With all the lockdowns caused by the pandemic and other factors affecting the economy, many people can already see inflation on the horizon. But before you settle down with a conclusion, let’s look at the world of finance from the eyes of a financial expert. Jason Kavanaugh is the Founder of Concorde Investment Services and Concorde Holdings. In this episode, Jason shares changes we can expect in the financial world and how we can prepare for them. He also talks about how a financial investor can help you safeguard your life savings, where to invest, and how technology is already making revolutionary changes from an economic standpoint. Most importantly, Jason shares 2 important things to consider before working with a financial advisor.
“This is your life savings. This is what your future is. This is what your legacy will be. So you want to be very, very cautious and careful. Don’t rush that.” -Jason Kavanaugh
Highlights:
01:57 The Financial World in 2021 and Beyond
05:10 Why Work with a Financial Advisor
08:48 Knowledge and Chemistry
How can you make sure your life savings are safe and secure? Join Robin and Jason Kavanaugh, founder of Concorde Holdings, as they talk about what we can expect about the future of finance and 2 important things to consider before working with a… Share on X
Quotes:
02:33 “There’s a lot of fear of inflation. The amount of money does not trigger inflation. It’s that velocity of money, how fast money can rotate in the economy.” -Jason Kavanaugh
10:04 “This is your life savings. This is what your future is. This is what your legacy will be. So you want to be very, very cautious and careful. Don’t rush that.” -Jason Kavanaugh
Meet Jason:
Jason Kavanaugh originally co-founded Concorde Holdings, a Livonia, Mich.-based company that serves retail and institutional clients through a national network of financial professionals affiliated with the Concorde companies. Concorde Holdings consists of three wholly-owned subsidiaries: Concorde Investment Services, LLC—a national securities broker/dealer, Concorde Asset Management—an SEC-registered investment advisory firm, and Concorde Insurance Agency—a national life insurance agency. Jason serves as the president of Concorde Holdings where he draws on his considerable experience in the financial services and distribution sectors.
Transcriptions:
Robin Edgar: Welcome to Real Talk with Robin where grace and business sense, help you to create abundant life. I’m really excited today to have one of my favorite mentors in the world, Mr. Jason Kavanaugh here. He is the CEO of Concorde Holdings and the Founder of Concorde Investment Services and is the leader of the Broker-Dealer that I work through. He has been a visionary, and a huge, huge impact on my life. And I’ve been affiliated with them for about seven years now. Jason, I just want to thank you so much for being here on one of my first podcasts, Real Talk with Robin. Thank you for joining us,
Jason Kavanaugh: Robin, it’s an honor and it’s a pleasure to be here with you today.
Robin Edgar: So Jason, as I said, you are one of the most visionary people that I know. And I tend to kind of feel that that’s one of the things that has helped me in some cases and actually hindered me in some cases. Because when I’m visionary, and kind of can see around corners, it’s hard sometimes to articulate that to people that are not visionary. Tell me a little bit about from a visionary standpoint in the financial services industry where you think we are right now and what you think the pandemic or kind of the environment we’re in right now is going to do and what people should be looking for as we move into 2021 and beyond.
“There’s a lot of fear of inflation. The amount of money does not trigger inflation. It’s that velocity of money, how fast money can rotate in the economy.” -Jason Kavanaugh
Jason Kavanaugh: Sure. Sure. Thank you. Again, thank you very much for having me here today, Robin. I think that there’s a lot of things that are going on right now that we’re at a precipice, a watershed moment, if you will, we’ve had a tremendous amount of capital $1.9 trillion recently injected into the economy, with talks of another $3 trillion being injected under an infrastructure program. And a lot of money’s flowing around the economy. Many states are still shut down, but just starting to open up now. And there’s a lot of fear of inflation. Now the amount of money that’s out there doesn’t trigger inflation. But it’s that velocity of money, the how fast that money can rotate in terms of in the economy. And as businesses beginning opening up again, and with a tremendous amount of money that’s there a lot of concern that there’ll be inflation. Meaning that in the next, you know, three months or six months, but definitely in the short term in financial world, with the next year or two, there’s also a lot of concern around tax increases and how this will impact the investments and goals that people have, their security, their future. And it’s also very important of the tax structure with taxes potentially going up, not just what you’re investing in, but in how you’re investing. Where are that investment dollars coming from? Is that being done personally, is an LLC, a foundation, private insurance policy, things of those that nature. And as a result, I’ve seen a lot of people that are looking at gravitating to more of hardened asset classes, not to be specific, but they tend to be looking at real estate, precious metals, things of that nature, that they’re hoping that will hold more of their value, should we enter this inflationary phase.
Robin Edgar: Well, I’ve been in this space for over 30 years. And I know you’ve been in, you know, the financial services industry for many, many years. And just as a clarifier, neither one of us is making recommendations to anyone that might be listening that you should always seek your own professional tax and legal advice, and work with your personal financial advisors. But that’s the big shift that I’ve seen also in this world that I think is catching some people by surprise a little bit because people have relied on the traditional, as we call it, you know, the market for prepping them for retirement and helping them live in retirement. Yet with the market being at an all-time high, I think it’s got a lot of people thinking, as you already said about what else is out there that I can really secure, what’s going on. What do you think from the standpoint of the reps, you know, because we work with a lot of really smart and innovative reps at Concorde? What’s going to be really critical from an investment advisor standpoint, and what should the public if we’re talking to the public right now what should they really be thinking about when they’re working with an advisor or trying to locate an advisor that could help them think outside the box?
Jason Kavanaugh: Well, I think it’s important to have a different perspective, just now what things have done for the last 20 30 40 years, we’ve not seen this type of economic activity, we’ve never been through a national shutdown, before like we’ve experienced that printed this amount of money, printed over 20% of all US dollars in the last year. So there’s going to be unintended consequences are not very clear. So it’s important when you’re looking in choosing for financial advice, for people that are open-minded, people that are thinking out of the box, but who could think for themselves that can do their own due diligence, they’re asking tough questions that are looking and seeking, maybe alternative ways to protect your investments. And those alternative ways would be their own research, not just taking in information or data and spitting it back out based upon what they saw, you know, in the morning on CNBC or whatnot. I do think that there’ll be a greater role being played, regardless of the economy and how that sorts itself out. I think the role of artificial intelligence in the financial industry will continue to expand. It’s already here, the algorithms that will continue to expand and use of this artificial intelligence is already touched many industries. So our industry is no different going forward. It’s how it’s applied, and how automated that will be. We’ll also very, very streamlined, and I think that places a premium on the personal interaction with a financial advisor who can look at things how comprehensively and not just through an algorithm. The other part is the data in terms of analytics, not just from a macro in a microeconomic standpoint, but also for a data analytics that people are looking in terms of big data and how does this fit into the tax situation that we find ourselves in today and what we see what our tax situation might be for tomorrow. And lastly, I think what has been gaining a lot of traction in this state of flux, as we’re transitioning from where we are now to not really sure what that transition looks like on the other side, but I think there’s a lot more use of the blockchain and that’s much different than cryptocurrencies. But blockchain secure ledger’s and that facilitating transactions, I think that will be very, very interesting to see how that works. And so a financial advisor, a financial professional, is familiar with these different areas as we’re transitioning into the future, I think will be critical.
Robin Edgar: Yes. I couldn’t agree more. And I think that if people are out there, and they’re listening, right now, I’d like to speak, have you speak to both, you know, maybe people that are looking for a different approach, or just an outside opinion, might be interested in contacting one of the reps at Concorde? And or, you and I have talked a lot about, there’s a lot of people out there in the country that do what we do, a lot of advisors, and they don’t have access to being able to help their existing client base or even build a client base by being outside the box thinkers. What recommendations would you give for them? And then also how can they connect with you and I and your leaders at your team if they want more information on either becoming a client or actually an advisor seeking to see how Concorde might be a great fit for them?
“This is your life savings. This is what your future is. This is what your legacy will be. So you want to be very, very cautious and careful. Don’t rush that.” -Jason Kavanaugh
Jason Kavanaugh: Let me unpack a couple of things there. One, I think knowledge is power. First of all, I recommend that he interview several different people. Compare and contrast. See how knowledgeable they are, layout your specific situation, and ask you whether it’s hypothetical portfolios or hypothetical goals, what would they recommend. Then tell them to sit down with you, you know, one to three times to get through a process and they’re just looking for a transaction, you have X amount of dollars, that’s probably not the long term relationship that you’re looking for, not only for yourself, but also for your heirs, and what you may want to do in terms of leaving a legacy behind. And so I’d highly recommend to those people that are searching or someone like that as one’s knowledge. The other is chemistry. It’s got to be a fit. You could have the brightest person in the world but if you and or your partner, your spouse, boyfriend, girlfriend, whatever it may be, a family member doesn’t feel comfortable and doesn’t have that chemistry, doesn’t have that connection, it really doesn’t matter. And so I think it’s really those two things that knowledge and that chemistry. And in going through an investment, this is your life savings, this is what your future is, and this is what your legacy will be, so you want to be very, very cautious and careful and don’t rush that. And seeing that someone can take care of you on a comprehensive basis, not necessarily just one or two aspects of what that would look like. In terms of financial professionals go, you’re one of the best that I know in the industry, Robin, and I’m not just saying that, but that’s also one of the reasons why I agreed to do this interview with you. Because I do have a tremendous amount of respect for you, your history, your reputation in the industry, the questions you ask are very thought-provoking, not only in public forums but also behind the scenes. And so I really respect your opinion. So I would, first and foremost, I would recommend people to contact you. But if there are financial professionals like you that see this podcast, and they’re looking at, maybe alternative and an environment where we create those opportunities, and we put a value on the financial professional, so they can provide these comprehensive solutions to their clients, I would encourage them to contact us. You’re at our home office, which is at Concorde 248-824-6710, ask to speak to Drew Jackson, the president of Concorde Investment Services, or visit us on our website, www.concordeis.com C-O-N-C-R-D-E-I-S.
Robin Edgar: And I’ll have all of that information in the podcast information where people can reach out and obviously get in touch with me and or Drew and the team at Concorde. Jason, thank you so much for being here today. It’s been a great pleasure to have you be on one of my initial first podcasts and I really appreciate your mentorship, your leadership, and your passion for really making our industry one that we can be proud of. Thank you so much.
Jason Kavanaugh: Robin, it was my pleasure. I look forward to connecting with you next time.
Robin Edgar: Yep. Thank you.