Original Work
Maverick Wealth Management - "The Wealthy Life"
The ISM Original Work Project is a culmination of the entire year’s research and second semester’s work. It is a project that must reflect months of effort and the knowledge that has been passed down from mentor to student. As such, this year in ISM, I have decided to design a wealth management firm, complete with a “Day in the Life” Documentary, Website, Financial Reports, and Clients who will be consulting us for our financial services. In order to successfully complete each and every component of this long-term project, it is crucial to devise a comprehensive plan and create a roadmap of deadlines. As a reminder, this project will be completed by the partner pair Praval Kollipara and Saket Mukthapuram. With regards to an in-depth explanation of each aspect of the wealth management firm, please refer to the information below:
Title of Firm: Maverick Wealth Management
Wealth Managers: Saket Mukthapuram and Praval Kollipara
Types of Financial Advice: Investment Management, Business Planning, Retirement Planning
Location: Frisco, Texas
Minimum Investable Assets: $50,000
In order to produce a final product with a great deal of real-world application, my mentor, Mr. Crawford recommended focusing on a family in the suburb of Frisco, Texas which made an estimated $375k annually in total income. While this example does not apply to a broad scope of houses across the United States, this analysis provides an opportunity for us as students to get an understanding of my mentor’s work especially because his clients are heavily based in the North Texas area. As wealth managers, we would provide this family with financial advice, taking into account their current financial situation, and ultimately provide them with a financial plan that they can implement over the course of their relationship with their wealth manager.
Purpose of Documentary: One of the primary mediums of information in our final product is the “Day in the Life of a Wealth Manager” Documentary. Similar to popular reality television shows such as “Keeping up with the Kardashians” which follow the life of a celebrity, this documentary will follow the life of a wealth manager on a personal level. Not only will the viewer gain perspective on the profession of a wealth manager, but will also gain insight on the interaction between both parties. The documentary will:
Capture crucial questions and dialogues between the wealth manager and the client
“Pause” at certain key moments in order to explain financial concepts and/or ideas to the viewer
There will be a great educational and entertainment value for the documentary which is what we aim for with this project. Additionally, these videos will serve as sort of a “proof” that the consultations between wealth managers and the client are truly happening.
Financial Plan Explanation: A financial plan in summary, is a detailed roadmap of all the steps that a client must take to achieve their financial goals. A wealth manager will create a customized plan based on the client. In most cases, wealth managers will take advantage of a software in order to accurately produce a report that has stood the test of rough markets. Examples of such include Emoney or MoneyGuide Pro which ease the planning process for advisors by performing complex calculations and running simulations digitally. In order to produce a financial plan for our project, wealth managers Praval Kollipara and Saket Mukthapuram will design parameters for our “Frisco Family” and provide them to Mr. Crawford for review, who will use Emoney to produce a financial plan. Most of our time will be spent designing the parameters and studying the financial plan we produce in detail. The software Emoney utilizes Monte Carlo Simulations, which are hundreds of simulations of financial plans run in various market scenarios. Our goal as a wealth manager pair is to produce a plan that is considered safe by the software (ie: 82%).
Purpose of Website: The purpose of the website is to deliver a presentation and create a product that looks professional and polished. A website will provide insight into what we do as a company, allow us to gain credibility, and establish ourselves as experienced professionals in the industry. Wave Wealth Management for example, has its very own website that allows viewers to gain valuable information on the services offered.
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