest of the client they’re fiduciary that’s in my opinion there’s no question at all that that is a good thought how it’s implemented sometimes and and the ways that are implemented may not be optimal
But I think the the right questions are being asked but I do think a lot of the players in in our business are thinking about the dollar signs instead of the people and so it it really just depends on just like if you went to a a doctor’s
Office regardless of where you go you can get somebody who’s really patient Centric great whether at a huge practice or a single practitioner or you might get somebody who’s focused on other things that may not be perfectly aligned with a patient C so that’s not really a maybe not the
Answer you were looking for in terms of being straightforward uh I do tell my clients I’m are recovering analytical you know because I I I went to graduate school for economics and economists always say on the one hand and on the other hand so that was kind
Of an economist answer but I I think for the most part the industry is doing some good things I think the focus on the Certified Financial Planning designation uh having a greater prominence I think that’s a good thing because that’s a designation that’s not easy to get that takes a lot of effort
Already has that fiduciary standard in place so that’s really good for for uh clients customers and that makes sense and I think what you’re saying too is on the the fiduciary rule it goes without saying right so many of these rules are put in place it’s like of course you
Should act in the best interest of your client of your patient of whoever that is and it’s interesting that those rules exist but they have to exist because there are people who aren’t doing that thing but like you’re saying generally speaking there’s just a lot of information out there and overall people
Are doing well with it and that’s why you exist to continue to try and do more with it but at the same time while all this is going on and the fiduciary rules of the world are coming out and there’s other things disruption is a is a word
We’ve used a couple times already and it’s a big Topic in many Industries be it the finan finance industry Insurance accounting legal they’re all being disrupted at a rapid Pace I’m sure you’ve seen it but being a planner yourself what type of future disruption do you see coming about in the financial
Services world I think so much of it is technology driven I think with the different softwares from a planning standpoint the way to analyze different portfolios the way to analyze different plans I think we’ve seen on the investing side of the equation a major disruption with Robo advisors and and starting with uh
Vanguard who um John Bogle 60 70 years ago you know his main thesis was don’t try to find the needle in the hay stack buy the hay stack as cheaply as you can and and and the Advent of lowcost mutual funds and lowcost exchange traded funds there’s kind of been a a race
Lower uh from a fee standpoint which in most cases is really really good so that’s a big disruption and we’ve seen that on the investing side with you know five or six years ago 177% of all funds were passively managed which would be in kind of a Vanguard lowcost approach and that number’s
Almost doubled wow in the past six or seven years that’s a huge disruption um and that without again I’m over covering analytical so I can get in the weeds really quickly but sometimes that takes the thinking out of investing too and and then people are owning an
Index that has has a company like Tesla that’s lost1 billion over the past seven years and the market value’s gone up Sevenfold you know so things that don’t make a lot of sense to me as a value guy but I think the increase in passive investing the availability of technology
And also the consolidation Eric I think with the with the new rules and the cost of doing business I think we’re going to continue to see bigger investment shops acquire smaller investment shops and that’s going to be a disruption that will C that could certainly impact
Smaller groups like ours and so we have to really be on our game in terms of what technologies we use and making sure that we are up to date in all those areas um because there are things that are outside of our control that may impact how we do things in the
Future right and so then telling communicating with the marketplace on the different things that you’re doing and staying ahead of the game and understanding what all is being disrupted in your business that that’s marketing right letting people know about it and that as well I see that as
A major change in all Industries I don’t care what business you’re in marketing’s changed but from your standpoint what’s what differences do you see in marketing today say versus maybe 10 years ago well a couple big ones so 10 years ago this that was that was pre financial
Crisis you know 2007 I think a lot of people were very comfortable with with a name I think a lot of people were very comfortable with wacovia with Layman Brothers with Merl Lynch you know I I just named three Giants and only one of them is left today and I
Think when when the last financial crisis happened and a lot of those names that have been associated with stability and safeness weren’t around I think the investor put their focus on the relationship with the individual regardless of where they were and they also said I’m not going to blindly trust
An institution with my money I need to become more educated myself so that’s a huge change today that as opposed to how business was done 10 years ago and then I think the second one you mentioned the way that we Market using social media the way
That we get our message out there the way that individuals get their news today when you and I were growing up we’d watch sports center for 30 or 35 minutes in the morning you know ESPN’s ratings are plummeting in the traditional news outlets because that’s not how people consume media anymore
We go to we go to espn.com or we go to other websites and we get the Highlights and then we’re able to read our articles online so I think we’re kidding ourselves in the financial industry if we think people are still reading the Wall Street Journal paper
Edition you know or they’re reading a newsletter that we mail out now we have to have a social media presence uh whether it be a blog or whether it be um a Twitter account or writing articles of different sorts to to educate not only our clients but marketing to potential client yeah and
That’s where their attention is right like you’re saying their eyes are somewhere else they’re paying attention somewhere else now you have to go and put yourself in front of them in a genuine way that you know Maps itself to today 2017 and Beyond 2018 is around the
Corner so yeah and and I would I I would also bated I still think for a lot of my retirees they that what I just said isn’t true you know a lot of them while they have moved into the 21st century the methods that would have worked 10 years ago would would work
Today um but I think for our generation and younger you definitely have to be aware of how the consumption of news and and how people get business how that’s changed right well that’s you tying it all together and understanding history and when you can combine the history whether
You’re talking about sports or business and you understand why NC State was a certain way and why they are today you can put all that together into a pot right and come out and and and understand how to communicate with different people use the tried and trude
Methods of before and adjust them and adapt them to what’s going on today because not everyone like you’re saying is doing the same thing you might have a client that he gets all of his news today still from The Wall Street Journal because he doesn’t believe in getting on
Twitter or Facebook or you know any other website so it’s combining all of that and and I think that works for you very well because you are a relatable person you are someone who understands where they are in their lives and you’re not going to hold you’re not going to
Judge them for that you’re going to play in their world yeah I I agree with that and I think people also even though things have changed I think regardless of how you’re engaging somebody they know if you are faking it or if you’re really paying attention to
Them right you know if you’re distracted or if you are really intent on being in the moment with them and and and caring about them and so and I I that translates across businesses you know to make sure that that you truly are focused on who you’re working with
Instead of thinking about what next to say in your brain or thinking about what you have later on to do and just kind of paying a lip service yep yeah so on the social media and going back to the social media component of it that is just the opportunity that’s the window
Into someone else or into a conversation that leads to a phone call that leads to a meeting so yes you can do business all online but I would urge a lot of people no matter what age they are that that’s just the opportunity to connect in a way
That you’ve un been unable to connect before because it didn’t exist I can have a client in California because of a Instagram conversation that we had that leads to a phone call that leads to a meeting that leads to a business getting done it didn’t all just take place
Within Instagram or Facebook right or any of these other platforms so that’s the thing I think really to understand is it’s just another way to engage with people and to show that like you’re saying that you truly care about what they’re talking about because you engage
And they say something and they’re a fan of NC State you can now have a conversation with them about that and that’s nice and people like that right as long as they don’t learn that I’m a Duke basketball that’s right you go that’s okay I like confusion is good
Because then you have to have that aha moment like we’ve had here today on this podcast so now moving on to that you’ve mentioned F3 already in this we talked about it at the very beginning but from your standpoint tell us about F3 so F3 first of all it stands for
Fitness fellowship and Faith it is a um workout group and it it started in Charlotte on New Year’s Day 2011 um and and the guys have just kind of figured it out as they’ve gone along but originally it just started out as as a way for guys to get together to work
Out it’s outside it’s free it’s led by individuals of the group so somebody will sign up to to lead a workout or in F3 terms be the que and it’s kind of boot camp style military style workouts and people come for the fitness because they have somebody who’s
Overzealous like myself that just tells you how great it is and what really gets them coming back is the Brotherhood or the fellowship that they experience and and then there’s a faith component F3 is not affiliated with any particular Faith but where they’re going with it is
Um I am third so anybody who has been in F3 a long time and it’s kind of bought in hookline and sinker like me you’re looking for opportunities to serve and to put yourself behind other people because you’ve discovered that that’s what brings you the most Joy you’re not
Necessarily looking to benefit yourself or improve your name to do more business with somebody but you’ve really figured out that the things that bring you the most joy in life are the stuff that you give away and and bring life to other people so that’s I don’t know if I’m really
Doing it justice it’s not a group of guys that are already in good shape when they when they come and post or work out we have people that are in Special Forces and we have people that are 300 lb and you do what you can do and you
Get encouraged by other men but for me I think the most important thing is three or four times a week I get to go early in the morning before my family’s awake so I’m not sacrificing any time with them and see my best friends and it gives me fuel throughout
The day and throughout the week really to be energized if if I have a a problem in my life or something crazy going on I’ve got I’ve got these brothers that I can talk to that I know are going to be there for me and I can do that for them
Too I think it’s awesome that it’s for anybody right this goes for myself or anybody that you know talks about you know Finding excitement in what you do finding a connection and so it like you said it carries you for the rest of the day it carries you for many days it
Carries you on this podcast it it it keeps you going and no matter what it is whether it’s F3 or something else I think it’s hugely important um but obviously you like you said brought in completely and I’ve met other people that are part of F3 and they have the
Same type of stance on it that you do so I think it’s important to talk about it like you’ve done here uh and hopefully other people find out about it through this podcast and are able to join F3 and become you know more involved with it
But at the very least like you love it and you’ll continue to do it and I think that’s pretty amazing yeah if you’re listening f3nation it like I said it started with one workout uh dece uh January 1st 2011 there was just a feature on The
Today Show a few months back and now there’s over 18,000 members of F3 nation and over 15 states there’s there’s it’s a no Revenue business except for all the dollars that we spend on getting F3 shirts so right you know yeah everybody can know we’re
Part of F3 but there’s no there’s no fee to join there’s nobody running a profit Center and so again I just I I truly believe the best things in life are the ones that you can give away for free and really invest in somebody else and this is a perfect example of
That I get it I get it well now let’s talk about someone that you’re crazy about because we know that you’re the craziest of crazy Duke Blue Devil fans and I think someone that also likes to give back is Coach K I want to talk
About him a little bit I want to talk about from your Vantage Point his leadership style and what has made him so successful and maybe if you could and I’m not sure if you do this but how do you apply that to your business yeah so again Coach K got to
Duke before I was born he he arrived in the winter of 80 uh the first part of 80 and I was born in October of 80 and when I was in grade school from kindergarten to 8th grade nine years Duke went to the final four seven times so just just to
Talk about a spoiled kid growing up with a basketball team in the Excellence um but I think for Coach K his leadership style despite all the success you know the all-time winning as coach in college basketball history five national championships 12 final fours three Oly Olympic gold medals yes he had
LeBron and those great players um but to never come to a point in his career where he says you know what I’ve accomplished enough I’m satisfied with that I don’t want to push myself any further and so he you the the the statement that I’ve heard the most around the Duke basketball following
Their program for all these years is next play so regardless of what just happened regardless of what’s coming up in a distant future what really matters is the next play the next possession in a basketball game the next meeting that you have the next time you have to go home and uh see
Your kids you can’t change anything that’s happened and and you can’t do anything beyond your control but you can be in that next play 100% in the moment and I think he’s embodied that because if there’s anybody in the sporting world that could rest on their accomplishments
It would be him you know he’s 70 years old there’s nothing that he hasn’t accomplished in college basketball so that would be one thing um that I think’s applicable to everybody you can only control this moment or not control but you can only have an impact In This
Moment not in what’s happened or not what’s going to happen tomorrow but only right now and then the second thing just from a a basketball side his willingness to change and evolve so if you go back to the great Duke teams of the 80s and 90s you had a more traditional you’d
Have you’d have a good point guard Bobby Hurley was the best point guard from that time period you’d have a traditional two and three and you have two big guys uh typically a one of them would be a ability to shoot like a Leighton or a fery
But it was more of the half court tough defense basketball um and that worked for a long time and then the game the game evolved but he was kind of at the Forefront of evolving it and then he’s he’s gone more to a one big with with more versatile players but
Year to year now and and he’s changed his recruiting philosophy we’re going to go the oneand done route if he has a Jalil okaf for they’re going to be focused about pounding the ball inside if he has Jabari Parker he’s going to feature him he’s willing to
Tailor the way he coaches a team to the best players he’s flexible you know he’s he’s stubborn in a lot of ways but he’s flexible in that I’m going to figure out what pieces I have and I’m going to make them I’m I’m going to give myself the best Chance by
Adapting myself and my team so that I think is I think his flexibility over his whole career Arc and also the way the college games change today with a turnover in players year to year I think that’s the second thing that would really stand out and and can we be
Flexible in our in our lines of work to the adapting way business is done today yeah um or are you going to start engaging social media or just swear it off and let it pass you by you know so I I think those are the two
Things to me that really stand out that have application to what we do here yeah he invents the future of basketball of college basketball and he’s like you said he’s at the Forefront of it and he’s evolving it and everything that I think these coaches and sports obviously
You know me with our with our sports preneur blog and brand that we have going on I mean I can we can tie in sports all day long and everything you just said absolutely relates to what we do in business and I think that’s awesome and I guess I would take it to
The to an article that that I thought of when we were looking at doing this podcast I’m like what’s an article that we like to tie in all the time to a podcast interview that would apply to our guests and the one that came up to
Mind it wasn’t a Duke article because I knew we could talk about Coach K like we just did and probably touch on him a little bit more in a bit but it’s the organ Ducks up Temple offense and it was called how the organ Ducks up Temple
Offense can be applied to your business and if you remember not that long ago Chip Kelly was running Oregon and he he evolved college football right he took college football offenses and he created more opportunities for themselves by increasing the amount of plays that they
Could get so we like it it to business with that uptempo offense with activity with sales you know your business partner talks a lot about this Shane Snivy he talks a lot about getting out there you have to see more people to give yourself more opportunities you
David are an activity machine and I want to understand how you do it with all the other stuff that you’ve just talked about from family to F3 to your interest in sports and everything else how do you continue to stay in front of your existing clients prospects and
Everything else that you have going on so I was really fortunate when I started in the business to have a great mentor um and no defendorf senior and one of the first things that he taught me is that everybody regardless of what business you’re in fits into one of four different categories
And so you can either be um an unconscious incompetent person which means that uh you’re not good at what you do but you don’t know that you’re not good so so that person has no hope um because they they think they’re really good but they’re really not you can be somebody that’s consciously
Incompetent which is where I was when I started in the business and that was somebody that realizes they’re not very good and they need help okay uh you can be an unconscious competent and so that would be Michael Jordan jumping he’s great at dunking the
Ball and hitting his head on the rim but he can’t tell you why those are the gifts God gave him you can’t work at that and get to that level you can do some things but you’ll never do it and then and then they’re just confident and they’re good and they know
Why they’re good and they the formula that goes into that so for me uh if I’m if I’m doing the things that I should be doing the activity should be there and I know for me in order to get the activity as a conscious competent I have to get 10 referrals a
Month I have to schedule at least 30 meetings a month I have to ask for business at least 10 times a month during those meetings and if I do all of that then the revenue the sales come and if I’m doing that I’m taking care of my
Client so the only the only reason that I have the activity that I do today is because my mentor taught me how to become a conscious competent by measuring your activity and I have to think with Chip Kelly and I don’t know what the metrics were but you got to
Think if they’re getting a playoff every 6 seconds that that’s one you know when they’re when they’re preparing in the off seon as part of their culture they have two three four five different things that they’re measuring maybe it’s hey everybody who’s on offense I don’t care if you’re 310
Pound left tackle or scatback you got to be able to run this fast in a 40 or or you have to be able to run this many miles with pads on I don’t know what his metrics were but he understood the cookbook to get to that point that gave him an
Advantage over everybody else that they could run more plays that they had better endurance that they were faster and had phenomenal Suess success at a place that had had hasn’t seen that success before or since right and that is that’s what you’re saying is it’s all a byproduct of
Everything that you’ve that you create it’s all a product of if you do the first thing everything else will come along including the appointments including the closing the business and including the most important thing is being there for your clients and if you don’t it won’t it’s
Not going to magically happen right yeah like you said the cookbook there’s a recipe there follow it and you stick to it but then you have to have you have to have that Persistence of no different than I’m sure waking up for F3 three four five times a week before your
Family’s even awake when it’s dark and cold outside that takes a certain type of person to be able to do those things at first it’s tough and then and then it just becomes it becomes a part of yeah no that makes sense so now we you take a look at your entire business
And everything that’s going on what is the number one pain you have right now in growing your company I think the balance between maintaining a deep personal relationship um which which is I think one of the things that my clients would say is is the best part of working with me while
Trying to scale and and bringing in the right types of technology to Aid in the planning process and I feel like within the past year I’m really blessed to work with with Shane snively as a business partner that that handles a different side of the business from me I think we have
Really excellent tools that can help me do what I love to do which is to to make the financial planning process understandable and empowering for the client and so that that but that’s been a big growing pain is to try to manage the personal relationship and the personal touches that that are kind
Of time consuming with scaling a business from a technology standpoint I think that’s a lot of people’s concern right right now cuz it’s moving very fast and it’s it’s only going to move faster so that makes a lot of sense I appreciate you you know being open on that question and all the
Questions really and I think you know like you said early on your goal is uh for people to be better off because of maybe the time they spent with you and hey David I’m better off by spending this time with you right just no different than when you walk into my
Office we always have a good time you always have a smile on your face and I think the people that listen to this podcast are better off for hearing the wisdom that you uh are giving us so I appreciate that on the thoughtful side of uh anything I have comes from
Somebody that’s better and smarter than me that’s seated into me so I appreciate that Eric and I appreciate what you’re doing too it’s a humble it’s a humble response and we appreciate that don’t go anywhere cuz we are going into some rapid fire questions right after this
Message we would like to take a quick moment to tell you about an organization we were closely with called rods which stands for racing for Orphans with Down Syndrome we are a proud supporter of rods racing the Rod’s mission is to nurture a positive image of down syndrome to promote awareness for the
Adoption of Orphans with Down syndrome and by participating in organized athletic races and awareness events ultimately the goal is to find homes for all orphans with Down Syndrome because of our relationship with the founder of rods Brady Murray we are honored to be able to contribute our work in the area
Of marketing to create even more awareness Ness around rods and their mission you can learn more about rods at rods. org so that ends the thoughtful round of this and now we’re going to move on to the rapid fire round so we’re going a little bit more quick
And going to throw some questions at you some might be a little bit more difficult so if you have to take your time with those but you ready to get going let’s do it all right what book are you reading right now so couple of them free Del lead
Which is actually the the story of F3 shocker there and and uh also you know part of my daily routine almost every day is is to to spend some time in the Bible okay now free to lead is that a book that you are reading uh hard cover
Paperback is that a Kindle book audible it’s yeah I’m reading it paperback and it’s it’s one of those that that you could read in a day or two but it it kind of goes through the story of how we have to rest started and why it’s had this Wildfire uh catching effect of
Spreading uh and and kind of goes in depth with some of those principles that we touched on a little bit earlier now who wrote was this book written by the founders of it or somebody else yeah so there there are two Founders um and and
One of the things about F3 is when you when you join the first workout you get a nickname and so it’s it’s always funny my wife will be asking me well who is at the workout and I’m I’m saying uh McFly and Captain D and Ling tomato and these
Ridiculous names and she’s like okay what are you guys doing but so um uh yeah I I I don’t really honestly um know their real names but dread and OBT um Dre uh F3 dread was uh he was in the Army for 10 years and and when he got into Corporate
America as a lawyer he he was missing that connectivity that Brotherhood that he had in the Army and and that was really really a big part of the Genesis for what F3 became even though they didn’t they didn’t come up with a name to start out
Um they just wanted a workout group that kind of simulated that Brotherhood and then it just it morphed and evolved into the the organization that it is today it’s a great story so what is the fa your favorite social media Network so it’s actually group me I
Don’t know if you’re familiar with group me and group me is very similar to Twitter but it’s confined to a specific group and so unsurprisingly uh the group me affiliation that I have is with my F3 sandill guys so throughout the the day if somebody wants to to you know post a
Message we we’re the only ones that can see it so it’s kind of a confined Twitter with a lot less noise uh but we’re just kind of cracking jokes on it all day okay and what’s the social media app that has you most confused so I I did see Sportsman just
Just got a presence on Snapchat so I got to admit that I I’m not up on Snapchatting so I need to yeah and as I need to dust off is it all of our frequent listen all of our frequent listeners which there’s you know I’m sure there’s so many but Snapchat is a
Common answer from Mar gu and that’s a major reason why sportsy preneur is on Snapchat and I think it’s a it’s a little bit of a let your hair down type of social media you can have fun with it because let’s face it like you said and
This group me uh on your F3 board you guys are just you’re making fun of each other you’re having fun with it uh you can’t be serious all the time and you got to enjoy yourself and then you have to find those connections you have to find different ways to connect with
People so there’s a there’s a lot going on with Snapchat there’s no doubt about it it’s confusing but like anything else once you give it a little time it’s not as confusing but a very common answer nonetheless so what phone app is most important to you my group me app
Okay consistent David I like it so what on interesting however you want to frame it yeah yeah there you go no I think but it’s it’s the common theme that you have going and like I said before a lot of guests have that it’s consistent with everything that they’re doing and you’re passionate
About F3 so why not just have it embedded in all of your life so what’s the one thing you would tell an upand cominging entrepreneur to focus on piece of advice to my dad gave my brothers and I a long time ago is you know this is a guy PhD really bright but
He said the smartest man in the world is the one who knows how to ask for help and who to ask for help and so I think if you want to be successful in whatever field or whatever career I think you have to find those people that you
Admire that you would like to be like and humbly seek advice from them and find out what they did and if you do that I think you can avoid a lot of mistakes I think you can really expedite your curve regardless of um what business you’re
In that’s great advice and I think we need to put stuff like that along with a lot of other things you said in our show notes and I’m sure this there’s many people like your father that have helped you get got you where you are today but
Tell us one person that you want to identify right now that helped you get where you are today yeah so specifically in in my business I mentioned him before but Monroe defendorf Senor when I came to Pinehurst in 200 I was 24 and I I looked
Like I was 18 and I just started with a financial services company in a you know Chrissy’s parents lived here my wife and by the way I’m blessed with with three outstanding children and a wife of 15 years and um but I didn’t know anything about sales
Or the industry and so um I met Monroe defendorf through the uh local barber shop singing group you know me as this 24 year old kid with all these 7y old guys who retired and um I I just I asked him I said hey could I pick your brain over
Coffee and he just took me under his wing and met with Lee met with me weekly and really invested in me and I learned later on that he ran a a financial services company for Mutual of New York for 40 years and he used to take the
Subway into the city every every day with a little 3×5 index card that had the initials of all of the the agents that work for him and his whole day was ordered around what can I do for Eric kimoff today to make him better what can
I do for David yod to make him better and so I mean he just he made a career out of helping people and he told me that his payoff was in seeing me succeed and so both for the start that he gave me in terms of teaching me this fun
Fundamentals but also in in the bigger lesson of the best joy that you can get is by investing in somebody and seeing them succeed that’s the lasting stuff he really made a huge difference in my life that’s a good story so moving on from that a little bit and we’re going to go
Back to your college basketball Roots which I know they exist the recent Scandal that the in the news of college basketball I want you to identify and tell us if you think the game that you love so much is is in trouble yeah I think it is I think it
Has been for a long time I think the the product is not what it used to be and part of that is um aaou and and the lack of individual skills development before the kids get to college and part of that is the one andone rule
Um and then this is kind of the ugly underbelly where you know if we’re being honest with ourselves we kind of all knew this stuff stuff has gone on is going on and we don’t know the full extent of how much it’s going on um but I think the thing that’s
Really good for college basketball is sometimes it takes uh a nuclear bomb I I don’t use those words lightly but you know some big event like this that is big enough to put college basketball on the front page of the sbn.com on September the 26th you know think about that with with
Football in full swing um sometimes you need an event like that in order to fix the game and maybe people are more willing to re recognize that there are problems that need to be fixed um whether it’s hey we need we need a rule like baseball has where you
Know kids can go straight out of high school to the NBA but if if they go to college they got to be there three years to have more continuity to the game give them a chance to be a student athlete um um so no it’s going to take and that
Takes a lot of collaboration have some some major things to navigate yeah in light of everything that’s gone on and I’m not sure we know all of it yet right no I think you’re right and I think you make a good point though it’s the eye opening experience that they’re dealing
With right now and they’re going to have to do they’re going to have to address this issue and I think we’ve talked about in the past of having that three-year rule it’s just so that you have to have a lot of collaboration to get that done because the NBA doesn’t
Want those kids coming out of high school they don’t feel like they’re ready for it College says let them go so now what do you do you’re at a you’re at that crossroads of multiple businesses um you know trying to figure out what’s next and I think it would go to your
Point that you’ve made often on the show is what is the best thing for the client and perhaps in this situation the client is the student athlete or like they like to call them at least they like to call them student athletes so what is the best thing yeah the athlete part for
Sure right right well the games are going to still be played we do know that they’re not canceling the season so the big question everyone wants to know now is Duke going to win at all this year after your uh the other team won it last
Year yeah the other team I I I wiped that from my memory well in Ohio State you know when we talk about that other team we call them that team up North so I don’t know what you call your your buddies down on uh I have too many
Friends I have too many friends that are Carolina fans so I I have to be nice especially if they might listen to it so um it’s very difficult to win the National Championship in college basketball uh I think Duke will be the most talented team they have uh Grayson Allen
Who hopefully has his head on straight this year he’s he’s pretty polarizing um but then they have Marvin baggley who’s the one of top three picks in next year’s draft Wendell Carter who will be a lottery pick Trayvon Duval who can hit his head on the rim at point guard
Um if you put a gun to my head I would say no because it’s very difficult for for a team that’s going to start Four Freshman or three freshman a sophomore and one senior to to kind of gel and get everything together um and and so much of it
Determin depends on health but I think Michigan State with uh miles Bridges and and coming back for second year and and all those guys uh they’d be my favorite but it Duke will be up there they they they’ll have the opportunity to to win and I think coach K’s locked in after
Last year’s debacle with all the injuries and the Grayson Allen stuff I think he’s locked in to make it a great year yeah and you’re going to enjoy it nonetheless whatever happens whatever comes your way I’m sure you’re goingon to be watching the games and enjoying it
Right a little bit too much yeah yep that’s right all right so one more prediction we ask every guest on the show we’re try to ask every guest on the show we’re into the season we’re four weeks into the NFL season when we’re recording this it might come out a
Little bit later but give or take who is going to win the Super Bowl this year the only thing that makes sense after four weeks in the NFL is that the bills are going to win Super Bowl that’s right all right I mean if you it’s what we all expected David
Yeah anybody before the year they would say the Patriots have a good chance to go 16 and0 and New England is probably should be one and three right I mean I would agree Houston yeah Houston uh lost so I don’t know I think obviously it’s gonna do it come down to
Injuries but uh in all seriousness if you made me pick today I wouldn’t say the bills I would say the Steelers uh just because they’ve got a a younger defense they’ve got the winning pedigree a good quarterback and and um I think it’ll be I think it’ll be one of the teams that
Has one of those uh Hall of Fame quarterbacks that gets it done yeah usually the case well David I want to allow you to leave some final words of encouragement to anyone listening and then follow that up with how you want people to connect with you whether it be
Social email or phone whatever you like yeah I would just know I would my my words of encouragement are just to to be in the moment to make make today count we’re not promised anything else um we as a society and me personally I’m certainly guilty of looking ahead to
What’s next all the time and not really just enjoying the opportunity to to be with your family uh with your wife to be with your friends or or or with your clients whoever you’re you’re with just take that take that time and really to be engaged and if anybody wants to
Contact me um my email is David abiding wealth advisors.com that is uh that’s our company’s website Bing wealth advisors.com and then uh phone uh 910 494 3622 but I Eric I really appreciate the opportunity to to be a part of this uh podcast series and and thanks for having
Me on yeah well I enjoyed the moment of film of recording this podcast with you so we appreciate you taking the time and talking with us and thank you very much thank you Eric David it was absolutely awesome having you on this podcast the way David makes others around him better is a
Great example of a business owner doing things right the perspectives he brings from being a leader in the financial services industry and on this podcast specifically are now perspectives you as a business owner and entrepreneur can use for yourself and for that David thank you and for business owner or
Entrepreneur that has planning needs I would encourage you to reach out to David if you have questions feel free to reach out to me directly you can contact me on Twitter at ericc or the same name on Instagram or you can find us at C source.com with links to us on the
Different social networks thank you for listening to our C Source podcast entrepreneur perspectives building and protecting your business one podcast at a time until next time we’re out of here all Night a big thanks to rods Racing for their support of this podcast and allowing us to contribute to their inspiring cause thank you so much for listening to this podcast it’s a big deal to us we hope you found value in it and if you did we would be incredibly
Grateful if you gave us a review on iTunes remember to subscribe to this podcast and feel free to share it with anyone you know more than anything thank you again for listening we appreciate it
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