Who

Mike Stein, Managing Director — Investments at Wells Fargo Advisors.

What

A financial advisor for 35+ years, Mike’s been helping families and businesses develop investment strategies that line up with their goals and financial needs. His mission: provide targeted, customized financial advice and portfolio strategies — with a high level of personal service and professional integrity. In his current position at Wells Fargo — where he’s worked for over 20 years — he manages over $500 million in assets.

Where

A son of Holocaust survivors, Mike has always called Memphis, Tennessee home. He and his wife Essie are blessed with five children and many grandchildren, with the oldest grandson now learning in Israel.

Why

I am very impressed with Mike. Not only is he super successful in business, but he is also super engaged in his community. (Memphis holds a special place in my heart, because my mom grew up there.) On the business side, Mike’s an award-winning wealth manager: Already in 2019, he’s been named Forbes Best in State Wealth Advisor, a Wells Fargo Premier Advisor, and one of Financial Times Top 400 Financial Advisors. And on the community side, he’s a founding member of Young Israel of Memphis (currently serving on their building committee) and a past President of Margolin Hebrew Academy — both of which are instrumental in perpetuating Torah-true values in Memphis. In addition, Mike’s a past president of Memphis Jewish Family Service and a past regional vice president of Agudas Yisrael. More recently, he helped launch the Memphis Kollel, led by Rabbi Shmuel Fromowitz and Rabbi Yosef Braha, which has infused the Memphis community with even more Torah. Mike is a shining example of living and growing in both worlds simultaneously.

1 of 9 What opportunities or personalities played a role in your career?

Growing up in Memphis Tennessee, I attended Margolin Hebrew Academy and Yeshiva of the South. I was always aware of the mesirus nefesh of an amazing group of people that created a makom Torah in, of all places, this small southern city.

I was blessed to experience the dedication and work ethic of my parents, Sol and Paula Stein a”h, both Holocaust survivors. As they rebuilt their lives in the United States, they were living proof of emunah peshutah and the fact that HaKadosh Baruch Hu is the true source of success. My father was imprisoned in the Kovno Ghetto and later taken to the Stutthof and Dachau concentration camps. Only in later years was he able to speak about the atrocities he witnessed and his losses. Although it was so difficult for him, he spoke at numerous local events and was featured in an article in the Memphis Commercial Appeal. It was his duty, he felt, to share his experiences.

My mother — from Bedzin, Poland — witnessed her family murdered before her eyes. After being liberated from the Mauthausen concentration camp, she met and married my father in a displaced persons camp in Bari, Italy. They were sponsored to immigrate to the United States by my mother’s aunt and uncle, Chaim and Jennie Silverstein, who had left Poland before the war and were living in Memphis.

My parents built our home yeish mei’ayin, from nothing except their faith in Hashem. The lessons that my brother Harry and I learned from them and their mesiras nefesh all emanated from this inner strength and imbued our home with hope for the future. I always remember hearing them say “Got tsu danken.”

Moreover, my rosh yeshivah, Rabbi Meir Belsky ztz”l, set me on a path of understanding that learning Torah must be an integral part of daily life. As his talmid, I’ve worked alongside many others to continue his legacy of commitment to Torah here in Memphis. In fact, alumni from the Yeshiva of the South can be found across the globe, contributing in significant ways to the Jewish world.

3 of 9 What do you do to relax, recharge, or simply have fun? How do you make time for that, and how often?

Shabbos is truly the yom menuchah; it’s my chance to “reboot.” With today’s fast-paced communication and responsibilities, devoting time to Hashem, family, and community is an opportunity to push the pause button and reconnect with what’s most important.

As a matter of fact, Moe, I can recall many Shabbosim I spent as a child in the home of your grandparents, Rabbi Mordechai Aryeh and Miriam Yormark, ztz”l. The warm, welcoming atmosphere in their home left a great impression on me — a very special memory. They were truly inspirational and esteemed for their contributions to the Memphis Jewish community.

I don’t allot much time for what would typically be considered “fun.” I actually enjoy my profession. I have been able to pursue other interests over the years that draw on my expertise, such as hosting a weekly business radio show. I’ve interviewed people from CNBC personalities to CEOs of Fortune 500 companies. That’s what I call fun.

4 of 9 What was your most resounding failure? What did you take away from that experience?

I’ve tried to commit to the daf yomi schedule numerous times over the years. Unfortunately, I haven’t yet been able to accomplish this goal. However, being persistent, I won’t give up. With Hashem’s help, I hope to complete daf yomi this cycle.

TorahAnytime.com has been a great addition to my daily routine. I want to thank the organizers of that website.

6 of 9 What is the most inspiring feedback you’ve ever received? Did that impact what you did next?

Early in my career, a client sent me a beautiful thank you note for helping plan her retirement. This showed me the potential impact I could have on people’s lives, and that I was in a business in which I was able to make a difference.

On the flip side, also early in my career, an older colleague told me I’d never “make it” in this field. Perhaps he felt I was too young and inexperienced — or perhaps it was my yarmulke — I’ll never know. I’m bringing this up to emphasize that even negative feedback can be inspirational. I didn’t allow this to deter me. On the contrary, I worked hard and proved him wrong.

7 of 9 If you were asked to deliver a TED Talk that would be watched by 50 million people, what topic would you choose to speak about? Why?

Community is everything. We are all a product of and indebted to our own communities, in different ways. Always be prepared to use your professional skills and beliefs to reach beyond yourself — to benefit your community.

When Hurricane Katrina ravaged the Gulf Coast in 2005, our community welcomed many people seeking refuge. In my role as the President of Margolin Hebrew Academy and with my business experience, I was tapped by Agudas Yisrael to testify before the Senate Subcommittee on Health and Education.

I informed the senators of the financial demands on private schools that welcome students in times of need. “Our school adopted a policy of ‘doing whatever it takes,’ even though there was no way of knowing the cost and where the money would come from… Our staff and parent body created a network to secure housing, clothes, food, and medical needs…”

It might not have made financial sense to take everyone in, but it was the right thing to do for our greater community — and the government knew that and responded. It was a privilege to work with Agudas Yisrael to raise awareness of the contributions of the private sector in our community in the aftermath of Katrina and the importance of government allocations to lighten the burden.

But even more, the warmth and generosity of the Memphis community led to deep relationships we developed with our new neighbors — many who ended up making Memphis their home and contributing to the community at large.

When you give to community, you never lose out. You only gain.

9 of 9 If you were advising a young man/woman hoping to launch a career as an entrepreneur, which “dos” and “don’ts” would you share?

I’m often asked this question, Moe. My first piece of advice: Be a true professional. This means, define your market and know your product and industry inside out. Every industry evolves over time, and there are always innovations and developments. Just like when we hear a chiddush, it captures our attention and can take us in a new direction — the business world is no different.

Embrace new ideas and methods but, depending on your business focus, be flexible enough to see the whole picture. Sometimes the simplest techniques are more effective than technological advancements. For example, don’t underestimate the value of a handwritten note thanking a client for their business. An email or text, though more efficient, is not quite the same. Soft skills never go out of style.

Second, be patient. Build your business one client at a time. There will inevitably be rejection; however, if you adopt a “gam zu l’tovah” attitude and keep moving forward, with Hashem’s help, opportunities will present themselves. If you devote your time to your clients and give them the service they deserve, they will refer people to you — even without asking them. When that happens, you know you’re on the way!

Of course, there are the simple things that any person in business must also make a priority: smile, dress for success, be a good listener, and be a good communicator. Never underestimate the power of listening. Ashrei ish sh’ yishma! My clients know that when they are in front of me, they have my undivided attention. They deserve no less. This may seem intuitive; however, it is often overlooked.

Finally, being a frum Jew in the workplace has its challenges, but the opportunities for a kiddush Hashem are endless. Always be proud of who you are and what you stand for. People of all backgrounds will sense your commitment and you will garner respect. Torah im derech eretz.

• The Forbes Best-In-State Wealth Advisors ranking algorithm is based on industry experience, interviews, compliance records, assets under management, revenue, and other criteria by SHOOK Research, LLC, which does not receive compensation from the advisors or their firms in exchange for placement on a ranking. Investment performance is not a criterion.
• The Financial Times Top 400 Advisors rankings are based on data provided by investment firms. Factors include assets under management, experience, industry certifications, online accessibility, and compliance record. Investment performance and financial advisor production are not explicit components.
• The Premier Advisor designation is held by a select group of Financial Advisors within [Wells Fargo Advisors/Wells Fargo Advisors Financial Network] as measured by three or more of the following: length of service with the firm, completion of educational components, business production, and professionalism.

Originally featured in Mispacha, Issue 758. Moe is the Founder & CEO of Winfluencers, an early-stage startup that empowers micro-influencers to monetize their passion.Previously, he was the Head of BizDev for Hometalk, Strategy Consultant for Deloitte, and Regional Director for the Lauder Foundation. He holds an MBA and semichah, and published his first book, The Gift of Stuttering (Mosaica Press, 2016). He also teaches a daf yomi shiur, produces inspirational videos for Aish.com, and gives lectures to audiences worldwide. Moe lives in Ramat Beit Shemesh with his wife and children.