Private Wealth Management Firms
No one understands more about the ups and downs that come with private wealth management firms than high-net-worth clients. The same ups and downs can impact business careers and even change lives. It is no wonder today’s high-net-worth individuals prefer to have financial planning services that can cater to their needs.
If you have over $10 million in liquid assets, then click here to read our guide on finding a financial advisor that can make this happen.
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.
Pillar Wealth Management provides private wealth management that is customized to suit your goals and objectives. We help you strategically pursue your goals and live the life you desire. Click here to arrange a free consultation with us.
Technically, most of financial planning revolves around detailed investment management and expert financial advice. Furthermore, legal assistance and tax guidance are also part of financial planning.
Despite your financial structure that may change over a period, the time couldn’t be more perfect to avail the services of a financial and private wealth management firm.
Top 8 Wealth Management Firms
| # | Company | Total Assets |
| 1. | UBS | 1.12 Trillion USD |
| 2. | Bank of America | 3.169 Trillion USD |
| 3. | Wells Fargo | 1.75 Trillion USD |
| 4. | Credit Suisse | 755.8 Billion CHF |
| 5. | JPMorgan Chase | 2.87 Trillion USD |
| 6. | Morgan Stanley | 1.118 Billion USD |
| 7. | HSBC | 2.958 Trillion USD |
| 8. | Deutsche Bank | 1.498 Trillion EUR |
1. UBS
UBS is the world’s largest wealth manager. It operates in over 40 countries with more than 23,000 employees. Its business divisions are Global Wealth Management, Personal & Corporate Banking, Asset Management, and Investment Bank.
UBS Wealth Way turns your aspirations into a plan. It starts with a conversation to uncover your goals, the people that matter to you, what you want your legacy to be, and what you worry about.
Given that information about you, your UBS financial advisor will create a plan around three strategies — liquidity, longevity, and legacy.
The UBS Wealth Way framework integrates specialized advice focused on who you are, whether as an individual, business owner, athlete, or entertainer.
2. Bank of America
Bank of America’s Global Wealth and Investment Management division (GWIM) includes Merrill Lynch Global Wealth Management and US Trust. The bank has over 200,000 employees.
Bank of America offers wealth management with Merrill Lynch (a registered broker-dealer) and Bank of America Private Bank, servicing individuals through lifestyle planning, tax consulting, investment management, trusts & estates, strategic philanthropy, and banking.
3. Wells Fargo
Wells Fargo is headquartered in San Francisco and operates in 35 countries with over 70 million customers. It has 8,000 branches and is considered one of the Big Four Banks in the US.
Wells Fargo Advisors is the third-largest brokerage firm in the US, with $1.1 trillion in assets under management in 2010.
Wells Fargo Private Bank offers personalized wealth solutions, advice, and planning through its LifeSync program (so your life is in sync with your values and goals).
4. Credit Suisse
Credit Suisse is headquartered in Zurich, Switzerland, and was founded in 1856. In the US, Credit Suisse has over 7,000 employees and two hubs, New York and Raleigh.
The wealth management division of Credit Suisse offers comprehensive and tailored advisory services to high- and ultra-high-net-worth individuals and asset managers.
Its products include investments, tax planning, philanthropy, foreign exchange, lending, and real estate. It utilizes the capabilities of the Asset Management and Investment Bank divisions of Credit Suisse. The investment bank requires an account balance of at least 50,000 euros.
5. JPMorgan Chase
JPMorgan Chase wealth management offers investment expertise from its advisors, either by phone, video, or in person at a local Chase branch or JP Morgan office.
JPMorgan Chase is currently offering a free complimentary investment check-up with a JPMorgan Private Client Advisor, which requires you to have at least $50,000 in investable assets. Other advisory programs have higher minimums.
With JP Morgan Private Client, you get a dedicated advisor, custom portfolio, and ongoing advice and benefit from industry-leading research and insights.
6. Morgan Stanley
Morgan Stanley was founded in 1935 on Wall Street. In 1997, Morgan Stanley Group merged with Dean Witter to form the world’s largest securities firm.
Morgan Stanley offers a range of investment options, from investing on your own with E*TRADE to working with a virtual advisor or a dedicated financial advisor with customized solutions.
Morgan Stanley offers financial planning services through its LifeView Personal Wealth Advisor, providing an investment strategy to meet your financial goals. A certified advisor may charge up to $10,000 for a LifeView Plan if the assets in the plan are over $5 million.
7. HSBC
HSBC Wealth Track manages your portfolio online for a 0.50% annual advisor fee and a minimum of $5,000 for a retirement Wealth Track account or $10,000 for a taxable advisory account.
With HSBC Premier, an HSBC Financial Professional will provide solutions for achieving your goals, including investing for the future and planning for retirement. Your HSBC Premium checking account balance should be maintained at $75,000 or have recurring monthly deposits of $5,000, or you should have an HSBC home mortgage of at least $500,000.
8. Deutsche Bank
Deutsche Bank Wealth Management is located in the Deutsche Bank Center in New York City.
Deutsche Bank has been providing wealth management to its clients for over 150 years. Its capabilities include managing and investing your wealth, ESG investing, financing your personal or business needs, and preserving your wealth. Its solutions are tailored to your needs.
How Business Portfolio Management Has Become a Necessity
Amidst the current state of the market, affluent individuals need private wealth management firms that ensure their financial security for the foreseeable future. As the reality of recession sets in, high net worth individuals need financial guidance to avoid negative returns on investments and make the most out of tax loopholes.
The adverse changes in the markets will continue to impact the economy. The trick is to make strategic financial decisions that can increase your wealth even in tumultuous times. Capital protection and management are all about preparation. However, high net worth clients don’t necessarily have to dive into their endless financial data to make profitable decisions.
It’s Never Too Late to Prioritize Your Key Financial Goals
Why do you want to build more wealth? Well, to make sure you maintain and advance towards a greater quality way of life. And most importantly, to meet your desired financial goals and leave a rich legacy that people can look back on with pride.
Often, high net worth investors and families get caught in the cobweb of financial details. However, it serves as an opportunity to prioritize your financial goals. You don’t have to meet all your financial objectives at once. In fact, you can continue to prioritize what matters most to you.
An effective strategy is to figure out what matters to you and what doesn’t. When you prioritize your financial goals, it takes courage to let go of a few old ones that were not practical. Ultra-high net worth families often rearrange their financial priorities to set goals on the right path, and they take advantage of private wealth management firms to help them meet their goals.
If you need help researching private wealth management firms to find a financial advisor who can help you modify your investment portfolio to pursue new financial goals, click here to read our guide.
How Portfolio Management Creates Opportunities
- Re-evaluate Your Investment Portfolio
- Financial Planning of Multiple Income Sources
- Take a Closer Look at Tax Laws
Portfolio management refers to the process of devising an investment strategy. The underlying purpose is to allocate the asset that can meet the investors’ objectives, reduce attached risks, and gain better returns.
Portfolio analysts and managers come together to check risk tolerance of specific investments to find and create new opportunities. However, the assessment of the financial portfolio requires an unbiased and unprejudiced approach to review the financial structure objectively.
With custom investments and proper planning advice from private wealth management firms, investors can mitigate the risks of their investments. Furthermore, a diversified approach to amalgamating investments into a single portfolio also creates opportunities.
To learn more about the elements that drive portfolio performance, click here to read our exclusive guide.
1. Re-evaluate Your Investment Portfolio
When it comes to the re-evaluation of an investment portfolio, there is a multitude of factors that financial advisors take into account. Ordinarily, the re-evaluation includes return expectations, original goals, demographics, and your appetite to take risks.
In fact, a single factor could lead you to invest in a different class of assets. Similarly, you can create a rebalance of your overall investment portfolio and reduce the investment proportion in specific asset classes. Nonetheless, you may need the consultation expertise of financial planning and private wealth management firms to make this decision.
Besides rebalancing and re-evaluating your portfolio, you also need to make other changes that can influence wealth management. Click here to learn about these critical shifts for high net worth and ultra-high net worth investors.
2. Financial Planning of Multiple Income Sources
Multiple income sources are more common among high net worth clients than ever. However, that level of financial power comes with more responsibilities. It is quite easy to get lost in the details of each income source.
With the assistance of financial planning and private wealth management firms, you can avoid overlapping issues and strategize professionally. Besides, multiple income sources have become a norm and facilitate avoiding liquidation. It also exerts less pressure on your main source of income.
3. Take a Closer Look at Tax Laws
Tax deductions and credits come with the ocean of federal and state regulations. In fact, high net worth investors and families should have an extensive financial plan beforehand to avoid the IRS’s wrath.
Practically, the financial decisions related to tax planning can be short and long-term. However, the long-term tax decisions can have the most severe implications for your wealth. It is one of the reasons businesses hire CPAs to stay ahead of their tax planning. Tax experts and help you avoid tax liability and remain in compliance with federal and state tax laws.
If you need help finding private wealth management firms that can help you navigate tax laws, click here to read our ultimate guide for ultra-high net worth individuals with $10 million or more in liquid assets.
6 Essential Benefits of Financial Planning in a Competitive Economy
- Boost Cash Flow
- Debt-Free Status
- Be Prepared for the Unexpected
- Decrease Your Taxes
- Have Complete Financial Control
- Secure Your Future
The strategic financial decisions you make have the power to influence your entire wealth structure. However, the need for private wealth management firms during a competitive market has never been more relevant.
You need to look for the big picture and create detailed financial planning that can serve you for years to come: Here are some essential benefits you can get:
1. Boost Cash Flow
Comprehensive and strategic financial planning allows you to manage your multiple income sources better. Once you have the complete information on expenses, you can manage to boost cash flow through effective management of funds.
2. Debt-Free Status
When it comes to debt, the tables can turn even for high net worth individuals. However, financial planning with clear goals and steps can help you avoid a debt disaster. In fact, private wealth management firms can maintain your debt-free status.
3. Be Prepared for the Unexpected
A financial liability does not knock on the door, not even for the affluent investors. However, robust financial planning and the services of private wealth management firms can help you avoid unexpected financial surprises that may cause financial disorder in the future.
At Pillar Wealth Management, like most private wealth management firms, we utilize a variety of strategies to make this happen. To learn about these methods, order a free 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.
4. Decrease Your Taxes
The realm of tax requirements is complicated and can be intimidating without financial planning. You can, however, navigate the ocean of tax details with the help of private wealth management firms. A robust tax planning firm can guide you to achieve tax obligations.
5. Have Complete Financial Control
Ultimately, the most beneficial aspect of financial planning is to enjoy complete control over your wealth. How you diversify and spend your money matters the most. And when you know exactly where the funds should go, you gain more confidence to make better financial decisions.
6. Secure Your Future
When you start to understand the value of financial planning, the future becomes clearer. It is more than just about maintaining your current lifestyle; it is about developing a result-oriented financial plan that surpasses your private wealth management expectations.
Considerations: What You Should Look for in Private Wealth Management Firms
- Establish Your Financial Objectives First
- Review Qualifications
- Compare Terms and Conditions
It is true – financial planners can have a different qualification, training, and experience. You need to search for a financial planner that has a reliable track record and has passed business examinations or courses.
Ideally, a financial planning firm is run by, or hires a team of financial planners who possess expertise in tax and legal matters separately. Here are a few considerations that should be on your mind:
1. Establish Your Financial Objectives First
Your first course of action should be to select a financial planner who can understand your needs, vision, and current goals. For instance, if you are solely looking for a financial planner to get investment advice, you can select an independent private wealth management firm that is a fiduciary and registered with the securities and exchange commission.
2. Review Qualifications
Primarily, you will form trust with a financial planner through referrals. Qualification of the planner is one of the most fundamental considerations where you should not hold back. Therefore, take a closer look at the financial planner’s background.
In addition, make sure the licenses and credentials the financial planner possesses are legal.
3. Compare Terms and Conditions
It may seem like a formality, but you should be aware of the terms and conditions a financial planner offers. For example, you should get a signed agreement stating the terms and conditions of their services. It should also include details from the compensation structure to the type of financial relationship you can expect.
Get in Touch with More Than One Financial Planner
You should not make the final decision to hire a financial planner until you are 100% satisfied. Therefore, contact and interview multiple financial planning and private wealth management firms to get compatible services.
You can ask about the level of communication, collaborative efforts, and planning activities without hesitation. You can also inquire about the disciplinary action or unethical industry association of a financial planner that may change your decision.
Always Ask About Their Experience
At the end of the day, the experience will count the most when you look for a reputable financial planner. Several reliable financial planning and private wealth management agencies, for instance, work with tax experts, accounts, lawyers, and insurance agents. In simple terms, a vast network of a financial planner can serve at your behest.
Financial Planning: Get Help from Experienced Professionals
What does it mean when you look for a ‘financial planner near me’? Well, people of intelligence and experience that can take care of even the most complicated financial tasks in the blink of an eye. It may be fine for ordinary working-class individuals to get financial advice from an average financial planner.
However, high net worth clients cannot afford to take that risk and should get investigate using private wealth management firms. A financial specialist can offer more clarity and influence confidence throughout the decision-making process.
Concurrently, take the above considerations into account and select a criterion or standard that appeals to you. Besides, private wealth management firms can provide comprehensive advice on your financial structure and investments.
What’s interesting is that you can coordinate with financial experts to solve complex financial challenges.
Pillar Private wealth management: A Reliable Private wealth management Firm and Financial Planner
It takes time and thorough planning to achieve flawless financial planning. We want to help you realize what’s important for you, set realistic goals, and help you make the right decisions. Each financial and private wealth management plan, after all, is unique and can vary from investor to family.
Unlike other private wealth management firms, Pillar Private wealth management understands the comprehensiveness of a financial portfolio. Our financial experts analyze contemporary financial needs and ensure the financial stability of the clients.
We can build a financial portfolio, investment plan, and assess the tax situation of our affluent clients. For more than 30 years, the co-founders of Pillar Private wealth management have been helping high net worth and Ultra-high net worth families and investors. We understand the intricate details that shape up the financial service sector.
Our financial resources and years of information allow us to prepare better than others. We know what it takes to take your financial status under control and generate optimal growth. At Pillar Private wealth management, we understand the implication of each financial decision and can simplify complex details.
Conclusion
It is no secret that the financial planning and private wealth management is a continuous and dynamic process that often requires instant changes as per the needs of the high net worth individuals. For instance, in our portfolio management we evaluate investment risk, returns, marketability, diversification, tax status, and capital growth.
You’d be surprised how easily even the wealthiest individuals often find themselves in complicated financial situations. As a result, people exert stress and make decisions in a panic. Besides, a single decision can impact the financial infrastructure.
Asset management requires rigorous decision-making skills that work in favor of high net worth clients. In essence, the portfolio must achieve affluent investors and families’ objectives and thwart all constraints in the path.
Gone are the days when high net worth clients had to depend on traditional sources of financial and private wealth management expertise. A reliable independent and fiduciary firm like Pillar private wealth management by your side can help you tackle the financial fallout and make pragmatic economic decisions.
Pillar Private wealth management offers custom, sophisticated and trusted financial advice. Our experts understand the complex paradigm of investing and planning and can provide you with the assistance you deserve.
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.