Created by Morgan Lemaitre, CFP, owner and founder, Park City Wealth Advisors was born from the idea of helping families, executives, and entrepreneurs capitalize on their existing wealth and assets, and assisting high-net-worth individuals to make the most of what they have. We sat down with Morgan to dive deeper into the world of wealth management.
How can someone benefit from a wealth advisor?
M: Everyone with a desire to grow their wealth and align personal assets with their goals can benefit from a Wealth Advisor. The funny thing about wealth is that it’s often hard to see your own picture — kind of like standing too close to a mirror. A wealth advisor can look at your financial picture from a 10,000-foot view and help provide strategic guidance, identifying gaps that you can’t see or don’t even know about.
What are some of the services provided?
M: Wealth Management, Income Generation (this is helpful for Realtors and professions with inconsistent income to make up for slower periods), Life Insurance Consultation, Property and Casualty Insurance, Financial Planning, Philanthropic Strategy, Tax Strategy.
What kinds of people need wealth advisors?
M: Anyone with a desire to grow and preserve their wealth — families, Realtors, individuals, entrepreneurs, business owners, et cetera.
How did you get into the industry and what are some of the best parts of your work?
M: I got into finance because I wanted to learn how to become financially secure. I couldn’t think of a better way to learn than by rolling up my sleeves. Now that I’ve been in the business a long time I’m driven at PCWA by the belief that my clients and community deserve unpretentious, transparent, honest financial guidance. When you work hard for every dollar you earn — the way I watched my parents earn and save — you warrant having solid financial guidance and support.
What sets PCWA apart?
M: Park City Wealth Advisors goes beyond the balance sheet. Let me give you an example! I just had a new client consult with my office. This person has several real estate investment properties, retirement accounts, and a new job where she is paid as an Independent Contractor. She recently sold a property and was distraught because she was going to have a large capital gain as a result of the sale but was weary of the income tax impact.
She felt paralyzed by the prospect of what to do with the $500,000 in proceeds until she knew what the tax liability would look like — that is what brought her to consult with my team. Through a financial audit, my team was able to determine and find ways that this client would only owe 63% less taxes than they thought.
Realtors — think about how many hours you need to work (about $300,000 in commissions) just to owe the $100,000 in taxes that I was able to save my (now client) with just a one-hour conversation, as this client did.
Any advice or words of wisdom specifically for high-end Realtors?
M: Seek expert financial guidance, the way you’d hope your clients would seek your expert real estate guidance.