Ep 265: Get to know David.

This is David Chudick.

And every once in a while, maybe once a year or so, I like to take a step back and not talk about financial information.

And I'm going to do the forbidden.

I'm going to talk about me.

I'm going to talk about what I do, how I help clients.

And as you know, this podcast is actually a marketing tool for my wealth management practice.

And if you were ever looking for a financial advisor or someone to partner with in your financial journey, this would be a great first step to getting to know if I am that guy for you.

So I hope that you enjoy this episode.

Welcome to the weekly wealth podcast.

I am certified financial planner David Chudick.

This podcast and my wealth management practice are both designed to help the mass affluent to live better lives by how they handle their money.

We talk about financial strategies, prosperous mindsets, and simply how to build true wealth.

So come on and let's enjoy this journey together.

Well, everybody, and welcome to this week's episode.

Now here's a question I want to sit with you.

So really think about this one.

Do you actually know what your financial advisor believes?

And hey, do you know what you believe about money?

And with regard to your financial advisor, we're not talking about just what they do, but why they do it.

Because I think that matters more than what most people realize.

So today I'm pulling back the curtain and I'm going to tell you who I am, tell you what I believe about money and how I show up for my clients.

By the end of the episode, you might know if you would like to join with me on your financial journey and I'll be straight with you.

I think the right financial advisor is one of the most important relationships that you can have, not because of the returns, although the returns on your investments are important, but because of what the real plan actually does for your life.

So let's begin the story with a little, little bit of my background.

Let me give you the 30,000 foot level life history of David Chudick.

So I was born in New York.

Growing up, our family, money was a limiting factor and we never went without food or anything like that, but we did, I think, have some limitations.

Now when you're young, what you're used to is just what's normal, right?

So I didn't know.

I felt that everybody had some money limitations.

But, but as I started to get older, I saw that there were kids and there were teenagers and college students that had some more financial support from their family and that were able to maybe live more prosperous lives.

Like many of our attitudes and our beliefs, a lot of these things get formed in our childhood.

And I think in my childhood, you know, there were some thoughts about, well, money's not always prevalent.

Or maybe one of the attitudes that surrounded us was that the rich people get rich by holding the poor people down.

And the poor people are poor because of the rich people.

And as I got a little bit older and got out on my own a little bit, I started seeing that there is prosperity in the world, there is financial prosperity, and there are people who just end up making a really good living by providing a lot of value.

And one of the things that I think I always knew after a certain age was that many problems in life, not all of them for sure, but many problems in life can be solved or can be made smaller with the addition of money.

So if your car needs to be fixed, you know, money fixes it, right?

Nothing more, nothing less.

If you can afford just to go buy some new tires, yes, it is an inconvenience, but at the end of the day, you get your new tires.

Now if you don't have the money to get the new tires, then it becomes a much, much, much bigger issue.

So speaking of buying things like let's say new tires or medical bills or anything that comes up for an emergency or just for living a good life, being able to do cool things and, and have enjoy some of the fruits of our labors.

After college, I was looking for ways that I could be rewarded financially in my career based on my efforts and my success levels.

So I had a really cool job right out of college.

I was a director of tennis at a big tennis resort in Myrtle Beach, S.C. was never a world class tennis player, but I was really good at teaching tennis and that was kind of where I got my coaching philosophy.

I ended up getting married to my beautiful wife Jill, and did a couple different things career wise until I got into the financial services business.

So I became a financial services representative in the early 2000s for a small office.

And then I went out on my own with New York Life.

And I really enjoyed helping people to make smart financial decisions.

But neither of those scenarios were just a total great fit for me.

Now in 2005, a miracle happened.

I had the ability and the opportunity to purchase a Nationwide insurance agency.

Now you've heard Nationwide, Nationwide is on your side.

Nationwide is a property and casualty insurer, but also has and had a leg that provided financial services.

So I was able to buy an office and we had, I took out a big loan had to work really hard.

And we had home insurance clients, auto insurance clients, business insurance clients.

But I also was able to help clients with some investments on a kind of a limiting basis and financial decisions through Nationwide Securities LLC.

So we worked on that for almost two decades.

And then in 2019, my contract with Nationwide changed and I was able to go independent.

I was able to join another firm if I wanted to and not be captive to Nationwide securities llc.

So I did some due diligence and I talked with other firms and I talked with other investment advisors that I knew in the industry.

And in 2019, I was very proud to join Parallel Financial.

Parallel Financial is a registered investment advisor in Greenville, South Carolina.

And it just has been an amazing fit for me.

Now, I still do have Chudick Financial Services and Insurance Group, which is the insurance agency.

My wife Jill, runs that office.

We have a team and we are able to help clients with risk management, which can be thought of as insurance.

And we can help with wealth management as well.

So it's an amazing way for us to really holistically help our clients.

Now, another amazing thing that was able to happen due to the fact that I joined up with Parallel Financial is I was able to start this podcast.

So I was able to start the weekly wealth podcast.

And here's the backstory behind the weekly wealth podcast.

I've always done a good bit of driving, living 30 minutes or so from the office, and seeing clients and things like that.

So I had been listening to podcasts for years and years, and I had been listening to podcasts, and I felt like I literally actually knew and were friends with the hosts.

And I had this idea, like, what if I start my own podcast?

What if I build a brand?

And what if I put out some valuable content every week or two and help my listeners to learn about money, learn about money behaviors, learning about money philosophies, but I really didn't know where to start.

Right.

So how do you start a podcast if you've ever listened to yourself speak?

None of us enjoy hearing our own voices.

And so back during COVID times, I decided I was going to launch the weekly wealth podcast.

Now, I'm not gonna lie, I'll probably never in my life listen to the first episodes.

I think they were probably horrible.

There were lots of ums and ahhs, and I probably didn't have the technical portions down.

But it's something that's just become a part of me, and it's something that I enjoy doing, and it's something that's really helped me to refine my philosophies about money and about success and about life.

And I hope that I've actually delivered some value to the world.

So we've talked a little bit about my history.

We talked a little bit about who I am.

Let's talk about some of my philosophies here.

And I think it's very important, like I spoke about in the beginning of the show, that you have to understand what your advisor's philosophies are.

What does your advisor believe?

And is your advisor helping you to refine your philosophies and to understand what you believe?

So a couple things to think about here is behavioral finance.

It's not just about math.

It's about the relationship between you and your money.

So initially, a lot of prospects might ask you, well, what is, you know, what rate of return did you get last year for your clients?

And honestly, you know, the answer will be, it really depends.

Like, some of my clients are in early in their accumulation years, and yeah, they needed to get high rates of return.

Some other clients may have some buckets that need to be protected because of a stage of life that they're in, or maybe it needs to be used in the next few years.

That money was.

Was protected and did not have the goal of having the highest possible return.

So you'll hear me say every episode that I believe that how we handle our money should positively impact our lives and the lives of those around us.

And that is literally the core of what I try to have drive all of my clients decisions.

Okay, so how can I make my life better and the lives of the people around me?

Because remember, if you're a believer like me, your job is to love thy neighbor.

So how do you make thy neighbor's life better?

By how you handle your money.

So clients who work with me shouldn't just have more money, or they shouldn't just want to get more money.

They should feel more clarity, more confidence, and more freedom.

So I'm not really here to impress my clients with spreadsheets and graphs and things like that.

I'm here to make sure that when you look back 10 years from now, you're.

You will feel like your money worked for your life, not the other way around.

So who's that actually for?

Who do I work with the best?

Let me tell you Exactly.

So there's something called a niche or a niche, depending on what region of the company you are with.

And people will ask you, you know, what is your niche?

What is your niche as far as what you're looking for in cl and my first answer is they always have to pass the nice person test.

So I don't want clients who every time I see their phone number pop on the caller id, I cringe because they're just not nice people or they're really, really difficult to please.

I want clients that are a good fit.

Which brings us to the actual name of the first meeting that I'll have with a prospect.

And that's a fit meeting.

I want to know that you're a good fit for me.

And of course we want to know that I am a good f fit for you.

So the nice person filter is the first one.

Now, I think the Dave Ramsey's of the world are incredible people, but I typically am not looking to work with people who are really in big financial holes.

That's just not what I'm set up to do.

Now if somebody needs a little bit of help getting pointed in the right direction with budgets and things like that, I am always happy to do that.

But if there's serious debt that needs to get out of and major money mindset problems and trouble, trouble paying bills, I think there are other maybe Dave Ramsey counselors, there may be books, there may be other financial coaches that can handle those types of scenarios.

But what I am looking for are people, both busy professionals and business owners who are already good at making money but haven't had time or the right partner to build a real plan around it.

In short, they're doing well, but they know they're not optimizing and they want to optimize their current financial position.

So high earners who feel like they should have more figured out than they do.

And that's honestly very common.

I have some high earning clients that they didn't do such a great job with accumulating emergency funds and maybe saving monies outside of their retirement accounts.

Or there are a lot of things going on where people they just don't think about, like what they need to do.

People who are at inflection points is also part of the clientele that really needs my help or the help of the advisor.

So maybe a business transition.

Maybe if there's growing wealth approaching retirement, maybe the death of a spouse or I don't know, maybe they just realize they've been winging it long enough and they just don't really have direction.

So my ideal client isn't someone who is in deep financial trouble.

It's someone who's done really well and knows that they could be doing even better with the right Strategy and the right person in their corner.

Now, in addition to that, I think that there are different types of people in this world.

There are do it yourselfers, there are collaborators, and then there are delegators.

Now neither one is right or wrong and we probably are all of our in our lives, we are a combination of the three in different areas.

So some people decide, you know what, I'm going to do it yourself, or when it comes to lawn care, I'm never going to pay anybody to cut my grass.

I'll do it myself.

And you know what, maybe that's the right decision for you.

There are other people that say, I just, you know, my weekends are too short.

Why would I want to spend time cutting grass?

Let me just pay someone and then I can do some things that I enjoy.

Or maybe I could just work and get another client and make much, much more money than what I paid to have the grass cut.

So another behavioral or psychological component of the people that I like to work with is they typically are either delegators and they'll ask, what do you think I should do?

And then most of the times they'll take the advice.

Unless there's maybe some facts and circumstances that I as the advisor didn't understand during our discovery or people who are collaborators.

Okay, so I don't obviously need to make all of your financial decisions for you and we can talk about some of the best options.

But a lot of the times the do it yourselfers, those are people who maybe they just questioned a lot of your advice and maybe they ultimately want to make decisions and have their advisor confirm them even if they aren't the best decisions.

But for the do it yourselfers, it's typically not a great fit.

But now if you're someone who is thinking about, well, why should I delegate my financial decisions to David Chudick or to anybody else who's a financial advisor?

Well, here are a couple reasons why you might.

So number one, I've held the CFP designation that's the gold standard in financial planning since 2006.

So we are at two decades of experience.

I also hold the certification for long term care designation that gives me the knowledge to be able to help my clients plan for long term care strategies.

I have been insurance licensed since the early 2000s, so we have more than two decades experience there.

And let's face it, risk management is an incredibly important part of financial planning that is almost always ignored.

So I asked a client the other day and this client has multi seven figure portfolios.

What is the actual likelihood that your three or four or five million dollar accounts can drop by two or three or four million dollars, like literally today.

And the answer was, like, literally, it's close to zero.

But I asked them, what is the possibility that either one of you might run a stop sign and cause a major car accident and get sued for several million dollars?

Well, of course that answer is, yeah, we hope that never happens.

And it's never happened, but it could, right?

And then when the personal injury attorneys get ahold of that case, almost all of their money can be lost in a lawsuit.

Now, that can be protected through certain types of insurance and extra policies.

So risk management, if your financial advisor is not talking about it, ask them why.

Let's step away from the podcast for just a moment.

One of the services that I offer to my clients is help planning to exit their business.

So as business owners, you're familiar with the challenges and complexities that come with steering your company day to day.

But have you considered the transformative power of picturing your end game?

So imagine having a destination so clear in your mind that every decision you.

Make naturally aligns with it.

To download our free ebook called the End Game, go to my website, www.weeklywealthpodcast.com Endgame.

That's www.weeklywealthpodcast.com endgame.

And okay, now let's get back to the podcast.

And then the other thing that makes me a little bit different is I'm a certified value builder advisor, and we are able to help business owners to improve the value of what their biggest asset likely is, and that's their business.

So working with me, you get an intersection of wealth management, you get an intersection of business strategy, and you get an intersection of risk management all under one roof.

Most advisors can't do all three, and I'm proud to say that I can.

And you get Chudick Financial Services and Insurance Group and Parallel Financial working together.

A boutique relationship with some serious infrastructure behind it.

And what about accountability?

When you're working with a good financial advisor, you are coming up with your financial tasks that need to be completed.

So let's say you're 35 years old.

You have no estate planning documents completed.

A good financial advisor will help you to develop a timeline, help you to set an appointment with an attorney and make sure that those estate documents get completed.

Because let's face it, thinking about completing estate planning documents and actually completing estate planning documents are not the same thing.

So are you and your advisor or would a relationship with an advisor where you have some accountability on doing the important things.

Do you think that would benefit you?

So for a business owner especially, I'm not just your financial advisor.

I can help you think about your business as the asset that it actually is and make sure you're building it to be worth something when you're ready to walk away.

So if any of this is resonating with you, here is what I would love for you to do next.

So go to www.weeklywealthpodcast.com vision schedule your 10 minute vision call and we can talk about some of your hopes, we can talk about some of your dreams, we can talk about some of your 30,000 foot level financial aspects and we can decide if there are are any next steps.

It really is that easy and there is no cost for that appointment.

So thanks for spending this time with me today.

Next week we'll be back talking about financial topics, but until then, take care of yourself, take care of your people, and we'll talk soon.

Have a blessed week.

The information presented on this podcast is for general educational purposes only and does not constitute financial investment, legal or tax advice.

Parallel Financial is registered with the U.S. securities and Exchange Commission as a registered investment advisor.

Registration does not imply a certain level of skill or training, nor does it constitute an endorsement by the sec.

All investing involves risk, including the potential loss of principal.

Please consult a qualified financial professional before making any financial decisions.

And here is this week's bonus content.

And for the last thing, and I mean this.

Most people don't fail financially because they don't have enough money.

They fall short because they never had a real plan or the right person in helping them to execute the plan right?

Because thinking about doing things and actually doing them are two different things.

So if today's episode made you think about where you are versus where you want to be, it don't let that feeling pass.

Do something with it.

I'm here if you need me.

Www.weeklywealthpodcast.com.