Financial Planning Services for Millionaires –PillarWM

High-earners tend to thrive on success, which means that their wealth and assets keep growing. The more money you accumulate and the more diverse your portfolio becomes, the more complicated it can get for you to manage your wealth. Financial planning services can ease your burden by giving you expert advice and creating a plan for you to stick with so that your wealth remains secure. If you or your family have liquid assets worth more than 10 million dollars, it is best to consult a professional to see where you can improve your money management. We can help you find the right financial advisor through our guide, The Ultimate Guide to Choosing the Best Financial Advisor for Families worth $5 Million to $500 Million.

STRATEGIES FOR FAMILIES WORTH $5 MILLION TO $500 MILLION

7 Secrets To High Net Worth Investment Management, Estate, Tax and Financial Planning

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.

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Being irresponsible or careless about how you manage your wealth or where you trust your finances can be disastrous. High net worth and ultra-high net worth families are continuously at risk of being taken advantage of, which is why you should only approach reputable firms or advisors. Pillar Wealth Management offers unparalleled wealth management services to investors with 5 million to 500 million dollars in liquid assets. A consultation with us can help you learn more about our wealth management services and how we can guide you towards financial serenity.

If you think you’ve got a handle on your money management, you might be thinking, “Is it worth paying for a financial planning service?” Contrary to what people might believe, financial planning services cover more than just creating a financial plan to help you manage your money. It covers aspects that are essential to wealthy investors and millionaires, such as where and how to invest your assets, how to boost your capital growth, how to retire comfortably, and how to protect your financial future.

Table of Contents
Financial Planning for High Net Worth Individuals What Do Financial Planning Services Provide? Hiring the Right Financial Planning Services Is Financial Planning Worth It? Takeaway

Financial Planning for High Net Worth Individuals

Financial planning services provide a holistic approach to financial management, where you allocate and organize your assets and monetary resources according to your short-term and long-term objectives. They help you outline a plan which details your expectations and aspirations for your financial future.

Financial planners consider various aspects when creating your plan, including your debt, savings, active and passive income, monthly expenses, investment profile, asset allocation, and your goals for retirement.

High net worth individuals have more ambitious portfolios and aspirations, which often require an expert’s opinion to achieve. Fortunately, certified financial planners (CFP)’s go through rigorous training and tests to be qualified for the job. They have unparalleled knowledge in financial matters, and the right one can help you sustainably enhance your wealth. If you have a liquid net worth of over 10 million dollars, selecting the right advisor is crucial. It would be useful to take insights from our exclusive guide, “The Ultimate Guide to Choosing the Best Financial Advisor for Families worth $5 Million to $500 Million.”

Financial planning gives you an overview of your economic health and what you want to achieve in your life. Moreover, it gives you peace of mind when you know you have a plan to sustain, protect, and grow your wealth. This leaves you more time and mental energy to focus on different ventures.

What Do Financial Planning Services Provide?

Now that we have discussed what financial planning is, you might want to know what services do financial planners offer.

Active and Passive Cash Flow Management

Monitoring your spending habits might seem unnecessary if you’re a high net worth or an ultra-high net worth individual. However, budgeting is crucial even for millionaires. Your monthly expenses, investments, and savings define your financial health.

Financial planners prioritize your cash flow management as they know how to implement strategies to reduce unnecessary expenses and boost your income. They review your credit card and bank statements and analyze your account to identify areas where your cash flow can be increased. This enables them to create an optimized balance sheet that gives you financial freedom.

Wealth Enhancement

In addition to boosting cash flow through budgeting, financial planners can help you build more wealth by giving you investment advice. They will create a financial plan that focuses on wealth enhancement based on your objectives and ambitions.

Personalized Financial Plans

A good financial planner knows that a financial plan is not set in stone. Life circumstances and changes can affect your goals, objectives, and even values. Your plan should be a reflection of all those things, helping you move towards what you want to achieve.

A comprehensive, fully-custom plan takes considers your priorities, whether it be wealth enhancement, retirement, or securing your family’s future. This highly personalized process requires that you work with someone who understands your aspirations.At Pillar Wealth Management, we have vast experience in working with wealthy clients, so we can anticipate your needs. Call us to schedule your first consultation.

Secure Your Savings and Plan Your Retirement

You might think you are safe with your retirement account and savings, but have you considered how those savings might fall short when you do retire? Inflation can have you run out of your money sooner than you thought!

A health emergency could result in you using up your fortune on an expensive procedure. Likewise, you might realize that you didn’t save enough to live as lavishly as you are now.

A financial plan can help you save for your retirement and secure that money by investing in different vehicles, such as life insurance, medical insurance, and more. Moreover, it can help you generate enough revenue that you won’t need to dip into your retirement savings in the event of an emergency.

Investment Management Services

A high-earner’s investment portfolio must be carefully crafted, using knowledge and expertise that optimizes it for maximum growth. We use strategies to help you earn the most profits at the lowest risk. Some of these are highlighted in our 5 Shifts Guide, “5 Critical Shifts For Maximizing Portfolio Growth Strategies – For Families Worth $5 Million To $500 Millions”.

Financial planning services analyze your risk tolerance, financial targets, assets, and time horizon to provide profitable investment opportunities. They continually check-in to make sure that its performance is aligned with your goals.

Wealth Transfer and Legacy Planning

Estate planning, trusts, wills, life insurance, and inheritance laws are all part of wealth transfer. A fortune takes years to build and making sure it reaches the right people when you’re gone is crucial.

A financial planner can help you draft a transference plan that minimizes taxes. They can also advise you on distributing your assets appropriately, whether it be to your family, friends, offspring, trusts, or foundations in your name.

Hiring the Right Financial Planning Services

When it comes to hiring a financial planner, you can use the following online databases, the CFP website Financial Planning Standards Board (FPSB) website or the National Association of Personal Financial Advisors (NAFPA). That being said, there a few things to keep in mind when deciding who to hire.

Be Mindful of Their Fee Structure

As you search for financial planners, you might wonder, “What is a typical fee for a financial planning service?” The answer varies based on their individual payment structures. Some financial planners have a fee-only payment plan, while others might have a fee-based or commission-based payment plan. You can learn more about the different fee structures financial advisors have in our guide: The Ultimate Guide to Choosing the Best Financial Advisor for Families worth $5 Million to $500 Million.

Financial advisors, financial planners, and investment advisors most commonly charge you a percentage of your assets that they manage. This can range from 0.5% to 2%. The more assets you have, the lower the percentage will be. Be sure to look into any hidden costs, transaction fees, or taxes that could be included in your payment plan.

Certified Financial Planners

Certified Financial Planners (CFP) have the educational requirements and legal qualifications to give financial planning advice. They are fiduciaries, making them bound by law to act in their client’s best interest. They receive their certification after passing extensive examinations, ethical and practical requirements.

If you want to hire financial planning services that guarantee you the best results, CFP’s are an excellent option.

Wealth Management Firms

Firms such as Pillar Wealth Management offer financial planning services as a part of their wealth management. Most wealth managers are fiduciaries who are trained in dealing with assets worth millions of dollars, making them a reliable choice for rich investors. Get in touch with one of our wealth managers to book your first meeting.

Is Financial Planning Worth It?

If you’re still wondering, “Is it worth paying for a financial planning service?” there are many ways that a professional can improve your finances that you might be unaware of. Here’s how financial planning services can benefit you.

It Improves Your Portfolio Performance

Investments carry a higher risk when you have more to lose. A financial planning service can help you diversify your portfolio to improve its performance. They use strategies and methods such as those highlighted in our Performance Guide – Improving Portfolio Performance: The Shifts Multi-Millionaires Must Make to Achieve Financial Security and Serenity.

Financial planners have the training and educational background to interpret market trends, predict future price movements, and advise you to invest in the most profitable options. These include bonds, commodities, stocks, and more.

It Reduces Your Taxes

Being taxed on your earnings is a counterintuitive effect that wealthy investors want to avoid. Financial planners can help you legally bring down those hefty tax bills so that you retain as much of your profits as possible. Hence, a financial plan can also act as a tax management plan.

It Gives You Financial Security

Affluent families are more at risk as a result of the high-value possessions they hold. Insurances are one way of securing your wealth, but there are many more methods that keep your financial future safe from threats and liabilities. You can read about how to protect your family from financial ruin in our book, The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies For Families Worth $25 Million To $500 Million.A financial plan can prepare you for the worst possible outcome while giving you the liberty of spending your wealth as you wish.

Takeaway

Having a financial plan gives you the liberty of spending your wealth responsibly to maintain your standard of living and remain financially secure for your future. Financial planning services can help you monitor this plan and allocate your resources and assets to help you achieve the life you want. Certified financial planners or wealth managers do this by following a highly ethical and moral standard.

Pillar Wealth Management creates holistic strategies to increase and protect your wealth with our array of skills, knowledge, and experience in various financial matters. We give wealth management advice to affluent clients who have 5 million to 500 million dollars’ worth of investable assets. Our wealth managers recognize your needs as a high net worth or ultra-high net worth individual and help you make smart decisions accordingly. You can schedule your first free consultation with an expert from our team to see it for yourself.

Authors

Hutch Ashoo

Chris Snyder

To be 100% transparent, we published this page to help filter through the mass influx of prospects, who come to us through our website and referrals, to gain only a handful of the right types of new clients who wish to engage us.

We enjoy working with high net worth and ultra-high net worth investors and families who want what we call financial serenity – the feeling that comes when you know your finances and the lifestyle you desire have been secured for life, and that you don’t have to do any of the work to manage and maintain it because you hired a trusted advisor to take care of everything.

You see, our goal is to only accept 17 new clients this year. Clients who have from $5 million to $500 million in liquid investable assets to entrust us with on a 100% fee basis. No commissions and no products for sale.