{"id":70971,"date":"2023-10-10T10:48:28","date_gmt":"2023-10-10T14:48:28","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/a-wirehouse-refugee-who-manages-80-pie-charts-and-2-billion-in-wealth\/"},"modified":"2023-10-10T10:48:31","modified_gmt":"2023-10-10T14:48:31","slug":"a-wirehouse-refugee-who-manages-80-pie-charts-and-2-billion-in-wealth","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=70971","title":{"rendered":"A Wirehouse Refugee Who Manages 80 Pie Charts And $2 Billion In Wealth"},"content":{"rendered":"
\n

Firm: <\/strong>Parcion Private Wealth<\/p>\n

Name: <\/strong>Terry Cook<\/p>\n

Location: <\/strong>Bellevue, WA<\/p>\n

Team Custodied Assets: <\/strong>$1.9 billion<\/p>\n

Forbes Rankings: <\/strong>America\u2019s Top RIA Firms, America\u2019s Top Wealth Advisors, Best-In-State Wealth Advisors<\/p>\n

Background: <\/strong>Terry Cook grew up in a small town in the Willamette Valley of Oregon, a region now known for its wines and expansive farmland. It was an economics teacher in high school that turned him onto the wealth management business, leading him to graduate with a major in economics and minor in business from the University of Oregon in 1991. Shortly after school, Cook spent two years selling computer systems and gaining sales experience before ending up at Merrill Lynch. After a nine year stint at Merrill, he moved to UBS, where he spent 17 years working exclusively with business owners and their families. In 2019, Cook decided to start Parcion Private Wealth to more purposefully build out the resources specifically for those families, he recalls.<\/p>\n

Competitive Edge: <\/strong>\u201cWe\u2019re known for helping business owners and their families unlock the true potential of their wealth, usually through a sale or transition,\u201d says Cook. \u201cWe show them how to take care of the people they love for generations and help them think bigger about what comes next.\u201d As he describes, his team\u2019s singular focus and discipline revolves around helping business owners through a transaction. This approach often entails advanced planning for clients\u2014not only advocating for the personal wealth side of things but also helping with asset protection and wealth transfers. \u201cThe vast majority of families will only go through this once so they don\u2019t have a vast amount of experience\u2014we help them navigate transitions with clarity and confidence.\u201d<\/p>\n

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Investment Philosophy\/Strategy: <\/strong>\u201cWe have around 80 families and that means roughly 80 different pie charts when it comes to client portfolios,\u201d says Cook. \u201cOur industry strives for scalability and fitting everyone into a pie chart\u2014we go the opposite way.\u201d He and his team first prioritize a family\u2019s cash flow needs when coming up with bespoke portfolios for clients, though there are some commonalities, such as looking for steady income in the form of dividends. \u201cIf a company is consistently raising their dividend, that gives families confidence in the consistency of those returns,\u201d says Cook. He also likes delving into private markets to \u201cmove the needle\u201d for clients from an opportunistic standpoint, offering strategic access to private investments. Equities are usually a mix of domestic and international stocks, the latter of which Cook argues look attractive thanks to better valuations abroad, while in fixed income there is typically a lot of treasuries and a significant amount of private debt. \u201cEvery client\u2019s liquid portfolio needs to provide them with peace of mind and be very understandable,\u201d he adds.<\/p>\n

Investment Outlook: <\/strong>\u201cIn our mind, it\u2019s not if but when we get a recession,\u201d says Cook. \u201cThe narrative has swung from definitely hitting a recession to a soft landing, but that\u2019s kind of a unicorn and rarely ever occurs.\u201d There\u2019s still a lot of liquidity in markets which is making it hard to predict the timing of a recession, he adds. \u201cThe Federal Reserve is going to keep rates high or even continue to raise rates until something breaks\u2014this is the way almost every cycle ends, with the Fed overshooting.\u201d It\u2019s better to be underweight equities\u2014though there are still pockets of value, he argues, adding that it\u2019s a good time to keep plenty of dry powder in order to be opportunistic when there is further volatility. He advises keeping plenty of cash and Treasuries for when the environment does eventually start to turn, which he expects might be when the Fed starts to lower interest rates in response to an overshoot.<\/p>\n

Best Advice: <\/strong>\u201cFor families that are going through and planning for the biggest financial events of their lifetime, it\u2019s a scary and emotional time\u2014even for the toughest business owners,\u201d says Cook. \u201cMost business owners regret a sale just 12 months later, so how do we help them avoid that?\u201d He and his team answer that question by doing all the prerequisite planning for clients, helping them deal with the psychological impact and then giving them the resources post-sale to support their lifestyle.<\/p>\n

Favorite Book\/Movie\/Hobby: <\/strong>Cook loves any movie with Will Ferrell in it: \u201cLife is too serious sometimes so I like to laugh.\u201d He\u2019s also a big fan of author Tom Clancy\u2019s espionage thrillers. Having grown up hunting and fishing in the Northwest, Cook continues to love spending time outdoors. He has four children and is particularly excited that they\u2019re at an age where they are increasingly starting to share his passions.<\/p>\n

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Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Firm: Parcion Private Wealth Name: Terry Cook Location: Bellevue, WA Team Custodied Assets: $1.9 billion Forbes Rankings: America\u2019s Top RIA Firms, America\u2019s Top Wealth Advisors, Best-In-State Wealth Advisors Background: Terry Cook grew up in a small town in the Willamette Valley of Oregon, a region now known for its wines and expansive farmland. It was […]<\/p>\n","protected":false},"author":1,"featured_media":70972,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-70971","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"\nA Wirehouse Refugee Who Manages 80 Pie Charts And $2 Billion In Wealth | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Firm: Parcion Private Wealth Name: Terry Cook Location: Bellevue, WA Team Custodied Assets: $1.9 billion Forbes Rankings: America\u2019s Top RIA Firms,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=70971\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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