We Think We Have It All Together and as Business-Owners We Don’t

by | February 28, 2020



In today’s episode of Agency Intelligence, host Jason Cass interviews Erik Garcia, Owner of Garcia Insurance Services, President at Garcia Financial Group, and Investment Advisor at New Century Financial Group, LLC. Erik Garcia discusses the differences between financial advising and financial planning, avoiding the one size fits all approach to financial planning, the concept of ‘fee compression,’ Dave Ramsey’s advice, and planning for your ideal future. 

Episode Highlights:

  • Jason Cass introduces guest Erik Garcia and discusses AI Brainshare that is taking place on October 25-27th 2020 in Puerto Rico.  
  • Erik Garcia talks about assuming people know more than they know. 
  • Jason and Erik discuss the term financial advisor being phased out soon. 
  • Not all financial advisors are doing financial planning. 
  • What is the big change that Erik Garcia sees taking place in the industry? 
  • Jason and Erik talk about the concept that ‘God cares about how we manage money. 
  • What differences do they have with Dave Ramsey’s advice? 
  • They talk about the problems that business owners have with planning their lifestyle properly and addressing what really matters to them.   
  • The second that you stop engaging your mind is when you start to die. 
  • How does Erik view the financial agency as a planner?  
  • The three ways of earning money are exchanging your time for compensation, having people work for you and you make money from them, and the true way to build wealth is your capital is making money for you. 
  • What book should someone read? 
  • Erik Garcia talks about taking a silent retreat every year.    

3 Key Points:

  1. Erik Garcia has his CFP designation, (certified financial planner) that he refers to as one of the ‘gold standards of designations in the financial space’ that means he has taken a lot of classes in all aspects of the financial planning space.
  2. The major of a business owner’s net worth is their business. But very few business owners don’t figure out how their business factors into their overall life vision on a personal level.  
  3. Retirement should be looked at as re-engaging in something that you are passionate about that you don’t need to do for money.   

Key Quotes:

  • “Really sophisticated business owners struggle in the personal finance side, struggle with personal vision in terms of finances. But they are brilliant business owners.” – Erik Garcia
  • “You can’t give financial advice at such a high level to millions and millions and millions of people and expect it to be the same. Your situation is dramatically different than the guy who makes $60,000 who just got out of debt.” – Erik Garcia
  • (Fee Compression) “The investment fees are being compressed across the industry, that investing is becoming more commoditized, right? You have all the robo advisors.” – Erik Garcia

Resources Mentioned:


Pin It on Pinterest