Financial Planning Advice for Wealthy Families – PillarWM

Wealthy investors tend to be picky and very selective about who they put in charge of their money. And, for a good reason! Similar to wanting the best doctor to treat any illness you have, you want the best financial planner or financial advisor to manage your wealth. Wealth managers at Pillar Wealth Management give some of the best financial advice. We work with clients with liquid assets worth $5 million to $500 million, so we know how important your wealth is to you. Book a free consultation with one of our wealth managers to understand how you can begin on your journey to financial serenity.

Table of Contents
Financial Advice and Financial Planning What Do Financial Planners Do? Why Do Wealthy Families Need Financial Planning Advice? How To Find the Best Financial Planning Advice Conclusion

Financial Advice and Financial Planning

If you’re an ultra-high net worth investor looking for a suitable financial advisor, all your research might have led you to think, “What is the difference between financial planning advice and a financial advisor?”

A financial advisor provides financial advisory services to individual clients or corporations on how to manage their finances. Their services can include giving financial planning advice, asset management, budgeting, insurance policies, investment management, and more.

Financial planners can be certified financial planners (CFP) who analyze your financial life in great depth to formulate a plan to help you meet your goals. The only difference between the two is that financial advisors have a broader range of services, including financial planning. Knowing which advisor is right for you might be a challenge. For this purpose, we offer investors with $10+ million in liquid assets an exclusive guide to find the best financial advisor.

What Do Financial Planners Do?

You might be wondering, “What does financial planning advice do for me?” It helps you create a plan that can ultimately allow you to use your wealth to attain economic stability and reach your long-term and short-term financial goals. Here are some of the services a financial planner can assist you with.

Legacy Planning for Wealth Transfer or Inheritance

One of the biggest concerns wealthy families have is to ensure that their money is passed down to the rightful heirs. This complex process can often be handled poorly, resulting in your assets being distributed unjustly or even losing their value. To learn more about the challenges that come with wealth transfer, read our book, The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies for Families Worth $25 Million to $500 Million.

A financial planner can advise on how you can plan your wealth transfer in a safe and sustainable manner. They will help you in legacy planning and in determining the appropriate methods and strategies to pass down your wealth to your inheritors.

Secure Your Retirement Plan and Savings

An enjoyable, stress-free retirement requires a financial plan. Your immense wealth is not invincible, and many factors can affect how much money you have left when you retire. A financial planner is well aware of these aspects, for example, inflation, lawsuits, debt, and more. They can guide you accordingly and help you ensure that your savings, investments, and insurances are enough to sustain you for your retirement. A good financial plan will also provide you with a retirement that will help you maintain your standard of living and luxury expenses.

Provide Investment Management and Investing Advice

Developing investment portfolios requires great skill and knowledge if you want to get the most out of your investment profile. Preparing complete investment strategies to acquire and dispose of investments requires a professional expert. A financial plan can help you generate the highest capital returns from your investments, and at the same time, help you with tax management and budgeting.

Financial experts have an insight into the financial market and can determine which assets you should invest in. They can also regularly make changes to your portfolio to improve its performance and maintain a steady income during market fluctuations. Here are five critical shifts to make in your portfolio that can help you achieve the most out of your investment.

Manage Your Active and Passive Cash Flow

Many people make the mistake of underestimating the importance of budgeting. Even wealthy investors need to document their cash flow to know exactly how much money they need for monthly expenses, investments, and savings. This will allow you to stay on track to achieve your goals, whether it be purchasing a dream vacation home or paying off your debts.

Financial planners can advise you on your cash flow management by reviewing your credit card and analyzing your account and bank statements. They will also help you implement strategies that will boost your income and foresee any potential liabilities that could pose a threat to your wealth. We discuss in detail some investment strategies that can help you maximize your growth in our guide.

Create Personalized Financial Plans for You

A good financial planner will discuss your profile, goals, and future objectives with you in detail. They will then create a comprehensive, fully-custom plan that meets your needs and presents strategies that suit your unique requirements.

Financial planning advice also entails that your plan will be revised and adjusted according to any life changes or circumstances that arise. At Pillar Wealth Management, we understand that each high net worth investor has different aspirations. Our priority is to build your legacy and secure your family’s financial future. Book a meeting with one of our financial planners to get started on your own personalized plan.

Why Do Wealthy Families Need Financial Planning Advice?

Financial planning advice for high net worthand ultra-high net worth families is necessary to successfully manage their enormous wealth. With an expert handling your financial life, you can rest assured that you are on the right path to reach financial serenity.

Portfolio Management and Improvement in Portfolio Performance

It’s safe to say that the more assets you have, the more risk you carry. High-value investment portfolios require risk management to eliminate the chances of loss and financial ruin. Your financial planner may advise you to invest in stock markets, bonds, commodities, and various other vehicles to create a diverse portfolio.

Since they are trained and experiences in studying and analyzing market trends, they can predict the performance of certain assets in their respective markets. This in-depth analysis can help you create a stable investment profile that will generate returns while minimizing risks.

Tax Management and Mitigation

Investments can come with hefty tax bills that can make a dent in the profit you earned. A tax strategy can save you this hassle and let you retain the capital you gained. Experienced advisors can develop a tax management plan that reduces your taxes. For example, they might advise you to invest in charities to exempt you from taxes or help you reduce your tax obligation.

Financial Security and Serenity

Having enormous wealth does not necessarily protect you from any and all life circumstances. Divorce, starting a family, ill-health, bankruptcy, and unemployment are all unpredictable situations that can leave a hole in your wallet.

A financial plan that protects you from such mishaps can help you recover faster and keep most of your savings intact. At Pillar Wealth Management, our financial planners can provide you with insurance planning services to help you invest in an insurance policy that offers you sufficient coverage and protection.

How To Find the Best Financial Planning Advice

Whenever you start to wonder, “How do I find financial planning advice that is best for me?” you should always be keen to look at certain factors and qualities. These will help you in making the best choice.

An extensive experience of working with affluent individuals with a net worth of millions of dollars is usually preferred. This is because your advisor will know how to tackle the various issues that come with large fortunes. They will also be well-versed in the strategies that they should use to enhance and protect your money.

Hiring a fiduciary is another preferred practice when looking for any financial advisor. This is because they are certified by the SEC to operate in your best interests, with a legal obligation to abide by a highly ethical and moral standard of care. For a rich family, there is nothing better than to know that the financial planner you are entrusting your life earnings to is truly bound by law to work in your favor. This also eliminates any potential conflicts of interest that could arise from a commission-based fee advisor or any other non-fiduciary advisor.

With the plethora of financial planners available on the internet, you may have trouble narrowing down the best candidates. Our Ultimate Guide can help you identify the key factors which will determine whether your financial advisor is the right one for you.Qualified financial planners will have the appropriate certifications or accreditations available for you to view on their website. For your ease, you can use the help of online databases such as the Financial Planning Standards Board (FPSB) website, the National Association of Personal Financial Advisors (NAFPA), or the CFP website. You can find listings of licensed advisors here and evaluate their credibility and client satisfaction rate.

Alternatively, if you would rather trust the recommendation of any of your close friends or relatives, doing your own background research is still useful. The best way is to consult your short-listed candidates and ask them relevant questions about your financial situation and your goals. Precise questions will help you determine whether they have the knowledge and skill-set that you want in your advisor. The right financial planner should understand your needs and present you with prospective strategies they would implement to improve your financial status. You can consult one of our expert wealth managers for advice on numerous financial matters.

Conclusion

High net worth financial planning requires extensive knowledge and expertise in managing and overseeing large sums of money. Wealthy families have multiple high-value assets invested in various vehicles and spread across numerous accounts. Professional financial planning advice can help you navigate your assets and allocate them wisely to secure your financial future and reach your goals.

Pillar Wealth Management offers personalized financial planning services to wealthy families looking for high net worth and fiduciaryfinancial planning advice. Our skilled wealth managers are experienced in working with clients with $5 million to $500 million in liquid investable assets. Therefore, we understand your unique needs and goals. We can help you make smart decisions that will enhance and safeguard your fortune. Contact one of our fee-only financial planners for advice on multiple monetary aspects.

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