Beverly Hills Wealth Management: How Can You Hire a Wealth Manager?

At Pillar Wealth Management, we offer over 60 years of combined experience and can help you reach all your wealth management goals. Our wealth managers specialize in a variety of aspects related to money management. We can help you design your investment portfolio, reduce your tax burden, help with business succession planning, and more. Click here to speak to a wealth manager from our team today!

In this article, we will discuss things like:

• What does wealth management at Beverly Hills do?

• How do you find a wealth manager and what is the procedure to hire a wealth manager at Beverly Hills?

• Why do you need wealth management?

Let’s begin.

Table of Contents
What Is Wealth Management? What Can You Expect From Beverly Hills Wealth Management? What Is the Procedure to Hiring a Wealth Manager? Wrapping It Up

What Is Wealth Management?

First things first, what is wealth management, and why do you need it? In simple terms, wealth management involves providing investment advisory services that work to address the needs of high net worth clients. It is based on a consultative process, where a financial advisor gathers information about your needs and requirements. This information is used to create a tailored wealth management strategy that involves the use of various financial products and services. The purpose of the strategy is to help you achieve your goals.

What Can You Expect From Beverly Hills Wealth Management?

As mentioned earlier, wealth managers act as consultants who offer a personalized solution for managing your liquid assets and growing your net worth. They can do this by investing your liquid assets in financial markets to increase their value while monitoring your overall risk.

When it comes to financial management, it’s also important to note here that most investment advisory firms and financial planning companies usually focus on a specific area. They can handle your investment portfolio, help you develop a suitable retirement plan, or assist you with taxes.

In contrast, Beverly Hills wealth management firms offer a more holistic solution. They hold expertise in multiple areas related to financial planning and can provide guidance on the same. A qualified wealth manager will also be able to help you prepare strategies that address key aspects such as:

• Investment management

• Retirement income planning

• Portfolio design

• Estate planning

• Risk management

• Tax planning

To learn more, click here to go through our complete guide to finding a financial advisor for people with $5 million to $500 million in liquid assets.

What Is the Procedure to Hiring a Wealth Manager?

Now that you understand how wealth management works and why you need it, the next thing you should do is figure out how to hire a suitable wealth manager for the job. If you are wondering what is the procedure to hire a wealth manager at Beverly Hills, then here’s a guide to help you out:

Step 1: Identify Your Goals

The first thing you need to do is figure out what you want to achieve and what your goals are. For example, suppose that you need a monthly income of $25,000 for when you retire. In this case, you should be working with a wealth manager who can help you plan for your retirement income and reach this goal. You may also want to own three luxury homes in different states like Florida, California, and Washington D.C.

Whatever your goals are, make sure you jot them down before you begin the process of looking for a wealth manager. Knowing what you want can help you prepare a list of potential candidates and work with the right person.

Step 2: Do Research Potential Wealth Management Firms

In the next step, we suggest researching wealth management firms. Some of the things you can look up here include:

a. Their Client Base

As an affluent individual, you need to work with a wealth management firm that handles high net worth clients. They will be able to understand your unique needs and help you achieve your goals in a strategic manner.

b. Their Experience

Experience makes a big difference to successful wealth management. A new wealth management firm may not be able to offer the in-depth expertise and awareness you need to pursue your goals. On the other hand, an experienced firm will be able to help you capitalize on market trends, identify suitable strategies, control your costs, and chose the best course of action for achieving your investment objectives.

Pillar Wealth Management has more than 6 decades of experience offering wealth management solutions. We offer holistic wealth management services and can help you grow your net worth in a strategic manner and realize your goals. Click here for a free consultation!

c. Potential Disciplinary Action

You may also want to check if a wealth management firm has been subject to lawsuits or other types of disciplinary actions in the past. If so, you can either dig deeper and figure what happened and who was at fault, or you can steer clear of the firm and look at other options.

Step 3: Talk to Wealth Managers

Based on the results of your preliminary research, you can start talking to wealth management firms that made the cut. This step is very important. You can skip out on the research, but be sure you have a long conversation with the wealth manager you expect to hire for managing your liquid assets. You want to ask them relevant questions like:

a. How Will You Help Me Achieve My Goals?

At the onset, we discussed the importance of identifying your goals before you look for a wealth manager. That’s what you want to focus on here too. When you are meeting with a potential Beverly Hills wealth management firm, you need to ask how they can assist you ingoing after your goals.

You don’t want to get sidetracked by cookie-cutter solutions here. Some wealth managers may also offer high-risk investment strategies, which may not align with your vision. You need to be sure that your wealth manager prioritizes what’s important to you. If they don’t, you could end up spending a lot of time, energy, and money without achieving anything concrete.

If you have over $10 million in liquid assets and are looking for a financial advisor, we recommend reading our guide on this subject. Among other things, it will help you understand the benefits of working with a wealth manager who focuses on your goals.

b. How Will You Allocate My Assets?

Asset allocation is a critical part of wealth management. It determines your overall risk, your returns, and the resilience of your portfolio against changing market conditions. Given how volatile financial markets can be, your asset allocation can play a deciding role in whether you achieve your goals successfully.

A qualified wealth manager will allocate your assets so that your portfolio includes stocks, bonds, and cash. These assets respond differently to economic changes such as recession, rising inflation, health crises, increase in interest rates, dollar value, and other market drivers.

Therefore, if a particular event hurts the stock market and causes stock prices to decline, it could have a less significant impact on your bonds and cash-based investments.

To learn more about why asset allocation matters, go through our guide on how to improve portfolio performance.

c. How Will You Help Me Manage My Portfolio Risk?

Managing portfolio risk can have long-term implications on your retirement planning and wealth management.So, when you are talking to a wealth manager, be sure to ask which strategies they use to control and reduce your portfolio risk.

The wealth managers at Pillar Wealth Management use a host of techniques here that can protect your principal investment. For starters, we make use of extensive data sets that go all the way back to 1925. Most wealth management firms only stick to 30, 40, or 50-year-old data sets. These may not provide a comprehensive overview of past events and their impact on financial markets.

The team at Pillar Wealth Management can use the data sets available to build a robust investment and wealth management strategy that accounts for a variety of risks. We also use the information we have to carry out portfolio stress tests. These tests help us gauge how your portfolio will respond if a certain event hurts financial markets.

If you want to read up on these risk management techniques, order a hardcover copy of our book, The Art of Protecting Ultra-High-Net-Worth Portfolios and Estates – Strategies for Families, Worth $25 million to $500 million.

It is completely free!

d. How Will You Help Me Minimize My Taxes?

Affluent individuals must also deal with a higher tax rate. However, having a qualified wealth management team can help you manage your tax burden to a significant extent. They can develop an investment strategy that allows you to control your taxes and add more money to your retirement nest egg. A few things they can do hereinclude opting for long-term capital gains, offsetting your tax burden using capital losses, investing in municipal bonds, opening a health savings account, and maximizing your retirement and employment benefits.

At Pillar Wealth Management, we know every trick in the book for reducing your taxes. We work vigorously to help you leverage tax benefits wherever possible and save money. To find out more, click here to talk to one of our wealth managers.

e. How Much Will It Cost Me?

You might forget to ask this, but figuring out the cost of hiring a wealth manager to handle your liquid assets is very important. For one thing, these costs will impact your total profits. For another, you don’t want to end up working with a wealth manager who isn’t aware of the various costs attached to wealth management.

An amateur wealth manager will only tell you their advisory fee. In reality, though, wealth management comes with a slew of other costs. Some of these include the cost of short-term and long-term capital gains taxes, bond sale spread, internal expenses, commissions, etc. Knowing about these costs can help you readjust your investment portfolio and review your strategies to ensure you’re on the right track.

Step 4: Finalize a Wealth Manager and Discuss Details

Once you find a wealth manager who meets your expectations and is able to deliver the type of services you require, you can go over some final details and finalize the arrangement. For instance, you can ask them about how often you two need to meet up, how they will track your goals, etc.

There are a few other things you may need to consider too. To learn more about this, go through our guide on the 5 essential shifts that high net worth families can benefit from to enhance their portfolio performance.

Wrapping It Up

We hope this blog on Beverly Hills Wealth Management helped you understand what does wealth management at Beverly Hills do, what is the procedure to hire a wealth manager at Beverly Hills, and why do you need wealth management. Remember, the right wealth manager can help you go after your goals in a strategic manner, overcome potential obstacles, and leverage new opportunities.

If you need a wealth manager, feel free to reach out to Pillar Wealth Management. We are a fiduciary advisory firm and can develop a tailored strategy that grows the value of your assets and allows you to realize your objectives. Together, we can work to secure your family’s future and ensure you have everything in place once you retire.

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