Paul Allen, President & CEO, Wealth Strategies Partners

Invest: met with Paul Allen, president and CEO of Wealth Strategies Partners, to discuss key achievements, market trends, and the evolving landscape of financial planning, focusing on the firm’s expansion strategy, the growing influence of female investors, the impact of AI on wealth management, and the psychology behind investment decisions.

What were some of the major highlights and key accomplishments for Wealth Strategies Partners over the past year?

2024 was our “Year of Intentional Growth,” and our biggest highlights reflect that focus. 

First, we expanded our footprint in Florida, with a strong focus on the Tampa Bay and Sarasota regions. This market has been a natural fit for our services, and we’ve seen great momentum there.

Second, we made significant strides in growing our music and entertainment division. This part of our practice supports musicians, managers, and booking agents — and the response has been incredibly encouraging.

Both areas reflect our commitment to purposeful growth and meeting clients where they are.

What makes Tampa Bay such an ideal location for Wealth Strategies Partners to grow and operate in?

Tampa Bay is a natural fit for our firm’s growth. It shares many qualities with Nashville — booming population growth, strong real estate markets, and an influx of high-net-worth individuals. For a firm like ours, it’s essential to operate in markets where there’s a clear and growing demand for wealth management services.

One simple but telling indicator I always look at is airport traffic. Tampa’s airport continues to expand, and Sarasota’s was recently named the fastest-growing airport in the country.

That growth is largely driven by affluent individuals relocating to the region, thanks to Florida’s favorable tax policies, real estate stability, and overall quality of life. It’s a desirable, vibrant place to live, and those factors contribute to the continued influx of wealth into the area. 

Where do you see additional opportunities for Wealth Strategies Partners in the Tampa Bay market?

One of the biggest opportunities — and a major gap in the industry — is in truly comprehensive financial planning. That need was the very reason I founded Wealth Strategies Partners 11 years ago. Many high-net-worth families relocating to Florida aren’t just looking for investment management. They need guidance on estate planning, tax strategy, asset titling, and liability management.

We often see clients who move here from states like New York or California and quickly realize their financial structure doesn’t align with their new life. It needs a full, thoughtful rework.

Most wealth management firms do an excellent job at investment planning, but that’s just one part of the bigger picture. We take a holistic approach — what we call “keeping your financial house in order.” Just like a home that has multiple rooms that need maintenance, financial planning involves various aspects that require attention and strategy. That’s where we differentiate ourselves. Many firms claim to offer full financial planning, but in reality, they focus solely on investments. We want to excel in that area, of course, but also in every other aspect of financial planning. 

How has Wealth Strategies Partners’ investment strategy evolved in recent years in response to these trends?

Our investment approach has evolved to focus more holistically on each client’s overall financial plan. When asked how we define success, my answer is always the same: it’s not about outperforming an index — it’s about helping our clients reach their personal financial goals.

Every plan we create outlines the rate of return needed to sustain a client’s lifestyle, preserve their assets, and meet estate or legacy objectives. That plan becomes the foundation for their investment strategy. Instead of chasing short-term market gains, we build portfolios designed to support long-term outcomes, ensuring investments are working for each client’s broader financial vision.

Given that you primarily work with high-net-worth clients, did last year’s economic climate impact their financial plans?

While the political environment last year created some understandable anxiety, a much larger shift is shaping the financial landscape: the Great Wealth Transfer. We’re seeing an unprecedented transition of wealth — much of it into the hands of women. Female investors now control more assets than ever before, and that trend is only accelerating.

Historically, the financial industry has been male-dominated, but that no longer reflects the clients we serve. At Wealth Strategies Partners, we’re committed to changing that dynamic. Two-thirds of our leadership team is female, and we’re intentional about creating a space where women feel empowered, heard, and well-supported in managing family wealth.

How do female investors differ from their male counterparts, and how are you catering to them specifically?

I’ve actually written a book on this subject because the differences are both significant and impactful. Generally, women take a longer-term view of financial planning, focusing on security, legacy, and aligning their investments with their personal values. Philanthropy and impact investing tend to resonate more with female clients, and studies consistently show that women are often more disciplined investors — less likely to make knee-jerk reactions during market volatility.

One of the most telling statistics is that nearly 80% of women change financial advisors within a year of a divorce or the death of a spouse. That signals a systemic issue: many women feel unheard or underserved in traditional financial advisory relationships. At Wealth Strategies Partners, we’re committed to changing that. We’ve built an environment that values communication, education, and collaboration — especially with the growing number of women leading their families’ financial decisions.

What trends are you seeing in terms of AI’s impact on investing?

AI is reshaping the investment landscape in two major ways. First, from an investment perspective, AI enhances efficiency, reduces costs, and drives higher earnings, all of which positively impact stock prices. Companies that successfully integrate AI can streamline operations and become more profitable, making them attractive investments. 

Second, AI is transforming compliance, supervision, and fraud prevention within the financial industry. At firms like ours, it’s helping us automate regulatory processes, improve risk management, and enhance overall efficiency.

What would you say is the biggest challenge of being an investment adviser today?

Being an investment adviser today is less about crunching numbers and more about understanding human behavior. I believe it is 10% numbers and 90% psychology. Money is inherently emotional — whether it’s planning for the future, funding a child’s education, or managing the stress of market fluctuations. 

While selecting the right investments is important, the real challenge is helping clients navigate their emotions and make sound financial decisions. Some of the worst mistakes happen under emotional distress, so one of our most valuable roles is guiding clients through those moments to ensure they stay on track toward their financial goals.

What are your top priorities for Wealth Strategies Partners?

As CEO, my foremost priority is safeguarding our firm’s culture — ensuring that every team member fully embraces and embodies our values. A key aspect of that culture is being the trusted financial partner for female investors. As wealth transitions into their hands, we want them to feel confident knowing they have a firm that understands their unique needs and priorities. I often compare our role to a circus safety net. Just as John Ringling helped build Sarasota’s rich circus legacy, I want Wealth Strategies Partners to be the safety net for female investors stepping into financial leadership. When traditional advisers fall short, we will be there with the guidance and support they deserve.