The Complete Guide to What We Do
If you are an affluent investor with assets between $5million and $500 million, you need to know who the Best CFP is, and if they are the right fit for you. No matter how much your assets are worth, you have to manage them properly to ensure that you can achieve financial freedom and maintain the kind of lifestyle you want. As a high net worth individual, managing your wealth can be challenging, which is why you should consider getting a wealth manager. But who is a wealth manager, and are they better than the Best CFPs? This article prepared by Pillar Wealth Management LLC will answer all your questions about wealth managers and why you need them as a high net worth individual. Before we dive into that, however, you should check out our free guide for investors with an investment portfolio of $10 million or more. It will help you find the best wealth manager and help you build your investment portfolio.
Pillar Wealth Management LLC is a Wealth Management firm that provides financial and investment advice to high net worth and ultra-high-net-worth individuals who own assets between $5 million and $500 million. If you fall into this class, you can also schedule a free consultation call with Chris Snyder and Hutch Ashoo, Pillar Wealth Management LLC co-founders.
Table of Contents
Understand the Types of Financial Advisors
Professionally speaking, there are several people that can be classified as financial planners. They can do this because many professionals can provide financial planning services of some kind. Stockbrokers, bankers, insurance brokers, and several other professionals in the financial world all fit into this category. Irrespective of their job title or description, any financial advisor’s main duty is to provide financial advisory services that help their clients manage, protect, and grow their investments.
Notwithstanding, the fact that many professionals can provide financial advisory services or even identify as financial planners does not mean that they are a good fit for you and your specific financial needs. Most general financial professionals are more suited to answering the questions and providing services for the middle class. As a high net worth or ultra-high-net-worth individual, your financial needs will be more complex,and you will need more specialized knowledge for those needs to be met. Do you want to know all the details behind selecting the best financial advisor? Our team at Pillar Wealth Management, LLC created a valuable resource for you. Receive your free copy of The Ultimate Guide to Choosing the Best Financial Advisor: For Investors with $5 Million to $500 Million in Liquid Assets. It will explain the steps and considerations behind selecting the right wealth manager.
It is crucial that we examine the various types of financial planners available and then choose which one is the best fit for you.
Certified Financial Planners
A certified financial planner is a professional who works with you to build a comprehensive financial plan to achieve your financial goals. When you work with a certified financial planner, the primary thing they do is work with you to determine your financial goals and then help you plan a path to achieve those goals.
As good as a financial plan is, working with only a financial planner cannot help you meet your financial goals. This is because as a high net-worth individual, you will need more than just a financial plan to manage and protect your investment portfolio. If you have an investment portfolio of $10 million and above, you will need more than just a plan to manage and grow your portfolio. Certified Financial Planners are often limited in the services they can offer you, as many can’t buy or sell you the assets or securities that will help you achieve your plan. Unfortunately, in many cases, you will need at least one more financial professional to purchase bonds, stocks, alternative investments, mutual funds, and other investments to help you achieve your financial goals.
Also, most financial planners cannot answer questions about complex financial matters in detail. Many times, having practical experience managing investment portfolios is better than only being certified by a course. If you have questions about your investment portfolio, including how to protect and grow your wealth, schedule a free, no-obligation call with the co-founders of Pillar Wealth Management LLC, Chris Snyder and Hutch Ashoo. They have over 30 years of experience with portfolios, including experience with clients who have net worth’s of $5 million to $500 million and more.
Investment Brokers or Stockbrokers
Stockbrokers are another type of financial advisors that you can work with. Stockbrokers (or investment brokers) are financial professionals that help clients manage their investment portfolios. An investment broker will know about investment solutions that can help you achieve your investment goals in both the short and long-term. Working with a certified financial planner and an investment broker will help create a holistic financial plan and work towards building an investment portfolio that follows the guidelines laid out in the plan. If you want more information about how to protect your wealth and investment portfolio, you can order for your copy of our hardcover book, The Art of Protecting Ultra-High Net Worth Portfolios and Estates: Strategies for Families Worth $25 Million to $500 Million. Put together by the team at Pillar Wealth Management LLC, the book will provide you with strategies for protecting and growing your wealth.
There is a risk you face when you work with an investment broker. Investment brokers are sometimes paid on commission, meaning, they get paid every time you buy or sell an asset. This seems like a completely ordinary arrangement, but when you consider the regulations put in place on investment brokers, you realize that there can be a conflict of interest.
Best Interest Practices
For instance, let’s assume that you want to invest in your retirement. You then tell your investment broker that you would like to know about the best investments for your retirement fund. If you have an astute investment broker, they will provide you with a list of the best assets to help you achieve your goal and earn a commission on the purchase. But what if another investment provides your stockbroker with more commission, but is not the best for your retirement fund? This is where the conflict of interest arises. Your stockbroker can suggest any investment that helps you meet your goals, even if it is not the best available investment. Legally, your investment broker is not compelled to act in your best interest. As long as they can provide you with advice that somewhat matches goals, they are free to do pretty much what they want. This is a major advantage that a wealth manager has over other financial planners.
For more information about protecting your wealth and your investment portfolio, schedule a free consultation session with the co-founders of Pillar Wealth Management LLC, Chris Snyder, and Hutch Ashoo.
The last type of financial advisor that we’ll talk about is a wealth advisor. Wealth managers are financial professionals that specialize in managing wealth for high net worth and ultra-high net worth individuals. A good wealth advisor will provide the services of a financial planner and an investment broker. They’ll work with you to determine just your investment goals and then work with you to create a plan that helps you achieve those goals. Then, they will help you put that plan to work by selecting the best possible investments to help you meet your financial goals.
Choosing a wealth advisor is a serious choice because you are trusting your wealth and substantial financial portfolio into their hands. A wealth manager will help you manage your investment and follow a holistic financial plan. A typical wealth manager’s role will span various financial services, from estate and tax planning, to banking, and investing. The goal of a wealth management service is to ensure that you have a solid investing plan, and the performance of your investment portfolio continues to improve. You can think of them as the quarterbacks of your financial team. If you want more information on improving your portfolio performance, get a copy of our guide, Improving Portfolio Performance: The Shifts Multi-Millionaires Must Make to Achieve Financial Security and Serenity.
Why Choosing a Certified Financial Planner may not be a good fit for you.
We have established that the choice of a financial advisor is one that cannot be madelightly. If you do a quick google search for “financial advisors near me,” differentfinancial professionals that offer several types of financial advisory services will show up.Certified Financial Planners, or CFPs, are some of the most popular financial advisors around. However, as we have established, choosing a Certified Financial Planner may not be a strong fit for you. Rather, a wealth advisor is likely the best type of financial advisor for you as a high net worth or ultra-high net worth individual. But why exactly is that?
The first reason is that most CFPs are trained to provide financial advice to the middle class. However, high net worth and ultra-high investors’ net worth require more specialized financial advice. Advice that only elite wealth advisors have the experience to provide. The second reason why a certified financial planner might not be good for you is fiduciary duty, in the event they are not bound by it. This is another major difference that can arise between a sole certified financial planner and a wealth advisor. A wealth advisor has an obligation, backed by law, to always act in their client’s best interests. Thus, the wealth advisor will only give investment advice or make changes to your investment portfolio when they believe that it will bring about the best results in achieving your goals.
Once a wealth advisory company manages up to $25 million in assets, they register with their state government. When the person or firm reaches $100 million in assets managed, then they’ll register with the Security and Exchanges Commission (SEC). When selecting a wealth advisor, you want to ensure that the firm they work for is a registered investment advisor. This ensures that fiduciary duty is in place and enforced.
If you want to improve your portfolio performance, get a copy of our guide, 5 Critical Shifts For Maximizing Portfolio Growth Strategies For Families Worth $5 million to $500 million. This guide will show you the shifts that your investment portfolio must go through to grow.
How to Find a Certified Financial Planner – Best CFP
When you are looking for financial advice or help to manage your investment portfolio, it is important to find the right financial planner. More importantly, you need to find a financial planner that is right for you. As we’ve stated earlier, the financial needs of high net-worth individuals such as you, with $5 million to $500 million in liquid assets, will differ significantly from those of an average middle-class individual. Therefore, you need to ask your prospective financial advisor some crucial questions before working with them. Questions such as what will our relationship look like? What is your investment philosophy? And what relevant experience do you have? Asking questions like this will help you find the best financial advisor that will suit your specific needs and help you achieve all your investment goals.
The Best CFPs Vs. Pillar Wealth Management, what’s the difference?
If you are looking for a financial advisor, then you should consider using Pillar Wealth Management LLC. With over 30 years of experience managing wealth for affluentclients, Pillar Wealth Management LLC is a wealth management firm that offers financialadvisory services across the nation. They specialize in family financial planning for families that are worth between $5 million and $500 million in liquid assets. Contact us today to schedule your free consultation call with our co-founders Hutch Ashoo and Chris Synder, who will help you decide how best to protect and manage your investments.
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