Basketball is one of my passions, so recording this episode was a blast! Chris Dudley & Detlef Schrempf played a combined 32 years in the NBA, and have chosen financial services as their second career. The lessons they share from their experiences are timeless, and apply to each of us and the role we play on our own personal teams – both in the office and at home. Of course, I couldn’t resist sneaking in a little fun and asking them to pick their ultimate basketball teams. Be sure to listen to the end to hear their selections!
- How they found their way to the NBA
- Why they were asked to play different roles in the NBA, and how they found success in them
- Why they transitioned into financial services
- How they leverage their vast networks of relationships for business without abusing them
- Chris & Det’s advice for those considering working with professional athletes
Chris Dudley, Detlef Schrempf, Derek Bruton
Derek Bruton 00:32
Got a special show today, a different show for all of you to our two guests, Chris Dudley and Detlef Schrempf, who played a combined 32 seasons in the NBA, and who made the transition from entertaining people on the court to now working with families and individuals to preserve and grow their life savings. They're my two guests today. . .
Detlef Schrempf 06:43
Derek Bruton 06:44
Yeah, you don't want me to bring that up? I know. But you were on Married with Children Parks and Recreation. 30 rock. So you've been on TV? I think you've been typecast for comedy shows? I guess. So action adventure is out of the question. We won't seek to do in any predator movies or anything like that it sounds like. And what we have in common debt is that we both played in the PAC 10, which is now called the PAC 12. As most people know, we both were on the court at the same time with this gentleman named Gary Payton. I played against them, you played with them. And I think if there was a stat of trash talking per minute in college and the MBA, I'm sure Gary would win hands down in that category. And your partner in business was my business partner and colleague 30 years ago, which is quite amazing how small this world is. So welcome, gentlemen. I know that was a long intro. But but you guys deserve it. You've both achieved a lot in your sports careers. And now we're going to talk about wealth management as well.
Chris Dudley 07:50
Detlef Schrempf 07:52
Thanks for loving me.
Derek Bruton 07:53
So let's let's start at the beginning and talk about how you, you know, got into basketball and then into pro sports. You know, when I was a kid, I couldn't stand basketball. I got to be a freshman in high school. And at the age of 14, my 610 body was saying, dude, you might want to at least try this sport. And so at what age did you guys set your sights on becoming a competitive basketball player? And you know, when did you have dreams of if you had dreams of getting into the into the NBA?
Chris Dudley 08:32
I'll start with you, Chris. Okay. Oh, we have so I I moved from Philadelphia to San Diego and sixth grade. I was a big 76 or big Dr. J fan. This was what about 77 I think I moved. And so I loved the sport. I wasn't great at it. I was I was a late bloomer. I was super skinny. I grew way play JV sophomore year, actually actually junior year as well and really bloomed you know, senior had a great breakout year senior year and then went on to play in college. So to answer your question, I was I it was my dream I didn't really share it but my dream was playing the NBA. And you know, I did have the big setback. We talked about this a little bit of getting Type One Diabetes when I was a sophomore in high school so that was a and there was nobody in the NBA would I was the first player in the NBA with Type One Diabetes. So there was a lot of things kind of going against it but but secretly are what I might I was driven to, to want to play an app just love the sport and unlike I was tall but I wasn't excessively tall where it was like you've got to play it was more. It was I chose it first and I think that's sometimes helpful when you're able to choose basketball versus it kind of getting pushed into it. So I absolutely love the sport and was my passion.
Derek Bruton 10:02
That's great. I mean, I didn't know that about diabetes. And that's, I mean, among the many challenges of just getting into the NBA, the low percentages of people that actually make it to the NBA throwing in yet another challenge that you face that that's pretty cool. Dad, you grew up in Germany. And I don't know how many kids in Germany dream of being in the NBA. But you know, what was your experience like?
Detlef Schrempf 10:29
Well, I started playing soccer, like everyone in Europe and definitely in Germany, as you know, as soon as you can walk, you kick a soccer ball. So I didn't really get introduced to basketball until I was about 13 years old. I was fortunate that at that time, I switched to a school and my PE teacher was a guy that played with Bill Walton at UCLA. So in PE class, he started having us do basketball, and we are like, you know, what the heck is this thing, you know, you know, throwing a ball into this, this hoop up there. And, you know, and I started growing at that time, I was lanky, late bloomer, and I was hooked. Literally six months later, I joined a club team, I was on the third youth team. You know, within two months, I was starting on the first team, and, you know, two years later basis said, Well, I'm going to the US to see what's over there. And so I literally got hooked on it. I had a great passion for it, but didn't really think the NBA was that my goal at that point? Probably not until I was in college, you know, I thought, you know, second year in college, I go, Well, you know, if I continue on this path, I can probably play in the NBA. So it took a while it was kind of step by step.
Derek Bruton 11:42
So you guys made you make it to the NBA. And whether that was your dream or not, you're there. You're competing. I mean, you're you're playing with guys I mentioned Patrick Ewing with you, Chris. Dad, I'm sure you've played against them. But guys like Peyton Shawn Kimpton one of my favorite players of all time, Chris, you play withdraws and Petrovich who tragically passed away real early, but, you know, tell us about the NBA a little bit, you know, and what you found most enjoyable about playing in the league.
Chris Dudley 12:15
Well, Steve, say Morrow we flutes, you know, I came in as a wasn't guaranteed to make it was a way to draft pick fourth round, they had four rounds back there. So it was a long shot to make it and I made the team and then was able to kind of find my niche, which you mentioned earlier, which is defense rebounding, blocking shots, doing all the dirty work, that sort of thing and found it I was gonna be able to stick and in with the diabetes, it was I wasn't super upfront about that. At that time. That was a big question mark, could you play in the NBA with having diabetes and I didn't really become outspoken about my diabetes till probably about my third year when I played in all 82 games, started in games and you know, point minutes and showed that that wasn't going to be an issue as far as being in the NBA and I think which what really, obviously as dead said, we you know, we both love the game. Absolutely. I have a passion for the game. But then it's the competition. It's being able to play night in night out against against the best in the world. Every night there was somebody who were facing whether I use he said Patrick Ewing, Robert Parrish, Kevin McHale, Karl Malone, David Robinson, just on and on Erica Kimani when every night you're battling, battling somebody and so I think it's that competitiveness, and then the camaraderie there's nothing like being on a team and you form those friendships and, and you go into battle every night with those guys. And to me, it was a it was a dream.
Derek Bruton 13:54
You know, it's just it is amazing. You throw out you know, these names and and, you know, for people that don't follow basketball, but I mean, these are all top 50 players ever in basketball, the names that you just throw out and you're banging up against them every night. I know back then the NBA was a lot. I'm gonna say dirtier but a lot rougher. players could get away with more, you know, devil Detlef was out running around the perimeter. We were down there banging away stuff. I don't know. I know. I know. He mixed it up. But he got to face the basket sometimes. And so it's it's you know, it's amazing again that you know, 16 years that you play in a league with all that pounding away. It wears off. It wears on you a little bit. That would you find most most enjoyable about playing the NBA.
Detlef Schrempf 14:49
Well, first of all, like I told you, I was addicted at an early age and it's the best game in the world. You know, if I could still play I would play every day today because To me, it's just one of those things that I truly enjoyed. Every day was different. Every day was different. Every practice was different. Every move was different. You know, wouldn't you want to have that passion for it? I think everything comes easy, but it is a challenge. You know, I was, I was obviously, you know, got drafted high first round, I was an all American in college and I went to a pretty good team that had all stars playing in my position. And the backups ended up being all stars later on, you know, like the small fourth position was Mark McGwire was having like, 26 points a game, and his backup was Dale Ellis, who finally got traded and then he has 26 points a game for the Sonics, you know, so, yeah, it was really hard to, you know, to check your ego because I'm thinking, Wait a minute, I'm an all American, you know, I'm gonna come in and play and then it took me a little a, you know, three years to kind of break through, and eventually I had that success. But, you know, going through the ups and downs of the NBA life is, or even just a game, you know, hitting that game winner or missing the game winner is not something you can duplicate in regular life. And I think just that emotion of it and celebrating with your teammates, and sitting in a locker room and losing a playoff game, and you're down as can be, but you know, it's stuff that you can't really do anywhere else. And those moments are special. And you know, talking about now, like you mentioned Gary Payton, sitting around now when I go to Vegas, we go have dinner, and he's still talking crap, you know, and it's hilarious. Stuff You always remember.
Derek Bruton 16:34
Yeah, yeah. Well, it's First of all, I think there might be a headline in the German national newspaper tomorrow that says, Dad, Trump says basketball is the greatest sport in the world. So there there could be some footballers out there that, that you might get a phone call from so just. But, but yeah, I mean, people don't realize, I can't remember how many games, there were a season was about 80 or so. 282. So I mean, I mean, think about that we all perform in our jobs every day, day in and day out, we talk to prospects, we talk to clients, but gearing up and being your best, just about every night, or it's every other night. It's got to be a difficult thing to do. And like you said, both you guys were superstars in high school and college, and you get to the pros, and you're playing alongside people that are backups, scoring 26 points a game, I mean, you know, it's the mate that the talent there at the next level is amazing. how challenging was it to accept different roles and into play within that team framework? And I'll start with you first debt.
Detlef Schrempf 17:44
I like I said earlier, that was challenging. At the beginning, I had a pretty bitter bad attitude about it, you know, it's Chris can probably say and tell you, I did have a little bit of a temper. And, you know, and it worked for me because I just kept fighting through it. But, you know, eventually I did break through and, you know, played a lot started and had had a, you know, stretch of many, many years where, you know, I played a lot and made the all star team. But But you know, when you get older, you also realize it's not all about that it's about you know, coming together as a team winning. Because, and I know Chris played on a couple bad teams where if you lose every night, it's it's horrible. And when you win every night, even if you think you should be doing more, it's a great feeling. And and that's the difference between the you know, good teams and the very mediocre teams in the NBA. Right?
Derek Bruton 18:39
What was your experience, Chris?
Chris Dudley 18:41
Well, similar in it, I guess in a way coming out of college, senior year, average 19, whatever. But then you come to the NBA quickly realize you're not going to be the default focal point when I went to Cleveland and you've got Brad Doherty Larry Nance and Mark price, they're going to get the Sharon Harper they're going to get the shots. And you know, I got great advice early on when I was trying during the summer I was getting preparing to go to the NBA. We're Enzo Romar, who det I'm sure you know from u dub. He played in the way the NBA for a number of years. And he just said be great at something. And that was so true. And I quickly realized that for me to to best help my team I needed to do what I was best at. And for me that was that was rebounding and playing D blocking shots. And I enjoyed that. I enjoyed rebounding. I took a lot of pleasure in it, a lot of pride in it. And so I think I was able to accept that role. And I really you quickly realize is that said the difference between winning and losing is fun, great experience versus miserable. And I didn't want it to do whatever would help my team win. And at the end of the day you it is about winning, and it makes all the difference in the world, there's nothing, I would really say with one team where I just, you know, it's the best feeling in the world. And it might have been when you went to the, to the finals debt, but when the the whole is greater than the sum of the parts, and that happened with that Nick's team in 99, where we just were quick, and everybody accepted the role. Everybody did what they were supposed to do, we were locked down defensively, we're able to Anyway, it was a great team, great experience, made a run, made a run to the finals. And that is the best feeling in the world. I was on a new jersey team and I was fortunate you can make the playoffs 14 or 15 years out of 16. But the one year I was on New Jersey was just a miserable year. And I remember walking on the team bus and, and one of the players said, Well, we got 73 days to go. Now he said 73 days, 30 days, 12 hours 36 out, you know, it was just that miserable, where people were wanting to get out of there so bad, and it's just in winning makes makes all the difference. And so you quickly realize if I can do this to help our team win. That's, that's a great thing.
Derek Bruton 21:20
But I love roamers advice, you know, be good at something. And you know, not everybody can be the top score. Not everybody, even even you, I'm sure you see the same characteristics in your business today. Not everybody can be the person that brings in the business that manages the business, that is the best service person, everyone's got to play a role and they got to play, they got to be good at it in order to succeed. And just as winning in sports was very enjoyable. Winning a business has got to have around the same feeling I would guess. You know, as you as you experienced that every day with, with your with your colleagues, let's talk a little bit about how you guys went from the MBA long careers in the MPA to wealth management and why why Wealth Management versus other other directions you could have gone debt, why don't you start off and tell us a little bit about how you kind of came into this industry?
Detlef Schrempf 22:23
Yeah, it took me a while, you know, at the end of my career. First of all, I never really thought much about anything else. But basketball for probably my first 10 years, it was just getting ready for next season and getting ready for the next season. Many of you know a couple minor injuries, you're starting to get a little older, you're sitting in the stands, and no watching you play any type of sport and you know, your friends and neighbors are talking to you saying, Oh, so what are you going to do next? I mean, you get a little old. But wait a minute, I'm not that old, you know. But I was fortunate. You know, we live in a great community, we live in this bubble up here and in Seattle, and my neighbors are you know, or were Microsoft executive, Starbucks, Boeing people and you know, you're sitting in the bleachers with your, with your, you know, watching your kids or you haven't barbecues and, and, you know, you just kind of brainstorm about, you know, what do you want to do and, and I had not thought much about it until probably my mid 30s. And then I kind of go, Okay, I gotta figure out something else. Because I'm gonna have another 30 years of, you know, doing something, I'm sure not gonna sit at home, my wife doesn't want me sitting at home. I can't sit at home and showing that as an example to my kids. So I've done a lot of real estate investing. So I actually joined first, while I was still playing a couple of real estate boards just to try to understand it. Always read books, you know, guys were playing cards or doing whatever, I read a lot of bucks on the planes on the buses. And then when I got started, I literally, I was still playing for Portland my last year and I was helped raise a venture fund, you know, became kind of that network, guy getting a foot in the door, raising money, creating opportunities, and I really enjoyed that. So I actually got started in venture and I did that for about eight years and then got recruited out of that for wealth management by a firm that literally, our main offices was basically 300 yards next to the house. We live, you know, so I go by there and I grab a coffee or a lunch meeting and there will be Kevin saying, Hey, Dad, go Hey, Kevin, you should come in and we should talk you should work for us. I got recruited. I didn't know anything about wealth management. And about a year later I joined up
Derek Bruton 24:46
That's amazing. Kevin, Kevin, the person that you mentioned the guy I work with 30 years ago is also six eight so there's some brotherhood going on here between all of us I think is what what's happening. Chris tell how'd you how'd you come? into wealth management, you actually work with a good friend of mine and person I work with about 25 years ago and Gerald graves, great guy. I don't know if he if he was at any part you get into wealth management, but why don't you tell us your story.
Chris Dudley 25:15
So when I was in college, I went to Yale economics. poli sci major, I, if MBA didn't work out, I was looking to go to Wall Street. So I had an interest in college, and followed it. And that's what I did play in the card games. But I also read the book. I totally got to rich. So I always knew I wanted to go on that either I was gonna go in, in basketball, and basketball, or go into the financial services, and I ended up obviously, going to financial services. And as soon as I retired, I got my CFP, because I wanted to make sure I wanted to be hands on do it myself. And I thought it was important while having a degree in economics, but also have the, the the background the certificate to kind of back it up. So not only can when is that says you have those contacts, you have those networks that can get you in any room, but also you want to be able to show that, you know, now that you're in the room, what do you have to say. And so, I was also influenced by I saw so many bad stories along the way like that. We all the athlete, everybody gets pitched everything. And you saw so many bad cases saw so many of my dad's contemporaries who end up going going bankrupt or losing a lot of money and getting bad advice. And you realize there's such a value for good advice out there. And so I followed on that path, retired in Portland, got my CFP. And that's when when I decided I wanted to look at where I was going to where to work with that's when I got introduced to Gerald through a mutual friend and we hit it off shared the same philosophies, client first holistic approach, really getting to know the client and went from there. And I've worked with giralda. Since then, I think I started with them and oh, five.
Derek Bruton 27:21
So that that's great, Chris, I appreciate you telling me that, you know, what I I go back to what I was talking about earlier in the introduction is that, you know, people have come from different professions into our industry and been wildly successful. You know, debt, what do you think it was that you know, Kevin and some of the partners over there Coldstream saw in you? Because you didn't have that wealth management experience, but they saw something in you that that you could bring to the table? What do you think that was?
Detlef Schrempf 27:52
Well, one, I think it was brand. You know, I have a pretty good brand and the Northwest and cold stream when I joined in a we weren't an $800 million company. And you know, when I first started and I didn't really know much about the business, but I would tell people, hey, I'm with cold stream, they got cold cream, Cold Stone wet, you know, because there's so there was a branding issue. And they realized that, you know, I could really help with branding, and help get our name across, you know, different networks and obviously had a great network, you know, from not just neighbors, but from all the charity work I did for 25 years, great sponsors, great connections, I was working with major companies from, you know, Microsoft to f5 networks, you name it. And so, you know, I was playing with you know, Steve Ballmer, you know, CEO of Microsoft playing golf with him stuff like this. I had a great network. And that obviously helps. But yeah, for me, it was just, they want to, you know, they wanted someone to be part of the company that that can obviously help grow the company, but also brought a pretty good brand to the table.
Derek Bruton 29:03
So speaking of that, I know Chris, I'm sure you've got a great network of relationships and contacts as well through your career, your basketball career, but also through the philanthropic work that you're doing. How do you how do you best use and leverage those that network without abusing it? Because I know that's a balance that you have to strike sometimes if you're sitting there playing on your on the eighth hole was still Steve Ballmer. You don't want to just say, Steve, who's manage your money, by the way? Or maybe you did that? I don't know. But, but Chris, why don't you start out? I mean, how do you how do you not abuse that network of that you've built over the years?
Chris Dudley 29:44
Well, I think it's just if they're friends, by the idea, you're helping them. And so I've always said if, if I'm going to bring it up with somebody. I'm going to take it from the point I'm trying to try to help and if you want that help? Great. If you don't, that's fine too. But um, at least point you in the right direction, whether you work with me or work with somebody else, I want to at least give you advice. So you're doing it doing it the right way. And so I think it's pretty easy. If you have it from that perspective, where you're not going to them to get something from them, you're actually going to them to give them something. Right. And it will have that attitude, then it's not, it's not a hard conversation, especially if you really, you know, it's like, no pressure, if you want to work great. Well, either way, you know, but, but here's, and I think, you know, when you ask about depth, depth, successful, in my opinion, because of his network, but also because he has reputation, caring about people and doing his homework, and those sort of things. And same thing, if you become from a good place of really wanting to, to help people in their situation, help them in life. It's an easy conversation.
Derek Bruton 30:58
I think that's a difference maker with you guys. Honestly, there's plenty of plenty of former athletes out there that have big networks, and they know a lot of people, but they're not necessarily seen as someone that can that can be helpful and has that personality, and that, that kind of foundation to want to help somebody. And especially, as you mentioned earlier, in professional sports, I mean, I know a lot of advisors out there would love to manage the money of a professional athlete, especially with the contracts these days. But you know, but I also know, there's some, there's some things that go on with a professional athlete that might make that a difficult client. What would you say to advisors out there? who are who are prospecting fine, you know, professional athletes? And, and, you know, is that a good client or not? debt? Why don't you start off?
Detlef Schrempf 31:56
Well, I think they can definitely be bigger clients, it is a little bit of same similar approach to a business person, because they're like their own CEO of their business. But to me, it's like, you know, what we do, it's kind of like a reflection of charitable work. And my ways, that's, you know, what I enjoy doing over the years is, you know, contributing to the community helping people out in need. Now, we're a little bit of a different stage with people that maybe have a different need. They don't, you know, they're not financially insecure, they're not homeless, but we have the chance to help them, you know, reach those goals, so they can have a positive impact on their community. And that's why I always try to talk to pro athletes about our coaches about, you know, what's ultimately your goals? I mean, is it all about, you know, how your brand is doing on social media on Instagram? And how much money you're making? Or is it you know, what are your long term plans for you, your family and your kids, and that oftentimes gets pushed in the back. Because, you know, as you know, we all gone through stages in life, where, first it was all about succeeding, you know, Hey, I got to make it. You know, as a player, I got to make it, I get more playing time I get more shots, I got to get a new contract, and I got to buy the bigger house, I got to get a bigger car. And I think, you know, Chris and I are at a stage in life where, you know, we've done some of that, and we don't really have that pressure. So, you know, we're not, we're not pushy with people, and I work with some pro athletes, and I'm never pushy, I'm kind of going, Hey, I'm here to help. But it's got to come from you. I definitely don't want to work through the layers of agents and hanger owners and family members that don't have the best interest in mind. So it's always a discussion, but a lot, you know, as personnel as agents, they got a pretty good grip on on the athlete. So oftentimes, it depends on is the agent a good person or not? And is that person actually, you know, wants to do what's best for the athlete? Chris, what
Derek Bruton 33:58
Are your thoughts on managing or, or, you know, if you were talking to an advisor right now about approaching a professional athlete?
Chris Dudley 34:08
I mean, I think it's, it's a great, I love my clients, I have their pro athletes or work pro athletes, I love it's great situation. You can do so much. Athletes really need it more. Well, as much or more than anyone in that there is no other career like it, that have a professional athlete where professional athletes can earn. A lot of times you could say up to 95% of their lifetime earnings are going to they're going to have those by the time they retire. But mid 30s if they're lucky way 20s is probably more likely. And they have to they get all that money on the front end and have to be able to live off that for the rest of their life. Where the more common is people make money as they get older and rise up to their company and they've already had those those lessons along the way. Unfortunately for athletes, sometimes those lessons can be devastating. If you know what you do in early 20s, and lose that money, you can never recoup it. So it's so valuable. And it's, it's, it's a pleasure, I've really enjoyed working with them. As far as getting in the business it can be it can be brutal, because now that the money's gone up. Everybody's chasing them. And it's I get, you know, I would tell my best friend was my agent. And he's, he's unfortunately passed away, but we would talk about it. And then when it's it got where money firms were recruiting kids out of high school, giving them money in high school to join them when they came in. And that was something I never did. I was like, I'm not not getting involved with that. And it's that that said, you need to work with somebody who has a good agent who's really got his athletes best interests in mind. But as for someone who comes in and doesn't have any connection, it can be it can be very tough. Unfortunately, a brutal business, where it's not always as ethical as it should be. I found and I'm sure that say the same thing, that the athletes usually when they're when they when they've gone through a couple of lessons, and they realize that guy who has given them money in high school or giving them money in college, probably wasn't the best person for them. And now they're looking for some advice. That's usually the client that's more readily accessed. Ready to accept the advice and take advantage of the take advantage of the advice? Yeah, but it can be tough for me, because everybody says, Oh, yeah, I want to work with all these. You know, it's just like being an agent world. It's a it's a tough business.
Derek Bruton 36:52
Yeah, and it's probably, you know, not just managing wealth, but helping them save their wealth, right. And because they, you know, 18 year olds getting $20 million contracts, they're, they're not accustomed to that wealth. There's a lot of influences that all of a sudden come out of the woodwork. And as a wealth advisor, you're not just dealing with the, the athlete, you're dealing with all those influences as well. But you got you guys are in the business of a really changing lives. I mean, I know, all the advisors I've worked with in my career, can point back to situations where they've, they've just, you know, they've taken a family or an individual from nothing and built up wealth, and now they're enjoying retirement, and that's deep satisfaction. But can you guys give me an example of a feel good moment where, you know, you guys went home and just fist bump your wife or your kids and where you said you made a difference in, in a client's life? Chris, why don't you start up?
Chris Dudley 37:54
Ah, you know, I think there's a couple. Yeah, a couple of examples. I think one with professional athlete was one we're after retired, it's got four kids, he we kind of went through the meeting, they're there, they're all set, they've 529 plans fully loaded, set for college, they've paid off their home, they've got a second you know, they're set for life. And just he just thanked me and his wife thanked me and just said, Thank you for setting us up. And that's it just feels good. It felt good to get recognized and, and to really have and this was not a player who was at the top top of us good player play played for a number of years, but to know that set him up where he was gonna be able to take care of his family for the rest of his life. That that was a you know, that felt real good. And I think I did talk to my wife. I don't know if I fist bumped her, but I definitely told her how foot You know, that's, that's that's the reward of being in the business.
Derek Bruton 38:55
While high fives were more fashionable in our days in a FISMA.
Detlef Schrempf 38:58
We didn't we didn't know what that was back then.
Derek Bruton 39:00
Now we're not fist bumping or high fiving with COVID. But so that I know, you've you've probably had some great experiences, but can you share one?
Detlef Schrempf 39:11
Yeah, I think I mean, there are many right? I wouldn't. I don't think I compare him to that big moment playing basketball right? Where you get so excited emotionally, but it's more, it lasts longer. Because we all we're all human beings. We all like Krista, we all appreciate a pat on the back. So it's, it's that message you get once when somebody a family, a client a couple, you know, gives you that. You know what, this feels really good. We feel safe, we feel you know, stress is gone. And that's ultimately what we're doing right? We're trying to make sure people live a happy fulfilling life and they're healthy. And it's not always about the dollar amount. But yeah, we just recently had a client's to a couple that actually we just signed on And they're all on board, right? I mean, they literally brought in every document they could over a weekend, they uploaded everything they had in which, you know, as you know, sometimes that can take months, right? Wait a minute, you still have so and so can you get that to us? Oh, yeah, tomorrow, literally over a weekend, everything they had from all their retirement plans to, to stock option plans to insurance documents to an old estate plan, I needed to be everything. And it was like, and then on Monday, they're going, Okay, well, we're doing now. And then, you know, we had a meeting set up all week, they were going to then Aruba, no, they literally left, they're going to spend three months in Aruba because all the kids out of the house, and they're working from there. And they were ready to go. And so we have meetings set up all week long with you know, plan or state plan or tax planning, stock option planning, all that kind of stuff. And at the end of the week, they're sent a long email going, here we are sitting in the sound set. And we were really worried about if we should leave if we can, and just starting this play and makes us feel so good. Right? And, and then, you know, again, you'd like a pat on the back. And so you're doing the right thing. And, and those things is I think that's why we all in the business.
Derek Bruton 41:12
That's just got to feel amazing. I mean, no matter where you are, when you get that email, it's just got to feel so satisfying to know that you've, you've made that difference. And I know a lot of our listeners, you know, come across that all the time. But it's, you know, you never can get enough of that, I guess, is what I'm saying? What do you guys think about the future of the advice industry? I mean, are you are you? Are you challenged by some of the things you see out there with some of these robos and betterman and Robin Hood? I mean, do you think there's still going to be people who want our advice 10 years from now and want to sit across from us and, and listen to somebody versus get advice over some sort of digital means that
Detlef Schrempf 41:58
it's a good good point, especially, you know, we live in a market that's very heavy on tech. So you know, everyone is kind of talking about that, or they're, you know, Robin Hood, just opening a big office here in the Seattle area. So it definitely we we hear that. I don't I don't think you can compare the services. You know, and like you like, you know, when the markets are going well, and people are saying, hey, my 401k is invested in index strategies, and it's doing really well why would I pay someone to do that, but when the market is, you know, has some hiccups and is struggling? And then all of a sudden the people that that, you know, said that didn't need advice that come? Because the freaking out going I'm down? 25% what I do? So with us, it's it's you know, that comprehensive approach, you know, who's who's managing all these other components, your state planning, tax planning, risk planning and figuring out, you know, how are you going to live your life and and what do you want to do on the philanthropic side? And I don't think you can ever replace that with some app on your phone.
Derek Bruton 43:06
I agree. I agree. But I'm biased. And if you can accomplish it, and then in the heart of, you know, Microsoft, and all the all the technology providers out there that you know, you and Coldstream are doing a pretty good job. Chris, what are your thoughts?
Chris Dudley 43:21
I just echo With that said I think the advice especially the holistic advice across the board, will always be valuable, and coordinating the estate plan to tax preparation to the investments just winding up and really sitting down with the client. And what are your goals in life? What are your objectives? Why do you have this money? What do you What are you trying to accomplish with it? And then mapping out why it is that you're invested in what you're invested in. And then it's you and when the client understands that listen, the money that I have in the stock market is actually isn't for next year, it's it's for 10 1520 years from now, then the fact that the market went down is not not that big a deal if they understand that and and that's that's the to me that's a big part of it's it's the returns but it's also the you know, we all are want the best returns possible but it's really the making sure that the clients invested in the right things to achieve those goals. And once they do that once they realize that they're their benchmark isn't necessarily the s&p or whatever it is, it's Are you on track to achieve your goals? Can you sleep at night you know, to me a Klein's doing well when he when he no longer is watching CNBC and calling up if the markets down. And it's just like, No, I've got this set, and Hey, shut up by some GameStop. Exactly. Exactly. So I you know, I mean, I think in the GameStop you know, the Robin Hood and that's fine. And I think you know, I'll talk to Quite a lot, you know that there's, I don't mind if you would put some money on the side if you want to do something, you know, we can do some things and have some fun, but just understand that's different than what we're setting you up for for for long term. But But anyway,
Derek Bruton 45:14
Well, you know, you mentioned two words holistic and long term. I when I think of Robin Hood, or think about people invest in GameStop No, those two words definitely don't come to mind. But certainly in financial advice, that's what we do. We provide holistic advice. It's for the long term. And, and I personally don't I think I agree with you guys. Our business is is not going to be threatened by these things anytime in the near future. I want to get to my last question, I'm going to come back to basketball again. You guys are picking the ultimate team players from your era or today's pros. Who are your starting five? And importantly, who gets the ball for the last second shot? So Chris, I'm gonna start out with you.
Chris Dudley 45:15
Detlef Schrempf 46:01
So all the time you may or today's
Derek Bruton 46:04
All time you can you can pick whoever you want, you know, it doesn't matter.
Chris Dudley 46:09
Wow. Well, Michael. lead off with Michael. LeBron. Centers are a little tougher. Akeem actually. Point guard probably go Magic. Got a Bird in there. You know, I could go on and on.
Derek Bruton 46:32
But that's a pretty amazing amazing dude there. So who gets the last shot on that team?
Chris Dudley 46:47
I mean, I think I think Bird and Jordan would argue for this one but who do we argue that's a tough call that's a good choice to have. I still win the who's the best greatest. I still go with Michael. Yeah, no, I probably give it to him.
Derek Bruton 46:58
Yeah, magic would just say he would want to pass it to whoever that person Yes. What about you Det?
Detlef Schrempf 47:04
Yeah, that's tough one. I mean, do we start playing when Bird was still playing when Jabbar was still playing you know at the end of their careers and I you know, I loved when Kobe started out and LeBron was coming in so you know, it's hard to compare different areas but I tell I tell you I take a Shaquille O'Neal in shape and shape which wasn't very often but occasionally. O'Neal in shape over anybody in the world when he wanted to nobody could guard him. Bird obviously encouraged incredible you got to put LeBron in there because he's you know, in the talk of Is he a goat or whatever that discussion is nowadays, everyone. Jordan for sure. point guard. Yeah, I loved I love Magic. I would have loved to play with Magic. Just run the lane and get it right in your numbers. Who would take the last shot? Oh boy, I think would bring Damian Lillard off the bench from anywhere. He's deadly.
Derek Bruton 48:17
He's certainly certainly made some some big shots in his in his career. And you also have the Northwest bias going there. I think with Damon, so I get it. I can't believe there's no shout out for for your for your German brother there Dirk Nowitzki. But, you know, maybe he won't be listening to this podcast.
Detlef Schrempf 48:36
He's hanging out in Sweden.
Derek Bruton 48:39
Well, hey, guys. You definitely held my attention today. I think you held our listeners as well. I'm grateful you took the time to be on my podcast. Certainly Best of luck to both of you keep making a difference in people's lives, whether they're athletes or not. Certainly in your communities with your philanthropic endeavors, you should be commended on that. You know, stay safe, stay happy, and thanks for joining me. And thank you all for listening today. You can subscribe to the Can you hold my attention podcast on Apple, Google, Spotify and Stitcher as well as to our LinkedIn page with the same name. Have a great day and stay safe everyone
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