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Red Door Wealth Management Review

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Red Door Wealth Management

Red Door Wealth Management is a financial advisor firm located in Memphis, Tennessee with roughly $350 million in assets under management. The firm works mostly with individuals and high net worth individuals, but it also advises several pension plans.

The firm was founded in 2010 by four of its advisors, and it has since grown to offer investment advisory services to more than 250 clients. Red Door Wealth Management provides a range of advisory, planning and consulting services to its clients, tailoring everything to each client’s objectives and preferences.

Red Door Wealth Management Background

Red Door Wealth Management was founded in 2010 by Fred Hiatt, John Phillips V, Doug Wright and Jud Cannon. All four founders are still current owners. William Allen is also an owner. The firm works with each client to establish a portfolio, financial plan or retirement plan that makes sense for that client’s timeline, financial goals and risk tolerance. 

What Types of Clients Does Red Door Wealth Management Accept?

Red Door Wealth Management works with individuals, high net worth individuals and pension and profit sharing plans.

Red Door Wealth Management Minimum Account Sizes

Generally, Red Door Wealth Management doesn’t maintain an account minimum for advisory accounts.

Services Offered by Red Door Wealth Management

Red Door Wealth Management offers the following range of advisory and consulting services to its clients:

  • Portfolio Management Services
  • Financial Planning Services
    • Retirement planning
    • Estate planning
    • Education planning
    • Charitable gift planning
    • Insurance needs analysis
  • Advisory Consulting Services
  • Family Office and Wealth Planning Services
    • Cash flow management
    • Tax minimization strategies
  • Pension Consulting Services

Red Door Wealth Management Investment Philosophy

When analyzing securities, Red Door Wealth Management uses a mix of technical analysis, fundamental analysis and Modern Portfolio Theory. The firm primarily recommends a mix of exchange-traded funds (ETFs), mutual funds, stocks, bonds, option contracts, certificates of deposit (CDs), US government securities, real estate limited partnerships, money market funds, real estate, and real estate investment trusts ("REITs").

Fees Under Red Door Wealth Management

Red Door Wealth Management charges fees for asset management services according to the following fee schedule. These fees are billed and paid quarterly in arrears.

Fee Schedule for Managed Accounts*
Assets Under Management Fee Percentage
First $1,000,000 1.25%
$1,000,000 - $2,000,000 0.75%
Over $2,000,000 0.50%

Financial planning fees are generally negotiable and usually are between $1,000 and $20,000. The first half of the fee is due in advance, and the other half will be due after the plan has been completed. The below table shows how Red Door Wealth Management's fees compare to the national median. Remember that these are only estimates and actual fees may vary.

Estimated Fee Comparison*
Your Assets Red Door Wealth Management National Median Advisory Fees**
$500K $6,250 $5,000
$1MM $12,500 $8,500 - $10,000
$5MM $35,000 $25,000 - $32,500
$10MM $60,000 $50,000
*Fee estimates only consider the maximum base fees for the services each firm provides. You may also pay manager fees and other fees, which can vary in amount. **All figures are based on median fee levels according to Bob Veres' 2017 Planning Profession Fee Survey. The above estimates solely take into account AUM-only fees. Total costs will likely be higher due to additional expenses.

What to Watch out For

Red Door Wealth Management has an affiliation with Cannon Wright Blount (CWB), an accounting firm. This affiliation presents a potential conflict of interest because the firm may have a direct or indirect financial incentive to recommend clients to CWB regardless of the clients’ needs. 

Additionally, Red Door may participate in institutional referral programs with TD Ameritrade and Charles Schwab. The firm may recommend that its clients use one of these brokerage firms for custodial services, and it may receive benefits in return. This also creates a potential conflict of interest because the firm has an incentive to recommend this to all clients in order to continue the relationship.

Regardless of these conflicts, Red Door is bound by fiduciary duty to always put its clients’ above its own.

Disclosures

Red Door Wealth Management doesn’t have any disclosures.

Opening an Account With Red Door Wealth Management

To start the process with Red Door Wealth Management, you can get in touch in a number of ways. You can call the office at (901) 681-0018. You can also email the firm at hello@reddoorwealth.com. If you prefer to do things in person, you can also stop by the office on Ridge Lake Boulevard. The first step to opening an account will be to meet with an advisor and discuss your financial goals. Then, you and the advisor can come up with a plan that makes the most sense for you.

Where Is Red Door Wealth Management Located?

Red Door Wealth Management is located on Ridge Lake Boulevard in eastern Memphis, Tennessee, just off Interstate 240.

Tips for Finding a Financial Advisor

  • Life can be busy and stressful enough without having to keep track of your finances and retirement readiness. SmartAsset’s financial advisor matching tool can pair you with a financial advisor who can do it for you. Just tell us a few things about you and your needs, and we'll match you with advisors in your area who can help you build a financial plan, boost your retirement savings and grow your money.
  • The first step in your retirement saving process is knowing what your future expenses might be. Our retirement calculator can help you determine how much you’ll need to save depending on where you want to retire, the age you retire and other important factors.

How Many Years $1 Million Lasts in Retirement

SmartAsset's interactive map highlights places where $1 million will last the longest in retirement. Zoom between states and the national map to see the top spots in each region. Also, scroll over any city to learn about cost of living in retirement there.

Least
Most
Rank City Housing Expenses Food Expenses Healthcare Expenses Utilities Expenses Transportation Expenses

Methodology SmartAsset calculated the average cost of living for retirees in the largest U.S. cities. Using that calculation, we determined how many years $1 million would last in retirement in each major city.

First, we looked at data from the Bureau of Labor Statistics (BLS) on the average annual expenditures of seniors throughout the country. We then applied cost of living data from the Council for Community and Economic Research to adjust those national average spending levels based on the costs of each expense category (housing, food, healthcare, utilities, transportation and other) in each city.

We assumed the $1 million would grow at a real return (interest minus inflation) of 2%, reflecting the typical return on a conservative investment portfolio. Finally, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would last in each of the cities in our study.

Sources: Bureau of Labor Statistics (BLS), Council for Community and Economic Research