Richard Dwayne Blair is the sole owner and CEO of Wealth Solutions, Inc., an Austin, Texas retirement planning and wealth management business. He has held a securities industry registration for over 23 years. With his extensive experience, he has developed a winning strategy for his clients that entails a three-pronged approach. His financial roadmap is made up of three pillars, which guarantees a holistic approach to designing a plan that considers the client’s present financial situation and their retirement needs.
The first pillar involves creating a well designed roadmap for the client. Blair asks the client what his or her goals are, he identifies where the client’s strengths lie, he gets an understanding of what his risk tolerance is and he pinpoints the opportunities that will allow his portfolio to grow. At this stage, Blair is learning who his client is and his client is learning to trust and confide in him. This relationship building period is essential because it gives both parties the tools needed to forge a good partnership.
The second pillar is where he custom tailors an investment strategy for his client. He has to consider the client’s need for liquidity and his long-term investment goals. He has to take the time needed to allocate funds so that they take full advantage of the upward movement of stock prices, while he positions selected funds so that they will be minimally affected by the down turn of the market. Blair takes an active role in ensuring the client’s portfolio is heading in the right direction despite market volatility.
The third pillar is solely composed of implementation and monitoring. After Blair determines that his clients are positioned well enough to meet or exceed their goals, he will then take the position of implementing everything decided and keeping an eye on the daily and weekly performance of the investments. He will watch the standard models, follow historical data and review the client’s short and long term goals and needs. His steady monitoring allows him to consistently compare his plans to his actual position and tweak the plan whenever necessary to bring it closer to the client’s goals.