Cash Flow Is King For This Dallas-Based Merrill Team With $5 Billion For Clients

William Corbellini

Courtesy of Corbellini, Emanuelson, Kalyandurg & Associates

Team Name: Corbellini, Emanuelson, Kalyandurg & Associates

Firm: Merrill Private Wealth Management

Senior Members: William Corbellini, Dwight Emanuelson Jr., Raj Kalyandurg

Team Size: 13

Location: Dallas

AUM: $4.7 billion

Background: All three senior partners started at Merrill and have decades of experience managing wealth. Before joining the firm in 1984 and teaming up with Emanuelson, Corbellini had a brief stint in the Air Force, while Kalyandurg—an outlier in a family of doctors—joined up in 1997. “Everyone takes a healthy feeling of ownership to each client,” talking to them about everything from health to generational planning, according to Kalyandurg. The team focuses on a smaller pool of clients than many firms, mostly corporate executives and entrepreneurs but also a handful of retired athletes and entertainers.

Competitive Edge: Corbellini cites his team’s “ability to adapt”—thanks to a healthy definition of roles and responsibilities. “You want there to be a minimum amount of disruption and you have to communicate often with clients,” he adds. While markets have been challenging, Corbellini says his team was prepared: “It’s not our first rodeo.”

Investment Philosophy/Strategy: “We base everything off cash flow—finding out what the needs of a client are going to be, then choosing an asset allocation with the least risk possible to accomplish objectives,” Corbellini says. “We tell clients to have 12 to 18 months of cash on the sidelines as a way to manage risk.” The team helps clients look past the noise and stay focused on the long term as much as possible.

Dwight Emanuelson Jr.

Courtesy of Corbellini, Emanuelson, Kalyandurg & Associates

Investment Outlook: “The market is going to just be a grind this year—directionless and a bit lower for as long as the Fed continues to raise rates,” says Emanuelson. “There’s no real road map.” The team remains optimistic about the end of the year and 2024, however: “Even though everyone is bearish, it is always good to have a bit of a contrarian push,” adds Emanuelson, predicting that markets will rebound as soon as they “get a sniff that the Fed will acquiesce” with raising rates.

Forbes

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