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Charles Schwab Wealth Management: Things to Know

The world is evolving rapidly when it comes to tech advancement, financial evolution, and intellectual awareness, among other aspects of everyday life. Along with these are curveballs in the form of black swan events, including the recent COVID-19 pandemic, which can have an abrupt and adverse impact on one’s investment portfolio. This kind of unpredictability makes wealth management extremely important. Thus, many high net worth and ultra-high net worth individuals choose to work with wealth management firms such as Pillar Wealth Management or Charles Schwab Wealth Management. If you have liquid assets worth over $5 million, you should request a free copy of our new book, 7 Secrets to High Net Worth Investment Management, Estate, Tax, and Financial Planning, written especially for those who have $5 million to $500 million in investable wealth.

You can also schedule a consultation with the skilled and competent wealth managers at Pillar Wealth Management. We are an independent, white-glove wealth management company offering financial services to clients who have liquid investable assets ranging from $5 million to $500 million. Our goal is to establish fruitful and healthy relationships with our clients and develop personalized financial strategies that best cater to their needs and requirements.

What Is Wealth Management?

Wealth management is the consultative process of fulfilling the financial wants and needs of individuals by providing them with specific products and services. Wealth management requires a team of highly experienced and skilled professionals, namely a wealth manager, investment management advisor, and other professionals.

Wealth management includes a lot more than investment management. Even though investment management mainly encompasses choosing the right bonds, stocks, and funds to invest in, wealth management takes a more comprehensive and holistic approach. Reach out to us today for more details regarding the services we provide at Pillar Wealth Management.

Wealth management includes creating an investment portfolio aligned with one’s life goals, financial standing, and retirement plans. Generally, the recommended investments go beyond the traditional vehicles and venture into the alternative landscape.

How to Choose a Wealth Management Firm

Opting to recruit a wealth management company is one of the most important financial decisions you can make. Therefore, you need to think about it carefully. After all, you will be paying a company for this level of treatment.

Just like with any financial decision, there are several factors you need to consider. Here are some guidelines you should follow when choosing a wealth management company or a wealth manager.

1. Understand the Kind of Client They Work With

Wealth management companies usually cater to investors who have a solid portfolio of assets. Nevertheless, every investor is different, and their portfolio can have different management needs. Keeping this in mind, it is fair to expect wealth managers to be different in their skill sets and approaches.

While certain wealth management companies might prefer working with clients who have assets ranging from $100,000 to $500,000, others might be better suited to work with millionaires.

When exploring the available options, make sure to ask potential wealth advisors about the type of clients they usually serve. Their response will give you a clear indication of their specialty and if they are aligned with your personal financial and wealth goals.

At Pillar Wealth Management, we cater to individuals who have liquid investable assets ranging from $$5 million to $500 million. If you belong to this category, make sure to request a free consultation with one of our team members and find out how we can assist you.

2. Compare the Services of All Firms

If you’re looking for a wealth advisor, you may already have a clear idea of why you need them. If that’s not the case, it is important to consider what types of products and services various firms offer. Does your wealth manager only provide investment advice, or does the firm also offer assistance with estate planning and taxes? Certain firms might specialize in specific kinds of strategies or investments. For example, some focus solely on stock-picking, whereas others only deal in real estate investments.

It is also an excellent idea to pay attention to the company’s overall investment strategy to ensure it is aligned with your goals. If you are considering a lot of different firms, and they all provide standardized options, it is an indication that you should look elsewhere.

3. Confirm Their Credentials

When selecting your wealth management firm, it is important to sit down with the advisor who could be dealing with your account. The last thing you want is to choose a particular wealth manager only to discover a couple of weeks later that you have been assigned to someone else.

Make sure to ask about their work experience and if they are a certified financial planner. Bear in mind that you’re the client, and it is up to your potential wealth manager to win you over.

By learning about their credentials, you can make sure that your search for holistic management starts off productively. Fortunately, there are several tools available online that you can use to locate certified financial planners near you.

4. Ask How They Make Money

There are several ways that wealth management companies earn money from clients. Some firms charge a commission that depends on the kind of products and services you hire them to provide, and others may offer clients a fixed rate that varies based on the size of your asset portfolio. 

Ideally, you should work with someone who will be as invested in the growth of your portfolio as you are. With this in mind, it may be a bad idea to recruit somebody that only charges a commission on what they sell you. There is always a risk that they will be more interested in earning money for themselves than growing your portfolio in a manner that meets your requirements. If you have $10 million or more worth of assets, you should learn more about financial advisor costs in our book, 7 Secrets To High Net Worth Investment Management, Estate, Tax, and Financial Planning.

Does Charles Schwab Have Wealth Management?        

The Schwab Private Client™ wing of Charles Schwab offers wealth management services to help you attain your most important financial goals. Once enrolled, you get:

  • A tailored approach to wealth management that begins with your goals and encompasses your entire financial life.
  • A wealth management plan with ongoing investment guidance and advice that adapts to changes in your life.
  • A dedicated financial advisor backed by a competent and experienced team.

What Does Charles Schwab Wealth Management Include?

Individuals interested in Charles Schwab wealth management often ask, “What does Charles Schwab wealth management include?”

Well, the Schwab Private Client™ offers a wealth management plan that covers all the crucial aspects of your financial life. Along with helping you pick the right mix of investments, your Private Client Advisor will guide you through the key wealth management areas to keep you on track toward your financial goals. These include:

1. Investment Planning

— Developing and maintaining a tailored, goal-oriented portfolio and offering actionable recommendations that encompass a vast range of investment vehicles. At Pillar Wealth Management, we highly recommend individuals with over $5 million worth of liquid wealth to request a free copy of our book, 7 Secrets to High Net Worth Investment Management, Estate, Tax, and Financial Planning, and learn more about investment planning.

2. Retirement Planning

— Understanding your retirement objectives along with your spending and budgeting habits to create a plan for achieving and living the best possible post-retirement life.

3. Tax Planning

— Using tax-smart investment and planning techniques, from income distributions and IRA conversions to capital gains and tax-loss harvesting.

4. Estate Planning

— Offering expert guidance and connecting you with experts on beneficiary designations and titling, trustee and executor selection, charitable giving strategies, and distributing assets.

5. Insurance and Risk Management

— Helping you gain insights into products and planning strategies, including variable and fixed annuities and insurance policies that could safeguard you from risk.

6. Banking and Credit Management

— Discussing debt management, borrowing, and an array of specialized lending solutions.

7. Family and Education Support

— Investment and saving plans for special needs and education goals and insight into tax-advantaged vehicles such as Coverdell ESAs and 529 plans.

How Much Do Charles Schwab Wealth Management Services Cost?  

The yearly fee for Charles Schwab Private Client begins a 0.80 percent of assets. Nevertheless, the percentage decreases as asset levels increase.

If you are wondering how much money you need to invest with Charles Schwab, the answer is you need at least $1 million to enroll for Schwab Private Client.

The fees for your account are based on daily asset levels and are applied at the end of every quarter. Moreover, there are no withdrawal fees. Here is the fee schedule for different levels of billable assets.

Billable AssetsFee Schedule
First $1 million 0.80%
Next $1 million (more than $1M up to $2M)0.75%
Next $3 million (more than $2M up to $5M)0.70%
Assets over $5 million 0.30%

Why Should You Work with Pillar Wealth Management?

If you’re interested in working with a wealth management company, you cannot go wrong by opting for Pillar Wealth Management. We have helped many investors all over the country with meeting their financial objectives. Here are a few reasons why affluent individuals prefer using our services.

1. Our Vast Experience

With more than sixty years of experience, our wealth advisors are well-equipped to help you with your financial needs. We have assisted numerous clients in overcoming financial troubles and attaining their goals.

With our longstanding experience added to our in-depth wealth management knowledge, we aim to enhance our services with every passing year.

2. Transparent Fee Structure

We charge all our clients a fixed yearly fee based on a set percentage of their asset value. Our pricing structure is incredibly transparent as we don’t want our clients to face hidden charges of which they weren’t previously aware.

This pricing structure allows you to use our wealth management services as often as required without stressing over additional costs.

3. Array of Services

At Pillar Wealth Management, we specialize in offering an array of services that many other financial institutions don’t offer. For instance, we offer services such as portfolio management, estate management, insurance planning, retirement planning, and asset allocation analysis. If you have $5 million or more, make sure to solicit a free copy of our newly-launched book, 7 Secrets to High Net Worth Investment Management, Estate, Tax, and Financial Planning to get more insight into asset allocation.

You can choose our services to attain various goals, such as engaging in charitable giving, spending a relaxed retirement, and leaving a large inheritance for your beneficiaries.

5. Customized Wealth Management Strategies

We take a lot of pride in creating tailored wealth and financial plans that align with our client’s goals, risk profiles, requirements, and time horizons. Our approach is widely different from that of some large Wall Street institutions that offer cookie-cutter strategies to all their clients, regardless of their needs and investment profiles.

A Few Last Words

Charles Schwab Wealth Management provides a vast range of financial services that can benefit active traders and independent investors. However, their services might not be suitable for high net worth individuals who require more holistic wealth management services.

Pillar Wealth Management has six decades of joint experience that can help you. If you are a high net worth individual, feel free to talk about your financial needs in a free consultation and find out if we’re a good match for you. Click here to speak to one of our team members today.