Ed Dressel  0:10  
Hey, welcome everybody to our podcast, Grow RetireReady Clients. I am here with Russell Telfer, who is with Ameriflex, part of Cambridge Operations, and he's out of Denver, Colorado. Russell, great to have you here.

Russell Telfer  0:21  
Ed, longtime listener, first time caller. Happy to be here.

Ed Dressel  0:26  
Oh, it's just fun. So tell us a little bit about yourself. How long you've been in the financial planning world, where did you start?

Russell Telfer  0:32  
Yeah, sure. I was lucky enough to intern for a financial planner in high school, and I remember seeing how much he was able to help people. He was a really big staple in that community over in Gilroy, California. So that was pretty cool, the impact he had. But then also, I thought I was 18 years old. I was like, Hey, this guy makes his own hours. He works for himself. He makes good money. This is what I want to do. So I studied finance in college, which I always gripe about, because when you get a finance degree as an undergrad, it's just corporate finance they teach you. I wasn't required to take a single personal finance class to get my finance degree, which I always think is very ironic. But just graduated and started grinding right away. As most people start, I was on the life insurance side, life insurance and annuity side of things. And I just started getting a lot more questions about more comprehensive planning. I started tacking on licenses, so I was able to help everybody with everything, and somehow kept my head above water long enough to be here. I'm 31 now. So 10, 12, 13 years.

Ed Dressel  1:33  
Thirteen years later, you find yourself in Denver. You mentioned, as we were talking, your partner is in Oregon. Tell me a little bit about your operation and what that looks like.

Russell Telfer  1:42  
Yeah, sure. So I went to a financial planning conference. It was actually--it was just a bunch of life insurance agents calling themselves financial planners. But surprisingly enough, I met two really key connections there. One of them was the go to guy for benefits in retirement for cops and firefighters in San Francisco, where I was living at the time, and then the other was my current Oregon business partner. So I wrote a ton of business in San Francisco, helped them with their supplemental benefits, financial planning. I started dipping my toe into understanding their pension, which really raised more questions than I answered when I opened up how their pension works. But I knew that public employees were just a really, really great client base because they have so many different planning items you can help them with. They have their benefits, they have their pension, they have their deferred comp, and then they have their personal accounts too. So I thought if I want to make an impact, it's better to choose clients who have a bunch of problems to solve. And that was really where I dove in. When I got securities license, I called my buddy up in Oregon, who happened to be working primarily with teachers, nurses, cops, firefighters, and I said, Hey, I'm in. I found some success in the space. How do you do this? He kind of took me under his wing and showed me how he did it. And so the quick story there is that he does just the PERS, as it's called in Oregon, as you know, Ed. He does workshops educating public school district employees on how PERS works, and just by doing that for three local districts, has built an awesome practice out in Oregon. So I came aboard and I said, "Why limit it now to just the three school districts?" It's 2021. Everyone knows how Zoom works thanks to Covid. Let's take your presentation. Take my nerdy Excel skills, automation skills, marketing funnel skills, blast it to the whole state, and here we are running webinars across the whole state of Oregon for public school employees.

Ed Dressel  3:44  
Now we met a year ago. We were at a show at the Gaylord in the beautiful state of Colorado, where you're out of now.

Russell Telfer  3:51  
 That's right.  

Ed Dressel  3:52  
And you picked up TRAK, which includes the Oregon pension systems. Let's talk about how you sold before and process. Now, when you when you used to sit down with a client before you had track, what was the process like?

Russell Telfer  4:05  
You know, it's a lot of asking questions, trying to determine, why is it that they took a meeting? I know there's some question behind the question, so I try to get to the heart of what's keeping them awake at night. The problem is, they wouldn't quite know based on their years of service, or maybe when their probation period ended. Sometimes even know which tier of the pension system they fall into, even though I got to know PERS pretty well, I'm doing all the calculations on the back of a napkin, on the back of an envelope in front of the client. Any system we use, any financial planning system we used, could account for pension, sure, but it would ask you, well, what's the pension amount and when's it going to start? And so I'm always the one doing the calculation by hand and then turning around and telling this complex financial system when it starts for the client and how much it's going to be and what the COLA is. And so when I heard you speak for the first time, I don't know if it was a breakout session or I just walked by your booth and I'm super friendly. It like blew my mind. I'm like, wait a second, you understand PERS? You're like, yeah, it even shows the IAP account. And I'm like, no one knows what the IAP account is. It's very specific to Oregon. How do you know this? And that's what really, you know, perked my ears up. I was like, whoa. This is something different here. And so now I'm a big fan of the user experience being repeatable for each client. The prospect should not be taking you through their system. They don't have a system. They're clueless. So you should be taking them through your system. And now TRAK gives me--boom, boom, boom, basic data points to hit on--boom, boom, boom, very quick, beautiful deliverables to be able to show them in real time what their situation looks like. So I've incorporated that in every meeting. Obviously, if they have different questions about it, I'll pivot within the system, but it gives you a really, really broad starting point to make sure all the bases are covered, all the data points you need in order to calculate their pension is there, and then show them in real time what their pension is.

Ed Dressel  6:07  
And I'll just clarify for people listening, we have over 700 public pension plans in our software. Oregon has the IAP account. One of the things that happens in tier one and tier two after a teacher makes about $3,000 a month in tier one and tier two, the state takes 40% of the additional contribution for above that value and funds the defined benefit portion of the plan. We get those values right. So you're not overstating the IAP account, which is a critical part. We do that for Oregon. That's our commitment to every public pension plan we're out there. California, CalSTRS has a non compounding COLA of 2% until you get to 85% of buying power, and then the COLA kicks in. We're committed to that. We're doing that. We bring that differential to the industry across all the plans, not just the state that we happen to be in, and we're focused on it. So it's fun to do that. It's fun to hear your stories. So you sit down with a client and engage them and report. How's that process different now than what it used to be from the get go?

Russell Telfer  7:09  
Yeah. One it was for me, for my sanity, it gives me a process to go through. So for younger advisors who are looking for something to systemize their process. That's one. The less we can stress our brains, and more stress our systems, the happier we're going to be. So that's first and foremost. But then two: clients are a lot more engaged, instead of just my chicken scratch notes. As you know, Ed is just for the other listeners. I mean, the changes you can make in real time and watch the graphs change accordingly. It really engages the prospects. They're able to say, whoa. Like, okay, this looks great. Like, how about I work another year and three months? And how does that change things? And then also change my Social Security, claiming age? How does that factor in? And it's cool to be able to field all these questions in real time, turn around and just show it right there. So the immediate gratification that clients have gotten from this, I think, is impossible to overstate, just because, especially as a younger advisor, you're still gaining your confidence. A lot of times the answer is, oh, that's a great question. I'll work on that, and I'll send you the answer to your question once I crunch the numbers. But this gives you so much freedom to be in that moment with the client and like with them discovering this, and not have to turn away, to turn your back to them and do all these calculations and then represent it to them. It's more of a collaborative experience, and whether or not the client picks up on that, it's important to them. For sure.

Ed Dressel  8:46  
I like the wording "collaborative experience". What's the difference as you get through the process and you finish? What's the difference between what you had before with the client? The client's response before and client's response now?

Russell Telfer  9:00  
Yeah, so I was using a financial planning software before. I was just feeding it the PERS numbers. To your point earlier, the devil is in the details. There's all those many things, the IAP contribution amount being reduced, or the STRS COLA that you mentioned. Those comp, those differences matter when we're projecting people's financial livelihood. So I just wanted to pat you on the back there. I think that's awesome that you guys pay attention to those details. But really, from the client's perspective, what's changed is I'm able to go as broad stroke or as in the weeds as they want to. So I'll get an engineer type. And we all know anyone who's listening to this, who's an advisor, is rolling their eyes right now, because you either love or you hate working with engineers. I mean, I was able to--the quintessential engineer type was throwing everything he had at me. Thank goodness I had your system Ed, because I was like, "Oh yeah, the system can show that. Let's put it in right here." And I was just eating all those questions for breakfast, turning around, spitting out the reports. So the difference from the client perspective probably is increased competence from my planning skills itself. And then also the deliverables give them the warm and fuzzies. I don't know if anyone ever looks at deliverables, but they ask for them. They love them. I don't know if they actually pull them back up after they get them, but yours are really nice. They come ready to go--boom, boom, boom--and you can adjust those on the fly. So I don't know if that answers your question, but I I definitely think there is an improved sense of confidence from the client. Like whoa. They're thinking about everything, and they can go as deep as I want to go.

Ed Dressel  10:34  
And that's I was looking for, the emotive response, the sense of confidence that a client has in what you provided to them. What difference has it made in your sales?

Russell Telfer  10:44  
Yeah, man, I mean, I'm a data nerd, and I can't even say that to you because you built this software, so you're probably laughing at me, compared to what I even, how I even define data. But I mean, like I track everything. How many people open my webinar invites, how many people register, how many people come, how many people book appointments, how many people show up to the appointments, how many people we close. The closing rate was already pretty high. We were at like 42% before I started implementing this. What I've noticed is while the close rate hasn't necessarily seen a significant spike, because I think 42 is already where it needs to be. It's more of I'm able to process more people, and so there's different parts of the funnel that have different overall outputs on the system. And yeah, I didn't notice necessarily closing a higher percentage of clients, but it allowed me to see more clients, which means I was getting more sales, right? It's the same output. And so the ability to with zero prep, I'm like, "Oh man, I forgot I had a call in two minutes"-- pull up your system, put in their name, and be like, I have everything I need to start this conversation and be fully equipped to answer their in depth questions has allowed me to say, "You know what, I can take three or four of these a day instead of just one or two, and I can see more people."

Ed Dressel  12:12  
So you're bringing more efficiency to the table exactly and not compromising your close rate?

Russell Telfer  12:17  
Exactly right. Yep, you said it. I'm able to see more people, keep the same close rate, and increase the efficiency. What I think is really important is walk clients through my system, not the other way around. It's like, "Hey, here's the data points we need. Here's what we're focused on." I love that. There's a shortfall calculator. It's like, you got to start saving x more today. And that's when you start finding the money, as you know, Ed, you go, "Oh well, we got to save another $1,000 a month." And they're going, "Oh well, there's $500 a month left in my paycheck that I don't use every month." And I'm like, "Okay, that's going towards your 403(b) now." Or, "I've got a car that cost me $500 a month, but I can pay it off with my savings and still have enough for a three to six month emergency savings." I'm like, "Sweet. We just found the other $500. Now you're on track. How's that feel?" And they're like, "Oh, thank you so much" so and then, of course, we're managing the 403(b) so everyone's happy.

Russell Telfer  13:04  
Do you use the Paycheck Calculator at all?

Russell Telfer  13:12  
uI have. Yeah, I love that too. There are so many things in your system that even without the pensions, it's still standalone. For anyone listening, this thing is a is extremely intuitive and useful, even if you don't have clients with pensions. The Paycheck Calculator itself is so nice for people to start in analyzing pre verse, post tax, right? Or, hey, here's everything in my paycheck. What does this mean? The other day, I had someone say, "Why is my take home so low?" I'm like, "Send me a copy of your paycheck." And then I used your analyzer to, like, help them see what it actually was in layman's terms. So impressive. And I will say, you're not paying me for this. I'm just--this is why you probably asked me on because you heard how excited I am about your software. Like, I freaking love it. I have yet to see a software that is both useful at the broad stroke level and at the comprehensive level. So like we've all seen E-Money. I hate the softwares that they offer so many things and yet quantity is not quality. A client has no emotional attachment to a freaking Monte Carlo simulation, like they don't even know what that means. So if we're going to have a lot of features, let's have it be something that gives clients warm and fuzzies. And even if I didn't have clients who have pensions, I would still be using your program because of the different tools that are within it. Gap Analysis is awesome, the Paycheck Calculator, the Roth there's a what if Roth module you can add as well. You know, Roth Conversion.

Ed Dressel  14:49  
You mentioned earlier that there was something else you were going to bring up. What were you referring to? 

Russell Telfer  14:54  
Yeah. So thanks for reminding me. One of the things I love about your company is the creator, right? Or the engineers are talking to the end users. They kind of seem like one in the same and so let me give you an example of how this, when this isn't executed correctly, what it looks like. In my car I have one of the basic model Hondas to switch from my wife's phone to my phone for Bluetooth, something that you do every time you get in the car. It's about a baker's dozen worth of clicks I have to do on the user interface. Whereas to switch to bass and treble, something I've never done in a car ever, it's one click away. And so I'm wondering, like, who the heck engineered this? Did they not talk to an end user once in the process? And especially true in the financial world, think about your broker dealer's paperwork. I'm like, has anyone sat down someone from the compliance department and actually showed them the account opening process? Like, this is archaic. Like, why doesn't anybody talk to the end user? And so that's what it looks like when it goes bad with your company. Dude, I see you. I mean, you're the you're the founder and creator of this thing, right? But even if you were out of the equation, I'll call your hotline and I'll say--and I've never not gotten an answer. It's a human who answers it every time.--And they'll go, "What can I help you with?" And they'll either point me to the direction of where I want to find something, they'll be like, yes, we have that. It's located here, or, no, I don't have that in the system. I wonder if that would be useful for other users as well. Let's put it maybe as a product feature on our next call and see if it would be worthwhile to add to the program. So like that alone, besides the program being amazing, I can't tell you, like the sense of relief that makes me feel, of like it feels like whoever created this system is actually in here and using it every day, because you can feel the difference. It is so user friendly. And even if there's a spot that I notice, oh, it'd be cool if this button clicked here, you guys are open to adding it. So I think that's really, really, really important in a world that's increasingly AI and robotic and automated, to still have that feel to it. This is why I will sing your praises to anyone who's walking by at the conference. I'll just say, get this get this program, because it's--

Ed Dressel  17:21  
And Russell is not on a commission basis. There's an old principle and leadership that I subscribe to strongly, and it's decisions are made best closest to the impact that they have. Think about government and that they're far away from the decision how is their decision making process impacted? Get them closer to the problem. There's a book called Leadership Without Easy Answers. It's a great book. And get people close to the problem. And design is best made closest to the problems. That's why I have never stopped interacting with our end users. I just don't want to. That will not be good for the company, because I can come up with a lot of great ideas but the best ideas I have are interacting with end users. So I appreciate your compliments. Well, Russell, it's been great to talk to you. Your words are so kind. I appreciate your time. Anything in closing?

Russell Telfer  18:20  
No, I just wanted to get on here. I've listened to the podcast before, so it was cool to be a part of it. And I think it goes to show that sales is just a transfer of belief. I wouldn't have been able to speak this strongly about the program unless it has truly helped me. You'd be able to see right through it if I was paid to talk about this, or didn't actually use it like, I love it and I'm singing it from the mountain tops. And so I think that's important to remember as advisors for our clients, is, let's just transfer our beliefs of like, what's best for them and what actually works and what's good for them, and that way we won't kind of lose our ways in industry. 

Ed Dressel  19:00  
It's been a pleasure to talk to you. Russell.

Russell Telfer  19:03  
 Yeah, thanks for having me, Ed.

Ed Dressel  19:05  
 My pleasure, and thank you for your kind words. And I hope we can continue to help you with your success.

Russell Telfer  19:11  
I'm looking forward to it. Thanks again, Ed.