There’s a lot of advice and methodology people rely on in order to get their finances in order and prepare for the future. Retirees are especially targeted because they find themselves in a position where they both have wealth to invest and a need to rely on expertise to manage it properly. Richard Blair of Wealth Solutions understands this circumstance, and his firm uses a three pillar approach to making sure their clients meet their financial goals.
Wealth Solutions applies Blair’s tested approach to help their clients assess their current wealth status, grow it, and maintain it for the future with a better understanding of how changing markets affect capital. This financial planning not only gives clients the means to live more comfortably but to also be more savvy when deciding how to manage capital.
With such a structured approach, the advisors at Wealth Solutions put clients into the right frame of mind as their current financial standing is better understood, making it possible for a reasonable projection to be made in order to reach their investment goals. This is done with the understanding that the means of the individual and their ability to grow their initial wealth is an individual manner, changing from client to client and subject to changes depending on the current state of the market.
The first pillar Blair defines as understanding the client. This is when an advisor makes an assessment to the clients actual investment possibilities, approximates their possibility for reaching certain financial goals, and understanding some of their spending habits which may impact the potentiality for returns. Taking this information, the advisor can then chart out a plan that helps the client get from where they are to the path that gets them closer to meeting their investment goals.
The next pillar focuses on strategy. Knowing where the client stands and where they intend to be financially, the advisor is then able to determine how to best strengthen their portfolio and get them there. This includes eliminating as much unnecessary risk as possible and maximize returns in a way that doesn’t work against the current market.
The third and final pillar in Blair’s plan focuses on insurance. Many of the clients that come to Wealth Solutions are retirees or those soon to retire, meaning that health concerns and end-of-life expenses are a consideration that must be appreciated. By making sure insurance for long-term care and life insurance are accounted for, clients can avoid large unexpected expenses or reducing the worth of their estate.
About Richard Blair:
Richard Blair graduated from the University of Houston with a Bachelor’s Degree in Finance. This set him up for a career as a financial advisor. In 1994 he founded Wealth Solutions in Austin, Texas, advising clients ho to best handle financial markets and prepare for retirement.