Ep 5 - Prioritizing Purpose Over Profit for Success: NY State Assemblyman Steve Stern’s Journey from Childhood to Advocate for Veterans, Elders and the Long Island Community

Disclaimer: [: 00:00:00

A copy of Fusion's current written disclosure brochure discussing our advisory [00:00:15] services and fees is available upon request or at www. fusionfamilywealth. com.

re just starting out. Or are [: 00:00:30

Good[00:01:00]

cialist, the state planning. [: 00:01:15

I'm going to let Steven introduce himself and then we'll, uh, we'll kick it off with hopefully, uh, uh, an engaging discussion. Good morning, Steve. [00:01:30]

's a friendship and a, and a [: 00:01:45

Um, but as far as, uh, uh, background, uh, as you know, uh, I started, uh, my career, uh, just around the same day as you did. Uh, coming out of school and looking forward [00:02:00] to, uh, to the launch of, of a new profession. Um, uh, I am an attorney with, uh, the law firm of David Owe, David Owe, Siegel and Stern. Uh, our law firm established in 1913 makes us, uh, one of Long Island's oldest, [00:02:15] uh, uh, most established law firms.

needs families. And so, uh, [: 00:02:30

Uh, with tremendous, uh, estate planning issues and everything [00:02:45] in between, uh, and representing, uh, our older neighbors and our loved ones with disabilities and some of our most vulnerable, uh, really was. Uh, the starting point for a career that I continue to this day that I'm very proud of and very passionate about [00:03:00] Um, but what led me to uh, what I spend an awful lot of time on today Uh, which is serving my community as the new york state assemblyman representing the 10th assembly district, uh on long island Um, I have just started my fourth [00:03:15] term, uh in the new york state assembly Uh, and uh, i'm very proud.

th assembly district. [: 00:03:30

Uh, introduced and passed several legislative initiatives that were literally first of their kind, first of their kind on Long Island, first of their kind in New York State, and even several examples of being first in the nation, and so it was with that record, uh, that I now, uh, serve in the [00:04:00] New York State Assembly, and as you know, uh, I'm very proud of the fact that, uh, I was just recently, uh, appointed by the, New York State Assembly Speaker, Carl Hastie, to now be the new chairman of [00:04:15] the State Assembly Committee on Veterans Affairs.

and for, uh, the outstanding [: 00:04:30

And Nassau and Suffolk County as a Long Island region, uh, make up the number [00:04:45] two region. In the country by veterans population. And so veterans affairs for us here locally, isn't just an important issue. Uh, it's, it's a very, very local issue as well. And [00:05:00] so, um, those are experiences and passions, uh, you know, that I take with me, um, but, uh, you know, it all started back when, uh, when we first started, uh, working with our clients and building practices and, and building, uh, leadership.[00:05:15]

Uh, positions and reputations and, uh, both of which we, um, you know, we continue to do this day.

ts that, that, uh, led me to [: 00:05:30

And, and the guest before him was my father in law, as you know, Amy's dad, who just was honored at the UBS arena of military hero of the game. So I thought, uh, at least one [00:06:00] aspect of, of the podcast that we talk about. That you just mentioned, the, the Veterans Affairs Committee, uh, dovetails with, with those two, uh, things and, you know, Amy's dad being a Long Islander, uh, seemed to, uh, also catalyze that thought.

But I, I was talking [: 00:06:15

Steve Stern: My bet is that it was [00:06:30] probably through one of the, the, the local, you know, Long Island business networking associations.

the young guys in the room. [: 00:06:45

Jonathan Blau: So I'm gonna tell you how we met. When I joined Sanford Bernstein, when I left Arthur Andersen, in 1996, the end of the year, I had to build my practice. So I opened up Martindale Hubbell and, and, and was calling [00:07:00] people with firms that I thought we could work together with, and you, you were among them.

So that's, that's

Steve Stern: actually

Jonathan Blau: how we met. Do you remember the name of the restaurant we ate dinner at? There is

taurant I ate in last night. [: 00:07:15

Jonathan Blau: I'm going to be honest with you, I didn't remember it either, but Amy did. She said it was the York Grille. The York Grille.

Not York Annie. Fantastic.

Steve Stern: Our wives will always remember that stuff.

as we talk, I'd love for you [: 00:07:30

So why don't you talk about that a little bit?

y very earliest experiences, [: 00:08:00

S. House Select Committee on Aging. And so I was coordinating hearings on, uh, the delivery of long term care services. to indigent seniors across the country, the federal response to the growing problem [00:08:30] of elder abuse. And I was there, um, for the repeal of the Medicare Catastrophic Health Care Act. And so it was an exciting time, uh, to be involved because there was a lot of different things going on that gave me the [00:08:45] opportunity to participate in a, in a, a very substantive way.

r's office. Uh, Senator John [: 00:09:00

Uh, of policy that I was interested in. And so I went to law school primarily, uh, to participate in that school's elder law clinic, which is one of the very first in the country. And so having had that [00:09:30] experience and a real, uh, dedicated commitment to this area of the law, uh, I, uh, I ultimately was able to, uh, have my first, uh, Uh, invitation for employment, [00:09:45] uh, with Lawrence David Dow, uh, the managing partner of the David Dow Law Firm, who, uh, continues to, uh, not only be my colleague, but, uh, my, one of my very dearest friends and, and, and like family, uh, to [00:10:00] this day.

, uh, while I'm proud of, of [: 00:10:15

At the local level, the state [00:10:30] level, the, the national level, uh, we write extensively on these issues. Uh, we are called upon to be frequent lecturers, as you are. Uh, and not only is that, uh, professionally [00:10:45] gratifying, uh, but personally it's pretty cool. It's pretty cool to have been, you know, recognized as leaders, uh, in this, uh, can still a growing area of the law.

, of this time, it's, it's a [: 00:11:00

I've certainly been able to do that in our legal practice, uh, and now doing it on a, an even larger scale. Um, first at the county level in [00:11:30] Suffolk County, uh, and now New York state. And as I said earlier, it's given me the opportunity not just to represent my constituency, not just our region, but many of the Legislative initiatives that I've passed over the years have truly gone on to become national models.

Jonathan Blau: [: 00:11:45

So, um, Stephen, I love the idea of how passionate that you, you are when you describe your work in eldercare and I, I'm equally passionate about what I do. [00:12:15] And when I started off at Arthur Anderson as an accountant, as you, when we first met and I was joining the, uh, the Sanford Bernstein and the money management industry.

ully provide a good, um, uh, [: 00:12:30

In those days when I was at Arthur Anderson, particularly as a young kid, I felt like, wow, they're relying on me. I have a two master's degrees, but I'm just kind of getting started. And I was able to learn to be creative and all of that. I just, I wanted to throw at you the [00:13:00] idea that, um, with all the success you've achieved in the industry, how much, if, if at all, uh, when you were starting out, was money a motivator for you to, uh, to pursue, um, the level of partnership you have and so forth?

The, [: 00:13:15

Steve Stern: Yeah. So, uh, I can tell you that the pursuit of money, uh, was almost never on my mind. Uh, I, I, I started in this area of the law because I was passionate about the [00:13:30] subject matter. And, uh, my partner Lawrence, um, he was the, the older managing partner, uh, would always say that, you know, we do great work.

t, and we love how we do it. [: 00:13:45

Uh, you know, are consistently discussing with our Children, um, because we both shared that philosophy and we are both beneficiaries of that. And [00:14:15] I think that is, that's a good philosophy for anybody to follow regardless of profession, uh, regardless of the industry and, uh, and, and it certainly has, has gotten us through.

proud of that, but, uh, I'm [: 00:14:30

They didn't work, you know hard enough. Uh, it's uh, it's always about how they didn't [00:15:00] enjoy life enough and look I'll say it this way, you know So much of my professional practice in our law firm is dealing with death and dying on a daily basis Um, how does one plan for? Uh, incapacity. [00:15:15] Um, who makes important financial decisions or medical decisions if you're not able to, uh, how do you leave a lasting legacy to a next generation down or beyond?

ize, uh, the estate tax? Uh, [: 00:15:30

Um, will there be financial success in, in that kind of a practice? Absolutely. But I'll tell you this, uh, and I can say this firsthand that if. [00:16:00] Um, and if that's the primary goal, uh, then, then that's going to be a challenge. In this area of the law, it literally has to be about, uh, the personal satisfaction in the work that you're doing.

n't think it works any other [: 00:16:15

Jonathan Blau: I'm with you. I asked you that question for, for a specific reason, because for the younger generations that are listening, uh, to the podcast, and I know there are some of those, my, my client's children and, and, uh, my, my friend's children and so [00:16:30] forth. Um, I find that the society has, has, uh, evolved.

l my kids, you know, if you, [: 00:16:45

Um, and it's, it's such an important message because the, first of all, there's no rush. It takes time. The best way to, to, to accumulate, um, success in, in, in terms of [00:17:15] business and knowledge and experience as well as wealth to me is to get there slowly and methodically, not to, uh, not to push it. And, um, and if you're not enjoying, as you say, what you do, I mean, I love what I do, as you know, I'm very passionate about it and [00:17:30] that's what motivates me.

nts and I love the work that [: 00:17:45

Steve Stern: by the way, you must also love the feedback that other allied professionals get, because I know very well that your clients love you.

Uh, and that's, uh, that's always the best thing that we can hear.

u: Thank you. No, and I, and [: 00:18:00

Steve Stern: Yeah. So, uh, I grew up, uh, in, in the quintessential, uh, suburban Long Island, you know, [00:18:30] late sixties, early seventies, uh, world, which is, is unfortunately very different than the world we are in today. Uh, it was a great time. Anybody that grew up in our area on Long Island, uh, during that [00:18:45] time knows that it was.

uh, about growing up at that [: 00:19:00

When it was dark out at night, the best part was, you know, playing street hockey in the streets. Uh, with no holes barred and, uh, and it was, it was really, you know, a very special time. Uh, [00:19:30] we don't see that these days. Um, too many of us don't get the opportunity to appreciate that in the childhoods of, of our own children.

es that we show our children [: 00:19:45

Uh, but I know that there are others, uh, that share our generation that, that feel and do exactly the same as, as we do. And for very similar reasons.

Voiceover: But

for me, you know, both of my [: 00:20:15

Uh, large projector at the Vanderbilt Planetarium, which generations of children would go through and, you know, look up and, you know, dream about reaching for the stars, uh, on field trips [00:20:45] or, you know, weekend visits with their families. And, um, you know, our family is very proud to be part of that legacy. My mother, uh, was one of the very first, uh, business owners, uh, on Main Street in Sayville.

he specialty was the name of [: 00:21:00

Uh, and so, uh, you know, she enjoyed a wonderful, uh, very well respected, uh, reputation. Uh, for being a local business person, [00:21:30] uh, a strong, uh, woman business personality, uh, she would, uh, go to a lot of the middle schools and high schools as a guest speaker, uh, which we were very proud of. And so, uh, for me, not only was it a [00:21:45] great way to grow up, um, but, but extremely important, invaluable really, uh, for, uh, for me.

uh, about the importance of, [: 00:22:00

Uh, in my own relationship, and I'm, I'm really glad that my boys get to see that.

arted Fusion Family Wealth in: 2011

And, and she was, uh, as a friend, you know, she helped us out. I know we weren't, [00:22:45] we weren't, certainly weren't a big client, but, uh, she took us into the city and, and, uh, let me sit in all the chairs. Cause that was my, my rule, Amy, Amy's form, um, function, you know, Amy's like, Oh, this is beautiful. We're going to have it.

lients who are built similar [: 00:23:00

Steve Stern: your office is both. Your office is, is very, very functional, very comfortable, and it's beautiful as well.

y helped a lot with that. So [: 00:23:15

Steve Stern: right

Jonathan Blau: It was kind of poignant when I thought about it.

So so I would [: 00:23:30

And what's interesting is, and I think we were happier than [00:24:00] generally as, as on the whole. And I think the reason is, is what I kind of try to teach all my clients is that, um, you have to have in life, no matter how much you have, you have to have something that people who materially have more than you could never have.

And I, and then I [: 00:24:15

And inflation adjusted today, it's heading toward 85, 000. So it's almost tripled. But a [00:24:45] lot of people don't feel like the quality of their life has tripled or even come close. In fact, for so many people, because as an example, the average size home back then was 900 square feet. And today it's about 2, 500, right?

So, so while [: 00:25:00

And in the book, he [00:25:45] quoted, he had a quote that said, there's nothing as damaging, uh, to, to a person or their judgment as to see a friend get rich. And so it's that Facebook reality, right? We always think everybody's life is just so good. [00:26:00] And how come ours isn't? Nobody shares the other stuff. So, we have to figure out, we have to figure out a way around that.

one, but I think there's so [: 00:26:15

I know my clients that work with you are always, always, uh, very, um, very happy and, and, uh, and they know the difference between authenticity and just someone who's doing it to, you know, to, to, to build their acquisition. But [00:26:45] it's, it comes, it comes through. So we appreciate all of that. Oh, Yeah. If there's anything else you want to add before we, before we, um,

t, you know, some, some more [: 00:27:00

Um, but, uh, but it's always a pleasure being with you. And, uh, and very best to home, uh, as always, uh, looking forward to, to seeing you again soon. And, uh, and I would just, uh, leave your, your, your, your [00:27:15] viewers, uh, with the idea that certainly in my role as, um, as the new chairman. of the Veterans Affairs Committee.

ur immediate community in my [: 00:27:30

I thought it was fantastic. And, uh, we, we all have either veterans somewhere in our lives. Or we have people in our lives who are close with veterans and particularly on Long Island, as I said, as [00:28:00] a region, we are number two in the country. And Suffolk County is the, the home to the largest number of veterans in all of New York state.

conversation today is that, [: 00:28:15

[00:28:45] Uh, and the absolutely unacceptable rate of veteran suicide. Uh, and so, um, it is all around us. We don't see it, uh, unfortunately, too many of us hear about challenges too late. Um, but if anybody, um, you know, within the [00:29:00] listening universe, Uh, knows a veteran who's struggling, knows someone who knows a veteran that's struggling.

her hit the, the internet or [: 00:29:15

Jonathan Blau: Now, Steve, I'm going to ask you one last question without going too long into it, because you mentioned all of this great, uh, work that you're doing for the community, um, professionally, and, and, and I know how you are with your family, uh, and Mary with her [00:29:45] position. Where do you find the time? How do you balance all this?

Steve Stern: I, you know, I, I mean, I might look at, so I feel like I'm about 95 years old at this. You don't look at,

Jonathan Blau: you

Steve Stern: don't look

Jonathan Blau: at

d say this, it goes directly [: 00:30:00

Um, but if it's your [00:30:15] passion. Um, you'll, you'll come up with the systems, you'll surround yourself with the best people who share your vision, uh, and not only make things work, um, but actually exceed, uh, in the goals that you set. Uh, there's always more points to put on the board. [00:30:30] There's always another constituent to help.

There's always another client and family in crisis, uh, who needs guidance. Uh, that's what drives me. It's what's always driven me, uh, like you, uh, we'll be working at it forever

Jonathan Blau: because, uh, because it's what we love

Steve Stern: doing. [: 00:30:45

Jonathan Blau: That's your answer. It's because it's not always work, right? I could spend 18 hours a day doing some of whatever we're doing relating to this, the podcast, the work, but when, when, when you, when you're so satisfied at the end of it, it's not like, uh, digging [00:31:00] holes, you know, that's not, doesn't, doesn't eat away at you like that.

All right. Well, thank you so much, Stephen. It was great, great to have you on. And I look forward to, uh, to having a followup sometime in the next few months.

Steve Stern: Look forward to it as well. Thanks so much.

t. You got it. Stay tuned to [: 00:31:15

Amy Blau: How are you? Uh, I'm good. How are you? I am tired. We're ending this long President's Day weekend, and I know in [00:31:30] terms of timing, it couldn't be better having a Assemblyman that you spoke to this week.

Jonathan Blau: Well, I guess, yeah. There's never a bad time to speak to Steve Stern, though.

Amy Blau: I'm [: 00:31:45

Jonathan Blau: learn?

Amy Blau: So

eldercare As much as he did, [: 00:32:00

S. House Select Committee on Aging. That led to [00:32:15] his expanded interest and pursuit of everything relating to enhancing the elder care space. And in fact, he became a pioneer in shaping, uh, the way he described it, in shaping the way the law unfolded in eldercare. So he's not just, um, practicing it, he [00:32:30] really was, uh, played, played a large part in influencing, um, modern day eldercare law.

I'm actually

have some fun facts. Do you [: 00:32:45

Jonathan Blau: I do remember, yeah. We, when I started, when I left Arthur Anderson and started at Sanford Bernstein. I was calling lawyers and accountants to try and network, and he was among them.

And then we went out for [: 00:33:00

Amy Blau: York Grill in New York City that I don't think exists anymore. But what I remember so vividly from that dinner was Steve and Mary were maybe a [00:33:15] year older than us, not much. They were What I considered very successful and ahead of their time in terms of our age group and we were probably all none of us had children at the time.

, [: 00:33:30

So they had to buy split system units to put into their windows so that they [00:34:00] had air conditioning. And I still was amazed by the whole situation. And it's funny to see how far everyone has come in that long period, you know, that short period of time.

president of Walden's Office [: 00:34:15

And Stephen has as two of his biggest role models is Mary. His wife and his mom, who was very, uh, who was well known for her store in Sayville called Special Tea, [00:34:30] where it wears t shirts. In fact, one of his political commercials years ago, I remembered when he was describing to me, but he, he highlighted that.

uch he learned from her, uh, [: 00:34:45

Amy Blau: very unique at that time to be a, you know, a very strong, successful woman in business back then.

e said that his boys learned [: 00:35:00

So that was all interesting. But the way he got into politics He really cares about the elderly, uh, obviously he's focused on Long Island as a New York State Assemblyman for Suffolk County, but he [00:35:15] cares about the elderly. He cares deeply about veterans. He was just the appointed chair of the Veterans Affairs Committee.

about is that he and I said, [: 00:35:30

And so we talked a lot about that, about his childhood, middle class, um, upbringing. His [00:35:45] dad was an engineer and Vanderbilt Planetarium coincidentally. Had a need for their big projector, which, which was in need of repair, and it turned out he was one of the few people who had the skills and got brought in for that, unrelated to him.

So we were talking [: 00:36:00

Amy Blau: So were there any biases that you came up with during your call that, you know, that he had or that you could relate to what [00:36:30] you do?

nd have a lot of fulfillment [: 00:36:45

I think there's more of that kind of a message.

ority of the very successful [: 00:37:00

And it comes through all the time. I wish you had as much passion for doing the laundry and keeping the house clean, but you know, I'll save that for another time I

Jonathan Blau: have as much passion to do

au: Oh, there you go. So i'm [: 00:37:30

Jonathan Blau: All right, honey.

Thank you for calling in and thank everybody for listening to this edition of Crazy Wealthy Podcast.

Amy Blau: [: 00:37:45

Voiceover: Thank you for tuning in to another episode of the Crazy Wealthy Podcast. For more insights, resources, and to sign up for [00:38:00] our newsletter, visit crazywealthypodcast. com. Until then, stay crazy wealthy.

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To provide investment advisory services. A copy of Fusion's current written disclosure brochure discussing our advisory services and fees is available upon request or www.fusionfamilywealth.com.