Former Fidelity Advisor Builds $500M RIA for Oil Pros

Justin Brownlee, a former Fidelity advisor, built Brownlee Wealth Management into a fee-only registered investment advisory firm with about 70 clients and $500 million in assets under management. The firm operates from Fort Worth and Houston and grew to that size over roughly six years.

Brownlee opened a Fidelity office near The Woodlands earlier in his career and observed many clients worked in energy and shared similar employer benefits and tax situations. He recalled telling his wife he should leave and write about tax and estate planning issues specific to oil-and-gas employees and then launched targeted content after leaving the firm.

The marketing approach relied on highly specific blog posts, LinkedIn posts, a podcast and a YouTube channel aimed at oil and gas workers. Early articles covered narrow situations that applied to only a handful of people; one post aimed at employees of a small public company reached about nine or 10 potential readers and resulted in three or four new clients. Brownlee posted content on social media and sent pieces directly to individual contacts when relevant; employees then circulated some items inside their workplaces.

Brownlee avoided soliciting former Fidelity clients while bound by a nonsolicit agreement and instead relied on organic discovery and referrals. The firm’s podcast, focused on financial planning for oil and gas professionals, has exceeded 100 episodes. The firm produces short videos and social posts to reach its target audience.

Brownlee uses a fixed-fee pricing model instead of charging a percentage of assets. The firm’s packages include investment management, financial planning, tax return preparation and, for many clients, drafting revocable living trusts and other estate documents. Brownlee has said the fixed fee aligns with clients who often hold $5 million to $20 million, where a percentage fee can be large.

Specific employer benefits in the oil and gas industry shape the firm’s work. Many companies still hold net unrealized appreciation, or NUA, inside 401(k) plans, a setup that does not receive a step-up in basis at death. NUA elections and timing can create large lifetime tax differences. Employer contributions through matches, profit sharing and pensions in some cases can total around 20% of salary, producing larger pretax balances and higher future tax exposure tied to required minimum distributions.

Clients typically invest roughly $6 million to $7 million with the firm. Many are engineers and other technically minded professionals who review planning choices in detail. Brownlee’s firm prepares tax returns in-house, a service he views as part of an integrated planning solution that includes estate document drafting for qualifying clients.

Growth at Brownlee Wealth Management has come from volume of niche content and client referrals. Brownlee recommends that advisors who want to serve a niche choose a client group with specific planning issues, confirm the market is large enough to support a business, and make content accessible so potential clients can find it.