Financial Adviser Near Me
The subject of financial management is a vital one that every person must pay attention to. Whether your liquid investable assets are $500,000, $10,000,000 or $100,000,000, you must manage them properly for your financial investment goals to be achieved with ease.
If you are planning to invest $5 million to $100 million, then you would benefit from downloading a specific guide designed just for by clicking here. As a high net worth individual with between $5 million to $100 million in assets, managing your wealth can be challenging. Doing it yourself can come up with many issues you might not know about, and you might ask why you should consider getting a financial adviser near you.
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Table of Contents
- 7 Places to Look to Find a Financial Adviser Near Me
- What to Keep in Mind When Finding a Local Financial Adviser Near Me
- What is a Financial Adviser? Do You Need One?
- The Best Financial Adviser Plan
- The Financial Adviser Fiduciary Distinction
- Why Hire Pillar Wealth Management to manage your high net worth assets now
7 Places to Look to Find a Financial Adviser Near Me
- You can find an accredited financial counselor at findanafc.org.
- You can find a CFP at letsmakeaplan.org.
- Use a search engine to find financial advisers such as the major investment companies and banks.
- The Garrett Planning Network contains a directory of financial planners by location.
- You can verify a CFP’s credentials at cfp.net, the website of the CFP Board.
- Talk to your friends and family members, some of whom may be using an advisor for financial planning or investment advice.
- You can find an advisor at NAPFA.org, the website of the National Association of Personal Financial Advisers.
But where is a financial adviser near me, and what do they do? In this article by Pillar Wealth Management LLC, all your questions about financial advisers and why you should have them as a high net worth individual will be answered. 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, check out our free resource for affluent individuals with an investment portfolio of 10 million or more. You can also schedule a free consultation call with Chris Snyder and Hutch Ashoo, the co-founders of Pillar Wealth Management LLC.
What to Keep in Mind When Finding a Local Financial Adviser Near Me
If you are looking for a financial adviser, start by clarifying your motivations, identifying exactly what you need help with, for example, budgeting, retirement planning, or even tax return preparation.
Once you’ve selected someone that you think can provide the services you’re looking for, check their credentials.
When you meet with a potential advisor, be prepared to ask the right questions to make sure they are someone with whom you will be comfortable working, someone you can trust. Be sure to ask the advisor about their fees, so there are no surprises down the road. Find out what they charge for each of the services they provide.
What is a Financial Adviser? Do You Need One?
There are many types of financial advisers, for clients with various needs. But just because you can get financial services from many different professionals does not mean they are the best fit. The financial advisory services provided by various professionals can be general, not specialized. This is not sufficient for high net worth individuals, mainly because they have unique needs.
In case you are wondering if it is necessary to work with a financial adviser near me, the first thing to do is to consider the alternatives. The first way to do this is to manage your finances and investments personally. While this is the cheapest, it will also be the most challenging. When you manage your wealth and investments by yourself, there will not be advisory fees. However, there is an obvious disadvantage. Managing a large investment account will require knowledge and skills in a wide range of financial fields.
You will need to be skilled in fields such as tax planning, estate planning, insurance, investments, and several others. Mastering these fields to manage your resources would require extensive effort. Therefore, working with a financial adviser near me is a good idea. A skilled financial adviser near me has training and expertise in the aforementioned fields, which means you can expect professional advice on various areas of your financial life.
If you would like to know more about choosing a financial adviser near me, the team at Pillar Wealth LLC has created this indispensable resource for you. Get your copy of The Ultimate Guide to Choosing the Best Financial adviser: For Investors with $5 Million to $500 Million in Liquid Assets. It will explain the steps and considerations behind selecting the right financial adviser near me. Also, if you are planning to invest $10 million or more, then you would benefit from a specific guide here.
The Best Financial Adviser Plan
Simply put, a financial adviser near me helps you manage your wealth. They can be used by high net worth or ultra-high net worth individuals, who have between $5 million and $500 million in liquid assets. Many professionals can help you manage your money, buy and sell securities, purchase insurance, and other investment-related actions. There are even professionals that specialize in helping you reduce your tax liability or minimize the risk you incur on investments.
As a high net worth individual, you should plan to work with the best financial adviser that you can. But before we talk about how to find the best financial adviser near me, let’s take a look at the various options available when it comes to managing your finances.
Robo-advisors & Financial Adviser Near Me
Robo-advisors are an option for managing your finances. However, Robo-advisors are not like traditional financial advisers near me. Rather, a Robo-advisor is a computer software that manages your investment portfolio according to an algorithm. It’s
really quite simple to use. You’ll be given a questionnaire to fill that will cover all your investing goals and habits. The computer system then reviews the results of the form and determines the best investment strategy for you to reach your goals. The algorithm will consider a lot of factors, such as the length of time you must invest, your risk appetite, and more. The system would also determine how to diversify your portfolio.
Robo-advisor investing is an appropriate solution if you have a simple financial life. However, high net worth and ultra-high net worth individuals usually need a wide variety of services that factor in several complex financial needs. Therefore, it probably will not work for the affluent investor. In most cases, a Robo-advisor cannot answer the questions you have about both investing and non-investing related financial matters.
If you would like more information about managing your wealth and your investment portfolio, you should get the free hardcover book from Pillar Wealth Management LLC titled The Art of Protecting Ultra-High Net Worth Portfolios and Estates: Strategies for Families Worth $25 Million to $500 Million today! We specially created this guide for you, the high-net-worth individual with $5 million to $500 million in liquid assets.
Financial Planners
If you prefer working with humans rather than a computer algorithm, there are several options available. The first and easiest to use as a financial planner. A financial planner is a professional that works with you to develop a holistic financial plan so that you can achieve your investment goals. As with all things, a plan is vital for success. And this is where a financial planner comes in.
The job of a financial planner is to take all your financial goals into consideration and build a holistic financial plan. This plan will guide your saving, spending, and investing for several years or longer. The process of achieving your financial goals will include several steps such as figuring out the best investments that will help you reach your goals, managing your tax liability, and using insurance products so as to secure your financial future. A financial planner will take into consideration all your financial goals while building an investment plan that will help you succeed financially.
Even though it is good to have a financial plan, there are several issues that you will experience if you choose to work with a company that offers only financial planning services. First, financial planners tend to give general financial advice. They might not know about specific investments and securities that affluent clients, such as those with investment portfolios of over $10 million may need.
Second, most financial planners cannot help you purchase the investments you may require. Instead, you will need to work with a stockbroker to purchase the stocks, bonds, or other securities outlined in your plan. If you want to improve your portfolio performance, then get a copy of our guide, Improving Portfolio Performance: The Shifts Multi-Millionaires Must Make to Achieve Financial Security and Serenity.
Investment Brokers
Another type of financial adviser that you can work with and arguably the most popular, is a stockbroker. Stockbrokers or investment brokers are financial professionals that help clients manage their investment portfolios. An investment broker is knowledgeable about investment solutions that can help you achieve your short and long-term investment goals.
At the very least, you’ll need the services of a financial planner and an investment broker to achieve your financial goals. This combination can help you build your financial plan and work towards creating an investment portfolio that will follow the guidelines of that plan.
However, the first major problem is that you have to hire two different individuals to manage your investments. This is a problem because you will have to do double the work to find the perfect fit. You must find a financial planner and an investment broker that you feel comfortable working with, and also feel comfortable working with each other. If that synergy is not present, then the whole team can break down.
Financial Advisers
The last type of financial adviser that we will talk about is a financial adviser. This is a financial professional that specializes in managing wealth for high net worth and ultra-high net worth individuals. A good financial adviser provides both the services of a financial planner and an investment broker.
They are knowledgeable in multiple fields such as tax planning, estate planning, insurance, investment, and so on. This makes them uniquely positioned to deal with the challenges that high-net-worth individuals face because of their large investment portfolios.
One of the main reasons to work with a financial adviser near me is because of their fiduciary duty to their clients. For a business owner to create a wealth management firm company, they should be a Registered Investment advisor (RIA). A fiduciary duty
means that the advisor must work in the best interests of their clients, above all else.
The RIA designation is only given after the company owners pass a financial management exam, and then they have to register with the state that their firm will operate in or the U.S. Securities and Exchange Commission, depending on the size of the investment portfolio that they are managing for their clients. Once a company is registered as an RIA, it must follow SEC guidelines, and one such guideline is that RIAs must perform in their client’s best interests.
The Financial Adviser Fiduciary Distinction
Of the different professionals that offer financial advice, only financial advisers are bound by fiduciary duty. Financial planners and stockbrokers do not have the same requirement to register their activities with the state or federal government, and therefore do not have the same fiduciary obligations to you. When working with investment brokers or financial planners, there can be a conflict of interest.
This is because they are paid on commission, which means that they paid anytime they buy or sell an asset on your behalf. When you combine this with the fact that they are not under an RIA, then the conflict of interest becomes obvious.
For example, assuming that you are interested in investing towards your retirement. You then explain to your investment broker that you would like to know about investments that are low-risk for retirement purposes. If you have the best investment broker, they will provide you with a list of the best investments that can help you achieve your goal, and of course, earn a commission on the purchase.
But what if another investment provides your stockbroker with more commission but is not the best available investment? 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 for your goals. Legally, your investment broker is not compelled to act in your best interest. If they can provide you with advice that matches goals, they are free to do so.
The case is much different with a financial adviser near me, who is bound by fiduciary duty to provide you with the best possible investment and financial advice that they can.
Why Hire Pillar Wealth Management to manage your high net worth assets now
When it comes to finding a financial adviser, you can do a quick Google search for “financial adviser near me,” but that alone will not help you select the best possible financial advisor. In your choice of a financial advisor, you must select an advisor that is uniquely suited to meet your personal financial goals.
If you need help to decide who the best match for your unique situation is or a wealth management firm with over 30 years of financial management experience to help manage your considerable assets, consider working with Pillar Wealth Management, LLC. Our co-founders, Hutch Ashoo and Chris Snyder offer no-obligation consultations for affluent individuals who need wealth management services. Schedule your consultation with our wealth management company today
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.
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