Sahil Vakil vividly remembers a frustrating encounter with a major bank that refused to serve him, despite his substantial income and assets, simply because of his visa status. This incident, combined with his industry knowledge and education, provided the catalyst for RIA Myra Wealth.
Vakil knows that navigating the financial landscape in a new country is a daunting task, and with his team, he has made it his mission to simplify the process.
While a significant portion of Myra Wealth's clients are of Indian origin, the company's focus is on assisting immigrants from all backgrounds. “Coincidentally, because I'm of Indian origin, a lot of my clients are Indian,” he said. “But a lot of the world population is Indian, so you’re going to get a lot of Indian Sahil Vakil immigrants as clients. I mean, if you think about it, 40 or 50 of the Fortune 500 firms have some form of Indian leadership.”
Vakil can lean on an eventful career arc to help new immigrants settle. He never intended to end up in financial services. With a background in electrical engineering and a master's degree specializing in aerospace controls, his dreams of working in the aerospace industry in this country were thwarted by the limitations faced by non-U.S. citizens in obtaining security clearances. Instead, he pivoted to consulting firms before deciding to self-study to become a CFA.
Over the following decade, Vakil worked in various financial roles, including at Goldman Sachs and JP Morgan. While earning his MBA at Wharton, he delved further into personal finance, specializing in trust and estate planning.
Myra Wealth's clients are often highly educated and hardworking individuals who have pursued degrees at prestigious institutions like Stanford and MIT. However, they may lack the necessary financial infrastructure and support system in the U.S. Vakil empathizes with their situation. “They don't have family,” he says. “They don't know who to ask. They don't have friends because they're new to the country. We’re their first point of contact."
Additionally, navigating the complex world of U.S. financial regulations and reporting requirements can be overwhelming, even for the most astute individuals. Myra Wealth steps in to bridge this gap, providing essential guidance and support.
"We write blog topics on content that is very relevant to this population,” he said. “It's pretty much stuff that you're living day to day and that you have issues with."
Vakil emphasizes the importance of hyperfocus. It's not enough to offer generic financial services; you must tailor your approach to the specific needs and interests of your target clients.
"A lot of people make the mistake of going broad,” he says. “They say, 'Oh, I'm an RIA and I provide personal finance services.' How do you differentiate, though?"
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