Beaird Harris Company Profile

Background

Overview

Beaird Harris is a Dallas-based firm specializing in Certified Public Accounting (CPA) and fee-only wealth management services. Established in 1988, the firm has been dedicated to assisting financially established individuals, families, businesses, and healthcare professionals in navigating complex tax regulations and developing comprehensive wealth management solutions. Their services encompass tax, accounting, business consulting, investment management, financial planning, family office, and retirement plan services.

Mission and Vision

Beaird Harris aims to provide holistic financial solutions that integrate tax and wealth management, ensuring clients receive comprehensive and coordinated services. Their mission is to help clients focus on living happy, healthy, and meaningful lives by managing their financial well-being effectively.

Industry Significance

As a fee-only advisor, Beaird Harris operates without receiving commissions or finder’s fees, allowing them to deliver objective fiduciary advice. This independence is a foundational strength, enabling the firm to attract top-tier clients and advisors.

Key Strategic Focus

Core Objectives

Beaird Harris focuses on providing comprehensive wealth management and tax planning services to high-net-worth individuals and families. Their objective is to offer proactive solutions that help clients grow, protect, and preserve their wealth across generations.

Areas of Specialization

Tax Planning and Preparation: Offering federal and state tax preparation, tax planning, and projections.

Financial Planning: Providing comprehensive financial planning services tailored to individual client needs.

Investment Management: Developing and managing investment strategies aligned with clients' financial goals.

Business Consulting: Assisting businesses with strategic planning, financial analysis, and operational improvements.

Retirement Plan Services: Designing and managing retirement plans for businesses and individuals.

Key Technologies Utilized

Beaird Harris employs advanced financial planning software and investment management platforms to deliver data-driven insights and strategies. Their proprietary WealthGuide Planner™ and WealthGuide Planning Process™ assist clients in determining the optimal mix of financial assets suited to their investment objectives, risk tolerance, and financial goals.

Primary Markets Targeted

The firm primarily serves high-net-worth individuals and families, with a particular emphasis on clients in the medical, dental, and healthcare industries. They also provide services to trust funds, retirement plans, and non-profit organizations.

Financials and Funding

Funding History

In December 2021, Beaird Harris received a strategic non-voting minority investment from Emigrant Partners, a New York-based firm. This partnership was intended to provide resources and expertise to support Beaird Harris's growing advisor team and clientele.

Total Assets Under Management (AUM)

2021: Approximately $1.2 billion

2022: Approximately $1.5 billion

2023: Approximately $1.3 billion

2024: Approximately $1.6 billion

2025: Approximately $1.9 billion

Recent Funding Rounds

The partnership with Emigrant Partners in 2021 was a significant funding event, providing Beaird Harris with strategic capital to support its growth initiatives.

Notable Investors

Emigrant Partners, a New York-based firm, made a strategic minority investment in Beaird Harris in December 2021.

Utilization of Capital

The capital from Emigrant Partners was intended to support Beaird Harris's expansion plans, enhance its service offerings, and strengthen its position in the wealth management industry.

Pipeline Development

As a wealth management firm, Beaird Harris does not have a traditional product development pipeline. Instead, they focus on developing and implementing personalized financial strategies for their clients, which may include investment portfolios, tax planning strategies, and retirement plans.

Technological Platform and Innovation

Proprietary Technologies

WealthGuide Planner™: A proprietary tool that assists clients in determining the optimal mix of financial assets suited to their investment objectives, risk tolerance, and financial goals.

Significant Scientific Methods

Modern Portfolio Theory: Beaird Harris employs Modern Portfolio Theory to design investment strategies that aim to maximize returns for a given level of risk.

Leadership Team

Key Executives

Pat C. Beaird: Co-founder and Managing Partner. He has been instrumental in establishing and growing Beaird Harris since its inception in 1988.

Steven M. Lugar, CFP®: Managing Director. Steven has been with Beaird Harris for several years, contributing to the firm's growth and client service excellence.

Jacob King, CFP®, CBDA: Partner. Jacob plays a key role in client relations and financial planning services at Beaird Harris.

Leadership Changes

Specific details regarding recent leadership changes are not publicly disclosed.

Competitor Profile

Market Insights and Dynamics

The wealth management industry is characterized by a growing demand for comprehensive financial services, particularly among high-net-worth individuals and families. Firms that offer integrated solutions, combining tax planning with investment management, are well-positioned to meet client needs.

Competitor Analysis

Beaird Harris competes with other wealth management firms that offer similar services. Key competitors include:

Tolleson Wealth Management: A Dallas-based firm providing comprehensive wealth management services.

Cain Watters & Associates: A Frisco, Texas-based firm specializing in financial planning and wealth management.

Whitley Penn: An accounting firm in Fort Worth, Texas, offering tax and advisory services.

Lane Gorman Trubitt, LLC: A Dallas-based firm providing accounting and consulting services.

True North Advisors: A Dallas-based wealth management firm.

Strategic Collaborations and Partnerships

The partnership with Emigrant Partners in 2021 was a significant strategic move, providing Beaird Harris with additional resources and expertise to support its growth and service expansion.

Operational Insights

Beaird Harris differentiates itself through its fee-only structure, ensuring objective fiduciary advice without conflicts of interest. Their integrated approach to wealth management and tax planning allows for a comprehensive and coordinated service offering, setting them apart from competitors.

Strategic Opportunities and Future Directions

Strategic Roadmap

Beaird Harris aims to continue expanding its client base, particularly among high-net-worth individuals and families, by leveraging its integrated service offerings and maintaining a strong focus on client relationships.

Future Business Directions

The firm plans to enhance its technological capabilities, further integrating tax and wealth management services to provide a seamless client experience.

Opportunities for Expansion

Beaird Harris has opportunities to expand its services to new geographic regions and to develop specialized offerings for emerging client segments, such as younger high-net-worth individuals and families.

Positioning for Future Objectives

By maintaining its commitment to holistic financial solutions and client-centric services, Beaird Harris is well-positioned to achieve its future objectives and continue its growth trajectory.