Family Business Series: Understanding Problems Requires Vulnerability
- Mark Pletts of Waypoint Capital Advisors, Founder
Mark Pletts joins Jamie Duininck to discuss the importance of fully understanding financial problems before committing to a solution. It starts with the willingness to be vulnerable and open with your financial advisor in order to get the best outcome for you, your family, or your business.
Episode 41.3 | 5 min
Mark Pletts, founder of Waypoint Capital Advisors, is passionate about family and believes that financial planning, when done correctly, can positively impact generations to come. He’s been in the financial services industry since the early 1980’s and has helped host, Jamie Duininck, navigate challenges and make decisions for his family business that are best for both the organization and the family. Mark and his partners started Waypoint Capital Advisors to support the multi-generational complexities of managing wealth. He helps family businesses of all sizes align the math and the emotion when doing financial planning.
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Jamie Duininck (00:31):
Joining us today on The Water Table Podcast is Mark Pletts with Waypoint Capital Advisors, Mark, thanks for joining us.
Well, you’ve said something a couple of times in a couple of different ways on a couple of the different topics today, Mark, that I caught note of and, correct me if I’m wrong, but it’s kind of, “Beware of an advisor that shows up with solutions, not really understanding your problem.” Would that be correct?
Mark Pletts (01:07):
Yeah, that’s most definitely, if anyone walks away from anything, whether it’s an insurance person, a lawyer, attorney, financial planner, whoever it might be. I think all of them, many of them, show up with an idea that’s attractive and that opens the door. But the ones that are really good show up, with no ideas, and they’re just good listeners. And they listen and you know when you’re sitting in front of someone that’s a good listener. Those are the best advisors you can surround yourself with, because they don’t have an agenda, they don’t have a product…
Which sort of leads me to another discussion, I wrote an essay recently, that’s going to be in a book published later on this year, and the title of the essay was, If You Tell Me How Someone’s Compensated, I’ll Tell You and Can Predict Their Behavior.
In the murky world of compensation, and how we’re all compensated, if you can figure out quickly how the insurance person, the financial planner, the attorney, how anyone’s compensated, you can pretty much predict where they’re going to get and what they’re going to recommend. And so that’s a cut… You can cut quickly to what you’re going to see from people if you know how they’re paid and it’s okay to ask people, “How are you paid? Tell me how you’re paid.”
Jamie Duininck (02:32):
Yep. Yep. So you can understand, are they trying to sell me something where because they’re making more money on it or because I really need it.
Mark Pletts (02:39):
Jamie Duininck (02:40):
Yeah. Yep. Yep. And you answered that really well, I was going to ask you another question around understanding what the problem is before giving a solution. And I think for me, and you can correct me if I’m wrong, but some advice would just be to really be wise in how you pick your advisors around who has your best interest in mind. And you said it well around, and you can tell somebody’s being a good listener, that’s a good start. But then once you feel comfortable that you have the right person, then be vulnerable with them and tell them because there are things that you might want to not share. Family challenges within your family of… But they’re really helpful, if somebody’s going to help you, transition your business whether it’s the financial piece or whether it’s the peace of mind of life insurance or whatever that might be, is I think that’s another step that we often in business don’t get to is the vulnerability that can help the right advisor make the right decision.
Mark Pletts (03:58):
Yeah, it’s interesting. I think just as humans, we don’t want to ever show vulnerability. So in the places where you’re willing to share with those people, those things that no one else knows, which are important, because you’re going to get better advice if those advisors know the whole picture.
And all of us have issues that we don’t talk about, but that’s a person in your life that you want to keep close to you, because if you’re willing to go to those places, you’re probably going to get better advice, because you’re willing to be vulnerable with them.
Jamie Duininck (04:36):
Thank you Mark, for all of your advice today and discussion on The Water Table Podcast for our listeners. If you’d like to hear the whole discussion with Mark, you can find it at watertable.ag/business.