Miami is the largest economic hub in Florida. It is not only the gateway to Latin America, but also a major center for financial, commercial, and international trade activities. It is also home to important centers of culture and arts. Miami was ranked the 12th largest urban economy a couple of years ago. Several large corporations have made Miami their headquarters. Wealth Management Miami is therefore an important topic for anyone with a few million dollars in liquid assets. In fact, if you happen to have $10 million or more in investible liquid assets, then we encourage you to check out this useful resource on how to choose the best financial advisor.The proximity to Latin America has also made Miami the headquarters for the Latin American operations of some 1400 companies.
More importantly, Miami is ranked as the third-richest city in the US and the eighth-richest in the world in terms of purchasing power. Clearly, there are many affluent individuals, families, and professionals living in Miami. With more wealth comes more responsibility. Managing millions of dollars involves much more complex decision-making that managing a million dollars does.
In this article, we will discuss some very useful topics for high net worth and ultra-high net worth individuals living in the Miami area. We will talk about wealth management solutions for professionals and what redefining wealth really means. We will then look at some of the attributes of the best Miami investment advisory firms and finally end with some important things to consider when exploring Miami financial planning firms. We will also talk about Pillar Wealth Management, an exclusive firm that works with individuals and families with $5 million to $500 million in investible liquid assets.
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So let’s get started. After all, time is more valuable than money.
Wealth Management Miami Solutions for High Net Worth Professionals
As a working professional, life can be busy. Miami has plenty of working professionals, whether we talk about doctors, lawyers, teachers, accountants, engineers, designers, architects, nurses, or individuals in other fields. Professionals are also among the best-paid people in the economy. Once hard-earned wealth gets generated and accumulated, the focus then shifts to growing and protecting that wealth. The focus also moves on to using that wealth to achieve various life goals.
In order to successfully do all of this, some careful and insightful decision-making is necessary. There are plenty of examples of people accumulating millions of dollars only to see that wealth go away due to the lack of proper financial planning. In fact, we have discussed some real-life examples in this comprehensive book called The Ultimate Guide to Choosing the Best Financial Advisor: For Investors With $5 Million to $500 Million in Liquid Assets.
Wealth management solutions for professionals can help plan your finances in sync with your goals. Working with a wealth manager means that you do not have to spend time acquiring the knowledge and skills that wealth managers have done over their lifetime. Instead, you can spend your time doing things that matter the most to you. Wealth managers can do all the heavy lifting as far as planning and structuring your finances are concerned.
Wealth Management Miami firms offer a variety of services including retirement planning, financial planning, tax planning, portfolio management, succession planning, estate planning, real estate advisory, and philanthropy. All the topics that high net worth individuals deal with would generally be covered by the top firms. Feel free to schedule your free consultation with Hutch Ashoo to discuss any financial topics that you are looking to get help with.
Wealth management isn’t a mutual fund or a hedge fund. It is a broader area than just investment management. The popular notion of wealth management may be professionals in suits sitting in fancy offices making investment and trading decisions. However, that is not really true. Redefining wealth management’s perception may be the key to understanding wealth management. And, by the way, if you are interested in the topic of redefining wealth, then we have written a short guide in which we discuss 5 critical shifts needed to maximize portfolio wealth if you have $5 million to $500 million in liquid assets.
The core of wealth management is the link between the decisions that a wealth manager takes and your financial goals. The top wealth management Miami firms would appreciate that money is a means of achieving those goals. Money by itself does not do anything. Simply accumulating more and more money does not make sense. It only counts when you can use that money to secure a lifestyle for your family, retire comfortably, give away some money to your grandchildren, create your own legacy, or achieve any other milestone that is important to you.
Once you have this concept in your mind, you will then start to look at every financial decision from a different perspective. If your goals can be achieved with a moderate rate of return in a low-risk investment, then you would be comfortable with that option rather than seeking the highest possible returns from more risky investments. Feel free to start a conversation with Pillar Wealth Management to discuss philosophies that redefine the popular notions of wealth management. We have worked with plenty of high net worth individuals, witnessed diverse situations, and are happy to share our views with you.
Miami Investment Advisory
Investment management is an important cog of the wealth management process. Making the right investment decisions leads to the growth of the overall portfolio at a pace that helps high net worth and ultra-high net worth individuals reach their life goals. It also helps beat inflation and protects the portfolio from “black swan” events.
There are some important things that Miami investment advisory professionals follow to successfully manage high net worth portfolios. We will touch upon a few of those aspects here. But, if you are interested to delve deeper into the topic, then we suggest you download this guide on improving portfolio performance for investors with $5 million to $500 million in investible liquid assets.
Firstly, the return on any portfolio that matters is the net return. It is the return after deducting all the fees, expenses, and taxes. Yes, taxes are a huge factor when it comes to measuring investment returns. Short-term capital gains tax is very different from long-term capital gains tax. When amounts like $10 million or $50 million are at stake, a few percentage points of difference in taxes can lead to millions over a decade or two of investing.
This ties into a point we made earlier in the article about investing in lower-risk investments to earn enough return. If a client’s goals are met by investing in a low-cost passive index fund for the long-term, then the net return might be superior to frequent short-term trades in multiple stocks. Sure, the fund manager may beat the market, but the short-term capital gains and the fees involved in each trade may more than offset those high-risk returns.Get in touch with Hutch Ashoo to discuss Pillar Wealth Management’s investment philosophy and how it can be a great fit for your financial situation.
Miami Financial Planning
Financial planning is another important part of the overall wealth management solution offered by wealth management Miami firms. A wealth manager may be a financial planner, but not all financial planners are wealth managers. Financial planning is a generic advisory area offered to individuals of all economic backgrounds. Financial planning within wealth management is geared towards the more affluent clients.
Miami financial planning firms will usually offer services like tax planning, risk management, insurance, inheritance, retirement planning, employee benefits planning, and estate planning. The benefit of working with a wealth advisor who offers financial planning is that you get multiple services in one place. You deal with only one person for taxes, portfolio management, and all the other areas listed above. There is no need to visit an accountant, a fund manager, a financial planner, and other professionals. It saves time and money. There are many other benefits that we have discussed in this book on choosing the best financial advisor for individuals with $5 million to $500 million in liquid investible assets. So, if you are interested to learn more, feel free to download the book.
Speaking of money, wealth advisors and financial planners work on fee-only as well as fee-based compensation structures. A fee-only structure is one where an advisor earns compensation only through pre-determined fees based on hourly rates, milestones, or a fixed percentage of assets under management. A fee-based structure, on the other hand, involves fees as well as product commissions. We find that a fee-only model works best because there is no incentive for the advisor to “market” or “push” products in an attempt to earn hefty commissions. The interests of the client are best aligned with the financial incentives of the wealth advisor.
Finding top Miami wealth advisors
If you run a simple Google search for wealth management Miami, then you will see plenty of firms operating in the city. The key is in finding wealth managers who are reputed, experienced, ethical, and successful. In order to do so, you will have to shortlist a few options from those search results and then look at individual websites.
The first step is to make sure that a wealth management firm offers advice in the area that is a priority for you. For example, if you need help with philanthropy or gift taxes, then make sure that the advisor you are considering is reasonably experienced in those areas.
The second step is to check the background and experience level of the advisor. If a wealth manager claims to be a member of an organization or institution, then it is a good idea to double-check that with the cited organization.
Thirdly, you should do a one-on-one meeting with the most promising advisors and evaluate whether you can build a relationship with the person. Titles and qualifications are great, but ultimately it is about the person behind all of that. You want to be able to get along with someone who is going to manage your money.
Lastly, tap your personal network to find out great wealth managers. Ask your relatives, friends, or business partners. They may already be working with someone successful. Plus, you get first-hand reviews.
Unique offerings of Pillar Wealth Management Miami
Pillar Wealth Management works with professionals and high net worth individuals and families in the Miami area. In fact, it has over 60 years of combined experience working with ultra-high net worth clients across various states in the US.
The firm’s wealth management philosophy revolves around financial serenity. It basically means that we want all our clients to feel confident that they will reach their financial goals without stressing out about market crashes or losing sleep at night for having an unbalanced financial setup. We like our clients to feel a sense of calm. You can discuss all about financial serenity and how we successfully practice his philosophy by reaching out to us.
Secondly, Pillar Wealth Management is unique in offering to save its clients $100,000 for every $10 million in liquid assets that it is asked to manage. We do this by cutting out unnecessary investment costs and structuring finances in an efficient manner. We believe that saving money is the same thing as putting money in the pockets of our clients.
Lastly, Pillar Wealth Management is a registered fiduciary. It is, therefore, bound to act in the best interests of its clients. If there is a conflict of interest, then as a registered fiduciary, it is the duty of Pillar Wealth Management to point that out to our clients. In our opinion, transparency and ethics are what establish trust with our clients.
Hutch Ashoo and Christopher Snyder are the expert founders of independent, fee-only, and fiduciary wealth management firm Pillar Wealth Management. If you would like to speak with them or simply ask any questions about how custom and trusted wealth management advice is offered to highnet worth individuals with $5 million to $500 million in investible assets, then feel free to start a conversation.