Deferred Sales Trust Made Simple With Jake Mellor

Jake Mellor is an Investment Advisor Representative (IAR) of Legacy Wealth Management, LLC which is a Registered Investment Advisory Firm (RIA). He’s a business partner of mine, and he has a wealth of knowledge. He’s had the great state of Utah, he trained CPAs. He’s got an MBA, MACC, and is a certified financial planner.

Jake has a well-rounded business, he has a menu of services. He started out having a wealth management firm, a tax firm, and two insurance agencies. He has been instrumental in coaching, teaching mentoring, accounting firms across the country, financial advisors across the country, and partner a lot with real estate professionals. A two-time president of the local chapter of NAIFA. Now since then, he has grown and been able to work very professionally with other professionals.

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Brett:

I’m excited about our next guest. He’s a business partner of mine, and he has a wealth of knowledge. He’s had the great state of Utah, I mean, but he has, it’s a financial planner, he trained CPAs. He’s got an MBA, MACC, and is a certified financial planner. He’s been in the business for quite some time, and we’re closing deals together. We are helping a lot of people together. I’m excited to kind of dig into his story. Please welcome the show with me,?Jake Mellor . Jake, how are you doing?

Jake:

I’m doing very well, Brett, it’s a wonderful day, and happy to be here on your show.

Brett:

We’re talking about all things Deferred Sales Trust Made Simple here in a minute. But before we go there, I’d like our listeners to get to know you a little bit more. Would you give us a little bit more about your story and your current focus?

Jake:

I have a well-rounded business, I like to say I have a menu of services. Myself, we started out having a wealth management firm, a tax firm, and two insurance agencies thinking that in order to get all the client’s advisors on the same page, we had to get them all under one roof. Now since then, we have grown and we have been able to work very professionally with other professionals, and we have gone away from a lot of the hands-on work and gone more into the consulting arena, which has been very helpful. Because at the end of the day, there’s a lot of people who can do the work. But they may need for that special client of yours or that client with a highly appreciated asset, as we’re going to talk a lot about here on today’s show, they might need a little bit more advice, they might need a little bit more of a national or a global perspective with what they can do for this client so that they can keep the client so the client doesn’t outgrow them.

That’s what my firm now specializes in doing is helping you keep your clients retain them, and we come in and we help you provide those higher-level services so that your client doesn’t know to grow you, and that’s been very fun, very exciting. Because of that, I’ve been instrumental in coaching, teaching mentoring, accounting firms across the country, financial advisors across the country, and we partner a lot with real estate professionals to help them list property sooner to help their clients overcome, five different ways to sell the property defer or not pay the tax and do it all legally, morally and ethically. I’ve been a two-time president of my local chapter of NAIFA. Promoting more on ethical conduct amongst professionals, I’ve just done a number of different things to give back to the community, and I feel like you know, call it karma call what you will, when you’re serving others, it comes back to you in a good way, and I want to say that we’ve all been very blessed, and very fortunate because of that.

Brett:

I love that diverse background, and that niching down and focusing on consulting and helping, it’s like you’re the trooper on the ground, you became an expert in that, and then and then now it’s serving those experts so they can serve their clients on a higher level, and so that’s fantastic, and I want to take one other step back, Jake, and I want our listeners and myself to get a chance to know you a little bit better and more. Once you go back maybe to the high school days or the college days. I know you’re in the military as well. Thank you for your service there been I believe you’ve all been given certain gifts, some people call them superpowers, some people call them strengths, and I believe the God-given gifts they are given to us to be a blessing and help to others. I’m curious, what are those one or two gifts you believe you were given? How does that help you help and bless people today?

Jake:

A very, very good insight their Brett. This is something that I don’t really share with a lot of people. But back in school back in high school, let’s go that far. I had a very young age, I excelled in sports. But that was cut short, dramatically short when I fractured vertebrae and ruptured three discs in my back. I was told I’d never play sports again, and anyway, so that helped that forced me to think beyond sports at a very early age and to be involved in something else to create Participate to be with people, I decided to get into speech and debate, I decided to be in a couple of plays, I decided to do things that were outside my comfort level that I would have probably never experienced had I not had that. You call it a career-ending experience at an early age that later on led to. Time in politics later on in life and helped me achieve a lot of really great things, and I attributed that to the struggles that I had at an early age, and how I had to adjust how I had to take a few steps back and reconsider my life reconsider what I wanted to do moving forward. That that helps define me early on. I eventually graduated high school, I nearly had my associate completed, and I still didn’t know what I wanted to do.

After that, I did another year of the school decided that I really liked this business stuff. Here in Utah, culturally, it’s a very common thing that people eventually give two years of their life in service of others, and they sometimes do that in various parts of the world. I was asked to go and serve in Mexico, however, I came from an economically challenged family, and so I wasn’t able to afford to do that. Pay my own way, and so what I did is I became a truck driver. Here I was very much into sports, couldn’t do that anymore. Just didn’t know what I want to do with my life finally decided business was the thing. But I wanted to give back to the world give back to the community didn’t have the finances to do it within my own family. I became a dirty rotten truck driver for an entire year so that I could earn enough money and pay my own way. I went to Mexico for a couple of years Brett and then coming back from that. Coming back from that a big transition, I went to Iraq, I served in the US Armed Forces, and I’d been a member of the Utah Army National Guard since I was 17, and it just so happened or coincided, that four weeks after returning from Mexico, I went to Texas, where we mobilized and went to Iraq.

Coming back from that I’m married, we now have three wonderful children, and moving forward, it’s been like a snowball effect while going to school full time is, I think, 15 credits, 12 to 15 credits, something like that. I took 18, 21, 25 credits so that I could finish sooner. I felt like because of being a truck driver, because of going and serving for two years in Mexico that I missed out on time, and I wanted to catch up. I worked full time during the day did school at night had double the normal course load, and made it out alive. Quite an accomplishment for me. I just opened up a business in my wife’s hometown, was going to New York to go work for Goldman Sachs. But my wife’s father tragically passed away in an airplane crash, and so we adjusted again, young age I adjusted I thought I was going to be this athlete, had all these state rankings everything else had to adjust. Now later on in life as well plans to go to New York or for Goldman Sachs had to adjust again, and sometimes you just got to do what’s for the best. I came here to the small little community of price Utah, county population of around 22,000 people not very large.

Made a really big splash usually takes 1015 years for a financial adviser to establish himself and in a community, especially a small tight-knit community. I was able to accomplish that in a year and a half in 18 months. After that my clients talked me into running into politics and became a county commissioner and was responsible for helping to decrease Now this may be a conflicting subject, a decreased the county budget by 29%. Because our community was struggling. We were paying out a lot more than we were bringing in. We had to do that or we had to see services, one or the other. Anyway, it was a very tough time in our community I was able to get in, get out, make a few good things happen, and with that in mind, I always looked beyond my borders. I’ve always had clients and other states. Now I have clients in 27 states and seven countries. It’s pretty exciting, where my business has gone and how from an early on stage before Where the pandemic before everything else, I took my business remote, and call it another blessing to will, it helps me be well-positioned for the times that we’re having right now.

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