Wealth Management Advisor for High Net Worth

Wealth is the value of all the assets that a person owns. It is the accumulation of resources that are valuable and scarce. It is measured most commonly in terms of net worth. Net worth is basically assets minus liabilities. It is what’s left after you pay off all your debts. That’s where a Wealth Management Advisor can come in and help.

A person who successfully accumulates a large amount of net worth (e.g., a high net worth individual) is understood to be wealthy. A professional that manages the wealth of the wealthy is known as a wealth advisor, a wealth management advisor, or a financial advisor for ultra-wealthy individuals. Before we proceed any deeper, we wish to alert those of you with $5 million to $500 million in investable liquid assets that you may qualify for the free 70+ page book about the 7 Secrets to Financial Serenity and robust wealth management, and you can request it here.

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Table of Contents

What Is a Wealth Advisor?
What Does a Wealth Advisor Do?
When to Choose a Wealth Advisor
6 Tips/criteria for Choosing a Wealth Management Advisor
Conclusion

There are different levels of advisory services; sometimes, it could be the management of small amounts (relating to credit cards and balances, student loans, and the rest), which is done by a Robo advisor; other times, it could be about bigger accounts like insurance, estate loans, and planning. This article will focus on how ultra-wealthy individuals can have their assets under management by a wealth management advisor. We will also look at the process it takes to do all this, how some wealth management firms perform their duties, the benefits of having your wealth, investment, insurance managed by one wealth management advisor, and some investment advice to ensure that we are on the same page.

Most importantly, we will talk about PillarWM, a team of wealth management advisors who had worked for several firms before they built up their own, meeting the wealthy’s needs and goals. You will find a reliable investment advisor in Hutch and Chris if that’s what you want.

What Is a Wealth Advisor?

A wealth advisor is a financial advisor whose clients are high-net-worth individuals. A wealth advisor works with their clients to develop a financial plan that allows them to meet their short- and long-term financial goals.

What Does a Wealth Advisor Do?

Here are the essential services that a wealth advisor provides. In each of these areas, the advisor devises a strategy for success, always taking into consideration the personal and financial circumstances of the client. The advisor has a professional duty to do everything possible to meet the goals of the client.

1. Retirement Planning

There are two aspects to retirement planning. One is to plan to have a secure income when you retire and the other is to increase your income now to have more income later.

Your wealth advisor can help you with both of these tasks, looking at your current income and how much you are able to save and calculating your income when you retire. They will motivate you to control your expenses and maximize your savings. They will help you decide how much to invest in retirement accounts and how much to invest in income generation.

2. Investments

A wealth manager can recommend investments based on your financial goals and risk tolerance. On that basis, your advisor can select a variety of assets that balance income and risk to protect and grow your wealth.

Your financial advisor has the expertise and knowledge to make investment recommendations that meet your needs. Your advisor should not be dependent on earning commissions and should disclose any conflicts of interest they may have.

3. Tax Planning

A wealth manager can incorporate tax-efficient strategies into your financial plan. They can help you minimize your taxes through deductions and exemptions, charitable giving, avoiding capital gains tax, and selecting the right retirement plans.

4. Estate Planning

An important aspect of protecting your wealth is to ensure that your wealth is distributed according to your wishes when you die. Your wealth advisor can help you create an estate plan that meets your goals and ensures a smooth distribution of your assets to your beneficiaries.

5. Health and Long-Term Care Planning

Your financial planner can advise you on the use of health savings accounts and long-term care insurance, taking into consideration your health today and potential needs for tomorrow.

6. Inheritance

Your advisor can help you manage the tax implications of receiving an inheritance, along with integrating the inheritance into your financial plan.

What does wealth advisor do?

A wealth advisor helps the investor to grow their wealth to beat inflation, as well as meet financial goals such as buying real estate and saving for a comfortable retirement.

Is a wealth advisor worth it?

It is worthwhile to hire a wealth advisor if you are not very familiar with financial markets, retirement planning, and where, when, and how to invest in various types of assets.

What is the difference between a wealth advisor and financial advisor?

A financial advisor helps the investor with budgeting, creating a savings plan, and making smart investments. A wealth advisor provides the same services, but for high-net-worth individuals.

What to study to become a wealth advisor?

A bachelor’s degree is recommended. The degree should be in finance, financial management, accounting, business, economics, or a related field. Some positions may require a master's degree.

How much do top wealth advisors make?

Wealth advisors earn between $80,000 and $120,000. Their pay is often based on the value of the assets they manage, so they could earn a lot more if they have clients who have ultra-high net worth.

Is it worth using a wealth manager?

It is worthwhile using a wealth manager if your financial situation is complex; you may need help making investment decisions, or need advice on taxation, estate planning, or insurance.

Is it hard to be a wealth advisor?

A wealth advisor needs to be responsive to the needs of their clients, so they should have good communication skills. They need to remain objective to be effective when markets fluctuate.

What do wealth advisors do?

Wealth advisors provide financial services, including financial planning, tax mitigation, estate planning, investment management, managing charitable giving, and balancing and diversifying portfolios.

How do wealth advisors make money?

Wealth advisors make money from charging fees for their services, usually a percentage of the value of the assets they manage. They may also earn commissions on the sale of investments.

What does a typical wealth manager charge?

A typical charge is 1% of the value of the client’s assets. Or they may charge a flat yearly fee of several thousand dollars. They may use an hourly rate for some services.

When to Choose a Wealth Advisor

It’s time to choose a wealth advisor when your finances start to be a bit too complex for you to manage on your own. Or you have money to invest but want help from someone with extensive expertise in financial markets. You may be unsure whether or not your retirement income will be sufficient to maintain the lifestyle you would like to have. A wealth advisor can clarify all those issues with you, giving you peace of mind and confidence in your financial future.

A wealth advisor will develop a financial plan, choose investments that meet your needs, and motivate you to stick to a budget and savings plan.

6 Tips/criteria for Choosing a Wealth Management Advisor

Before you go ahead and choose a wealth management advisor, it would be of paramount importance to look at some of the tips and information below. You will most likely find advisors who promise mouthwatering services; look below and you will find information on the criteria to look for.

1. Know your net worth

– Know your net worth and find an advisor who works with similar account sizes. Generally, if you have more than $1 million in investible assets, then a wealth manager will be a good option for you. If you have $5 million to $500 million, then talk to Hutch or Chris at Pillar Wealth Management. They bring together 60+ years of combined experience in wealth management for high net worth portfolios.

2. Check your wealth manager service

– Check the services offered by the wealth manager. Make sure that your priority areas are included in the list of services. For example, if you are passionate about philanthropy, then make sure that the wealth manager has expertise in that area in-house.

3. Understanding the fee structure

– Get information about the fee structure of their services. We believe that a fee-only model is the best one, which is what our services offer. It ensures that there are no “vested” interests. There are no commissions or kickbacks that may lead the advisor to recommend certain products that aren’t really in the client’s best interests. The incentives of the wealth manager for ultra-high net worth individuals should be completely aligned with the interests of the client.

4. Do background check for your wealth advisor

– Study the credentials and background of the wealth/ investment advisor before you become a member of their clientele. This might sound obvious but many people don’t do this part correctly. Credentials aren’t just limited to qualifications like a CFA, MBA, or a CFP. It is about going back further and looking at the educational qualifications, the institution from which the advisor graduated, and checking LinkedIn profiles to know the career progression of the advisors.

5. Use FINRA

– In order to check the track record of a wealth manager, you can get in touch with the Financial Industry Regulatory Authority (FINRA). They maintain records of any issues or actions taken against unethical wealth managers. You can cross-check any memberships to organizations or non-profits that a wealth manager claims in your meeting with him/her. After the meeting, you can go back and check with the cited organizations directly to find out if they are being honest.

6. Check your wealth manager reviews

– Ask the advisor about the kind of clients that they have worked with in the past. As an ultra-high net worth individual, you don’t want to work with any average advisor. You want to work with someone who has helped sell properties for celebrities and entrepreneurs, or someone who has appeared in high profile tax cases as a witness. You want someone who understands the multiple scenarios that can unfold when dealing with a high net worth portfolio. If you have $10 million or more in liquid assets, then read this guide on choosing the best wealth manager.

Conclusion

To use the services of our advisors on issues regarding insurance, becoming a member of our clientele/network, estate planning, credit cards, and loans management, and all the other related matters, contact our customer service and a member of our team will get to you as soon as possible.

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.