Best Financial Advisor Company for The Rich – PillarWM

While we’re on the topic of the best financial advisor company, we will definitely recommend you choose Pillar Wealth Management. We are a private company providing selective wealth management and financial advisory services to high net worth and ultra-high net worth clients. Our financial advisors’ team has an amalgamated experience of over six decades and is well-versed about the unique challenges faced by individuals and families who have $5 million to $500 million worth of liquid assets. We make use of a variety of tools to tailor financial strategies for our affluent clientele so they can achieve their targets and become financially secure. Want to learn more about how we can help you live a better financial life? If so, simply click here to schedule a free consultation with our team!

The 5 Biggest Financial Advisory Firms in the U.S.

1. BlackRock

As the world’s largest investment company, BlackRock has offices around the globe and clients in 100 countries.

The company, founded in 1988, is based in New York City. The company’s risk management division is called BlackRock Solutions, offering services to institutional investors.

BlackRock has been a leader in index tracking for decades, and its iShares platform is increasingly popular.

The company has faced criticism for worsening climate change, so since 2017, it has expanded its sustainable investing and has announced that it would sell $500 million worth of coal-related assets.

2. The Vanguard Group

Based in Malvern, Pennsylvania, the Vanguard Group had its beginnings in 1951 with John Bogle, who established the First Index Investment Trust in 1971. Now called the Vanguard 500 Index Fund, this fund is one of the earliest passive investing index funds.

Vanguard is owned by its fund shareholders. The company is proud to offer low-cost products and services, with low expense ratios.

Vanguard launched its digital advisor in 2020. It holds about $8 trillion in assets under management.

3. Fidelity

Fidelity Investments was founded in 1946 and is based in Boston, MA. It owns a brokerage firm and offers a wide range of financial advisory services. Fidelity was the first major US finance firm to sell mutual funds to the general public.

Fidelity’s largest mutual fund is Fidelity Contrafund, with over $100 billion in assets, so it’s the biggest non-indexed fund in the US.

The company introduced a line of zero-expense-ratio mutual funds in 2018, and in this line, the funds cover more than two-thirds of US indexed assets.

4. State Street Global Advisors

State Street Global Advisors, founded in 1976 in Boston, MA, is the investment division of State Street Corporation. State Street Global operates in 28 countries.

State Street Global owns and controls 142 ETFs and 26 mutual funds. One of its funds, the SPDR S&P 500 ETF, is the industry’s largest ETF in terms of assets.

5. JPMorgan Chase

JPMorgan Chase is the world’s largest bank by market capitalization and the largest bank in the US, with over $2 trillion in client assets.

To qualify for JPMorgan’s wealth management service, an investor needs to hold $10 million in investable assets in a JPMorgan bank account. The bank’s advisors devise strategies that span all asset classes, including equity, fixed income, alternatives, money market, and ETFs.

However, even at the world’s largest bank, all is not roses. As a result of its involvement in the Enron scandal, the firm paid over $2 billion in fines and legal settlements in 2005.

When Do You Need A Financial Advisor Company?

• Your Wealth and Assets Are Not Effectively Secured
• You Need Assistance with Financial Planning
• You Want to Live a Worry-Free Retirement Life
• You Want to Cut Down on Your Tax Payments
• You Want to Cut Down on Your Tax Payments

A big question regarding financial advisory is when do need a financial advisory company. If you are wondering the same, then continue reading to get a detailed answer to your question.

A financial advisory company, also sometimes referred to as a financial planning company, has a team of experts who advise their clients about personal finance and wealth management decisions. Depending on their area of expertise, financial advisors can assist you with everything from developing a comprehensive estate plan or answering a simple question related to life insurance.

Suppose you want to have a holistic retirement plan in place or aim to set up a charitable organization. In such cases, you can benefit from the services provided by a top-rated financial advisory company.

Here are some situations that necessitate you to hire an independent financial advisory company.

Your Wealth and Assets Are Not Effectively Secured

Amassing millions worth of liquid investable assets is really not an easy task. In fact, it might have taken you plenty of years, or even a couple of decades, to grow your wealth. Therefore, to ensure your hard-earned wealth stays secure against risks, you need to take a set of appropriate steps to protect them. You might have heard of several wealthy families and individuals who suddenly reached bankruptcy due to market volatility or because they contracted an acute sickness that they had never thought of.

This is where the best financial advisory company can help you out with their risk management services. Such a company will ensure that assets are correctly allocated and your investment portfolio is appropriately diversified to safeguard your wealth against market volatility. In addition, they will help you get a comprehensive life insurance plan to keep you and your family financially stable if your health unexpectedly deteriorates.

You Need Assistance with Financial Planning

Financial planning gives direction to all your financial activities and efforts and allows you to stay on track to accomplishing your financial goals.

If you need help with financial planning, your financial advisor will spend a number of hours to fully comprehend all your financial objectives, personal circumstances, life goals, time horizons, etc. Once they have collected all the necessary details, they will use their skills and expertise to devise a strategy that is entirely in line with all such factors.

Along with developing a financial plan, the advisors at a financial advisory company will consistently track your performance and adjust the plan according to any changes in your financial situation, developments in the market, and shifts in your goals.

You Want to Live a Worry-Free Retirement Life

When you ponder over your financial future, your mind should immediately move towards your retirement. Usually, people retire when they’re in their mid-60s, which means they have almost 20 more years to live with no active income stream.

Having a financially secure and stress-free retirement is every individual’s dream. However, translating that dream into a reality can be pretty challenging and even more so for ultra-high net worth individuals. For example, you might want to invest in bitcoin, travel the globe, or set up a foundation for a cause that’s close to your heart.

Retire planning is so essential and tricky because it’s not something you can take up one year before you hit retirement. Rather, it demands several years of planning. Financial advisory services focus on offering holistic recommendations to make sure that you spend a worry-free retirement. The top financial advisory company will make sure that portfolio investment and asset allocation strategy is in line with your broader financial targets.

At Pillar Wealth Management, we can prepare a viable and attainable plan to help you live a stress-free and comfortable retirement. Read our handy guide here and get an insight into the five essential shifts you need to make to get the highest investment performance that will help you live a peaceful retirement life.

You Want to Cut Down on Your Tax Payments

Perhaps the sole drawback of making profits on your investment is the hefty tax bill that accompanies it. Sometimes, these tax bills can cost you thousands, even millions of dollars, each year. Since taxes are a perpetual part of life, a comprehensive and well-planned tax planning strategy can help you save a considerable chunk of your assets and wealth.

Tax planning plays a vital role in growing and preserving your wealth. Our competent financial advisors will learn about your current financial statuses, such as your liabilities and assets, to create an ideal tax plan for you to attain your financial objectives. For instance, we can guide you about the attractive government incentives on certain types of investments to lower your tax bill effectively.Speak to our financial advisors and learn how we can reduce your tax liability and, consequently, preserve your wealth.

You Want Your Family to Be Financially Secure After Your Demise

Estate and legacy planning might seem inconsequential when you’re young. But when you get older or when you get married and have kids, you have to start thinking about your dependent’s financial safety. 

Thus, estate planning services provided by financial advisor companies are an essential component of your financial plan. Keep in mind that transferring wealth and assets to your heirs isn’t a simple task. There are various tax implications to consider and legal challenges to resolve. For more information regarding the challenges of estate planning, read our book, The Art of Protecting Ultra-High-Net-Worth Portfolios and Estates – Strategies for Families, Worth $25 million to $500 million.

Financial advisors can guide you through all of this and make sure that your family remains financially stable even after your demise. They can help you learn the strategies you need to minimize estate taxes, establish trust funds, and carry out your philanthropic goals as well.

How Do I Hire A Financial Advisor Company?     

1. Get Information About the Different Types of Financial Advisor Firms
2. Make a List of Names
3. Research their Background

A financial advisor company is your chief financial officer. Thus, you need to make sure you hire a professional you can trust and work with for many years.

If you’re thinking about how do I hire a financial advisor company, here is a list of steps you can follow. For more detailed insights regarding the topic, read our ultimate guide on how to choose the best financial advisor.

Step #1 – Get Information About the Different Types of Financial Advisor Firms

To make sure you hire the best financial advisor company for your needs, you need to know what kind of financial advice you need and the services the company provides. Here’s a brief explanation of the basic services a financial advisor company offers.

Financial Planning Firms cover all the various aspects of your financial situation, such as how much wealth you need for retirement and which insurance plan you need to buy.

Investment Firm focuses on investment-related decisions, such as where and how to invest your wealth. The most suitable investments are chosen only as part of an ongoing financial planning process.

Retirement Planning Firmsensures that your investments, pension, taxes, social security, and retirement date are all effectively aligned to help you receive a steady stream of income even after your retirement. Read our special guide, Improving Portfolio Performance, and learn how your investment strategy can help bring your retirement goals to life.

Step #2 – Make a List of Names

When you’re searching for a financial advisor company, the best way to proceed is by getting referrals from ultra-wealthy individuals in your circle. Once you have around five names, simply head over to Google and search them up there.

You can also use the search tools offered by major industry organizations. For example, The Financial Planning Association has aPlanner Search toolthat you can use to locate professionals who can successfully meet your financial needs.

Step #3 – Research their Background

Before you hire a financial advisor company, properly research their background to make sure you entrust the right firm with your wealth. Thanks to the wide availability of the internet, this task has become quite simple and easy.

You can search for financial firms on BrokerCheck, where you can check their experience level in the industry and see if there are any consumer complaints or regulatory issues against them.

Who Is the Best Financial Advisor Company?

Towards the end of this article, we would like to shed light on another frequently asked question – who is the best financial advisor company.

Well, the answer to this question isn’t as straightforward as you think. This is because several factors go into making a financial advisor company the best one. Here are some factors that you should check for in a financial advisor company.

Years of Experience in the Industry

As an affluent individual, you deserve the best financial advisory services, which only a competent and experienced financial advisor firm can provide you. Thus, the first thing you need to check is how many years of experience does your advisor has in offering financial advisory services to wealthy individuals.

If you choose an inexperienced advisor, your assets and wealth will be at high risk. This is because amateur advisors don’t know how to protect your wealth from market volatility and other threats.

At Pillar Wealth Management, we have been offering financial advisory services for over thirty years. Hence, we can definitely help you make smart financial choices so that you can attain your long and short-term financial targets. Head over to our website to have a detailed discussion with our experienced financial advisors.

Passive Investment Approaches

Passive investment techniques can help you preserve your wealth in the long-term. It includes keeping track of the performance of financial markets and using data to make financial decisions. The advantages of passive investment include lower tax bills and lower management fees.

At Pillar Wealth Management, we are skilled at striking the optimum balance between active and passive investment techniques. This will allow you to manage your wealth in a tax-efficient way. For more details regarding passive investment techniques, read our ultimate guide for investors with $10 million and above.

Last Few Words

The financial advisors at Pillar Wealth Management have expertise in providing a range of fee-based and fiduciary investment and financial advisory services. We are always aiming to assist our clients in meeting all their long and short-term financial goals. Set up a free meeting with our team today!

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