About Concierge Wealth Management Group
Concierge Wealth Management Group is an independent firm that seeks to help affluent and values-oriented clients experience a successful retirement. Located in Irvine, California, the firm serves the Orange County area, as well as San Diego and Los Angeles. With more than 25 years of experience, they aim to be the firm clients can trust, to put their interests first.
A Passion For Helping Families Build, Protect, and Preserve Their Wealth
Our Firm founder, Steve Henningson, was a Senior Vice President at Smith Barney, where he acquired over 20 years of Wall Street training and experience, specializing in wealth management solutions for affluent clients and families. He founded Concierge Wealth Management Group with the goal of providing proactive wealth management strategies that would help clients preserve their assets and reduce risk as they live in retirement.
In 2006, after Steve left Smith Barney, he sought to find a resource that provided him consulting services tailored to financial advisors building wealth management offices. He found a company now known as Carson Group Coaching, founded by Ron Carson in 1993. At that time, The alliance shared all the best practices of over 300 top wealth management offices nationally. This wisdom was delivered by knowledgeable subject matter coaches, for solutions on all areas of developing and managing a successful wealth management firm . Ron Carson’s wealth management firm, Carson Wealth Management in Omaha, has continually integrated all of the elements of this group, and as a result became the top office for 20 years in a row nationally at the largest Independent Broker Dealer in America.
In 2016 Ron created Carson Group Partners to directly deliver all the elements that helped their office maintain their top status, to other top offices nationally. They embraced the Steve Jobs philosophy of “begin with the client’s needs and work backwards to create the experience clients want” Carson Group Partners currently has over 60 national partner offices, with over 5.7 billion in assets under management. We were excited in 2017 when Carson Group joined our Broker Dealer, Cetera Advisor Networks LLC.
We at Concierge Wealth Management Group greatly value our client relationships and take the responsibility and privilege of working with them seriously. Today, we are at a crossroads in the financial industry. The internet and dramatic technological improvements, have caused every company in our industry to rethink how to operate and integrate online services to increase value to clients. All advisors realize they need to either make significant investments of time and money to continue to compete in our business, or find a new business partner. Carson Group Partners has invested over 50 million dollars in teams and technology to create the new standard in our business.
Based on our long standing relationship with the Carson Group, we were invited and accepted to join Carson Group Partners in July 2018. We believe our new partnership will allow us to leapfrog ahead of the competition. Carson Group Partners provides us a growing local, regional and national team to continually improve the level of service our clients receive. They enable us to provide access to ongoing cutting edge new technology to dramatically to deliver a new online client experience. Through our client online portal, the Client Experience Optimizer, we provide our clients integrated portfolio asset allocation, performance reporting, financial planning and risk management capabilities, to help our clients 24/ 7, 365 days a year. This will become the new standard to help clients in their journey in pursuit of their financial goals.
Carson Wealth Management’s Research and Investment team of over 40 professionals, provide investment strategies, as well as many other world class institutional managers, to manage our investment portfolios. The Wealth Enhancement Group of attorneys, CPA’s and Certified Financial Planning professionals, provide enhanced comprehensive planning strategies.
Our Client’s Retirement Goal
Wealth Designed. Life Defined.
Concierge Wealth Management Group seeks to help affluent families and individuals plan and invest prudently for retirement. In order to develop long-term relationships and proactively manage customized portfolios, our firm works with a limited number of clients, many of whom are current or former professionals, including attorneys, doctors, engineers, and business owners. These clients are typically family-oriented with a $500,000 or greater portfolio and are looking for a firm they can trust to manage their assets so they can focus on pursuing their interests in life and in retirement. We understand that clients aren’t risk averse; they’re loss averse. They may not want or need to take a lot of risk and they may not want to be fully invested at all times. For them, one of the biggest issues for successful portfolio management is avoiding large losses of capital. We believe risk management is the most critical aspect of investment management. We seek to meet clients’ investment goals by proactively managing their portfolios so they can participate on the upside, but have strategies to protect on the downside and to eliminate large losses. Our clients want to live in retirement successfully and want a competent firm they can trust to proactively manage their assets and protect their wealth.
We Integrate the Eight Factors Affluent Clients Seek
The Oechsli Research Institute suggests there are eight critical factors affluent clients seek when selecting a financial advisory firm*:
- Help with organizing and coordinating their financial documents.
- Help with creating a financial plan.
- A transparent fee structure.
- Investment advice based on their goals and family situation.
- Help selecting the asset mix for their portfolio.
- Coordination of investment decisions.
- Expertise to assist in other financial areas.
- Proactive contact when changes will impact their investments.
Concierge Wealth Management Group seeks to address these factors through its services and proactive process.
*The Oechsli Research Institute, 2008
Our Industry Insight Since the Crash of 2008
Concierge Wealth Management Group believes there are two critical questions every financial advisor should be able to answer and that every client should ask before working with a firm.
- What did you learn from the 2008 financial crisis?
- What are you doing differently today considering what you learned?
1. Our industry had become way too complacent. Everybody talked about risk management, but nobody had a strategy. Clients were crushed, we were crushed, and it’s very hard to make up for large losses. We do not want to go through that again. We needed to find money managers with a lot of market experience who had strategies that would help them react unemotionally to market crises.
2. Now, we employ professional money managers who have systematic programs to increase and decrease market exposure. These manager’s objectives are to participate in the upside and limit loss on the downside. By implementing these managers in our portfolios, our clients sleep better and so do we, knowing we have strategies in place to deal with day to day changes in the markets.
Participating In the Upside and Limiting Loss on the Downside
We believe that while you can’t predict the next crisis and you can’t control the markets, you can control risk by being prepared for when a crisis happens and knowing how to react. Today, the firm has crafted a proactive wealth management process to help clients manage risk. Through this approach, they can participate in the upside and limit loss on the downside.
Do You Have a Pre-Determined Sell Strategy to Reduce Capital Loss?
We believe prospective clients should ask an advisor about their strategy to reduce capital loss. We believe it’s critical that clients are positioned for various economic scenarios and have a pre-determined strategy to reduce risk when there’s a future financial crisis. Rather than trying to control the market, the firm seeks to instead control risk. As a result, risk management and proactive portfolio management are at the forefront of all investment portfolio managers utilized. Our ultimate goal is to have strategies in place to reduce risk and manage clients’ assets.