Financial Advisor Tallahassee – 5 Questions You Need to Ask First
When you have $5 million to $500 million in liquid assets, you simply have too much at stake to leave it all to just any wealth management firm. Your complex financial problems and unique financial needs require only the best Financial Advisor Tallahassee services. But this is easier said than done. With so many wealth management firms out there, how do you find the right one for yourself? Well, you can start by reading our elaborate guide for investors worth $10 million or more for choosing the best financial advisor.
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Furthermore, when you’re wondering where to find Financial Advisor Tallahassee, you need not look further than Pillar Wealth Management. We have a team of wealth managers and advisors that have been striving for the past three decades to help high net worth clients meet their goals and targets. We offer various financial services and provide customized financial solutions according to your unique financial situation. Reach out to one of our managers to discuss your customized financial solutions.
In this blog, we’ll be discussing the questions you need to ask to find the right Financial Advisor Tallahassee for yourself and the answers you’re looking for. Let’s start.
5 Questions to Find the Right Financial Advisor Tallahassee
You might not realize it right now, but choosing the wrong wealth management firm can do a lot of harm to your wealth and assets. You can be left exposed to various internal and external risks, which often lead many high net worth families to bankruptcy.
Moreover, you won’t be sure where you stand with respect to your goals, and you’ll always find yourself under the burden of various expenses and costs. Fortunately, there’s an easy way to avoid all this. You just have to ask the right questions.
Or, you can always contact us and learn everything you need to about wealth management.
How Much Experience Do You Have Offering Wealth Management Services?
There are things you learn at college and through certifications, and there are things you learn through time and experience. Any wealth manager can make investments on your behalf and draft some retirement plans. However, only experienced professionals will know how to truly optimize your portfolio according to your goals and adopt the right strategies to minimize your tax liabilities and other expenses.
They will know how to capitalize on different market conditions and leverage the right financial vehicles to help you succeed. Therefore, the more the experience, the better. You can learn more about all the things an experienced wealth manager can do for you from our book, The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies for Families Worth $25 million to $500 million.
How Good Are You at Retaining Your Clients?
When talking about their experience, it’s not just about the kind of Tallahassee wealth management service they offer, but who they offer to and how well they are able to retain them. Therefore, you need to ask them about their clients.
As a high net worth investor, you require entirely different services and much more complex financial solutions as compared to someone who has $10,000 or $50,000 in their account. Therefore, you want someone who knows how to handle the vast wealth and difficult needs of high net worth families and ultra-high net worth individuals. Moreover, don’t ask them how many clients they’ve had but how long those clients stick with them.
Do You Offer Fiduciary Financial Services?
You can check this yourself, too, by visiting the Securities and Exchange Commission (SEC) website, but it’s easier to just ask them directly. You always want Financial Advisor Tallahassee that offers fiduciary financial services as that is one of the signs of Tallahassee best wealth management. As compared to non-fiduciary advisors, fiduciary advisors hold themselves to a much stricter standard of care.
They are obligated to always act in your best interests even when it doesn’t align with their own. They are not affected by any conflicts of interest. Additionally, they will always disclose all the information, the benefits and drawbacks, of any product or service they offer. This way, you can make a fully informed decision and always stay in the loop.
What is Your Money Management Style?
Their money management style can tell you a lot about their priorities. If they say they adopt an entirely active money management approach and start telling you about all the high returns they’vebrought for their clients, don’t be tempted. Portfolio performance is not the only thing you need to be concerned about, and you can find out why by going through our detailed guide on portfolio performance.
High returns on your portfolio are great, but they should be sustainable in the long run and not result in excessive expenses. Active money management involves betting against the market and capitalizing on hot buys and new trends. This does bring high results but only for a short while and leads to a lot of taxes on capital gains and transaction costs. Read about it in detail from our handy guide on portfolio growth strategies.
At Pillar Wealth Management, our wealth managers adopt a balanced approach with a mix of active and passive money management to help our clients build as well as preserve their wealth.Talk to us to learn more about our money management style.
How Much I Must Pay for Financial Advisor Tallahassee?
This is another question that will reveal a lot about the wealth manager’s experience, skills, and commitment to helping you achieve financial prosperity. If they only state their management fees and taxes as the costs you’ll have to bear, it’s a big warning sign that they are the wrong advisor for you. Read about everything that can go wrong if you don’t have the right financial advisor from our guide on financial advisors for high net worth families.
The best wealth management firms know that the management fee is just one of the costs. There are taxes, internal costs, transaction costs, interest on margins, and various other expenses. Only when they know about it will they be able to adopt the right strategies to minimize these expenses. Learn more about the costs you need to watch out for by reading our guide on picking the best financial advisors for investors with $10 million or more in liquid assets.
Bottom Line
If you’re thinking where you will find a wealth management firm that will have the right answers to these questions, try Pillar Wealth Management. Our wealth managers are highly skilled and experienced in offering fiduciary wealth management services exclusively to high net worth or ultra-high net worth clients. We have an extensive range of services and use our in-depth knowledge and dedication to develop personalized solutions for our clients. Get started on your wealth management today by scheduling a consultation with us.