In 2004, several noteworthy events occurred. Facebook was launched. The New England Patriots won Super Bowl XXXVIII. NASA landed rovers on Mars. And—a little bit closer to home, our firm, Pioneer Wealth Management Group, was started by Milad Taghehchian.
Twenty years later, Pioneer Wealth continues to thrive and to serve many in the community and across the country. The firm currently boasts a staff of 10, with offices in Austin, Texas and Kingsport, Tennessee.
I recently sat down with Pioneer Wealth’s founder, Milad Taghehchian, to gain a glimpse of the inner workings of this visionary leader.
A Look at the Past
As a child, friends would say that Milad was quiet and studious. Relationships were important to him and even to this day, he maintains contact with childhood friends.
During those younger days, Milad was interested in medicine and imagined that he would become a doctor as an adult. At the University of Texas at Austin, he initially studied biochemical engineering and microbiology before pivoting to economics. Milad always had a keen interest in the stock market and would read the financial section of the newspaper daily. His later switch to economics as a major, was an organic one.
A love of outdoor activities along with the ability to help people, both within his team and with clients, gets him out of bed each morning. It is important to Milad to have a work culture that prioritizes the well-being of others.
You can find Milad listening to The Morning Brew and the Michael Kitces’ Financial Advisor Success podcasts. (By way of explanation - Kitces is considered the respected go-to on trends and deep knowledge in our industry.) To feed his never-ending curiosity, books on organizational development, entrepreneurial topics and management are a part of his reading appetite. A current bedside table book? Sociology professor, Matthew Desmond’s Poverty, by America.
Milad believes in keeping life in perspective. “I’m an easily humored person. Life is just amusing in general.” He prefers to emphasize the beauty of our existence and finds that taking a step back to view the bigger picture, allows him to see any situation clearly. Anyone who knows him can attest to this trait; Milad is not easily fazed.
A Look at Origins
Milad’s entry into the financial industry came though tutelage at a billion-dollar broker dealer company. During those early career days, he labored at a desk, making cold calls and at tables outside of stores like Walmart to capture clients. “I enjoyed the work, but hated how I did the work,” Milad recalled. At the tender age of 21, he was acutely aware that he was not working in a client’s best interest. He sought out a better way to serve clients by picking the brain of a Fee-Only founder in Austin. Instead of joining that firm, he decided to forge his own path by establishing Pioneer Wealth Management Group.
As he reflected on the Pioneer team, Milad remarked that they are, “really intelligent and are passionate about learning,” and in making the community around them better. Milad is proud that he has created a place where young people and career changers can land and flourish. Each summer, it is not uncommon to find an intern around the office helping with projects and learning about our corner of the financial industry.
The discipline of financial planning allows Milad to gain a, “...glimpse into other worlds,” as he meets with clients in various professions partaking in interesting pursuits. Milad appreciates the perspective that each client brings to the table and is honored to help clients become more efficient in their financial life.
A Look Ahead
In a country riddled with financial advisors, it is not as easy to find a Fee-Only firm. Specifically, out of the 300,000 financial advisors (these are the ones who are legitimate through a license or designation) – only around 3% are Fee-Only – meaning, they do not sell products or securities with a commission attached. Additionally, most firms like Pioneer Wealth also come with prerequisites such as having an asset minimum.
For Milad, making financial planning accessible to middle-class families is as vital as that for high-net-worth households. From our expertise, “We are able to see the whole path,” Milad expressed. “We can help clients make wise financial decisions that are impactful to them and advise them on what is needed for the next step.”
Milad is excited about the future of Pioneer and of our industry. He believes that innovation will eventually take hold. He envisions a future in the financial industry with a potential shift away from a focus on publicly traded securities in investment vehicles like 401ks. For instance, he mused that since our country was built on mom-and-pop companies, imagine if consumers could access non-traditional wealth growth sources, like small businesses, with the appropriate level of due diligence.
American businessman and investor, Warren Buffett, once remarked that, “Someone is sitting in the shade today because someone planted a tree a long time ago.”
At Pioneer Wealth Management Group, we celebrate the tree that Milad Taghehchian planted in 2004. Now deeply rooted, its fruit gives nourishment to many. Along with you, we look forward to many years of continued strength and growth.
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