Registered investment advisory firm HCR Wealth Advisors is putting its clients first – and helping clients to learn more about their finances so they can live their best lives.
A June 2018 profile of the company lays out the specifics of HCR Wealth’s approach to wealth management. The article, titled “At HCR Wealth Advisors It’s Clients First, and Always First,” paints a picture of an RIA firm that truly knows and looks out for each and every one of its clients.
To those unfamiliar with wealth management, it can sound like simple money management – plug some numbers into a formula, suggest some stocks and bonds, and hope for the best. But this does not at all represent HCR Wealth Advisors’ services. The firm, which is known for servicing high net worth individuals, builds strong relationships with its clients by learning everything about them that could possibly relate to their financial futures – and then developing strategies to help clients reach their financial goals.
The RIA firm considers many aspects of their clients’ lives in order to create personalized financial strategies. For example, clients’ current finances and assets, plans for retirement, life goals, and potential future life transitions (such as loss of a loved one, starting or selling a business, or change in marital status) are all important considerations for effective wealth management. HCR Wealth Advisors takes all these factors and more into account. HCR Wealth Advisors’ founder and CEO, Greg Heller, sums it up this way in a recent profile: “We are very much in the mode of making sure we are extremely knowledgeable about our clients and what their needs are.”
HCR Wealth Advisors is also accustomed to considering their clients’ stage of life. The RIA firm works with clients in their 20s, in their 90s, and of every age in between. Different stages means different considerations, goals, and concerns. Regardless of a client’s age, though, it is important for them to understand how their money can best work for them, their families, and their lives. As a result, HCR Wealth Advisors makes it a priority to educate clients on investment strategy.
HCR Wealth Advisors also makes it a top priority to help clients protect themselves against risk. In keeping with this principle, the RIA firm includes financial planning services in the cost of clients’ standard services (rather than charging separately for these services). This is a great example of HCR’s deeply personal, holistic, educational approach to wealth management: “[By] setting up a plan you get to even know more. But people [at some other firms] don’t get paid for it, so they aren’t willing to do things they don’t get paid for. We are willing to do it because it goes back to our point that the more we know about you, the better we plan for you so we can make sure your goals are going to be accomplished,” explains HCR Wealth’s Senior Managing Director, Steve Weinberger.
HCR Wealth’s human approach to wealth management allows the RIA firm to establish relationships through education, trust, and service. HCR Wealth Advisors offer seven steps to helping their clients reach their financial goals. One of these steps is to “provide a private client portal in order to provide 24/7 real-time access to assets, liabilities, and net worth valuations.” This portal is a great example of the education, trust, and service that HCR holds so dear. The portal is of the utmost importance because it helps HCR Wealth Advisors’ clients to get and stay involved in their own wealth management and to continuously improve their strategies for achieving great financial results. In the words of Greg Heller, “The more we can engage a client, we can forge a much stronger relationship with the client.”
HCR Wealth Advisors’ client portal also helps them to serve more clients. HCR Wealth Advisors is based in Los Angeles, California, but the RIA firm serves clients across the United States. The portal is just one of many remote services offered by the firm, allowing them to combine a personal relationship with the convenience of technology.
When you think of a personal relationship with a wealth management professional, you may imagine communicating with just one person at the RIA firm. For HCR Wealth Advisors’ clients, this is not the case. Each HCR client is assigned to a small team of three professionals: a lead advisor (who will serve as the client’s primary contact at the firm), a financial planner (who will focus on looking at the client’s current finances and seeing how they align with their financial goals for the future), and an analyst (who will focus on research and investments). Steve Weinberger tells Blogwebpedia, “If firms work more together on a collaborative basis it’s better for the firm and its better for the client.”
HCR Wealth Advisors wants its clients to be engaged and actively involved in managing their own wealth, while giving them an entire team and the resources to achieve their financial goals. As the saying goes, it takes a village to raise a child – maybe it takes a village to reach financial goals, too!
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