One of the biggest challenges that high-net-worth individuals with $5 million to $500 million in liquid assets face is that they can’t find the right help for managing their wealth. They need an expert who is familiar with the complex challenges faced by such individuals. They need professionals who can deal with the high levels of risk faced by such affluent individuals. They need someone who can help them fulfill all their financial goals and aspirations in life. Most importantly, they need someone whom they can trust with their wealth. While it may sound impossible, ultra-high-net-worth individuals and families can find such help at financial advisor firms. Now, you might find yourself wondering how to find the right financial advisor firms near me? For starters, you can request a copy of our book which we specifically wrote for multi-millionaires with over $5 million to invest, 7 Secrets to High-Net-Worth Investment Management, Estate, Tax, and Financial Planning, to learn what unbiased and skilled financial advisors are like and how they can help you attain financial success and security.
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.
At Pillar Wealth Management, our financial advisors and wealth managers have just one goal: to help our clients attain financial serenity. And to make this possible, we rely on a number of things. Firstly, we’ve got the experience. Our advisors have been in the industry, catering to high-net-worth clients exclusively, for more than half a century altogether. Secondly, our advisors are highly skilled and talented. We’ve dealt with clients from different backgrounds with different goals. Finally, we offer a broad range of wealth management, financial planning, and advisory services to help our clients. Plan a no-obligation consultation with Pillar Wealth Management today.
In this blog, we’ll be discussing what a financial advisor does, what is their average rate, and how to find the best financial advisor for yourself. Let’s dive right in.
What Services Do Financial Advisor Firms Near Me Provide?
Judging from their names, you might think that financial advisors simply advise you regarding your financial decisions. However, there’s much more to it. In reality, financial advisors perform a number of services for high-net-worth individuals.
Especially in the case of wealth managers, they provide a comprehensive service that overlooks your entire wealth. Here are some of the services high-net-worth individuals can expect at financial advisor firms.
Financial Planning
Financial advisors help you with financial planning, which is one of the most crucial services of all. In fact, there are certain kinds of financial advisors that are solely dedicated to providing clients help in their financial planning. This is because financial planning is a long and complicated process and often continuous. It involves all the other aspects of your financial activities, from investments to retirement plans to debt management strategies, and combines everything into one seamless plan.
Investment Management
A lot of financial institutions tend to treat investment management as the goal. However, financial advisors know that your investments are just a means to an end. Investment and portfolio management is an important tool in your arsenal that will help you meet all your other goals and targets in life. It will help you sustain your $5 million to $500 million worth of liquid assets throughout your life.
Retirement Planning
If investment management is the means, retirement is the end. Ultimately, all your financial activities are intended to secure a financially safe and certain retirement for you. However, this is not exactly easy. There is no fixed way to it.
Depending on your unique personal circumstances, your financial health, your short and long-term goals, and other factors, you will have a complex and even constantly changing retirement plan. As you grow nearer to retirement, you will have to grow cautious with your investments and spending and save more for after you retire.
Tax Planning
Another area that many high-net-worth individuals struggle with is taxes. It’s an unavoidable cost, but that doesn’t mean you can do nothing about it. That’s why financial advisors provide tax planning and optimization services to help you minimize your tax bill as much as possible and allow you to retain the maximum amount of your wealth.
To that end, they will employ various tax-saving strategies such as tax-loss harvesting, changing your residency to a no-income-tax state, and so on. Our advisors have been executing tax planning strategies for many decades now. Start a free chat with them now.
Estate Planning
Along with a secure retirement, another goal that many high-net-worth individuals and families tend to have is the smooth transfer of their wealth to their children and loved ones. And again, this is not easy. There are taxes to deal with, family conflicts to handle, legal disputes to settle, and much more. Financial advisors help you with estate planning and even legacy planning so that you can make sure your beneficiaries receive your wealth, and you can carry out any other philanthropic plans as well.
Risk Management
Growing your wealth is vital, but so is protecting it. That’s why you have to make sure you get risk management and insurance planning when searching for financial advisor firms near me. With risk management, financial advisors make sure your assets and investments are safe from risk and prevent you from facing sudden bankruptcy.
Despite all that they may do, you have to consider the fee of the financial advisor as well. Certain financial institutions can charge you exorbitant rates without even adding value to your wealth. However, financial advisors are different.
Regardless of what they charge, they can help grow your wealth in a sustainable manner. So, how much do these advisors charge for it? Well, it depends on a few factors.
Type of Financial Advisor
There are many different kinds of financial advisors that provide different services as well. For instance, there are investment advisors, brokers, wealth managers, financial planners, and many more. Depending on their services, they can charge different rates. Financial planners can charge anywhere from $1500 to $5000 for creating a financial plan. Similarly, wealth managers charge a fixed percentage, usually around 1%, of the total assets under management.
Net Worth
Your net worth can also determine the rate your financial advisor charges. When you are searching for financial advisor firms near me, you will find that most of the firms exclusively deal with high-net-worth clients with at least $1 million in liquid assets.
Especially when it comes to investment management, the advisor’s management style can affect your costs as well. For instance, financial advisors who lean more towards an active money management style tend to charge higher rates since they execute so many transactions every year. In comparison, passive money managers are less expensive since they have a more long-term approach.
How to Find the Best Financial Advisor for Yourself
The most difficult part is actually finding the best financial advisor for yourself. They are all good, but not everyone may be good for you. You might start wondering, who is the most famous financial advisor? Or what are the top 5 investment firms? However, this is not precisely the way to do it.
As a high-net-worth individual, your needs will be completely different from the rest of the population. Moreover, when you factor in your unique personal circumstances and individual goals and targets, you will need even more specialized and the most suitable help. And here’s how high-net-worth individuals can go about finding it:
• Credentials: Run a full background check of the financial advisor to make sure they have all the right credentials and certifications, which show that they are trained and licensed to provide their services.
• Experience: Experience adds further credibility. So, make sure the advisor has at least a couple of decades of experience in working with affluent clients specifically and providing financial services.
• Standard of Care: If you want your relationship to work, you have to be able to trust your advisor, and that’s only possible when they follow a strict standard of care, such as in the case of fiduciary financial advisors.
• Tailored Financial Plans: Your financial plan has the best chance of succeeding when it has been specifically curated with your best interests in mind, and so, your advisor should offer tailored financial plans. Find out why this is so important from our illuminating guide on portfolio performance.
• Frequent Reports: Your financial advisor may be handling everything, but it is your wealth, and accordingly, you should always be aware of what’s happening with frequent reports every month or every quarter.
• Understanding of Costs: Financial activities always tend to incur various different costs, some are obvious while some are hidden. Your financial advisor should have a thorough understanding of these costs and should plan to minimize them accordingly.
• Compensation: To avoid any conflicts of interest, you should stick to fee-only advisors and stay away from fee-based and commission-based financial advisors.
• Adjusting Financial Plans: As your priorities change, so should your financial plans and strategies. Therefore, your advisor should constantly be adjusting your plans.
As hard as it can be at times, searching for those good financial advisor firms near me can be worthwhile. Once you manage to find the right advisor, you are pretty much set for life. These advisors will be with you till you’re gone and perhaps even after that. That’s why we often say that after your family and friends, your relationship with your financial advisor is the most important.
And one of the best places to start this relationship is at Pillar Wealth Management. We deal with high-net-worth or ultra-high-net-worth clients specifically, and that too, a limited number each year. This is because we believe in fully committing to each client and dedicating ourselves to helping them succeed. Our advisors take the time to understand what each client needs and looks forward to and then, based on that, develop customized financial solutions. Our services include retirement planning, investment management, cash flow planning, tax management, and much more. Set a free discussion with Pillar Wealth Management today to talk about your financial needs.
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.
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