Eddy Gomar, CEO of Uniform Wealth Management, joins us to talk about how to manage your money.
Please excuse any typos in this hasty transcript.
Matt Register: Hey, guys. Welcome back to the show, Texas Business Radio. You’ll see the entire thing in beautiful high definition video right there on texasbusinessradio.com and get your questions in. A couple ways to do that 844-814-8144 is our 24 hour call in line. Or, use Twitter #tbr or go to the website, get your question in there. I’m not sure we really care how you get them in. We’re going to get the experts in here to get those questions answered.
As you grow your business and you grow and accumulate wealth inside your business, at some point you’re going to exit. As an investment banker, I tell guys all the time, “You are going to exit your business.” Sometimes that’s vertically, sometimes that’s horizontally. But, at some point, just by the nature of life, you’re going to exit. And, when you do, and have that liquidity event, it is very, very important that you find people that you trust to be able to manage that wealth for you and manage that wealth for your family moving forward, and that’s what we’re talking about today.
I’m your host Matt Register. Jay Curry’s the one sitting over there in the co-host chair eagerly waiting an opportunity on the mic. What do you think, Jay?
Jay Curry: Well, I got to tell you, just this morning I was with a CEO. He had a great vision, knew what he wanted to do with his business and how it was going to impact his family, had no plan, had no will. This is so important folks, you got to listen to it.
Matt Register: Yeah. No doubt about that. Uniform Wealth Management. We got Eddy Gomar who is the founder and CEO of Uniform Wealth Management here in the studio. Eddy, welcome to the show.
Eddy Gomar: Thank you very much. I appreciate you having me. Very humbled to be here.
Matt Register: Well, Uniform Wealth Management. What do you do?
Eddy Gomar: Well, we’re generally in the process of making sure that our clients find financial peace within their financial lifestyle. And, everybody has a little bit of a different lifestyle. And, peace for one person is very different than peace for another. And, so, we didn’t want to go out there and say, “Hey, we’re going to make you a ton of money.” That’s part of what we do. But, at the end of the day, what we want to do is find a way, and our mission is to help you find financial peace. Whatever that means for you. We’re looking to tailor the experience to that.
Matt Register: Well, and, so wealth management as it comes to guys who’ve exited their businesses, this is not if you are an engineer at a company and are making a nice salary, this probably isn’t for you. If you have exited a company, you have a significant amount of family wealth, you need a different level of support than you do if you just have a 401k and a retirement. Correct? I mean these are high net worth families that you’re dealing with. And, we were talking during the break, and it sounds an awful lot like some of the fractional family offices that we’ve had here for guys who maybe don’t have quite enough to form their own family office, yet have a whole lot more than your typical wealth management firm is wanting to handle. Is that accurate?
Eddy Gomar: That would be an accurate statement. At the end of the day, we want to be able to help those folks that maybe don’t have the resources or the time to be able to create their own family office, but still need that family office attention and be able to take care of the details that matter. And, sometimes, what we don’t know can hurt us. And, so, as you probably have experienced, and I think we spoke briefly on this, is a lot of folks that exiting of the business was not voluntary. It was either due to a disability or a passing. And, often times, then, the inheritors or that next generation don’t generally know how to run that business. And, they need the help.
Matt Register: Well, even when it’s somewhat planned, right?
Eddy Gomar: Yeah.
Matt Register: I mean, all of my clients are very, very good at whatever it is they do, right? I mean, they’re good at steel, they’re good at whatever. They’re not good at making money with money. They’re not good at taking, exchanging that golden goose, which was their company and exchanging that for a big pile of cash and being able to manage that through all their priorities in the rest of their life. And, that’s what you guys do, correct?
Eddy Gomar: Absolutely. I mean, we want to be able to not just work with you, but work with your family. And, that’s important. And, work with your team. And, if you don’t have one, let’s build it. And, that team that’s going to have to consist of more than just folks like me. We’re going to need to have estate planning attorneys, which I have. You know, the CPAs that are so vital in making sure that all this happens tax efficiently, that’s an important part of that. So, how do we have a whole team behind you and your family in the event, you know, something happens? Or, in the event you want to make it happen. And, so that’s a vital piece of how we move forward in the evolution of the next stage of your life.
Matt Register: Well, I’ll tell you what, you mentioned something that’s critical and comes up all the time. When we talk to business owners that are considering exiting their business, I mean, we talk to them about the four pockets of their life moving forward. Their lifestyle, their charity, their legacy, you know, meaning what their kids and their future business stuff. There are times that pre-transaction, it may make sense to gift stock to a kid that then turns into cashing the [inaudible 00:05:28]. I mean, there are ways to do it. Once you’ve decided this is the percentage I want to go to my kids, the trick is how do you do that and give the least amount to Uncle Sam as humanly possible, right?
Eddy Gomar: Absolutely, yeah. A classic example, there’s a lot of folks that say, you know what, I want my child … maybe they have one child and they want that child to inherit the home. Well, let me go ahead and gift it to them now. That’s a huge mistake. They put them on the deed. And, when that person passes away, now the basis that they had is transferred over to their child. And, instead of doing a date of death valuation, and now, they sell it, and there’s hardly no tax impact there. And, so, how do we make sure that those little things happen? The titling of assets, and like yousaid, supporting some of those very important charities and beliefs that we have in a very efficient manner. And, where,
yes, I will tell you personally, I do not mind paying my fair share of taxes. But, I refuse to pay a penny more.
Matt Register: Yeah, you’re not going to volunteer to pay more than you need to, right?
Eddy Gomar: That’s absolutely right.
Jay Curry: You know, the thing that’s interesting to me, though, is as an executive coach, you hear this. That people, CEOs are so good at building the asset and building up the company. And, they know they have a vision of what they’re doing. But, how do you get them to pick up the phone and call someone like you to make that vision a reality? It’s a real struggle, and we need to get people to listen and call people like you to get this going. It’s the in plan, if you would.
Eddy Gomar: Yeah, oh, and I think and a lot of it has to do with the way the industry has really approached a lot of these folks. Often times, they’re selling a business. They’ll walk into a major firm and they’ll sit down with an advisor, and that advisor in one hour will assess how much money they have to invest, they’ll tag them moderate conservative, which most folks don’t know what that means. I still want to hear somebody give me a few, a definition of what moderate means. And, then, next thing you know, they’re whipping out a great recommendation for an investment product. But, that didn’t really take care of all the other things that are going on.
Matt Register: Well, I’ll tell you what, the independent nature of your … and this is one of the things I particularly like. I know a lot of wealth mangers. We deal with a lot of wealth managers, right? And, the ones that work for a company that had proprietary products are certainly incented and pressured to sell those proprietary products.
Eddy Gomar: Absolutely.
Matt Register: As an independent, you can look at the sea of available options and find the ones that make the most sense for the client. Not that those other guys aren’t. But, you certainly don’t have the pressures to sell a particular one, correct?
Eddy Gomar: Absolutely. And, to be quite honest with you, we don’t say that all these companies have bad products. Matter of fact, some of them have wonderful products and we wholeheartedly support them. But, we don’t believe that any one company has all the best products all the time. So, how do we make sure that the right products end up with the right households, and in the right situations? And, so, that’s what we do. We’re not married to any one of these companies. And, if the right situation shows up and that product makes sense for that particular family or that particular person, then we’re going to match them up. But, we don’t have any pressures to be able to do that because we’re incentivized, or even pushed towards a certain direction.
Jay Curry: So, you’re not pushing for a canned solution, which is kind of what you described. Come in, I’ll figure out a canned solution. You’re looking for the right solution. And, you’ve got a lot of cans that are independent of you. You’ll bring the right solution.
Eddy Gomar: Correct. I mean, matter of fact, most folks that will come into my office, the first thing that I’m going to let them know is, I’ve got nothing to sell you. Your first meeting with me is just really going to be about me getting to know you, you getting to know us, and seeing if we’re the right fit for one another. Otherwise, you know, if you’re looking for the flavor of the week or the month …
Jay Curry: Right.
Eddy Gomar: … or, you’re looking for that hard sell, most likely you’re probably best suited to work with somebody else. Because, at the end of the day, we’re going to spend the time to get to know you. It’s going to take several meetings. It’s going to help us understand who you are. And, then, at that point we’re going to be able to develop a real tailored strategy that really encompasses a lot of the things that are important to most of these folks. And, once we’re able to hit on that, then we’ve got a relationship going that I think is of value.
Matt Register: Interesting stuff.
Jay Curry: I love it.
Matt Register: Interesting stuff.
Jay Curry: Good stuff.
Matt Register: We have Eddy Gomar who is the founder and CEO of Uniform Wealth Management. What’s the website quickly if somebody wants to learn more?
Eddy Gomar: Absolutely, www.uniformwm.com. Thank you so much.
Matt Register: Uniformwm.com. We’re going to have a link right there from Texas Business Radio. We’re completely out of time, need to go pay some of our own bills. We’re going to be back with a whole lot more Texas Business Radio right on the other side of the break. Don’t go anywhere. You don’t really have time. Don’t go anywhere.
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In addition to hosting "Texas Business Radio," Matt is an investment banker and serial entrepreneur from Montgomery, Texas. He is the owner of RREA Media and Register Real Estate Advisors and a Managing Director and Principal at Corporate Finance Associates. He has a BS from the United States Military Academy at West Point and an MBA from Rice University in Houston. You can read more about Matt HERE.