By: One World Publishing
Ty Young, the founder and CEO of the eponymous Ty J. Young Wealth Management, is known in Atlanta circles for his hugely successful company. It boasts a substantial number of clients across the United States and is an authority on retirement strategy. Many don’t know that the 60+ year old CEO is also a Trans Am race car driver and a budding aircraft pilot.
We connected with Mr. Young to learn more about how he started in the financial industry, what it was like building a rapid-growth company, and his hobbies in automobiles and aviation.
Before founding your company, did you always want to enter the financial industry?
Ty J. Young: Yes. Even as a kid, I always found finance to be wildly interesting. It’s all I ever wanted to do… well, except maybe become a race car driver.
How did you first get your start in finance?
TJY: I started as a cold caller at Bear Stearns in 1992. Interestingly, my girlfriend at the time, who is now my wife, had a childhood neighbor who was a broker at Bear Stearns. She introduced me to him, and I ended up getting a job as a cold caller. We had to make a minimum of 500 calls a day, or we were fired. This was back before most people had answering machines!
From there, I was hired into the training program at Raymond James and then recruited to JC Bradford. We were buying and selling stocks, making money sometimes, and losing money other times. It was great when they were making money, but when they lost money, it was not fun to share with people. Being a stock trader is much like being a blackjack dealer in Vegas. It’s great when people are making money, but it’s not as fun when they aren’t. I wanted to find a better way, which I ultimately did.
When did you know it was time to launch your firm?
TJY: As I worked at these brokerage firms, I knew I wanted to find a better way. One day, I found the Fixed Index Annuity. This wasn’t something the firm offered; it was something I found independently after researching. After I learned about this product called the Fixed Index Annuity, and when someone explained how it worked, I couldn’t believe it was real. There’s a product designed to protect your investment when the market declines while allowing gains to lock in as the market rises—all with no fee. It may seem unlikely, but this option is available.
So, I thought I would use this product. But it wasn’t an approved product to use where I was working, and I could not sell it. That was the day I decided to launch my firm. So, that day in 1998, when my second child was only a few months old, I wrote down the Articles of Incorporation on a yellow pad that is still a part of the public record today. I went down to the Georgia state office and incorporated the firm, and we were off to the races! We were offering a product to investors and retirees that we thought was a better way. That was how we started, which is why we opened our firm.
What were the early days like as an emerging CEO?
TJY: I didn’t feel like a CEO in the early days. It felt like I was the Chief Cook & Bottle Washer. I did everything from preparing the marketing materials and setting up venues to preparing seminar presentations, setting appointments and completing all the paperwork, following up with insurance carriers, and everything in between.
There were many late nights when I worked on my presentation skills for the seminars with babies out of my garage, and my wife coached me with her feedback. I practiced, practiced, and practiced. So if I had a problem, it wasn’t because I didn’t practice. From there, we developed the beginnings of the standard operating procedures we use today.
What are some of the milestones in the company’s growth you are most proud of?
TJY: Some early milestones include our first client in an index annuity and our first seminar. We continued with this model for many years, and then once we realized it would have a maximum ceiling of potential and wasn’t further scalable, we decided to become national. We then made the quantum leap to national television, a huge milestone for our firm. Years later, opportunity knocked, and we transitioned into helping other agents exit the business while servicing their clients, and we have executed over 40 acquisitions.
For every milestone we accomplish, I must give credit first to God, second to our valued clients, and finally to the great group of people who work at Ty J. Young Wealth Management to make all this possible. Our great employees allow me to work on the business rather than in the business so we can continue to scale and reach those milestones.
What concerns are you hearing from clients about the economy, especially leading up to the election?
TJY: The concern we hear most about is that things cost dramatically more than they used to. They are worried about the economy’s health, interest rates, the cost of food and gas, and rising living expenses—their biggest concern: investments keeping up with inflation. The inflation rate is over 20% (inflation-adjusted), and the market is growing in terms of the inflation rate. People are worried about the dollar and whether their money is safe. They’re worried they’re also paying too much in fees for their investments. They’re worried we will elect the wrong candidate and the market and economy will crash. Our firm provides a product that provides the financial security people want today and need tomorrow. It can allow them to keep up with inflation and live the lifestyle they’ve become accustomed to.
Are you optimistic about the future of America’s economy and prosperity?
TJY: I believe we live in a great country, and this is a significant time in history. I’m an American with a capital “A!” Now, more than ever, it’s important that we elect the right people who understand how to grow an economy. We must elect the right people to get our spending and our borrowing under control. If we elect the right people, we get that under control and balance our budget. I’ve never been more optimistic about America. If we hire the wrong people and continue to spend and borrow at the current levels, I’m very concerned about our economy’s future and the stock market. It’s just a matter of choices; we must make the right ones.
When did you get involved in racing, and why?
TJY: I’ve always been an auto and motorsports enthusiast. I’ve always loved racing. My heroes are not baseball or football players, although I played football in college. My heroes have always been race car drivers like Jackie Stewart, Mario Andretti, and Michael Andretti. I’ve always been a fan of Formula One in Europe, IndyCar, and Nascar in the U.S.
We were blessed enough financially that we could form the Ty J. Young Wealth Management Racing Team, and we went racing for the first time about 17 years ago. I woke up in Lugoff, SC, thinking, “I’ve always wanted to be a race car driver, and today I woke up one!”
We went out, wrecked in the warmup, and took home the win in the first race! Since then, we’ve raced about once a month in various club races with great success. We wanted new challenges and have been fortunate enough to graduate to a pro series called TransAm. I drive a TA2 car with many other aspiring young racers. Every race is a new challenge! The TA2 car is a tubular frame, composite body, 600 horsepower, downforce stock car. Driving it is nirvana!
Have you learned any unexpected lessons from racing that have helped you in business?
TJY: The same lessons I learned in business have helped us be successful in racing: plan your work and work your plan. We never give up and continue to persevere. We drive the race to win. Those are the lessons you learn in sports and those you can apply in business and vice versa. In racing specifically, you learn to control what you can control and let the cards fall where they may.
Your newest interest is you have been pursuing a pilot’s license. Can you share more about that?
TJY: My son has always wanted to be a pilot and started flying in high school. As he did that, I would sit in the back of the plane and wanted to learn but never had the time. Finally, I took the time to learn how to fly, and it’s an airplane that has a parachute. So, you don’t wear a parachute like a skydiver, but the plane has a parachute.
As wealth managers, we invest money to help money grow, but it’s important to have safety features so you don’t lose anything if the market goes down. In racing, it can be very dangerous. But we wear safety equipment like a fire suit, helmet, fire retardant clothing, and you’re inside a roll cage. With all that equipment, driving a race car is safer than driving your streetcar to the airport. With flying, it’s kind of the same thing. The plane has a parachute. Everything I do has an element of risk, but we diminish that with safety features. I’ve always thought flying was cool, and I loved the idea of being able to go wherever I wanted at any time. I decided to go after it.
Disclaimer: This content is for informational purposes only and is not intended as financial advice, nor does it replace professional financial advice, investment advice, or any other type of advice. You should seek the advice of a qualified financial advisor or other professional before making any financial decisions.
Published by: Annie P.
