Podcast Summary: Jill on Money with Jill Schlesinger Episode: Stacking Benjamins Part One
Release Date: December 28, 2024

Introduction

In the final weekend episode of the year, host Jill Schlesinger, CFP®, welcomes Joe Saul Sehi, the creator of the popular podcast Stacking Benjamins. This episode marks the beginning of a two-part interview where Jill and her co-host Mark delve into Joe's journey from financial planning to podcasting, exploring the evolving landscape of financial advice.

Guest Introduction: Joe Saul Sehi

Timestamp: [03:05]

Jill introduces Joe Saul Sehi as a long-time friend, podcaster, and author who previously worked as a financial planner. Mark shares his admiration for Joe, highlighting their collaboration and Joe's transition from financial planning to media.

Quote:

Mark: "I think it's a great way to finish up the year. So here is the first part of our interview with Joe Saul Sehi."
[03:05]

Joe's Journey from Financial Planning to Podcasting

Timestamp: [03:38]

Joe recounts his 16-year career as a financial planner, inspired by mentors like Chris Saul. A pivotal moment occurred as Joe approached his 40th birthday, leading him to reassess his career path. Influenced by his mentor's adventurous spirit—climbing Everest twice—Joe decided to transition out of traditional financial planning.

Quote:

Joe Saul Sehi: "He went on to climb almost all the tall peaks on earth. He now runs an adventure travel company. He's climbed Everest twice. This dude was serious when he said he had other mountains to climb."
[06:13]

Transitioning Careers and Building Stacking Benjamins

Timestamp: [07:01]

Facing a career crossroads, Joe sold his financial planning franchise for over half a million dollars, giving him the financial freedom to explore his passion for teaching and writing. Initially enrolling in a teaching program at Texas A&M, Joe found himself more drawn to writing and financial education than classroom administration. This shift led him to create a blog titled The Free Financial Advisor, which eventually evolved into the Stacking Benjamins podcast.

Quote:

Joe Saul Sehi: "I began just writing and quit before the program ended, and then started up a blog... which became Stacking Benjamins."
[08:38]

Philosophies Aligned: Jill and Joe's Perspectives

Timestamp: [12:26]

Joe shares how he discovered Jill's work and admires her straightforward approach to financial advice. He emphasizes the alignment of their philosophies, noting that both aim to demystify financial planning and make it accessible to the average person.

Quote:

Joe Saul Sehi: "I believe our philosophies... align so much."
[12:26]

The State of the Financial Advisory Industry

Timestamp: [13:29]

Joe expresses optimism about the financial advisory industry, highlighting the increasing need for good advice in today's complex financial landscape. He points out the growing transparency that helps distinguish quality advisors from those offering subpar services. However, he notes challenges such as the aging advisor population and the underrepresentation of advisors of color.

Quote:

Joe Saul Sehi: "I believe that advice has never been more needed than now."
[13:29]

Barriers to Entry for Diverse Advisors

Timestamp: [14:25]

Joe and Mark discuss the difficulties in attracting more women and people of color into the financial advisory field. Joe suggests that the sales component of financial advising can be intimidating, potentially deterring diverse candidates. He advocates for mentorship opportunities with mid-career advisors to foster new talent.

Quote:

Joe Saul Sehi: "I think advisors of color... don't have somebody that look like them."
[14:25]

The Evolution of Financial Products: Focus on Annuities

Timestamp: [16:04]

The conversation shifts to the evolution of financial products, particularly annuities. Joe highlights the lack of low-cost annuities compared to the significant reduction in fees for mutual funds and ETFs. He emphasizes the importance of consumers understanding the fees associated with annuities and advocates for greater transparency in the industry.

Quote:

Joe Saul Sehi: "I think more people go, what are the fees on this thing? Show me just the fee schedule."
[17:32]

Closing Thoughts and Future Insights

Timestamp: [17:44]

As the discussion wraps up, Joe underscores the need for consumers to ask critical questions about financial products and services. He parallels the healthcare industry's lack of transparency with the financial sector, urging advisors and consumers alike to prioritize clarity in fees and costs.

Quote:

Joe Saul Sehi: "Nobody asks for the price sheet... They obfuscate all the time."
[17:32]

Jill hints at the continuation of the conversation in the next episode, promising further insights with Joe Saul Sehi.

Conclusion

This episode of Jill on Money offers a deep dive into Joe Saul Sehi's transition from financial planning to podcasting, shedding light on the current state and future of the financial advisory industry. Listeners gain valuable perspectives on the importance of transparent financial advice, the challenges in diversifying the advisory workforce, and the evolution of financial products like annuities.

Notable Quotes:

• Mark on Ceasing Weekend Episodes:
  "Mark and I have decided to cease dropping episodes on the weekends and we did so with a lot of encouragement from you all."
  [01:40]

• Joe on Career Transition:
  "Everybody's afraid to walk through the door. Right. Because if I walk through the door, then all these other doors close."
  [08:43]

• Joe on Financial Advice Necessity:
  "I believe that advice has never been more needed than now."
  [13:29]

For more insights and future episodes, visit jillonmoney.com and subscribe to Jill on Money on your preferred podcast platform.