Wealth, Identity & the Human Side of Success with Richard McWhorter

What if money wasn't just numbers on a page, but a mirror? A mirror that reflects who we are, what we value, and a legacy we hope to leave behind.Today's guest has spent more than 30 years helping people navigate the moments when life gets complicated and when the balance sheet becomes a story. Stay tuned. You're going to want to hear this journey and how it can apply to you. I'm your host, Michael Hurst.Welcome to one more thing before you go. Today we're pulling up a chair for a conversation about money. It's not the kind you hear about financial news. It's about a human side of wealth.Our guest, Richard McWhorter is a managing partner and a private financial health wealth advisor. With more than 32 years of guiding high net worth and ultra high net worth individuals, athletes, entertainers and multi generational families.They're the most pivotal moments of their lives because we all money. Money's important to us. We have to live with it, we have to grow with it. We have to make sure that we have enough of it.He's been quoted in the US News, Business Insider, Go bank and rates and recognized by Forbes barons in the financial times for his leadership and wealth management. But what most drew me to Richard was the accolades. It wasn't the accolades, it was the line. I'm the person people call when life gets complicated.I can relate to that on a whole different level. Welcome to the show, Richard.

Nice to be here. Thank you for having me.

You have an amazing journey and what you, where you came from and what you have achieved today and how you help people achieve what they need to achieve so we can move on in life and stay focused and stay healthy and happy.

Yeah, it's been quite the journey and it's 37 years now in the business and still kicking.

That's a long time. That's a long time. Before we talk about wealth management empowering us to align ourselves with it. Can we talk a little bit about like you?I like to start at the beginning. Every story starts at the beginning. Where'd you grow up and what got you? What was your family like?

Yeah, so I grew up in Los Angeles, went to school out here, went to college out here, never really left. And you know, it started when I was in this business when I was 17 as an intern and then went to become a secretary and I was a receptionist as well.And then in 1992 became a financial advisor and started building this business and been very fortunate over the years to have some really good families that we've been introduced to and work with and yeah, it's just been a, it's been an interesting journey, for sure.

Yeah, the, the fact that you spent more than three decades as a person to turn to when life is complicated and starting at that young age and staying within that arena actually is a phenomenal achievement.

Yeah, you know, listen, there's so many different parts to this and so many different doors that we kind of went through and we're fortunate.A lot of it's just being fortunate being in the right place at the right time, meeting the right people and listen, I think a lot of it has to do with the idea that we've tried to create a level of trust with people that are naturally distrustful. So, you know, as long as we keep our nose clean and keep going forward, I hope this continues.

That works. Was there ever a moment earlier in your life that shaped your understanding of money, trust and responsibility?Since you mentioned trust, you know, we all have that certain distrust, especially when it comes to our money.

For sure. Yeah. Listen, I think a lot of it's just learned behavior.Over time we have been fortunate enough to meet some people that have guided our thought process. You know, when I was a secretary, I worked with seven different advisors and you kind of learned what to do, what not to do.And I kind of picked up on those things that I found to be more my style, which I think is very important. I think a lot of people live in a world where they're trying to figure out who they are based upon what other people say or what other people think.I also think there's something just to the being who you are and kind of going through that.So we spent a lot of time evolving over time and you know, we've been, as I said, we've been fortunate enough to meet some really, really good people over the years. So.

And those people include athletes and entertainers and some high profile families. People whose lives move like fast and change even faster sometimes, you know, what drew you to that world in particular?I mean, obviously LA's got to have an influence. Hollywood's got to have an influence on that.

Yeah, it was more along the lines of the people that I knew.So, you know, the people that we've met over the years, the people that been fortunate enough to spend a lot of time with, happen to represent people in these different areas and being introduced to them by those what we call centers of influence, those, those people have really kind of guided, you know, what, you know, what industries we've been able to get into. The, the athletes, the entertainers, that's just an evolution over time. Naturally.My office is in Beverly Hills and you know, being in Beverly Hills, that, that happens more times than, than maybe other places in the country.

So yeah, I would assume, I would guess so. You said that backstage conversations and locker room moments taught you as much as any financial textbook ever could.What's the one lesson you learned from those environments that can maybe changed the way you work? And how does that apply to us that aren't in the entertainment industry? Or an athlete, or a high paid athlete?

Yeah, listen, I think whether you're a high paid athlete, whether you're an entertainer, whether or not you're a high net worth, ultra high net worth, whatever the definition of those two are, there's a lot to say about just for me is just to be listening to their concerns and what's going on in their lives and hearing versus speaking.And I've learned so much by just keeping my mouth shut and listening to what people have to say and then hearing it over and over and over again and trying to learn why and being curious about how did certain things happen or, you know, why is there similarities between one situation and another situation? And what's the common thread? Is there, you know, correlation to the, to the two situations?And there's just so much to that, that human behavior, part of this whole thing that I think has been the most determining force in my career especially.

Yeah, I, I can appreciate that.I mean, we as individuals, whether, whether we're single, whether we're married, whether we have a large family or a small family, I mean, money's at the center point of just about everyday life with people, especially today's environment.You know, people making sure that they can manage their bills, manage getting things put into savings, make sure that we, we kind of balance that out a little bit.Especially with, with the market going up and down and interest rates going up and down and so forth, you help clients navigate like major identity shifts along that same line.Because when I retired I had to take a disability retirement, I was injured line of duty, as most of my audience is familiar with, it really put a signal, significant dent in how we manage our money. And because we hadn't prepared for something like that, you know, those kind of things.Between that and career transitions and sudden loss, lose somebody in my business, my old business, same thing. Life can change in an instant. They're going to tell you how many doors I knocked on and had to tell somebody somebody wasn't coming home.That changes things. Families that Changes things. How do you help people manage those kind of identity shifts, those career shifts, those, you know, emotional shifts?

Yeah, there's so much to that, as, you know.You know, there's so many times that we think that life is linear, right, where it's just going to continue day after day and it's just going to continue and everything's going to kind of go the same way it was as. As it did yesterday. And that's true until it doesn't.And then all of a sudden you have to start either reacting or did you preemptively plan on what happens if. And I think a lot of the times is for us is that we spend the time with.If you're an athlete, you're a musician, you're entertainer, your paychecks can be a little sporadic, to say the least. How do we protect you in case there's a longer time period between. Between what we thought it was going to be and what it turns out to be?So I spend a lot of time on what happens if scenarios and how do I protect people from those potential situations. Not necessarily what happens if everything continues to go well.So, you know, I think that's helped us quite a bit with, with several of the people that we've represented in the past. You know, there's.Even with ultra high net worth, you know, there's so much to the idea of how they're spending their money, how they're navigating that wealth, that I think we need to understand the underlying human being behind each one of these.You know, for example, you know, we have clients that, you know, may have 10, $15 million and live a better lifestyle than someone that has $100 million.Not necessarily better, because the person with $100 million, it does have a better lifestyle, but they're spending so much money that there's no way they sustain the pace that they're spending. So. But someone with 10, $15 million may not have that same situation, but there's. Their sustainability of that is so much greater.I hope that made sense. And then in sports and entertainment and music, music, you know, each one of them has their little nuances. You know, in music, there's a.There's the potential of an ongoing paycheck from the music that you've created. You know, we do get money from various sources every time someone streams a song.And I know there's a lot of complaints about what that pays artists, but there is still that. That income that's coming in. With an athlete, you only have two to five Years on average.So how do you, how do you have this money for that period of time and then, and then are able to navigate that for the rest of your life? And then in entertainment it's just the sporadic between one gig to the next and am I going to get another movie, am I going to get another show?What does that all look like?And, and I do think that there's so many different nuances and then underlying that is the human beings that we deal with and, and understanding who they are and their spending habits.And if that, if I did give them a big check for, let's say, you know, we, they signed a big contract and we, we said, hey, here's all this money you can spend. Would they just blow through it or are they good savers? And, and so a lot of that is, my job is to navigate that human being that we're dealing with.

It's almost like a kid in a candy store. You get a big, big allowance and all of a sudden you want to spend it all in one place and realize you don't have it next week.

Well, you know what's funny is that I think, I think the one misnomer in a lot of, especially in entertainment and music and sports is that there's a thought that when I, let's say I signed a $10 million contract just to use that number again, so I signed a 10 million dollar contract that all of a sudden I have $10 million dollars in the bank. The reality is that's not true. The reality is that on day one, 20, 25% comes off the top.And that's for management, agents, whatever representation you have, then secondarily to that is I got to pay taxes on it. And so now I've got this 10 million, that becomes seven and a half million.That becomes, let's say four and a half or five million for round numbers sake. That is something that now that's my starting point. It's not the 10 million number.So I think that there's a lot of misunderstanding about the gross number versus the net number. And now I want to go buy a house.And especially here in California, you know, I'm going to buy a house for a couple million dollars and say, so half that's gone now. And you go through this little bit, little by little and $10 million sounds like an amazing amount of money.But remember, most people only sign one or two contracts. So you know, that's gotta last the rest of your life. And then what's my second act to that, right? Am I able to go from sports to.Into another industry to make income, or is this it? And so there's so many things to that part.

Like, Peyton Manning's done it brilliantly. I mean, he transitioned into an entertainment side of it from the sports and kept his name alive and moving it forward in such a brilliant way.I'm familiar with it on all those levels, actually, because our oldest daughter is an actor in Los Angeles. And there are slim days, slim weeks, and there are good, good weeks and, you know, and again, the parts, parts come and go.So we understand that from that perspective. I have producer friends out there and some executives, they get through the same thing and even residuals.My daughter's last residual check, it was from a while back, but it was like 35 cents. You know, it was good in the beginning, and then it kind of goes. Nothing.

Sure. And that's. These are the things that people. Unless you're in the business, you don't quite understand what that means. Yeah, yeah.

My God. My wife's cousin played with the Denver Broncos and he was on the Broncos when. Yeah, Manning. Peyton Manning was there.And he learned from Peyton Manning. And we, we saw that with him.He got a really good contract and then when he went to the Buffalo Bills, he had a really good contract and then it kind of dried up, but he didn't have a plan A, plan B. So we, what you're kind of talking about is, is a, a plan B, and, and I didn't say his name, so we're good. You talked about my plan.

We're gonna go look this up. Yeah, no, listen, I, I think, I think that there's not enough time put into that plan B. Right.And, and, you know, everyone's telling you how awesome you are and, and how amazing you are, and, and all of that, and then you get injured or, you know, you never know. To your point at the beginning of this conversation regarding the disability is you never know what that means going forward.And if everything's linear, and I keep getting these 15, 20 million dollar contracts, that's awesome. But it's just not a real, it's.

Not how it truly works, even from an average individual's lifestyle. I was a sergeant. I was making pretty good money as a sergeant, and overtime came with that and everything else.And when they, then they factor in your disability payment, they don't factor in overtime or anything. And you're guaranteed overtime because you got to go to court, you got to stay afterwards if you have investigations.I was working investigations where I called out all the time. That disappeared in an instant. And then our savings started disappearing because of it.My plans were to be become a lieutenant and then move up the line like my colleagues did. I was taking lieutenant's test.I, I had a plan to continue to make, make it up the line, knowing I wasn't going to get rich, but making a pretty decent salary before I retired. And it was taken away in an instant, just like you said, with an injury, with a, with a sports, an athlete, that, that goes away in an instant.You don't, you don't know what you're doing with it. But as a comparison to the everyday folk, we have those same kind of issues that come up to us.You're known for some simplifying complexity, taking overwhelming decisions and making them clear. What's the first step someone should take when they feel financially stuck or uncertain like we just talked about?Do you think we should plan early in our career? Do you think we should. What if we're stuck in the middle like now? How do you change? I guess a double question.How does somebody like me then kind of redefine our finances even in the middle of the game?

Yeah, I think, you know, the first thing that we start off with is spending, right? What am I spending? What am I making, what am I spending? Right? So it's like anything else. If I'm making 10 grand a month, right?And then I got to take into consideration taxes and. But then I've got my expenses. Do I have a mortgage, a car payment, you know, what do I spend in gas, what do I spend on groceries?You go through all those seemingly fixed expenses and then you get into the, you know, the more discretionary spending and what can I buy outside of that?And, and to look at your spending first and foremost, to be finding ways to navigate that situation that I'm now in, I think, you know, the one thing that I have I can't do directly is I can't dictate that part because I'm not with these clients every single day.And they're making decisions all the time about how they're spending their money or what, what they're doing late at night on some Instagram buying stuff or whatever they're doing. Exactly, exactly the Instagram shopping. So, you know, the spending is a big one.The, you know, obviously how much you're making dictates or should dictate the amount there. So there's a lot of discretion to that part of it.I think, you know, are we spending, you know, $500 a week at the grocery store or $200 a week at the grocery store, whatever that number is. And, you know, is there ways to cut back on that? And making those adjustments would be step one.Step two is, you know, the investment portion of it, as much as we like to say in my business is, is where people are making their money. You know, there's, there's people that we get caught up listening to that are saying that, you know, you're going to trade your way.You know, you can buy, make a bunch of money buying and selling stocks and, and, you know, you know, we can build our wealth that way.The, the reality that most people do is that they'll put it into their 401ks and they'll start building up a portfolio like that by money coming out of their paycheck that they kind of don't see. And that protects them from themselves in reality, most of the time.Because I do and am concerned about the idea that the general public savings rate is very, very low. And this concept of retirement is very distant for most.So I don't know how we're going to pivot, except we reduce the amount of spending that we, that we're, that we're doing on a monthly basis.

So, yeah, I think it's a good idea. I mean, it's. Especially. I live in the Phoenix, Arizona area, the metro area.And I don't say exactly where I live because of my old profession, but this is where I live. And then we live in a. Not far from Sun City, Sun City West. And Sun City is a huge retirement.And what you see within, even down there, you can see a lot of the workers, a lot of these older individuals have had to go back to work.And you see them in Walmarts and you see them in the Targets, and you see them in the different stores and even working behind the counter at a barista coffee shop and things like that. And, you know, I have conversation, I like to talk. That's why I have a podcast.You know, I, I sit down and have conversations with some of these people and, and it's like, you know, tell me about your life. How'd you get here? What'd you do before? And things like that. Get to know somebody because they're, they're like.I mean, I'm an older individual, but I still picture my, my grandparents and how they had to go back to work kind of a situation from that concept. You've worked with people who, like, I've had everything on paper.You see, you see as you kind of mentioned earlier brought this question up where on paper they look great, but in reality it's all on paper pretty much. You don't really have a lot of access to something like that. What's the difference between like being wealthy and well being?I mean, not trying to distinguish like the older person that had to go back to work and a more wealthy person from that perspective. But I think we all have the same problem in that regard. Right.You look on paper and my budget works this way, but at the end of the month it didn't work out.

Yeah, no, as I said, I think that the reality is there's so much to, you know, listen, I've had clients that, as I said to you earlier, that have nine digits in net worth and spend seven digits a month and they're not going to be able to sustain that. So theoretically they're going broke.Whereas you have people that have a million dollars that live and some Social Security and whatever else and live fine for their standard of living, their lifestyle. Right.I, you know, living in, listen, working in Beverly Hills, the one thing that you do realize is that there's a lot of people that are living way outside of their, their budget and there's a lot to being said said about, you know, the, the, the fancy cars and the clothes and the, and, and just the perception of, of this wealth and they might be wealthy and they might be making a great income and, and as long as that income continues to come in and everything's good. The reality is I, I don't know if they're truly rich or have a high net worth. Right.I, I'm more, more impressed with people with net worth than people that make a lot of money personally.So, you know, and it's funny, when I was a younger, I have six kids, so when I was young, when he was younger, we came down to Beverly Hills one time because he liked to take photographs of cars.And we're sitting outside this place in Beverly Hills and on Wilshire Boulevard and we were looking at these cars and he was taking photos and he's like, dad, I want to be rich like these guys one day. And I'm like, you know, the car doesn't make you rich. They could be living in an apartment someplace, but they have a really, really nice car.And in Beverly Hills you see things like that quite a bit. And I'm not just picking on Beverly Hills.I think this is like this anywhere is this that we have a certain perception that we want to create of this success. And so therefore we buy Things that are going to flash that.And you know, I, as I said, I'm much more interested in someone's net worth than I am and what they have and how much money they make or what they do or any of that stuff.

So I, well, I, I agree with you.It's, it's, it's, you see that a lot here too, because we have Paradise Valley and Paradise Valley is one of the most expensive places in the country to live as well. And when you go to Paradise Valley, you know, from Phoenix, for example, you see a huge disparity. But I also have friends.We have friends, not just I, but we have friends that live in Paradise Valley and you know, they complain and they struggle as well. They have a really nice huge house that's a multi million dollar home. They've got a beautiful car, they've got everything you just talked about.And they still stress about money. And I think that we all innately do that, whether we've got a bunch of money or just a little bit of money to work with.How have you helped clients, let's say, align their money with their values?Because what I think what I got out of that was we, we feel like, I would love to have a Maserati, I want a Maserati because I, I think they're cool looking cars. I really love the, the design of them, but I, I think it's also out of my means.One of those things, I know that if we go out and buy a Maserati, then we're going to forego certain bills in order to pay for the Maserati. And that's kind of a thing.How do you help clients align their money with their values to say, hey, I'm still valuable, I still want to stay on a certain level, I still want to give the charity, I still want to do this.

Yeah. So for us it's just conversation, Right.So, you know, two sides to this is one side is understanding the human right, what they're trying to do, right? What's important to them is it, is it the big house, is it the cars? Is it their kids and paying for their colleges?Is it, you know, what, what is that to them? You know, for me it's just numbers, right?It's, you know, here's my, here's your income, here's what, or here's what we're earning on your investments. And then how much are you spending?And, and at the end of the day it's, you know, you're, you're spending as much or under what you're making, let's say, or maybe you're spending more than what you're making. So for me, it's just the numbers, you know. So when I sit down with people and they say, well, no, I want to get the Maserati.Okay, well, if you want to get the Maserati, we're going to have to sell some investments. If we sell some investments, it's going to reduce your income. If it reduces your income, this is what you're going to have left.This is what it's going to do to your monthly budget. And if you're okay with that, then that's on you.And if you do do that, then you're going to start to spend your principal as time goes on and this is how long your money lasts at that pace. So once again, for me, it's just numbers. There's not much emotion to that. The emotional side is who they are and what is important to them.You know what I mean?So if the Maserati is important to them and it's important to, you know, having that and experiencing that and the wonderfulness of driving a car and the sound of that car, all of that stuff is important. And you can figure it out. To your point just now was, is that, well, we'd have to reduce other bills someplace else so I can have that Maserati.So how is important is that Maserati to what you're trying to do or, or the lifestyle that you want to live? And, and, and that's really you.I mean, listen, I have clients that debate with me all the time about, you know, here's, here's what we're trying to do and here's who we are and here's what we want to do. They can debate with me all day long.At the end of the day, I'm just going to run the numbers and it's going to come out and the numbers are going to be the numbers. And I, I don't. There is no debate for me.

Yeah. Yeah. I think. Well, it's just like when it. Again, I've got two kids. Congratulations on your, your number.

Thank you.

That's managing. We had a hard time managing two girls. Can't imagine sex. It's.

It's what. We can talk about that off air, but that's a whole nother project.

It's a whole other project and it never stops.

That's. That's very true.

Yeah, it. Yeah. Once you dad. Always a dad, always a dad.You know, it, it's interesting because the I think that I learned more about money, long story, but this really to other individuals as well.You know, I learned more about money the older I got when I was young, I was stupid, which I think a lot of us, we find ourselves looking back on what we did in our past and say, the old time machine, I want to go back and change that. Or if I knew today what I knew and go back, then it would change my life drastically.But I think each thing that we do, each pitfall, is a stepping stone to success. I think that.Do you feel that those of us that have misstepped still have the opportunity to regain our steps a little bit and kind of rebuild some of that within our financial wealth or financial health?

Yeah, I don't. You know, we're still alive, right? We're still here.There's, you know, if there's possibility, there's opportunity, if there's, if there's any of that. Absolutely. I mean, you, you know, I, I don't think. I don't know what this time frame is that people put on.I'm too old to be doing something or, or, you know, I'm too far gone.And I, I've heard all this stuff, and I, I don't think that there's an end to that unless you want it to be an end to it or you find that excuse of not wanting to proceed, to take a step back for a second. Something you just said, I want to make sure I comment on, is that a lot of the mistakes that we make, in my opinion, is how we are who we are today.Those missteps, as you mentioned, there was a reasoning that you were doing what you were doing, doing at the time, and potentially it was a positive, potentially it was a negative.But to play Monday morning quarterback at the end of the day with, you know, what we should have done, or that play that we audibled at the last minute and it didn't pan out exactly the way that we wanted it to, taught us about who we are at the moment. And I do believe that the concept. Concept of, you know, for me, it's always the concept of failures. How I learn, right?If, if it worked out, then cool. My.My thought process was right, but if it doesn't work out, then I got to figure out and pivot from there and, and so that either I don't do that again or I learn to do it better. So at this present time, I, I do think that you always have the opportunity. I think, you know, obviously your situations are, Are different. Right.Know, are you capable of.Of finding ways to make an income outside of, you know, what you did originally and, and to make up for those mistakes that you made prior or, you know, I, I don't know the situation. I mean, I think each person's got a different situation on why they do stuff and how they end up, where they end up and what their possibilities are.But I. I personally just believe that there's. As long as we're still kicking, I don't see that as we still have that opportunity.

I agree with that. I agree with that. I'll share something with you. I was told by five doctors I would be in a wheelchair for the rest of my life.And I could have chose to accept that, or I could have chose to walk my oldest daughter down the aisle when she asked me to. And I got the operations, I did the work, and I went through the physical therapy and I walked my daughter down the aisle, and I haven't looked back.So I think we all have that opportunity within ourselves to make a choice. And no matter what age we are, no matter what we do, we have that opportunity to make a choice and to move forward.So just to complement what you were saying, you know, we shouldn't allow something or someone to be able to hold us back. We should be able to choose to move forward or choose to regain what we thought we lost.

I couldn't agree with that more. And I do think that we find.Listen, it's much easier for you to have gone into the wheelchair than it is for you to have worked to get to the point you're at today. It's just easier. I could have gone into the wheelchair, sat there and done. And it's just an easier process. It's a same.Listen, it's the same conceptual idea.

Do I.

Do I work out? Do I eat right? Do I, you know, do we do all these different things that. Right. And. And, you know, we make sacrifices to get there, to do that.I went past my favorite chili burger place the other day, and I. I so wanted to stop there and get a chili burger. And. And then I think to myself, I'm going to feel like garbage for the next couple days. Do I. Do I really want to do that? And is it worth. Worth it?And, you know, those are sacrifices that we have to make constantly, every single day. And, and to your point is, is that, you know, when. When someone tells you this is your fate, and you're like, no, that's not my fate. I'm gonna.I'll create my own fate. That's inspiring in itself.

Yeah. Thank you. And I think, and I think that's at any age we can do that. At any age we don't have to be, you know, say, well, I'm too old for that.I'm too old to learn, I'm too old to do, you know, we have a chance.

It hurt.Listen, it hurts a little bit more as we get older, but, but I think that besides that it might take a little bit longer than we did when we were kids. But, but the reality is, listen, you know, 30 years.It's funny, I was talking to someone the other day and they're like, you know, I play a lot of golf. And so I was talking to this guy the other day and he said, says, I love playing golf, but I'm, I'm just too old. And I said, how old are you?He goes, 58. And I'm like, well, I'm 56. So. And, and I just started a few years ago and, and I just love the game.And, and it's as I said to him, I said, when does that become that you're too old to learn something? I don't know what that data is.

Yeah, exactly, exactly. Well done. I love golf. I miss golf. I can't play golf anymore.But when I discovered golf, I was probably, I would put me at 50, I think about 50, 55 years old. I learned golf and played pretty well, you know, did pretty good with it. Loved it, loved it, loved it, loved it.But I, I have two complete shoulder replacements and hip replacement, two knees. Foot surgery though. I got, I got hit with the, between a suspect's car and my car, my police car. So it kind of did a little damage.But, you know, I miss the golf, but I live vicariously to those people that do. So good job for doing that.

No, it's, I will tell you that it's probably the most wonderful, self abusive thing that I do.

Well, next time you're on the links, hit a few for me, will you?

I will.

I would appreciate that, that, just bring it to, you know, something you deeply, you're passionate about purpose. You've helped families build philanthropic legacies that last generations.And what is, what does meaningful giving look like when it, when it's all done really well?

Yeah. So, you know, a lot of the times we get called in to help clients that want to give money to either organization.They've got a family foundation which they have to give away 5% of every single year. So, you know, some, some clients like to be involved in the Process. Some just want to kind of give away the money.And it was, you know, more for the, the tax concept of it.And so for me though, it's how do I utilize whatever their agenda is to get money to the right organizations for the right projects that are going to fit into who I know they are and what would be good for their families. So, you know, that's what I work on with, with charities is how do I, you know, I have their.They're giving me this amount of money to then go and give to a specific charity or find a charity that they can give to in a specific area. And what is that? That I can help the charity and the clients agendas come together on that.

From your perspective? Well, you kind of. Your role is like a consolier.

A little bit. A little bit. Someone called me that the other day and I do feel, I do appreciate that.

Yeah. Is that trusted advisor who sees the whole person, not just the portfolio, which I appreciate because, you know, sometimes.And I do know some financial individuals that only see numbers and you know, the first thing they ask is how much money can you bring here and where can we invest it? And top of their agenda is just monetary numbers. And I've had conversation with other people on the show for the same reason.They didn't have the personal perspective.And that's what I appreciated when Jenna sent me information about you and I kind of looked into you a little bit more, is that you build a trust, you build integrity, you build, you know, families, you carry families through your family man yourself. And from that perspective, you know, the consilier is much more important because that's personal. It's not just numbers. It's personal.

No, thank you for that. And that's what we try to do. You know, it's. Listen, I've been in this business a long time.I've met a lot of financial advisors over the years and their agendas and their way of doing business doesn't align with what I see from it. And I think there's a big difference between being a. In financial advisement. There's a big difference between being a salesman and being an advisor.We've prided ourselves on trying to be an advisor at all moments.And I think that's why we have, you know, we still have our first client from 1992 and when I started in the business, a cold call out of New York and their stigma clients for 32, 34. Oh God, 34 years now. And I just saw her the other day, by the way, she's still playing golf. She's 92.

See there?

It's crazy, crazy, crazy. She just. Just on a side note, we have a. We belong to the same golf course. And so she. She actually went out and we just reopened, and.And she has to walk the course. So she walked the course, all eight, 18 holes, six and a half miles playing golf.So, anyway, I think that's the reason that we've had these relationships for 20 years, 30 years. And, you know, a client of mine told me a while back that, you know, he goes, you're like an heirloom.I keep passing down from generation to generation. And, And. And that's.That's what means everything to me, is that when they take me to their kids, the people that are most important to them, and bring me into their situations to help them, the way that hopefully I've helped the matriarch and the patriarch of the family, I think that's.

The way it should be. We should all do business like that.I mean, when I was a cop, when I was walking the beat, I parked the car and I would walk through downtown or I'd walk through a neighborhood and just talk to people and have conversations, get to know people as people. So. Because usually when you have a. Dealing with a police officer, it's either either you're a criminal or you're a victim.90% Of the time, you're the criminal or you're a victim. But I wanted to get people to know us as human beings, as individuals.So I would take a walk and I would communicate and I would talk to people, and I get to know them a little bit. So that when I walk downtown, I knew the people in the store.I knew the people, you know, that if an alarm went off in one of the stores, it was personal to me because I knew that individual. It's different than. Obviously, it's different than the relationship that you're creating, but in a sense, they're the same.What we try to do is build a trust. So that communication and that level of trust, you know, it helps us in so many ways all across the board. And I appreciate that.From that perspective, I think that you creating that trust, creating that opportunity for people and, you know, being passed down like an heirloom is like. It's unique but honorable.

I appreciate that. And I do think it's the same. What you're saying is exactly the same same thing. And that is just there's.There's such a human element that it's so easy for us to get away from, especially now, I think with, you know, social media and other ways of communicating that we didn't, you know, you and I didn't have when we were growing up.But, but I think, you know, being personal, being understanding who they are, not being just about the sale or just about, you know, pitching some product or, you know, there's, there's some.So much more to this and there's so much more that for me, the wonderful thing is to get them, to get to know them and to understand them, and sometimes I understand them better than they understand themselves. And, and it's, it's truly trying to, to, to feel that.And then how does, you know, because I say this to people a lot, especially new clients, is that, you know, when you get to, if, if you meet me for the first time, you know, you don't know who I am, I don't know who you are, right.And, and we can sit there and I can tell you how awesome I am, and I'm going to give you referrals and, and those references are going to come back and they're going to be people that I know like me, and they're going to say something nice about me, all that kind of stuff. So I always say that, listen, we're going to go through a dating process here, right? You're going to get to know me.And if all the stuff that I'm telling you is correct, then great.If it's exactly what I said I was going to do, if it's exactly how I said I was going to do it, then maybe we take this relationship to the next step. But it is a process. I don't know if you're going to like me. I don't know if I'm going to like you.And so there's a process to getting to know one another. Just like dating.There's never a time at the bar where the guy or the girl goes, I am a horrible human being and you're going to hate me in three weeks from now. And that's just the way it is. And there's not a financial advisor out there that's going to tell you I suck at what I do. Right?So at the end of the day, for me, it takes time to understand that.And if we just take it back to that human element, the way that you, you did when, when you were in the force, and then, and then the way I'm hoping to, to run my practice is, you know, is with that human element underlying it all.

Well, I think that's admirable you know, from many, many perspectives. Because one is, it's ever. It's our money. And if it's our money, we have to trust you.

Right.

You know what I mean? How many horror stories there are coming out of where an entertainer got taken for all this much money.They found out they were literally broke because they were skimming and this kind of a thing. And you see, I've seen it. I say I have a lot of friends in the entertainment industry.You see it across the board through there where they had an agent or a manager or financial advisor that took advantage of them and they were always looking for someone that they could trust. Let's see now I have. Somebody can refer.

Thank you very much. No, but, but you know what I mean, that happens more times and it's a disgusting display of our industry.Is that, that, you know, there's, there's this concept that we've got. We become such salespeople, you know, and that advisement, that true advisement of what people I think are looking for.But, but I do always, it always baffles me when I, when I get clients that will call me up and say, hey, this guy's pitching this thing. And he called me on the phone randomly and I don't know who it is, but I kind of like what he had to say.And, and, and you're like, you know, if that was something that I thought was good for you, I would have brought it to your attention, but here's why it's not good for you or, or whatever that looks like, or I'll look at, into it and, and get back to you on that. Or, you know, so, But I, I do find it interesting that so many people are looking for that one event that's going to change everything.And, and, and the reality is, is wealth is created incrementally there. You know, the concept of overnight success is so, so ridiculous to me.And, and you know, the idea that one day a basketball player or a musician just all of a sudden becomes an overnight success. You didn't see the 20 years of work that went into this.You didn't see the struggles, the amount of practice, the amount of writing different songs that never came to fruition. And so I always find that such an interesting being. And we have to understand that for me, most of the success is years in the making.

Yeah, I agree. Our oldest daughter started out as extra, extras, extras, extras. Then she got featured extra. Then she got bumped up.You know, you get bumped up gradually, but it took years. It wasn't an overnight thing. And I think that we all in life, no matter what point in life we are, we.We had that same opportunity to understand that we built something and that it takes time to build it. And it's not an overnight thing unless you win the lottery. Sometimes that's an overnight thing. You know, that's true.

That's true. Good point.

But even then, I'd be knocking on your door going, hey, my wife's going, can we please? I'm going, no, no, no, we're going to go here first.But I think that from a human perspective, you bring the humanity into it and the humanity and the compassion and the understanding because you're a family man. And you understand from that perspective, you're a businessman. You understand from that perspective, you've been in this business for a long time.You've seen the sharks, you've seen the nice one, the kitty cats, the koala bears. You've seen it all.And you've taken the best out of what needs to be taken and you put it to use for you and your clients, which I think is a mutual opportunity for growth in all aspects. I'm going to pause for one second. So before we go, this is one more thing before you go. So before we go, a couple things.First of all, how can somebody find you if they're interested in finding or knowing more about what you offer from, from many different perspectives? Can you help us understand how to get in touch with you?

Yeah. So we're on LinkedIn. It's Richard McWhorter.McWh O R T E R. Or you can go to our website@srm samrobertmary privatewealth.com and you can contact us through there.

I'll make sure that those are in the show notes so that everybody has a way to just click in and find you you. Because we want to make sure that they can get to dry quickly. Thank you.So anybody out there, if you want to learn more about Richard's work and his philosophy or how he helps individuals and families to align their wealth with their wellness, I'll leave a link in the show notes for that. Richard, this is one more thing before you go.Before we go, any words of wisdom for anybody out there wanting to better their wealth than their health and they're tied together.

Yeah, I think, you know, in financial advisement, there's an old adage that said if a dollar goes from a dollar to 50 cents, you've lost 50%. But to go from 50 cents back to a dollar it's going to take 100% rate of return. So when I.The reason I bring that up is just that, you know, the biggest mistake that I see people make is they're trying to take on and make an investment or make a trade and don't understand the downside to all of that. The downside is if you lose the money, if it goes down considerably, it takes a lot to make that money back up.You know, in my practice, I'm basically a singles and doubles hitter. I am not a home run hitter by any means. If a home run happens, it's completely by accident.But we don't, we try not to strike out a lot as is, is really what it is. And, and I think, you know, there's a lot of, especially in the markets that we've had for the last number of years.And what financial advisors are telling their clients is, you know, we're going to make you, you know, 14, 15, 20% on your money or more. But the reality is, is that if you can make, you know, 7 to 10% and not, and not lose money on the other side, that's pretty, pretty darn good.And so you have to make that decision as an individual.But I, I do think that, you know, understanding how detrimental taking too much risk on is and understanding that downside is, is probably the most important investment lesson that I've learned in my career. And then patience, the last thing I'll tell you, I know there's two, but the last one is patience.Patience is absolutely necessary in this financial advisement.

Brilliant words of wisdom. I think that we should all take it to heart and. Absolutely. Patience, the old cliche, patience is a virtue. It kind of is.

Very true.

You really need to have it in every aspect.

Very true.

Richard, thank you very much for joining me on the show. I really appreciate it. Your wisdom, sharing your journey, your wisdom, your experience. Experience and your tips, your tricks.Thank you for being here and part of our community.

Thank you, Michael, for having me. It was a lot of fun.

Today we learned that money isn't just math. It's meaning, it's identity. It's a story of where we've been and where we hope to go in life.Richard reminded us that clarity comes from slowing down, asking better questions and making decisions that reflect who we are, not who the world expects us to be. So that's a wrap for today's episode. I hope you found inspiration, clarity, and a few new perspectives to take with you.And if you enjoyed this conversation, be sure to subscribe. Follow us and get connected. We appreciate that. I answer each and every email you can find us on Apple, Spotify or your favorite listening platform.Or head over to YouTube. You can watch the video there as well. In the meantime, have a great day, have a great week, and thank you for being part of our community.Thanks for listening to this episode of One More Thing before you go, check out our website@beforeyougopodcast.com. You can find us as well as subscribe to the program and rate us on your favorite podcast. Listening.