A strong wealth manager connects all the pieces of the puzzle—including investments, goals and planning—into a timeline that works for each individual. We sat down with Jeff Price, Managing Director, Wealth Management Advisor at Merrill Lynch, Pierce, Fenner & Smith Inc. to learn more. Now in his thirty-first year with Merrill Lynch, his “wealth” of knowledge acts as a beacon for those who have burning questions on how to create wealth, how to grow it, and how to help secure it for future generations.
What is wealth management?
Wealth management is customized, long-term financial planning. It integrates retirement planning, cash-flow analysis, tax-efficient strategies, estate and legacy planning services, risk management, insurance, and lending solutions. However, a hallmark of true wealth management is being proactive, not reactive, and anticipating needs and adjusting the plan as a client’s life evolves.
What wealth-management trends stand out in 2026?
This is the first year that baby boomers become net spenders rather than net savers. Retirement for this generation looks more active; our clients are engaged in their communities and traveling two to five times a year, and they’re not just playing golf anymore. As this “Great Wealth Transfer” shifts trillions of dollars from an accumulation to distribution phase, tax efficiency and asset protection are now a more critical conversation than ever.
How do you distinguish yourself in the current sea of wealth management companies?
Trust. My clients know I act in their best interests and that I can leverage a wide array of tools, services, and specialists, from portfolio managers to estate planners. Our differentiator is that we have a highly integrated and robust team structure that engages clients at a deep, personal level.
What mistakes do people make when choosing a wealth management company?
- Focusing only on investment performance instead of planning depth, disciplined portfolio construction, and risk management.
- Not understanding how advisors are compensated and not asking what the yield is for brokers.
- Overlooking tax-minimization strategies, which result in clients paying more in taxes than necessary.
- Failing to ask about proactive planning, including scheduling meetings and content that’s relevant to you.
- Assuming comprehensive options. Just because a firm uses the term “financial planning” doesn’t mean it delivers other services such as retirement income planning or business owner strategy.
- Choosing a convenient or personable advisor over criteria such as team expertise and institutional strength (for example, Bank of America, our parent company, spends billions a year on cybersecurity because it has the resources to do so).
- Ignoring succession and continuity planning and not asking what would happen if an advisor retires.
- Assuming all advisors operate under the same fiduciary standards, which they don’t.
In an increasingly volatile economic environment, how do you help clients position their portfolios?
Everything starts with assessing risk tolerance. A client’s goals will change, the world will change, and portfolios must adapt—and accordingly, a person’s risk appetite. My role is to guide, not force or dictate, and to pull the right resources together, like a quarterback calling the right play and uniting the team.
How do you approach longevity and long-term planning?
I address the hard questions early. People are living longer and are learning to manage health risks with an extended lifespan. They need to ask themselves how they will afford long-term health care costs; this requires planning in advance.
Being educated is central to building wealth, and having a trusted advisor as your quarterback is irreplaceable. For more information contact Price & Associates at 601 State Street. Suite 100. Southlake TX 76092, 817.442.1069, advisor.ml.com/sites/tx/southlake-tx/price.
A strong wealth manager connects all the pieces of the puzzle—including investments, goals, and planning—into a timeline that works for each individual.