PORT ST. LUCIE PEOPLE
THE INVESTMENT GURU
When financial adviser Mike Terrio’s father died at an
I have 90-year-old clients who still play golf and clients much
younger with health issues. We all run into situations in life
but I want to manage my finances so that if I died, my kids
would be OK. They could stay in their neighborhood and
continue to play sports. Older clients have other considerations.
What you don’t want is a cookie-cutter plan.
We’re bombarded today with information but things have
to be tailored to the individual. The industry doesn’t like to
talk about bad years, but it’s when the market takes a downturn
that we really earn our stripes.
Why is Port St. Lucie a good place to retire?
Because of differences in tax structures, some people
virtually get a raise just by moving here. The quality of life
is amazing, I think, because we take care of our own. We
support our businesses, our culture, the arts. There’s music,
sports, golf. It’s just this neat place that offers awesome lifestyle
possibilities.
How do you balance work, family and charity work?
A health scare in my 30s showed me the need to prioritize.
I only get one chance to be a dad, so family comes first. I’m
passionate about giving other kids opportunities, too, whether
it’s Operation 300 — adventure camps for kids whose
parents were lost in combat — or Boys and Girls Clubs. I’ve
been in bad spots and I want to give back. E
early age, his family’s financial situation was tenuous;
something he hopes his clients to avoid.
Mike Terrio owns and operates The Terrio Group which
offers retirement planning solutions at 542 NW University
Blvd. #102B in Port St. Lucie; with other offices in Stuart and
Edina, Minnesota. He is also the founder of Motiv8 Advisors
and Motiv8 Investments, with associates around the country.
You went to college on a cheerleading scholarship and
toured as a musician — not the typical beginning for a career
in finance. How extensive is your guitar collection?
I have 22 guitars. My favorite’s a Yamaha acoustic that
was my father’s, so lots of memories there. I started playing
in high school. Touring later was an amazing thing. Being in
Italy was one of my best experiences. When I competed with
American Idol I sang a cappella, but I accompanied myself for
Nashville Star, Rock Star:INXS and America’s Got Talent. It’s
an interesting process — you perform for maybe 10 seconds
and either move on or go home. Cool experience. I would
definitely encourage people to follow their dreams and
chase them.
How did you get into investment planning?
I had no intentions, but the job found me. As a successful
entrepreneur, my father had a good grasp of finances, but
when he died at 53, I saw that there was a gap in financial
planning. My mom wasn’t prepared. I want to help people
avoid that. It’s my mission and passion.
What are the risks and mistakes people commonly
encounter with financial planning — or a lack thereof?
The three main risks are getting bad advice — there are
bad people in the industry as well as good people who aren’t
good at their job; no advice, which is dangerous now because
risk has shifted from employers to employees; and one-sided
advice from advisers who are out to sell a product and who
will find a problem to fit their solution.
People tend to treat financial advisers like dentists, avoiding
them until there’s a problem. Financial concerns can be
overwhelming. Money is very emotional. People stress over
money, get divorced over money. But knowing the data behind
it all takes the emotion out of it.
When should people begin planning for retirement?
You have to have a balance in life. In childhood, kids
should learn the value of money and the time-value of money
— what it can become. Compound interest is like the eighth
wonder of the world. An 18-year-old can invest less, but end
up with more than someone who doesn’t invest until he’s 25.
We can’t take tomorrow for granted, but we should plan for
the long-term, too. And I’ve never met someone who’s upset
at having too much money.
Is it better to keep working as long as you’re able?
If that’s what you want and enjoy. That balance again.
You want to have a structured plan but one with flexibility.
I think it’s better to rewire than to retire. My mother was a
nurse practitioner. Now she’s an artist, still sharp and active.
32 Port St. Lucie Magazine
ANTHONY CENTRONE
BY ELLEN GILLETTE