Mav Money Talk

Daniel Hiebert: greetings everyone, and welcome to another exciting episode of math money talk. We had a great session today. We're really thrilled to have as our guest Carter Morrissette. He's going to share with you some findings and just his experience with employee benefits benefit packages.

Daniel Hiebert: So, this episode is more geared towards students that are close to graduation. They�re starting to get job offers, or they�re just graduated and are out looking. It�s one of the things that Yes, we cover it in some of our course content here with our financial planning program at Minnesota state, but a lot of students don't take the class. So, we're just going to share with you some findings and other stuff, too, that Carter's got a remarkable story to share, and we certainly want to hear from that as well.

Daniel Hiebert: So, I�m going to turn it over to Aidan Ryan who's going to take over from here. But we'll have a nice dialogue here as we move forward. So, Aidan take it away.

Aidan Ryan: Yeah. Hello, everyone. One of the things I want to start with before we get employer benefits and all of that. I want to ask Carter quickly what drew you to, or well, you can explain where you work and how you got to Boulay. What really drew you culturally to that firm?

Aidan Ryan: Because to me, we hear all these people come into the financial planning club, and they talk all the time about their culture. They talk about benefits, too, but they also talk about their culture and why they're so great to work with, and how they interact with clients. And I would just like to know what drew you. What do you look for in a company culture?

Carter Morrissette (Boulay): Yeah. And so specifically for me, I�m 23 years old. So, I�m a recent graduate. And speaking about your club, I ran the Finance Club during my time down in Eau Claire. So, I had a lot of opportunities to meet and greet with a lot of different employers, and, have that opportunity as being the President to meet personally, be one of those individuals that was a touchpoint for a lot of employers as well, too. So, for me, specifically, working in the financial planning industry, the thing that I was looking for in the cultural side was more of a teamwork aspect. Not that isn't a thing that happens. But sometimes in the industry there�s, clients that are specifically with an advisor, or specifically with many individuals, and, as a new hire. It might be a little hard to get your foot in the door and get and getting in on that relationship.

Carter Morrissette (Boulay): But what I found out that I really liked about Luli. So, the firm that I work at is that, although there are partners, there are senior advisors, and I guess my official title would be an associate is, for me to be able to get in on those meetings. Get on those relationships at an incredibly young agent at a very, very initial point in my career, where, when that transition does come, if I have start taking on my own clients, or that transition comes from an advisory tiring. And now that I have that client specifically, I already have a relationship, for a number of years and a number of meetings as well, too. So, I really look for a teamwork culture something where, again, like I was saying, where everybody's working together, and it's not just the individual and the client. It's more of a team process, and I think you can better serve a client in multiple aspects, just being part of a team. Again. You can bounce ideas off multiple heads, and everybody might be an expert in some little area in the financial planning space.

Carter Morrissette (Boulay): I think that teamwork culture and just the ability to be around people that are smarter than you. And that that that work hard. It's just a good environment to be able to learn from people with a lot more experience. And, being fresh out of college, and learning about new and upcoming things. It's good for them to learn from me just being a little bit younger. And some of the new industry standards that are coming up in the market as well, too.

Daniel Hiebert: Yeah, that's great, Carter. And thanks for sharing your experience of your college and just getting started on that. So, you came from Eau Claire.

Carter Morrissette (Boulay): I guess even talking a little more about my college experience, the reason why I chose finance or financial literacy in general. Growing up, my parents had a financial advisor, and you inspired me for the fact that you get work with money. You get to invest people's money, but you get to collaborate with people more so. So, I got on that little track of wanting to be in the financial planning space. Well, my parents don't work in finance. My mom's a biologist, and my dad does computer science. So, everyone's like �Did you learn it from your parents?� No, I just
had a passion from my parents advisor, and it seemed like the fact that you get to serve people in some way, and get to work with money and relationships, I think was a cool thing, but I was very fortunate to apply to a bunch of different schools and get into a bunch of different schools. But the reason I chose Eau Claire was looking at the 529 plan appearance like here is how much money we save for you. This is how much money you get to use. If you go over, you get to take out loans, and I�m extremely fortunate that my parents had a 529 plan. But again, that kind of goes into their own individual financial planning for my sister and myself, and I was able to come out of school with note that because of the fact, and I chose to go to school that was a little bit more in my budget. But going into why I chose finance and specifically a career in financial planning. When I was at Eau Claire, I joined the finance called that was on campus, and it's really cool for me because they had around the $300,000 investment portfolio. We're able to again have multiple speakers come in with different job opportunities where that was corporate finance. Whether that was wealth management, whether that was somebody working in Investment Banking, and you got all pillars of the financial world. And so, when it allowed me to be at an early age, as a first-year student, being able to listen to a bunch of different experiences.

Carter Morrissette (Boulay): And on the side of the portfolio management side, we got to do stock pitches and invest real money that was risk free to the students and be able to build a portfolio. And so, I thought it was such a fantastic opportunity to be part of a club like that, and then throughout the years. And once I was, later, sophomore into Junior, that's when I ended up joining the board, and working on the wealth management side of the Financial Planning Club. And then when the time came and we were doing elections, I had such a big impact on me being in that club that I wanted to, be the President, and honestly, during Covid the , the Finance club went through a little bit of a drop off in the student retention rate, and I thought as my last year would be a great idea to try to take over the club and revive it. So, when I passed it down to the next individuals, they had a good start, because I was one of the few people that were still in the club from First-Year Student to senior year, and I knew what that club was like at its glory days. So that's the reason why. I kind of. I chose a clear a lot of it for the cost, effectiveness and the medium size school, which is super nice to be able to know your professors, but joining a club, I think, was a super big thing, because it, gave me a lot of the opportunities that I now have today, and I don't think I would have those without joining the club.

Daniel Hiebert: Yeah, that's impressive. And I know you started as a first-year student. And now your kind of working your way up. So, I�m sure you can.
identified with a lot of those things that Aidan was just saying.

Aidan Ryan: Yeah, for sure. It's interesting to, especially Carter briefly touched on the attendance drop off after Covid, so I joined the year after Covid, so I Well when we came back, we were still masked, and it was a little bit odd. Everyone was still afraid to be in the same space. But now we're seeing that rebirth and in attendance, and drive with the organization.

Daniel Hiebert: So how did you land at where you're at today, Carter? What was your search like? Did you have a lot of offers?

Carter Morrissette (Boulay): I mean, what was what was the atmosphere like this? Yeah, yeah, of course. So again, like with a lot of financial clubs, you�re usually having some sort of speaker, some sort of maybe case study. Come in, and one thing that used to happen, pre covid, was that we'd be able to go into our offices in the Minneapolis and Chicago region. And being in the Finance Club, we had a lot of finance and accounting students, so whether they are just double majors or their finance and accounting. And so, a little bit of the roots of Boulay- Boulay is rooted in the accounting side. So, the CPA and audit, and there it's a 90-year-old year old business a great name. What ended up happening was after so many years of so many tax clients that it was a great idea to open their own arm and start their own financial planning.

Carter Morrissette (Boulay): So, within my search, when I was looking for speakers to come, I was usually trying to look for some speaker, some company that kind of served, both, and with Boulay having the CPA as well as the financial planning arm. It was just the best of both worlds to have a speaker to come in. That would be that wouldn't for the accounting students is specifically talking about wealth management. And, on the other hand, it wouldn't, or the finance people who are just talking about the CPA. So, it's a great, the best of both worlds, because when we got speakers coming in that were on the audit and tax side, and we had individuals coming to never speaking about the wealth management team and the investment team, the financial planning, and all that.

Carter Morrissette (Boulay): And so, when I ended up listening to the speakers, it was over a number of semesters, that we ended up having Boulay come in and speak. Originally, they spoke for the first time. Pre Covid. And I thought it was a really cool business, and I knew once I became President again, that I it sounded like I really like how they we're saying that they were doing their business, and was: this is a great opportunity to have them come in and speak again, and then my senior year as well.

Carter Morrissette (Boulay): I had a wealth management class, and we were doing case studies, and at that time I was getting pretty connected and starting to apply for jobs at Boulay, and I actually ended up connecting with one of the advisors, and kind of told them about our wealth management class, and how we're always looking for advisors to come down and speak. Maybe bring a case, study, and go through. So, Boulay came down and did a case study, and compared to some of the other advisors, I just thought Boulay did a fantastic job of explaining how they do financial planning. And I really liked the technology that they had as well. And it really made me continue to want to apply and pursue the work there, and when the time came to apply for a job, I was able to get the interview, and get the job, luckily. But I think a lot of that goes back to having that willingness. So, being a leader in the club and having a longer term relationship for them all through college I worked at a wealth management firm in Eau Claire for an internship, and I actually ended up working in the corporate finance base one summer as well, too, although I was really set on being in the wealth management space. I knew I had to try corporate finance as an internship and a risk-free environment to know that I really wanted to stick with that wealth management space. So, it's a little piece of advice if you are really stuck on some, there's a lot of stuff to do in finance. So, I really suggest, if you're a little bit younger, or even if you're graduating, it's fine to take an internship right out of college. I was supposed to be an intern upon graduation, but luckily enough, I was able to turn that internship to a full-time hire. So, I think being an intern is great, and it gives you an enjoyable experience too, or it gives you an enjoyable experience to get an idea of the company culture. And if you really do like the company that you're working with as well, too.

Daniel Hiebert: Yeah. And I think you really touched on a good point on the internships, and I totally agree 100%, students will come and ask, should I take this ownership internship, or should I look at this one versus this? And I said, just take one. Find out what it is, and obviously you want to think things through for sure. I�m not saying you should just blindly take it. But I think when you take it, you're going to find out what you like and what you don't like.

Daniel Hiebert: If you have small business clients and things like that, I think you'll leverage some of that experience, I�m sure as you move forward.

Carter Morrissette (Boulay): Yeah, and I can, I can say that was a totally different job than what I�m doing now. But it makes me grateful that I tried it out, and that I stuck with wealth management, because, it would have been it would have been an experience that I you�ve regret it not actually doing it when I was, many years from now.

Daniel Hiebert: Yeah, Well, and just the people aspect of wealth management
Daniel Hiebert: you're not sitting in front of a laptop all day computer screen if you feel like that. Great. But wealth management. You're talking to people helping people make progress in their finances and their lives in general. We�ll switch gears just a little bit and talk about benefits and employee benefits. And the reason why I mentioned this is again, I think that I�m not sure students� factor this in when they're looking at their next career.

Carter Morrissette (Boulay): What are some of the typical components, just starting from square one? So, I might not be the best at explaining that just because I�m new in the business. But some things that I was looking for, and one thing that we had a little seminar on benefits as well in college, because it is an important part of that job, search that many people don't think about. Look at that base salary, and oh, I have this number here, but the benefits are on top of that's not a number that you can see. But I think some of the biggest ones. One that I was looking at was, of course.

Carter Morrissette (Boulay): And the 401(k) having a match. Is it a profit share even within the 401(k)? Can you do a Roth 401(k)? Is it a traditional 401(k)? Are there strategies for later in your life where you can do a back door Roth? Or a 401(k)? contributions that those are some things that you�re able to put away money in a retirement account. That again is beneficial for you and efficient in the tax space. For if you're able to take advantage of
different accounts, like the traditional versus the R. Or vice versa, that that can change your landscape on the taxation later.

Carter Morrissette (Boulay): I think another major one, too, is looking at. your health insurance. I�m not going to lie. I still live with my parents, and I�m still on their health insurance, and I have a little sister too. But one thing that I was looking at from the bullet�s perspective was, and just in general, do they have a high deductible plan that has an HSA? Do they also have an option for someone that's a little bit younger? That might be more beneficial for a lower deductible plan.

Carter Morrissette (Boulay): And being able to weigh those options as well. One thing that we talked about a little bit was specifically in the finance space, and you'll get it in a lot of different jobs is that there's additional education, for me. I had to get a license. For me I could take the CFP exam? A bunch of different licenses, and this spreads even to Master�s degree or a doctorate. There's some form of additional education, and if the firm that you work for the company you work for is willing to pay for it, or willing to cover some of that cost. That's something that isn't included on top of your salary, and that's something that people miss out on a lot. So, I look for that because I�m you and I�m working in this industry that I wanted to get extra license postgraduation.

Carter Morrissette (Boulay): Sorry to keep going. Oh, no, I was just going to say, how about we just maybe take just a brief step back.
There's a lot of non-finance and not business majors that are in here. So how about explaining a little bit what a 401 is? And HSA and education help, but I totally that the education reimbursement is huge.

Daniel Hiebert: I think it's still the same, but most firms provide $5,250, and that number has not changed since forever. That is good. So yeah, and I use that every single year I got my master's degree. I also got my PhD using part of it. So, if you're not taking advantage of that extra education help, you�re leaving money on the table because it's free. And yes, it will take you time. But just think about your career advancement, and I think it's great.

Carter Morrissette (Boulay): I�ll explain just a little bit. Yeah 401(k). So yeah, so the best way that I explained the 401(k), It's an employer sponsored investment plan, and so the money comes directly out of your paycheck.

Carter Morrissette (Boulay): Right now. The limits are around a little bit north of $20,000. So, what you're able to do is that you're able to elect every single pay period, and that can be a certain percentage, or that can be a certain lump sum of your paycheck that gets invested into your company's plan. So, one thing that I would like to say is that you can choose your specific investments if you want to, or you can either work with a financial advisor, or you can do some of your own research to choose some of the investments. But you're able to put dollars away for retirement.

Carter Morrissette (Boulay): And so, there's sometimes two different 401(k)�s. There's a traditional 401(k), where you put those dollars in, and you get to lower your income so that your taxes are lower in this current year versus a Roth just like a Roth Ira, as well to where you put dollars in. Now you pay the taxes, and so when you pull those dollars out later, you're not tax on those dollars that's always a conversation on your current tax bracket, and how much, how much money you make. But it's good to know that a lot of employees a lot, or I should say a lot of employers are matching a lot of your 401. So, let's say an employer has a 4% match. Well, if you put 4% of your salary in, your employer will additionally invest another 4% on top of that. So, in theory, you're putting in 8% of your income year over year. So that's a nice to have some sort of a match.

Carter Morrissette (Boulay): I�m switching over to an HSA. So that's a health savings account.

Carter Morrissette (Boulay): These accounts are cool. They like to say that it's triple tax or triple tax benefit as in you put the dollars in you, it lowers your taxable income. The money grows tax-free and whenever you use the money and take it out, you don't have to pay any money in taxes. So, what's interesting about this? HSA: Again, the Health Savings account is only to be used for medical expenses.

Carter Morrissette (Boulay): So, let's say you go to the doctor, and you have some sort of a medical emergency you're paying for, medicine in a way, you can use these funds for those qualified expenses on that end of it.

Carter Morrissette (Boulay): One thing that's interesting. A lot of the time it is that you can save your receipts from medical bills and expenses, and if you're able to pay it out of pocket. You can use those receipts 5 or 10 years from now, so some people look at them as a way of an emergency fund. But those accounts are super beneficial to put dollars in a way, at an early age, because again, a lot of the tax savings on it, and the ability for that money to grow in a tax efficient manner is super beneficial to ones, overall financial plan, too.

Daniel Hiebert: Yeah, and that's crazy about the HSA. You can save your like. You say you can save your receipts, and if you have expenses and you didn't tap into your HSA. You can, even though they didn't happen in that tax year.
I�m not an expert on the tax code. But, man, I can't think of any other situation where you can go back in time. I mean, there's a couple, but this is unique on how you can do that. And I think you can roll over to whatever the Ira contribution amount is at the time. I think that's another just a weird benefit if you wanted to. Yeah, too much in there, you could just roll it. And there's a lot of cool things that can happen when you get to be sixty-five.

Carter Morrissette (Boulay): We're going to stay in the college student area. Yeah, I know exactly 40 years from now, yeah, so you don't worry about that quite yet. But yeah, I know those accounts are beneficial. Usually, I'd say most employers have a 401(k), and I can't speak to the HSA side of things, because again, everybody's health insurance is different, but at least at my employer they have an HSA. And when I must pay for my home health insurance, that is something I�m going to take advantage of just because of the taxation like we said. And that tax-free growth on the on those dollars that can again be beneficial for number of years for yourself.

Daniel Hiebert: And would you go so far as to say, if you're out there in your job search and you're comparing opportunities, could that be a differentiator? Is one having an HSA, and another doesn�t?

Carter Morrissette (Boulay): So, I personally think so. Some employers do some sort of a match on, an HSA as well to you as even on their 401(k). I always like to look at is let's say you're making $60,000, and another job is making $60,000, and those intangibles that you can't see on the salary like that. HSA: like that four, one K. And specifically, that 401(k) match. Those are the things that bump up at your salary. You�re making 60,000, but you might be making 68,000, because you're getting a bunch of free dollars from your employer. So, I would. Say that's something that�s beneficial in the matter that to look at into your jobs for sure, just the benefits in general. Because again, if you don't have that option, and you're missing out saving extra money.

Yeah. And did you when you were looking at opportunities? Did you factor that in during your search?

Carter Morrissette (Boulay): Being the president of the club, I had a lot of different opportunities to go to a lot of different wealth management and financial planning spots. And again, a lot of it, some of the benefit. A lot of the benefits are really the same. A different employer had a 1% more 401(k) match, and some had less.

Daniel Hiebert: And so maybe switching here just a little bit. Put yourself in the shoes of a junior or senior, and you're starting your job. But what should they look for in a benefits package? So, they're looking at their overall compensation, like you say, adding up the benefits. But talk about that. Yeah, yeah. And so, just going through that on, I mean again, use the base, like, hey? If you're making, it�s salary $60,000 and then the benefits.

Carter Morrissette (Boulay): And the exact same job. It's simply different companies looking for that 401(k) match and an HSA. And make sure that you're asking these questions during the interview, because it might not be laid out right in front of you. Super clear to say, to see, do you pay? Ask those questions you pay for extra education.

Carter Morrissette (Boulay): Do you cover licensing and for other items that you might end up coming up throughout your career, and even 1, 2 that might be more, and something that is becoming prevalent. And increasingly is even just the ability to have some flexibility in your work schedule- wondering if there's the ability to work from home, part time, or even how much vacation you have. Again, that�s not really included on the specific benefit side of things. But being able to, at least for me, we�re being a little bit younger. I try to be in the office as much as I can, so I think it is beneficial to grow and learn with some of your new employees, as well as the senior employees that you work with as well, too, but having that ability, , on a snowy day not having to drive in, and, , be able to do work, , from a safe environment is a , kind of a benefit that a lot of people might may overlook in some aspect of it. But it's a benefit that one, I think, benefits employees on that act of it of having that flexibility as well, too. So just outside of the monetary on the 401(k). And HSAs, and different things like that. I think it's even important to. Ask questions about vacation, and even just on the fact. If you're able to have some flexibility in that, this kind of new and ever evolving environment of working from home or kind of that a hybrid environment.

Daniel Hiebert: Yeah. And what's your situation today?

Carter Morrissette (Boulay): Allow you to? You send this some interest. Yeah, yeah. So, I have good flexibility. My requirement is to be in the office 3 to 4 days a week. But again, that can change. About 2 weeks ago, or 2 or 3 weeks ago, or even around Christmas as well, too, you were having a bunch of snowstorms, and so , the offices were close, and, , probably years ago, in a way like people would probably still have to dredge into the office even on those super snowy, but for me personally, I think I try to get into the office at least, , 3 days a week but it's closer to four again. It is client dependent to if I�m having a lot of client meetings, and my client meetings are in person that that might end up being a 5-day week in the office, and I've had those. But when I first started out, and although I was given the option to work virtually. I spent the first 3 4 months coming into the office every single day, just because again. I was a new face. I wanted to get in front of people, and I wanted to make a good impression of wanting to be in the office, because. I was lucky to have my internships. Were in person, even though Covid, which is unheard of at least in the place that I worked at. But I had friends that work during Covid for their internships, or even continue to work virtually. And it seems like we're talking about culture in a way. I think that's hard to build a culture. You get a sense of culture if you're constantly virtual because you're not around everybody on a day-to-day basis, and just a little thing of asking out. People on weekends are asking plans after work. It's a lot more natural, of course, to be in person than doing it over video.

Daniel Hiebert: Oh, yeah, totally agree. And I think what you said makes total sense and hats off to them for along you that flexibility. I think that, correctly if I�m wrong, but I think your clients sometimes appreciate the virtual connection too. I don't have to get in their car and drive, and
they like to find a babysitter if they have kids. And if I had a stressful day at work, or it's so inconvenient to travel, I�ve got that option. I think it's also allowed, not just our firm, but also all the industry in general to expand, because yes, I mean we serve clients that might be snowbirds that are down in Arizona or Florida in the winter.

Carter Morrissette (Boulay): They don't want to make a flight home for hours and hours. So, meeting might just be more beneficial for us as a meet virtually as well, too, so it's a lot our business too. At least, I wasn't here before, but from my understanding it's a lot of business to expand in separate ways. And so, I think that's simply great flexibility for now, and hopefully, it continues to expand in the future as well.

Aidan Ryan: So, I got a question for you. You mentioned the convenience factor and that's huge, and it's well convenient in this digital world. But do you find it a little bit harder to communicate with clients virtually, or is it just a little bit easier? Have people adapted to the Zoom Meeting and things like that got a lot more comfortable, or do they wish it were in-person.

Carter Morrissette (Boulay): That's a good question. I was talking to some of this someone about this the other day. And so, for me as a new advisor. That's really a sub advisor, and a lot of these meetings are an associate so, and that aspect of it, I�m not sitting there specifically leading the client, for me personally, I like planning and I also work on our investment committee and do some of the trading on that end. So, when I do speak a lot of times it's about their portfolio specific portfolio changes that are happening.

Carter Morrissette (Boulay): But to go back to your question, it's really hard for a young advisor, in my opinion, to me of clients virtually, because you kind of miss out on that, and I feel like you, miss, out on some of that small talk aspect of things, and you need to know each other a little bit, because a lot of these virtual meetings, it�s set at the exact time. Even get a notification when there's 5�min left in the meeting it's down to business. That's what I feel like. Yes, I've been able to meet client�s multiple times, and it�s gotten better and better, but I found that the clients that come into, meeting in person.

Carter Morrissette (Boulay): It's a little bit more laid back. There's a little bit more small talk. The advisors will grab something quick, and I�m stuck there with one on one of these clients for 5�min, and it�s a good opportunity for me to get to know them a little bit more than just outside of the relationship and reading through old meeting notes. So, I really do say that. Yes, I. The flexibility is great. But I think, if this in general any initial relationship, whether that's in this business or just
in general, in the world like being able to meet in person, for the first few times is, I think it's really going to make that relationship really sound and last a long time.

Daniel Hiebert: Got it.

Daniel Hiebert: Other questions?

Aidan Ryan: I can�t think of right now. Do you have one?

Daniel Hiebert: The only thing is not necessarily a question, but more kind of a helpful tip. And Carter brought up asking in the interview process about benefits, and even some of the more intangible benefits like vacation. I think a suggestion would be sometimes when you're in the and I've been revoked for a fair number of jobs here. So, I learned the hard way on this.
But I think it's. I think it's good to bring it up for sure. No question about that.

Daniel Hiebert: But I think sometimes you need to do what they call asking permission to get the benefit. So, for instance. your conversation could go.
�I really like what I hear. I think it's great. I love your teamwork.
If I could just talk a little bit about the economics for this job just to make sure that I�m making a good economic decision and a financial decision. So can you talk a little bit about the benefits you offer?�

Daniel Hiebert: That would be, and then saying, how about things like vacation and remote work? But what are your policies on that? So, I think sometimes, instead of just saying �do you offer vacation? Or do you allow the ability to work remote, can I do that?� I think, just launching into that abruptly. You just leave, want to have a few comp sentences before that before you.

Carter Morrissette (Boulay): We're going to hire some person that just wants to work remote 24, 7, but crazy to sounds, I think it separates yourself nowadays, wanting to be able to come in person, and it might be the difference, maker between you not getting that call back and you getting that call back just for the fact, but I think bringing it up in a different manner than just asking straight out like Dan, you'll set over here that it's really beneficial to ask about it in a different way than just being, , straight to that point of do you guys offer that work from home option.

Daniel Hiebert: Or not? But I usually I think it can come up in some natural conversation for sure. Yeah, and like that's an excellent way to put it to Just not abruptly ask directly. But it�s important. You must ask it. You just must figure out the right way, so totally agree.

Carter Morrissette (Boulay): Yeah, of course. Yeah. So, I think some of this doesn�t really relate to the employee benefits that much. But when you're starting your job, searching, or you're in the job. Search doesn�t matter if you�re a first-year student hoping to get an internship, or even a graduate looking for their first full time. Job, I think it's always important to apply to a bunch of various places and have a willingness to get comfortable with getting uncomfortable even trying out and going to career fairs. It�s not the job that you're going for but getting in some habit of learning to talk to lobbies, HR., individuals, and a lot of these are individuals are willing to talk to you. Of course, they're coming to you to hire, go to them. It�s not the job that you want but going to them. Talk to them. Ask about their benefits because one you can also just keep a list of different companies like oh, this is what no their benefits are. I like how that benefit package is weighed against a different company as well. But I think just another one in general is that just have a willingness to wanting to learn. And whether that's just whether that's in wealth management space, whether that's in finance, whether that's just in any different, industry, have a willingness to learn. I think that will take you far and have a willingness to want to meet with different individuals, and really that learning aspect, and that prove to show that you have that hard work, and even just to have that ability to want to learn again, like going through college and going through school. Of course, there's a bunch of things that we're into the classroom that it's Cliche to say, like I learned so many things on the job, but I can say that. And for sure, in the last year that I've been working for my firm there's a lot of things I learned in the classroom that helped me with my job. But there's so many more things that I've learned outside of the classroom that have again just propelled me to the level we're on that now, and it's honestly amazing. Looking back about a year ago, of how much more knowledge that I've gained specifically in this industry outside of the classroom. So, having that willingness to learn, and having that ability to want to work hard. I think we'll just take you far in any industry, and it�s only made you better, and only have your stock, your own individual stock will rise on, higher and higher as you get older, and as well as this further into your career.

Daniel Hiebert: Spoken like a true finance person, that yeah. And I couldn't agree more. I think just having that learning. I call it informal learning where you can learn a lot outside of the classroom like you say.

Daniel Hiebert: So, in any final questions?

Aidan Ryan: I don't know the final question. But I do want to comment on that phrase. You said that I really like it, he said. Carter, you said you got to be comfortable with discomfort. And I really like that because I feel like we get too comfortable these days. The answers are all a Google search away and all that stuff. And so really putting yourself in those positions to learn it to grow.

Carter Morrissette (Boulay): It can be painful to grow and stuff like that. So that was well put it. It's an important thing. Yeah, and that kind of really roots of just the whole career, fair thing, and, like I as the present, my finance cup. I would like, force the first-year student to go and take a picture of you talking to somebody, because again, it's that you don't want to be a junior senior like, looking for an internship or for a job, and being like, I have no idea how to talk to an employer at a career. Fear? Why not go out for a couple of free test runs first-year student and sophomore year, and get those jitters out, and maybe even you make a connection. And they recognize you 2 years from now, because again, those are things that might not matter to you, but they do matter in the longer and in my opinion, and personally it helped me out for me and my young career, and it's something that I always just say again, it's something that separates you from your peers just like joining the club. Even listening to this podcast separates you from the peers just to make you just that little bit better.

Daniel Hiebert: Yeah, I couldn't have said it better. And I really, I�m going to totally steal that, too career fairs. It's like you just said, they're kind of a safe environment to just have those kind of because they're not going to remember you, and but you want to have that experience of talking to someone about Jobs spot positions, but things like that. So, I totally agree. Let me just pull together my thoughts on our talk today. Thank you again for taking the time. Here's what I've got. Don. You can keep me honest here if I�m missing anything, but you started it off with what we should be looking for. Yes, we're a money podcast, and we're finance and financial planning people. But there's intangibles like culture, and some of those qualitative aspects just to make sure that you're fitting in well, and you chose a place where they have a good, a good team approach and good culture.

Daniel Hiebert: Second, is having an internship. Flexibility is how I put it. You put it differently. But having taken an internship to see what you like and don't like. I think it's expected, and you like it, and you want to stick in that area. Or you find out that, hey, this isn't the area so there could be somewhat of a trial-and-error approach to internships, but certainly be thoughtful about it. But don�t waste hours of sleepless nights. Should I take this water or not? You might just have to step out of your comfort zone like you're saying and have some discomfort. Look for benefits when you're out into your job. Search, and do it in a tactful way, asking these questions. But some of the ones that Carter highlighted, which I think make total sense, are having a 401(K). This will help you save for retirement.

Daniel Hiebert: You'll save for you'll save money on your taxes. You'll also get free money from the employer through matches, and sometimes even if it's profit-sharing you don't get profit, sharing contributions on top of that.

Daniel Hiebert: At Ameriprise, we had a match, and we had a profit-sharing contribution, the total for both was 15% total. So, it's significant. Then look for group health, and I know for college students are completely indestructible. Look for group health group health plans. HSAs are really the King of Health Savings accounts. It's a savings component and a health care component together. And you'll be able to do pretax contributions and, like Carter said, you�ve got that triple tax benefit that you can approach education funding, so a tuition reimbursement is what they call it.

Daniel Hiebert: And, if you're not taking advantage of that by furthering your career by learning more. As Carter said, you always want to be that person with that growth mindset to say, hey, I don't know everything, and I want to learn more. Hey? Here's 5,000 plus dollars for you to go and take a class or get a degree outside of that. Yes, it's going to take time.

Daniel Hiebert: But you'll be able to move up the career ladder and have a nice career by having that more education. There are also some other benefits to a little bit more secondary. But things like group life, life insurance that you can take disability, insurance can be offered to. So, there�s other types of plans. There's a flexible benefit account called a 125 plan which allows you to parking and other types of fringe benefits. So, that could also be added on there as well. And, as Carter said, maybe some vacation time, and sick time. All those things could also be part of that package as well. And that's kind of what Carter mentioned kind of last is. You must make sure you that you're looking at compensation from the total compensation package.

Daniel Hiebert: So not just salaries and potential bonuses. But look for some of these employee benefits as well, and that total benefit package, because there's tax benefits. There are other types of free money benefits. So, make sure that you can take advantage of, and you have a good understanding. So, when you're comparing offers you've got, you can compare apples to apples. and then just be like closing. Be willing to step out of your comfort zone. Be comfortable with discomfort.

Daniel Hiebert: You've got to have that willingness to learn, and just kind of being in the office sometimes, too. Yes, remote.

Carter Morrissette (Boulay): I don't think you did that. I think you hit it right on the right on the head right there. That's a great recap.

Daniel Hiebert: Great

Daniel Hiebert: Well, Carter, listen, this has just been fantastic. This is a great session for us. Thank you again for taking your time, and you'll be a fixture in our financial planning and college of business here so, much appreciated. You take care, have a good day, and thank you for your time and attention as well. Yeah, I appreciate you, too. It's always a pleasure being able to share some knowledge. So, you all have a good rest of your day, and I hope to see you all soon.