Best Rated Financial Advisors for the High Net Worth

We understand that it can be hard to bring someone from the outside and trust them enough to consult them regarding your financial decisions. Moreover, when you are a high or even ultra-high-net-worth individual, and there’s $5 million to $500 million worth of liquid assets at stake, it’s even more difficult. What you need instead is to work with the best rated financial advisors to help you meet your financial goals. High-net-worth individuals planning to invest their $5+ million worth of liquid assets can request a copy of our book, 7 Secrets to High-Net-Worth Investment Management, Estate, Tax, and Financial Planning, to discover what a good and unbiased advisor looks like and how they can be beneficial for them.

STRATEGIES FOR FAMILIES WORTH $5 MILLION TO $500 MILLION

7 Secrets To High Net Worth Investment Management, Estate, Tax and Financial Planning

The insights you’ll discover from our published book will help you integrate a variety of wealth management tools with financial planning, providing guidance for your future security alongside complex financial strategies, so your human and financial capital will both flourish.

Clients frequently share with us how the knowledge gained from this book helped provide them tremendous clarity, shattering industry-pitched ideologies, while offering insight and direction in making such important financial decisions.

CLICK HERE to qualify for your FREE COPY of this Book

Table of Contents

7 Secrets To High Net Worth Investment Management, Estate, Tax and Financial Planning
How to Find the Best Rated Financial Advisors?
What is the Average Fee to Hire a Financial Advisor?
Final Thoughts

You can also find some great financial advisors at Pillar Wealth Management. Our financial advisors and wealth managers have been working in the industry for many, many decades. Our extensive experience has allowed our advisors to build a lot of skills and expertise at handling the wealth of the high-net-worth and helping them succeed financially. Our services include financial planning, retirement planning, investment management, tax planning, estate planning, and more. Start a no-obligation discussion with Pillar Wealth Management today.

In today’s blog, we’ll be going over how you can find the best rated financial advisors do, and the average fee for a financial advisor. Let’s get started.

How to Find the Best Rated Financial Advisors?

Finding the best rated financial advisors is not easy. You can’t just search who are the best rated financial advisors? Or, if you are interested in investment management, what are the best five investment firms? You don’t have to find just any best rated financial advisors.

Rather, you have to find financial advisors that are best foryou. High-net-worth individuals are completely unique from the rest of the average American population. These wealthy individuals have complex needs, and depending on their personal circumstances and dreams, and aspirations, they face unique challenges as well.

Consequently, these affluent individuals need financial advisors that best cater to their specific needs. Here are a few things high and ultra-high-net-worth individuals can do to find the right financial advisor for themselves.

Evaluate Your Needs

First off, you need to think about your own needs. Why are you really looking for a financial advisor? Is it for a short-term or one-time consultation, or are you looking for something more long-term? What challenges are you struggling with right now?

Which services do you require? What are your financial goals and targets that you need help with? Only when you start answering these questions will you understand what your financial needs are, and only then will affluent individuals be able to effectively judge if a potential financial advisor can fulfill those needs or not.

Check Their Services

Now that you know what you need, you can check the services offered by the financial advisor more thoroughly. If you simply need help with financial planning, you can check to make sure the advisor offers financial planning services.

However, if you need help with investment management, you will want to make sure that the advisor offers investment and portfolio management services as well as risk management, tax optimization, and other similar financial services. Read our book, The Art of Protecting Ultra-High-Net-Worth Portfolios and Estates – Strategies for Families Worth $25 million to $500 million, to discover why all these services are crucial for protecting your assets.

Likewise, if you want even more comprehensive services, you can go for wealth management, such as at Pillar Wealth Management, for a wide range of financial services.

Check Their Standard of Care

As mentioned previously, it can be hard to trust someone else with the decisions affecting your financial health and future. That is why you need to work with financial advisors that follow a strict standard of care.

There are financial advisors who follow the fiduciary standard and those who follow the suitability standard. For advisors following a suitability standard, they are only required to advise you or suggest products that are suitable for you.

This means that they don’t necessarily have to be the best for you. As long as they provide you some benefit and are not potentially harmful, they’re good. As you can imagine, no one would want to take such an approach to their hard-earned and vast amount of wealth.

That’s why you need to check their standard of care and choose financial advisors that offer fiduciary services. Such advisors are required to pursue your best interests only, even if it means a potential loss or high risk for them.

They don’t face any conflicts of interest, and even if they do, they must disclose it to you right away. You can start a no-obligation chat with our fiduciary financial advisors to learn more about the importance of fiduciary services.

Make Sure They Offer Personalization

This is a big problem with many major financial institutions. They tend to make big promises, but in the end, treat you like any other client or number in their system and offer the same fixed packages they offer everyone else.

They might ask you basic questions like what percentage of returns you want and your risk tolerance. While these things do matter, there are more important factors to be considered as well. More than your risk tolerance, a financial advisor has to focus on your aspirations in life and your short and long-term goals. These are what truly matter.

Therefore, make sure the financial advisor offers personalized financial solutions based on key factors in your life. We suggest reading our comprehensive guide on portfolio performance to learn how complex the process is and how personalized solutions can make a big difference.

What is the Average Fee to Hire a Financial Advisor?

You may want to work with the best rated financial advisors but also be worried about the high charges and fees that come with such advisors. However, this is not necessarily the case. When it comes to the best rated financial advisors, you shouldn’t worry about the fees too much.

This is because these advisors will make up for it multiple times over as they help you earn millions and billions of dollars every year and get you closer to your financial goals and dreams in life. Besides that, the average fee of a financial advisor depends on various factors, and you can even make changes to lower your costs.

Money Management Style

For instance, the advisor’s money management style can make a big difference in how much that advisor costs you. Active money managers, as their name suggests, are very active in investing your money. They time the market and are constantly following the latest trends and hot buys.

They also make several transactions during the year. Consequently, they can charge more for their services alongside the other transactional costs and internal expenses. In comparison, passive money managers have a more long-term approach, and they follow the market index.

As a result, they don’t incur that many costs and charge a lower management fee as well. So, your advisor’s management style can affect their fee, and therefore, you always have to be mindful of your investment approach and strategy.

This is also why, at Pillar Wealth Management, our financial advisors are always looking for that optimal balance between active and passive management styles. This way, our affluent clients can benefit from high returns without bearing the high risks and high costs that come with it. You can also check out our eye-opening guide on portfolio growth strategies to learn more about these management styles can affect your financial position in the long run.

Net Worth

Your precise net worth can also make a difference in the advisor’s fee. Many financial advisors tend to charge a certain percentage of your net worth. However, over time, as your net worth grows and crosses a certain limit, the financial advisor lowers the percentage charged.

For instance, at Pillar Wealth Management, we specifically deal with high-net-worth clients with at least $5 million in liquid assets and charge them a fixed percentage of about 1% of their total assets. However, when their net worth goes over $10 million, we discount the management fees. Learn more about it by starting a no-obligation conversation with us today.

Services Acquired

Finally, the average fee of a financial advisor also depends on what kind of financial advisor you are dealing with and which services you are using. If you only require assistance with financial planning, you can enlist the help of a financial planner.

Depending on the exact nature of your needs, the financial planner can charge you from $1500 to $5000 for their services. Similarly, if you are working with a broker, they will charge a commission on your every purchase or sale, so it will depend on how frequently you trade in the market.

If you want more comprehensive services, you may approach a wealth manager. Wealth managers tend to charge a fixed percentage of around 1% of the total assets under management (AUM).

Besides all that, don’t believe any financial advisor that says they don’t charge any fees. They have to earn somehow, so they won’t be just providing their services for free. Even if they are not charging any apparent fees, they will probably get their money through various hidden charges and expenses.

Needless to say, such financial advisors are not suitable for high-net-worth individuals and so, you should judge and choose your financial advisor carefully to avoid any trouble. Request a copy of our book, 7 Secrets to High-Net-Worth Investment Management, Estate, Tax, and Financial Planning, to learn about the kind of unbiased and expert financial advisor you should be working with.

Final Thoughts

Your financial advisor can certainly play a big role in your life. They can be the difference between a secure retirement and an uncertain one. They can be the difference between your loved ones getting most of your wealth and them getting much less after tax cuts and other charges.

They can be the difference between your portfolio performing brilliantly in the market and your portfolio losing all your money due to volatility in the market. Therefore, if you want to stop stressing about your financial future, the best rated financial advisors are the way to go.

Pillar Wealth Management is a 100% fee-only private wealth management firm. We have an entire team of expert financial advisors and wealth managers who are fully committed to helping our affluent clients succeed in their life. Our fiduciary financial advisors work closely with each client to thoroughly understand their needs and concerns and advise them regarding the best solutions. We strongly believe that each affluent client is unique with their own goals and challenges, and that’s why we offer customized financial solutions that best cater to our client’s needs. Line up a no-obligation chat with Pillar Wealth Management today to get in touch with some of the best rated financial advisors.

Authors

Hutch Ashoo

Chris Snyder

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.

You see, our goal is to only accept 17 new clients this year. Clients who have from $5 million to $500 million in liquid investable assets to entrust us with on a 100% fee basis. No commissions and no products for sale.