Rick Hill: A Boring Way to Get Rich
Rick Hill
Rick Hill is the word integrity personified. Enjoy this special episode as Matt interviews his friend, partner, and mentor!
Rick Hill has seen his share of market booms and busts. Cutting his investment teeth at Wharton, he first practiced investment strategy by advising his own father on his DuPont stock. (Rick was right; Dad should have sold when he told him to.) Realizing he had a passion for investing, Rick set out to become a stock broker, intent upon helping people as an investment advisor. When his first job turned out to be less advising and more selling, Rick knew he wanted to make a change. There was a distinct lack of strategy in the field at the time, and Rick felt he owed his clients more than a sales pitch.
Rick decided to switch gears by utilizing his background in finance. He earned a spot at Anheuser-Busch and moved his family to St. Louis. In his time there, he helped to institute the ground-breaking practice of utilizing index funds for pension plans and 401(k)s over actively managed funds, saving the company money and providing better retirement benefits for employees.
Rick had been at Anheuser-Busch for 24 years when he decided he was ready to return to the financial services industry. He went to work for Buckingham Strategic Wealth, and shortly thereafter met Matt Hall, who would ultimately become his business partner. Over many meals together, Rick and Matt decided to capitalize on their complementary skills to create their own firm, Hill Investment Group. It was a risky move. “Would clients leave an established firm and go with two guys working in a basement?”
Well, they did.
Rick and Matt built their firm upon empirical evidence that supports long-term investment success, and most importantly, a desire to help their clients make a better life for themselves. When they started the company in 2005, Rick said he’d give Matt five years before he retired. Now, 14 years later, he still can’t think of anything he’d rather be doing. “I always used to think back on my day, at Anheuser-Busch and even now, ‘Was I productive today? Did I add value to somebody? Did I help a client? Did I help a co-worker? Did I contribute anything to the firm or the clients?’ And I always feel the answer is, ‘Yes.’”
Read the full transcript here.
Key Topics
Introducing Rick. [00:42]
The importance of setting modest expectations. [02:04]
The value of being prompt. [04:16]
Rick’s background [05:54]
Finance in the 1960’s vs. today. [14:00]
Rick’s time at Anheuser-Busch, and how that influenced his view of investing. [16:21]
Making money through work vs. investing. [22:25]
How choosing index funds over individual stocks saves time. [23:55]
Shared values and complementary skills in friends and co-workers. [26:11]
Rick’s transition back into the investment world. [27:33]
The importance of managing fear when the market drops. [32:41]
Matt and Rick’s history together. [37:30]
Why Rick still enjoys work. [47:39]
Thanks for listening!
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