Top Wealth Management Firms

Don’t be fooled.

Too many so-called “experts” take the easy route to trying to identify the top wealth management firms.

Here’s what they do:

They look at assets under management (AUM). The more, the merrier, or so the thinking goes. That’s why we put together a great guide to help you evaluate the top wealth management firms and what you should look for in how they deliver their services. Click here to request your wealth management guide.

The insights you’ll discover from our published book will help you integrate a variety of wealth management tools with financial planning, providing guidance for your future security alongside complex financial strategies, so your human and financial capital will both flourish.

Clients frequently share with us how the knowledge gained from this book helped provide them tremendous clarity, shattering industry-pitched ideologies, while offering insight and direction in making such important financial decisions.

Wealth advisors, who are financial professionals offering comprehensive financial planning beyond mere investment management to high-net-worth clients, provide estate planning and tax minimization strategies, including legal advice, to meet the many needs of high-net-worth individuals. Using a comprehensive methodology, wealth managers guide their clients across tricky financial terrains to reach financial stability and wealth growth. Largely due to the nature of these services, individuals evaluating wealth advisory platforms are likely to encounter high minimum investment amounts, such as $100,000, to join a particular platform.

Today, many financial advisors work mainly online, offering an opportunity for virtual appointments. Thanks to a transition to digital platforms, these experts are able to offer their services to a wider audience, with lower thresholds for initial investments required in most cases. Some platforms connect clients to local advisors, thereby coupling the convenience of internet accessibility with the possibility of dealing with problems face-to-face when necessary.

1. Pillar Wealth Management

Pillar Wealth Management has proven to be one of the best wealth advisors, especially well-regarded for high-net-worth individuals. This company stands out because it offers highly personalized investment strategies as well as comprehensive financial management services. The firm’s primary goal is to help clients achieve their financial goals, based on their dreams and risk tolerance. In contrast to conventional methods, Pillar Wealth Management takes advantage of cutting-edge technology to promote effortless customer communication and account administration, with financial advice always anticipatory and adaptive to market dynamics.

Among wealth advisors, Pillar Wealth Management stands out due to its dedication to avoiding commission-based guidance, ensuring its advice is client-centered with no hidden sales motives. Pillar Wealth Management is also known as a place where financial strategies may minimize risk by reducing potential returns, protecting investments against unpredicted volatilities through thorough risk assessments and numerical tools.

Many financial advisors disregard estate planning and tax optimization techniques, unlike Pillar Wealth Management. Clients who want to safeguard their wealth for their heirs always appreciate how well-informed this firm is about the intricacies of tax regulations and managing estates so that assets pass to a new generation without unnecessary loss. Furthermore, individuals who need sophisticated yet efficient wealth management often choose Pillar Wealth Management because of its customized service and deep financial advice.

2. Facet

Facet is an exceptional online wealth advisor, which is easily seen from its perfect 5.0/5 rating in October 2023, when Facet’s services were recognized for their consistent excellence. Facet offers an interesting combination of accessibility and knowledge; it has an annual fee, which starts at $2,000, along with providing new potential clients with a free consultation to help them understand their expected return on investment. This approach ensures that clients make informed decisions before committing financially.

Facet’s client-centric approach ranks among the major benefits it offers its users, and it does not incur any charges besides the yearly fee. This clear payment method is quite different from most advisors, which often have very complex and ambiguous rates. Moreover, Facet’s seamless platform for online users enables instant access to high-quality financial advice without leaving home, a move that has made it a highly desired option for those who are as interested in convenience as effectiveness.

Differentiating features is what the company is about. For example, a new client who transfers $5,000 or more to their Facet investment account within the first three months of joining gets a $200 reward. This promotion will run from July 1 to September 30, 2024; it is intended not only for immediate gain but also as a way to encourage new customers to come on board.

3. Vanguard Personal Advisor

Vanguard is among the best online wealth advisors thanks to its special blend of low prices and a range of services. At 0.35% for a management fee, it provides low-cost services for those looking for expert financial advice. This is unlike other advisors that do not have a lot of personnel or charge high fees, making it difficult for clients to get advice or recommendations anytime they want them. High-net-worth individuals may find Vanguard’s platform advantageous because they need ongoing financial planning and support. Vanguard’s financial planning tools enable clients to align their long-term objectives with their investments.

Vanguard has a wide range of investment choices, using Vanguard funds as its options, including some of the best-performing and most respected funds available in the market, which always guarantees quality options. Vanguard’s financial planning is broad-based and incorporates tax considerations that can increase profits and minimize losses, making it an ideal investment option for many. While a $50,000 minimum investment may seem large, the comprehensive financial guidance on offer as well as low management costs can turn this into a fair requirement for investors who are dedicated.

Vanguard portfolios consist of Vanguard funds only, which can potentially restrict diversification opportunities for clients. Nevertheless, due to low portfolio management costs and the availability of skilled financial consultants as well as efficient financial planning tools, Vanguard is an attractive alternative for those who aim to manage their finances well. Despite the absence of promotions at this time, Vanguard’s services have been able to attract many wealthy clients who are looking for financial advice they can rely on and is relatively cheap because the quality has never changed.

4. Zoe Financial

Zoe Financial is considered one of the top among online wealth advisors, with its unique process of linking customers to high-level financial advisors. In contrast with conventional companies, Zoe Financial is like a dating service, bringing together its clients with professionals with credentials such as CFP, CFA, or CPA. This is meant to reassure customers that they will get good advice that fits well with what they want in terms of their financial circumstances. Zoe Financial focuses on high-net-worth individuals who have a minimum account balance of $150,000. Nevertheless, it allows would-be investors to examine the services open to them so that they are not charged anything just for sitting down with a financial advisor.

Zoe Financial provides a range of services thanks to its network of advisors, which is one of its major benefits. These services include comprehensive financial planning, such as investment management, tax planning, and estate planning, under one roof. The firm’s approach is client-centered, which takes care of all the dimensions of the client’s financial life. Furthermore, there is a three-month satisfaction guarantee at Zoe Financial, which ensures clients have confidence and peace of mind in terms of the services offered without committing themselves long-term.

For interested customers, the lowest investment figure is $150,000. Advisors’ fees differ, with chargeable rates between 0.5 and 1.5 percent of the portfolio’s value, outside any other charges. Calculating the cost of investing in advance may be difficult because such disparities exist, but potential clients can use the first free consultation to understand the costs and services so they can make informed decisions. Having said that, for those who would like financial advice from qualified professionals online, Zoe Financial is an excellent choice as it tends to differentiate itself from others.

5. Harness Wealth

One of the best online wealth advisors is Harness Wealth, whose specialty is to connect clients to financial advisory firms that have been carefully evaluated. Customers may join by establishing an account with an investment value above $250,000, allowing them to access diverse services, among them investment management, financial planning, tax planning, and estate planning. With Harness Wealth, a free initial consultation lets clients evaluate a choice of advisors without expense.

Harness Wealth is differentiated by its provision of a promotion that offers a $250 discount on a financial plan and tax planning for one year. This is attractive to customers who seek comprehensive financial solutions. One-time financial planning services do not have a fixed minimum, hence allowing clients with diverse financial requirements to benefit. The advisory service providers usually charge up to 1% AUM annually, which is competitive with the average market rate. Nonetheless, clients may choose fixed-rate financial planning as well as tax support, which provides a personal touch that suits their preferences and financial situation.

Clients may find it challenging to understand a financial advisor’s fees before engaging with Harness Wealth. This can cause uncertainty at first. Another issue could arise if a client doesn’t know how much they will pay as an upfront fee when they sign up with Harness Wealth. Nonetheless, for some individuals, this may be taken care of because the company provides free initial consultations when potential costs and benefits are explained.

Harness Wealth is essentially about linking customers to specialists who can provide comprehensive financial advice, asset administration, and tax advisory services. This seamless approach ensures that customers obtain customized recommendations, making Harness the best bet for individuals looking for reliable internet-based wealth advisory services.

6. Schwab Intelligent Portfolios Premium

Schwab offers Intelligent Portfolios Premium as an online investing platform with unlimited guidance from a CFP for a monthly fee. This $30 fee (and a $300 startup fee) gives clients access to a range of financial planning tools. The platform requires at least $25,000, making it accessible to a wide clientele while ensuring high quality through well-tailored financial guidance and support.

Schwab Intelligent Portfolios Premium offers comprehensive financial planning as its main benefit. What clients get are specific custom-made financial plans covering numerous financial requirements ranging from how to prepare for retirement to investing, among others. By combining automated investment management with unlimited communication with certified financial planners, clients are sure to enjoy the efficiency of robo-advisory services as well as the personalized touch of human expertise. Thus, through this coupled approach, portfolios can be optimized specifically for clients, based on their objectives, risk levels, and financial circumstances.

Schwab Intelligent Portfolios Premium differentiates itself with its transparent pricing and its commitment to customer education. Schwab offers customer education through articles, webinars, and even tools to help them with, for example, their tax returns, which can inform their financial choices. Combining accessibility and professional financial guidance, with a heavy emphasis on transparency and education, Schwab Intelligent Portfolios Premium is well-suited for individual investors looking for low-cost comprehensive wealth management.

7. Betterment Premium

Betterment Premium has a lot of benefits as a top online wealth management advisor, including its fair pricing, ease of access, and cutting-edge financial tools on one platform. High-net-worth individuals pay a 0.40% AUM fee, which makes Betterment Premium very affordable for expert help without paying for the more expensive services at most banks or other traditional financial institutions. The platform requires an initial outlay of $100,000, making it accessible to a wide slice of people who need professional financial help.

Betterment Premium offers extensive advantages, including unlimited consultations with certified financial planners (CFPs). With respect to financial management, these experts help their clients with savings and retirement planning, among other services. The client receives individualized consultations based on what they want financially. Also, Betterment Premium’s outstanding tools offer a very helpful customer support experience, enabling clients to manage their finances effectively. This is made more attractive by the low management fees, which makes it an appropriate option for a comprehensive financial plan.

The Betterment Premium plan comes with a few restrictions. For instance, customers do not get their own financial advisor, which may deter some who prefer having a more personal relationship with their financial planner. In addition, the only way to reach them is through phone calls or emails, which may not be suitable for those who seek in-person communication. Nevertheless, the combination of expert financial advice and minimal fees, as well as sophisticated planning tools, makes Betterment Premium a competitive option, which explains why many wealthy folks prefer Betterment Premium services.

What is a wealth management firm? 

A wealth management firm provides a wide range of services for wealthy clients. Wealth management cuts across several essential areas of financial planning, other than just providing investment advice—such as estate planning, which is important for anyone who wants to provide security for their family or ensure business continuity.

Wealth advisors usually work with high or ultra-high net worth individuals, due to the complexity of their finances resulting from increased affluence, who usually have a variety of assets and require specialized knowledge to manage their money. A comprehensive range of such services is needed due to their financial portfolios’ multi-faceted nature, involving trade interests, real estate assets, and intricate investment instruments, as well as philanthropic activities; this calls for a coordinated approach to wealth management as the more money one has, the greater the implications in terms of legal, tax, and financial planning issues. Wealth managers use a strategic approach that integrates all aspects of the client’s financial situation into financial plans that serve to achieve the client’s dreams and grow and protect their wealth.

A wealth manager must first understand what the client needs. To this end, they will assess the individual’s requirements and provide comprehensive solutions that take into account the client’s goals, age, risk tolerance, and any other relevant factor to help them grow toward a financially stable retirement—such as estate planning services, for example. This holistic approach requires that they take into account every detail of their client’s financial situation, from how their investments are performing to tax efficacy, risk mitigation, and estate planning. As such, they do not just account for current financial requirements but also try to anticipate forthcoming issues, making sure customers are prepared to face all complex financial challenges ahead.

What does a wealth advisor do? 

In a wealth management firm, financial advisors are usually considered wealth managers or wealth advisors. They work to understand the needs and financial situations of their clients to provide them with tailored services that promote their holistic financial well-being.

Wealth advisors offer financial plans including investment advisory services focused on long-term asset growth and protection. In addition, they evaluate financial risks and how they can be managed. Yet another crucial service is providing legal advice, helping clients successfully navigate through confusing financial regulations and legalities.

Wealth advisors also provide tax advisory as well as accountancy services, which are important tools when it comes to creating tax strategies while ensuring tax compliance.

Additionally, legacy and estate planning services guarantee that the client’s wealth is managed according to their vision and the legacy they wish to leave behind.

Insurance planning protects clients against unexpected events.

Wealth advisors also work on retirement planning that guarantees a client’s income for the future, allowing them to maintain their current way of life when they retire.

Individuals interested in giving back to society are advised by their wealth managers on how to implement their philanthropy goals in the most efficient manner.

Finding the right wealth management firm

When it comes to achieving financial success and security, choosing the right wealth management firm is essential. The appropriate company will provide professional guidance with regard to investment strategies as well as overall financial planning that encompasses every area of your financial life, like estate planning and tax optimization. Personal advice aligned with your goals and circumstances can only be guaranteed if you opt for the bespoke services of a reputable organization. This in turn ensures good returns on investments, ensuring peace of mind despite market fluctuations. Another advantage is having someone you trust to manage your wealth, someone who will adjust their strategies, depending on what you need and on market changes. Thus, choosing the appropriate firm is a crucial step in protecting your financial future and growing your wealth.

Fees

You need to determine if the fees charged by a wealth management firm meet your needs. The payment structure used by these companies should align with the client’s needs. Financial organizations may be paid commissions, so they may push investors toward buying certain commodity types or engaging in day-to-day transactions. This could mean advice that favors the firm’s gains over your financial welfare, so how a firm is paid, be it from flat fees, commission-based payments, or an AUM percentage, is an essential aspect to investigate. For sound, objective financial guidance, you should find a firm whose fees match your financial needs and avoid any potential conflicts of interest, thereby increasing your chances of getting impartial advice.

Experience and capabilities

When looking to hire a wealth management company, you should evaluate their experience and capabilities. The range and quality of a company’s services can be an indication of its expertise. Look for firms that have shown, over time, that they can manage the wealth of individuals like you. This may include offering clients advice on investments, taxes, and estate planning. Furthermore, the company’s experience and the certifications of its experts can be good indicators of its skill and trustworthiness. When these factors are considered, you will be able to determine if a wealth management firm has the expertise to manage your finances and help you achieve your financial goals.

Resources

When evaluating a wealth management firm, you need to look at its expertise, technological capacity, and general infrastructure. For example, a firm that has financial experts who are certified financial planners, and others who have a legal background or are experts in taxation, can provide a variety of services as you need them. Moreover, the company should have modern technological resources to analyze and optimize your portfolio, such as the latest financial planning and investment management software. The company should ensure the efficient management of your wealth through its infrastructure, which offers secure and effective communications in transactions. In summary, having the appropriate tools allows a wealth manager to offer high-quality individualized services to help you meet your financial objectives.

Historical performance

The importance of considering a wealth management company’s track record cannot be overemphasized. This means verifying the company has been consistently successful in managing its clients’ wealth and portfolios, indicating it can navigate market fluctuations and economic changes to offer reliable returns to customers. The firm is able to select the best investments, manage risk properly, and adjust to constant changes in the financial landscape, hence yielding consistent results over time. Good historical performance is a key to customer confidence as it demonstrates that their financial objectives are being met by a company with the requisite expertise and commitment to long-term success.

Sustainability

Evaluation of a firm’s stability, resources, and long-term view is very important for deciding whether the firm can evolve with you on your financial journey over decades. A sustainable wealth management organization needs expertise in all relevant financial services as well as practical knowledge to adapt to changing market conditions and meet the needs of its clients through intelligent guidance. If you choose a company with sustainable practices, you can rest easy knowing that it will always be there for you financially by applying its expertise, confidence, and experience in complex wealth management.

7 Core Services of Top Wealth Management Firms

There are seven services all the top wealth management firms provide to their high net worth and ultra-high net worth clients as part of their basic services:

1.  Asset Allocation Analysis

2. Wealth Transfer

3. Tax Management

4. Investment Management

5. Risk Management

6. Cash Flow Planning

7. Retirement Planning

Schedule a free consultation and see how much more than just these 7 basic services you get from PillarWM.

1. Asset Allocation Analysis

News flash:

Asset allocation is the most important component in any financial or investment plan.

Click to tweet: Asset allocation is the most important component in any financial plan.

This has been demonstrated in multiple studies, the most famous of which is discussed in our signature guide, 7 Secrets to High-Net-Worth Investment Management, Estate, Tax and Financial Planning.

What is asset allocation?

Asset allocation refers to how your investments are distributed into various asset classes, such as equities, bonds, commodities, index funds, private equity, and many others. Typically, it is expressed as a ratio showing the percentages allocated to stocks and bonds.

For example: 70% stocks, 30% bonds, or 70/30.

A smart asset allocation depends upon several factors, including:

Risk tolerance

Time horizon

Your specific goals and plans for life, family, retirement, business, and philanthropy

But here’s the kicker:

Too many firms, even among the top wealth management firms, just slap down the percentages and call it a day.

For instance:

For an “aggressive” portfolio, invest 90% of your assets in stocks, and 10% in bonds. But for a moderately aggressive one, we’ll reduce it to 80/20. More conservative? Let’s do 60/40.

Do you see the problem with this?

It’s vague. It’s generic. It’s cookie-cutter.

And here’s the worst part: It’s oversimplified.

Asset allocation is far more than just two percentages. If it were that simple to get right, wouldn’t everyone be winning?

And here’s the unpleasant surprise:

This is what you’ll get from many of the largest wealth management banks and the top wealth management firms—even the ones who will tell you that they don’t offer cookie-cutter investment plans.

They’ll listen to your story, talk about your future, and have a great conversation with you, talking up how well they customize plans for each investor.

And then they’ll trot out an 80/20 asset allocation plan and pat themselves on the back.

You need much more than an oversimplified, generic, overly risky, cookie-cutter asset allocation.

Top wealth management firms like PillarWM will have a more reliable, customized process for creating asset allocations for each of their ultra-high net worth clients.

For more about asset allocation, read our book, 7 Secrets To High Net Worth Investment Management, Estate, Tax and Financial Planning – Strategies For Families Worth $25 Million To $500 Million.

2. Wealth Transfer

Do you have an estate plan?

Guess what:

A shocking percentage of people don’t, including those with ultra-high net worth.

We’ve had people come to our office who have wealth in nine figures and no plan for what should happen to it after they’re gone.

If you have a business, the urgency for developing an exit strategy as part of an estate plan is even greater.

Business exit strategies are about much more than transferring ownership. It’s also about sustaining the business for whoever owns it next—if that’s your intention.

Top wealth management firms like PillarWM understand how to help ultra-high net worth clients and business owners transfer their wealth during and after their lives when key life events occur.

This falls under the broader umbrella of family and business governance, part of our standard family office service.

And you know what’s crazy?

That’s something you will rarely find elsewhere.

Register for a free consultation to discuss your situation with a wealth management expert.

3. Tax Management

Staying compliant with taxes while also minimizing their effect on your wealth takes ongoing, continuous attention. It is not easy, and the challenges shift depending on your life situation, especially after retirement.

And here’s the rub:

If you make mistakes and fail to meet your legal tax obligations, you can face hefty fines or worse, depending on the infraction. Top wealth management firms pay close attention to your tax situation to make sure you aren’t overpaying or missing out on big savings.

At Pillar Wealth Management, we make sure all your tax obligations are met, and we obsess about how to minimize them in all situations.

Our clients save hundreds of thousands of dollars when they entrust this and other wealth management tasks to our expert advisors.

4. Investment Management

4. Investment Management

For ultra-high net worth families, managing your investments so you maximize performance while minimizing risk can be all-consuming.

It requires:

Understanding portfolio management

Defining your investment beliefs and principles

Focusing on particular asset classes that are best for you

Buying, selling, and trading at the right times and in the most optimal manner

Working with non-financial assets like art, property, and businesses

Mitigating risk

Ensuring long-term success and security

Building around your goals, not just a rate of return

Read our helpful guide to learn more about how you can maximize your portfolio. Top wealth management firms like PillarWM use proven, time-test processes for achieving all this for each of their clients.

Is it time-consuming?

Yes! That’s why, in our case, we only accept a maximum of 17 new clients per year. Are you starting to see why AUM is a poor measure of service quality?

Quantity does not equal quality.

And guess what:

Some years, we don’t accept any, because we refuse to compromise on the ongoing quality of service we provide to our clients.

Have us create a free customized portfolio plan for you.

5. Risk Management

Let’s get one thing straight:

Risk management matters. A lot.

Click to tweet: The scale of potential loss from a market crash on a UHNW portfolio is unfathomable to 99% of people.

The top wealth management firms are able to specifically articulate how they manage risks to your investments.

You must demand this from every wealth manager you speak with.

But what do most wealth management firms do?

They consider risk tolerance a feeling of yours, and do little to actually incorporate it in a customized way into your plan. 

At Pillar Wealth Management, we can help you formulate strategies to minimize the harm from extreme events, both foreseen and unforeseen.

Please read our guide for investors with $10 million or more to learn why risk tolerance shouldn’t be the most influential factor in your investment plan.

6. Cash Flow Planning

Trivia time:

Which common financial concept is the most unknown and unheard of?

Answer:

Cash flow.

Investors with ultra-high net worth have very complicated finances. Income often comes from all sorts of places, far too many to keep track of.

Likewise, expenses go out to more places than you can easily pay attention to.

And once you retire, the whole game changes.

Managing your cash flow is an essential part of wealth management, and all the top wealth management firms must have a proven process for helping you with this.

And don’t forget:

They must manage your cash flow in a customized manner. Managing cash flow properly is a key to ensuring the lifelong security of your assets, especially in retirement.

Click to tweet: Managing cash flow properly is key to ensuring lifelong financial security.

And that brings us to:

7. Retirement Planning

The last core service to expect from top wealth management firms is retirement planning.

What happens once you retire?

Your income situation completely changes. You’re now dependent on your investments to fund your lifestyle.

Plus, your life ambitions will probably change. You might want to use your money in ways you never have before.

At that point, you might be wondering:

How can I know if I can safely embark on new ventures in retirement?

Your wealth manager should be able to definitively calculate the probability of success and risk regarding any new plans in retirement.

Click tweet: A wealth manager should be able to calculate the probability of success and risk for any new plan.

With the right strategies, you might be able to increase your wealth, even after you retire. Please read this quick guide to learn more about strategies that can increase your portfolio.

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