1 00:00:00,400 --> 00:00:02,700 Hello and thank you for tuning in to another episode of a 2 00:00:02,700 --> 00:00:05,000 professional pricing Society podcast. 3 00:00:05,400 --> 00:00:08,500 My name is Terrence may have another great conversation store 4 00:00:08,500 --> 00:00:11,400 for you today. With a very, very special guest 5 00:00:11,500 --> 00:00:13,600 who goes by the name of Michael Compton. 6 00:00:14,000 --> 00:00:18,700 Michael is the director of firm strategy and leader of the new 7 00:00:18,700 --> 00:00:23,000 pricing function at Edward Jones with 16 years and full service, 8 00:00:23,000 --> 00:00:26,100 Financial advisory industry. Experience, mr. 9 00:00:26,100 --> 00:00:27,500 Michael sir, how are you doing today? 10 00:00:28,300 --> 00:00:29,700 Give a great. Thank you, Terrance. 11 00:00:29,700 --> 00:00:32,100 It's good to be here. Good, thank you so much for 12 00:00:32,100 --> 00:00:33,700 being here. We're so glad to have you. 13 00:00:34,200 --> 00:00:36,100 Let's go ahead and jump into this conversation. 14 00:00:36,100 --> 00:00:40,500 So you're speaking with us today about pricing with evolving 15 00:00:40,500 --> 00:00:43,500 value within a professional service industry. 16 00:00:43,500 --> 00:00:45,700 Okay? So this is a very interesting 17 00:00:45,700 --> 00:00:47,900 topic. What why is pricing with 18 00:00:48,200 --> 00:00:50,900 evolving value within the Professional Services industry 19 00:00:50,900 --> 00:00:54,000 important for pricing professionals today? 20 00:00:54,600 --> 00:00:59,500 Well, I was able to attend last Spring's conference and being in 21 00:00:59,500 --> 00:01:01,100 the Professional Services industry. 22 00:01:01,100 --> 00:01:06,000 I saw how sharing approaches and sharing, you know what's 23 00:01:06,000 --> 00:01:08,200 happening in a different Industries was really 24 00:01:08,200 --> 00:01:10,700 informative for me. So I thought when given this 25 00:01:10,700 --> 00:01:13,100 opportunity I'd like to kind of talk about some of the 26 00:01:13,100 --> 00:01:16,400 challenges that we see because I don't think I think it will not 27 00:01:16,400 --> 00:01:19,100 only help folks in the Professional Services industry, 28 00:01:19,100 --> 00:01:22,600 but might be able to, there's approaches in the discussion 29 00:01:22,600 --> 00:01:24,600 could even apply to maybe some other Industries as well. 30 00:01:24,700 --> 00:01:29,400 Well, as you as you think about the full serve it wealth 31 00:01:29,400 --> 00:01:31,400 management, full service industry. 32 00:01:31,700 --> 00:01:37,600 It's evolved so much over time. So go back to like 1980. 33 00:01:37,600 --> 00:01:41,400 Like if you wanted to buy a stock or Bond or mutual fund, 34 00:01:41,400 --> 00:01:44,300 you had actually call an individual and then you know, 35 00:01:44,300 --> 00:01:46,700 all of a sudden, the end of the 90s come and we've got the 36 00:01:46,700 --> 00:01:50,200 internet, you know, you could place a phone call. 37 00:01:50,200 --> 00:01:52,000 So now we got day Traders, right? 38 00:01:52,300 --> 00:01:56,000 So what do you mean a broker for Well, they're going to start 39 00:01:56,000 --> 00:01:57,500 build it. Going to say, wait a minute, my 40 00:01:57,500 --> 00:02:00,400 value prop is now building portfolios. 41 00:02:01,100 --> 00:02:05,000 So, you know, that that went for a while, but then you've got 42 00:02:05,000 --> 00:02:09,800 Robos, enter the industry and you've got these Hybrid models, 43 00:02:09,800 --> 00:02:12,000 where you have someone in the home office kind of coaching you 44 00:02:12,000 --> 00:02:15,700 through your investment. So why do you need to pay this 45 00:02:15,700 --> 00:02:19,200 full service professional these higher fees. 46 00:02:19,400 --> 00:02:23,000 So just the the value is changing over time. 47 00:02:23,000 --> 00:02:27,800 And now I really it's delivering Personalized comprehensive 48 00:02:27,800 --> 00:02:33,100 advice and guidance but our monetization or the way we price 49 00:02:33,100 --> 00:02:38,300 that hasn't caught up to where the value prop is it just that 50 00:02:38,300 --> 00:02:40,500 Evolution and how quickly it's changing over time. 51 00:02:40,500 --> 00:02:42,500 I thought would be a really great conversation. 52 00:02:42,900 --> 00:02:45,300 Sure, absolutely, absolutely. So, yeah. 53 00:02:45,300 --> 00:02:48,700 So I want to ask is well, you know, just thinking about that a 54 00:02:48,708 --> 00:02:50,900 little bit further and about the evolution of this. 55 00:02:51,300 --> 00:02:54,200 What do investors value in a full-service wealth management 56 00:02:54,200 --> 00:02:56,200 offering? Whirring compared to, you know, 57 00:02:56,200 --> 00:02:59,600 do it yourself situations or other scalable models? 58 00:03:00,900 --> 00:03:03,600 Absolutely. So when you when you go to a 59 00:03:03,700 --> 00:03:07,200 full-service wealth management office, you're getting actually 60 00:03:07,200 --> 00:03:10,000 a lot of services. You know there's what we call 61 00:03:10,000 --> 00:03:13,200 custody in the industry where they custody your assets. 62 00:03:13,200 --> 00:03:15,700 So if you own stocks bonds mutual funds, you know, they 63 00:03:15,700 --> 00:03:20,000 custody this for you. They also in do investment 64 00:03:20,000 --> 00:03:24,400 management where help you enter the market, a line. 65 00:03:24,600 --> 00:03:29,100 Goals to your Investments but it's a lot more of that than 66 00:03:29,100 --> 00:03:32,500 that is. Well if you take a JD Power 67 00:03:32,800 --> 00:03:38,400 results on investor satisfaction for 2022, just hit and the way 68 00:03:38,400 --> 00:03:42,800 they are starting to talk about the value proposition. 69 00:03:42,800 --> 00:03:45,200 In this industry, it it's holistic. 70 00:03:45,200 --> 00:03:49,100 Financial advice where there's a plan and that you have a 71 00:03:49,100 --> 00:03:51,000 professional delivering that to you. 72 00:03:51,400 --> 00:03:54,000 And one of the key things that we've seen in past. 73 00:03:54,600 --> 00:03:57,100 This is if you have a professional delivering that 74 00:03:57,100 --> 00:04:00,900 advice and guidance, it's almost like a coaching relationship and 75 00:04:00,900 --> 00:04:03,700 they're holding you accountable so that you personally can meet 76 00:04:03,700 --> 00:04:06,600 your goals mom. And one other thing that I took 77 00:04:06,600 --> 00:04:10,300 from that survey that was interesting is the number the 78 00:04:10,300 --> 00:04:14,100 third driver that they cite. As the third most of corn driver 79 00:04:14,100 --> 00:04:16,700 is the value for the fees that they're paying. 80 00:04:16,700 --> 00:04:19,200 That's what clients are investors are looking at. 81 00:04:20,600 --> 00:04:23,000 And then I think I hit on it just a little bit. 82 00:04:23,300 --> 00:04:26,200 Trust is such an important. Day, you're talking about your 83 00:04:26,200 --> 00:04:30,100 money, your livelihood, how you're going to retire? 84 00:04:30,100 --> 00:04:32,700 How are you going to put your kids through college? 85 00:04:33,100 --> 00:04:35,200 Do you need to take care of your parents because they're getting 86 00:04:35,200 --> 00:04:37,100 out a you know, they're getting their up in the years. 87 00:04:37,100 --> 00:04:40,600 Like these are really, really important things that people 88 00:04:40,600 --> 00:04:44,000 need to accomplish and having a trusted advisor. 89 00:04:44,000 --> 00:04:46,500 That's, that's part of that value proposition where they can 90 00:04:46,500 --> 00:04:50,600 kind of almost do life with you. So, very different from other 91 00:04:50,600 --> 00:04:54,400 Professional Services Industries, but it's part of the 92 00:04:54,600 --> 00:04:59,300 The overall value proposition and you see, clients will put 93 00:04:59,300 --> 00:05:02,600 more emphasis on certain parts of that value proposition. 94 00:05:02,600 --> 00:05:05,400 Where some clients are just looking for the Investments. 95 00:05:05,500 --> 00:05:08,000 Some clients are looking for that personal relationship. 96 00:05:08,100 --> 00:05:10,600 Some clients are really looking for that plan to give them 97 00:05:10,600 --> 00:05:12,800 confidence that they can actually get there. 98 00:05:13,100 --> 00:05:18,000 So it's really interesting, that is interesting, so it sounds 99 00:05:18,000 --> 00:05:21,800 like this is heavily based on cultivating, a mutually 100 00:05:21,800 --> 00:05:24,400 beneficial relationship a healthy relationship. 101 00:05:25,100 --> 00:05:28,000 Exactly. And then now, think about how do 102 00:05:28,000 --> 00:05:30,100 you how do you pay for Investment Services? 103 00:05:30,100 --> 00:05:36,100 Yeah, you you pay for a stock trade, you might pay two and a 104 00:05:36,100 --> 00:05:38,900 half percent for stock trade that you probably could do 105 00:05:38,900 --> 00:05:42,800 online for free or $15. So it's you're in the situation 106 00:05:42,800 --> 00:05:46,400 where you're almost like overpaying and then getting the 107 00:05:46,400 --> 00:05:48,300 good stuff for free. Hmm. 108 00:05:48,400 --> 00:05:50,400 That makes sense. It does make sense that's 109 00:05:50,400 --> 00:05:51,500 interesting. Okay cool. 110 00:05:51,800 --> 00:05:58,100 Yeah so there's the These Dynamics between us in our home 111 00:05:58,100 --> 00:06:02,100 office that you'll run the business and our sales folks are 112 00:06:02,100 --> 00:06:07,000 financial advisors. So Dave, they also need to keep 113 00:06:07,000 --> 00:06:10,600 up with the evolving industry. So they have some clients that 114 00:06:10,600 --> 00:06:14,500 put a lot of value on that, you know, stock recommendations kind 115 00:06:14,500 --> 00:06:17,100 of like the way we used to do business in the 80s and then 116 00:06:17,100 --> 00:06:20,600 you've got other clients that are just starting to save for, 117 00:06:20,900 --> 00:06:25,000 you know, retirement. And it's more about our Saving 118 00:06:25,000 --> 00:06:29,000 versus how they're saving. So, just keeping our sales force 119 00:06:29,300 --> 00:06:32,600 in tune with the industry and where value is evolving over 120 00:06:32,600 --> 00:06:35,200 time with their different segments of clients. 121 00:06:35,400 --> 00:06:38,200 That's a really interesting Dynamic if you start to dig into 122 00:06:38,200 --> 00:06:44,200 it and then also the amount of information investors have I'm 123 00:06:44,200 --> 00:06:48,200 always and I'll probably do this pull in person, you know. 124 00:06:48,300 --> 00:06:50,900 Do you know what you pay for financial advice? 125 00:06:50,900 --> 00:06:54,400 And I'll tell you it is all over the place on that. 126 00:06:54,500 --> 00:06:58,200 What that answer is. So it's very interesting. 127 00:06:58,300 --> 00:07:00,500 The amount of trust their pudding with their financial 128 00:07:00,500 --> 00:07:04,200 advisor, but the very limited understanding and how they pay 129 00:07:04,600 --> 00:07:08,500 and then you as a professional prices, you know pricer in the 130 00:07:08,500 --> 00:07:11,100 industry. How do you how do you you know 131 00:07:11,100 --> 00:07:12,400 how do you reconcile these things? 132 00:07:12,400 --> 00:07:17,300 A lot of trust is needed. Not too many of your clients or 133 00:07:17,500 --> 00:07:20,300 customers understand how they're paying for advice. 134 00:07:20,600 --> 00:07:23,800 You know how do you how do you manage pricing in this type of 135 00:07:23,800 --> 00:07:25,600 Industry? That's into that. 136 00:07:25,600 --> 00:07:27,700 It's a good point, you know, not everyone may be aware of how 137 00:07:27,700 --> 00:07:31,400 their, maybe what they're getting for their book that 138 00:07:31,400 --> 00:07:34,000 makes sense. Okay, exactly. 139 00:07:34,600 --> 00:07:38,300 Now, you may have touched on this previously, just now but 140 00:07:38,300 --> 00:07:42,400 what makes Professional Services pricing different from other 141 00:07:42,400 --> 00:07:46,400 Industries. So you can think about think 142 00:07:46,400 --> 00:07:52,600 about professionals like financial advisors or doctors or 143 00:07:52,900 --> 00:07:58,300 lawyers, They typically run their business and I'm using air 144 00:07:58,300 --> 00:08:02,300 quotes, I know you can't see it. But yeah, they have their their 145 00:08:02,300 --> 00:08:07,500 Niche, they have their approach but we're providing guidance on 146 00:08:07,500 --> 00:08:09,800 how they need to price their practices. 147 00:08:10,700 --> 00:08:14,500 So it's interesting on, you know, how you have to almost be 148 00:08:14,500 --> 00:08:18,300 a little bit of customized and how you approach pricing or you 149 00:08:18,308 --> 00:08:22,400 need to segment your Professionals in the business to 150 00:08:22,400 --> 00:08:25,400 be able to do that. So that's One interesting 151 00:08:25,400 --> 00:08:28,300 Dynamic versus another, you know, like manufacturing might 152 00:08:28,300 --> 00:08:32,200 have sales associates. That's an important Dynamic, but 153 00:08:32,200 --> 00:08:34,600 it's not as I don't think it's differentiated. 154 00:08:34,600 --> 00:08:37,299 As you'll see one financial advisor, or one doctor in their 155 00:08:37,299 --> 00:08:39,700 practice versus another doctor in their practice. 156 00:08:40,500 --> 00:08:44,400 And then the other thing that I think makes it really different 157 00:08:44,400 --> 00:08:47,600 is the amount of Acumen that professional has. 158 00:08:47,900 --> 00:08:51,000 So you have that professional enters the you know enters the 159 00:08:51,008 --> 00:08:53,300 industry. They might have one to three 160 00:08:53,300 --> 00:08:56,000 years of experience. It's versus the professional 161 00:08:56,000 --> 00:09:00,100 that has 20 years of experience and there's a lot of value or 162 00:09:00,100 --> 00:09:03,500 there's a lot of perceived value in that professional. 163 00:09:03,500 --> 00:09:06,700 That has a lot of experience. So how do you quick for that? 164 00:09:06,700 --> 00:09:10,800 When you're thinking about it? And then finally, when you're in 165 00:09:10,800 --> 00:09:14,400 a Professional Services industry, the client or the 166 00:09:14,400 --> 00:09:18,500 customer is kind of bringing some of the goods, to the cam, 167 00:09:18,600 --> 00:09:22,900 you know, to the relationship. So in Investments, it's their 168 00:09:22,900 --> 00:09:24,900 their Investments and their say, Names. 169 00:09:25,600 --> 00:09:29,200 You know, and then another Professional Services like a 170 00:09:29,208 --> 00:09:30,500 plumber. You know, they're working on 171 00:09:30,500 --> 00:09:32,700 your stuff. So it's interesting where you 172 00:09:32,700 --> 00:09:35,700 have that different Dynamic that you would in other industries. 173 00:09:36,000 --> 00:09:37,500 That is interesting. Very, it's very unique. 174 00:09:37,500 --> 00:09:40,900 It sounds like in comparison to other Industries have there been 175 00:09:40,900 --> 00:09:43,800 any specific approaches you've taken towards pricing 176 00:09:43,800 --> 00:09:48,400 Professional Services. So so one of the one of the 177 00:09:48,400 --> 00:09:52,600 other reasons that I was excited to do this is I just wanted to 178 00:09:52,600 --> 00:09:56,300 share some of my experiences. Has with other professionals, 179 00:09:56,300 --> 00:10:01,800 because our pricing team within firm strategy is only two years 180 00:10:01,800 --> 00:10:06,900 old. So we, you know, over time as 181 00:10:06,900 --> 00:10:11,900 the industry has evolved firms, like mine have owned more and 182 00:10:11,900 --> 00:10:14,800 more of their pricing. So, before used to be dictated 183 00:10:14,800 --> 00:10:19,000 by regulations and government and more boring or product 184 00:10:19,000 --> 00:10:22,600 partners that create like mutual funds or Insurance products. 185 00:10:22,600 --> 00:10:24,400 Now, we're owning more and more of our pricing. 186 00:10:24,500 --> 00:10:29,400 So I made the case to my senior leaders that we really need a 187 00:10:29,400 --> 00:10:32,800 pricing function now and it's not something you see a lot in 188 00:10:32,800 --> 00:10:35,800 the financial services industry, some of the larger players have 189 00:10:35,800 --> 00:10:40,000 it but a lot of them don't. So I just want to share my 190 00:10:40,000 --> 00:10:42,400 experience on, you know, how did we build that? 191 00:10:42,400 --> 00:10:45,500 So just to give you a little bit of preview of, you know what, 192 00:10:45,500 --> 00:10:49,700 we're going to talk about how important is it to stay close to 193 00:10:49,900 --> 00:10:52,900 white papers in the industry and what's in the news because 194 00:10:52,900 --> 00:10:54,300 there's a lot of innovation going. 195 00:10:54,400 --> 00:10:57,400 Going on mom. So we, we have a lot of 196 00:10:57,400 --> 00:11:01,500 relationships outside of our organization where we're talking 197 00:11:01,500 --> 00:11:04,100 to individuals that, you know, right. 198 00:11:04,100 --> 00:11:08,100 These white papers or are in other parts of the industry like 199 00:11:08,100 --> 00:11:12,600 Morningstar data is super important. 200 00:11:12,800 --> 00:11:16,600 So the data that you know I'll talk a little bit about the 201 00:11:16,600 --> 00:11:20,400 types of data that we buy externally to really understand 202 00:11:20,400 --> 00:11:24,300 what's happening in the industry versus the type of data that 203 00:11:24,500 --> 00:11:30,000 Create in our firm to understand what clients are paying for this 204 00:11:30,000 --> 00:11:32,900 financial advice and kind of matching that up the value. 205 00:11:34,800 --> 00:11:38,900 We're going to talk a little bit about focus groups you know I 206 00:11:38,900 --> 00:11:42,900 was with my sales teams with potential investors with 207 00:11:42,900 --> 00:11:44,900 clients. How does that factor into 208 00:11:44,900 --> 00:11:48,600 pricing? And then I've got a really great 209 00:11:49,300 --> 00:11:53,700 analytics team where, you know, we build all sorts of financial 210 00:11:53,700 --> 00:11:57,600 models. And as well as just capabilities 211 00:11:57,600 --> 00:11:59,700 that we embedded different parts of our business. 212 00:12:00,100 --> 00:12:03,800 And then finally communication is so important and this is 213 00:12:03,800 --> 00:12:06,300 actually where I'm going to share, kind of like some key. 214 00:12:06,300 --> 00:12:10,200 Learnings things did not go well in a couple of instances and why 215 00:12:10,200 --> 00:12:14,500 I think communication across a year, you know your firm and 216 00:12:14,500 --> 00:12:18,600 your home office across your sales team and then being super 217 00:12:18,600 --> 00:12:23,100 transparent with your investors and clients is so so important 218 00:12:23,100 --> 00:12:25,400 because the more we Understand the better. 219 00:12:25,400 --> 00:12:29,200 We all stakeholders are in these conversations and leads to 220 00:12:29,200 --> 00:12:31,100 better pricing decisions in my opinion. 221 00:12:32,800 --> 00:12:35,500 One, quick question for you. We know think about the, you 222 00:12:35,500 --> 00:12:40,300 know, the professional service industry, do you foresee other 223 00:12:40,400 --> 00:12:44,800 companies within this industry to apply or to pick up this type 224 00:12:44,800 --> 00:12:47,800 of mentality or approach when it comes to pricing. 225 00:12:47,900 --> 00:12:53,100 The pricing functionality? Absolutely, I starting to see it 226 00:12:53,100 --> 00:12:56,400 at least in our industry and the industries that kind of a join 227 00:12:56,400 --> 00:12:59,700 our industry. I'm starting to see it in 228 00:12:59,700 --> 00:13:03,100 Consulting engagements where I in those are those are usually 229 00:13:03,100 --> 00:13:05,700 kind of like a front-runner of what you'll see kind of built 230 00:13:05,700 --> 00:13:07,900 out as a capability within different firms. 231 00:13:08,600 --> 00:13:11,500 So as we partner with different consulting firms, or just 232 00:13:11,500 --> 00:13:15,500 reading their white papers that they published publicly, I think 233 00:13:15,500 --> 00:13:18,400 this is, you know, this is a direction that a lot of our 234 00:13:18,400 --> 00:13:21,700 firms are going to start. Art going towards for a couple 235 00:13:21,700 --> 00:13:26,600 different reasons when you think about the what some of the 236 00:13:26,600 --> 00:13:29,000 important Dynamics and Professional Services part of 237 00:13:29,000 --> 00:13:32,500 its capacity, right? So, a professional only has so 238 00:13:32,500 --> 00:13:37,000 many hours in a day and you know, how do you think about 239 00:13:37,000 --> 00:13:40,700 that and price price for that? And then on top of that 240 00:13:40,700 --> 00:13:45,100 innovation has just really started picking up, right? 241 00:13:45,200 --> 00:13:49,500 And so, what should invest, what should your clients and your? 242 00:13:49,700 --> 00:13:53,600 Customers kind of be able to do on their own versus, what should 243 00:13:53,600 --> 00:13:55,600 the /. You know, the professional be 244 00:13:55,600 --> 00:14:00,400 doing just understanding, you know, cost structures costs to 245 00:14:00,400 --> 00:14:04,100 serve. You know, how pricing is 246 00:14:04,100 --> 00:14:06,700 perceive key drivers in economics. 247 00:14:06,900 --> 00:14:09,600 It's all really important. So I think this very broad 248 00:14:09,600 --> 00:14:13,200 approach that I'm getting into is really important to have 249 00:14:13,200 --> 00:14:16,100 something like this in place to be able to keep up with an 250 00:14:16,100 --> 00:14:19,500 evolving industry. Yeah, that was my assumption. 251 00:14:19,600 --> 00:14:22,500 Ian but, you know, I can it's not fair to just assume it's you 252 00:14:22,500 --> 00:14:26,600 know after it makes the most sense to ask the ask the experts 253 00:14:26,600 --> 00:14:28,000 first and foremost about the future. 254 00:14:28,000 --> 00:14:30,300 So that makes a lot of sense. That's important to know moving 255 00:14:30,300 --> 00:14:32,700 forward regarding this particular industry. 256 00:14:33,400 --> 00:14:39,000 Now you have years of expertise in this field what makes you 257 00:14:39,000 --> 00:14:42,600 excited to be in a pricing role within a professional service 258 00:14:42,600 --> 00:14:46,200 industry? Giving all your expertise and 259 00:14:46,200 --> 00:14:49,100 years we have behind you. Yep. 260 00:14:49,600 --> 00:14:55,000 So one of the things that makes me excited about, even though 261 00:14:55,000 --> 00:14:58,700 I've been in the industry for quite a while touching pricing 262 00:14:58,700 --> 00:15:02,300 most, most of the time I've been in the industry, what makes me 263 00:15:02,300 --> 00:15:05,500 really excited is that Innovation we just talked about 264 00:15:05,700 --> 00:15:10,400 like, it's Innovation, is unlocking value and it's not 265 00:15:10,500 --> 00:15:15,600 only benefiting my firm, it's benefiting our sales force. 266 00:15:15,900 --> 00:15:18,100 And in the end, I think clients are getting a lot. 267 00:15:18,300 --> 00:15:23,100 Or value. And one of the reasons I really 268 00:15:23,100 --> 00:15:27,300 enjoy the role that I'm in as a pricing, professional is, how do 269 00:15:27,300 --> 00:15:32,300 we create a win-win situation where there's tens of millions 270 00:15:32,300 --> 00:15:37,900 of investors across North America and being able to 271 00:15:37,900 --> 00:15:40,200 achieve? Their goals is really important 272 00:15:40,200 --> 00:15:43,700 to them. So I feel like I'm on the front 273 00:15:43,700 --> 00:15:47,800 line, trying to figure out the Innovative innovative ways to 274 00:15:47,800 --> 00:15:53,000 price Us our services so that we create more win-win situations 275 00:15:53,100 --> 00:15:56,000 from all stakeholders. So that's really what gets me 276 00:15:56,000 --> 00:16:00,500 excited about it and it in just the speed of change that we're 277 00:16:00,500 --> 00:16:03,600 seeing in our industry. Yeah that's awesome. 278 00:16:03,600 --> 00:16:07,500 Innovation is huge especially when it comes to industries that 279 00:16:07,500 --> 00:16:11,100 you know as a at-large having all necessarily picked up this 280 00:16:11,100 --> 00:16:13,100 concept yet. So I think there's a lot in 281 00:16:13,100 --> 00:16:15,400 store for the professional service industry. 282 00:16:15,700 --> 00:16:18,000 I think so. I've been talking a big game 283 00:16:18,000 --> 00:16:20,300 here. But I think Financial Services, 284 00:16:20,400 --> 00:16:24,600 there's a lot of room for improvement just across the 285 00:16:24,600 --> 00:16:27,200 board. So that's that's something else 286 00:16:27,200 --> 00:16:29,500 like that makes me really excited about this role. 287 00:16:29,600 --> 00:16:32,000 The role that I'm in being in pricing and Professional 288 00:16:32,000 --> 00:16:35,100 Services is I see a lot of room for improvement and I want to be 289 00:16:35,100 --> 00:16:36,900 part of that. Mmm, good. 290 00:16:36,900 --> 00:16:38,100 Good. Well, hey that's why we have you 291 00:16:38,100 --> 00:16:39,700 here now. Michael, do you have any 292 00:16:39,700 --> 00:16:44,000 additional resources or anything that our listeners can get, you 293 00:16:44,000 --> 00:16:47,400 know, learn more about you or your company or your ideas, all 294 00:16:47,400 --> 00:16:52,200 right, so So I don't know if we're gonna do this but happy to 295 00:16:52,200 --> 00:16:55,600 put my LinkedIn information out there, so feel free to contact 296 00:16:55,600 --> 00:16:59,600 me. Yo, I think it is in the 297 00:16:59,608 --> 00:17:01,800 beginning. You mentioned that I work with 298 00:17:01,800 --> 00:17:08,400 Edward Jones, so we're actually in, we have more locations than 299 00:17:08,400 --> 00:17:11,500 McDonald's. So I you have to have one of our 300 00:17:11,500 --> 00:17:15,900 Edward, Jones offices near you. So, but it just look us up. 301 00:17:15,900 --> 00:17:18,099 Go to Edward Jones.com, you can take a look. 302 00:17:18,500 --> 00:17:23,000 You know, our firm but really what I'd like to encourage folks 303 00:17:23,000 --> 00:17:27,300 to do is if you are interested in the financial services and 304 00:17:27,300 --> 00:17:30,600 the Dynamics here, there is a wealth of information that is 305 00:17:30,600 --> 00:17:35,400 created by by firms like JD Power Morningstar, just just 306 00:17:35,400 --> 00:17:38,800 start googling and there's a lot of really good information out 307 00:17:38,800 --> 00:17:41,100 there. But if you are interested in 308 00:17:41,100 --> 00:17:44,500 specifics, I would ask you to just reach out to me through 309 00:17:44,500 --> 00:17:48,400 Linkedin anything Michael calm Owen. 310 00:17:48,700 --> 00:17:51,300 Well thank you so much for your time today, sir, pricing with 311 00:17:51,300 --> 00:17:55,100 evolving value, in a Professional Services industry. 312 00:17:55,600 --> 00:17:58,300 Very insightful discussion we had with you today. 313 00:17:58,700 --> 00:18:00,500 Until next time, you will have a safe one. 314 00:18:00,700 --> 00:18:01,000 Bye-bye.