Post-exit entrepreneur Jeffrey Feldberg and host of The Deep Wealth Podcast engages in an enlightening conversation with Rocco Carriero, a comprehensive Wealth Advisor who specializes in working with business owners, CEOs, and entrepreneurs. Jeffrey and Rocco do a deep dive on little-known strategies to unleash your hidden wealth. With over 20 years of experience in the financial industry, Rocco brings a wealth of knowledge and insights, making this episode a treasure trove of information for anyone looking to secure their financial future.
Rocco Carriero is not just your average wealth advisor. He’s a chartered retirement planning counselor, an accredited portfolio manager advisor, and holds an MBA in banking and finance. Rocco’s financial insights have been featured in high-profile publications such as the Wall Street Journal, Forbes, and Fortune, to name a few. His deep understanding of wealth management, combined with his personal experiences, makes him a formidable expert in the field.
A Journey Rooted in Family and Business
Rocco’s journey into wealth management is deeply rooted in his early experiences in his father’s tailor shop. Growing up in Patchogue, Long Island, New York, Rocco observed his father developing strong relationships with his clients, who were business professionals. These experiences planted the seeds for Rocco’s interest in business and relationship-building, ultimately leading him down the path of wealth management.
The Three Cords Approach
Rocco’s book, The Three Cords Approach to Life and Wealth Management for Business Owners, introduces a unique methodology to balance life and work effectively. The three cords represent the critical areas of a business owner’s life: family, business, and personal well-being. This approach emphasizes that neglecting any of these areas can lead to imbalances, but when harmonized, they create a strong, unbreakable support system.
Rocco’s book, *Three Cords Approach to Life and Wealth Management for Business Owners*, delves into three fundamental areas: Yourself, Business, and Family. Each cord represents a critical aspect of life that business owners must balance to achieve success and happiness.
Cord One: Personal Well-Being
The first cord focuses on the individual. It encourages business owners to prioritize their own health, hobbies, and personal development. Often, business owners place themselves last, which can lead to burnout. By focusing on personal well-being, entrepreneurs can ensure they have the strength and clarity to drive their businesses forward.
Rocco emphasizes the importance of self-care and personal development. He explains, “The first cord is really all about yourself. In a way that you’re thinking about basically seven different areas, right? You can think about what are the hobbies and interests that tie in with your life and own wellbeing, your body, your food intake, your exercise.”
He advises business owners to focus on their health, hobbies, and overall well-being, which are often neglected in the pursuit of business success.
Cord Two: Business Strategy
The second cord deals with the intricacies of business strategy, including the importance of an exit plan. Rocco emphasizes that creating a saleable and self-running business should be a top priority. Proper planning ensures that the business can continue to thrive without the owner’s day-to-day involvement, making it a valuable asset that can be sold or transferred when the time comes.
The second cord is about the business itself, including exit planning and creating a saleable asset. According to Rocco, “Most business owners, you’re just trying to get through the day and so what we’re trying to communicate to business owners is that they really need to be thinking of it as creating something that is a real asset that could be sold to somebody else.”
He stresses the importance of having a structured financial plan and surrounding oneself with a competent advisory team to ensure the business can thrive and be successfully transitioned when the time comes.
Cord Three: Family and Legacy
The third cord revolves around family and legacy planning. This includes estate planning, ensuring that wealth is managed and transferred effectively, and that the family is well-prepared for the future. Rocco shares that proper planning and clear communication about wealth management within the family are crucial.
The third cord focuses on family and legacy planning. Rocco shares his insights on how business owners can involve their families in understanding wealth accumulation and management. He notes, “What we try to do is we try to teach clients the importance of teaching their children how to accumulate wealth, how to manage wealth, how to handle the wealth, as opposed to just giving it to them.”
He also emphasizes the need for a well-thought-out estate plan to ensure that one’s wealth is preserved and utilized as intended, even after they are gone.
The Importance of Professional Guidance
Rocco underscores the importance of surrounding oneself with a trusted team of professionals. Whether it’s a wealth manager, estate planning attorney, or tax advisor, having the right experts can make all the difference. He shares the key qualities to look for in a wealth advisor: likability, trustworthiness, and the ability to execute.
Throughout the episode, Jeffrey and Rocco discuss common pitfalls in wealth management and share practical advice. For example, Rocco warns against the dangers of transferring all assets out of one’s name to qualify for state care, as this can lead to inadequate personal care in later years. Instead, he advocates for maintaining a lifestyle that ensures comfort and dignity in elder care.
Achieving a balance between work and personal life is a recurring theme in Rocco’s approach. He believes in the power of a well-structured calendar to ensure that personal and professional commitments are met. “You should use a model calendar to kind of think about what are the most important things in life,” he says. By scheduling both business and personal activities, business owners can maintain a healthier work-life balance.
Rocco delves into the often-overlooked area of elder care and the importance of planning for long-term care. He cautions against transferring all assets out of one’s name to qualify for state assistance, as this can compromise the quality of care received. “I’ve seen private care, nursing, and I’ve also seen care that is not at the highest level of private care and it’s not the same,” he warns
Takeaways from the Episode
- Create a Written Financial Plan: “Creating a financial plan that looks at all the important areas is crucial.”
- Surround Yourself with the Right Advisors: “You want to choose a wealth advisor that has the ability to work with other people and network with them.”
- Balance Work and Life: Use a structured calendar to ensure both business and personal commitments are met.
- Family Involvement: Teach your family about wealth management and involve them in the process.
- Plan for Elder Care: Ensure that you have a plan for your own care that aligns with the lifestyle you wish to maintain.
Final Thoughts
Rocco’s approach to wealth management is a holistic one, intertwining personal well-being, business strategy, and family legacy. His insights are not only about growing financial wealth but also about creating a fulfilling and balanced life. As Rocco so aptly puts it, “There’s nothing like working within your unique ability.”
Remember, your wealth isn’t just about the money in the bank. It’s about the depth of your journey and the impact that you’re creating. Stay connected, stay inspired, and keep striving for that balance in life, work, and legacy.
Thank you for joining us on this journey of financial wisdom. If you found this episode helpful, please subscribe to the Deep Wealth Podcast on your favorite platform. Each episode is meticulously crafted to bring you impactful strategies, stories, and expert insights to help you grow your profits, increase the value of your business, and optimize your post-exit life. Happy listening!
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Today, Feldberg's passion is helping you extract your deep wealth. The 90-day Deep Wealth Mastery program helps create a solid foundation for three areas: increasing profits to enterprise value and optimizing post-exit life. Deep Wealth Mastery offers strategies and insights drawn from Feldberg's rich experience. The strategies from the trenches get results. Jeffrey's vision is to increase the social fabric of society one entrepreneur at a time.
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