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And welcome everyone to another 
Smart Money Circle episode. 

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I'm Adam Sarhan. 
With me today is Stan Gregor, 

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who's the Chairman and CEO of 
Summit Financial with 

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approximately 26 or 27 billion 
in AUM, depending on how you 

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want to count it. 
But Stan, thank you so much for 

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taking the time and welcome to 
the Smart Money Circle. 

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Thank you, Adam. 
Thanks for having us. 

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Pleasure. 
So Stan, I always like to begin.

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Can you please tell us your 
story and how you got to where 

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you are? 
Today. 

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Great well, I, I grew up in a 
middle class family that worked 

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very hard for everything that we
had. 

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And one of the things I learned 
in college as I was studying 

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finance and technology was the 
importance of having trusted, 

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it's called trusted advisors, 
helping clients guide their path

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for the future and, and 
financial services. 

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So it was something I was 
interested in. 

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That's how I got into this 
profession and started learning 

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about the business. 
And when I finally got licensed 

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and registered for this 
industry, I took it seriously. 

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Helping people that maybe didn't
have the knowledge around how to

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manage their finances and making
a difference to helping them 

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save for retirement and college 
and all that stuff. 

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So that's how I got here. 
I love it. 

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I absolutely love it. 
It's almost as if you're paying 

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it forward or going back in 
time. 

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When you were younger, you 
looked up at the people in your 

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world, 'cause I felt the same 
way. 

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As a very similar background, I 
want to help these folks. 

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How can we do it with financial 
literacy and financial education

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and all that fun stuff? 
Is that? 

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Yeah. 
It's exactly it. 

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Yeah, it's, it's, it's it's very
rewarding, right, Helping people

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make those decisions. 
Yes, I agree 100. 

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Percent, I totally can relate 
and agree and and have a similar

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path. 
All right, next question for you

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Stan, what is your business? 
Tell us your company story, what

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you do, investment strategy, 
anywhere you want to go, please,

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Competitive advantages, anything
you want. 

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That's a great question. 
So Adam, it it kind of continues

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on the path that I started with 
helping individuals. 

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Summit is a 43 year Old Firm. 
It was started with the core 

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belief around a multi family 
office service model started by 

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a group of advisors, as I said 
back in the early 80s. 

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And and their primary goal was 
to service their clients and 

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really provide upper upper end 
financial planning tools and 

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services. 
And it's really what piqued our 

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interest about nine years ago 
when we looked at some of it as 

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an investment and as a 
partnership. 

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From my standpoint, some of the 
tools and resources and 

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structure aligned with my core 
beliefs, client coming first, 

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which was which is a big, big 
piece, a firm that had almost no

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turnover right in employees and 
advisors, which I think speaks 

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volumes of of the core business 
and a family culture. 

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It was, it was a partnership, 
which is different from a lot of

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firms out there where you just a
number an employee and you know,

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they make changes without your 
guidance and advice. 

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So it's what attracted me to the
organization. 

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And I look back now what 4043 
years later, you know, we'll 

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probably approach $30 billion of
of assets that we oversee this 

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quarter. 
We're in so many different 

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states across the country. 
I'm not even sure with the with 

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with account is today. 
But there's a consistency is a 

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theme here of providing some of 
the highest end services into 

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multi family office service 
approach to advisor. 

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So they can service their 
clients better and they can go 

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deeper and broader. 
And they truly can be that that 

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advocate for the client when it 
comes to financial decisions and

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watching over their wealth and 
their family and and guiding 

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them for the future. 
So it's a quick summary. 

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I absolutely love it. 
Thank you for that. 

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Let's talk about risk 
management. 

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What do you how do you handle 
risk and what are some mistakes 

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you see people make with respect
to risk management? 

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Oh my God, it's, it's, it's one 
of the most important things in,

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in managing money, right? 
It's, it's always easy to play 

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it red or black, right? 
But the consequences are not 

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always enjoyable. 
It. 

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So risk is something that we 
look at not just in managing 

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money, but really how we manage 
your organization. 

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So the number one piece we look 
at is risk with employees and 

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partners, right? 
So if we're doing the right 

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thing for those individuals and 
we're giving them the support, 

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the tools, the guidance that 
translates now to their clients.

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So you know, keeping that 
balance at the top of the house,

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we thought it was critical to 
get to the front end client 

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component. 
And then when we look at how we 

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manage solutions and how we look
at decision making when it comes

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to managing risk of assets, we 
have a significantly high 

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payroll of what I consider some 
of the most accredited, smartest

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people in our industry. 
And that is their job to make 

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sure they are always scanning 
for what we have today on our 

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chassis versus what else is is 
out there and correlating. 

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If we do take on new positions 
or we we do make new investments

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and new recommendations, how 
does that compare to the risk 

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the client, the end client is 
willing to take and not take? 

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So it is one of those things 
that is constantly spinning like

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on your computer when on your, 
you know when you going from 

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screen to screen and sometimes 
you get that delay. 

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We are constantly in that risk 
mitigation function as a 

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company. 
And then most recently, 

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obviously with all the 
technology out there, cyber 

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plays a huge role. 
And we, we invest significant 

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time, money and resources and 
having the right cyber 

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protections in place, protecting
client information, protecting 

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integrity and data. 
So it's not just risk when it 

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comes to managing money, it's 
all the layers I just mentioned.

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It's it's, it's holistic, 
holistic risk management. 

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Absolutely love it. 
So you're not just looking at 

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one level of risk, it's multi 
layered or holistic and you're 

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looking at different angles and 
then mitigating that risk as 

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much as possible. 
Is that correct? 

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Absolutely yes. 
Love it. 

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OK, next question. 
Yeah, beautiful. 

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Next question for you, Stan. 
Let's talk about timeless 

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lessons you've learned along the
way that you'd like to share 

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with the audience, please. 
You can go any direction you 

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want, business, life, 
relationships, anywhere you 

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want. 
Well, I've said this my whole 

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career, who you partner with 
matters, right? 

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So business, relationships, 
friends, it's critical. 

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So that that's, that's the 
foundation. 

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But with that said, I, I think 
if you listen, you learn, right?

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I've, I've made a lot of 
mistakes and I've seen other 

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leaders make mistakes where they
feel and believe they know it 

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all. 
So they don't listen. 

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And I, I think that's a, that's 
a great mistake you'll make. 

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So I think you'll learn as much 
in listening as you do in, in, 

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in, in reading or preaching. 
So my advice to anybody is just 

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listen, be, listen to the 
surroundings, listen to what's 

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around you. 
You always can make the 

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assessment yay and nay, but 
listening I think is a key key 

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attribute to any strong 
leadership position or any any 

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decision in life. 
Just be aware of what's around 

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you and just be open to new 
ideas. 

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Yeah, I love that we have two 
ears and one mouth for a reason,

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right? 
So. 

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Yes, good analogy. 
Great analogy. 

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Thank you. 
I that's what I do on my show. 

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I listen, I always ask the 
questions and I'm quiet. 

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So I, I love what you're saying 
here. 

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So let's talk about the flip 
side of that. 

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What are some timeless mistakes 
either you've learned or you 

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other you've OK, let me ask you 
a question again. 

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What are some timeless mistakes 
that you've seen other people 

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make, you've made? 
How do you learn from them so 

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you don't repeat them? 
Yeah, so that's a great question

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as well. 
I I would say I'll speak for 

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myself. 
Some of the biggest mistakes 

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I've made is not having the 
courage to push back when I knew

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something was not the right 
thing to to do what to roll out 

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that. 
Having the courage, I think is 

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critical. 
So if if you and your heart 

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truly believe something is 
better than what you're Speaking

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of or introducing, have the 
courage and the confidence to do

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that. 
With that said, it's hard to do 

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that in big organizations where 
you just a number and you're 

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afraid maybe for your job and 
what, you know, speaking out may

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do to your career. 
So that that's been a challenge.

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But I think as you get older and
you get more resilient and you 

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get more confident in in maybe 
maybe knowledge or skill set 

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that that courage goes up. 
And I think I'm at a point now 

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where, yeah, I've been doing 
this for almost 40 years now. 

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And I think I've made a lot of 
mistakes. 

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I've made a lot of great 
decisions. 

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But I do have the courage now 
to, you know, be truthful with 

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with myself of what feels good 
in my soul and what the what 

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does not. 
Yeah, I love that. 

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OK, thank you for that. 
Next question for you, 

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leadership as a leader of a 
almost $30 billion money 

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management firm and you built 
it. 

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So let's talk about leadership. 
What makes a great leader? 

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What are some lessons you've 
learned about leadership that 

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you want to share with the 
audience? 

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Anywhere you want to go, please.
Yeah. 

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Well, there's so many great 
leaders out there and I always 

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try to evaluate and, and learn 
from some of the folks that have

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just, you know, just crushed it.
So to say, just, you know, blaze

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the trail that may be unique and
different, But one, one common 

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thing thing that I see on the 
leadership side is I've never 

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met a leader or an entrepreneur 
that's not excited about a new, 

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a new venture, Right. 
And, and with that, you know, 

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one of my, one of my former 
mentors was critical in pointing

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out saying everybody out there 
rolls out a business model with 

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the letter C in in their mind. 
And I want you to think about 

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the letter O and a difference 
between that letter C&O, that 

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little extra line that turns AC 
into an O is what I believe 

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makes the great leaders, right? 
It's, it's thinking of the what 

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if and what else didn't I think 
of? 

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And, and how is, is there a 
better way to do this or, or to 

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your point before, what are the 
risks of maybe not thinking 

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about that extra line from the C
to the O? 

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So to me, I, I just try to do 
that in my everyday life when it

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comes to leadership or business 
or personal, it's trying to 

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complete that circle, making 
sure it is a true O factor. 

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And I I did the complete circle 
versus 3/4 of a circle. 

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Yeah, I love that. 
So what you're saying for the 

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audience is to follow along the 
letter C? 

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It's not a full circle, but 
there's a little missing. 

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If you make that little line, 
it'll become an O. 

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So I guess it worded another way
would be everyone has strengths,

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weaknesses. 
We also have blind spots. 

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Maybe that line would be the 
blind spots. 

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Is that a good way of explaining
it and find them and address 

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them? 
It is and, and, and in most 

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cases, it's what you didn't plan
on happening, right. 

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So, you know, pick a business, 
you know, a restaurant business,

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you know, you're going to 
predict all these sales every 

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single day. 
You can pay your rent. 

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Well, if you're in Chicago and 
New York and there's a snowstorm

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for a week, did you plan for 
that? 

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And do you have enough money in 
the account to get you through 

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those couple days of that week 
and whatnot? 

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So those, that little line there
is, is all the contingency 

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things that can go wrong. 
And, and when you, when you 

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evaluate and really think about 
those things and you go back to 

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your business model and if it 
still holds, holds to, to the 

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truth and to the value, I think 
you got a strong probability, 

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but being successful. 
And you know, when you think 

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about those risks. 
So the exciting thing is it 

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being successful, The exciting 
thing is it working out, but you

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also have to balance it out with
the what if can happen. 

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And I, I think it's a critical 
piece of leadership in, in any 

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business. 
Yeah, I totally agree. 

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OK, wonderful. 
Next question for you. 

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Being successful, you handle 
adversity different than most 

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folks and overcome some 
obstacles. 

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So how do you handle adversity 
and what are some obstacles you 

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had to overcome along the way? 
Well, I'll start off with this. 

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Winning is hard, right? 
I mean, we had the Super Bowl 

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last night and you saw, you 
know, 2 great teams go into it, 

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but but it was hard, right? 
And one team, one team, one. 

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It's the same in everything in 
life. 

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The easiest thing the entire 
population can do is quit, 

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right? 
That is very easy. 

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Anybody can do that. 
But winning is is a challenge. 

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It takes grit, it takes 
adversity. 

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You can't quit. 
You got to figure out how to get

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it done. 
I think that's in, in anything 

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in life, right? 
We we get, we get tossed 

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curveballs every single day in 
life. 

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And it's how you handle them and
the mental set, you know, the 

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mental set that you have on 
every single day and how you get

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through that I think defines you
as a person and you as as a 

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winner versus, you know, 
ordinary. 

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Yeah, fully agree. 
I, I love that. 

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OK, it's so easy to quit. 
And then just I, I call it 

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popcorn brain. 
Well, it's not my word, but 

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someone else calls a popcorn 
brain where the brain goes Ding,

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Ding, Ding, Ding, Ding, Ding, 
neck, shiny object, nut, shiny 

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object, you know, from 
investing. 

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They call it style drift in the 
institutional world where I'm a 

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value investor today, but 
tomorrow my growth investor, 

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then breakout trader, then this 
and that, and then just keep 

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jumping back and forth. 
And they don't give that seed. 

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They plant the seed, They don't 
give it time to grow. 

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So I love what you're saying 
here. 

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So all right, next question for 
you and final question for you 

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today is what is the best piece 
of advice Stanley, you'd like to

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give the audience or your 30 
year old self? 

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Great question. 
Best piece of advice is have 

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have the courage which I said 
earlier in in in your beliefs. 

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Have a real concrete plan that 
can go from beginning to end. 

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And execution is, is everything,
right? 

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Talking about it, dreaming about
it, writing it on a whiteboard. 

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That's nice. 
Those are nice to do, but but 

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execution is everything. 
And, and how you execute and do 

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you execute is, is critical. 
So success is predicate on that.

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And you want to bring sports in,
you want to bring business, you 

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want to bring relationship. 
It's it's the execution piece 

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that is that finishes everything
off. 

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Absolutely love it. 
Well, Stan, Congrats on your 

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success. 
Thank you for coming on the show

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and hopefully we'll have you on 
again soon. 

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00:14:23,760 --> 00:14:24,840
Thank you, Adam. 
Thank you. 

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Have a great day.