February 14, 2025 • 34 mins
In this podcast episode, I welcome I welcome Shuey Wyne, V.P. Wealth Advisor at RVW Wealth and author of the Amazon bestseller Worry-Free Wealth. Shuey offers a unique take on wealth management, combining timeless wisdom with evidence-based investing.
We explore his unconventional path from rabbinical studies to managing over $1.6 billion in assets and discuss key principles for avoiding financial mistakes, delegating effectively, and building long-term wealth security.
Shuey’s Journey: From Rabbi to Wealth Advisor
- Early Influences: Raised in a rabbinic household, Shuey was deeply involved in religious education and leadership, following in his father’s footsteps.
- Ordination & Community Leadership: He received his rabbinical ordination and served as an associate rabbi before transitioning to finance.
- Discovering His Calling: Through counseling, he realized that financial insecurity was a major source of stress for people, leading him to pivot into wealth management.
- Joining RVW Wealth: Now a senior advisor, he helps clients navigate financial planning with a focus on achieving peace of mind.
The Wealth Pyramid: A Blueprint for Financial Security
- Peace of Mind Foundation: Covering essentials like insurance, estate planning, and asset protection.
- Core Nest Egg: A diversified approach incorporating equities, real estate, private credit, and bonds to preserve and grow wealth.
- Speculative Investments: Identifying high-risk opportunities and ensuring they complement, rather than endanger, overall financial security.
Biggest Financial Mistakes & How to Avoid Them
- Divorce: The single largest financial disruptor, often leading to long-term financial setbacks.
- Underinsurance: Many professionals and business owners are inadequately insured, exposing themselves to unnecessary financial risk.
- Speculative Investing: Without a strong financial foundation, risky investments can lead to significant losses.
What to Look for in a Wealth Advisor
- Pure Fiduciary Duty: Advisors should act in their clients’ best interests 100% of the time.
- Evidence-Based Investing: A data-driven approach to financial decision-making, rather than speculation.
- Transparent Compensation: Understanding all fees, including advisory, investment, and tax costs, is essential.
About our guest: Shuey Wyne, V.P. Wealth Advisor at RVW Wealth and author of the Amazon bestseller Worry-Free Wealth.
You can learn more about his work:
https://www.linkedin.com/in/shuey-wyne-42b546230/
https://worryfreewealthbook.com/
About Your Host: Paul G. McManus is an accomplished author and expert in helping financial professionals grow their businesses. With over eight years of experience working exclusively with financial professionals, Paul has helped his clients generate tens of millions of dollars in fees and commissions.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
If you're like most successful professionals and
business owners, you probablywondered if there's more to
managing wealth than justchasing returns.
What if the secret to financialconfidence isn't found in
complex strategies, but in adeeper understanding of what
brings true peace of mind?
Our guest today brings afascinating and unconventional
(00:20):
perspective to this question.
Shuey Wine has not only built asuccessful career helping to
manage over $1.6 billion inassets at RVW Wealth, but he
brings something truly unique tothe table his background as an
ordained rabbi and years ofexperience counseling people
through life's most challengingmoments.
In his new Amazon bestseller,worry-free Wealth, shuey
(00:43):
challenges the traditionalnotion that successful investing
is all about complex strategiesand chasing returns.
Instead, he weaves togethertimeless wisdom from his
rabbinical training withevidence-based investing
principles to show us how toachieve what he calls worry-free
wealth, something that goes farbeyond just portfolio
(01:04):
performance.
Welcome, shuey.
How are you doing today?
Speaker 2 (01:12):
Doing really, really well.
Paul, Thank you for having me.
Speaker 1 (01:15):
Yeah, my pleasure.
It's good to see you, so I'vebeen looking forward to our
conversation today.
First and foremost,congratulations on the new book
and congratulations on hittingAmazon bestseller status.
That's pretty cool.
Speaker 2 (01:28):
Yes, Thank you.
It feels good to hear that Iactually did not anticipate
initially the book taking offand having as much of an impact
as thank God it's had.
But yeah, it's really excitingand just the broad reach it
really seems to be getting somepositive feedback.
Speaker 1 (01:48):
Very cool Today's interview.
We'll deep dive a little bitinto the book and your
background and all those goodthings.
But before we get into the bookI'd love just to ask you a
little bit about your ownbackstory and who you are and
how did you go from where youstarted to where you are today.
Speaker 2 (02:02):
Sure, absolutely Pretty unconventional, I guess,
for a wealth manager.
I was born and raised in Vegasin the family of a really
rabbinic household, my fatherand he's still going strong and
well, god bless him.
He was very, very influentialin building the Las Vegas Jewish
(02:23):
community.
In the Jewish and more of theOrthodox world it's rapidly like
wildfire growing and my dad hasreally been at the forefront of
that and his base is.
He's a pulpit rabbi and he's anexcellent public speaker.
So I grew up in that path andthat educational system and I
(02:47):
was really taking his footstepsand following his footsteps.
It was almost the expectationfor years that I was going to
follow after him and be a rabbimyself, and he really positioned
me well to do that.
And as the years evolved I hadthe merit to learn and study and
(03:07):
grow from tremendous rolemodels in that space Fast
forward many years.
I ultimately did receive myofficial rabbinical ordination,
which was a very vigorousprocess and very in-depth
Talmudic studies and Jewish law,and then I came back and I was
part of the family business, soto speak, the synagogue that my
(03:30):
father had founded and reallybuilt out, and many
organizations have reallysprouted out from that.
I began working alongside himas associate rabbi and was doing
that and really enjoyed that.
Him as associate rabbi and wasdoing that and really enjoyed
that.
And then fast forward manyyears later.
Right now, as I got more intothe business world, I am a
(03:52):
senior wealth advisor at awealth management firm called
RVW Wealth.
We manage about 1.6 billion inassets collectively.
We do private wealth management.
We do company-wide 401k plans.
So that is a little bit of asnapshot of where I came from
and where I'm at today.
Speaker 1 (04:10):
That's awesome.
I can imagine those are twopretty different worlds.
Speaker 2 (04:15):
Yes, and I would think so, and on the surface it
seems that way.
But what I have learned andwhat I'm learning more and more
as I learn every day, they'revery, very intertwined, and I
feel that not only the thinkingand the process behind the
(04:35):
rabbinical training, not onlywas it preventing me from being
more knowledgeable and more of Itry when my goal is to be an
expert in the wealth managementspace, but it really has enabled
and propelled me to be evenmore impactful and help clients
in a deeper and meaningful way.
Speaker 1 (04:57):
I'm curious how so.
Speaker 2 (04:58):
Great question.
A couple of things come to mind.
The great rabbis that I try toare very focused on specifics,
on details.
Spirituality is not just meantto be a generic mindset, it's
very action oriented, it's veryinto the specifics, the details.
(05:19):
So as a wealth manager, I tryand I aspire not just to have
the mindset of a wealth advisorand an asset manager, financial
planner, but to really focus onthe specifics, the portfolio
construction, the costs, thetaxes.
And when I came into theindustry I thought that was
(05:43):
expected, I thought that wasnormal and that was part of the
job.
But what I've come to see isthat a lot of times in this
business your average financialadvisor can really be just a
salesman of sorts and variousproducts and not necessarily
aligning what they're doing withthe specific, detailed goals
(06:06):
and aspirations and hopes andfears, particular clients that
they're working with.
So I think the rabbinicalcomponent really conditioned me
to do that Also, just to be ableto have the proper empathy.
When you're dealing withpeople's money, it is the most
absolute, private, sacredcomponent in their life and
(06:29):
there's so many nuances and it'snot just about the numbers,
it's really about their feelingsand their goals and their
comfort and what we callactually the tagline of our firm
is RVW Wealth, because peace ofmind is everything Really the
goal and that's really a coremessage of the book.
(06:49):
So we don't view ourselves inthe money management business
today.
We really view ourselves in thesleep business, the peace of
mind business.
It's through designing aportfolio that addresses those
particular needs and reallyfulfilling and being having the
care, the proper care, that anexcellent rabbi does have.
(07:10):
So I would say those twocomponents very specificity
oriented, as well as having theempathy and the care.
Speaker 1 (07:17):
It sounds like you actually did become a rabbi, but
just in a different format.
Because you're a counselor,your clients come to you, they
trust you, you give themfeedback and counsel and you
empathy and all these goodthings, and so they seem very
intertwined.
Or they can be.
Speaker 2 (07:32):
That's exactly right and I talk about this in the
book.
How the transition really tookplace is I always had this
innate desire to really beinfluential in the most intimate
setting of people's lives, andthe way how I thought that was
going to manifest itself is inpeople's religiosity, in their
(07:54):
practice, in their spiritualawakening.
But as I began in the rabbinateand I would speak and I would
give talks and I would giveclasses and recordings and
lectures, but I would also meeta lot one-on-one in a counseling
format, and what I discovered,actually pretty quickly, is that
(08:14):
the root, the number oneprimary concern that is the core
of a lot of worry and stressand heartache in people's
personal lives, in theirprofessional lives, is money, is
the financial security or thelack thereof.
And what I realized is a rabbiof mine, rabbi Berkowitz, who I
(08:35):
mentioned in the book, alwaysused to say many times that
people's primary worry is aboutmoney.
So that kind of transitionedmyself into realizing that maybe
my calling is to really focusin on providing that financial
(08:57):
security, that peace of mind,and to take away the worry.
It's actually a Talmudicteaching that the more sets a
person has, the more worry theyhave.
The Hebrew words are marbennechassim marbed daiga, which
means the more possessionsmaterial possessions that a
person owns, naturally, the moreworry and concern they will
(09:20):
have.
So it's a paradox that a lot oftimes we feel that successful
professionals, they're the oneswho have made it and they have
peace and tranquility, whenreally the opposite, a lot of
times, is true they're thepeople who are most concerned
and are most anxiety ridden, andthat's what I wake up with
enthusiasm and passion everysingle day to be able to really
(09:43):
provide that value in theirlives, that peace of mind.
Speaker 1 (09:46):
So that's a perfect transition into, I think, the
title of the book, which isWorry-Free Wealth.
Speaker 2 (09:54):
Yes, exactly, worry-free.
Speaker 1 (09:56):
Wealth, worry-free Wealth.
And so what inspired you totake action?
Take the knowledge that you'veaccumulated over years, and if
not decades, both from your pastcareer and current career.
Take the knowledge that you'veaccumulated over years, and if
not decades, both from your pastcareer and current career, and
to put that into book format.
Speaker 2 (10:11):
So great question.
I always thought, especiallywhen I was much younger, that
successful businessmen andbusinesswomen understood and
really mastered fundamentalprinciples in economics, whether
it's interest rates, the stockmarket, fixed income, real
estate, private credit, privateequity.
I thought that's just part ofit.
(10:32):
If you're successful and you'vebuilt a successful career and
you've made it to the top of theladder, you're informed.
And what I realized is and itmakes sense that people are so
busy, people are struggling, somany obligations Forget about in
their personal life.
So, business owners, it's not agiven that these fundamental
(10:56):
principles are really clear.
And especially, I found, as Ibegan to study this more and
more, we aren't taught this inschool.
I found, as I began to studythis more and more, we aren't
taught this in school, unless aperson really proactively seeks
this knowledge.
They just go on life and theycould make a lot of money but
don't necessarily know what todo with it.
And then all the real problemis that even the books and the
(11:19):
literature out there One bookthat I happen to be a terrific
fan of this is my Bible, so tospeak is Stocks for the Long Run
by Jeremy Siegel.
Speaker 1 (11:29):
That's a big.
I'm just noticing right nowthat that's a very big and thick
book.
Speaker 2 (11:34):
Yes, very big, very thick textbook and although the
content is fantastic and a lotof the evidence-based investing
that we implement into ourpractice is based on data like
this, but for the average andeven successful consumer who's
got time and who's got theheadspace to sit down and talk
(11:55):
to them all the time.
It's too intimidating Men,women, mothers, fathers.
It's just, it's too much.
Speaker 1 (12:01):
That's a huge book and I'm sure there's a lot of
wisdom in it.
I'm a business owner, but I donsure there's a lot of wisdom in
it.
I'm a business owner but Idon't know that I have the time
or inclination to sit down andread that book.
I would rather have someonelike you read the book and then
tell me what I need to know.
Speaker 2 (12:15):
Exactly right and busy professionals and
successful entrepreneurs.
They're making a lot of money,but the reason why they're
making a lot of money is becausethey're immersed in their
(12:35):
expertise.
So what I set out as a goal ofmine and there were many
junctures throughout the processof writing the book that I was
making a concerted effort how doI simplify this and simplify it
even more and that was a lot offine tuning, but that was
really my motive to write thebook to be able to deliver to
the successful in the most idealway of managing, preserving and
(13:09):
growing their wealth.
Speaker 1 (13:10):
You mentioned business owners, entrepreneurs
and folks that have worked at acompany maybe they're a
professional, an executive, etcetera.
I can imagine that the businessowner, entrepreneur and the
professional have some similarchallenges, but they might also
have different challenges.
What's your experience been interms of working with those two
sets of groups In my experience.
Speaker 2 (13:30):
There are really two phases of that.
Number one is the understandingthat the most successful
business owners and evenprofessionals who have built
their way up in a company andhave accumulated a lot of wealth
, they understand the power ofdelegation.
They understand the importanceof being able to become the best
(13:54):
at what you would like to doand what you want to put out,
and to be able to optimize yourtime and work much smarter
rather than harder, and I thinkWarren Buffett says it the best.
A number of years ago and itreally resonated with me, it was
actually during I believe itwas during COVID in the
Berkshire Hathaway shareholdersconference in Omaha it was this
(14:18):
11, 12-year-old girl who askedWarren Buffett.
She said we're in veryauspicious times volatile stock
market, there's wars in theworld, interest rates are rising
, inflation is really bad.
What would be the one stockthat you, mr Buffett, would be
confident in investing Withouteven blinking an eye?
(14:42):
He responded better than theone stock.
The best investment you canmake is in yourself.
That means is whether you're adoctor, you're a lawyer, you're
a singer, become the best atwhat you are doing.
Now business owners understandthat, no matter what industry
you're in.
But then the problem is okay.
(15:02):
So now you build all thiswealth.
What do you do with it?
The understanding so to getback to your question of the
challenges of that thesebusiness owners retirees they
face is they're doing correctlymanaging their expertise, but
managing their wealth is reallysomething that they need to
(15:22):
delegate to the experts.
And number two is that, in anindustry that is often very
clouded with hidden fees andconflicts of interest and lack
of fiduciary duty, and thereforethis results in a lot of things
that we don't want to beinvolved in, such as stock
picking and market timing andexcessive fees, that's really a
(15:46):
challenge as well.
Once you're past the firstphase, that you have the
awareness that you do need todelegate, this second phase is
really being able to identify aprofessional that you can truly
have worry-free wealth in a waythat it's optimized and done in
an ideal manner.
Speaker 1 (16:04):
So one of the things you just mentioned was being a
fiduciary.
It's a term that I'm surepeople have heard but maybe not
always understand fully.
What is a fiduciary?
Why is that important?
Speaker 2 (16:16):
Fantastic question, Paul.
So a fiduciary means that yoursole interest is the client's
long-term financial well-being,and I'll say that your sole
interest is their well-being,not yours.
And what that means is thatvery often and I was surprised
(16:38):
to learn this I thought it wouldbe, especially coming from
being a rabbi and aspiring tohave integrity and doing what's
kosher and not doing what's notkosher you would think that it
would be required to do what'sin.
The financial advisorycommunity is filled with
commissions, kickbacks,incentives, all sorts of targets
to reach.
If you get a certain salestarget and a proprietary product
(17:15):
, you get a cruise in the summer.
Team sought out to do was to beable to be wealth advisors in a
conflict-free manner and toonly be focused.
Our interests are only alignedwith the client's interests.
We only get paid from theclient and that by default,
means that our alliance is onlywith the client because it's in
(17:38):
the interest of their long-termfinancial well-being.
Speaker 1 (17:41):
Here's a question I have for you In the years that
you've been doing this, what'sthe biggest mistake you see
people making with their money,or what are a few couple
mistakes that you see?
I'm sure that you see patternsof behaviors.
Speaker 2 (17:56):
Great question.
First thing that comes to mindis getting divorced.
Speaker 1 (17:59):
Okay, there you go.
Speaker 2 (18:00):
Way to lose half of what you got.
And what people don't realizeis to double your expenses.
Very often we have situationsthat a household could be living
comfortably as a married couple, but when they get divorced,
forget about the legal fees thatgo into it.
It's hard to get ahead,especially when there are
multiple divorces.
(18:21):
When you're turning in halfmany times, it's really hard to
get ahead.
Another two quick mistakes thatcome to mind is number one
uninsured, not having adequateinsurance or not having
insurance at all, having thatexposure.
Can you give me an example ofthat?
For example, people's autoinsurance.
Very often people will justtake what's required minimally
by the state, which could beanywhere from $10,000 to $50,000
(18:44):
.
And you God forbid rear-endsomeone or hit a cyclist
unintentionally.
That amount is eaten up veryquickly.
If someone gets injured, thefirst few hours in the operating
ambulance going to the hospital, that underinsured exposure can
wipe you out.
That's our client's biggestrisk in being underinsured.
(19:06):
And, by the way, part of beinga fiduciary is that's not even
something that we reallydirectly do.
Speaker 1 (19:13):
I was about to ask you that.
I mean, you're not in the autoinsurance business.
Speaker 2 (19:16):
Right, that's exactly right.
But we are in the peace of mindbusiness and, although it's not
an income producing asset or acorn nest egg wealth asset, but
it helps you sleep at nightknowing that there's so much in
this world that we can't control.
I mean being underinsured, ifthat's something that we could
control by having an umbrellapolicy or adequate life
(19:39):
insurance, and to be properly in, have your estate plan in order
, things of that nature is allpart of the peace of mind
component, even though we're notgetting compensated on it and
very often we're referringelsewhere what's in the client's
best interest, not in our bestinterest.
Speaker 1 (19:57):
Do you find that most people are under insured in one
or more areas when they firstcome to you?
Speaker 2 (20:02):
Yes for sure.
Not having adequate umbrellainsurance, which we had a client
recently who someone waswalking in front of their home
with a dog and tripped on thecurb right in front of the house
that wasn't leveled.
Exactly that resulted in a $2million lawsuit.
(20:23):
And these are things that arenot covered just by your
standard home insurance,particularly in our community.
Like clockwork, at least once ayear you have a situation that
a breadwinner is lost and theydid not have the proper or
adequate life insurance, andcommunity is now being relied
(20:44):
upon to support whether it's awidow or children, and that is
very common and it's really acampaign that our firm goes on.
And it's again, it's not amoneymaker for us, but it's just
basic peace of mind to knowthat if you love your family, we
don't call it life insurance,we call it love insurance, right
?
If you love your spouse or yourkids, it don't call it life
insurance, we call it loveinsurance, right?
If you love your spouse or yourkids, it doesn't have to be
(21:07):
both, just one of them.
And then other components aswell.
I want to say divorce,underinsured, and then when
people are swinging for thefences, really when it comes to
speculative investments.
Buddy's new startup sets thatup.
Speaker 1 (21:23):
One of the concepts that you talk about in the book
is the wealth pyramid.
What is the wealth pyramid?
Speaker 2 (21:29):
Sure, absolutely so.
The wealth pyramid is really atthe core of what we try
educating our clients andprospective clients.
The bottom of the pyramid iscalled peace of mind, and what
that means are the assets whichare not necessarily income
producing or anticipated toappreciate over time, but these
(21:51):
are peace of mind assets whichhelp sleep at night.
So, whether that's havingadequate umbrella insurance,
life insurance, current estateplan, not only having a will but
having a living trust for assetprotection, medical directives,
things of this nature, whichare not necessarily your core
(22:16):
nest egg wealth, but it givesyou peace of mind and it's so
crucial, so critical to makesure you have.
The second layer, which wespend most of our time in our
portfolio design, is what wecall core nest egg.
Now, what makes up the corenest egg and this is very
critical because what we find isa lot of times people do not
(22:39):
have the awareness or people getconfused what should be my core
nest egg?
The way we access core nest eggwealth is through diversified
equities, synonymous with stocks.
That's for growing value andgrowing dividends.
Next one is real estatediversified, income-producing
real estate.
Third is private credit, whichis an alternative asset class
(23:00):
which is more income-generated,focused.
And the fourth one is bonds,which is designed for safety and
liquidity.
These four components almostlike an orchestra, different
instruments which are gearedtowards accomplishing various
objectives is what makes up thecore nest egg and then the top
of the wealth pyramid.
(23:21):
That's what we call speculativeassets.
And, paul, what's so criticalabout this is we're not opposed
to speculative assets, but ifyou're in the stage of life and
you could afford it, go for it,have fun.
Just at least have theawareness of what's speculative
and what's cornestag.
Your buddy's opening a pizzashop down the block and you want
(23:43):
to make an investment to have15% equity Great, it's
speculative.
It's not a business with abalance sheet with 200 years of
data that we can focus onvarious attributes and factors
and profitability and balancesheets and revenue.
It's not.
It's speculative.
Right, cryptocurrency?
We don't have the tools todetermine what the inherent
(24:06):
value of that asset is.
It's actually they call it thegreater fool theory that I'm
going to pay $100,000 for thiscoin because I feel there's a
greater fool out there that'sgoing to pay more.
That's not how business peopleevaluate assets.
You want to try to strike itrich by going to the roulette
table or doing one of thesethings great, but just at least
(24:27):
know what asset class belongs inthe appropriate bucket.
And by having that clarity thatreally does help pave a path
forward for a person to havethat ultimate security and peace
of mind.
Speaker 1 (24:41):
Just out of curiosity , do you find that?
How many people are in thatspeculative section without the
proper two other layers?
Do you find that's a lot of?
In that speculative sectionwithout the proper two other
layers, do you find that's a lotof people, or is that a few
people?
Speaker 2 (24:52):
I would say that is probably the most common
mistakes that we see, especiallyhighly educated professionals,
whether it's physicians orattorneys.
Once you make it big and youmake money and your friend comes
to you with a real estatemultifamily syndication deal and
promising a 24% APR over thenext 18 months, that desire and
(25:16):
rush to swing for the fences andto strike it rich and is
obviously much more flashy thata lot of times we find people
confusing and not having theawareness as to what's core nest
egg and what's speculative andwhat you can afford and what
objective each one is trying tomeet.
Speaker 1 (25:36):
I was watching a show on Netflix about athletes and I
think it was with DwayneJohnson and he was a financial
advisor for athletes and just mytakeaway from watching that was
that they're getting bombardedwith these essentially flashy
investments that maybe they'regood, maybe they're not, who
knows.
But to your point, if you don'thave the core nest egg and the
(25:58):
first layer, then that's just awhole lot of risk you're taking
on.
Speaker 2 (26:01):
That's exactly it.
I think Warren Buffett says thebest.
He says proper investing issimple but not easy.
It's simple but it's not easybecause investing in a
diversified equity portfolio orin, let's say, an
institutionally managednon-traded REIT, a real estate
investment trust or a properfixed income bond ladder, it
(26:24):
could be boring.
Speaker 1 (26:25):
I was going to say that it's a little bit boring
where you don't have the flashof the top layer.
Speaker 2 (26:31):
Yes, and it's you feel like you're sitting on the
sidelines while Nvidia iseveryone's striking it rich and
crypto and that's.
But what we find really themost important thing and this is
so much of what we do at ourfirm is, instead of pushing
marketing and selling andproducts, it's really about
(26:53):
educating our clients.
It's we don't have a marketingteam.
We have an educational teamable to really educate our
professionals and our investors.
It's all about not about what'sexciting and flashy, but being
prudent in saving your money,being diligent, making the
appropriate pensioncontributions, being really
(27:15):
focused on minimizing your costsOver time.
That's something that we reallystress, that upper investors
understand that they do reallywell over time, but not all the
time.
Speaker 1 (27:34):
This has been great.
I've enjoyed the conversationso far.
So, just in the time that wehave, is there any question that
I haven't asked you that youthink is important for this
conversation?
Speaker 2 (27:44):
I think it's really important for people to know
what they should be looking inan advisor.
Very often it's not somethingthat we're taught in school and
life gets busy and people havetheir personal obligations,
their professional obligations.
What should you be looking at?
A wealth advisor?
What we would say is number one.
These words you should be askingyour prospective advisor are
(28:06):
you always a pure fiduciary?
And I talk about this in thebook Are you always a pure
fiduciary?
And if the answer is no, if theanswer is some sort of pause or
newly discovered speechimpediment, walk out right there
, because it's so critical tounderstand and to know that all
(28:28):
the time not some of the timeall the time, every single
decision is being made in yourinterest and not somebody else's
.
And that's really what givespeople the peace of mind in our
firm, in our experience to knowthat there's a steady hand on
the tiller, always paving a pathforward, albeit through a lot
(28:48):
of times choppy waters, marketvolatility, difficult times in
the world, geopolitical eventsbut to know that there's someone
, an expert, who is guiding usin our best interest.
That is absolutely critical,the most important thing that
you could ask for in an advisorcritical the most important
(29:09):
thing that you could ask for inan advisor.
The second thing I would ask aprospective advisor is do you
observe the principles ofevidence-based investing or are
you an active manager?
In other words are you governingyour decisions based upon data,
based upon what we call thescience of capital markets 200
years of evidence-based,time-tested data is also
(29:35):
critical to understand what isdriving the portfolio decisions.
And then I would say the thirdthing that you really need to
understand is how is youradvisor getting compensated?
How do they make their money?
And there should be a veryclear, concise understanding as
to how the advisor gets paid.
(29:56):
You'd be surprised.
It's, more often than not, ourprospective clients I would say
nine out of 10 prospectiveclients do not know at all or do
not have an accurate picture ofhow the advisor is getting paid
and do not get a full answer.
(30:16):
Do not get an accurate answer.
But I'll give you one example.
Very often someone will asktheir advisor that they've been
at in one of the broker dealersor the Wall Street wire houses
what's your fee, what's youradvisory fee?
And the advisor will say 1%.
But they're not including theother layers, the other
(30:37):
components of what's the all incost of managing their money,
their internal costs of thefunds, which are very often
filled with various commissionsand what's called expense ratios
, and that, in our minds, is acost.
And then the other componentthat is completely ignored is
the tax implications.
(30:58):
What's the tax ramifications?
Very often, when you lookunderneath the hood, a lot of
the activity that is going on inthese actively managed
portfolios is generatingconsistently a high level of tax
liability.
So that's crucial to understandwhat is the soup to nuts cost
of working with your advisor.
Three layers of fees, theadvisory fees, the
(31:20):
implementation of theinvestments and the tax costs.
Those are really the threelayers.
And the truth is, if the answerto any one of those questions
the advisor himself doesn't knowso, then you really get the
hell out of it and it's funny.
But as funny as it is, it's sadyou are in an industry that are
.
They're fantastic salesmen andthey specialize in golfing and
(31:46):
going to sports games with theirclients and whining and dining.
But the second it comes toactually being data centric.
Our team is built of a bunch ofCFAs and CPAs number crunchers.
We don't have anyone who'sspending time on the golf
courses and that's really whoyou want to be working with and
(32:06):
make sure that your advisor issurrounding himself with a team
of evidence-based investing.
Speaker 1 (32:13):
Final question so for someone listening to this
conversation and they want toeither get a copy of your book
or they want to reach out to youdirectly, what are the best
ways for them to do so?
Speaker 2 (32:25):
I'm extremely proud to give out my direct cell phone
number.
My number is 702-371-2547.
I'll even say that again702-371-2547.
One of the ways that I decidedvery early on is how I try to
differentiate myself and my teamis that there's none of this
business of hey.
(32:45):
Here's my Calendly link call mysecretary on Monday morning.
You could call me, you couldtext me.
Of course, my email is SW as inChewy Wine at rvwwealthcom.
That's SW at RVW, as in Rip VanWinkle wealthcom.
Speaker 1 (33:04):
And then for the book .
What's the best way for them toget a copy of the book?
Speaker 2 (33:07):
So the book is available on Amazon and
thankfully we've had a lot ofsuccess there.
That's why it's amazoncombestselling.
That's right.
You can gain direct access,actually for free, the ebook and
the audio book version on worryfree wealth bookcom that's
worryfreewealthbookcom you couldgain instant free access to the
(33:30):
ebook, to the audio book and,of course, on Amazon
worryfreewealth chewy wine, youcould get the hardcover, the
softcover, the paperback, theaudio book and the Kindle
version as well.
Speaker 1 (33:43):
Awesome.
This has been awesome talkingto you today.
I've really enjoyed theconversation.
I've written down a few nuggetsand I appreciate your time
today.
Speaker 2 (33:51):
Thank you, paul.
I appreciate you and I know howinfluential you are in the
world and the advisor community,so really appreciate you having
me on.
Speaker 1 (33:58):
Yeah, my pleasure, all right.
Bye for now.
If you're like most successful professionals and
business owners, you probablywondered if there's more to
managing wealth than justchasing returns.
What if the secret to financialconfidence isn't found in
complex strategies, but in adeeper understanding of what
brings true peace of mind?
Our guest today brings afascinating and unconventional
(00:20):
perspective to this question.
Shuey Wine has not only built asuccessful career helping to
manage over $1.6 billion inassets at RVW Wealth, but he
brings something truly unique tothe table his background as an
ordained rabbi and years ofexperience counseling people
through life's most challengingmoments.
In his new Amazon bestseller,worry-free Wealth, shuey
(00:43):
challenges the traditionalnotion that successful investing
is all about complex strategiesand chasing returns.
Instead, he weaves togethertimeless wisdom from his
rabbinical training withevidence-based investing
principles to show us how toachieve what he calls worry-free
wealth, something that goes farbeyond just portfolio
(01:04):
performance.
Welcome, shuey.
How are you doing today?
Speaker 2 (01:12):
Doing really, really well.
Paul, Thank you for having me.
Speaker 1 (01:15):
Yeah, my pleasure.
It's good to see you, so I'vebeen looking forward to our
conversation today.
First and foremost,congratulations on the new book
and congratulations on hittingAmazon bestseller status.
That's pretty cool.
Speaker 2 (01:28):
Yes, Thank you.
It feels good to hear that Iactually did not anticipate
initially the book taking offand having as much of an impact
as thank God it's had.
But yeah, it's really excitingand just the broad reach it
really seems to be getting somepositive feedback.
Speaker 1 (01:48):
Very cool Today's interview.
We'll deep dive a little bitinto the book and your
background and all those goodthings.
But before we get into the bookI'd love just to ask you a
little bit about your ownbackstory and who you are and
how did you go from where youstarted to where you are today.
Speaker 2 (02:02):
Sure, absolutely Pretty unconventional, I guess,
for a wealth manager.
I was born and raised in Vegasin the family of a really
rabbinic household, my fatherand he's still going strong and
well, god bless him.
He was very, very influentialin building the Las Vegas Jewish
(02:23):
community.
In the Jewish and more of theOrthodox world it's rapidly like
wildfire growing and my dad hasreally been at the forefront of
that and his base is.
He's a pulpit rabbi and he's anexcellent public speaker.
So I grew up in that path andthat educational system and I
(02:47):
was really taking his footstepsand following his footsteps.
It was almost the expectationfor years that I was going to
follow after him and be a rabbimyself, and he really positioned
me well to do that.
And as the years evolved I hadthe merit to learn and study and
(03:07):
grow from tremendous rolemodels in that space Fast
forward many years.
I ultimately did receive myofficial rabbinical ordination,
which was a very vigorousprocess and very in-depth
Talmudic studies and Jewish law,and then I came back and I was
part of the family business, soto speak, the synagogue that my
(03:30):
father had founded and reallybuilt out, and many
organizations have reallysprouted out from that.
I began working alongside himas associate rabbi and was doing
that and really enjoyed that.
Him as associate rabbi and wasdoing that and really enjoyed
that.
And then fast forward manyyears later.
Right now, as I got more intothe business world, I am a
(03:52):
senior wealth advisor at awealth management firm called
RVW Wealth.
We manage about 1.6 billion inassets collectively.
We do private wealth management.
We do company-wide 401k plans.
So that is a little bit of asnapshot of where I came from
and where I'm at today.
Speaker 1 (04:10):
That's awesome.
I can imagine those are twopretty different worlds.
Speaker 2 (04:15):
Yes, and I would think so, and on the surface it
seems that way.
But what I have learned andwhat I'm learning more and more
as I learn every day, they'revery, very intertwined, and I
feel that not only the thinkingand the process behind the
(04:35):
rabbinical training, not onlywas it preventing me from being
more knowledgeable and more of Itry when my goal is to be an
expert in the wealth managementspace, but it really has enabled
and propelled me to be evenmore impactful and help clients
in a deeper and meaningful way.
Speaker 1 (04:57):
I'm curious how so.
Speaker 2 (04:58):
Great question.
A couple of things come to mind.
The great rabbis that I try toare very focused on specifics,
on details.
Spirituality is not just meantto be a generic mindset, it's
very action oriented, it's veryinto the specifics, the details.
(05:19):
So as a wealth manager, I tryand I aspire not just to have
the mindset of a wealth advisorand an asset manager, financial
planner, but to really focus onthe specifics, the portfolio
construction, the costs, thetaxes.
And when I came into theindustry I thought that was
(05:43):
expected, I thought that wasnormal and that was part of the
job.
But what I've come to see isthat a lot of times in this
business your average financialadvisor can really be just a
salesman of sorts and variousproducts and not necessarily
aligning what they're doing withthe specific, detailed goals
(06:06):
and aspirations and hopes andfears, particular clients that
they're working with.
So I think the rabbinicalcomponent really conditioned me
to do that Also, just to be ableto have the proper empathy.
When you're dealing withpeople's money, it is the most
absolute, private, sacredcomponent in their life and
(06:29):
there's so many nuances and it'snot just about the numbers,
it's really about their feelingsand their goals and their
comfort and what we callactually the tagline of our firm
is RVW Wealth, because peace ofmind is everything Really the
goal and that's really a coremessage of the book.
(06:49):
So we don't view ourselves inthe money management business
today.
We really view ourselves in thesleep business, the peace of
mind business.
It's through designing aportfolio that addresses those
particular needs and reallyfulfilling and being having the
care, the proper care, that anexcellent rabbi does have.
(07:10):
So I would say those twocomponents very specificity
oriented, as well as having theempathy and the care.
Speaker 1 (07:17):
It sounds like you actually did become a rabbi, but
just in a different format.
Because you're a counselor,your clients come to you, they
trust you, you give themfeedback and counsel and you
empathy and all these goodthings, and so they seem very
intertwined.
Or they can be.
Speaker 2 (07:32):
That's exactly right and I talk about this in the
book.
How the transition really tookplace is I always had this
innate desire to really beinfluential in the most intimate
setting of people's lives, andthe way how I thought that was
going to manifest itself is inpeople's religiosity, in their
(07:54):
practice, in their spiritualawakening.
But as I began in the rabbinateand I would speak and I would
give talks and I would giveclasses and recordings and
lectures, but I would also meeta lot one-on-one in a counseling
format, and what I discovered,actually pretty quickly, is that
(08:14):
the root, the number oneprimary concern that is the core
of a lot of worry and stressand heartache in people's
personal lives, in theirprofessional lives, is money, is
the financial security or thelack thereof.
And what I realized is a rabbiof mine, rabbi Berkowitz, who I
(08:35):
mentioned in the book, alwaysused to say many times that
people's primary worry is aboutmoney.
So that kind of transitionedmyself into realizing that maybe
my calling is to really focusin on providing that financial
(08:57):
security, that peace of mind,and to take away the worry.
It's actually a Talmudicteaching that the more sets a
person has, the more worry theyhave.
The Hebrew words are marbennechassim marbed daiga, which
means the more possessionsmaterial possessions that a
person owns, naturally, the moreworry and concern they will
(09:20):
have.
So it's a paradox that a lot oftimes we feel that successful
professionals, they're the oneswho have made it and they have
peace and tranquility, whenreally the opposite, a lot of
times, is true they're thepeople who are most concerned
and are most anxiety ridden, andthat's what I wake up with
enthusiasm and passion everysingle day to be able to really
(09:43):
provide that value in theirlives, that peace of mind.
Speaker 1 (09:46):
So that's a perfect transition into, I think, the
title of the book, which isWorry-Free Wealth.
Speaker 2 (09:54):
Yes, exactly, worry-free.
Speaker 1 (09:56):
Wealth, worry-free Wealth.
And so what inspired you totake action?
Take the knowledge that you'veaccumulated over years, and if
not decades, both from your pastcareer and current career.
Take the knowledge that you'veaccumulated over years, and if
not decades, both from your pastcareer and current career, and
to put that into book format.
Speaker 2 (10:11):
So great question.
I always thought, especiallywhen I was much younger, that
successful businessmen andbusinesswomen understood and
really mastered fundamentalprinciples in economics, whether
it's interest rates, the stockmarket, fixed income, real
estate, private credit, privateequity.
I thought that's just part ofit.
(10:32):
If you're successful and you'vebuilt a successful career and
you've made it to the top of theladder, you're informed.
And what I realized is and itmakes sense that people are so
busy, people are struggling, somany obligations Forget about in
their personal life.
So, business owners, it's not agiven that these fundamental
(10:56):
principles are really clear.
And especially, I found, as Ibegan to study this more and
more, we aren't taught this inschool.
I found, as I began to studythis more and more, we aren't
taught this in school, unless aperson really proactively seeks
this knowledge.
They just go on life and theycould make a lot of money but
don't necessarily know what todo with it.
And then all the real problemis that even the books and the
(11:19):
literature out there One bookthat I happen to be a terrific
fan of this is my Bible, so tospeak is Stocks for the Long Run
by Jeremy Siegel.
Speaker 1 (11:29):
That's a big.
I'm just noticing right nowthat that's a very big and thick
book.
Speaker 2 (11:34):
Yes, very big, very thick textbook and although the
content is fantastic and a lotof the evidence-based investing
that we implement into ourpractice is based on data like
this, but for the average andeven successful consumer who's
got time and who's got theheadspace to sit down and talk
(11:55):
to them all the time.
It's too intimidating Men,women, mothers, fathers.
It's just, it's too much.
Speaker 1 (12:01):
That's a huge book and I'm sure there's a lot of
wisdom in it.
I'm a business owner, but I donsure there's a lot of wisdom in
it.
I'm a business owner but Idon't know that I have the time
or inclination to sit down andread that book.
I would rather have someonelike you read the book and then
tell me what I need to know.
Speaker 2 (12:15):
Exactly right and busy professionals and
successful entrepreneurs.
They're making a lot of money,but the reason why they're
making a lot of money is becausethey're immersed in their
(12:35):
expertise.
So what I set out as a goal ofmine and there were many
junctures throughout the processof writing the book that I was
making a concerted effort how doI simplify this and simplify it
even more and that was a lot offine tuning, but that was
really my motive to write thebook to be able to deliver to
the successful in the most idealway of managing, preserving and
(13:09):
growing their wealth.
Speaker 1 (13:10):
You mentioned business owners, entrepreneurs
and folks that have worked at acompany maybe they're a
professional, an executive, etcetera.
I can imagine that the businessowner, entrepreneur and the
professional have some similarchallenges, but they might also
have different challenges.
What's your experience been interms of working with those two
sets of groups In my experience.
Speaker 2 (13:30):
There are really two phases of that.
Number one is the understandingthat the most successful
business owners and evenprofessionals who have built
their way up in a company andhave accumulated a lot of wealth
, they understand the power ofdelegation.
They understand the importanceof being able to become the best
(13:54):
at what you would like to doand what you want to put out,
and to be able to optimize yourtime and work much smarter
rather than harder, and I thinkWarren Buffett says it the best.
A number of years ago and itreally resonated with me, it was
actually during I believe itwas during COVID in the
Berkshire Hathaway shareholdersconference in Omaha it was this
(14:18):
11, 12-year-old girl who askedWarren Buffett.
She said we're in veryauspicious times volatile stock
market, there's wars in theworld, interest rates are rising
, inflation is really bad.
What would be the one stockthat you, mr Buffett, would be
confident in investing Withouteven blinking an eye?
(14:42):
He responded better than theone stock.
The best investment you canmake is in yourself.
That means is whether you're adoctor, you're a lawyer, you're
a singer, become the best atwhat you are doing.
Now business owners understandthat, no matter what industry
you're in.
But then the problem is okay.
(15:02):
So now you build all thiswealth.
What do you do with it?
The understanding so to getback to your question of the
challenges of that thesebusiness owners retirees they
face is they're doing correctlymanaging their expertise, but
managing their wealth is reallysomething that they need to
(15:22):
delegate to the experts.
And number two is that, in anindustry that is often very
clouded with hidden fees andconflicts of interest and lack
of fiduciary duty, and thereforethis results in a lot of things
that we don't want to beinvolved in, such as stock
picking and market timing andexcessive fees, that's really a
(15:46):
challenge as well.
Once you're past the firstphase, that you have the
awareness that you do need todelegate, this second phase is
really being able to identify aprofessional that you can truly
have worry-free wealth in a waythat it's optimized and done in
an ideal manner.
Speaker 1 (16:04):
So one of the things you just mentioned was being a
fiduciary.
It's a term that I'm surepeople have heard but maybe not
always understand fully.
What is a fiduciary?
Why is that important?
Speaker 2 (16:16):
Fantastic question, Paul.
So a fiduciary means that yoursole interest is the client's
long-term financial well-being,and I'll say that your sole
interest is their well-being,not yours.
And what that means is thatvery often and I was surprised
(16:38):
to learn this I thought it wouldbe, especially coming from
being a rabbi and aspiring tohave integrity and doing what's
kosher and not doing what's notkosher you would think that it
would be required to do what'sin.
The financial advisorycommunity is filled with
commissions, kickbacks,incentives, all sorts of targets
to reach.
If you get a certain salestarget and a proprietary product
(17:15):
, you get a cruise in the summer.
Team sought out to do was to beable to be wealth advisors in a
conflict-free manner and toonly be focused.
Our interests are only alignedwith the client's interests.
We only get paid from theclient and that by default,
means that our alliance is onlywith the client because it's in
(17:38):
the interest of their long-termfinancial well-being.
Speaker 1 (17:41):
Here's a question I have for you In the years that
you've been doing this, what'sthe biggest mistake you see
people making with their money,or what are a few couple
mistakes that you see?
I'm sure that you see patternsof behaviors.
Speaker 2 (17:56):
Great question.
First thing that comes to mindis getting divorced.
Speaker 1 (17:59):
Okay, there you go.
Speaker 2 (18:00):
Way to lose half of what you got.
And what people don't realizeis to double your expenses.
Very often we have situationsthat a household could be living
comfortably as a married couple, but when they get divorced,
forget about the legal fees thatgo into it.
It's hard to get ahead,especially when there are
multiple divorces.
(18:21):
When you're turning in halfmany times, it's really hard to
get ahead.
Another two quick mistakes thatcome to mind is number one
uninsured, not having adequateinsurance or not having
insurance at all, having thatexposure.
Can you give me an example ofthat?
For example, people's autoinsurance.
Very often people will justtake what's required minimally
by the state, which could beanywhere from $10,000 to $50,000
(18:44):
.
And you God forbid rear-endsomeone or hit a cyclist
unintentionally.
That amount is eaten up veryquickly.
If someone gets injured, thefirst few hours in the operating
ambulance going to the hospital, that underinsured exposure can
wipe you out.
That's our client's biggestrisk in being underinsured.
(19:06):
And, by the way, part of beinga fiduciary is that's not even
something that we reallydirectly do.
Speaker 1 (19:13):
I was about to ask you that.
I mean, you're not in the autoinsurance business.
Speaker 2 (19:16):
Right, that's exactly right.
But we are in the peace of mindbusiness and, although it's not
an income producing asset or acorn nest egg wealth asset, but
it helps you sleep at nightknowing that there's so much in
this world that we can't control.
I mean being underinsured, ifthat's something that we could
control by having an umbrellapolicy or adequate life
(19:39):
insurance, and to be properly in, have your estate plan in order
, things of that nature is allpart of the peace of mind
component, even though we're notgetting compensated on it and
very often we're referringelsewhere what's in the client's
best interest, not in our bestinterest.
Speaker 1 (19:57):
Do you find that most people are under insured in one
or more areas when they firstcome to you?
Speaker 2 (20:02):
Yes for sure.
Not having adequate umbrellainsurance, which we had a client
recently who someone waswalking in front of their home
with a dog and tripped on thecurb right in front of the house
that wasn't leveled.
Exactly that resulted in a $2million lawsuit.
(20:23):
And these are things that arenot covered just by your
standard home insurance,particularly in our community.
Like clockwork, at least once ayear you have a situation that
a breadwinner is lost and theydid not have the proper or
adequate life insurance, andcommunity is now being relied
(20:44):
upon to support whether it's awidow or children, and that is
very common and it's really acampaign that our firm goes on.
And it's again, it's not amoneymaker for us, but it's just
basic peace of mind to knowthat if you love your family, we
don't call it life insurance,we call it love insurance, right
?
If you love your spouse or yourkids, it don't call it life
insurance, we call it loveinsurance, right?
If you love your spouse or yourkids, it doesn't have to be
(21:07):
both, just one of them.
And then other components aswell.
I want to say divorce,underinsured, and then when
people are swinging for thefences, really when it comes to
speculative investments.
Buddy's new startup sets thatup.
Speaker 1 (21:23):
One of the concepts that you talk about in the book
is the wealth pyramid.
What is the wealth pyramid?
Speaker 2 (21:29):
Sure, absolutely so.
The wealth pyramid is really atthe core of what we try
educating our clients andprospective clients.
The bottom of the pyramid iscalled peace of mind, and what
that means are the assets whichare not necessarily income
producing or anticipated toappreciate over time, but these
(21:51):
are peace of mind assets whichhelp sleep at night.
So, whether that's havingadequate umbrella insurance,
life insurance, current estateplan, not only having a will but
having a living trust for assetprotection, medical directives,
things of this nature, whichare not necessarily your core
(22:16):
nest egg wealth, but it givesyou peace of mind and it's so
crucial, so critical to makesure you have.
The second layer, which wespend most of our time in our
portfolio design, is what wecall core nest egg.
Now, what makes up the corenest egg and this is very
critical because what we find isa lot of times people do not
(22:39):
have the awareness or people getconfused what should be my core
nest egg?
The way we access core nest eggwealth is through diversified
equities, synonymous with stocks.
That's for growing value andgrowing dividends.
Next one is real estatediversified, income-producing
real estate.
Third is private credit, whichis an alternative asset class
(23:00):
which is more income-generated,focused.
And the fourth one is bonds,which is designed for safety and
liquidity.
These four components almostlike an orchestra, different
instruments which are gearedtowards accomplishing various
objectives is what makes up thecore nest egg and then the top
of the wealth pyramid.
(23:21):
That's what we call speculativeassets.
And, paul, what's so criticalabout this is we're not opposed
to speculative assets, but ifyou're in the stage of life and
you could afford it, go for it,have fun.
Just at least have theawareness of what's speculative
and what's cornestag.
Your buddy's opening a pizzashop down the block and you want
(23:43):
to make an investment to have15% equity Great, it's
speculative.
It's not a business with abalance sheet with 200 years of
data that we can focus onvarious attributes and factors
and profitability and balancesheets and revenue.
It's not.
It's speculative.
Right, cryptocurrency?
We don't have the tools todetermine what the inherent
(24:06):
value of that asset is.
It's actually they call it thegreater fool theory that I'm
going to pay $100,000 for thiscoin because I feel there's a
greater fool out there that'sgoing to pay more.
That's not how business peopleevaluate assets.
You want to try to strike itrich by going to the roulette
table or doing one of thesethings great, but just at least
(24:27):
know what asset class belongs inthe appropriate bucket.
And by having that clarity thatreally does help pave a path
forward for a person to havethat ultimate security and peace
of mind.
Speaker 1 (24:41):
Just out of curiosity , do you find that?
How many people are in thatspeculative section without the
proper two other layers?
Do you find that's a lot of?
In that speculative sectionwithout the proper two other
layers, do you find that's a lotof people, or is that a few
people?
Speaker 2 (24:52):
I would say that is probably the most common
mistakes that we see, especiallyhighly educated professionals,
whether it's physicians orattorneys.
Once you make it big and youmake money and your friend comes
to you with a real estatemultifamily syndication deal and
promising a 24% APR over thenext 18 months, that desire and
(25:16):
rush to swing for the fences andto strike it rich and is
obviously much more flashy thata lot of times we find people
confusing and not having theawareness as to what's core nest
egg and what's speculative andwhat you can afford and what
objective each one is trying tomeet.
Speaker 1 (25:36):
I was watching a show on Netflix about athletes and I
think it was with DwayneJohnson and he was a financial
advisor for athletes and just mytakeaway from watching that was
that they're getting bombardedwith these essentially flashy
investments that maybe they'regood, maybe they're not, who
knows.
But to your point, if you don'thave the core nest egg and the
(25:58):
first layer, then that's just awhole lot of risk you're taking
on.
Speaker 2 (26:01):
That's exactly it.
I think Warren Buffett says thebest.
He says proper investing issimple but not easy.
It's simple but it's not easybecause investing in a
diversified equity portfolio orin, let's say, an
institutionally managednon-traded REIT, a real estate
investment trust or a properfixed income bond ladder, it
(26:24):
could be boring.
Speaker 1 (26:25):
I was going to say that it's a little bit boring
where you don't have the flashof the top layer.
Speaker 2 (26:31):
Yes, and it's you feel like you're sitting on the
sidelines while Nvidia iseveryone's striking it rich and
crypto and that's.
But what we find really themost important thing and this is
so much of what we do at ourfirm is, instead of pushing
marketing and selling andproducts, it's really about
(26:53):
educating our clients.
It's we don't have a marketingteam.
We have an educational teamable to really educate our
professionals and our investors.
It's all about not about what'sexciting and flashy, but being
prudent in saving your money,being diligent, making the
appropriate pensioncontributions, being really
(27:15):
focused on minimizing your costsOver time.
That's something that we reallystress, that upper investors
understand that they do reallywell over time, but not all the
time.
Speaker 1 (27:34):
This has been great.
I've enjoyed the conversationso far.
So, just in the time that wehave, is there any question that
I haven't asked you that youthink is important for this
conversation?
Speaker 2 (27:44):
I think it's really important for people to know
what they should be looking inan advisor.
Very often it's not somethingthat we're taught in school and
life gets busy and people havetheir personal obligations,
their professional obligations.
What should you be looking at?
A wealth advisor?
What we would say is number one.
These words you should be askingyour prospective advisor are
(28:06):
you always a pure fiduciary?
And I talk about this in thebook Are you always a pure
fiduciary?
And if the answer is no, if theanswer is some sort of pause or
newly discovered speechimpediment, walk out right there
, because it's so critical tounderstand and to know that all
(28:28):
the time not some of the timeall the time, every single
decision is being made in yourinterest and not somebody else's
.
And that's really what givespeople the peace of mind in our
firm, in our experience to knowthat there's a steady hand on
the tiller, always paving a pathforward, albeit through a lot
(28:48):
of times choppy waters, marketvolatility, difficult times in
the world, geopolitical eventsbut to know that there's someone
, an expert, who is guiding usin our best interest.
That is absolutely critical,the most important thing that
you could ask for in an advisorcritical the most important
(29:09):
thing that you could ask for inan advisor.
The second thing I would ask aprospective advisor is do you
observe the principles ofevidence-based investing or are
you an active manager?
In other words are you governingyour decisions based upon data,
based upon what we call thescience of capital markets 200
years of evidence-based,time-tested data is also
(29:35):
critical to understand what isdriving the portfolio decisions.
And then I would say the thirdthing that you really need to
understand is how is youradvisor getting compensated?
How do they make their money?
And there should be a veryclear, concise understanding as
to how the advisor gets paid.
(29:56):
You'd be surprised.
It's, more often than not, ourprospective clients I would say
nine out of 10 prospectiveclients do not know at all or do
not have an accurate picture ofhow the advisor is getting paid
and do not get a full answer.
(30:16):
Do not get an accurate answer.
But I'll give you one example.
Very often someone will asktheir advisor that they've been
at in one of the broker dealersor the Wall Street wire houses
what's your fee, what's youradvisory fee?
And the advisor will say 1%.
But they're not including theother layers, the other
(30:37):
components of what's the all incost of managing their money,
their internal costs of thefunds, which are very often
filled with various commissionsand what's called expense ratios
, and that, in our minds, is acost.
And then the other componentthat is completely ignored is
the tax implications.
(30:58):
What's the tax ramifications?
Very often, when you lookunderneath the hood, a lot of
the activity that is going on inthese actively managed
portfolios is generatingconsistently a high level of tax
liability.
So that's crucial to understandwhat is the soup to nuts cost
of working with your advisor.
Three layers of fees, theadvisory fees, the
(31:20):
implementation of theinvestments and the tax costs.
Those are really the threelayers.
And the truth is, if the answerto any one of those questions
the advisor himself doesn't knowso, then you really get the
hell out of it and it's funny.
But as funny as it is, it's sadyou are in an industry that are
.
They're fantastic salesmen andthey specialize in golfing and
(31:46):
going to sports games with theirclients and whining and dining.
But the second it comes toactually being data centric.
Our team is built of a bunch ofCFAs and CPAs number crunchers.
We don't have anyone who'sspending time on the golf
courses and that's really whoyou want to be working with and
(32:06):
make sure that your advisor issurrounding himself with a team
of evidence-based investing.
Speaker 1 (32:13):
Final question so for someone listening to this
conversation and they want toeither get a copy of your book
or they want to reach out to youdirectly, what are the best
ways for them to do so?
Speaker 2 (32:25):
I'm extremely proud to give out my direct cell phone
number.
My number is 702-371-2547.
I'll even say that again702-371-2547.
One of the ways that I decidedvery early on is how I try to
differentiate myself and my teamis that there's none of this
business of hey.
(32:45):
Here's my Calendly link call mysecretary on Monday morning.
You could call me, you couldtext me.
Of course, my email is SW as inChewy Wine at rvwwealthcom.
That's SW at RVW, as in Rip VanWinkle wealthcom.
Speaker 1 (33:04):
And then for the book .
What's the best way for them toget a copy of the book?
Speaker 2 (33:07):
So the book is available on Amazon and
thankfully we've had a lot ofsuccess there.
That's why it's amazoncombestselling.
That's right.
You can gain direct access,actually for free, the ebook and
the audio book version on worryfree wealth bookcom that's
worryfreewealthbookcom you couldgain instant free access to the
(33:30):
ebook, to the audio book and,of course, on Amazon
worryfreewealth chewy wine, youcould get the hardcover, the
softcover, the paperback, theaudio book and the Kindle
version as well.
Speaker 1 (33:43):
Awesome.
This has been awesome talkingto you today.
I've really enjoyed theconversation.
I've written down a few nuggetsand I appreciate your time
today.
Speaker 2 (33:51):
Thank you, paul.
I appreciate you and I know howinfluential you are in the
world and the advisor community,so really appreciate you having
me on.
Speaker 1 (33:58):
Yeah, my pleasure, all right.
Bye for now.
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