Written by - Gretchen Eichenberg
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In a world of more economic uncertainty and opportunity than ever before, investment adviser, alum and four-time Viking dad Russell Livesay (‘94) is set to share his perspective through “Exploring the Economic Landscape,” a panel discussion on March 5 that is part of the Vanguard Alumni Speaker Series.
After graduating high school, Livesay earned a BBA in Accounting and Masters in Accounting from Baylor University and went to work for Arthur Andersen, where he worked with clients like Bass Pro Shops, Texas Rangers, Crescent Real Estate, and the American Heart Association. But after just four years, Enron blew up. Livesay said through that experience, he learned early in his career what bad leadership can do to an organization.
“The 100,000-employee firm was forced out of business because of about three corrupt partners,” Livesay said. “While I enjoyed some of the work and had opportunities to stay in public accounting, I knew that it wasn’t ultimately what I wanted to do.”
He moved back to Waco in late 2002 and worked for a holding company for several years that managed and ran multiple businesses. In 2007, Livesay joined his current business partner Todd Stoner as the owners of Disciplined Investors where they serve as Registered Investment Advisors doing financial planning and investment advising, serving individuals, corporate and not-for-profit retirement plans. 
“It’s been quite a journey since 2007, but we now handle and direct over 700M in assets under management,” Livesay said.
Livesay said he initially went to Baylor, planning to become a doctor like his father, but could not ignore the entrepreneurial spirit that had always been part of his life.
“I always had businesses such as lawn mowing and firework stands in high school and college,” he said. “I took an economics class and loved the concepts. Everything just made sense.”
Once in the business school, he decided to major in accounting after a trusted mentor gave him a piece of advice:
“He said it was the best degree you could get in the business school since everything in business related to understanding a financial statement,” Livesay said. “Although I didn’t love the accounting classes, I did agree with his assessment of having a good understanding of accounting and that many of the best students were in accounting.”
After graduating, he worked for Arthur Andersen, which at the time was the corporate sponsor of the Baylor business school.
“Those first several years working for Arthur Andersen taught me a great deal about work ethic, communicating with high level professionals and the importance of showing up, being on time, and dressing appropriately,” he said.
After Arthur Andersen was shut down, Livesay said he’d had enough of public accounting and knew he didn’t want to lead the corporate life and stay on a path to burnout.
“It was actually a nice time to reassess what I wanted for my career and life,” Livesay said.
He moved back to Waco where he enjoyed a slower pace and began to build a career in business. He worked for several companies and in 2006, Livesay said he knew it was time to start his own business — and my current business partner Todd had been wanting to add a partner to the business he had started a few years before.
“This business seemed to fit my financial skill sets and after lots of prayer and advice from trusted friends and family, I made the jump and knew fairly quickly this was the job for me as it almost immediately felt right,” he said.
Livesay said he believes he found a career that he is naturally suited for, both from a personality standpoint as well as a life perspective.
“I have a strong belief that we are created for helping others and I get great personal and professional satisfaction out of seeing others succeed,” he said. “In my role as a financial planner and investment advisor, I help empower and equip people to make choices that will ensure they meet their goals.”
Getting to know and understand his clients is something Livesay deeply enjoys about his job.
“I first get to understand them, their circumstances and their goals,” he said. “I especially enjoy this part in understanding their history, backgrounds, successes and sometimes failures with money decisions. Each client is a wonderful, intricate puzzle that I get to help line up the pieces to create whatever success means to them.”
Then he gets to work practically crafting a plan to help them get to where they want to be financially, Livesay said.
“I enjoy the relational side of the job as well as the practical application of putting investment money to work and watching it grow over the years,” he said. “My favorite part of the job is when I worked with a client for a long time and I am able to help them through the process of retiring. Seeing them live with less stress and enjoy life with all the work they put in to accomplish the goals we set is so rewarding. Those are times when I know I chose the right field.”
Livesay said he’d tell young people considering a career in business that much of the job is about people and understanding them — and that the field needs more young people and is full of opportunities especially for someone who is detail-oriented but also enjoys the relationship side of working with people and communicating.
Livesay has four children, Clarke, Charlotte, who attended Vanguard, and Ameilia and Katie Leigh, who are current seniors.
“Vanguard has been a wonderful place for my children to understand the importance of education as well as making friends and being on teams,” he said. “All of my children have had experience with both public and private education. Both have their strengths, but the bonds between faculty and students at Vanguard far surpass the public school experience and this has probably been the biggest impact on their successes”
As for his own Vanguard experience, Livesay said he learned that even when you might not be as gifted as some, effort can make up for a number of shortcomings, if you stay committed to the process of learning.
“I was in a highly intelligent peer group or graduating class,” he said. “I was fairly average in my opinion and it required me to study more than some others just to maintain mostly As and Bs with the occasional C.”
Once he got to Baylor, Livesay said his classes didn’t seem that difficult.
“Once, I had a fellow student ask me how I made good grades,” he said. “I basically explained the simple format I learned at Vanguard. Show up for class, read the assigned reading, listen to the professor, take notes, read the assignment again, do the homework. It seemed pretty simple to me, but as I learned most high school students don’t get this training and many have to learn through failure in college before they understand the rigor and dedication required to succeed in college.”
Some of Livesay’s favorite teachers were Carol Spain, Brad Livingstone, Ed Knipper and Carol Davis.
Livesay said he would tell current students that Vanguard is not a place for coasting.
“It is a place that will reward you if you put in the work but either way you will be cared for by the staff,” he said. “I will add that as a father of four children, Vanguard has at times not been an ideal fit for all my children as each of them has needed different environments as they developed.”
He added that it’s not a knock on Vanguard but more of a challenge to parents that more important than a school is understanding what is needed for each of your children to succeed.
“Sometimes it’s tough love and hard work, other times it might be change of scenery and crowds,” he said. “There are no wrong answers other than not being your child’s biggest advocate. You only get one shot.”
The college landscape has changed drastically from not only his time in college but even in the times from his first child to now the last, Livesay said.
“College admissions are no joke,” he said. “It requires constant attention, parent involvement, follow up and most importantly understanding for your children that after eighth grade, every score matters. In high school, grades are paramount and if parents have expectations for certain schools, they should educate their children at an early age the dedication it will take to attend high performing or sought after schools.”
He added:
“Vanguard 100% prepares students for college, but if not careful it can limit school choice due to its rigor on students that may not be the highest achievers or others that might not be putting in their best effort.”
Livesay said he wouldn’t be the person he is today without Vanguard.
“It was and remains a wonderful place for lifelong friendships, high quality education and a caring environment where teachers and faculty genuinely care for the future of all the students who attend,” he said. “I am always proud to be a Vanguard Viking.”
![Alumni Connection - Russell Livesay - Class of 1994]([{"url":"https://resources.finalsite.net/images/f_auto,q_auto/v1743699526/vanguardorg/elnfne46c6obom0v1uua/RusselLivesay.png","width":200}])