Building Trust and Stewarding Clients’ Financial Affairs with Patti Brennan

Intro: Welcome to Start Local, where we talk with business owners, leaders of nonprofits, and other members of our community focused on doing business in and around Chester County, Pennsylvania. Each episode will provide insight into the local business scene and tell you about opportunities to connect with and support businesses and nonprofits in your local area.

Joe Casabona: The Southern Chester County Chamber of Commerce promotes trade, commerce, industry, and sustainable economic development while supporting a diverse and growing marketplace. The Chamber is proud to partner with the Start Local podcast to raise the profile of businesses and nonprofits throughout Chester County. Learn more about the chamber at scccc.com. That’s scccc.com.

Erik Gudmundson: Welcome to Start Local. I am Erik Gudmundson, and I’m here in the recording conversation today with my cohost, Liam Dempsey. Liam, how are you doing today?

Liam Dempsey: I am fantastic, Erik. Fantastic. Thank you.

Erik Gudmundson: Well, today, we’re speaking with Patty Brennan. Patty is the founder and CEO of Key Financial. Hello, and welcome, Patty.

Patti Brennan: Thank you so much for having me today, April 14th. Can’t think of a better day to be on the show with the two of you.

Liam Dempsey: Well, thanks, Patty. Really appreciate you taking the time. We know it’s busy for everyone in financial services, and I can imagine your schedule is the same.

Erik Gudmundson: We seem to catch Patty at all the busy times of the year because the other time we always see Patty is during the Chester County Economic Development Council Annual Economic Briefing, which tends to happen every January roughly. And you’ve been doing that annual economic presentation for over 20 years, if I’m not mistaken. That’s a very impressive run, and an even more impressive event. So, how did you get involved with that event in the first place, and why do you think CCEDC keeps inviting you back year after year?

Patti Brennan: You know, it’s a really good question. I think that, you know, I had done some work with the CCEDC. I was really, really impressed with what they do for local businesses. And when I got the call, I said, Sure. Now this is a wonderful event that I kind of do with another economist, and it’s just kind of evolved over the years.

I will tell you there was one year when my cohost, if you will, was in the ER, and Mary Frances McGarity called me in a panic, saying, Patty, you know, can you do the whole thing? And within, you know, 50 minutes, I was hosting the whole thing, trying to wing it, trying to take up the time and add value for the audience. And as a result, they just keep on asking me to come back year after year because they know that I really do want to give people actionable items that they can apply to their own personal situation.

Liam Dempsey: As we were researching your background for this interview, we were just amazed that you have received more awards than we have time to cover in the span of this podcast. So, congratulations on your professional success from that angle. 

But one award really stuck out. Erik and I were both talking about this prior to our recording about your nomination and entry into the Barron’s Hall of Fame. That’s a real award. It’s not one that we can write in for, and it’s from a highly respected publication that it’s no pay to play. You have to do the work to get recognized. We’re really kinda surprised that someone in Chester County has it, just as we think around and, like, in our neighborhood? Cool. That’s amazing. Who’d have thunk it? How did you get that honor? That’s so impressive, and congratulations.

Patti Brennan: Thank you so much. You know, it’s really interesting. You know, Barron’s is owned by the Dow Jones company, which is a Wall Street Journal. And I will tell you to your point, they pride themselves on their journalistic integrity. There is no pay to play. You know, they get nominations from all over the country, thousands of nominations. And, basically, they have their top 100 list, top 100 independent advisers, top 100 women, all this. 

Bsically, the hall of fame is recognizing those people who have been consistently on their list for at least ten years. The year I got it, I think there were 43 people on the list, and they’ve been coming out with this, you know, independent evaluation for over 20 years.

And, you know, I’m Patty Brennan from Westchester, PA, to your point. I don’t, I didn’t know what I was doing to warrant such an honor because they come in, they kick the tires. You can’t just fill out a questionnaire, and they don’t just, they really do evaluate you.

I think Barron’s uses 17 different metrics or algorithms, and they don’t want one-trick ponies. They want people who are consistently delivering a service above and beyond, who are setting the standard for the industry, and that’s something that I’m really proud of. I flew under the radar for so long. I just did what I thought people would want, and really recognizing what people really needed. It’s not just about, you know, it’s not about a pie chart. It’s not about insurance. None of us. It’s about families in Chester County. How can we optimize their financial affairs and give them a little bit of peace of mind?

Erik Gudmundson: Talking about peace of mind, let’s stick with that for a minute. Foreign and domestic politics are more interesting than ever, and the roller coaster isn’t showing signs of slowing down anytime soon. Some people are scared, and some see opportunity. What would be one piece of advice that you would share with our audience about the current climate?

Patti Brennan: You know, I suppose perhaps the best piece of advice I could give is that it’s always been volatile. Right? There’s always been something to worry about. So, yes, this could be a great opportunity, or we could be at the beginning of a collapse. We don’t know.

And the most important thing is, you know, you go into these times assuming that something bad is gonna happen, have enough money set aside, and then if it makes you feel uncomfortable, don’t look. You know? It is scary, but I don’t wanna patronize people by saying think long term. You know? That’s not acknowledging that, you know, we don’t live in the long term here in Amerika. We kinda see the headlines, listen to the news, and hear all the awful things that are going on.

And to me, the most important thing or the messages, it’s okay to feel the fear. Just don’t do anything about it. Because over time, we figure it out. That’s the one thing I will say about AmErikans, about markets, about families in Chester County. We have a special kind of resilience, and just, you gotta lean on that, lean on the fact that we’re gonna get through this because we have and we will.

Liam Dempsey: I wanna back up a little bit and talk about your career. You didn’t start in financial services. You started in nursing. You’re an ICU nurse, and you told us in our pre-interview that you operate your company like a hospital. And your career journey has been really fascinating to me in particular. 

So tell us how you got here and how your nursing experience helped you serve your clients. And then I’ll add one extra is why d,o what’s your perspective on running your company as a hospital? That’s kind of interesting and unique. Tell us about that as well.

Patti Brennan: Well, it doesn’t mean that our clients are sick per se.

Liam Dempsey: Thank you for clarifying. Thank you for clarifying.

Patti Brennan: Yes. People say, Patty, how in the world did you ever go from nursing to being the CEO of a 2 and a half billion dollar firm? I will tell you that the skill sets are surprisingly similar because when you think about it, if I’m taking care of someone in the unit, in the ICU, I’ve gotta know everything about them. Okay? What they’re, you know, what they’re in there for, what’s normal for them, what’s abnormal, what got them sick. 

And so when something happens, I have to know that that’s not normal for them, and I don’t have time to call the doctor. I’ve gotta know what to do and be ready to execute. It’s the same thing here. We didn’t know that there was going to be a tariff war this year, but we had to understand each particular client in advance where they were vulnerable and make sure that we were ready to act if something happened. It’s a very similar skill set.

To answer your question about the hospital, what’s kind of interesting about that is, it’s sort of you know, Key Financial has evolved over time. To me, the most important thing is when we accept a client, when we tell, when I say, we’ll be happy to help you, I’m making a promise to that person, that family. We’re gonna be here for the rest of their lives. And so to keep that promise, you know, yes, we’ve got the greatest technology, and, yes, you know, we’ve got smart people, but I always had to make sure we had capacity to keep the promise.

So what has happened over time is that as more and more people have asked us to be their adviser, I’ve needed to hire new people. And so what’s evolved is rather than have like, you got a a financial planner, a portfolio person, and a client services person, and we have silos, that’s the way our industry tends to work. What we’ve built here, and I say we because it’s not just me, what we’ve built is more departments. So we’ve got the planning, we’ve got portfolio management, and then we’ve got key client services.

And as we needed to add capacity, I’ve kind of filled from the bottom. So what’s happened is senior people are mentoring the next generation. Right? Because you’ve got me. I’ve been doing this for 35+ years. I was I’ve been mentoring my senior leadership team, and they’ve been mentoring the next generation and the next generation. And so we’ve backfilled so that we always maintain capacity. 

So the hospital metaphor came about because, you know, I used to be sitting at the bedside. And now I find myself working with the financial planning department. They are my, I’ve got Erik Fuhrman, who’s the Chief of Medicine. Okay? He’s the chief planning officer. So he runs that.

Brad Everett is our chief investment officer. They are my surgeons. When something needs to be done, we don’t have time, so just do it. That’s is the department. 

Then I’ve got Lori Vogan. She runs our key client services. Those are my nurses. They are phenomenal. They are at that bedside. They know everything about their clients/patients. Again, not that anybody is sick. We wanna make sure that everybody remains healthy, and so that’s the way it’s evolved. And, of course, we’ve got administration, operations, and IT just like a hospital does. And, you know, I guess that would make me the CEO of the hospital.

Liam Dempsey: Sure, bud. It’s a very interesting metaphor that you’ve extended in a fascinating way. 

The title of your book is Am I Going to be Okay? In the book and on your own podcast, you’ve talked about how your business was really on the edge financially as you started to grow, and you were in your early phases there. How did you know when your business, Key Financial, was going to be okay?

Patti Brennan: Well, you know, it’s really interesting. People think that entrepreneurs are high-risk takers. As an entrepreneur, I’m gonna tell you, we’re not. Okay?

One of the things that I’ve learned over the years is that you’re never really certain about what’s gonna happen, and you’ve always gotta be ready. I will tell you that during the financial crisis, that was probably the most difficult time in my business because at the time, I was working out of the basement of my home, and my employees were coming in the back door, raiding our refrigerator on the way down to the basement to go to work. Right? And the world really was falling apart, and so it was really difficult. 

And, you know, Erik Furman, who is our chief planning officer, he and I were working late one night, and it occurred to me to ask him, you know, how’s everybody doing? We’re really working hard. It’s 24/7. How are you doing? How’s the team? And he said, you know, Patty, we kinda see the, what’s going on out there, and we’re kinda worth thinking that maybe we’re gonna lose our jobs. 

And I have to tell you guys, I was absolutely shocked because I didn’t, that was not something that I was thinking about. Now, I’m not gonna lie. We were on the brink, and I was pulling money out of our, you know, my accounts and my retirement accounts to make payroll. But I just felt like that was be the wrong thing to do. If anything, that was the time when we really needed to be there for our clients, and we were. And because of that, those same clients are so loyal. They knew that no matter what happened, we were gonna be there for them.

And it was a difficult time, but it was a great learning opportunity for me, and it was a wonderful opportunity for those people who were coming into my basement every single day to realize that loyalty is a two-way street. That just as they were loyal to me and our clients, I was going to be loyal to them, and they were not gonna have to worry about their jobs.

So, I don’t know. I guess that would be the example of the brink that we were definitely on because, again, I had four little kids running around upstairs. My husband also has his own business. So it was a tough time for the Brennan family, certainly.

Erik Gudmundson: That sounds like, you know, when you were in the trenches, but was there a particular moment when things started to turn around that you knew that that time was behind you?

Patti Brennan: Well, you know, it’s interesting. So, 2008, 2009, then we had the Greek, you know, crisis in 2011. Things started to get better after that, in terms of, you know, understanding that, okay, we’ve got a repeatable process. We’ve got, you know, clients were referring a lot, introducing a lot of their friends and colleagues, saying go to Key Financial. They will be there when you need them most. And by the way, they are about holistic financial planning. They’re gonna make sure that you’re gonna be okay no matter what. And that, to me, that’s the reputation that I feel so proud about.

Liam Dempsey: Independent financial advisers are required to undergo audits and comply with lots of standards. Regulation and compliance impact many growing businesses. What advice, Patty, would you share with a small growing business facing this kind of introduction to compliance as a new hurdle? What would you share? What guidance would you offer?

Patti Brennan: You know, it’s really interesting. I’ve never really considered compliance to be a major problem. It seems to me that, for example, I answer to the SCC. The SCC is there to protect the investing public. Well, I gotta tell you that somebody needs to protect them, and the SCC is there to enforce certain regulations. And I’m not naive. Some of the regulations are a little over the top. But at the same point, I’ve learned over time that it’s good business, also. It’s good business to protect our clients. 

And so if the SCC and FINRA, and all the different regulators out there, say this is the protocol that you need to follow, then we do it. And it requires investment in technology, and it requires investment in people. And I’ve done both of those things. And so when we went through an audit, we got through it. It was difficult. It was equivalent to a regulatory colonoscopy, which lasted about nine months. 

And, you know, I was pleasantly surprised at the closeout meetings that the regulators thanked me for my cooperation. And I was surprised at that, but at the same point, I would imagine that they don’t get the kind of cooperation that we gave them over the nine months. I just felt like they were doing their jobs, and we do ours.

Erik Gudmundson: You’re running a business. You’ve released a book. You have your own podcast. You’ve been hosting your own podcast since 2020 or 2021. I’m not sure. But I do know that you have over 170 episodes under your belt. 

And I know that here at Start Local, we just published our 70th episode. So we’re certainly impressed at your podcast recording status and your success with it.

Two questions about it. Why did you decide to start a podcast, and what have you learned from your podcasting experience? Maybe, we’ll, Liam and I’ll take some tips from you today.

Liam Dempsey: I definitely have my pen out. I am definitely taking notes on this one, Patty.

Patti Brennan: Well, first of all, congratulations on 70 episodes. You know, the average podcast program lasts for nine episodes. That’s it. People give up. So I will tell you that the catalyst was basically something that I wanted to understand. I wanted to learn about. 

And I will tell you guys that when my employees hear me say, Wouldn’t it be cool if they’re like, oh, here she goes again. Alright? And so, basically, that was finished with, wouldn’t it be cool if we had a room that I could just plug and play and go in and look into a camera and talk to our clients and maybe, you know, explain certain things in words that they might be able to understand.

So that’s how it really started. So we set up a podcast studio. We’ve got cameras. We’ve got the audio, and one thing led to another. 

And what’s really interesting for me and for us, that the reason we’ve been able to, you know, put out 170 different podcasts is because there were 170 things that I wanted to learn about. And so basically what happens is, this is full disclosure, I go into the back area, planning, portfolio management, and I say, okay, guys, what kinds of questions are people asking us right now? And/or what do we wanna learn about? Like, for example, during, you know, one crisis, I didn’t quite understand how the Federal Reserve was working with their monetary policy. So Erik and I did a podcast on it. I think it was Walt Whitman who once said that if you want to learn about something, write a book about it. At Key Financial, we do a podcast about it, and people seem to appreciate that.

Liam Dempsey: Yeah. That’s great. I think that’s a big part of what we’re doing here with Start Local is trying to get to know our community, not financial planning, but our community. And I just love your answer. Thank you for sharing that.

Patti Brennan: Sure.

Liam Dempsey: Patty, managing 2 and a half billion dollars is an enormous responsibility, I would expect. You have so many families, moms, dads, children, and grandchildren depending on you to fulfill the promises you made when they signed up with you. 

You said you would be there until there were no more. How do you manage that stress when you’re not in the office? What does relaxation unwinding look like to you? And I say this fully mindful that today is April 14.

Patti Brennan: Thank you so much, Liam. I will tell you, I don’t know how it looks, you know? Relaxation is kind of a foreign concept to me because it’s not so much that I have a lot of, you know, I’m always stressed out. It’s more like there was, there’s always something that I feel like I can be doing. 

Even this weekend, for example, I had clients who I wanted to get in touch with, and I wanted to understand how they were being impacted by all of this. So it’s mostly about curiosity. I’m very curious. I want to understand. I wanna know what’s going on. I wanna know how those clients are being affected by the world around us. We can’t predict. We can’t control it, but we can certainly be there and answer questions. 

And that’s really what I think it’s all about because it’s, you know, I make a promise. I’m not promising that they’re gonna get certain returns. I’m not making promises that they’re never gonna lose money because I can’t do those things. Those, I typically will tell you. I typically tell them there probably will be a time when you wonder, so why do we have Patty Brennan? Why don’t, why Key Financial? I’ve lost money this month. What’s going on? Those times are going to happen. 

And, you know, when we accept a client, when we, you know, people ask to be honest with you, people ask me all the time, will you take me on? Will you will you take care of us? And my answer is always, I always wanna make sure I can justify our presence in their lives because it’s AmErika, you know, it’s capitalism. Can we make a difference in their lives? And I find that times like this is when that really happens because they know we’re looking. They know that we’ve got their backs.

Erik Gudmundson: Well, especially at times like these, we expect that almost everyone would love to have a team with Key Financials’ reputation to help them manage their money. But at the same time, we understand that you can’t be everybody to all people. So who are, is the best ideal fit for a client from your business perspective?

Patti Brennan: It’s a good question. You know, it’s funny because I used to think that we could be all things to all people. And over time, I’ve learned that we really can be all things to some people. And so for us, those people where we can really make a difference are the people who, number one, are coachable. You know? A lot of people have ideas. I’m very open to everybody’s ideas. It is really a collaboration. If you were my client, the first thing I’m gonna say is, listen, this is your money. If there’s anything that you feel strongly about, I’m all ears. I wanna hear that because we can pretty much do anything. That’s the advantage of being independent. And in case you didn’t notice, I’m fiercely independent. I wanna make sure that there’s no conflict of interest. I don’t believe that, you know, when somebody comes to us that they have to change everything. 

A lot of what people are doing is terrific. So we just want to complement. We want to collaborate and make sure that what we’re doing is adding value. I will tell you that some people have big minimums. Okay. I don’t like to judge people by how much money they have. That’s not what we’re all about. 

I do find that people with a higher net worth, you know, they might have a business, they might have a 401(k) they’re approaching retirement, the kids have been educated. Those are the tie the kinds of clients where they’re approaching that red zone as defined by our industry. Right? 

The red zone is the ten years before retirement to the ten years, you know, after retirement. That period of time, big decisions need to be made, whether it be portfolio-related, 401(k) related, Local Security, Medicare. Lots of stuff is going on, and those are the things that we’re we’re really good at. Wills, trust, taxes, that’s our expertise. That’s where we can really make a difference.

Liam Dempsey: Simply put, Key Financial helps our clients manage their money. I realize I’m boiling down all the things you and your team do to a very simple sentence. But I know that conversations about money can get heated and stressful, especially in times of economic uncertainty. How do you deal with clients when they’re coming in hot?

Patti Brennan: Boy, is that a good question? You know what? It’s okay for them to come in hot. I understand how they feel, and other people are feeling the same thing. What, you know, it’s just to answer that question. Feel, felt, found. I understand. We get it. You’re not alone. What you’re gonna find is a, b, c, and d. Whatever it might be that they’re upset about, they’re worried about, you know, yes, we deal with money. We manage money, but we do a lot more than that. It is optimizing it because there’s everybody’s got their resources. You’ve got your sources of income, the uses of your income, and the uses are taxes, tuition, the typical stuff, food, clothing, all that kind of stuff. And there’s worries around all of the above.

So, it’s understanding each client when they come in, if they’re coming in hot, what it is that’s on their mind. There’s always a solution. There i,s I’m not kidding you. There is always a solution. So it’s really having a really good holistic understanding of what is, you know, on a client’s mind and what their solutions are. Again, I’m right back at the bedside, guys. Right back at the bedside.

Erik Gudmundson: It seems like a very natural spot for you. And I’m trying to reconcile in my head that that bedside, very singular position where you have such a personal relationship with your clients as well as your employees when you’re talking about when they were raiding your refrigerator as they were coming into work at your house every day. 

And at the same time, here on Start Local, one of the things we’d love to do is talk about clients who have or rather, people who are local who have grown their businesses. And I’m thinking about Key Financial right now. These days, you have a chief planning officer. You mentioned you have a chief investment officer. We’ve heard story after story from founders and CEOs who have struggled to turn over control of key aspects of their business. 

So two questions for you on that front. When did you realize that you needed or wanted to bring in key leaders to handle strategic roles? And how has that process of letting go been for you personally?

Patti Brennan: It’s been wonderful.

Liam Dempsey: That’s not a typical answer. I love it.

Patti Brennan: Yeah. You know what? Because, honestly, I mean, they’re much better at it than I am. And to me, my job is to make sure that this is the last job that Erik and Brad and Laurie and Vince ever have. That’s my job as the CEO to create a culture where they are growing personally, financially, and professionally. And, honestly, that’s why I think they stay. They know. 

It’s very interesting. I just hired somebody new, and I think that she was really surprised. I said, listen. Tell me what you need to do your job, and I’ll find a way to give it to you. And she’s like, really? I said, I don’t have the time to investigate all the tools that are out there that can help you do your job better, more efficiently, and which ultimately is gonna help our clients. You’ve got all of the above, so have at it. Let me know what you figure out, and we’ll brainstorm. It doesn’t mean that I’m gonna say yes to everything, but I want you to have the freedom and to empower you to investigate, and we’re gonna make those decisions. You’re gonna make the decisions, and I’m gonna, I will tell you. I typically say yes because they’re much better at evaluating these things.

So, to answer your question, I realized being the mother of four children, the wife of Ed Brannen, Ed’s got his own business. I’ve got 34 employees who also have their own families that they’re taking care of. You know, it’s a stewardship on so many different level. Stewardship of my employees’ careers, a stewardship of my family’s careers, and my family’s life, as well as our clients’ financial affairs. 

And to be honest with you, it’s wonderful to be able to delegate a lot of that responsibility to people who are much better at it than I am.

Liam Dempsey: In past episodes, we’ve talked with other financial professionals, including Cathy Wilacek, an accountant, and Paula Paisley, a business owner and, bookkeeping bookkeeper. And like Erik, who is an IT professional, all of these folks in the financial services seem to know which closets have skeletons and where bodies are buried. How does your team establish the trust required for someone to reveal their financial insecurities and victories and maybe losses too, so that, really, you folks can do what you do best and help them?

Patti Brennan: You know, it’s a really good question, and sometimes even I’m surprised how willing people are to share their secrets and their financial affairs. I guess it’s, you know, I guess it’s because I’m willing to share mine. I explained that, you know, it was really rough going it was really rough in the early years. We were doing the home equity line of credit to pay our bills type of thing, things that I’m not proud of today, but that was the only way that we could get through it. Right? 

So we all go through difficult times, and what I think is a shame sometimes is that when people call the office, they often say something to the effect of, you know, I should probably know how to do all this. And we’re like, why? This is really hard, especially when you’ve got so much else going on in your lives. You’re successful at doing whatever you’re doing because you focus on it. Focus on that, delegate this stuff. This is something we’re good at. We know what we’re doing. Leave it to us. We got this.

Erik Gudmundson: As a trusted adviser, you’re probably considered part of the family by many of your clients, and you’re working with people in the best of times and the worst of times. What’s the most unusual situation you’ve encountered?

Patti Brennan: Boy, I will tell you that probably the most unusual situation occurred, actually at a conference, I had just been on the stage speaking to a big audience, and I got a text message from one of my employees. And this employee said, Patty, can you call me as soon as possible?

Now, this employee doesn’t do that typically. So I called her, and she said, I just got a call from so and so, and she’s got a gun to her head. She’s gonna commit suicide. I’m like and I found out what was going on, etcetera, etcetera. I said, here’s the thing. You and I are gonna call this client together. So we got her on the phone, pretending her name was Susan. I said, Susan, what’s going on? 

Now, I will tell you that this particular client had a bird. She loved her bird. Right? And when we were working with her and her attorney doing her will, she turned to my employee and said, If I die, will you take care of my bird? And my employee was like, I guess so. I don’t know.

Anyway, long story short, we’re on the phone with her, and I said, Susan, here’s the deal. If you do this, you are signing your bird’s death warrant, death certificate. And she’s like, what? I said, if you do this, Cindy doesn’t know what to do with for your bird, so the bird’s gonna die. You’re signing the death certificate for your bird. 

She started to laugh. I knew I had her there. I said, Tell me what’s going on, yada yada yada. She said, I’m short of breath. I can’t make it up the stairs. I was in the ER. They discharged me, but I can’t get my air. I said, so what I’m hearing is if you could get some oxygen delivered to your house because the doctor wasn’t returning her calls, etcetera, if I could get you an oxygen tank delivered to your house, you would not do this to yourself. You would put the gun down. She said, Can you do that? And I thought to myself, I have no freaking idea, but I’m gonna try. And I tried, and sure enough, it was delivered to her home. She got to the doctor the next day, and she was fine. 

So that’s probably the most unusual. We don’t typically I don’t typically, you know, talk people out of committing suicide. But a lot of people feel that desperate from time to time, and it’s just nice to know nice for them to know, they can pick up the phone. They’ve got somebody who already knows everything about them and cares and will follow through.

I think that’s the difference also that I think is very important. You know, a lot of people say, Patty, you’ve got so much empathy, And that might be true. Empathy is holding somebody’s hand. Compassion is action-oriented. If you got, if one of you was, you know, crashing, holding your hand is not gonna save your life. We’ve got to do something about it, and that I think is a really important difference. It’s understanding, getting people through it, and doing something about whatever it is that’s bothering them, that’s ailing them, or what they’re worried about.

Liam Dempsey: That’s a compelling story. Thank you for sharing that with us. Lot to think about there.

Patti Brennan: Mhmm.

Liam Dempsey: Mhmm. Your annual economic forecast event at the Chester County Economic Development Council, we talked about this at the start of our conversation. It’s a hot ticket. It sells out. And it’s held up at Penn State Great Valley in their big, big auditorium, so it’s a big crowd for, to hear you to hear you talk about it. 

And for the last half hour or so, we’ve been talking about your success with Key Financial. Tell us one thing you like to do in your spare time, We’re coming back to this again, Patty, that would surprise your clients and all those live event attendees. What’s something about you that they would say, oh my gosh. I didn’t know Patty did that.

Patti Brennan: Mhmm. Well, you know, the one thing that they know year after year is that I’m completely transparent. Some years, I get it right. Some years, I don’t get it right. And I am very transparent. I say, okay, guys. For those of you, most of you were here last year, also, here’s a reminder of what I said, and here’s how it really turned out. 

And I think people appreciate that transparency and that honesty.

Liam Dempsey: Yeah. I really like that. I like that a lot.

Patti Brennan: You know, because, you know, nobody really knows, and I can make an educated guess. Yes. I’ve got contacts all over the country, and it’s wonderful to be in that position right here in Chester County. But I’m Patty Brennan from Westchester, PA. The thing that might surprise everybody is that I don’t come into my office until 11 AM. And the reason is, first of all, I’m not a morning person. I’m a night person.

And secondly, to me, the most there are there are some things that only I can do to move things forward.

And so when I get into the office, people are tagging on me, there’s a line. I don’t know, I know that this is audio only, but if you were in my office, you’d see one of those deli ticket counters.

Liam Dempsey: Now serving number.

Patti Brennan: Exactly. I’ve got a line of people outside of my office. So, you know, I wanna make sure that I do the things that only I can do, and I’m not adding to my plate. You know, most people have these long, long lists. There have been studies that have shown that, you know, entrepreneurs, leaders of businesses, you can basically get between five and six things done a day. So rather than overwhelm ourselves with these long lists and make us feel like, oh, what a waste. I didn’t get my stuff done. Just keep it simple. Do the things that move your business forward and walk out with peace of mind. 

So that’s what I do in the mornings. I do that first. I usually try to do some form of exercise because I’m gonna live a long life. I’ve gotta live a long life, and that’s what has been proven to, you know, to do so.

So, that’s basically the surprise.

Erik Gudmundson: Well, one thing that I suppose is not a surprise as a business leader is that you’ve written a book. But I would, what I would say is what’s not a surprise is that it’s not a typical self-published book that everybody’s just doing to check a marketing box. It’s a wonderfully written book that listeners can actually read. I know that we certainly did. But for our listeners, can you tell us who your target audience is for your book and why you chose to share with them?

Patti Brennan: You know, it’s a really good question, and it’s one that I’m asked often. Who’s your audience, Patty? Who are you writing this for? And, you know, a year ago, if you were to ask me, I was kind of vague about it. You know? I don’t know. I was kind of wishy washy. And it really comes down to I don’t wanna pick my audience. I want them to pick themselves. I promise that there’s something in there for everyone. 

The introduction is where people seem to really like the introduction, and section one is the process. Section two is the tactics, and section three is the 15 mistakes people make over and over and over again. 

And then you’ve got the conclusion, ties it up into a nice, neat local bow. It’s published by Forbes Books. The editor is an outside editor that we got, who won several Pulitzer prizes. And it was really interesting because when I talked to her, she, I said, you know, this is this is a manuscript that I’ve written. I had one editor look at it. They changed three words. I really want this to be good. I want it to be readable, understandable. Would you be willing to take a look at it? And she said, you know, Patty, I typically don’t do books like this, but I kinda need to learn this stuff anyway. So why don’t you send me the manuscript, and I’ll let you know whether or not I take on the project. 

She and I had a follow-up phone call about a month later. She said, you know what? This is really good. She said, There’s only one thing I would suggest. She said, You put all the good stuff at the end of the book. She said, I would reorder it, Patty, because they’re not gonna make it there. 

So that’s what she did. So that’s basically how it evolved. I had, I was not one of those people who was going to write a book. Honestly and truly, when I got the call from Forbes Books, they said, You know, we want you to write a book. We’ve been following you. And we are wondering if you have a book in that brain of yours. And my answer was no. I do not. I don’t have time to go to the bathroom, much less frightened of what. And they said, we think differently. We have seen you. We’ve seen you on stages. Put some of that in writing. Let’s give this a shot. So that’s how it started.

Liam Dempsey: You’re busy. You’re successful. How do you give back to your community and why?

Patti Brennan: I will tell you that this community is the reason for our success. They have supported us in so many ways. I think back to, you know, the hospital, for example. We have one of the best hospitals, certainly in Pennsylvania and the nation, backed by Penn Medicine. I mean, you can’t get much better than that. It’s interesting. Giving back to the community is what we’re all about. I love doing that.

During COVID, I thought about those frontline workers, and I thought about the businesses in town. And so I married the two, called a local business of restaurant, and said, I’d like to cater, I’d like your business to cater lunch for the entire hospital. They said, really? I found out later on that that phone call saved their business.

Erik Gudmundson: Wow.

Patti Brennan: And it’s a well-known business. I think you guys might be surprised who it was. It was a wonderful opportunity to thank the people at the hospital who were taking care of all of us during a really difficult period of time, and also thank a business that was willing to show up to make this fabulous lunch for the entire hospital. It was a feel-good. It was something important for us to be able to do, and we were able to do it.

Erik Gudmundson: Tell us about a business or nonprofit in Chester County that more folks should know about.

Patti Brennan: I you we’ve been talking about the Chester County Economic Development Council today. That is such a rich, you know, organization with information and resources. These people go out of their way to help local businesses to attract great people. That I think is the best-kept secret here in Chester County.

Erik Gudmundson: It’s definitely an underutilized resource. No problem. No question about it.

Patti Brennan: Oh my goodness, you guys. It’s amazing. You know, they’ve got, we’ve got SeedCopa right here in Chester County. They work with the small business association to give businesses money, to expand, to buy buildings, to pay their employees. That’s phenomenal. And they know the drill. They know how to work the system and to make it work for local businesses. 

Hire one. You need employees? Go to Hire one. There’s, you know, agriculture. There’s technology. There’s, get the, for young girls who want to learn about technology. It’s just an incredible resource that is underutilized and not really known about.

Liam Dempsey: Yeah. There’s a lot with the CCEDC. They’re good friends of the show. They’ve been on the show before, and it’s part of how Erik and I came together. We’re both involved with iTag, one of the public-private partnerships through the CCEDC. So we are not surprised by your answer, Patty, but we are absolutely delighted to hear it.

Patti Brennan: And it does surprise. For the listeners, why don’t you tell them, I’m curious, because, you know, I’m a very curious person. Tell them about iTag. What do you do at iTag?

Erik Gudmundson: It always surprises people what iTag does in the sense that, you know, it gives training grants to employers who are trying to upscale their workforce on technical skills or technical talents. And it’s amazing to me that people are like, wait. The the government’s gonna give me money? Some local organization in Chester County is gonna give me money to train my employees? Yes. They are. And it’s like, well, I feel bad asking for money. No. They want to give you the money. They want to upscale the workforce. It’s a good thing to have a workforce that’s growing and becoming more viable and and staying viable as technology changes. 

So, yeah, iTag is a very important, organization to receive support from. It doesn’t require much support at all.

Patti Brennan: You know, I think it’s a really good point when you upscale your employees, then you’re making more money, they’re making more money, and that’s coming right back into the community. That’s the thing. 

Commerce is the exchange of dollars. When I provide a service, okay, you give me money. Right? And then I give a portion of that money to my employees, and then they go out and spend it. So, it’s the exchange of dollars, and that’s what makes a vibrant economy like we have in Chester County. This is the place to be. I’m not kidding you. This is the greatest well, it’s certainly the wealthiest county in Pennsylvania, and it’s because of the resources that we have right here.

Liam Dempsey: Patty, you’ve been in business in Chester County for a long, long time. As you share, you’ve started in your laundry room, and you also shared that you’re up to 34. So that’s a lot of growth. If your future self could have told your younger self one piece of advice as your business grew, what would you have told yourself? What would you have shared?

Patti Brennan: I would have shared, follow your instincts and get great people and hire ahead. That’s been my philosophy that has worked time and time again. Get really good people who are dedicated, who share the same passion.

Here’s the thing, you guys. We can teach anybody anything. I can’t teach heart. I can’t teach dedication. That’s something that I hope to be able to identify, and have been very fortunate to be able to do so. You know, it just never ceases to amaze me how amazing these people are. 

And they show up day after day after day going above and beyond, doing things for people that no one would ever expect, and it’s because they’re led by their heart. 

I will tell you a story of a track coach that ends. I love this story because the track coach was talking to this young boy who was, you know, doing the pole vaulting. And this boy was trying to set a record, and he’s looking at this very high bar. Right? 

And we all have high bars when we start our businesses. And the boy’s shaking, and he’s got his, he’s got his pull, and he’s nervous. And the track coach got to him face to face, belly to belly, and he said, son, here’s what I want you to do. I want you to run towards that bar, throw your heart over the bar, and your body will follow.

That is what I’ve been doing my entire career. That’s what my employees have been doing. They throw their heart over the bar, and their body follows. And that’s what’s made Key Financial what it is today.

Erik Gudmundson: That’s inspiring. It helps people grow. No doubt about it. Is Key Financial hiring today?

Patti Brennan: We’re always hiring. We are always looking for good people who wanna have an atmosphere where they can grow personally, financially, and professionally, and also wanna have a lot of fun.

I gotta tell you guys, it’s gotta be fun. We have a ridiculous amount of fun here. There’s just something about these people. They’re very funny. I think that’s a kind of special kind of brilliance. The wit is so much, it makes it so much fun. So, yeah, we’re always hiring. We’re always looking for good people.

Liam Dempsey: Well, we’ll be sure to include a link to your website and the careers page on that for folks to learn more.

Patti Brennan: Abs also for anybody who might be looking for somebody. We’re here to serve our community in so many different ways. So, you know, go to the website. If you have a question, that could be the next podcast. So, and if by the way, if people have this question, chances are there’s a thousand other people in our own community who are wondering the same thing.

Liam Dempsey: Patty, you talked a lot about supporting the community through the various work that you and your colleagues at Key Financial are doing. How can the community, in turn support that work? How can they support you? How can they support your business?

Patti Brennan: I think that perhaps the best thing would be to spread the word. You know, a lot of people are worried. A lot of people are just kinda going through the motions as it relates to their financial security. And a lot of people don’t realize that we’re here. They say, you know, oh, you only work with super wealthy people. No. That’s not the criterion. We are working with people who wanna be helped, who are coachable. That to me is the most important criterion. 

So, I would say spread the word. We’re, this is we’re good people. We offer free consultation. You get a questionnaire, fill out the questionnaire. I promise everybody, if you fill out the questionnaire and you give us the information, your tax returns, your statements, if you do that in advance, I promise you, I will look at it in advance. And by the way, you do get me. I’m not gonna delegate that meeting to anybody else because I wanna make sure that your questions get answered on the spot. To the extent that I can do that, we’re gonna do it.

Erik Gudmundson: So, other than your website, how can people get in touch with you?

Patti Brennan: The website certainly is one way. You know, I’ve got an email address just like everybody else. And by the way, our emails are very simple. It’s our first name, and I spell Patty with an i, [patty@keyfinancialinc.com]. They can send me an email, ask me questions, or ask for a meeting. Happy to do that. That’s what it’s all about. Let’s keep it simple, and let’s get something done.

Erik Gudmundson: That’s pretty, that’s a pretty generous offer from a Barron’s Hall of Fame winner right here.

Patti Brennan: Well, you know what? Hey. Like I said, I’m Patty Brennan from Westchester, PA. I’m a mother of four children. I’ve got a small business. I get it. I really get it, and it’s a privilege to be able to do this for people in Chester County.

Liam Dempsey: Patty Brennan, Founder and CEO of Key Financial, Barron’s Hall of Fame member, Patty Brennan from Westchester, and mother of four. Thank you so much for your time today. Oh, and husband of, excuse me, wife of Ed Brennan. Thank you so much for joining us today.

Patti Brennan: Thanks, Liam and Erik. This was so much fun. Great job. Does this mean it’s number 71? Congratulations.

Erik Gudmundson: I think so. I’ll have to double-check the exact episode number. I don’t know where the time will come out, but, all I know is it was a it was a pleasure having you in the studio today. Thank you, Patty for doing it. We really appreciate it.

Liam Dempsey: And thanks to our audience for listening. Thanks to Erik for his time today and, of course, for Patty as well. 

As a reminder, show notes and links to everything we talked about today will be on our website over at [startlocal.co]. We publish a new episode every fortnight, and you can catch our show wherever you listen to your favorite podcasts. We invite you to subscribe to our email list over on our website, and that’ll ensure that you get all the latest news and updates, and things we’re doing. 

Thanks again for listening. Until the next time. Bye for now.