As an affluent person in the top 1% on the wealth ladder, maintaining your wealth can be quite challenging. This is because large investment portfolios typically need specialized management. But where do you go to get investment advice or financial planning services? You can search for the best financial planners near me, and work with them to manage your wealth properly, or do you deserve better? Whatever your financial needs are, from analysis of investment instruments like stocks, bonds, mutual funds, or a financial plan that would map out how your goals will be achieved, you will be wise to employ the services of financial professionals as a financial planner. This is doubly necessary if you have a large investment portfolio of $10 million and above. With over three decades of experience managing the investment portfolios and wealth of affluent clients, Pillar Wealth Management LLC understands the unique demands of financial planning for high-net-worth and ultra-high-net-worth individuals. Suppose you need additional assistance in preparing a financial plan for your large investment portfolio. In that case, you can schedule a free no-obligation consultation call with the co-founders of Pillar Wealth Management LLC, Chris Snyder, and Hutch Ashoo.
In this article, we will examine what a financial planner does and how they can help you manage your complex financial situation. You’ll also learn who the best financial planners near you are, and how to select the best one to suit your situation. Pillar Wealth Management LLC prepared this article. They are a financial planning firm that manages the wealth and investment portfolios of high net worth individuals with $5 million to $500 million in liquid assets.
Table of Contents
- How Can A Financial Planner Help You
- Help You Set Financial Goals
- Create Milestones for your goals
- Help Manage Your Spending
- Understanding Types of Financial Planners
- Financial Planners
- Investment Brokers
- How to Get Started with The Best Financial Planner Near Me
- The Best Financial Planner Near Me from Pillar Wealth Management
How Can A Financial Planner Help You
Let’s first establish just how important a financial plan is. Imagine you want to build a house, what is the first thing you must do? Plan, of course. If you can draft a good plan for your house project, your chances of success when building the house are much higher. This is because you can easily spot mistakes and problem areas long before they manifest and become problems.
Now, imagine that your financial fortune is a house that you are building. A financial plan is vital to the success of that building. Without a financial plan, you are more likely to make costly mistakes. And most of these mistakes are usually disguised as good decisions but will eventually come back to cause problems.
For example, as a high net-worth individual, you can afford to make several expensive purchases. You can probably afford a private jet, luxury yacht, and a new car every year. However, if your expenses are not thoughtfully planned, especially in the case of your larger financial goals, your investment portfolio might not grow as much as possible. This can affect your long-term goals, such as retiring early or sending your kids to the best of colleges. A financial plan is extremely crucial to achieving your financial goals. However, creating a financial plan for yourself can be particularly hard, especially if you are a high net or ultra-high-net-worth individual. Not to worry, however, you can always schedule a free consultation call with the co-founders of Pillar Wealth Management LLC, Hutch Ashoo, and Chris Snyder to help you figure out how best to plan your wealth and manage your investment portfolio.
Now let us take a look at how a financial planner will help you create a financial plan.
Help You Set Financial Goals
The first step to creating a financial plan is to consider your goals. What do you want to achieve? You must now understand that your financial goals will depend on the stage of life you are currently in. For example, if you are relatively young and just got married, then many of your goals might revolve around raising kids, planning for your dream home, building your investment portfolio, or planning generational wealth so your grandkids will never have to worry. At this stage, you are likely to still be in your prime working years and can afford to take on more risk when investing. You might also start looking into putting some money aside for your kids’ college education or looking to move out of your current home to a bigger one. However, if you are much older, your goals might tilt towards things like leaving an inheritance for your children, securing a retirement portfolio for yourself, or ensuring that all your debts are paid off. Whatever your financial goals are, working with a financial planner will help you structure them appropriately.
One of the ways a financial planner will do this is to have you list the things you need and want. Your financial planner will then help you arrange these goals in order of priority and time. Some of your goals will be short-term, while others will be achieved over a longer period. By helping you arrange your financial goals according to their order of time of importance, it becomes easier to build a financial plan for implementation.
Create Milestones for your goals
Once you list out your goals, you should set up milestones that will help you track your progress. When you break down your goals into milestones, it becomes easier to achieve – something else that your financial planner can help you with. If you would like professional help with setting your goals, you can schedule a free consultation call with the co-founders of Pillar Wealth Management LLC, Chris Snyder, and Hutch Ashoo.
Your financial planner will help you set up a system that makes your goals more achievable. Here is an example: Assume that you want to have $1,000,000 saved up for your kids’ college education. You need to consider how long you need to save for and how much you will save per time. The system that you choose to use can make it easier to achieve your goals. You can choose a low-risk investment with an annual interest rate of 5%. At this rate, you need to save about $3,000 per month for 19 years to get a little over $1,000,000. While $1,000,000 might seem like a large goal, $3,000 a month is an easier task to accomplish. A financial planner can provide you with the best possible financial advice that they can on how to approach your goals. However important as a high net worth individual, you find a financial planner to suit your unique financial needs. To help find the best financial planner possible, request for our free guide, The Ultimate Guide to Choosing the Best Financial Advisor: For Investors with $5 Million to $500 Million in Liquid Assets. Our team at Pillar Wealth Management LLC specially created this resource to help you find the best financial planner to plan your finances.
Help Manage Your Spending
Achieving your financial and investment goals will involve a lot of fiscal discipline. In other words, you need to be careful about how you spend and what you spend on. Even though you are a high net worth individual, you need to be disciplined with your spending. This is another area that your financial planner would work with you on. They will help you track your spending, to determine what you are spending on and where you need to cut back. They might ask you to use some special smartphone applications or even enter it on a spreadsheet and then go over it with you every month. The goal of this is to have an accurate picture of your financial situation and your cash flow so that you know exactly where your money is going. In case you’re finding it hard to manage your spending and your wealth properly, the team at Pillar Wealth Management LLC has put together a hardcover book titled, The Art of Protecting Ultra-High Net Worth Portfolios and Estates: Strategies for Families Worth $25 Million to $500 Million. This hardcover book will help you in managing your investment portfolio and protecting your wealth.
Understanding Types of Financial Planners
When it comes to receiving professional financial advice, many professionals try to fill this position. This means that you need to know the different kinds of financial planners before you can choose the best one. Let’s take a look at a few of them:
Just like the name sounds, a financial planner helps to create financial plans. They help you create a comprehensive plan that will chart out a path to achieving your investment goals. A financial planner’s job is to consider all your financial goals and build a holistic financial plan that would chart out the way to achieve all those goals. The process of achieving these goals includes defining the best investments that will help you reach your goals, managing your tax liability, and using insurance products to secure your financial future.
However, a general financial planner is probably not the best option for the high net-worth and ultra-high net worth investor with an investment portfolio of $10 million or higher. This is because a general financial planner cannot apply the strategies in your financial plan as effectively as possible. Many financial planners cannot even buy you the securities needed to carry out your plan. This is where an investment broker comes in. Stockbrokers or investment brokers are financial professionals that help clients manage their investment portfolios. A stockbroker is knowledgeable about investment solutions that can help you achieve your short and long-term investment goals. At the very least, you may 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 that plan’s guidelines. 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.
However, the investment broker is usually not the best type of financial planner that you can get. That title rests with a financial advisor.
How to Get Started with The Best Financial Planner Near Me
Working with a stockbroker can raise a conflict of interest. Some stockbrokers get paid on commission – they are paid when you buy or sell. The amount paid varies from one security to another, but this is where the conflict of interest can arise. If you are interested in creating a college fund for your kids, you may then explain to your investment broker that you would like to know about investments that can help you grow the college fund. If you have the best investment broker, they will provide you with a list of the best investments to help you achieve your goal. And earn a commission on the purchase. What if an investment provides your stockbroker with more commission but is not the best available investment? That puts your investment account at a disadvantage because it is not the best fund for your goals.
Unfortunately, there is nothing that stops your investment broker from doing this. If they suggest something that fits your need to boost your retirement savings, they are free to sell it to you. While we hope that your investment broker will be honest enough to suggest the best possible financial products, you can never be too sure. And this is where a financial advisor or wealth manager excels.
The major advantage that financial advisors have over investment brokers is that they are required by law to give you the best possible advice irrespective of how advantageous it is to them. This is called a fiduciary duty. It means that your financial advisor must provide you with the best possible advice they can. Thus, you can be confident that any advice your financial advisor gives you is the best possible advice that they have access too.
The Best Financial Planner Near Me from Pillar Wealth Management
With over 30 years of experience managing wealth for affluent clients, Pillar wealth Management is a financial advisory firm that offers financial planning services nationally. They specialize in financial planning for individuals 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 Snyder, who will help you decide how best to protect and manage your investments.
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