By Katie Ginn
MCL Editor Katie Ginn recently sat down with three financial professionals to discuss faith, why they do what they do, and what they’ve learned over the years – whether from their clients, their experiences, or their own financial mistakes. If you’re seeking to be a better steward of your resources this year, read on for lots of firsthand wisdom!
Meet the professionals
Gus Brand, Executive Vice President, Community Wealth Management
Bobby Dye, CLU; founder/owner, Dye Resource Management
Vinicius “V” Hiratuka, CFP, CPA; founder/owner, Elevated Retirement
The interview
Katie Ginn: I’d love to hear from each of you about your upbringing and what kind of relationship your family had with money.
Bobby Dye: Mom was the money manager. (And) she was pretty tight. When I was 10 years old, I wanted a bike, and she put me on a promissory note. (laughs) I literally had to pay it off over three or four years. I’ve kept that promissory note to this day.
KG: Did you still have the bike by the time you paid it off?
BD: I did have the bike … It was a Stingray with a banana seat and a sissy bar. (laughs)
Vinicius “V” Hiratuka: My parents didn’t talk a lot about their personal finances with me. I think (that’s) something we want to do better about with our kids. But one thing my dad did do for me was talk a lot about investments. I think that’s where I first got interested in the financial field.
Gus Brand: My mom paid all the bills, and Dad went to work. I saw that and realized, oh yeah, you do have to pay for electricity and (things we take for granted).
KG: V, you said you want to be more open with your kids about financial matters. What do you mean specifically?
VH: It’s not about telling your kid when they’re 7 or 8, we make this much money. And you definitely don’t want to put your financial burdens on them. My wife is a counselor, so we talk a lot about that.
But just communicating openly. Right now our kids are 3 and 5. So they know Daddy goes to work so we can make money to pay for things. Or, this costs this much. Maybe if you want to buy this, you can do chores and we can pay you a little bit. Just helping them understand, things have a cost, and you’ve got to choose how to spend your resources.
KG: How did each of you decide to work in the financial field?
BD: When I was a junior in college, I talked to my dad, and I said I wasn’t sure what I wanted to do. I have a business finance degree. He said, ‘Well, your brother sells real estate, I started out with phone company sales – why don’t you sell insurance?’ And I said, all right. (laughs)
But what I enjoy most is seeing how lives have been changed. … We had a client come in a month ago and share something very, very personal. She asked everybody to leave so just she and I could talk. And before the meeting was over, we both had tears, because it was (her) thanking us for what we had for the last 30 years with her. It made me realize, you don’t want to be transactional, you want to be personal with your clients.
VH: I got into accounting at first, got my CPA (certified public accountant certification) out of college. I did accounting for about a year, and I realized it was not necessarily what I wanted to do.
But I was always interested in investments because of my dad talking about it. Millions of people are retiring. There’s a huge need (for retirement planning), with pension plans not being the mainstream thing anymore. Plus with the longevity that people have, they’re living 20 to 30 years after retirement. There was a lot of opportunity to help people.
GB: I’ve been a banker till I had the opportunity to come into this role (overseeing Community Wealth Management) a year ago. It was almost like I had been accidentally prepared for this. I had some interest in (financial planning) and was reading personal finance books and listening to podcasts. (So) for me it was a little bit of God’s provision and maybe a little accidental.
KG: What all is involved in each of your jobs?
GB: Most banks have a wealth management division … especially as they grow. You have clients who you work with to help them establish businesses and things like that. Over time, they quit having the need to borrow money, they start making deposits, and then you can only accumulate so much before you’re like, this (money) could actually be doing something. (We) work with a lot of clients who’ve been with the bank a long time (and) help meet a new need.
BD: Wealth management is very wide. It’s changed so much in the last four decades. (You want to) find specific spots where you’re really knowledgeable (and partner) with organizations who are good at things you’re not good at. That’s a change I think we’ve seen over the last several years, and I think it’s a benefit to the client.
VH: Being a (Certified Financial Planner) – what got me into this business was my interest in the investments, but that’s only half the business. There’s a whole host of financial planning, tax issues, estate issues, insurance … Also, as Bobby said, when you partner with someone else to help a client, you’re their advocate.
KG: Bobby, as a Chartered Life Underwriter, could you explain the connection between life insurance and financial planning?
BD: Life insurance is just one arrow in your quiver. Financial planning is more all-encompassing. Over time, your need for life insurance decreases. (You) tailor that to fit specific needs, probably when the children are home.
KG: What is the most challenging aspect of each of your jobs?
GB: It depends on the day. If I had to do any one part of my job all the time, I would hate it. But it scratches all the itches. You get to interact with clients. We have a team of five advisors, so you get to work with them. And you get to do some of the quantitative work.
There may be challenges with that. You may hit a point where you’re ‘over’ a problem you’re having to deal with. But I enjoy it, so I guess (there’s) not too much to complain about.
BD: The biggest struggle is trying to do things I’m not good at. I’m awful at paperwork. I used to do the paperwork, but I don’t anymore. Mandy (Harkins, our operations director) does an A+ job at that.
VH: The most challenging part (of my job) is the fact that money is emotional for people. And the most important part of being a good investor is behavioral. Keeping people in their lane behaviorally is a challenge. People react to the market, to the news, to everything.
KG: When do y’all get the biggest number of freak-out calls?
VH: When the market is doing poorly. And we just had an election. It always depends on what side of the aisle they’re on. (You’ve) got to help them separate their politics from their investing.
BD: Usually we try to allocate (investments) in a way that (the client doesn’t) have a lot of stress. If you go to your mailbox and you’re uncomfortable opening your financial report, maybe you’re not allocating it the way you need to. But that’s mainly dealing with older clients. With younger clients, they’re going to be a little more aggressive and see more fluctuation.
GB: I joke, we’re going to introduce a ‘swear jar’ in the next presidential cycle, and every time the election comes up in conversation, everybody’s going to have to drop some money in there … Because you look historically, and you’re measuring time via presidential cycles … So that has definitely been the theme song for 2024.
KG: Is it ever hard being a Christian in the financial realm if your clients don’t share your values?
VH: I have plenty of clients that don’t share the same beliefs I have, or politically they’re way off from where I am … But we’re called to love everybody. I approach everybody with empathy. After my family, you’re going to be right there (on my list). You try to put yourself in their shoes.
BD: We pray for our clients (and) their families. When I’m going into a retirement planning seminar, in preparation, I just ask, Lord, just bring one person we can influence. And if that happens, the seminar has been a success.
All of us feel like the Lord provides us our business. And whoever comes in front of us, we’re there to be a witness. Not to look down on anybody, but to be thankful for that person. (That client is) a real individual who has real desires, real hurts … and our job is to meet those. (We want to) make them realize they are important. So I don’t judge them based on their faith.
GB: There’s a reason people get intimidated by investments. You get the snake oil salesman who comes to town and pushes or peddles bad products. So just being able to offer good guidance (and) set your interests aside and focus on that. As a Christian, if we’re helping you with your goals and objectives, we’re doing what we’re supposed to do.
KG: Do y’all have any big financial mistakes or regrets you’re willing to share?
GB: I moved to Panama City Beach in 2015-16 (for work). When I moved there, I thought, should I buy a condo? The market was still recovering from the global financial crisis … so I didn’t pull the trigger. But now when I look at prices down there, I left a big return on the table.
BD: When I was 29, I met a guy who was raising money to start a business. It was a good business (where) we did OSHA training. And he got me to invest, and I was $25,000 in before he left town with everybody’s money. (I was) 29 years old with a baby on the way. (We) had a bill due for $421, I remember specifically. My wife was not working, she was nine months pregnant, and I said, Lord … it’s time to show up. The next day, I got a check for $432 and was able to pay off this bill.
(That experience made me) a little cynical and scarred, but it taught you to put your antenna up and be a little wiser with your money.
VH: When I first started the practice and had to deal with taxes … We get paid on a quarterly cadence, and I was paying my taxes for this quarter with (projected earnings from) next quarter. And I learned real quick that that’s not a good idea. Right when I earn the money for the tax, I want to either set it aside or pay for it – because next quarter the market could pull back.
KG: Do y’all have any other specific stories or general moments you love seeing in your jobs?
BD: I think of one instance where the spouse had passed away, and they had very young children, and the wife told me, ‘If you had not done what you’d done, we couldn’t stay in our house, and my kids couldn’t go to the school they’re going to.’ And she didn’t have to remarry (unless) she wanted to. Sometimes you have to push a little bit (to sell life insurance). But that, over time, is the reward.
And clients who are retired sending us pictures and postcards of everywhere they’re traveling, and saying thank you for what you’ve done.
GB: Sometimes the best work you may do hopefully goes unused (like life insurance), because a lot of times you’re preparing for worst-case scenarios. But you get the instances where it comes into play and it matters. And I tell people (when we’re doing planning), we’re going to have to ask some uncomfortable questions, but we’re not being callous. We’re not doing our job if we don’t ask.
VH: It’s a big blessing to do this job. I get a few Christmas cards from clients … That brings a smile to my face. Helping people through big life transitions comes to mind. People come to me as widowers, and they’re trying to figure that out. Retirement is a joyful time. Or when somebody has a new baby. (Even if they’re in) a sad time … it’s still a blessing to get to be there for that person.
KG: Are there any misconceptions people have about your jobs, or about the financial field in general?
VH: There are some people who come to you and say, ‘Your job is to make me as much money as possible.’ That’s never the goal. The goal is to achieve your life goals. If that means you get a lower return (on your investments) but you don’t need to take on extra risk, that’s what we do.
BD: Sometimes they come to us, and over time (you) do kind of become a life coach. And that’s a good thing, because you’ve connected with your client. They’ll ask you for legal advice. And I’m not an attorney, but I can tell you enough to get you in trouble. But we’ll go sit with them and their attorney.
GB: There’s a lot of ‘finfluencers,’ financial influencers, on TikTok and other places. … The flashy stuff that’s out there is not always the best. It’s about finding somebody who’s the right fit, someone who focuses on the things you want to focus on.
KG: Do any of you have a favorite scripture related to your job or finances?
BD: I always go back to Isaiah 40, where it says those who wait on the Lord will rise up on wings of eagles. When you’re starting out in this business, it can be tiresome. You’re starting it from the ground up. I leaned on that verse during that time.
VH: I like the parable of the talents. Everything we have is given to us by God, and it’s on loan. We’re called to manage those resources as best we can.
GB: It feels like for every key character in the Bible, there’s a long period of waiting – whether it’s Abraham or Moses or whoever, take your pick – and when they try to accelerate, bad things follow. In our world, there’s a lot of seasons where the market may stay flat. You may get impatient and make (poor decisions). But if you’re doing the right things consistently in the lean times, there will be a season of growth.