ABOUT PRECEPT LEGACY

• Q1. What is Precept Legacy, and what services do you offer?
  Precept Legacy is a Dallas-based registered investment adviser (“RIA”) located at 200 Crescent Court, Suite 1450. We provide comprehensive wealth management for high-net-worth entrepreneurs, alternative investment professionals, family offices, and multigenerational households. Our services include investment management across traditional and alternative asset classes, retirement and estate planning, tax strategy, cash flow planning, education planning, asset protection, and jurisdictional diversification. We also offer concierge and executive assistant services designed to simplify the financial lives of our clients. With 25-plus years of institutional access and a team that includes CFP® and CPA-certified professionals, our philosophy is simple: Your Legacy, Our Expertise.
• Q2. Who is the ideal client for Precept Legacy?
  Precept Legacy works primarily with high-net-worth entrepreneurs, founders and business owners, alternative investment professionals, family offices, and multigenerational households. Our clients typically have complex financial situations that benefit from institutional-quality investment access, sophisticated tax and estate planning, and a dedicated advisory team. Whether you are building wealth, transitioning a business, or preserving assets across generations, our platform is designed for individuals and families who need more than a basic brokerage relationship. We serve clients in Dallas and the DFW metroplex as well as nationally.
• Q3. Is Precept Legacy a fiduciary?
  Yes. As an RIA, Precept Legacy operates under a fiduciary standard. This means we are legally obligated to act in our clients' best interests at all times. Unlike broker-dealers, who may operate under a less stringent suitability standard, , RIAs must prioritize the financial well-being of their clients, disclose any potential conflicts of interest, and provide transparent advice. This fiduciary commitment is foundational to everything we do at Precept Legacy and is central to the trust our clients place in us.
• Q4. Where is Precept Legacy located?
  Precept Legacy is headquartered at 200 Crescent Court, Suite 1450, Dallas, Texas. Crescent Court is one of the most prestigious addresses in the Uptown Dallas area. While we are based in Dallas, we serve clients throughout the DFW metroplex and across the United States. Our technology platform allows us to deliver the same level of personalized service to clients regardless of geography.
• Q5. What custodian does Precept Legacy use?
  Our primary custodian is Goldman Sachs Advisor Solutions. A custodian is the financial institution that holds and safeguards your assets. Goldman Sachs Advisor Solutions provides our clients with institutional-caliber custody, reporting, and access to a broad range of investment products. By working with Goldman Sachs, Precept Legacy clients benefit from the security and infrastructure of one of the world's leading financial institutions while receiving personalized advisory services from our team.

INVESTMENT MANAGEMENT

• Q6. How does Precept Legacy approach investment management for high-net-worth clients?
  Precept Legacy takes an institutional approach to investment management. We construct diversified portfolios that blend traditional equities and fixed income with alternative investments, such as private equity, private credit, hedge funds, real estate, and infrastructure. With 25-plus years of institutional access and partnerships with leading managers, we are able to offer our clients access to opportunities typically reserved for large institutions and endowments. Every portfolio is tailored to the client's financial goals, risk tolerance, and time horizon. All investments involve risk, including potential loss of principal, and past performance does not guarantee future results.
• Q7. What investment managers does Precept Legacy work with?
  Precept Legacy maintains relationships with many of the world's leading investment managers. Our partners include Goldman Sachs, BlackRock, J.P. Morgan, Blackstone, KKR, Apollo, Blue Owl, Carlyle, Silver Lake, AQR, Hamilton Lane, StepStone, Ares, and others. These partnerships give our clients access to institutional-quality strategies across public and private markets. We continuously evaluate managers and strategies to ensure our platform reflects the best opportunities available. References to specific managers are provided for educational purposes and should not be considered recommendations. All investments involve risk, including potential loss of principal.
• Q8. What is the difference between an RIA and a broker-dealer?
  An RIA, like Precept Legacy, operates under a fiduciary duty, meaning we are legally required to act in your best interest. Broker-dealers, by contrast, are generally held to a suitability standard, which only requires that recommendations be suitable for a client's situation but not necessarily the best option available. RIAs typically charge transparent fees rather than earning commissions on product sales, which reduces conflicts of interest. For high-net-worth individuals who need sophisticated, unbiased advice, working with an RIA can provide greater alignment between the advisor's incentives and the client's goals.

ALTERNATIVE INVESTMENTS

• Q9. What are alternative investments, and why should high-net-worth investors consider them?
  Alternative investments are asset classes outside of traditional stocks, bonds, and cash. They include private equity, private credit, hedge funds, real estate, infrastructure, structured products, and oil and gas investments. High-net-worth investors often consider alternatives because they can provide portfolio diversification, potential for enhanced returns, and reduced correlation to public markets. At Precept Legacy, we leverage more than 25 years of institutional access to connect clients with top-tier alternative investment managers. It is important to understand that alternative investments involve additional risks, including illiquidity, limited transparency, higher fees, and the potential loss of principal. They are not suitable for all investors.
• Q10. What is private equity, and how can I invest in it?
  Private equity involves investing in companies that are not publicly traded on a stock exchange. These investments typically involve buying, improving, and eventually selling businesses for a profit. Private equity can offer the potential for higher returns than public markets, but it comes with longer investment horizons, illiquidity, and higher minimum commitments. Access to top-tier private equity funds has historically been limited to large institutions. Precept Legacy provides qualified high-net-worth clients with access to leading private equity managers such as Blackstone, KKR, Carlyle, and others through our institutional platform. References to specific managers are for educational purposes only and are not recommendations. All investments involve risk, including potential loss of principal, and not all private equity investments produce a profit.
• Q11. What is private credit and how does it fit in a portfolio?
  Private credit refers to non-bank lending where private funds provide loans directly to companies, often middle-market businesses that may not have access to traditional bank financing. These investments can offer attractive yields, regular income, and portfolio diversification. Private credit has grown significantly as an asset class, with managers such as Apollo, Ares, Blue Owl, and others leading the field. At Precept Legacy, we help qualified clients evaluate private credit opportunities as part of a diversified investment strategy. Private credit investments involve risks, including illiquidity, credit risk, and the potential loss of principal. References to specific managers are for informational purposes only. Not all clients will have access to the same managers included in these FAQs.
• Q12. What are structured products, and how do they work?
  Structured products are pre-packaged investment strategies that typically combine a traditional security, like a bond, with a derivative component linked to an underlying asset such as an equity index, interest rate, or commodity. They are often designed to provide a specific risk-return profile, such as downside protection with capped upside or enhanced yield. Precept Legacy works with clients to evaluate whether structured products can play a role in their portfolio strategy, particularly for clients seeking tailored risk management. Structured products involve complex counterparty risk, and limited liquidity. They are not suitable for all investors and should be evaluated carefully with the guidance of an advisor.
• Q13. What role do hedge funds play in a high-net-worth portfolio?
  Hedge funds are pooled investment vehicles that employ a wide range of strategies to generate returns, including long-short equity, global macro, event-driven, and market-neutral approaches. For high-net-worth investors, hedge funds can provide diversification and the potential to generate returns in both rising and falling markets. Precept Legacy partners with managers like AQR and others to offer clients access to institutional-quality hedge fund strategies. Hedge funds involve significant risks, including illiquidity, leverage, lack of transparency, and higher fees. Past performance does not guarantee future results, and hedge funds are not suitable for all investors.
• Q14. How does Precept Legacy evaluate and select alternative investment managers?
  Our manager selection process is rigorous and institutional in nature. With over 25 years of experience, we evaluate alternative investment managers based on their track record, investment process, team stability, risk management, fee structures, and alignment of interests. We maintain ongoing relationships with leading managers including Goldman Sachs, BlackRock, Blackstone, KKR, Apollo, Hamilton Lane, StepStone, and others, which gives us access to deep due diligence resources and co-investment opportunities. Our goal is to ensure that every manager on our platform meets the high standards our clients expect. Past performance does not guarantee future results, and all investments involve risk.
• Q15. What are the risks of alternative investments?
  Alternative investments carry risks that differ from and can be greater than those associated with traditional investments. Key risks include illiquidity, meaning your capital may be locked up for years with limited ability to sell. Many alternatives also involve limited transparency, higher fees and expenses, use of leverage, concentration risk, and the potential for total loss of principal. Some alternative investments have limited regulatory oversight compared to publicly traded securities. At Precept Legacy, we believe thorough due diligence, appropriate allocation sizing, and diversification across alternative strategies can help manage these risks. Alternatives are not suitable for all investors, and we work closely with each client to determine if and how they fit within their broader financial plan.

WEALTH PLANNING AND ADVISORY SERVICES

• Q16. What is comprehensive wealth planning and why does it matter?
  Comprehensive wealth planning goes beyond investment management to address every dimension of your financial life. At Precept Legacy, our wealth solutions encompass retirement planning, estate planning, cash flow analysis, tax strategy, education funding, asset protection, and jurisdictional diversification. For high-net-worth individuals and families, these areas are deeply interconnected. A strong wealth plan coordinates investment decisions with tax implications, aligns estate structures with legacy goals, and ensures your financial resources support your lifestyle both now and in the future. Our team includes CFP® and CPA-certified professionals who work together to build and maintain a holistic plan tailored to your specific situation.
• Q17. How does Precept Legacy help with estate planning?
  Estate planning is a critical component of preserving wealth across generations. Precept Legacy works alongside your legal and tax advisors to help coordinate estate strategies that align with your investment portfolio and overall financial plan. This may include strategies around trust structures, gifting, charitable planning, and beneficiary designations. Our experience serving multigenerational households gives us a deep understanding of the complexities involved in transferring wealth effectively while minimizing tax exposure. Estate planning involves legal and tax considerations that require professional legal and tax counsel. The information provided here is educational and general in nature.
• Q18. Does Precept Legacy provide tax planning services?
  Yes. Tax planning is an integral part of our comprehensive wealth management approach. With CPA-certified professionals on our team, Precept Legacy integrates tax-aware strategies into portfolio construction, withdrawal planning, charitable giving, and estate structuring. We work collaboratively with your external CPA or tax advisor to ensure that investment decisions are made with a full understanding of their tax implications. Effective tax planning can make a meaningful difference in long-term wealth accumulation and preservation. Tax planning services and information provided by Precept Legacy are educational and general in nature and should not be considered tax advice. Please consult a qualified tax professional for advice specific to your situation.
• Q19. What is asset protection and jurisdictional diversification?
  Asset protection involves structuring your wealth to shield it from potential creditors, lawsuits, and other financial threats. Jurisdictional diversification takes this further by considering the legal and tax frameworks of different states or countries to optimize how assets are held and protected. For high-net-worth entrepreneurs and family offices, these strategies can be especially important given their exposure to business-related liability and complex ownership structures. Precept Legacy helps clients understand and implement these strategies in coordination with qualified legal counsel. The information provided here is educational and general in nature and is not legal advice.
• Q20. How does Precept Legacy help with retirement planning for high-net-worth individuals?
  Retirement planning for high-net-worth individuals involves challenges that go well beyond choosing a 401(k) contribution amount. At Precept Legacy, we help clients model complex income scenarios, optimize withdrawal strategies across taxable and tax-advantaged accounts, evaluate the role of alternative investments in generating retirement income, and plan for multi-decade time horizons. Using advanced financial planning technology, including eMoney, we create detailed projections and stress-test portfolios against various market and spending scenarios. Our goal is to help you maintain your lifestyle and legacy goals throughout retirement with confidence.

TECHNOLOGY AND CLIENT EXPERIENCE

• Q21. What technology does Precept Legacy use to manage client portfolios?
  Precept Legacy invests heavily in technology to deliver an institutional-quality client experience. Our proprietary order management and portfolio management system, Vantage, enables precise portfolio construction and rebalancing. We use Addepar, a leading wealth management platform, as our client portal to provide detailed portfolio reporting, performance analytics, and a consolidated view of your entire financial picture. For financial planning, we use eMoney, which allows for dynamic scenario modeling and real-time plan updates. This technology stack sets us apart from many traditional advisors and ensures our clients have full transparency into their wealth.
• Q22. What is Addepar, and how does it benefit Precept Legacy clients?
  Addepar is a sophisticated wealth management technology platform used by many of the world's leading family offices and RIAs. As a Precept Legacy client, you receive access to Addepar as your client portal. It provides a comprehensive, real-time view of your entire financial picture, including traditional investments, alternative assets, real estate, and other holdings, all in one place. The platform offers detailed performance reporting, asset allocation analysis, and customizable dashboards. For clients with complex portfolios that span multiple asset classes and managers, Addepar provides a level of clarity and transparency that most advisory firms cannot match.
• Q23. Does Precept Legacy offer concierge or lifestyle services?
  Yes. Precept Legacy offers concierge and executive assistant services as part of our holistic approach to serving high-net-worth clients. We understand that our clients' time is their most valuable asset, and our lifestyle enhancement services are designed to simplify the demands of managing significant wealth. While the specifics vary by client, these services reflect our commitment to going beyond traditional financial advisory and acting as a true partner in all aspects of our clients' financial lives.

WORKING WITH PRECEPT LEGACY

• Q24. How do I get started with Precept Legacy?
  Getting started with Precept Legacy begins with an introductory conversation where we learn about your financial situation, goals, and priorities. From there, we conduct a thorough review of your existing portfolio, estate documents, tax situation, and any other relevant financial details. We then present a customized wealth management plan that includes investment recommendations, planning strategies, and a clear roadmap for implementation. There is no obligation during the initial consultation. You can reach us through our website at preceptlegacy.com or contact us directly at our Dallas office at 200 Crescent Court, Suite 1450.
• Q25. What should I look for when choosing a wealth advisor in Dallas?
  When selecting a wealth advisor in Dallas, high-net-worth individuals should consider several key factors. Look for a firm that operates as a fiduciary, meaning they are legally required to act in your best interest. Evaluate their custodial relationships because the safety and infrastructure behind your assets matter. Consider the range of investment access, particularly whether the firm offers institutional-quality alternatives alongside traditional investments. Review the credentials of the advisory team, including designations like CFP® and CPA. Ask about their technology platform and how they provide transparency and reporting. Finally, consider whether the firm specializes in clients like you. Precept Legacy was built specifically to serve high-net-worth entrepreneurs, family offices, and multigenerational households in Dallas and beyond.
• Q26. Can Precept Legacy work with my existing CPA and estate attorney?
  Absolutely. Collaboration with your existing professional advisors is a core part of how we work. Precept Legacy regularly coordinates with clients' CPAs, estate planning attorneys, insurance professionals, and other specialists to ensure that all aspects of your financial life are aligned. Our team includes CFP® and CPA-certified professionals who speak the language of tax and legal planning, enabling seamless cross-professional collaboration. We believe that the best outcomes for our clients come from a coordinated team approach, and we are happy to serve as the central hub for that coordination.
• Q27. Does Precept Legacy work with clients outside of Dallas?
  Yes. While Precept Legacy is headquartered in Dallas at 200 Crescent Court, we serve high-net-worth clients across the United States. Our technology platform, including our Addepar client portal and eMoney financial planning tools, enables us to deliver the same level of personalized service and real-time transparency to clients regardless of location. Many of our clients value our Dallas roots and institutional relationships while living and working in other major markets across the country.

HIGH-NET-WORTH FINANCIAL PLANNING TOPICS

• Q28. What is a family office, and does Precept Legacy serve family offices?
  A family office is a private wealth management advisory firm that serves ultra-high-net-worth families. Family offices can be single-family, serving one family exclusively, or multi-family, serving several families. They typically handle investment management, estate planning, tax strategy, philanthropic planning, and sometimes lifestyle and concierge services. Precept Legacy serves family offices by providing institutional-quality investment access, including alternatives like private equity, private credit, and hedge funds, along with comprehensive planning and advanced technology through platforms like Addepar and our proprietary Vantage system. Our 25-plus years of institutional access make us a valuable partner for family offices seeking to enhance their investment capabilities.
• Q29. How much money do I need to work with a wealth advisor like Precept Legacy?
  While specific minimums can vary, Precept Legacy is designed to serve high-net-worth individuals and families whose financial complexity warrants the institutional-quality platform we provide. Our clients typically include entrepreneurs, alternative investment professionals, family offices, and multigenerational households. If you have a complex financial picture involving business ownership, alternative investments, multi-state tax considerations, or estate planning needs, we encourage you to reach out for an introductory conversation. We are happy to discuss whether our platform is the right fit for your situation.
• Q30. What is the difference between a financial planner and a wealth advisor?
  The terms financial planner and wealth advisor are often used interchangeably, but there can be meaningful differences. A financial planner typically focuses on creating a comprehensive financial plan covering budgeting, insurance, retirement savings, and basic investment guidance. A wealth advisor, particularly one serving high-net-worth clients, generally provides a broader and more sophisticated set of services. At Precept Legacy, our wealth advisory services include institutional-quality investment management with access to alternatives, advanced tax and estate planning, asset protection, and technology-driven reporting and analytics. We function as a comprehensive financial partner, not just a planner.
• Q31. How are wealth management fees typically structured?
  Wealth management fees are most commonly structured as a percentage of assets under management, often referred to as an AUM fee. This aligns the advisor's incentives with the client's portfolio growth. Some firms may also charge financial planning fees, performance-based fees, or hourly consulting fees depending on the services provided. At Precept Legacy, we believe in full transparency around fees and are happy to discuss our fee structure in detail during the initial consultation. For alternative investments, it is important to note that underlying fund fees, including management fees and performance allocations, are separate from advisory fees and should be carefully reviewed.
• Q32. What questions should I ask a potential wealth advisor before hiring them?
  Choosing a wealth advisor is one of the most important financial decisions you can make. Key questions to ask include: Are you a fiduciary? What custodian do you use, and how are my assets protected? What is your investment philosophy, and do you offer access to alternative investments? What are your credentials and certifications? How do you charge for your services? What technology do you use for reporting and financial planning? Do you have experience working with clients in my situation? At Precept Legacy, we welcome these questions and are transparent about every aspect of how we work. We encourage prospective clients to ask tough questions of any advisor they are considering.

^{IMPORTANT DISCLOSURES
Precept Legacy is an investment adviser registered with the United States Securities and Exchange Commission. The information provided in these FAQs is for educational and informational purposes only and does not constitute investment, tax, legal, or financial advice. All investments involve risk, including the potential loss of principal. Past performance does not guarantee future results. Alternative investments involve additional risks including illiquidity, lack of transparency, and higher fees, and are not suitable for all investors. References to specific investment managers, funds, or products are provided for educational purposes and should not be construed as recommendations. Please consult with a qualified professional before making any financial decisions.
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