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5 Best Financial Advisors for Austin, Texas

5 Best Financial Advisors for Austin, Texas

Austin is a unique city in Texas with a unique feel, but it is also a city experiencing huge growth. This can make is a great place to live for people looking to expand or retain their wealth who want a pulse on the city, or simply for people looking to enjoy the area. Whatever the reason, you should make sure to have a dedicated financial advisor working with you to maximize you and your family’s portfolio.

Since it can be tough to comb through all the options, we did that for you. Here are our top five choices for financial advising firms for Austin, Texas:

1) TCG Advisors, LP

The largest firm out of our selections with $1.76 billion in assets under management, TCG Advisors, LP is a great firm for those looking for primarily for investment advice and guidance, although they do also offer financial planning and advising services. Founded in 2001, the firm hosts a staff that includes retirement specialists, investment planners, and a financial planner.

They are massive when considering the number of clients they serve, according to them handling 350,000 clients. You can also expect them to be accountable, trustworthy, respectful of your time, and generally everything you would expect of a top financial services provider.

TCG Advisors, LP is a fee-only firm that requires either $50,000 or $100,000 in investible assets depending on the account you open.

You can expect the following working with TCG Advisors, LP:

  • A model-based strategy, which means that they place close attention to the selections and general plans they use for their clients.
  • Fine-tuned planning to ensure your main financial plans both fits your needs and can adapt to inevitable life changes.
  • A focus on financial diversification, minimizing the risk to your wealth over the long term.

2) Durbin Bennett Private Wealth Management, LLC

Durbin Bennett Private Wealth Management, LLC is an Austin-local firm with $1.04 billion in assets under management that won several accolades in 2015 for its service. Hosting a full staff of certified planners and advisors, you will be working with an expert that will put in every effort to expand your holdings and preserve your wealth.

They also will be able to help you with your taxes remarkably well, especially minimizing tax losses. They have a long-term approach to wealth management.

Durbin Bennett Private Wealth Management, LLC is a fee-only firm that requires $1 million in investible assets for them to take you on as a client.

You can expect the following working with Durbin Bennett Private Wealth Management, LLC:

  • A more conservative and passive approach than most other firms, making it a great choice for cautious or hesitant investors.
  • A strong focus on retirement planning and ensuring generational wealth.
  • You will have great say as to where you want to place your assets.

3) Austin Asset

A more personally focused firm that has about $850 million in assets under its management, Austin Asset was the number one financial planning firm according to the Austin Business Journal for 2016-2017, and by reviewing their approach it’s easy to see why. They currently have about 18 staff members and have been serving clients well since 1987.

They take a long-term, holistic approach to wealth management and financial planning, constantly keeping you in the loop and making sure you receive their honest recommendations.

Austin Asset is a fee-only firm that requires $1 million in investible assets.

You can expect the following working with Austin Asset:

  • A personalized approach where you will meet with advisors enough to determine an exact plan for your wealth.
  • A transparent relationship based on clear and candid communication, not what might be convenient to say in the moment.
  • A holistic approach to your wealth, ensuring greater balance and growth in the long run.

4) Richard P Slaughter Associates, Inc.

Richard P Slaughter Associates, Inc. is a great option if you find yourself newly wealthy in the Austin area as a result of good fortune or sudden business success. They know just how to preserve and maximize that wealth and carefully guide you through the process. Founded in 1991, they have close to $500 million in assets under management.

They use a general process which ensures that you have determined goals and then works to accomplish these objectives, whether for yourself or your family.

Richard P Slaughter Associates, Inc. is a fee-only firm that requires $10 million in investible assets.

You can expect the following working with Richard P Slaughter Associates, Inc.:

  • In-depth information and advice to help you understand your own wealth and prospects better.
  • Expertise in working with the suddenly wealthy and those who have found business success.
  • Ongoing advice and information after the initial setup period to ensure success in changing markets.

5) Beck Capital Management

The smallest firm on this list with about $300 million in assets under management, Beck Capital Management might not have some of the resources or acclaim as other firms on this list, and are not as specialized in financial planning specifically, but they are often more accessible and a great choice for potential investors.

Beck Capital Management prefers to take a big-picture approach of the market and then perform research to stay on top of the current trends.

Beck Capital Management is a fee-based firm that has no stated account minimum.

You can expect the following working with Beck Capital Management:

  • Custom-built portfolios and active management of them.
  • You can take as hands-on or hands-off of an approach as you like when working with them.
  • A relatively risk-adverse approach to investing your wealth.

Conclusion

Our top choice might not be your top choice, and that’s ok. We understand that every individual and family in Austin is at a different stage in their financial life and will have different needs. We are nearly certain, however, is that one of the above choices will be a great choice for you and your family. We wish you the best of luck on your financial journey and hope you find the perfect fit soon.

The post 5 Best Financial Advisors for Austin, Texas appeared first on Careful Cents.

5 Best Financial Advisors for Fort Worth, Texas

5 Best Financial Advisors for Fort Worth, Texas

The modern, thriving city of Fort Worth has seen a great deal of success recently, and one of the largest cities in the countries has a lot of individuals, perhaps like yourself, that could use some financial guidance. Whether you inherited your wealth or recently found success with a business enterprise, it can be difficult to manage your assets effectively and live a productive life in the meanwhile. This is where a financial advisor comes in, and thankfully there are some great ones operating in the city.

Here are our top five picks for financial advising firms in Fort Worth, Texas:

1) Diesslin Group, Inc.

One of the largest firms in Fort Worth with about $585 million in assets under management, Diesslin Group, Inc. is also one of the oldest firms operating in the area, having been founded in 1980. They take pride in their independence and have taken great efforts to ensure that you receive only the best, completely unbiased advice.

You can expect a conservative approach regarding your assets, and mutual funds will be a staple. You can also be assured that you will meet with them enough for them to get a full handle on your needs and concerns.

Diesslin Group, Inc. is a fee-only firm that requires potential clients to have at least $1 million in investible assets.

You can expect the following working with Diesslin Group, Inc.:

  • A commitment to providing you entirely unbiased advice and information.
  • A conservative approach meant to preserve your wealth via a diversified portfolio while you accomplish your goals.
  • A wide network to ensure that you get the exact services and options you need to make the most of your wealth.

2) Whitley Penn Financial, LLP

A firm nearly as large with about $530 million in assets under management, Whitley Penn Financial, LLP is employee-owned and performs a wide variety of services such as financial planning, asset and investment management, estate planning, and insurance services. They use five main principles when working with clients when it comes to investment, which you can learn more about on their website.

They will adjust your portfolio and advice based on the times and won’t rest on their laurels when it comes to keeping their clients satisfied.

Whitley Penn Financial, LLP is a fee-based firm that has no exact account minimum.

You can expect the following working with Whitley Penn Financial, LLP:

  • Flexibility and the ability to work with other consultants or professionals under your employ, whether they be attorneys, brokers or agents, or perform some other task.
  • The ability to work with you no matter where you are in life.
  • A focused, disciplined approach to investments you can rely on.

3) WWK Wealth Advisors

With more than $235 million in assets under management, WWK Wealth Advisors (founded in 2003) is a well-known operator in the region and works with individuals and families alike to try and give you the financial security you want and deserve. They have a well-rounded approach to investing and will constantly adjust their process to make sure that your priorities are placed first.

You can also expect a full team to be working with you each step of the way, from taxes to retirement planning.

WWK Wealth Advisors is a fee-based firm that has no asset requirements to become a client.

You can expect the following working with WWK Wealth Advisors:

  • A dynamic approach to financial advocacy that ensures you will be receiving relevant advice.
  • A highly-efficient model and team that won’t waste your time and provide you the best results.
  • A great deal of experience among its founders and employees.

4) OverRidge Wealth Advisors

With a history that dates back to 1970, OverRidge Wealth Advisors (formerly Lee Johnson Capital Management) is a firm with about $160 million in assets under management that is at one experienced but injected with new life and new ideas. Financial planning is offered, but potential investors and people looking for portfolio and wealth management will feel right at home working with them.

They emphasize the personal touch and a personal relationship and combine that with a constantly aware approach to investing.

You can expect the following working with OverRidge Wealth Advisors:

  • A willingness to take their time working with you and go the extra mile for their clients.
  • A focus on individuals and small business owners that will serve those groups well.
  • The ability to easily check on your assets and progress easily using apps and online tools.

5) Aspen Wealth Management

Aspen Wealth Management is a smaller firm than most of the ones we looked at, with only $112 million in assets under management. Yet not requiring any level of minimum investable assets, their fee-only philosophy, and a strong staff of advisors relative to this statistic made them stand out among other Fort Worth agencies.

They are great when working through life’s problems and are more accustomed to working with the average family just making a good start than the other firms on this list. Clients will find consideration and honest communication when working with them.

Aspen Wealth Management is a fee-only firm that has no minimum investible asset requirement, although wealth management requires at least a $500,000 investment.

You can expect the following working with Aspen Wealth Management:

  • Experience working with women, families, and individuals.
  • A unique approach to market analysis and investing that you won’t find elsewhere.
  • A variety of service models based on your wealth and needs.

Conclusion

We understand that everyone has unique needs and priorities when it comes to their wealth, and as such everyone will come to a slightly different conclusion as to which advisor might be the best fit for them. We encourage you to take your time, but we also believe that one of the above choices will be a great fit for you, your family, and your wealth in the long term. We hope you find nothing but success in your future endeavors.

The post 5 Best Financial Advisors for Fort Worth, Texas appeared first on Careful Cents.

5 Best Financial Advisors for San Antonio, Texas

5 Best Financial Advisors for San Antonio, Texas

With more than 1.5 million people and a rich cultural history behind it, there are few places in Texas better to live than San Antonio, whether you’re already established or are looking for a place to find business success. And regardless of your circumstance, you as a successful individual will find that you might need help with your finances. The financial and investing world is tricky, but a financial advisory firm will help you keep a level head.

Here are our picks for the top five financial advisors for San Antonio, Texas:

1) South Texas Money Management, Ltd.

The top spot on this list goes to South Texas Money Management, Ltd., which has about $3.3 billion in assets under management and more than enough advisors to handle whatever your financial needs might be. An individually-focused organization, you can expect great communication and a heavy amount of attention paid to your needs and assets when compared to other firms.

You will also notice their strong values, which will allow you to trust their efforts and advisors more easily, smoothing your working relationship more quickly.

South Texas Money Management, Ltd. is a fee-only firm that requires a $1 million minimum investment.

You can expect the following working with South Texas Money Management:

  • A long-term relationship with your team that will see you through the financial ups and downs.
  • Clear communication in that relationship, with both you and your family.
  • An investment strategy focused on a comprehensive, diversified plan.

2) Monticello Wealth Management, LLC

With nearly $320 million in assets under management, you can expect Monticello Wealth Management, LLC to have the experience necessary to guide you to a more stable financial life.  Formed in 2015 and owned by Jefferson Bank, it should be noted that they are strictly independent and fee-only, so you should never worry about a conflict of interest.

They believe in a highly diversified approach that minimizes risk and maximizes long-term gains. They also believe in listening to their clients to make sure that benchmarks and goals are being met.

Monticello Wealth Management, LLC is a fee-only firm and has no strict asset requirement to work with them.

You can expect the following working with Monticello Wealth Management, LLC:

  • A focus on the client-advisor relationship. They want you to think of them as your or your family’s CIO.
  • A variety of wealth management and planning services that come together in a larger package.
  • Complete transparency regarding your assets and portfolio.

3) Pax Financial Group

Pax Insurance Group is a firm with a fair number of advisors that specializes in working with individuals (as opposed to organizations) to achieve their goals, retirement or otherwise. They have been operating since 2007, currently have about $275 million in assets under management, and they advertise a wide variety of services and the ability to convey their advice in an easy-to-understand manner.

They also deal in insurance products and can and will offer a variety of products such as help with life, health, and long-term care insurance.

Pax Financial Group is a fee-based firm and has no noted account minimum to work with them.

You can expect the following working with Pax Financial Group:

  • A heavy focus on retirement planning services should you need them, and experience helping hundreds of clients move into this stage of life.
  • Services which are focused on helping employers, if you would find need of those.
  • A personal experience which they maintain won’t be like that you will find with other firms.

4) Texas Legacy Wealth Management

With a bit more than $192 million in assets under management, Texas Legacy Wealth Management stands out for its ability to work with a variety of clients and its dedication to working with individuals to create plans that will best work for them. They want to take on the burden of knowledge and close management for their clients, and you can expect nothing but the best service from them.

They use multiple methods of analysis and will look at all your options from several perspectives, in order to determine the best strategy for your portfolio.

Texas Legacy Wealth Management is a fee-based firm and has a variable account minimum depending on the account type or service desired.

You can expect the following working with Texas Legacy Wealth Management:

  • Regular personal communication about your finances.
  • A unique approach to every client, ensuring a plan that’s best for you.
  • A multi-faceted and well-thought-out approach to financial planning and investing.

5) Strategic Financial Concepts, LLC

With a large staff in hand, Strategic Financial Concepts, LLC (founded in 2006) has nearly $177 million in assets under management. They specialize in working with individuals perhaps such as yourself who are trying to lock in their financial life. When it comes to investing, they use a diversified approach and look for as many perspectives as possible when it comes to finding the best strategy.

They also deal with business planning services and they are a business with strong values. Expect their staff to be engaged, courteous, and knowledgeable.

Strategic Financial Concepts, LLC is a fee-based firm and requires a $250,000 account minimum.

You can expect the following working with Strategic Financial Concepts:

  • A wide variety of planning and management services so you can get all your future strategies from a single, centralized source.
  • A team-based approach to planning that values additional opinions and transparency.
  • A willingness to use vetted outside sources to obtain additional perspectives and information.

 

Conclusion

San Antonio has a wide variety of firms working within its borders, so we recommend you take a day, do more research, and really think about what you’re looking for from a firm. Once you’ve done so, consider the above five options and determine which one will be the best fit for you, your wealth, and your family. We know you’ll make the right choice and hope that you find financial success in the years to come.

The post 5 Best Financial Advisors for San Antonio, Texas appeared first on Careful Cents.

Best-Robo Advisor 2019: Our #1 Pick

Best-Robo Advisor 2019: Our #1 Pick

With the best robo-advisor in your corner, your financial life could change forever… for the better.

Considering less than half (46%) of Americans don’t even own stocks, this according to a 2017 Gallup report, the right advisor (and the right mindset) will put you ahead of most.

Once you open your account and make your first deposit, you’ll feel it.

It’s that feeling of “I’m on the right path” and it feels damn good.

Now, you’ve likely heard a lot about these so-called “robot” investor services.

But what’s fact and what’s fiction?

What is a robo-advisor? How does a robo-advisor work? Should I use a robo-advisor?

Don’t worry, we’ll be answering all of these questions and more in a second.

But before we tell you about the very best robo-advisor, it’s important you learn a bit more about what exactly they are, why they’re so valuable and how the right one can even save you money on taxes.

Robo Advisor FAQ

Human behavior is one of, if not thee, biggest impediment to financial success, according to a 2010 Securities and Exchange Commission bulletin. But that should come as no surprise.

Nobel Prize winning research has proven we have deep, behavioral biases. We seek to validate existing beliefs, get overconfident, excited, hopeful, doubtful, et. al.

We like to think we’re 100% rational and only act based on logic and reason, but that’s just not how we work.

Insert the robo-advisor.

What Is A Robo-Advisor?

A robo-advisor is an online software that manages investments using mathematics and algorithims. These robo-advisors invest based on personal preferences, desired returns, risk tolerance and other factors.

These sophisticated tools can even execute trades on your behalf, minimizing your tax burden through a process called “tax-loss harvesting” (more on that later).

Robo-advisor software does all this with virtually no human intervention, and this software can invest you in everything from stocks and real estate and much more.

Should I Use A Robo-Advisor?

If you’re handling investments for an entire company, have a complicated tax situation, or have multiple, complex investments all in tandem you should probably opt for a financial advisor.

However, if you’re a new investor, have never invested before or are too busy to manage your portfolio yourself, a robo-advisor is ideal.

If you don’t want to have a financial advisor, don’t have enough money to pay a financial advisor, or can’t find a financial advisor you can trust, (remember that tid bit earlier about human behavior?) then a robo-advisor is also ideal. Do-it-yourself investors can also benefit from a robo-advisor as a way to help balance their portfolio.

Robo-Advisor Fees

The fees you’ll incur using a robo-advisor can vary wildly.

Some companies are captilizing on the surge in consumer interest by charging exorbitant fees. (But don’t worry, because the best robo-advisor charges a percentage per year so small it’ll shock you).

Some fixed fees, ranging from $20-$50 bucks a month, to $500 or more. Others charge a percentage based on your asset size, ranging from .15% to .50% or more.

Robo-Advisor Taxes

The very best robo-advisor, Wealthfront, uses what’s called a “tax-loss harvesting” service to siginifcantly improve the after-tax return of any taxable accounts. How do robo-advisor taxews work? If you’re using Wealthfront, they’re able to take advantage of market movements to capture investment losses.

Here’s an excerpt from their Wealthfront Tax-Loss Harvesting white paper:

Tax-loss harvesting (TLH) works by taking advantage of investments that have declined in value, which is a common occurrence in broadly diversified investment portfolios.

By selling investments that have declined below their purchase price, a tax loss is generated – which can be used offset other taxable items, thus lowering the investor’s taxes.”

Best Robo-Advisor

Tax-loss harvesting is just one of the many benefits of using Wealthfront, and why they’re the best robo advisor, hands-down. Started back in December 2011, Wealthfront now has more than $10 billion of assets under management.

Compared to Betterment, the other best robo-advisor (which you can learn more about it in our Betterment vs Wealthfront story), they take first place. Here’s why:

Wealthfront Fees

Wealthfront fees are some of the lowest in the robo-advisor industry. At 0.25% annual advisory fees, a $100k investment account would pay just $20.55 per month. Plus, if you’re balance is under $5000, your account will be managed free, but they do have a $500 minimum.

Why does Wealthfront have a $500 minimum? Because they want to provide an optimized allocation across seven or eight asset classes. This makes sense, and wouldn’t be possible with a smaller account size.

Wealthfront doesn’t charge opening, closing, trading, commission or transfer fees! 

It’s just one of a laundry list of reasons why Wealthfront is the best robo-advisor:

It’s an uncanny value for investors.

Wealthfront Accounts

Although Wealthfront doesn’t offer a 401k account, they offer 9 others: Taxable, Joint, Roth IRA, Traditional IRA, Rollover IRA, SEP IRA, Trusts, Non-Profit, and 529s.

Wealthfront offer a cash account that pays 2.24% interest and carries full FDIC insurance.

And here’s another reason why we picked Wealthfront as the best robo advisor: because they offers a completely free financial planning tool, Path. So you can get a clearer picture of your finances, it syncs with all your accounts, Wealthfront or not (so no strings attached).

Wealthfront Sign-Up Process

Like every legit robo-advisor, Wealthfront is going to start the same way: with a series of questions to learn about your investing style, risk tolerance and other factors. You’ll have to provide the following basic information:

  1. What are you looking for in a financial advisor?
  2. Your annual income, social security and birthday
  3. Current household status (i.e., single income, no dependents; dual income; retired, etc.)
  4. Answer a volatility statement.

It says “because the stock market is volatile, if you were to lose 10% of your balance or more, what would you do?”

It will prompt you with several choices, like whether to buy more, sell more, hold or abandon ship. Again, this is to help determine your risk-tolerance level. Depending upon your responses to these questions and the others, you’ll fall into a risk-grade between 1 to 10, 10 being the highest.

This risk-grade will determine how your investments will be allocated.

But this plan is fully customizable, so don’t stress too much about the result.

You’ll be vested in a mix of U.S. stocks, foreign stocks, emerging markets, real estate investments and others. Again, these will vary based on your profile and are fully adjustable.

Once you’ve settled on the right investment allocation strategy, you’ll be prompted to fund your account via a bank account. Sorry, no funding your Wealthfront account with a PayPal, money order or anything like that. They accept deposit dash (ACH bank transfers) only (and checks for 529 accounts, only).

The post Best-Robo Advisor 2019: Our #1 Pick appeared first on Careful Cents.

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