Tony Robbins, a peak performance strategist, entrepreneur and bestselling author and Peter Mallouk, the #1 independent financial advisor in the country have joined forces to offer comprehensive planning services to clients with a minimum of $50,000. In today’s podcast they explain how they came together and what they hope to accomplish.

We also talk politics, the fiduciary standard, why advisors need to be a practical psychologist, the disastrous 401(k) industry, how Mallouk grew his firm from about $50 million in AUM to roughly $18 billion today, and we even mention the Showtime series Billions. It’s a packed episode you won’t want to miss.

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Quotes From Tony Robbins and Peter Mallouk

  • “Philosophically, we believe there should be a fiduciary standard for everybody. You should always have to act in the best interest of the client. It’s that simple.” Peter Mallouk
  • “So we’re looking to really shake up this 401(k) industry by bringing transparency, giving people what they deserve. That 401(k) should be for making money for that client. It should not be this little person over here that’s feeding someone who is sending people to a bunch of actively-managed funds that don’t match the market or beat the market and who are charging people 3% when they think they’re being charged nothing. Sixty-seven percent (67%) of Americans believe they have no 401(k) fees. That’s what happens when you get 30 years of hypnosis.” Tony Robbins
  • “I think advisors have to constantly educate themselves, not only in the business and the best practices, but also in the psychology of the people you’re dealing with. If you’re going to be a great advisor, you’ve got to be a practical psychologist.” Tony Robbins
  • “It’s not enough to be just a money manager anymore. It’s not enough to buy 10 funds and just behavioral coach people anymore. You have to have a very solid investment process. If you do planning, you have to be able to do it in an advanced fashion when necessary. You have to have the education piece. It’s too competitive a business, far too competitive a business to just be doing it the way it was done 10 years ago. You’re going to have to own a lot more of the space or you’re going to become commoditized and irrelevant very quickly.” Peter Mallouk.
  • “I think the robo-advisors are a warning shot and I think a lot of people aren’t hearing it…It’s not too far away – there’s going to be a decimation of advisors that aren’t delivering a really broad or sophisticated planning service or some different experience for the clients.” Peter Mallouk
  • “I’m looking for a purist – just my style. Nothing wrong with a broker if somebody wants to be dually registered, but I can’t recommend that from my standpoint, from a moral perspective, just because it’s unclear to the client. Clients can do anything as long as they’re clear. So everything I’m about is to create more transparency, educate people and let them make their own choices.” Tony Robbins

Other Links of Interest About Tony Robbins and Peter Mallouk

Investment News ran a story about Robbins and Mallouk that generated lots of comments. (InvestmentNews)

Robbins interviews Mallouk. (Vimeo)

My April 2015 podcast with Robbins where we discuss investing, RIAs, and being a great business owner.

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