Richard Blair of Wealth Solutions has a particular methodology when it comes to preparing clients for their financial futures, retirees especially. And this approach to financial preparation relies on three solid pillars.
The first pillar is where the advisor creates a detailed image of the client. This is where the client’s financial standing is dissected and better understood. This is done to better identify financial obligations and lifestyle habits that could potentially restrain a potential for seeing substantive returns on investments. With these and other variables are sorted out, the advisor can help the client set financial goals that are in line with reality, making it easier to maximize returns without incurring risk to meet unattainable benchmarks. This reassessment under an advisor gives the client a better understanding of what’s achievable in the market but also gives the advisor real financial goals and benchmarks to aim for, setting up a pathway to success.
The second pillar is where serious investment begins. With goals set, the advisor can provide the client with an effective plan for reaching those goals. The investments that follow will refine the clients portfolio, meaning the advisor will be charged with assessing risk of particular investments and taking into consideration the reasonable projections of the market. Limiting risk is the main concern under this pillar, as that could be the biggest hindrance on meeting a financial goal.
The final pillar of Blair’s approach is to prepare for the unexpected by securing proper long-term medical coverage and life insurance. Many of Wealth Solutions’ clients are retirees or those about to enter retirement, which means that medical expenses are a logical concern. Without coverage such as these a stay in a care facility could greatly diminish one’s wealth. With proper coverage they can make sure that unforeseen health complications do not greatly hinder the plan set up by financial advisors.
Wealth Solutions puts Blair’s three pillar approach to the test with each client. With it, advisors develop a detailed understanding of the client’s financial situation before determining what goals they can reasonably reach and the time it will take before it’s reflected in their portfolio. This benefits clients as well. By working closely with advisors they become more knowledgeable of the market, its potential for volatility and how to be more financially secure in times of economic prosperity and struggle.
About Richard Blair:
Richard Blair is a financial advisor based in Austin, Texas. After graduating from the University of Houston with a Bachelor’s Degree in Finance, Blair went on to found Wealth Solutions, a financial advisory firm that assists retirees in the Austin area secure their financial solutions through sound investment guidance.