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Covid-19 Action Plan For families With $5 Million to $500 Million of Investable Assets

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Hi, Chris Snyder here, Co-founder of Pillar Wealth Management and I am here with a message for families with liquid portfolios of at least $5 Million and up to $500 Million. It’s official.

The coronavirus black swan market crash is here. And just about everyone especially financial advisors to the affluent are acting like a deer in the headlights. May be your advisor has sent you an email, or maybe they even called you.

But did they really eliminate all your concerns about the future of your portfolio? If your advisor has been silent or lacking a reaction to the markets, maybe it’s because they don’t know what to say other than “stay the course”. What they are really saying is bury your head in the sand until the storm blows over and hope the damage isn’t irreparable. if you’ve been given a financial “shelter in place” strategy, you’re being done a disservice.

A financial advisor truly experienced at helping ultra-high net worth clients should be doing many things, and not staying the course at times like this. Holding on to your current investments and making no changes might be the worst possible idea. But selling everything off in a panic isn’t much better. It depends in a large part on your asset allocation before the virus crash hit.

The best path through a black swan event like this is not simple, but it does exist. We spoke to one of our own clients this week who has investments with multiple firms. One such firm has lost him $600,000 in just the last four weeks.

This is a BIG name firm. And like most people who have lost this much in a short period of time, he is frozen in place, unsure what to do. Making things worse, his advisor has pitched him the ridiculous “just hang on and everything will be fine” speech! Can you see the opportunity here? Yes he has lost $600,000 but when we look at this loss we see a potential tax savings of about $300,000 for him that can be used now and in the future.

That is exactly what we are advising our client, harvest the losses, without causing a wash sale.

I hope you see the difference in how we, as a fuidiciary, find whatever opportunity we can to help our clients financially even in very volatile times. To find out more about our custom investment plans for high and ultra-high net worth clients, I encourage you to have a short conversation with my Co-founder and CEO of Pillar Wealth Management, Hutch Ashoo.

With over 60 combined years of experience in bad markets, as well as good, we will give you the objective, independent guidance you need right now. You can reach Hutch Ashoo on his cell (408) 675-1777, anytime. Thanks for watching and Hutch and I look forward to talking with you soon. Again, Hutch’s number is 408-675-1777, call or text him now.