By CRISTINA JANNEY
Hays Post
Hays native Tim Werth of Werth Wealth Management was recently named the second best wealth adviser in the state of Kansas by Forbes in its Best-In-State Advisor List.
The Forbes list recognizes advisers from national, regional and independent firms.
Werth was also recognized by Barron's as one of the top wealth advisers in the United States and the fourth best adviser in Kansas.
Although Werth manages multi-million accounts, he comes from humble beginning and his firm continues to offer financial advice to middle-class families across Kansas.
Werth, 51, is the youngest of six children. His parents owned a mechanic and tire shop.
He learned a strong work ethic growing up in Hays — something he said has been essential to his success in finance.
After graduating from Thomas More Prep-Marian, he went to work for a local financial adviser, Dave King. He graduated from Emporia State University with degree in finance and a minor in accounting.
Werth chose to come home to Hays to set up his business over taking a job with Merrill Lynch in the city.
He attributed his success early on to hard work.
"Lots of hours, lots and lots of hours early on and networking," he said. "I also had a good background in accounting and finance and that certainly helped."
Although today, Werth Wealth Management services high-net worth individuals, retirement accounts and foundations, he said the practice was built on middle-class families — one relationship at a time.
"A lot of these families started at zero, and they have accumulated material amounts of assets over the last 30 years working with us," he said. "That has been the backbone of our practice, and we have never forgotten that."
If he could give one piece of advice to a young family, he said he would tell them to pay themselves first — pay into a retirement account.
"In the last 30 years, we've never had a client say, 'Gosh, I wish I hadn't started as early as I did,' " he said.
Over time, he said, he was able to build a strong team. He often hires graduates from Fort Hays State University and individuals from small communities.
"We want to hire smart people with big hearts," he said.
Werth has been involved in many philanthropic organizations in the community, including the Hays Chamber, FHSU Foundation board, among many other local and regional civic groups.
He humbly attributed much of the success of the business and the rankings on the Forbes and Barron's lists to his team.
"Our partners and associates, we come to work every day with a laser focus on doing what's right and what is in the best interest of our clients," he said.
"I'm really proud of the team we've built within Werth Management from both a professional standpoint and personal accountability."
Werth uses the following quote as a philosophy for his firm:
“Do the right thing — even if it hurts. Do not confuse really good with perfect. Forward always and backward never. All things equal, the best communicator always wins.”
"You can spend time looking at the past and beating decisions in the past up, but it is always best for people to look forward," he said. "In our area and in the United States, the optimistic path has always been the best one to take."
He said he sees being an excellent communicator with both employees and clients as essential.
"You have to listen to what is really important to them and help put a plan in place that takes care of their needs," he said. "If you are competing for business, all things considered equal, the best communicator usually wins."
He said regular communication was particularly important during the volatility of the pandemic during the last two years.
"People don't need you when the wind is at their back," he said. "They need you during volatile, difficult periods."
All of the other top advisers in the state on the the two lists were from Kansas City metro area. Werth said headquarting in Hays has been an asset instead of liability.
"We come from a small community, and we see the majority of the people we represent regularly," he said. "We have to be accountable every day. We are proud of our roots. Hays is home, and it's a special place.
"I think those values that are prevalent in our community have really helped us expand our business outside of just Hays, Kansas."
Technology has leveled the playing field for Werth, allowing it to expand into metro areas, he said. The firm also has an office in Leawood.