“We just want to make people sleep better at night so that when they wake up in the morning, they can take a breath knowing that they’re going to be okay.”
Brian Peters:
Hi, my name is Brian Peters and I’m the CEO of Brian Peters consulting. I work with the top advisors around the world in all countries. Today I have the privilege and the pleasure of chatting with Tim Yurek of Tier 1 Capital in Pennsylvania. Now, Tim is a 35-year veteran in this industry and is really at the top of his game. We’re going to learn some great secrets and insights into financial services and the world today by speaking with Tim. So Tim, great to have you on. Thank you very much for joining and welcome.
Tim Yurek:
Well thank you, Brian. I appreciate the opportunity to chat with you.
Brian Peters:
I’m going to be asking you a number of questions. Some, that people have actually written in because they knew that we’d be speaking. So I’m going to start with question one, Tim. There’s so many different types of advisors. You’ve got advisor firms, investment firms, you got banks, you’ve got credit unions. You’ve got all sorts of types of advisors. So let me ask what makes you so unique or different?
Tim Yurek:
Well, you know, Brian, that’s a good question. What I found is, when you encounter a financial advisor, when you meet with them for the first time, they ask to see everything you have, and then the conversation usually goes somewhere to this point. “Well, everything you have needs improvement and my stuff is the best.” That’s because they’re focused on the product. What makes me different is when we sit down, we’re going to talk about how you’re using your money. We’re going to look for inefficiencies in how you’re using your money. To give you an analogy, let’s say you want to get better at golf, this is how the other guys would approach it. “Show me your golf clubs, your golf clubs stink. Come to my pro shop. I’ll sell you a new set of golf clubs.” My analogy is, “Hey, Brian, I don’t know if you need clubs, but I know the best way to improve your swing in golf is to take a look at the swing. So let’s go down to the range, take a look at how you can swing the club and then we can maybe make some recommendations.” What we do is we look for any inefficiencies in how you’re using your money and then make recommendations on how you can improve yourself financially.
Brian Peters:
Wow. That sounds much different than everybody else. So, what can you really help your clients achieve?
Tim Yurek:
Well, Brian, first and foremost, what we help our clients to achieve is having access to their money. That is the center of our planning because when you don’t have access to money, you have stress, you have frustration, you have anxiety, you can’t take advantage of opportunities. If a financial or a health emergency occurs, you don’t have access to money. That creates more stress and anxiety. Additionally, people come to us looking for confidence. You know, they’re rich on paper. They have a lot of money going through their hands, but they feel like failures because they don’t have access to their money. Our process shows them how to create greater access to their money. What they don’t realize is they have it within their power to achieve the freedom and the confidence that they want. They just don’t know how to do it.
Brian Peters:
That sounds great. That sounds like a real problem solver. So Tim, tell me, how did you come up with this process?
Tim Yurek:
Well, you know, Brian, I realized that following conventional financial wisdom doesn’t work for the client, it works for the financial institution. It works for the financial advisor, but it leaves your money inaccessible when you need it most. So I realized something had to change.
Brian Peters:
So, the change was, instead of taking on more things, the change was to use what they were currently using more efficiently. Is that right?
Tim Yurek:
Yeah, exactly. So, all we do is help people to analyze what they’re doing with their money and then determine whether or not it’s leaving their money accessible or inaccessible. Then if their money was inaccessible, we looked at a different way of doing things. So that their money can be accessible to them. Now, the financial institutions don’t like that, but it’s better for the client.
Brian Peters:
Now I’m going to ask you the $64,000 question. Why did you even bother trying to come up with this process? Why do it like this?
Tim Yurek:
I mentioned earlier that our clients come to us frustrated, stuck financially, and full of anxiety. Well, back in 1993, I was in the same spot. I was making good income. I was following conventional wisdom to the book and I didn’t have any access to money. I was stuck financially, and I was frustrated. I thought it was my fault because I wasn’t making enough money. The problem wasn’t that I wasn’t making enough money. How I was using my money was the problem.
Brian Peters:
Oh, that makes total sense. Do you think that today it’s mostly in America, or do you think that a lot of people are in that similar situation?
Tim Yurek:
Brian, it’s amazing. Every day we see people who are in the same boat. I just met with a client out in California. We did a virtual meeting and they were in the same boat. The husband said, “I’m making more money now than I’ve ever dreamed and yet I can’t pay my bills on a monthly basis. What’s going on, what’s wrong?” See that’s where people come to us. They don’t have confidence because they think it’s their fault. It’s not their fault, to a degree. It is because they’re following conventional wisdom, but they think they’re doing everything right by the book. They are, but it’s not in their best interest. That’s why they’re stuck, frustrated and full of anxiety.
Brian Peters:
I can tell you’re really passionate about fixing that for people too. That’s great, Tim, it’s all sort of sounding so simple and obvious and straightforward. So if that’s the case, why isn’t everyone doing it?
Tim Yurek:
You know, Brian that’s a great question. You know, the American actor Will Rogers has a quote. He says “The problem in America, isn’t what people don’t know. The problem in America is what they think they know that just ain’t so.” You know, what I found is when I meet with clients, they’re doing the best they can with the money they have, based on the information that they have. The problem is they don’t have all the information. So, one of the questions I ask my clients when I first meet them is, “What if what you thought to be true about finances turned out not to be true, when would you want to know?” They all say immediately. So, the problem is they don’t have all the information.
I met with a client and his wife the other day, he’s a business owner. He said to me during the meeting, why isn’t everybody doing this? I said, well, they haven’t met me yet. So we put this plan together for them and I just got a text the other day and he said, “Hey, we’re going to move forward with that plan and I just want you to know, last night was the best night’s sleep I’ve had in months.” That just gives me such pleasure to see that I’m making an impact for people on a daily basis.
Brian Peters:
Wow. That’s fantastic. That must’ve made you feel really, really great. That’s great.
Tim Yurek:
Absolutely.
Brian Peters:
So Tim, I can tell you’re really passionate about what you do. So when you wake up in the morning, what’s your mission statement?
Tim Yurek:
Well, Brian, it’s real simple. We just want to make people sleep better at night so that when they wake up in the morning, they can take a breath knowing that they’re going to be okay. They don’t have the stress of thinking that they’re living pay to pay or week to week. They don’t have the pressure of having to make a sale. We help our clients sleep better and we give them that confidence.
Brian Peters:
Great, fantastic. So Tim, I can tell you’re really passionate about what you do and you really do like helping people. Now, the world’s in a bit of a tough place at the moment for business people and everyday families. So I understand that you’ve got a special offer for any business owners who would like to chat with you over the next 30 days. Would you share that with us?
Tim Yurek:
Brian we’re going to offer a free, no cost, no obligation cashflow analysis for business owners to see if we can help them to free up some cashflow coming out of this pandemic. Additionally, for families, we’ll offer a free 30-minute phone conversation to answer any questions that they might have about their finances.
Brian Peters:
Great. So, anybody who’s really interested in a no obligation free 30-minute chat, just get in touch with Tim, and he’ll be more than happy to help you. So, Tim, it’s been really great chatting with you and great learning all about what you do. We wish you very well and continued success.
Tim Yurek:
Thanks, Brian. I appreciate it. Thanks for your time. You’re very welcome
