It's Not What You Know, It's About Who Knows You - Ric Edelman

Dreamcatchers Hosted by Jerome Myers

Most say it's all about who you know and not what you know. Ric Edelman says otherwise; It's all about who knows you.

Ric Edelman is an entrepreneur who left corporate America and went into pure journalism and financial advising. After interviewing CFOs and money managers while writing stories, Ric realized it was possible to make more money than what he was making in his job, and this could be done through entrepreneurship. This realization led him to leave his career and pursue financial advising, where he would eventually create his own successful business.

In this episode, Ric shares his experience of leaving corporate America and creating a successful financial advising business with his wife, Jean. He shares how they built up their business to become the country's most prominent investment advisory financial planning firm, managing 300 billion in assets and being ranked number one by Consumer Reports. They also discuss how they have implemented incentives such as sabbaticals, Rolex watches, and trips to Disney World for their staff. He now focuses on media, crypto education, and Alzheimer's research and shares his thoughts on what comes after financial success.

Join us as we explore the inspiring story of Jean and Ric's entrepreneurial journey, from starting with nothing to becoming one of the top-ranked firms in the nation!

[00:00 - 16:04] Building a Financial Empire with Ric Edelman

• Ric Edelman shares his story from exiting his job to becoming a financial advisor
• He recognized two critical things:
• serve people who don't have access to advice
• demonstrate skills and knowledge to assist them
• Ric pivoted his business model by targeting young parents who were struggling to save for their future
• Ric shares his past accomplishments and how these have affected his business

[16:05 - 30:20] Generating Billion Dollars in Assets Per Month

• Instead of turning clients away, Ric increased their capacity instead
• He paved the way for lower-net-worth and lower income households to receive financial advice
• Ric partnered with George Ball, a titan of Wall Street, to obtain capital and guidance for expansion
• Ric left his firm at the end of 2021 and now focusing on new enterprises such as media, crypto education, Alzheimer's research, family office investments, and philanthropy

[30:21 - 46:01] From Chasing Financial Freedom to Generous Rewards

• Ric expresses the importance of sharing the rewards with employees, advisors, managers, and staff
• People who chase money rarely succeed due to the sacrifices, risks, workload, uncertainties, anxieties, and disruptions it involves
• How to avoid the founder's exit paradox by creating a plan

[46:02 - 47:33] Closing Segment

• Final words

Quotes:

"It's not what you know, but who knows you." - Ric Edelman

"We're going to teach you the mission. We're going to give you the tools so that you can achieve the mission, and then we're going to get out of your way." - Ric Edelman

"We knew that by having happy staff who are doing the best they can do, the client becomes the winner. Because the client is the beneficiary of all that great work that's happening inside the organization." - Ric Edelman

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Dreamcatchers is an inclusive organization that targets people's interest in being more instead of a certain demographic. We have people from all walks of life at many different ages. Find out more at www.dreamsshouldbereal.com. Find out more about Jerome at www.d3v3loping.com or www.myersmethods.com.

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