Red Door Wealth Management, LLC (Memphis)

Name: Red Door Wealth Management, LLC
Address: 756 Ridge Lake Boulevard, Memphis, TN, 38120
Telephone: 901-681-0018

Red Door Wealth Management, LLC is a large advisory firm based in Memphis. It manages $481.03 million of regulatory assets for 1,057 client accounts. It has been registered with the SEC as an adviser since 2014 and has operated in the jurisdictions of Alabama, Arkansas, Florida, and 4 other states.

Red Door Wealth Management provides financial planning services, portfolio management for individuals and small businesses, pension consulting services, and family office and wealth planning services, advisory consulting services. It prepares financial plans for more than 100 clients. On top of advisory services, the firm doesn't engage in other business activities.

Red Door Wealth Management: assets under management

The assets under management (AUM) of Red Door Wealth Management, LLC is $481.03 million. The firm's AUM has grown by 368% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $263.94 million in discretionary accounts and $217.09 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $287.83 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $1.55 million.

Investments

The firm invests in investment and business development companies the most. They account for 51% of the total AUM. The second-largest asset type is pooled investment vehicles, which make up 24% of the firm’s portfolio. Investments in exchange traded securities form 13% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Red Door Wealth Management, LLC for their services and products based on a percentage of assets under management and fixed fees. Compensation based on assets under management promotes a long-term relationship between a client and the adviser and helps align mutual interests. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Red Door Wealth Management serves?

The firm provides services to individuals, high net worth individuals, and pension and profit sharing plans. The largest group of clients of Red Door Wealth Management is high net worth individuals with 99 clients and $278.82 million of assets under management. Among the 7 most similar advisory firms, Red Door Wealth Management has the 2nd lowest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $481.03 million for 301 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. None of the firm’s clients are foreign persons or businesses.

Red Door Wealth Management also advises several private funds. Namely, one hedge fund. The minimum investment commitment required of non-related persons is $100,000 for each fund.

Careers at Red Door Wealth Management, LLC

The company employs 9 people that are either part- or full-time employees. 56 percent of the employees work as investment advisers or researchers. 5 employees are registered as investment adviser representatives with the state securities authorities.

There are 3 people with the role of looking for and bringing in new clients on behalf of the firm. The firm compensates employees in addition to the salary for bringing in new clients. Employees receive compensation from other entities for client referrals.

John Phillips has served as the Chief Investment Officer since 1 Jun 2018. Judson Williams Cannon joined the executive team most recently as the Member.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
William Frederick Hiatt	Member	1 Feb 2010	25% - 50%	2493802
John Phillips	Member/chief compliance officer	1 Mar 2010	25% - 50%	5642536
Judson Williams Cannon	Member	1 Dec 2011	25% - 50%	5768147
Douglas Bonner Wright	Member	1 Dec 2011	25% - 50%	5768148
Judson Williams Cannon	Member	1 Jun 2018	Other	5768147
John Phillips	Chief investment officer/chief compliance officer	1 Jun 2018	Other	5642536
William Frederick Hiatt	Member	1 Jun 2018	Other	2493802
Douglas Bonner Wright	Member	1 Jun 2018	Other	5768148
William Daniel Allen	Member	1 Jun 2018	Other	6236635

Based in Memphis

The principal office where Red Door Wealth Management, LLC performs its advisory services is located at 756 Ridge Lake Boulevard, Memphis, TN 38120, which is also the mailing address of the firm. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 901-681-0018 or by fax 901-685-7569. The normal business hours are 8:00 a.m. - 5:00 p.m. on Monday - Friday. You can find more information about the New York firm at reddoorwealth.com and its LinkedIn profile.