This is really just common sense, but many people do not know how to develop such a plan, or they think wealth management is only for the “1 percent.”
Richard Blair, founder of Wealth Solutions, thinks we all should have a sound financial plan. He has created a process that he calls the “Three Pillars” to help individuals and small businesses build and manage their wealth.
Blair calls the first of his three pillars “laying out a financial road map.” A financial advisor helps the client asses his or her specific circumstances, starting with the client’s strengths. This means looking at the client’s existing assets, liabilities, income and obligations (such as putting children through college).
The client also works with the advisor to determine individual financial goals and risk tolerance. For instance, a young person may want to grow his wealth. A person nearing retirement might be more concerned with creating an investment portfolio that produces a stable income stream for retirement.
The second of Blair’s three pillars involves developing a customized wealth management strategy that fits the client’s personal situation and goals. In general, Wealth Solutions seeks to maximize profits when market conditions are favorable, and to protect client assets during market downturns.
Insurance coverage is the final pillar. Blair’s goal here is to make sure clients are properly protected with suitable life and long-term care insurance policies. In addition, annuities are added to the overall investment package to enhance growth and increase financial protection.
According to Bright Scope, Richard Blair Wealth Solutions brings over 20 years of financial planning and wealth management experience to the table. He graduated from the University of Houston with a bachelor’s degree in finance. In addition, Blair holds multiple certifications, including CFS, CES, RICP and CAS. Blair founded Wealth Solutions in 1994.
His goal was and is to provide tailored financial services, investment advice and insurance to his clients in and around Austin, Texas. Wealth Solutions is a privately owned Registered Investment Advisory firm.