Meet Loren Hsiao: Co-Founder 22 One Advisors & Certified Financial Planner

We had the good fortune of connecting with Loren Hsiao and we’ve shared our conversation below.

Hi Loren, where are your from? We’d love to hear about how your background has played a role in who you are today?
My parents immigrated from Taiwan to the United States in the late 70’s for my dad to pursue his graduate degree at Texas Tech University in Lubbock, TX, and that is where my life begins. After his graduate studies were completed, my parents moved to Plano, TX. My parents left everything they had to come to America for a better opportunity. They left family, friends, culture, food, and comfort when they came over. My parents were newlyweds, and the crazy thing is the immigration laws back then prevented my mom from coming over with my dad for the first year. So, my dad actually left his wife as well when he came over! Imagine the culture shock going from Taiwan to Lubbock, TX in the 70’s. When my mom finally did come over to join my dad, she got to experience the same shock and learning curve my dad had been dealing with for the past year. My parents struggled through their first year together. My dad grew in his language skills by sitting in every class he could and my mom learned English by watching Days of our Lives. A year later I was born and my parents had to find a way to support their new little family. My dad worked three part time jobs while he was in school full time. Today, I am married and a dad of three kids, I often think back to the challenges my parents faced in coming over from Taiwan. Their move was driven off a future hope, Their risk taking was all done for kids that they did not even have yet. It was for a better future. As a business owner, there are risks and it certainly requires hard work and sacrifice. My devotion to growing our firm, commitment to our clients, and desire to provide for my family can be traced all the way back to the decisions my parents made 40+ years ago when they came over. They taught me the value of hard work and respecting those around you, Pushing through the difficulty in each day is an opportunity to honor my parents and show my respect for the sacrifices they made decades ago. 

What should our readers know about your business?
My partners are incredible! We have 4 founding partners of 22 One Advisors. You’ve already heard about Kevin White. However, I have two other partners. Kyle Wick is in his 30’s and been doing this for nearly 10 years. He’s by far the smartest guy on our team. He’s a student of this industry and constantly intellectually challenging us to grow. David Test is our 4th partner. He’s our qualified plan expert and let me brag on him a bit. Financial Times is a national publication, and he just made their list as a top qualified plan advisor in the country. Financial services is an interesting industry. There’s an abundance of information and research out there. Honestly, it’s not like we have a corner market on our intellectual property and no other advisory group has access to our information. So, how can we separate ourselves if it’s not necessarily based off our IP? The answer is in 4 S’s. #1 STORY Our firm’s name is 22 One Advisors; it’s based off Proverbs 22:1 where it says “A good name is more desirable than great riches.” So, how do you define a good name? Names are really important because it is our identity. In some cultures, your name connects you to your past, to your history. It even speaks to your roots. The final page of our clients’ story can’t be a balance sheet, a rate of return, or some sort of financial equation. Our clients desire more than that. Your heart reveals what you stand for and your family’s values. Your legacy will be your life’s impact. Our firm recognizes the story our clients want to write. We’re able to help connect their balance sheet to their heart and legacy. We help them utilize their hard earned resources to write the pages of their story and solidify their good name. #2 Sherpa The Sherpa people are honorable and hard working. As they guide expeditions on Mount Everest, they realize the climb up to the summit is only a small part of the challenge. 80% of accidents actually happen on the way down. We consider ourselves as a financial Sherpa. We help our clients not only get to a goal, such as retirement, but navigate the path down that financial mountain as well. Our ability to safely accomplish the treacherous journey is attributed to our familiarity of the climb and repetition. Our advisors have almost a combined 100 years of experience. For a brand new client, it is quite comforting to lean on that experience. It’s almost like our existing clients’ hindsight becomes our new clients’ foresight. • When our clients turn 65 and retire, by their experience, it’s their first time. • When our client sends off their oldest to college, it’s their first time. • A widow after 30 years of marriage comes into our office. For the first time, she’s alone – relationally and financially. • An entrepreneur sells off a successful business for her first time. These real client experiences might be a client’s first time, but it is not ours. Therefore, our clients lean on the wisdom of 22 One Advisors’ decades of experience and thousands of conversations to give them insight into their future. We’ve been down this path many times before. #3 Strategist Our clients will be given a truly customized financial plan. The ideas and options we present will be backed by research and tested to be strategically sound. This is the geeky and technical side of financial planning. We are students of the industry; this is evidenced by our licensing and designations. The tax code, economy, and market are constantly changing. Our continued pursuit of education and excellent support team allows us to be in front of these changes. #4 Soldier A soldier acts as an advocate. We serve the current and future version of our client, spouse, and even the next generation. We coordinate the financial plan alongside other important players (i.e. attorney, accountant, insurance agent, banker,…). A plan works best when there is harmony and communication with all those involved. A soldier acts courageously. Money matters can be emotional: fear, panic, greed, envy, etc. There will come a time when financial storms erupt. Human nature tends to be ruled by emotion during those times of panic. As the advisor, we will be able to navigate through those rough waters and make the tough decisions because we stand on a set of financial convictions. A soldier operates with honor. It is a high calling and privilege to be chosen by a client to be their financial planners. We take pride in our work. As fiduciaries, we are held to the highest legal standards in the industry. We must legally do what is in the client’s best interest, minimize conflicts of interest, and operate in maximum transparency. I believe that the combined affect of these 4 S’s makes us a terrific place to work and for our clients to partner with.

If you had a friend visiting you, what are some of the local spots you’d want to take them around to?
I love good food! I would tell my friend to pack some stretchy pants so we can get maximum enjoyment from their time here in town. I love good Asian food. We’d have to get some soup dumplings over at Fortune House in Irving. We’d enjoy a hot and spicy bowl of ramen at Marufuku Ramen in Frisco. If my parents were in town, we would stop by for some homecooked Taiwanese food, but if not, then we’ll stop by Taiwan Cafe in Plano. You can’t be in Texas and not do BBQ so we’d have to enjoy that. However, before we depart the Asian theme for some Texas style BBQ, we would need to pit stop in Korea Town in Dallas for some Korean BBQ. Then we’ll head over to McKinney for Hutchins BBQ. However, it’d need to be on a Saturday when we can order a beef rib. After putting on 15 pounds from this feast, we’ll be sure to get in some workouts with Camp Gladiator to work all that off!

Who else deserves some credit and recognition?
A trajectory changing moment could be defined by people or experiences that alter the entire course of your life. From a business perspective, it is very easy for me to know who deserves a shoutout. In the year 2000, I graduated from Texas A&M University and immediately started my career as a financial advisor. Although I made good grades, there was a Grand Canyon of a gap between book smarts and real life knowledge. Doubts crept into my mind on a daily basis, “How was a 22 year old supposed to gain the trust and business of clients old enough to be my dad?” I limped my way through the first months until my trajectory changing moment. I was introduced to Kevin White. He was a seasoned veteran, well established, had multiple industry recognitions, and carried an amazing reputation amongst his client base. One day, I asked him if he would attend a prospective client meeting with me because I was in over my head. Kevin ran with all the future meetings, the follow up, preparation for the meetings, his staff assisted, and I just soaked it all up. I watched, took notes, and then we’d debrief. Ultimately, this prospective client became a client, and to this day we’ve been working for this client for nearly 20 years. Following this engagement with client #1, I asked Kevin to join me on 80+ more joint client meetings over the next two years. Kevin had zero contractual reasons to do this. I’m sure I brought him on meetings that were below his level of expertise. I ate up his spare time with question after question. However, he always had an abundance mentality. He gave me his time and let me leverage his staff’s resources. When it came to compensation, we always split the revenue 50/50. I told him it didn’t seem fair because he did more work than I did and he had overhead expenses. I was single and living at my parent’s house still (did I just admit that to everyone reading this?). However, he told me that splitting 50/50 was the right thing to do because no one makes it in this business on their own. Fast forward 18 years later to present day. Kevin and I are two of four founding partners of our firm 22 One Advisors. Kevin’s in his 60’s, with 40 years of clientele, and will retire in 5 years or so. Naturally, he is regularly being asked by clients, “What will happen to me when you retire? Who’s going to take care of me?” It’s an honor to be part of Kevin’s succession plan. I get to be part of that answer to his clients. I have the privilege to carry on Kevin’s great name and great work. It’s come full circle where he gave so richly to me and I feel like I’m finally able to repay him in a meaningful way. As I sit in meetings with Kevin today, a few things are different. I no longer live in my parents house, I have overhead expenses, and I actually do speak and contribute in our meetings now. However, one thing is still the same. I am overshadowed by the great name and reputation of Kevin White. His clients absolutely love him. I will always strive to carry on his torch of excellent service and doing the right thing for our clients.

Website: http://www.22-1advisors.com/
Linkedin: https://www.linkedin.com/in/lorenhsiao/

Image Credits
Victoria Ellis