Moderator:
Welcome to today’s episode of True to Form with your host, president and cofounder of Crystal Clear, highly regarded speaker and two time Inc. 500 entrepreneur, Tim Sawyer. True to Form is a podcast that highlights leaders making headway in the ascetic anti-aging and elected medical industry. Learn from the experts to discover the secrets of success and pitfalls to avoid when growing all aspects of your elective medical practice. This week’s episode is brought to you by TouchMD, the all-in-one aesthetic technology hub that educates your captive audience in the waiting room and consult room, consistently captures and manages photos, provides digital charting and consents and allows patients to take their experience home to share what they learned with friends and family, via the practice’s patient app. Please join me in welcoming your host, the authentic, the transparent, Tim Sawyer.
Tim Sawyer:
Hello and welcome to True to Form, the podcast that connects you to the people, technology and hot topics that shape the elective medical community, provided to you by Crystal Clear and brought to you by this week’s sponsor, TouchMD, the leading all-in-one aesthetic technology hub. I’m your host, Tim Sawyer. Our returning guests, welcome back, and for our first time listeners, we appreciate you joining us and encourage you to become a subscriber.
Tim Sawyer:
In the last episode we spoke with board certified OB-GYN and founder of Pellacome, Dr. Enrique Jacome, who shared expert tips around successfully integrating hormone therapy into your practice. If you missed it, you need to check it out. And with all that said, we’ve got a special treat today, someone that I’ve gotten to know a little bit in the last six months. Definitely one of the more savvy guys when it comes to providing real value to doctors in terms of wealth management. His name is David Mandell and David is an attorney in the law office of David B. Mandell, PC, is the principal of the nationally known wealth management firm, OJM Group, at www.ojmgroup.com. We certainly recommend you check them out.
Tim Sawyer:
Mr. Mandell is an author of a number of books in his areas of specialty, including 10 books… That’s 10 books, written specifically for doctors. These include For Doctors Only: A Guide to Working Less and Building More, the Category 1 CME monograph, Risk Management for the Practicing Physician and the soon to be released… We’re going to talk about this book later in the podcast, the soon to be released, Wealth Planning for the Modern Physician, Residency to Retirement. And I assume we’re going to get into it, Dave, we’re going to talk a little bit about how this would apply not only to physicians but everybody in elective medicine. And Mr. Mandell has spoken at numerous national medical conferences including the American Society of Plastic Surgeons, the American Academy of Dermatology, the American Academy of Static Medicine, the American Academy of Cosmetic Surgery, and many others. That’s where he and I met. He also appeared in authority…as an authority on television, including Fox and Bloomberg TV. We won’t hold that against him.
Tim Sawyer:
Mr Mandale holds a bachelor’s degree from Harvard University. His law degree is from UCLA School of Law, where he was awarded the American Jurisprudence Award for Achievement in Legal Ethics. Mr Mandell also earned an MBA from UCLA’s Anderson School of Management and he is a member of the California and New York Bar Associations and an all around great guy. And David, we want to welcome you to the program.
David Mandell:
Thank you, Tim. I’m really happy to be here. Excited.
Tim Sawyer:
So my first question would be, after reading your bio, some of our listeners would be asking, how could such a non accomplished human be invited to the podcast? He’s only been to Harvard, UCLA, he’s only written 10 books. Come on, Tim. You can do better than that. First of all, congratulations. And we really-
David Mandell:
Thank you.
Tim Sawyer:
… really do appreciate you, having on the program. And so first of all, where did the motivation come from all that? Where did you decide, “Hey, you know what, this is kind of what I want to do and this is where I-
David Mandell:
Yeah. Well, first of all I’ve seen, I’ve listened to a lot of your podcasts and I know there’s some great guests too, so I think I kind of fit in with your guests, not stand out, but that’s the first thing. Second thing, well, I come from a family of physicians and that’s what got me motivated, not only to work hard for school. My grandfather was a physician. My father, radiologist, still doing some locum work this week. I mean, this’ll be, next year, would make his 50th year in medicine.
Tim Sawyer:
Wow.
David Mandell:
Thankfully, he’s healthy. So, and he said that put him in the 1% of all docs. So in radiology, you can kind of do that. His eyes are good. He’s sharp as hell and has more energy than me. So, and then my brother is a cardiologist. So growing up, education was really important in my house and I realized I wasn’t going to be a doctor after ninth grade biology class, dissecting a worm. I said that really wasn’t for me. So I said, yeah, if I’m going to go into the law or business or anything, I was going to do my schooling and kind of try to get trained right.
Tim Sawyer:
Wow. And like I said, congratulations. And so there’s a few topics I want to cover today, but as we mentioned, I think it would definitely behoove us to, obviously the main topic on everybody’s mind right now is the impact of the coronavirus. And I know that OJM put out a kind of market report, a truncated market report, last week. Talk a little bit about the real impact in your… based on your education and analysis of the issue, in terms of the impact on wealth and the regular guy, right?
David Mandell:
Well, so obviously we have probably a lot of physicians listening so I won’t get into the medicine part of it, but it’s really an interesting… I’m glad we’re doing it this week and in fact, while it’s unfortunate, while my balances have gone down, as have everybody’s, this is the time where firms like ours show our metal and play a role, play a valuable role. I mean, not only do we put out a market report that you got by email, but in fact, our investment team, and I’m not… I’m on the investment committee, but I’m not one of the people who manages money. My specific aspect… area of specialty is asset protection, helping people protect themselves from liability, given my legal background, but our investment team was reaching out by phone, text, et cetera, and talking to our hundreds of physician clients over the last week, making sure they understood what we were doing.
David Mandell:
Now, a lot of those conversations actually went really well because our clients know that we’ve trained them through the books and working with them and speaking with them over time to ask the questions about their risk tolerance before this happened, to design their portfolios so that when downturns happened, whether it’s this kind of abrupt and sort of new medical related downturn or last… People even forget about it, but the last quarter of 2018 was also very abrupt, and there was Brexit before that and other market sort of shocks, that a lot of our calls were positive because people were looking at their portfolios in our models and they weren’t as down as much as they expected. They certainly weren’t as down as much as the market, in general.
Tim Sawyer:
Right.
David Mandell:
So this is the time, in general, I think for people to realize and over the last eight years since, basically eight or nine, there’s been some hiccups along the way, but it’s pretty much been straight up or recovered quickly from those hiccups that risk is the other side of reward, right? Risk tolerance and volatility is important. And if the listeners out there who have any balances of whatever size, it’s important to them, this should be kind of a reminder that I do need to, just me and my spouse… Because what’s interesting sometimes, Tim, is you’ll manage money for a couple and one spouse is more aggressive and one is more conservative, and that conservative spouse right now is probably anxious, right?
Tim Sawyer:
Right.
David Mandell:
And so we’ve got to manage it for the couple, in many cases, and if that good work is done on the upfront and in quarterly or annually reviews, then what you have in this kind of shock is people saying, Hey, my goals haven’t changed. My overall longterm plan is the same. My risk tolerance hasn’t changed. I’m okay sort of keeping as we are, or maybe as some of our clients have said, Hey, you know, maybe it’s time to put some more dollars in.
Tim Sawyer:
Right.
David Mandell:
We could buy some of these things a lot less expensively, and yes, this is going to take some time to go through, but the longterm outlook for Amazon, for some of these great companies, it hasn’t changed a lot, but now I can buy them 10%, 15% cheaper than I could a month ago.
Tim Sawyer:
Right.
David Mandell:
So-
Tim Sawyer:
Great point.
David Mandell:
… big picture, I think… Yeah, I think for big picture for people, it’s really about investing towards their goals, and this is a time to make sure that, what’s their goals, what’s their risk tolerance, about them, not so much about where the market’s at. Certainly we’re doing some things tactically that our guys do, but I find it most important to be in communication with people and making sure they understand their big picture, and they feel less stressed about some of these short-term shocks.
Tim Sawyer:
Yeah, and I think I agree, and that’s really good advice and it’s calming my anxiety a little bit just hearing from you, so I appreciate that. And obviously, the media barrage right now, it’s making people crazy, right? I mean, at the end of the day-
David Mandell:
Yeah.
Tim Sawyer:
… and-
David Mandell:
Well, that’s a big part of it too, and it’s not just now. I mean, obviously now, it’s tough, right? Because we’re in a… And I’m not a medical expert and I don’t know… We know, Tim, we’ve seen medical conferences canceled that we were supposed to speak at, ASPS, and I just got a radiology one I was supposed to speak out later this month that got canceled. So we’re in new territory, right?
Tim Sawyer:
Right.
David Mandell:
But before this happened, the general consensus, we were heading for a recession, we were going to have some good earnings. The companies were doing well, all of that. So I think one of these pieces we give advice to clients a lot, forget about just this shock is in general, don’t watch too much media, right? I mean-
Tim Sawyer:
Exactly.
David Mandell:
… In fact, I want to make this point, because I think it’d be really interesting for the readers. One of the things in our new book, okay, we didn’t… We have a book called Wealth Management Made Simple, which is a book for investing. It starts with what is a stock and gets into all behavioral economics and a lot of things like what your advisor… how your advisor gets paid and sort of pulling back the curtain on that. But this new book for physicians, it has a section on investments. We didn’t want to replicate what we already had, right? We already have that book, so people should go get that and they can get it for free as a listener, we’ll talk about that later. But one of the things we did in the new book for physicians, which will help anybody in the investment section is have a chapter on neuroeconomics, which is how our brains work when it comes to investments, okay?
Tim Sawyer:
Interesting. Help me to understand.
David Mandell:
It’s really an interesting field. Yeah. So they… It’s been going on for 20, 30 years, but it’s getting more and more interesting. I’ll talk about one study at MIT, right in our, as New Englanders, in our backyard. They did this study in the ’80s and they took two groups of people. One, where they showed them like the earnings and sort of the financials of a company and then they gave them a certain amount to invest. And then the other group of people, they gave them the earnings and the same information, but they had access to daily reports, daily media reports. Which group invested better?
Tim Sawyer:
The one-
David Mandell:
[crosstalk 00:12:11] The one not seeing the day-to-day media reports. Exactly. Because the ones who got more info, they were… They started to do short term trades. They thought they knew something, they thought they’d see a trend, they thought they could time the market. They did much more trading than the other group and they underperformed. Now, again, that’s just one study, but in the book, we point out some interesting studies that just show how the brain reacts, right? And fear and greed are important to understand because then once you understand how the brain works, you can step back and say, Hey, maybe I’m falling into that trend. Maybe I should step back and not watch CNBC 24 hours a day.
Tim Sawyer:
It’s so funny that you say that because I’m one of those people, right? I tend to be over informed, right?
David Mandell:
Yeah.
Tim Sawyer:
And I… And there was a time in my life where I literally said, I’m not watching the news, and it was a good chunk of time. So my kids were younger, but from… There was probably five years or so where I took in very little information and I was less anxious, more… Well, you know, this makes sense to me longterm, and you’re not affected by the day-to-day, like you said, the hiccups, the bumps, the insanity, and it’s forget about investing. It’s a more peaceful way to live, right? Because the only way-
David Mandell:
I agree with you.
Tim Sawyer:
… you can sell anything right now is we have to, everything is going to blow apart, everyone’s going to die tomorrow, and that’s how you cut through the clutter. But what’s interesting, I did want to ask you something and that is a good point about how the brain works with investing. In your experience, the elective medical groups, right? And one of the things I want to make sure that we address is, all the work that you’re doing is for physicians, but applicable to a large constituency of ours are entrepreneurs who own medical spas, and so the thought process is the same.
David Mandell:
Absolutely. Yeah, absolutely. So the Wealth Management Simple doesn’t have doctor in the title. It’s just a applicable to anyone. The new book has doctor in the title, but I encourage any entrepreneur… I speak at a lot of like Vistage and entrepreneur organization and YPO, so the lessons are the same, you know, lessons are the same.
Tim Sawyer:
So this will be a little controversial given our constituency, but I have to bring it up. Have you ever read The Millionaire Next Door?
David Mandell:
I have, yeah, sure.
Tim Sawyer:
Okay. And if you remember the quadrants, right, you’ve got high net worth, high earnings, low net worth, low earnings, high net worth, low earnings, low net worth, high earnings and physicians, in general, didn’t fare very well in that book, right?
David Mandell:
Yeah.
Tim Sawyer:
Because of the… Just for our listeners sake, the book unpacks who the… And it goes back about 10 years, maybe a little bit more, who the real millionaires were in this country and they were not, in the aggregate, they were not high earning people. They were people who had manufacturing, the little manufacturing plant, one marriage, a seven year old car, they had one house for 30 years. And that’s very different from who you’re dealing with as an investor. So the question I have is, since the publication of that book, have those… Has that analysis changed much or is it still kind of-
David Mandell:
Well, yeah. Yeah, it’s a great question. Yeah, itis still the same. We have a little bit of selection bias in our firm, right? Because the people who are interested and read our books and come to us and say, Hey, I want a free consult and I’m interested in doing comprehensive wealth planning or I’m interested in asset protection or getting a second opinion on my investments, they’re usually a little more focused on their wealth plan. So they save more, more than the doc who’s spending everything they’re earning. That’s not the kind of person that probably would call us, right? So the people that I’m dealing with… But on the other hand, we certainly have to have conversations sometimes with some of our clients. We have a pretty good gamut of, we’ve worked with over a thousand positions over the years and putting in entrepreneurs there, 1500, so we have a gamut of sometimes we have to have those hard conversations. “Listen, you need to spend less, you need to save more. If you want to get to X, we have great software that’s very helpful.”
David Mandell:
And for example, I’m going to see an orthopedic surgeon later today and he’s five years from retirement, what we call the retirement red zone, right? So can’t make mistakes, can’t take as much risk, can’t make it up with just making, earning money like he could for the last 20, 25 years of his career. So we’re real focused on getting that… Narrowing in on, Hey, let’s save a little bit more. Let’s put it here, let’s be tax efficient. Let’s get to where you want to get. I mean, that’s all we’re trying to do is shepherd them to their goals, right?
David Mandell:
So I don’t think, Tim, to answer the question directly, I don’t think things have changed a lot. We get a little self selection bias. I do think that younger docs and millennials coming up, and one of the coauthors of our new book is a 35 year old orthopedic surgeon, they’re in a different world. They are seeing a lot more unemployed physicians, right?
Tim Sawyer:
Yeah.
David Mandell:
And they also have sort of lived through 9/11, was the beginning of their kind of growing up and different… and then ’08, and so I don’t think… I think they’re going to be a little more focused on savings, the prior generations, because they can’t be as-
Tim Sawyer:
Yeah, they don’t have the same-
David Mandell:
… careless about it.
Tim Sawyer:
Yeah, and it seems to-
David Mandell:
They can’t, you know?
Tim Sawyer:
Because I think about this, right? And so I had interviewed a really cool guy. His name is Anthony [Castoria inaudible 00:18:06] and he’s an outsource CEO for some of the largest elective medical practices. You’re talking the 10 to 20 million revenue. And he gave a talk at one of our events and the subject… Essentially the subject of his talk was profit should be your biggest expense. And he talks about reverse engineering, a financial model that starts with reverse engineering that says, how much do you want to keep, and then-
David Mandell:
Right.
Tim Sawyer:
… everything needs to flow from that. And so from a budgetary mechanism, it’s a clever way to think about it, right? It’s like, Hey you, you’ve got a budget for profit because if you don’t, at the end of the year, you’ll always be frustrated and confused with how did this go wrong.
David Mandell:
Yeah, pay yourself first. That kind of concept, yeah, right. And I think in elective medicine especially, or med spas or some of these things where you have some choices, in terms of how much overhead do you want to have and what kind of marketing or what kind of space do you want to have, you want to make efficient choices. Like investing in marketing and the kind of things you guys help them with, they’re going to get a return on that. Having a real fancy office, well, it may be helpful for some patients, so that’s not my field, that’s a judgment call, but if you say, Hey, listen, I want to have a 20% profit margin, you start thinking of those answers and the questions to say, is that going to help me get to that profit margin from the beginning? Rather than, Hey, let me build this thing out. Let me make it look terrific. Now let me see how much money did I make at the end of the year, right?
Tim Sawyer:
Right.
David Mandell:
I mean that can be tough, if you don’t make that number.
Tim Sawyer:
It can be and you have to plan for profit, right? The other thing I wanted to ask you, and-
David Mandell:
Yeah.
Tim Sawyer:
… I’d be curious, so from an outside observer standpoint, and as our listeners process this, it seems to me like, certainly I’m no age expert, but it does seem like the more time I spend traveling nationally, internationally, there are a lot of people who seem, late sixties, seventies, eighties still working, right?
David Mandell:
Yeah.
Tim Sawyer:
And they’re at the shows and looking to buy a new laser, and what do… Is there an age… It used to be 65. Is there an age that a physician tries to retire at or is that when… And when should they start planning, really heavily looking at, Hey, when do I want to retire? Has that dynamic changed a lot over the past few years? In other words, when do people… When does the average physician, one, a doctor want to retire, and if it’s 65, when do they really need to dig into that?
David Mandell:
Yeah, well, I think there’s one element, first. You got to look at two things, which is, how much are they using their hands, right? I have plenty of orthopedic surgeons and they have to do some really… They have to be in good shape to do some of the things they do. If you’ve ever seen an OR for orthopedic surgeons, some of that stuff, they got to be strong actually to move stuff around. And I’ve had surgeons say to me, “Listen, I don’t want to be the old surgeon doing this stuff. I just don’t think that’s the right thing to be doing.”
David Mandell:
I talked about my father, late seventies, he’s a radiologist and I mean, his eyes are good, he’s got great energy, he can work a couple hours, he can teach people. So I think, and then my brother is a cardiologist. He’s like, every day, “Dave, when can I retire,” right? So-
Tim Sawyer:
Right.
David Mandell:
… I mean, and he’s younger than me. He’s in his forties, right? So everybody’s different, and we help people… That’s where managing assets, that’s where we’re managing money and that’s just an investment sort of discipline. Think about it, concentric circles. That’s where it starts to overlap with the financial planning element of what is the goal of the client.
David Mandell:
I think a lot of docs, if they’re healthy, they want to… They like helping people. That’s why they went into medicine. And if they’re not doing surgery, they could still do consults. So I think part of what you’re seeing is a choice. People staying. I want to continue to do this, because I can’t play golf every day. Think about it, you’re a busy surgeon, you run a aesthetic practice, you’re the man, you’re the woman, you have people reporting to you, you’re making important decisions and then you’re out and then you’re at home and your spouse is just telling you to get out of the house, you know?
Tim Sawyer:
Right.
David Mandell:
Even though you have the money-
Tim Sawyer:
Yeah.
David Mandell:
[crosstalk 00:22:29] There’s not a financial element. It’s like, Hey, we can… Right. So if… Our job is to get people financially where they have the choice to work as much or as little as they want. And I think what you’ll see more and more is people doing part time, people doing locums work, like my dad does, people doing volunteering, or using their skills because if people’s life expectancy and they’re going to be healthy, is a long time… And that’s the challenge from the financial point, right?
David Mandell:
It used to be retired at 65, dead at 70,, if you were planning in the ’50s right?
Tim Sawyer:
Right.
David Mandell:
Get your gold watch, retire at 65, have a little bit of social security, some short pension, and then you’re gone. We’ve got to help clients manage the investments and I think that this is their biggest fear is I’m going to outlive my money. Meaning, I retire at 60, I have my two spouses and they’re both pretty healthy. The life expectancy for them is probably from 90.
Tim Sawyer:
Right, and that’s a long way away.
David Mandell:
So they’ve got to live off their investments for 30 years.
Tim Sawyer:
Right.
David Mandell:
All right. So that’s, you can imagine someone who just decided, a doc or a Med Spa owner who just decided to retire last month, and then look at the markets this month, they’re probably stressed like crazy, because they’re not working, right? So it makes planning really important.
David Mandell:
I think people… I guess to answer your question, I think you’re going to see people working longer on part time basis, sometimes because they have to, because they haven’t saved, right? They haven’t been the millionaire next door, so they got to do it. And then you’re going to see people who want to do it. But I think the key to both is having some resource and Hey, if it’s OJM that’s terrific. If it’s another firm, that’s great. But having some resource that can not only guide them through times of stress right now, where we’re talking, but also tie things to their plan, look at their other spending.
David Mandell:
We have some terrific software. I do it for my parents. Frankly, I’d do it for myself, to look out where I’m going. We do it for all of our clients. And it’s tying not only their portfolio, which is their investments, but into what are you spending, what does it look like. We plug in this return. What does it look like? We plug in that return. The taxes are this. The taxes are that. A bunch of variables, but people come away from that feeling much more secure that, okay, I’ve got my best medium and worst case, but even my worst case, I know I might have to cut back a little bit on my spending, but I have at least a plan versus God, the markets are falling. I’m watching CNBC and I have no idea what the impact is for me when I’m 85.
Tim Sawyer:
And it is interesting too because as I’m listening to you, I know, I’m 52 years old, I know where I’m at, and they’re having a second set of eyes. You know, anyone who’s listening to this podcast is an intelligent person, but because we’re intelligent doesn’t always mean we make the best financial decisions, because as you know, many financial decisions are driven by other factors, emotion, fear, greed, love, all those things. And so, having an outside observer… From an outside observer standpoint, having someone with that second set of eyeballs to say, “Hey, listen, I know you’re not thinking or processing these things, but if you continue to exhibit this behavior at this income level, you’re not going to get to where you’re telling me you want to go, or you’re going to exceed where you want to go.” And I think, for me personally, that’s a really hard conversation to have. I mean, I work a little bit with Merrill Lynch, but I don’t spend a lot of time listening to his, what I would consider gobbledygook, but it’s actually really good advice, listening to you talk about that.
Tim Sawyer:
And I think we need… Yeah, and doctors, I would think, and medical professionals, would understand that there are certain people that are good at certain things, right? There’s doctors that are good at medicine, there’s lawyers that are good at liability and legal, as you are, and there’s financial advisors that are good at their thing and to get the right professionals in the right place I think is a really good move for somebody, particularly somebody who’s working… As you know, a typical dermatologist, they’re seeing 35 patients a day. By the time they get home at night, they’re exhausted, they’re working five days a week and they probably don’t have a lot of time to sit and do financial planning on their own. And from an accountability standpoint, I couldn’t imagine any better way, particularly in economic times like this, where there’s volatility, right? And the wrong decision on the wrong day could really impact you for longer than you thought, right?
David Mandell:
Listen, I think, I am a firm believer and we built our firm based on the idea of a diagnostic review. That’s why I… When I went from being a lawyer full time, 100%, to where I am now, 5 to 10% of my time is in my law practice and 95% on OJM group. And when I wanted to do this and merged up with Jason, 15 years ago, we wanted to create a multispecialty model, just like a multispecialty medical practice. So if this wasn’t happening, Tim, if we weren’t in the middle of this coronavirus issue, we’d probably be talking about a second review of taxes, right? Because taxes are due on our corporations in five days and then in six weeks, personally.
David Mandell:
So the idea that you’re saying have a review, we’re not only built to do it on the investment side, we can get paid a flat fee just to look at your investments, look at your risk tolerance, look at your… what your risk tolerance, your spouse’s risk tolerance and then test your actual portfolio for its risk and volatility. Does it match up? Maybe it doesn’t in a lot of kinds of… But we’re built for that in every discipline. So me reviewing clients’ asset protection from a liability point of view. Carol, my partner, a CPA with 25 years of experience, reviewing your taxes, your corporate and personal taxes. Not to take over and become your accountant, but with a thousand clients around the country, we can show you best practices of what other people are doing. Look at your 401k, look at your life insurance, your disability insurance, look at your benefit plans, non-qualified plans, all this kind of stuff.
David Mandell:
So right now, and obviously it’s important, we’re focusing on your investments, your financial plan, and that’s part of what we can do, but we built our firm, and that’s why we’re kind of different than the Merrill Lynch’s and others is, we have a consulting side where it’s all a flat fee. People can come to us and say, Hey, I want you to review A, B, and C. We charge a fee. We take them through that diagnostic process. If during that process they like us and they say, Hey, we want to use you guys to implement some of this and we want to work with you longterm, that’s great. We manage a little under half a billion dollars for our clients and most of them started with just a consulting, where they said, “Hey, let’s just, let’s have you look at something, see if you do what you say you’re going to do and then Hey, maybe we’ll turn over more of our financial life to you.”
David Mandell:
So we start always with that. And the second opinion, the diagnostic or anyone you want to say it, it can be the investments, like people are probably on their minds this week and last week and the last month, but also taxes and all the other things we do.
Tim Sawyer:
Yeah. And it… Like I said, this would be a good time to do it. And I think doctors would understand… Any human, again, as I listen to you, I’m sitting here and processing in my own brain, when was the last time I did, when was the last time I did-
David Mandell:
Right, exactly.
Tim Sawyer:
So I’m ticking through many open items that I need. And I, personally, if I ever get around it, we’d love to take a look at that diagnostic tool where you can enter the data around, not only in your investment behavior but also spending behavior. And as a business owner-
David Mandell:
We’re happy to do it for you, Tim. It’s great stuff. It’s great. It’s really cool. It’s iterative. You can get… We do it with the client. If we’re not in front of them, you get on your computer in a GoToMeeting, I get on my own, we fill it in, we make adjustments, spouse is there, everybody’s chiming in and you get a good… It’s not like a written piece of paper. It’s interim. Yeah [crosstalk 00:30:52] I do want to mention the book too, before we-
Tim Sawyer:
And that’s when the spouses start screaming at each other and the wheels come off the-
David Mandell:
[crosstalk 00:31:01] Yeah, sometimes. We see all sorts of stuff. Sometimes one spouse… the doctor is the one who’s really driving it. Sometimes it’s the spouse. Sometimes they both get on there and they yell at each other and they’ve been married for 20 years, so we just keep quiet and try to figure out what the right answer is to put in the-
Tim Sawyer:
[crosstalk 00:31:24] I don’t think much motivates or annoys or inspires or makes more people crazy than money, right, when you’re talking about money?
David Mandell:
That’s true.
Tim Sawyer:
And I think that’s probably a universal truth for most people. So yeah, as we start to wind down, what I wanted to make sure we do, number one, is let’s make sure we don’t miss… You’ve got a new book coming out. When is that book going to be released? Where can they find it? How can they find it?
David Mandell:
Yeah, so it’ll… It’s going to be out, right now as we speak, on March 10th, I’m going to say by April 10th, so within the month. We figured it’s basically done. It’s just being at the so-called printer, although we have iPad and Kindle versions. So by the time people start listening to this, they can sign up for a preorder copy and let me give you… Let me give the listeners two ways to do that, okay?
Tim Sawyer:
Okay.
David Mandell:
If they are listening to this and they have their cell phone out, text 555888. That’s 555888, and then put in the text, T-T-F, pod, T-T-F, True To Form, pod, P-O-D. So T-T-F pod, that can be capitalized or that can be lowercase. You’re going to get a link back then with a link to our bookstore, OjM bookstore, and because it’s prepopulated with the True to Form code, you can see any of our books. You want the CME piece, you want the Wealth Management Made Simple, which is our book all about the markets and investing and financial planning, a lot of what we covered today or they want or, and they want the Wealth Planning for the Modern Physician, because that code is in there, they’ll see a price point, but when they go to checkout, it’s all free. Kindle, iPad, hard copy sent to you, whatever you want, okay? If they don’t have their phone in front of it, or if you guys are listening and you’re at your computer, you can use the same code. Just go to OJMbookstore.com, O-J-M, as in Mandell, bookstore.com
Tim Sawyer:
we got it and we appreciate the discount for the listeners. And the other thing is you mentioned, I wanted to talk real quick about, you are seeing some large conferences getting canceled now, right? Because obviously, we want to know-
David Mandell:
Yeah.
Tim Sawyer:
… where folks can meet your next. So when do you have a-
David Mandell:
Yeah.
Tim Sawyer:
[crosstalk 00:33:39] coming up?
David Mandell:
Well, first of all, anybody can email me, if they’re interested in something. We never charge to have a consult. So and it’s usually one or two to see, are we a good fit. I mean, so can email me at davidatojmgroup.com, anytime. Say, “Yeah, I listened to you on True to Form. I’ve got a question about this” or you can talk about asset protection. “I’ve got a question about that.” Shoot me an email. I’m happy to do it.
David Mandell:
I’m at a lot of conferences. Unfortunately, as you know, my partner Carol was supposed to be at the ASPS, plastic surgery conference this week. Got canceled. I was supposed to be at a radiology conference in two weeks. The next one I’m scheduled at, supposed to speak for two hours… And it’s a great comprehensive lecture. I’ve done it a couple of years in a row, at the ASAPS, the aesthetic plastic surgery in Las Vegas. I hope it goes on. I want to go back to Vegas. So that would be there. That’s the next one I’m scheduled for, since the last two had been canceled.
Tim Sawyer:
Well, I hope that they go off. The same for us, right? I mean, we cover 65 shows a year and-
David Mandell:
Yeah, you guys are everywhere. Yeah.
Tim Sawyer:
… we love seeing the doctors and the other folks in the industry and it’s a way that we keep our fingers on the pulse and get our name out there and the shows are important. So it’ll be interesting to see, hopefully there’s not a lot more disruption on that as we go forward, but people can definitely-
David Mandell:
I hope so too.
Tim Sawyer:
… hopefully, I’ll encourage everyone, guys, if you have a chance, get out to that meeting. If you have an opportunity, grab your phone. If you’re on your computer, check out the website, go to the bookstore. I’ve had an opportunity to spend some time with David and his group. These guys are real professionals and his dad’s a doctor, his brother’s a cardiologist, he understands your love language. He probably has a really good grasp on your hopes, dreams and fears and I think it’s just a really good time for all of us to sit down and say, “Hey, are we are going in the right direction,” I think at the end of the day. And I know David’s group does this stuff without judgment on anybody, no matter how big or small your portfolio is.
Tim Sawyer:
I would think, at the end of the day, David, it’s the person. It’s kind of like going to the doctor, right? You’re willing to do the diagnostics, but you’ve got to have a desire to be healthy, at some level, right?
David Mandell:
Yeah, of course. I mean, that’s sort of the self selection thing. I mean, I think everybody has some financial goal, right? They may not be able to articulate it. You see those commercials, if you watch sports, like I do, you know, sometimes what’s your number? It’s not that simple, but I think getting a second review on what you’re doing. Right now, people are motivated by the markets and financials. We’re happy to chat with you about that. Hopefully, that settles itself out. Market comes back six months. You may be listening to this or thinking about it, a book on your bookshelf, maybe, hey, taxes. It may be, hey, I’m concerned about liability.
David Mandell:
A lot of areas of wealth planning that we help clients with and once they feel like they have a quarterback, we use that term for the sports people. We’re their quarterback, their first call when they have financial issue, people are more secure, they can practice better medicine, they can live a better life because they’ve got sort of a partner with them that does this all day long. Just like I feel good when I have a doc I can rely on. Same thing.
Tim Sawyer:
Same thing. I think that’s all good advice. So for our listeners… First of all, David, thank you so much for coming on the program today. I know you guys are super busy and you travel a ton.
Tim Sawyer:
So guys, today we had David Mandell, attorney for David Mandell, PC. He is a partner, managing partner, in OJM group. As we mentioned, they provide financial services, risk management for physicians, but also for anybody in elective medicine, but his family’s got a specialty, a special place in their hearts for doctors. We absolutely encourage you to check them out. He’s a Harvard alum. He’s a UCLA School of Law alum. This is your guy.
Tim Sawyer:
So we really appreciate you taking the time today, David. As always, we want to thank the listeners for spending time with us. Anybody interested in learning more about Crystal Clear, we encourage you to go to crystalcleardm.com. That’s crystalcleardm.com. Click on the sales button and the guys would love to hear from you. We’d also would love to do an analysis of where you’re at with your online presence.
Tim Sawyer:
So with that we want to wrap up for the week. David, we want to give you a chance to say bye to listeners and we only have one more question.
David Mandell:
What’s that? Bye listeners. Hey, thanks for listening. We appreciate it.
Tim Sawyer:
We want to make sure you agree to come back in six months and do it again.
David Mandell:
Would love to. Absolutely.
Tim Sawyer:
Thank you so much, David.
Moderator:
Thanks for tuning into this week’s episode of True to Form, brought to you by TouchMD, the all-in-one static technology hub. To learn more about your podcast sponsor, visit touchmd.com and to learn more about your podcast provider, Crystal Clear, visit crystalcleardm.com. Also, be sure to subscribe to the show on all your favorite music apps, including iTunes, Spotify, SoundCloud, and tune into stay up to date with the newest episodes. Thank you for listening.
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