32 min
Why Financial Advisors Should Collaborate, Not Compete with Stoy Hall Investipal Podcast
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- Investing
Stoy Hall is the Founder & CEO of Black Mammoth, a Modern Family Office, and host of the NOB$ Wealth Podcast. He’s recognized by Investopedia as a Top 100 Financial Advisor in part due to his dedication to helping women and minority business owners, entrepreneurs, and employees achieve true wealth, and for his commitment to ‘ridding the world of financial illiteracy’.
In this episode, Stoy talks about the importance of teaching financial literacy to children, the grind of wealth building, why alternative strategies are critical (including investing in oneself), and why financial advisors and planners aren’t actually in competition with one another.
Please enjoy our conversation with Stoy Hall.
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Links:
The Investipal Podcast is produced by www.investipal.co. Past guests include Peter Lazaroff, Douglas Boneparth, Jamie Hopkins, Tyrone Ross and many more.
Follow us on LinkedIn: www.linkedin.com/company/investipal | www.linkedin.com/in/cameronhowe/; Twitter: www.twitter.com/camhowe16 | www.twitter.com/investipal; Tiktok: www.tiktok.com/@camhowe16 | www.tiktok.com/@investipal; or Instagram: www.instagram.com/investipal/
Find Stoy Hall at:
www.linkedin.com/in/stoyhall/
www.twitter.com/Stoy_Hall
www.instagram.com/blackmammoth1
www.facebook.com/stoy.hall
www.tiktok.com/@stoyhall
www.tiktok.com/@stoyhall
www.blackmammoth.com/
www.nobswealthpodcast.com/
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Key Takeaways:
Financial literacy is severely lacking, especially among younger generations and the non-wealthy. There is a huge gap in proper money education through schools, media, and influencer content.
Building financial literacy from an early age is crucial. Stoy talks openly with his kids about money, has them earn income through jobs/chores, and requires they invest half of what they make.
True wealth building is a grind - it takes perseverance, smart decision-making, and a long-term mindset. Getting rich quick is unrealistic.
Diversifying into alternative investments like real estate, business ownership, and entrepreneurship can lead to exponential wealth growth beyond just stocks/bonds.
Financial planners should focus more on comprehensive planning than just investment management to provide maximum value to clients.
The financial advisory industry needs to increase collaboration, not competition, to improve accessibility and financial literacy for the masses.
Having a well-designed financial plan that aligns your money with life goals is more important than chasing hot investment returns.
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Timestamps:
00:00 Introduction and Background
03:17 Recognizing the Gap in Financial Education
05:05 Turning Point: Investing in Financial Literacy
06:09 Teaching Financial Literacy to Children
08:13 Investing in What You Know
10:03 The Grind of Wealth Building
12:05 Instant Gratification and Misconceptions about Wealth
19:29 The Value of Financial Planners and Collaboration
24:05 Changing the Status Quo in Financial Planning
26:28 The Need for Awareness and Collaboration in the Industry
30:24 Shifting to a Flat Fee Model
31:15 How to Connect with Stoy Hall
Stoy Hall is the Founder & CEO of Black Mammoth, a Modern Family Office, and host of the NOB$ Wealth Podcast. He’s recognized by Investopedia as a Top 100 Financial Advisor in part due to his dedication to helping women and minority business owners, entrepreneurs, and employees achieve true wealth, and for his commitment to ‘ridding the world of financial illiteracy’.
In this episode, Stoy talks about the importance of teaching financial literacy to children, the grind of wealth building, why alternative strategies are critical (including investing in oneself), and why financial advisors and planners aren’t actually in competition with one another.
Please enjoy our conversation with Stoy Hall.
----
Links:
The Investipal Podcast is produced by www.investipal.co. Past guests include Peter Lazaroff, Douglas Boneparth, Jamie Hopkins, Tyrone Ross and many more.
Follow us on LinkedIn: www.linkedin.com/company/investipal | www.linkedin.com/in/cameronhowe/; Twitter: www.twitter.com/camhowe16 | www.twitter.com/investipal; Tiktok: www.tiktok.com/@camhowe16 | www.tiktok.com/@investipal; or Instagram: www.instagram.com/investipal/
Find Stoy Hall at:
www.linkedin.com/in/stoyhall/
www.twitter.com/Stoy_Hall
www.instagram.com/blackmammoth1
www.facebook.com/stoy.hall
www.tiktok.com/@stoyhall
www.tiktok.com/@stoyhall
www.blackmammoth.com/
www.nobswealthpodcast.com/
----
Key Takeaways:
Financial literacy is severely lacking, especially among younger generations and the non-wealthy. There is a huge gap in proper money education through schools, media, and influencer content.
Building financial literacy from an early age is crucial. Stoy talks openly with his kids about money, has them earn income through jobs/chores, and requires they invest half of what they make.
True wealth building is a grind - it takes perseverance, smart decision-making, and a long-term mindset. Getting rich quick is unrealistic.
Diversifying into alternative investments like real estate, business ownership, and entrepreneurship can lead to exponential wealth growth beyond just stocks/bonds.
Financial planners should focus more on comprehensive planning than just investment management to provide maximum value to clients.
The financial advisory industry needs to increase collaboration, not competition, to improve accessibility and financial literacy for the masses.
Having a well-designed financial plan that aligns your money with life goals is more important than chasing hot investment returns.
----
Timestamps:
00:00 Introduction and Background
03:17 Recognizing the Gap in Financial Education
05:05 Turning Point: Investing in Financial Literacy
06:09 Teaching Financial Literacy to Children
08:13 Investing in What You Know
10:03 The Grind of Wealth Building
12:05 Instant Gratification and Misconceptions about Wealth
19:29 The Value of Financial Planners and Collaboration
24:05 Changing the Status Quo in Financial Planning
26:28 The Need for Awareness and Collaboration in the Industry
30:24 Shifting to a Flat Fee Model
31:15 How to Connect with Stoy Hall
32 min