Best Financial Advisor for The Affluent

As you increase your wealth and diversify your investment portfolio, you might wonder if you need a financial advisor. For a high net worth or ultra-high net worth individual worth millions of dollars, this means hiring the best financial advisor to ensure you get expert advice.

Our Ultimate Guide to Choosing the Best Financial Advisor for Families worth $5 Million to $500 Million is perfect for helping you get started!

If you know anything about finance, you might know that there is more than one type of financial advisor. Financial planners, wealth managers, brokers, investment advisors, and other experts with varying titles leverage proficiency in specific aspects of finance. There is a further division within these categories as advisors are divided by the standard of care that they follow. At Pillar Wealth Management, our wealth managers provide fiduciary financial advice to wealthy families with a liquid net worth between 5 and 500 million dollars. You can learn more about our wealth management services and expertise by contacting our team.

STRATEGIES FOR FAMILIES WORTH $5 MILLION TO $500 MILLION

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It is natural to wonder, “Is it worth meeting a financial advisor?” or “Do I really need financial advisor services?” But before you answer these, it’s important to understand who they are. Once you have a clear answer to, “What does a financial advisor do?” you will be able to identify how you can benefit from one.

Table of Contents

What is a Financial Advisor?
What Does a Financial Advisor Do?
5 Essential Services of a Financial Advisor
Best Financial Advisor for Wealthy Investors

What is a Financial Advisor?

A qualified professional that gives advice on various financial matters is known as a financial advisor. They do not necessarily require a license or official certification to give advice unless they offer additional services that necessitate such accreditations. Usually, training in a particular field suffices for them to provide services such as investment management, stock trading, or retirement income planning.

However, for someone with a fortune to look after, it isn’t as easy to trust any advisor with money management. You have high-value assets and accounts that need to be treated accordingly. How can you choose the best financial advisor? Our Ultimate Guide to Choosing the Best Financial Advisor for Families worth $5 Million to $500 Million can answer that question for you.

Each advisor’s standard of care differentiates the type of service you receive. Fiduciary financial advisors have to abide by a fiduciary standard of care, which holds them legally responsible for any negligence or ill-informed advice. The best financial advisor will be a fiduciary. This secures your money in the best way possible. Non-fiduciaries can be influenced by their own commissions or their institution’s policies. This can create conflicts of interest.

Other categories that divide financial advisors include independent and restricted advisors. Independent advisors are interested in helping their clients by providing unbiased and general guidance after examining all financial instruments. Typically, the best financial advisor will also have that interest. Restricted advisors are registered with a state or federal agency, i.e., fiduciaries, who counsel you on investments.

What Does a Financial Advisor Do?

Before you start looking for the best financial advisor, you want to have a clear idea of what exactly they can do for you. Similarly, it is wise to wonder, “What does a financial advisor do?” You can schedule your first free consultation with one of our expert wealth managers to learn about our financial management services.

Financial advisor services offer help in an array of monetary aspects, from retirement planning to risk management. The best financial advisor will first conduct an assessment of your finances and current financial situation. They will then analyze your financial goals and objectives or help you plan them out. This will include both short- and long-term goals, from wealth enhancement to legacy planning.

The best financial advisor will prepare a plan equipped with strategies that allow you to achieve your goals and improve your financial status. Our wealth managers use the strategies listed in our 5 Shifts Guide to maximize portfolio growth and performance. They will work on any areas requiring improvement to bring in more revenue while minimizing loss.

The best financial advisor understands market volatility and the risks that come with investments. They can help allocate your assets in a variety of investment vehicles that generate more profit in your given time-frame. Most importantly, the best financial advisor will be able to guide you on planning your retirement. Insurance policies can often have underlying terms that you cannot understand. A financial advisor can take you through the process of finding the best medical and life insurance policies.

5 Essential Services of a Financial Advisor

Consider the array of services they provide before asking “Is it worth meeting a financial advisor?” Some of these are outlined below:

1. Money Management

Money management gets trickier with more wealth. You need to account for comprehensive investment portfolios, higher taxes, abundant properties, and countless charitable works.

The best financial advisor or wealth manager summarizes your values and objectives to build a financial forecast. They then endorse investments or strategies that suit your existing financial status.

2. Asset Allocation

The best financial advisor can identify appropriate investment vehicles for your assets. Expanding your investment portfolio is a strategy that reduces cost and risk. To learn about enhancing your portfolio performance through diversification, you can read our Performance Guide – Improving Portfolio Performance: The Shifts Multi-Millionaires Must Make to Achieve Financial Security and Serenity.

Financial advisors can monitor your investments, study their progress and present regular reports for you to review. They consult with you to make sure that your goals stay aligned with your investment profile.

3. Legacy Planning and Succession

Devising a legacy plan is crucial when you have spent years building a substantial amount of wealth. Not everyone has great money management skills. Passing money down to your inheritors means that you need to be confident that they won’t squander your hard-earned fortune.

Whether you need to start off your inheritors with an allowance, teaching them financial management skills, or setting an annual allowance in their name, a financial advisor can help you. They can even help you devise a business exit strategy if you want your business to stay in the family.

4. Risk Management

Your financial advisor can evaluate different risk factors and advise you on the next step to protect your wealth. Lawsuits, living expenses, medical bills, and unemployment are only a few life circumstances that can drain your savings.

Strategies can protect your active income from liabilities. For example, allocating your assets in tax-exempted insurance policies or diversifying your assets to minimize the effect of market volatility. You can learn more about the threats rich families face in our book, The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies For Families Worth $25 Million To $500 Million.

5. Philanthropic Needs

Wealthy investors are continuously looking for opportunities to exhibit their philanthropy. Setting up foundations helps in tax reduction while building a reputation based on your generosity. Financial advisors can recommend opportunities that represent your moral values and help you maintain your level of income.

Looking for the Best Financial Advisor

With an ultra-high net worth of more than 10 million dollars, you need to look at every option available to you. If you’re looking to hire the best financial advisor, The Ultimate Guide to Choosing the Best Financial Advisor for Families worth $5 Million to $500 Million can help you.

Background research is the key to finding an advisor that has the skills they claim to. You can use your connections to search for reputable financial advisors that can work with your financial profile. Their fee-structure, certifications, reputation, clientele, experience, knowledge, and their array of services will be factors in who you choose.

Best Financial Advisor for Wealthy Investors

Wealth managers are a reliable and skilled option when it comes to hiring the best financial advisor. They can understand financial concerns and objectives of rich investors, offering solutions tailored to suit their needs. Pillar Wealth Management specializes in providing financial advisor services and wealth management services to clients with 5 million to 500 million dollars in liquid investable assets. Our wealth managers work with you to help you analyze your goals and create a plan to enhance your wealth and overall financial future. Call us to schedule your first consultation.

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.