What does exit planning for a business owner involve?

Exit planning is the process of preparing a business — and its owner — for a future sale, succession, or transition.  When LPL's Business Exit Solutions team is engaged, their services might be able to help with valuing the business, strengthening what drives that value, and coordinating the tax impact of a sale.  From there, Puzzle Wealth financial advisors will look to design a personal financial plan for life after the exit. David Millington holds the CEPA® (Certified Exit Planning Advisor) designation, which focuses specifically on guiding owners through this process. Most owners benefit from starting two to five years before a planned transition, because many of the most effective tax and value strategies take time to put in place. 

When should I start planning the sale of my business?

Earlier than most owners expect — ideally two to five years before a sale or succession. Steps like restructuring entity ownership, evaluating capital-gains treatment such as Qualified Small Business Stock (QSBS) where applicable, setting up charitable or family gifting strategies, and cleaning up financial statements all work better with lead time. Waiting until a buyer appears usually narrows your options. If a transition may be on your horizon, a conversation now can preserve choices later.

How do you help business owners in the DFW area prepare for an exit?

We act as the financial quarterback for the transition. That means coordinating with your CPA, attorney, and any M&A advisor; modeling what different sale structures could mean for your after-tax proceeds; addressing gaps in estate documents before a liquidity event; and building the investment and income plan for the proceeds so the exit funds the life you want next. Our Southlake office works with business owners across Tarrant County and the broader Dallas–Fort Worth area — from Southlake, Westlake, and Grapevine to Fort Worth, Plano, and Frisco — as well as owners in other states.

Do I need a CEPA® advisor if I already have a CPA and an attorney?

They answer different questions. Your CPA manages tax compliance and your attorney handles legal structure — both essential. A CEPA®-designated advisor connects those pieces to your personal financial picture: whether the sale price actually supports your retirement, how the proceeds should be invested, what the exit means for your family and estate plan, and how to sequence decisions in the years before the transaction. We work alongside your existing CPA and attorney, not in place of them. Because we believe one size does not fit all, Puzzle Wealth intentionally does not employ in-house tax or legal professionals; instead, we help you interview and select estate planners and tax advisors who fit your situation.

FAQs — RETIREMENT, NUA & 401(k) ROLLOVERS

What is Net Unrealized Appreciation (NUA) and who should consider it?

NUA is a tax approach available to some people who hold appreciated company stock inside an employer retirement plan, such as a 401(k). Instead of rolling the company stock into an IRA, the NUA rules may allow you to move the stock into a taxable account, pay ordinary income tax only on the original cost basis, and have the appreciation taxed at long-term capital-gains rates when sold. For long-tenured employees of large Dallas–Fort Worth employers, the difference can be meaningful. NUA is use-it-or-lose-it — a full rollover to an IRA generally eliminates the opportunity — so the analysis needs to happen before you move any money. 

Should I roll over my 401(k) when I retire?

It depends — a rollover is one of several options, each with trade-offs. You can typically leave assets in your former employer's plan, roll them to an IRA, roll them into a new employer's plan, or take a distribution. The right choice depends on the investment options and costs of each account, whether NUA applies to company stock, your age (rules like the age-55 separation exception can matter), creditor protection differences, and your income plan. We walk through each option and the tax impact before anything moves, because several of these decisions are irreversible.

Can a financial advisor help with retirement planning?

Yes. Advisors help you develop a retirement investment strategy, project your future income needs, and adjust your portfolio as life changes.  The advisors at Puzzle Wealth create retirement plans tailored to each client's goals and risk tolerance. We work with pre-retirees in and around the 76092 area to evaluate Social Security claiming strategies, weigh pension options, and plan for healthcare costs in retirement.

Our first priority is helping you take care of yourself and your family. We want to learn more about your personal situation, identify your dreams and goals, and understand your tolerance for risk. Long-term relationships that encourage open and honest communication have been the cornerstone of my foundation of success.

How do I create a retirement income plan from my savings?

A retirement income plan maps which accounts you draw from, in what order, and how the portfolio is positioned to support those withdrawals. Done well, it coordinates Social Security timing, required minimum distributions, Roth conversion opportunities in lower-income years, and the tax character of each account — taxable, tax-deferred, and tax-free. The goal is a dependable income stream with attention to the taxes you pay over your full retirement, not just this year. 

FAQs — FIDUCIARY ADVICE & HOW WE WORK

What does a financial advisor or wealth advisor do?

As financial advisors, we help high-net-worth residents of Southlake, Grapevine, and affluent Dallas–Fort Worth communities such as Westlake, Colleyville, Trophy Club, Keller, Flower Mound, Argyle, Roanoke, Highland Park, University Park, Preston Hollow, Frisco, Plano, Prosper, Westover Hills, Rivercrest, and Tanglewood organize their finances and make informed decisions about spending, saving, and investing. Advisors provide personalized guidance on budgeting, debt management, selecting investments, and planning for retirement. At Puzzle Wealth, our advisors tailor their advice to business owners, corporate executives, retirees, and families — including singles, married couples, and professionals.

Beyond day-to-day money management, we help you coordinate your estate and tax strategies. Whether you're growing a business in Tarrant County or preparing to send kids to college in the 76092 area, a fiduciary advisor can design a plan that aligns your assets with your goals.

Our first priority is helping you take care of yourself and your family. We want to learn more about your personal situation, identify your dreams and goals, and understand your tolerance for risk. Long-term relationships that encourage open and honest communication have been the cornerstone of my foundation of success.

What is a fiduciary financial advisor?

When the advisors at Puzzle Wealth act as fiduciaries, we put your best interests first. This means our advice is impartial and free of product-sales incentives. We provide comprehensive financial planning, investment management, tax strategy, and estate-planning services, and we always disclose whether we are acting as your advisor or your broker.

When acting in an advisory capacity, we charge asset-based fees rather than commissions. Because we can also operate in a brokerage capacity — to execute trades or provide access to specific investments — some transactions involve transaction-based compensation. We explain the difference, including how we are compensated in each capacity, before you make decisions, so you can choose what makes sense for you, your family, or your business. Advisory services are offered through Gladstone Institutional Advisory, a Registered Investment Advisor; securities are offered through LPL Financial, Member FINRA/SIPC.

Why choose a fiduciary advisor over a commission-based advisor?

Fiduciary advisors, such as the advisors at Puzzle Wealth, when acting in an advisory capacity, charge transparent fees and avoid commissions. This reduces potential conflicts of interest. Commission-based advisors earn money by selling products, which can influence recommendations. The advisors at Puzzle Wealth can also act as a broker for clients who need access to specific securities or custodian services, and we will always explain potential conflicts and any transaction-based compensation so you understand it before proceeding.

Choosing fiduciary advice is especially important for business owners and high-net-worth families in Southlake who want guidance that prioritizes their goals over product sales. When we wear the fiduciary hat, our recommendations focus solely on what's best for you.

How do financial advisors get compensated and what conflicts of interest should I watch for?

Advisors may be paid by commissions on products they sell, flat or hourly fees, or a percentage of assets under management. Commission-based compensation can create conflicts because the advisor benefits from selling certain products. Fee-based fiduciary advisors reduce conflicts by charging you directly and disclosing compensation. The advisors at Puzzle Wealth explain how they're compensated and clarify whether they're acting as a fiduciary or broker so you can make informed decisions.

What is a red flag for a financial advisor?

Be cautious if an advisor promises high or guaranteed returns, recommends products you do not understand, evades questions about fees, or refuses to acknowledge potential conflicts of interest. Transparent advisors willingly disclose their qualifications, compensation, and any conflicts.  The advisors at Puzzle Wealth encourage you to ask questions and seek references from other families or business owners in Southlake before hiring an advisor.

What should I expect during my first meeting with a financial advisor?

Your first meeting with us is complimentary and is an information-gathering session. We will ask about your income, expenses, goals, risk tolerance, existing investments, and family situation. You should bring statements for bank accounts, retirement plans, and insurance policies. Expect the advisor to explain services, fees, and fiduciary commitments before making recommendations. The advisors at Puzzle Wealth also take time to learn about your local community ties, such as charitable interests or business networks, to incorporate them into your plan.

How often should I meet with my financial advisor?

Meeting frequency depends on your personal needs. Many clients meet three times a year; those with more complex finances or major life events may meet quarterly. Families in Southlake preparing for college or approaching retirement — and business owners in the years before a sale — might require more frequent check-ins. Your advisor should be available to address questions whenever needed.

What qualifications should I look for in a financial advisor?

Look for credentials such as CERTIFIED FINANCIAL PLANNER™ (CFP®), Certified Investment Management Analyst (CIMA®), Certified Exit Planning Advisor (CEPA®), or Chartered Financial Consultant (ChFC®), which indicate rigorous education and ethical standards. Experience, the ability to develop a customized plan, transparent communication, and a fiduciary commitment are also important. Puzzle Wealth's team holds these industry designations and understands the unique financial landscape of the Dallas–Fort Worth Metroplex.

What is the difference between a financial advisor, financial planner, and wealth manager?

A financial advisor is a broad term for anyone who gives financial guidance. A financial planner typically emphasizes creating a holistic plan for retirement, taxes, insurance, and estate planning. A wealth manager provides comprehensive services — including investment management, tax strategies, estate planning, and coordination with attorneys or CPAs — usually for higher-net-worth clients. The advisors at Puzzle Wealth act as wealth managers for business owners, executives, and families in the Dallas–Fort Worth area.

FAQs — SERVICES & INVESTMENTS

What services does a wealth manager in Southlake typically offer?

Wealth managers offer more than investment advice.  The advisors at Puzzle Wealth provide comprehensive wealth management, investment management, financial planning, tax strategy, estate planning coordination, trust services, and retirement-plan services. We also specialize in exit planning for business owners, retirement planning, equity compensation analysis for corporate employees, Net Unrealized Appreciation (NUA) analysis for company stock in retirement plans, alternative investments beyond traditional stocks and bonds, charitable giving strategies, and income and estate tax strategies designed to lessen tax burdens. Located in Southlake, we combine these disciplines to give business owners, executives, and high-net-worth families a single point of contact for their finances.

Our local focus means we understand the unique needs of affluent Dallas–Fort Worth families — from executives working in downtown Dallas or Fort Worth to professionals living in Westlake, Colleyville, Trophy Club, Keller, Flower Mound, Argyle, Roanoke, Highland Park, University Park, Preston Hollow, Frisco, Plano, Prosper, Westover Hills, Rivercrest, and Tanglewood and beyond. We help clients plan for college expenses, evaluate 401(k) rollover options, analyze equity-compensation packages, perform NUA analyses, design charitable giving strategies, and manage concentrated stock positions while considering Texas taxes and estate laws.

What does comprehensive financial planning involve?

Comprehensive planning examines all areas of your financial life: budgeting, debt reduction, insurance, retirement planning, education funding, tax strategies, and estate planning — just to name a few. Our advisors in Southlake offer integrated financial planning, investment management, tax strategy, and estate planning coordination under one roof. This holistic approach helps you see how each part of your plan affects the others.

For high-net-worth families, comprehensive planning often includes evaluating equity compensation packages (such as stock options and restricted stock units), performing Net Unrealized Appreciation (NUA) analysis on company stock held in 401(k) plans, exploring alternative investments beyond stocks and bonds, and designing charitable giving strategies that align with your family's values. We also coordinate income and estate tax strategies with your tax preparer and attorney to lessen your tax burden. Because we believe one size does not fit all, Puzzle Wealth intentionally does not employ in-house tax or legal professionals; instead, we help you interview and select estate planners and tax advisors who fit your situation.

For families in Southlake, Grapevine, and affluent communities like Westlake, Colleyville, Trophy Club, Keller, Flower Mound, Argyle, Roanoke, Highland Park, University Park, Preston Hollow, Frisco, Plano, Prosper, Westover Hills, Rivercrest, and Tanglewood, comprehensive planning may involve designing a college savings strategy, evaluating life-insurance needs, and coordinating with your attorney on estate strategies. We also help business owners plan for succession and manage liquidity events.

Can a financial advisor help with tax planning?

Financial advisors can suggest tax-efficient investment strategies (such as Roth conversions, asset location, and tax-loss harvesting) and coordinate with your tax preparer. Puzzle Wealth does not employ an in-house CPA because we know one solution does not fit everyone. We will help you interview local CPAs to find the right fit and work with them to integrate tax planning into your financial strategy. Because Texas has no state income tax, our clients in the Southlake area often focus instead on federal bracket management and planning around Texas property taxes.

Can a financial advisor help with estate planning?

Yes. Advisors can help you identify estate-planning needs, coordinate with attorneys to draft wills or trusts, and align your investment and beneficiary designations with your estate plan. Puzzle Wealth does not employ an in-house attorney; instead we help you interview local attorneys to find a good fit. We work with families in Southlake to implement estate documents and manage trust investments. Texas has no state estate tax and is a community property state, which can affect how assets are titled and characterized — particularly for families relocating from separate-property states.

Can a financial advisor help with crypto or alternative investments?

Some advisors can discuss whether digital assets or alternative investments fit your overall strategy.  The advisors at Puzzle Wealth evaluate alternative investments outside of traditional stocks and bonds — including private equity, private credit, structured products, real estate funds, and crypto — within the context of your broader portfolio and risk tolerance. For example, high-net-worth clients in the 76092 area or affluent communities like Westlake or Highland Park who want exposure to private equity or real-estate funds can work with us to evaluate an appropriate allocation. Any allocation to alternative assets is considered in light of your family's financial goals and risk profile.

What types of investments might a financial advisor recommend?

Recommendations depend on your goals and risk tolerance. Advisors typically diversify across asset classes — stocks, bonds, mutual funds, ETFs, and sometimes real estate or alternatives — to match your time horizon. Puzzle's fiduciary advisors explain why each investment is chosen and how it supports your plan. For families in Southlake, we might recommend municipal bonds for tax efficiency.

How can a financial advisor help me manage risk and allocate assets?

Risk management involves spreading your investments across different asset classes and adjusting your allocation as markets or your personal situation change. Advisors assess your risk tolerance, time horizon, and objectives, then recommend a diversified portfolio designed to weather market volatility. In the Dallas–Fort Worth area, we help clients manage concentrated stock positions from local employers and diversify using broad market ETFs and alternative assets.

How do financial advisors stay up to date on market trends?

Advisors stay informed by following financial news, reading research reports, attending educational conferences, and networking with other professionals. The advisors at Puzzle Wealth monitor market trends and tax-law changes that affect Texas residents. Our ongoing education helps us adjust client strategies as laws and economic conditions evolve.

FAQs — FEES & MINIMUMS

How much does a financial advisor cost?

Fees vary by service model. Industry asset-based fees commonly range from 0.5–1.5% of assets. At Puzzle Wealth, our advisors charge a percentage of the assets we manage — generally between 0.3% and 1.5% depending on the size and complexity of the relationship — and we will clearly explain your costs up front, so you understand the value you receive.

Professional guidance can save time and money by helping you avoid costly mistakes and manage taxes efficiently. For families and entrepreneurs in 76092 and surrounding ZIP codes, the clarity that professional guidance brings can outweigh the cost of advice.

Is a financial advisor worth the cost?

Paying a fee does not guarantee higher investment returns, but professional management can improve decision-making and increase the likelihood of meeting long-term goals. Advisors help you avoid emotional investing mistakes, manage taxes efficiently, and align your strategy with your objectives. For high-income households and business owners in the Dallas–Fort Worth area, the value of professional guidance often exceeds the cost.

What is a typical wealth management fee?

At Puzzle Wealth, our advisors charge a percentage of the assets they manage — generally between 0.3% and 1.5% — and as your relationship with us grows, your fee rates can come down. We will clearly explain what you pay before you hire us. Our goal is for you to understand your costs and feel confident about the value you receive.

How much should I pay for a wealth manager?

There is no universal "right" fee; costs depend on the services you need and the complexity of your situation. Firms may charge a flat annual fee or an asset-based fee; typical industry ranges are 0.5–1.5% of managed assets or a fixed fee for financial planning. Evaluate both the fee and the value delivered.  The advisors at Puzzle Wealth provide a detailed fee schedule so you can make an informed decision.

How much money or net worth do I need before hiring a financial advisor?

There is no strict minimum. Some firms target clients with at least $750,000 in investable assets, while others accept clients starting around $50,000–$500,000. Puzzle Wealth's advisors serve business owners and families with a range of net worth. We believe the right time to hire an advisor is when your finances become complex enough that professional guidance could save you time and money — often around $1,000,000 in investable assets.

Is $500,000 enough to work with a financial advisor?

Many advisors will work with clients who have $500,000 in investable assets, and some require even less. Puzzle Wealth's advisors serve families and business owners at various wealth levels. What matters more than the asset minimum is finding an advisor who offers the services you need and aligns with your values. If you live in Southlake or the nearby Dallas–Fort Worth communities and want personalized guidance, we're here to help.

When should I hire a financial advisor?

You don't need to wait for a certain age. People hire advisors at different life stages — starting a family, receiving an inheritance, planning for retirement, or selling a business. If you're a busy professional in Southlake, TX 76092 or a homeowner in Colleyville who feels uncertain about financial decisions, personalized guidance can be valuable.