The following Q&A was completed as part of our conversational Commercial Real Estate FAQ Interview Series, we hope you find it helpful.
Dominating the niche of working with some business owners but mainly doctors and dentists, Dr. Forrest Bryant aids in managing wealth for high net worth and ultra-wealthy professionals navigating the commercial real estate investment space. Through forming a real community, they’re able to work together in direct investments and wealth management for true net-worth growth through commercial real estate investing. Using education and community, Dr. Bryant not just helps to build wealth, but builds foundations for successful investors.
Richard Wilson: Hello everybody, this is Richard C. Wilson founder of CommercialRealEstate.com, I’ve got my friend with me here Dr. Forrest Bryant, how are you Forrest?
Dr. Forrest Bryant: Hey, doing great, Richard, thank you for having me today.
Richard: Yeah, appreciate it. So, I’ve known Forrest for many years, some of you familiar with our work in the Family Office Club know him and his group already which is called High Speed Alliance. He specializes in a niche, which I love, it’s what I tell everybody to do at our workshops, and he focuses on the niche of working with some business owners, but mostly dentists and doctors. Some high earners, some have had exits, some both, and he helps them in managing wealth, and getting access to direct investments, which makes him very unique from most people who help manage wealth. But what makes him unique among everybody else is he also does it through forming a real community. And I’ve been, I’ve met with his community members, and they’re great people, they meet in person often, even recently they’ve had one careful meeting in person and done some virtual work as well like other people. But the combination of the niche, plus wealth management, plus direct investments and the community is something that’s lead to success and momentum and – what have I missed, Forrest, that you kind of want to add in there for everyone before we jump into this interview?
Dr. Bryant: No, you did a great job outlining it. We always appreciate you sharing with our community. You know, we like to say that we’re a multi-family office for doctors in the US, so that makes it really – a lot of people can, especially your listeners to this should be able to understand that and just I know we’re going to talk about commercial real estate today, so that’s a big part of what we do and the offerings so definitely thanks for having me today and looking forward to diving in here.
Richard: Yeah, it’s great, appreciate it. And you know we’re looking, we get offers by the hour for someone who wants to partner in something, who’s raising capital for something, or offering a service, and we have to say no because we have 700 members, but we have partnered with Forrest on a doctors’ family office idea of working with some of his clients in that way, so hopefully that kind of shows people listening what we think of him and his group of course. So, the point of this interview is to get through 20 questions in about 45 minutes here, it’s going to be a fast paced interview of getting a lot of little pieces of advice and insights out of the interview here with Forrest from his position as an investment advisor working with high net worth and ultra-wealthy doctors, dentists, and some business owners as well, and this comes from the perspective of due diligence, vetting deals, watching investment managers grow over time, but also watching investors go through liquidity events, and look at and allocate to real estate investments through his client list. So, let’s start out with the first question here, having run your investor advisory practice for several years now, what gets investors to allocate into a real estate investment on a very basic level?
Dr. Bryant: Great question. You know, a lot of times our new clients are coming in and their background and experience is in the public market. So it’s not unusual; a lot of doctors, the investment advice that they get is about putting that money in the stock market and, and so when they hear about what we’re doing sometimes there’s a big leap of faith that has to happen there. So I think the answer to your question is really two things: it’s trust, and it’s education. Trust is going to be where, you know, they have to trust me and the advice that our team is making, and I think that’s supported by trust in the team and meeting with our sponsors and finding out about their track records. And also, the social proof that comes from the live events and meeting other doctors that are in the same position as they are and have made investments with the same sponsors and the same types of investments. So that really builds on the trust side, and then on the education side we have a saying that an educated investor is a safe investor.
So, you know, I always recommend that people do not invest in things that they don’t understand, and a lot of times if someone is not coming from a real – if you’ve got a neurologist, or an endodontist, and we’re looking at private lending or investing in self-storage, and that’s not something that they’ve done – a lot of times there’s a lot of education that needs to take place there. So we really work towards making sure that they feel educated and that they’re never in a hurry to, there’s never any pressure to pull the trigger on something they don’t feel educated on before they’re ready to make that investment.
Richard: Right, makes sense. What areas of the tax code, or real estate tax code, do you see applied or discussed most when it comes to commercial property investing?
Dr. Bryant: You know, I think obviously cost segregation study is probably the first one that comes to mind. That’s across the board from I would say almost every commercial real estate project that we go through has a cost segregation study. And one thing along that line that maybe a lot of investors don’t know is that that can also apply to residential. So a lot of our investors have portfolios of single family homes, and doing a cost segregation study on single family homes, of course there’s some economies to scale there or if you’ve got two houses it might not make sense but some of our investors have 10 houses, or 20 houses, or 30 houses, so once you get up to that level and you start buying and selling portfolios of single family homes that can really make a lot of sense to do that.
And you know also I’ll mention another one I think real estate professional is another big one especially for a lot of our clients that are high end income earners in a high tax bracket. A lot of times you have a non-working spouse who can contribute to the real estate activities and obviously the benefit of that is to take passive losses and for a married professional, they’re able to take those passive losses against active income where those passive losses are generated from some LP investments into rental properties or any type of syndicated commercial real estate deal.
Richard: Right, right. Great, yeah I know your knowledge there goes deep in your community has done an excellent job kind of sharing best practices and featuring CPAs that work with clients in that way I know. In terms of real estate independent sponsors or investment funds, what do you look for in a first meeting to screen them for your investors? I know you get approached by a lot of people, so what do you kind of look for first to screen them.
Dr. Bryant: Yeah, you know, this is something we – it’s always under development, and we’re always getting better. We’re way better now than we were three years ago when we started but you know really I’d say it’s three things. It’s track record, performance track record of the sponsors, that’s number one. Check size is important, and that might not be something that is relevant to other wealth managers or allocators, but for us that’s a big one. And I think also just the relationship with other family offices.
So, let’s see – so, performance track record, it’s important for us to work with sponsors that have been doing this for a while. So, we want to work with somebody, we’ve got some of our family office sponsors that have been through multiple real estate cycles and they’ve been in the same area for 40 years or 50 years doing the same thing. That’s somebody I want to invest with if they’ve done it at a high level. You’re going to have some bad deals and how you handle that and how you handle that with your investors is really important. So that performance track record is important.
Check size is important because a lot of times we do – it’s always fun to be at my desk, you know – investment offerings of all different flavors and varieties every single day and we have to go through a kind of screening filtering process to find out which ones make sense. So and example of what that means for our community is, you know, if somebody’s minimum check size is $1 million, that’s probably not going to be a good fit for our community because we’ve got – our doctors to kind of give an example most are between $2 million and $20 million net worth, so we don’t have $200 million families, it’s kind of on the smaller side. But we’re powerful as a multi-family office because we can write bigger checks to bring to an investment but they might come in $50-100,000 checks. I’ll always, a lot of times I’ll when we have new investors come in I’ll talk about, we have investors that can write a $500,000 check but does that make the most sense for them? Might make more sense to write 5 $100,000 checks to five different investment offerings versus putting all of those eggs in one basket.
And then also the family office connections are huge. Working with other family offices to see who they’re working with and that track record. You know, I know if I’m working with another family office and we’re trading best practices and who we’re investing with, if they tell me that they’ve invested with this particular sponsor for, you know, the last 3 to 5 years or longer and everything is going smooth, I know that they’ve done their due diligence and they’ve got a track record. So that really immediately pushes them way up in my book. You know anybody that’s gone through family office due diligence, RIA due diligence, broker due diligence, and has passed that you know.
To answer that question, if somebody hasn’t been through that, and they don’t have a third party due diligence report, and they haven’t invested with other family offices, you know, come back when you do, is probably a good way to address that.
Richard: And when you’re looking at conducting due diligence on real estate investment firms or debting them, people always say “Well, the team is most important. It’s all about the team and the trust of the team.” But what’s the most important thing that you look for in the team? You mentioned track record, performance through different economic cycles, is there something unusual you look for? Or something counterintuitive? Or is this really hitting your jump shots and not rushing and skipping steps?
Dr. Bryant: Yeah, yeah, probably nothing earth shattering here. Just sponsor integrity, you know? If you’ve been doing it a long time with a good track record, with a good reputation, and how did you handle something that didn’t go well? You know, that’ll tell me most of what we need to know.
Richard: Right, okay. When investing in commercial properties, how important is the geographical proximity of the project to you or the investor you’re advising who would be making that allocation?
Dr. Bryant: Yeah, good question. You know, for us well geography is important as far as what type of MSA is it. We typically are not going into primary MSAs, a lot of times we’re looking into secondary and tertiary, and we know the sponsors that we work with. We’re doing a lot of value add, we’re not doing a lot of new constructions. Sometimes we make exceptions but you know a lot of our clients are in the southeast and a lot of our investments are in the southeast and in the flyover states so that kind of gives you an idea of some of the markets we like to look at. But we don’t necessarily – I don’t have to go kick the tires of every investment opportunity that we take a look at. You know we really like to work with sponsors who have got a good track record and we trust them to go and we know that they’re going to have boots on the ground and they’re taking care of these. So, it’s not necessarily that important for us to be on site.
But however, when we’ve got investors in 22 or 23 states, so if we wanted to send somebody to go take a look at something it’s not that hard, and we’ve got a due diligence team that can go. When we do, of course travel restrictions have kind of made that a bit more difficult in the circa pandemic world that we’re in, but we do like to do due diligence trips and go check some of these out. Especially some of the newer offerings – I hope that answers your question.
Richard: Right, right. Yeah, makes sense. What strategy-wise makes things stand out? I mean you showed off some of your depth on the tax side, so obviously something that is very tax efficient is going to make you lean forward more than something that’s not, but what else strategy-wise are you really looking for that gets you to kind of pick one out out of all the e-mails streaming through, you know what would get on your radar?
Dr. Bryant: Referrals is probably a big one. So if somebody comes in and they’re referred, that’s immediately going to make me pay attention versus – I mean we get so much cold e-mails and you know a lot of times it’s not that we don’t care, it’s just that we try to be more proactive than reactive. So basically what that means for us is we’ve got an investment platform for our clients and so we want to be more proactive where we’re saying you know “Hey, we don’t have this little piece, we need somebody here. So let’s go find somebody here.” versus just sifting through dozens and dozens of e-mails to try to figure out. That’s just not the best use of our time to kind of go through everything. So if we’re proactive and we’re out looking for something, or if something comes in that’s referred, that’s going to make us take a deeper look at it.
Richard: Right, right. Makes sense, yeah. It seems like the more sophisticated an investor pool or a larger investor pool you want to get to, the larger the table stakes are to even play at that table. Like just having your ducks in a row and just the very basics. But I guess you’re saying that you’re proactively seeking out your mandates versus just seeing what hits your inbox that’s great to hear. Okay, do you believe that most investors you serve are concerned with downside protection or about growth?
Dr. Bryant: Well, I’ll answer this the way that you asked it, which is what are the investors, you know – doctors and dentists they’re very growth oriented, now that doesn’t necessarily mean that that’s what we let them do, but they’re always swinging for the fences. Every one that comes in is always, they’re always looking for home runs and we have to go through an education process and we build out a portfolio and we’re looking for certain things with different asset types, so sometimes we have to lead them to downside protection and letting them understand what their risk tolerance is. Even sometimes, one of the big things that we like to do is help our clients ramp up and go through a liquidity or an exit event, and even on the backside of that sometimes they’re still so aggressive, and they’re wanting to do all of these really really aggressive investments and we have to go “Hey!”. One of my sayings to clients that have sold is you only have to get rich once. If you get rich twice, that means you had to lose it the first time, so let’s make it, let’s invest it conservatively and let’s put it in things where, you know, we’ve been very blessed in almost everything that we do is double digit with – we’ve been pretty spoiled in everything that we’ve been doing, we’ve just been kind of cranking on all 8 cylinders. Even the stuff that is really really safe is doing really well right now but we have to constantly go back to the well and say “It’s not always going to be like this, we’re going to have some dark times. We have to make sure that we’re allocating and we’re being safe.” So, I don’t have to push any of them to go to be aggressive, I have to, if anything, I have to pull them back.
Richard: Right, sure. My next question is for clients who have been with your group for a while, and are educated on tax efficiency as well as why they should be conservative sometimes but they also may be a little bit growth oriented, how do you see that ranking for someone who’s maybe new to working with medical high net worth doctors, dentists, for the informed dentist/doctor who’s not on their first investment as an LP or their first real estate syndicated investment, are they typically saying “Wow, I really need tax efficiency, and most people aren’t giving me that.” Is that ranked number one above, and then growth and conservative kind of fight each other for another spot or how would that ranking go in your mind?
Dr. Bryant: One of the, sometimes we talk about a gap in the marketplace, one of the gaps in the marketplace for doctors is tax efficiency. So, very common we have new clients come in and they go “Oh yeah, I’ve got a CPA. We’ve been doing tax planning I’ve been doing that for 20 years.” And then we look, we do their tax review and they’ve had no tax planning and they’re paying just an exorbitant amount in taxes. So, you know, a lot of them think that tax planning is for their CPA to say “Okay, well you’re going to make your quarterly tax payments, and then on April 15th you’ve got to write another big check for this.” And that’s tax planning.
One of the things that we do have some really awesome CPAs that we work with who understand real estate, who understand operating businesses, understand the tax law, and so tax efficiency and understanding the tax code and what the government is telling you what they want you to do is just so critical. If they’re going to give you tax incentives to invest into energy, solar, natural gas, oil, if they tell you that they want you to do those things and they’re going to give you some tax benefits, then why don’t we do those things? And pay attention and find really good sponsors in that space. So, one of the things that we really try to do that most new clients don’t understand is matching up the investment type with the cash type. And so what I mean by that is you match up your cash and your taxable savings with tax efficient investments and then you look at your qualified money, if you’re looking at your tax deferred bucket and your Roth Bucket. And so there’s certain types of investments that you should do over there that you don’t do with your cash, and vice versa. And so most clients, new clients, don’t understand that, most advisors don’t understand that, and so there’s just a big knowledge gap there for not only new clients coming in but also other advisors out there that just really don’t comprehend that in the way that we do it. So we feel like that’s one of the biggest advantages when we’re really hitting on all cylinders where clients start understanding tax efficient investing and they’re also looking at tax strategies with tax deferred money and Roth money and really starting to see things come to fruition and understanding that is really worth it.
So one of the ways that we track client growth is different than probably anybody else. We look at annual net worth growth. And so most people don’t look at that because they don’t have access, the type of access that we do to our clients, but we have some clients that have had some significant net worth growth and sometimes they’re shocked like how did that happen in a year? And it’s, you know, it’s kind of having this comprehensive system and doing the right things, in the right buckets, at the right times and we can start having massive, massive results.
Richard: Right, great. What types of commercial properties do investors seem most drawn to and why?
Dr. Bryant: So, good question. I’ll throw out maybe just a few things that we’re focusing on a little bit more in the post pandemic world. Two of the ones that we really really like are self-storage and industrial warehouses space. You know that, those were certainly some investments that we really liked before the pandemic, but in the post pandemic world it just became so much more pronounced that self-storage and industrial were just two places that we really need to be, sometimes I call them “bomb proof”. If you’re working with really good sponsors that understand supply and demand, that’s one of the biggies right there you’ve got to make sure that you’re going into the right area.
But we really like self-storage conversions, so we have some sponsors we work with there, not a big fan of new development but I really like conversions. And then obviously industrial warehouse space with the Amazon effect, and with e-commerce, and really that last mile, you know that infill in the last mile, we really – that’s kind of getting niched down inside the bigger umbrella, but we really like that. And you know a couple things, you know multi-family and also I’d say senior housing are two that we really really love, but they’re different now, so you really have to, if you’re in those spaces with multi-family there’s been some shifts there, so we still are going to have some shake out with what’s happening. You know, obviously, maybe this is evergreen or maybe it’s not but as we’re recording this today we’re going into the winter months and we’re starting to see more states locked down and we’re probably going to have more economic stimulus to renters and to small businesses so definitely think that that’s, you know, the renters are going to have some protection against eviction and so that could have a negative effect in some markets, and some multi-family projects, and conversely with senior living. I mean we all, we’re a big fan of that space and looking at the silver tsunami and the macro economics of that space, you can’t deny that. However, now we’re looking at the potential negative effects of the coronavirus situation there, and senior living spaces are more susceptible and potentially more likely to have deaths, and lawsuits, and there’s just some other factors there that we didn’t appreciate before the pandemic. So you definitely have to look at those closely.
Richard: Right, right. Sure. What makes doctor and dentist high net worth investors unique from other private investors?
Dr. Bryant: Yeah, great question. One thing I guess that makes them different it may be, you know, a lot of them have high net worths and really a really big gap in understanding of basic finances I think is one big one. You know, most of our medical and dental clients run multi-million dollar businesses and they didn’t go to medical school, I’m sorry, they didn’t go to business school, I mean they don’t have finance or economics degrees and they’re running these multi-million dollar practices and businesses and they know what they’re doing but they’ve just been raised to give millions of dollars to financial advisors and let them manage it and they just – the fees, the mutual funds, the ETFs, and just the managed portfolios are just really don’t allow them to really get wealthy. Taking them from that standpoint where they come in an they have a good business, they have a 401k, and they have a house, and trying to help them get wealthy with that, that formula just really don’t work. So, we really have to go through this education process and show them the family office model about investing and other operating businesses investing in to real estate and commercial real estate in order to educate them to the process. But other than that, you know, I think our doctors and dentists are some of the greatest people in the world just because they have big hearts, I mean most of them got into medicine or dentistry because they love people, and they want to help, and they’re healers. We did mention at the beginning but that’s my background coming out of practicing dentistry for almost 20 years. So we really get them, and that’s our unfair advantage, and working with them we’re not slick wall street guys that are trying to, you know, tell them what to do. We’ve walked the walk and we’re here to find the line with them to help them achieve their goals.
Richard: Right, great. What is the number one most important thing you think you’ve learned after meeting with and working with dozens and dozens of dentists and doctors over, you know, the last half of a decade?
Dr. Bryant: You know, I think it just goes back to finding alignment I think. Understanding what they’re trying to do, you know, two of the big buzzwords we use in our community are freedom and legacy, so a lot of our doctors are really – they think they’re looking for financial freedom, they’re looking to generate passive income, some of them understand, some of them don’t, and we really get to work with them. A lot of times what they’re really looking for is timed freedom, a lot of them they’re tied to their business so they’re chained to their business where if they’re not the one that’s there seeing the patients, then you know their business stops. So, helping them create a real business where they’re not the only provider and you’ve got scalability is a really big factor in that. And kind of our end goal, and the thing that we ultimately helped to look at them get to is what we call legacy, and that’s crafting a long term vision for their family and for their business to really think about doing something that matters and just being a good steward of what we’ve been blessed with.
Richard: Sure, okay. Doctors and dentists and medical high net worth investors I know I’ve heard some people who have tried to work with this group are just not always the most responsive via e-mail to initiate a relationship with, so many times at our investment conferences we ask for advice from someone like yourself on how to get into a wealth advisor like yourself or a group of investors and, you know, referrals is a common answer. But if someone doesn’t have referrals, what would be your advice to someone looking to work with more dentists and doctors? Because it’s a hard area to break into, and you have the unfair advantage of being a dentist and selling your practice and learning all of this stuff. I mean it’s a real edge in the marketplace; if someone doesn’t have that, what advice would you give them?
Dr. Bryant: Well, you and I both kind of preach on efficiency a lot of the time. Going after one doctor at a time is just not an efficient way to do that, so cold calling the front desk doesn’t work, trying to get past the gatekeepers there. E-mails don’t really work, I mean, you know, even my team sometimes has a hard time connecting with some of our doctors. You know, if I text them they reply, but sometimes my team texts them and e-mails them and they reply to me because I have that relationship with them, but if you don’t have that, I would say there’s sponsors that are trying to break into this, this niche, you know. The most efficient way to do that I’d say is to work with somebody like us who’s – we’re a gatekeeper, we’re a quarterback, we’re a coach to a community of high net worth doctors and dentists. So there’s not many groups like ours, so certainly if you can find somebody like us or come straight to us, I would say that’s going to be the most efficient way to do it.
Richard: Okay. In the commercial real estate industry there’s some really broad food groups, you know, hospitality, multi-family, and self-storage, and then there’s niches within the niches of cold storage, or residential assisted living, or maybe pre-senior living multi-family, where it’s kind of targeting seniors with on a golf course, or bingo and other things going on. So in your community and with high net worth investors, what type of really small niche strategies are really interesting to you, and you think are kind of growing in momentum right now?
Dr. Bryant: You know, I probably don’t have a really good answer for you on this one. I mentioned a few earlier like self-storage conversions, and industrial kind of like that last mile. You know, obviously medical dental is a big one, so a lot of times if we’ve got an owner occupied – you know, a lot of times a lot of our new clients are renting space, so one of the big wealth builders that we can do for them is to get them in an owner occupied commercial space. Sometimes that’s a strip where there’s four or five other tenants, and you know I guess this is a pretty good one is we’re looking at niches to consider just essential versus non-essential businesses in those spaces. So an example of that, we just helped a client who’s looking at a five plex, so we wanted to go through and look at all five of those spaces – are they essential businesses? Are they – we don’t want any dine-in restaurants, we’ve got to be really careful with service providers like barber shops or nail salons, so if it’s takeout coffee, or takeout donuts, or takeout restaurants, maybe that’s fine. Or if you’re looking at, you know, a business that can be virtual and that can still pay their rent, somebody that’s essential that’s not going to have to shut down, I definitely think that that’s a really good thing that we didn’t have pre-pandemic, a really good filter to look at there.
Triple net is a big one in medical or dental. Here’s another one, too, I know this is a commercial real estate podcast and all, and I’ll tie it back, but some of the operating businesses that we really look at are investing into some things like ATMs, or bulk water vending, or ice machines, and so that’s kind of a side business. But if you’re in commercial real estate and you’ve got an apartment complex, well why would you not have a bulk water vending machine or an ATM that you own access – a lot of them have dry cleaners, or vending machines there. But, you know, that’s just some other ways and some other ideas that kind of, if they’re captive, that can do that. Because we found that some of those areas to be very lucrative for some of our clients.
Richard: What is the number one most painful or costly lesson you’ve learned while advising clients on investing in third party real estate funds or sponsors?
Dr. Bryant: I think, I said this earlier, I think track record. I think if it’s somebody, we get new funds all the time, and you know it makes it really easy for us to say we don’t put new first time funds on the platform. Now sometimes we do make exceptions if it’s a really experienced sponsor who has been in the same space in the – maybe it’s their first fund, maybe they have experience and sometimes we’ll make exceptions, if it’s new then we just don’t even go there. You’ve got to have a track record before you go there. But I’d say that’s a pretty big one.
Richard: What insights do you have for all of those wealth advisors out there that don’t do any real estate direct investments with their clients, you’ve gone down this road now for several years with dozens of clients, what insights could you share for those wealth managers listening who want to go down that same route perhaps?
Dr. Bryant: Yeah, great, there’s not that many RIAs that really take the risk of putting alternatives and there’s a reason for that. You know having, we’re FINRA registered right now, I know we just talked about SE registration, going through that process now I’d say if there’s other wealth managers out there that want to get into this space you’ve really got to have a really deep compliance team, whether that’s in-house or outsourced, you’ve got to have an incredible securities attorney team. You know, when we first started doing this there weren’t a whole lot of questions about, you know, how do we do due diligence? But now every time we have to do new registration it’s how do you vet these? What’s your due diligence process? What’s your ongoing due diligence process? And so you’ve got to have a whole system in place in order to vet sponsors and investments to put them onto your platform. And, you know, when we first started, we really didn’t have those questions, but it’s every state, every state’s security organization has those questions now and of course FINRA and SEC have those questions now so you’ve got to be ready for – it’s way different than, you know, working with publicly traded companies that are listed. It’s totally different and so you’ve really got to be prepared for a much higher level of due diligence.
Richard: Right. What is the most valuable $100,000 piece of advice you could leave us with here today? To wrap up the interview, it could be on real estate investing, or working with real estate funds, or navigating the real estate industry, or anything you’d like that maybe we haven’t emphasized enough here today?
Dr. Bryant: Great question. So, you know, I think one thing that, kind of boiling down to some of the basics, we take a macro view, we take a look at everything from a really high level view and we try to ask ourselves the right questions – what’s going to change in the future and what’s not going to change in the future? I think if you’re asking yourselves those questions and if you’re looking at demographic trends if you’re looking at tax rates, if you’re looking at where people are moving to, or if you’re looking at the demographic trends of senior living, and you’re looking at people moving out of the cities and going to lakes and beaches, work from home, I think those are some macro trends that are going to be with us for a while, so I think you’ve got to take a look at that.
You’ve got to diversify. I think that’s a really big one. A lot of times I see new clients that come in and they hear about real estate is awesome so let’s go into apartment complexes and let’s just load up on apartment complexes, and that’s all of their allocation to that. And, you know, maybe that works out fine but what if we have some major impact to that asset type? We build out portfolios for our clients, we kind of kept it focused on commercial real estate but we do venture capital, we do precious metals, we do permanent life insurance, we do absolute return like life settlements, you know, there’s a lot of other things that these portfolios that we build out in addition to investing into other operating businesses, so our clients are not just – it’s not a one size fits all portfolio for everybody. I mean we really try to, we were talking earlier before the recording started Richard about your risk tolerance, and your time horizon, and what are the objectives, and making sure that we’re building a portfolio that really matches that and takes that into consideration. So, you know, maybe that’s not earth shattering but we try to stick to the basics on that and we really try to focus on each client and help them build a portfolio that’s suitable, that’s safe, that’s going to produce high returns and net worth growth over time while protecting things. Hopefully that helps.
Richard: Yeah, that makes sense, yeah. Some people will focus on one area and maybe by good fortune and or skill, they’ll be fine, but that’s going to save somebody $100,000 if they’re newly liquid and are going too deep into a startup or a riskier area they don’t know like you talked about earlier in the interview, so. Appreciate your time here today and thank you for everything you do, you know you run a great community I’ve really enjoyed getting to know your members, and looking forward to seeing you speak at one of our investor summits here coming up soon.
Dr. Bryant: Thanks for having me, Richard. Thank you and if anybody that’s watching would like to get in touch with us, just you can catch us at HighSpeedAlliance.com and we look forward to connecting with you.
Richard: Great, thank you.
Dr. Bryant: Thank you.