Men often feel they have to know all the answers, do all the work themselves, and never reach out for help. However, that outdated expectation no longer holds up in any area of life, and least of all in wealth management.
“In the financial world, as your wealth grows and you’re at the top of your game, often running a business with employees, you carry a lot of weight,” says Homer Ramirez, Private Wealth Advisor at Ramirez Family Wealth of Raymond James.
But, he asserts, no one can do it alone. “Strong leaders must have a team they can rely on, because they can’t know everything. Good decisions are made when you get good, smart people who care in the same room for the common good of solving the problem.”
That goes for Ramirez himself, a husband, a father of four, and a certified financial planner (CFP), certified private wealth advisor (CPWA), and a certified exit planning advisor (CEPA). In his own business, Homer says, “I have to lean on other experts that bring value to help my clients in areas that aren’t my expertise.” That often includes CPAs, attorneys, and insurance professionals.
Managing his clients’ money is a piece of the puzzle, but his practice focuses primarily on helping small to middle market business owners unlock generational wealth and preserve it for their families, whether that’s helping them exit their business, real estate, or stress testing their plan and balance sheet. Through their process, the team uncovers gaps such as liability risks, tax exposure, a misalignment of their estate, or lack of documentation—things that can derail and impact families more than the stock market dropping 20 percent.
“Nobody in the industry—whether you’re a CPA, attorney, investment advisor, or financial planner—can solve those problems holistically for a client,” Homer says. “It takes the coordination of multiple experts in different disciplines to do that . . . we help coordinate that team.”
The Team Approach
That’s where having a trusted team proves invaluable. While some of Homer Ramirez’s clients already employ a CPA, an attorney, a financial advisor, and insurance professionals, each often operates in a vacuum, with no coordination across disciplines. That, says Ramirez, is where the gaps and exposed risks occur. Like a quarterback directing the huddle, he builds relationships and coordinates with his client’s team of professionals (if they have them), or he introduces his clients to his own team of trusted and vetted third parties to ensure all the ships are going in the same direction.
Ramirez offers every new client or prospective client who walks into Ramirez Wealth Management a complimentary second opinion “stress test,” a regular exercise done by family offices for ultra wealthy families. First, he gathers information and has a conversation to find out where they currently are financially and where they want to be. Then he takes the information to his team and they collaborate, often identifying exposed gaps in legal structures, how taxes are being filed, insurance coverage, investments, and more. Ramirez presents the findings to the client, along with potential fixes to close the gaps. The client is welcome to have their existing team of professionals implement the ideas, or they can work with Ramirez’s team.
In an industry where professionals tend to stay in their own lane, Ramirez Family Wealth’s holistic approach is game changing. Ramirez also ensures the implementation of the plan. “A great plan on paper means nothing if it isn’t executed,” he says. “Part of my job is making sure that things get done after the meeting when my client is back in putting out fires mode. That may mean calling them, scheduling a meeting, going to the meeting with them . . . whatever it takes to make what they said is important to them actually gets resolved.”
To learn more, visit https://www.raymondjames.com/ramirezwealth or call (469) 476-3670.
Disclaimer:
The information contained in this newsletter does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Homer Ramirez and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Investing involves risk and you may incur a profit or loss regardless of strategy selected, including diversification and asset allocation. Past performance does not guarantee future results. Future investment performance cannot be guaranteed, investment yields will fluctuate with market conditions.
Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.
Raymond James & Associates, Inc., member New York Stock Exchange/SIPC.