Charles Schwab Financial Advisor for the High Net Worth Individual

Also, in the interest of full disclosure, one advisory option when your money is at Charles Schwab is to utilize a firm like Pillar Wealth Management which serves clients who have between $5 million and $500 million in liquid assets.

One reason this is appealing to existing Schwab clients is that we utilize Schwab to custody our clients’ money. What that means for existing Schwab account holders is that the accounts will remain as-is, the money is accessible to you, and the links to your debit/credit cards and bank accounts all remain in place. Your cost-base information and all historical details will be preserved this way while you gain a new advisor to guide you and invest your portfolio. We are merely granted access to manage your portfolio, but within the well-functioning and trustworthy Schwab platform.

This arrangement protects you. It also helps you avoid ACAT transfers (firm to firm,) and IRA-to-IRA transfers and the like if you desire to hire a new wealth management firm. If you want to talk to a wealth manager who has served ultra-high net worth clients for over 30 years and uses a 100% custom approach to create a plan that grows, manages, and protects your wealth, schedule a free call with one of our co-founders, Hutch Ashoo or Chris Snyder.

However, all this is not easy. Most high or ultra-high net worth individuals lack the time or skills to manage their wealth effectively. That’s why they need professional help from the outside, such as from a Charles Schwab financial advisor. Such financial advisors hold much more experience and knowledge, which allows them to develop the right strategies to help high-net-worth individuals meet all their financial goals and achieve financial serenity. We recommend affluent individuals with $10 million or more in liquid assets read our illuminating guide on financial advisors to learn what a major role they play in their financial success, and why a Charles Schwab financial advisor may be the right choice.

You can also set up a free chat or meeting with the experienced and fiduciary financial advisors at Pillar Wealth Management. We are a private wealth management company that offers 100% fiduciary and fee-only financial services. This allows us to form strong relationships with our affluent clients and develop tailored financial plans that best suit their personal needs and help them achieve all their life goals. We offer a range of investment management, financial planning, financial advisory, and other wealth management services to a limited number of wealthy clients every year.

In this blog, we’ll be taking a look at the famous investment company, Charles Schwab, discussing why high-net-worth individuals need a Charles Schwab financial advisor and how much their fees are. Let’s get into it.

About Charles Schwab

Charles Schwab, named after the company’s founder with the same name, is a multinational and full-service investment firm. It offers a wide range of investment and other financial advisory services designed to cater to a variety of clients such as active traders or even self-directed investors. A Charles Schwab financial advisor can offer investment services for a range of products and assets, including bonds, stocks, mutual funds, commodities, and much more.

5 Essential Services Provided by a Charles Schwab Financial Advisor

High-net-worth individuals can greatly benefit from working with a Charles Schwab financial advisor or any other suitable financial advisor. Sometimes, individuals can choose to manage their wealth on their own.

However, as they progress in their careers and their net worth increases, making the right financial decisions can become more difficult. Not to mention that, with a growing family, the stakes get much higher as well. That’s why they need to partner with a financial advisor.

Services

This depends on the type of financial advisor you choose, but many advisors, such as a Charles Schwab financial advisor, tend to offer several financial services at a time. Even if it’s an investment advisor, they won’t just stick to investment advice.

A Charles Schwab financial advisor will probably advise you regarding tax-saving strategies to retain the maximum amount of your wealth or suggest certain asset allocations and portfolio diversification to protect your assets from a volatile market. In the case of a wealth manager, you can find all these services:

1. Investment Management

Investment and portfolio management is a crucial part of any high-net-worth individual’s overall wealth management strategy. Ultimately, it is the tool that helps them achieve all their other financial goals and targets. It is tied to their retirement planning, estate and legacy planning, cash flow planning, and even tax planning.

Considering how critical it is to your financial health, it’s no surprise that investment management isn’t easy either. A Charles Schwab financial advisor will spend a lot of time and effort to craft the ideal investment strategy according to your needs and aspirations.

2. Tax Management

Many financial advisors focus only on the growing assets aspect while not really caring about retaining wealth by controlling costs and expenses. That’s why tax management is also an important service that you must consider before working with any financial advisor, such as a Charles Schwab financial advisor.

Taxes alone can drain your wealth unlike anything else. Without proper tax-saving strategies in place, you could end up losing millions of dollars every year, which can seriously hurt your financial position. The right financial advisor will help you make the right decisions according to their tax ramifications and employ other strategies such as tax-loss harvesting to save your assets.

At Pillar Wealth Management, our wealth managers and advisors have been involved with tax planning and management for more than six decades. Set up a free chat with us to discuss your tax challenges.

3. Risk Management

Similar to taxes, there are various other factors that could put you under financial. Market volatility or a recession in the economy could have all your investments rapidly losing value.

A sudden chronic illness, a death, or another important event in your family can cause disputes and leave you bankrupt. There are many other possibilities that could affect you adversely. That’s why you need risk management. This allows you to work with your financial advisor and employ different strategies to protect your wealth.

At Pillar Wealth Management, we are always trying to safeguard our clients’ interests in the best way possible. That’s why our advisors use more than 100 years of market data to test our portfolios and prepare our clients for any unforeseen circumstances. Read our book, The Art of Protecting Ultra-High-Net-Worth Portfolios and Estates – Strategies for Families Worth $25 million to $500 million, to find out else we help protect your wealth.

4. Retirement Planning

Retirement planning is a big deal for most Americans but even more so for high-net-worth individuals with $5 to $500 million in liquid assets. This is because their retirement plans and goals are much more complex and challenging to fulfill. A Charles Schwab financial advisor can help you develop a suitable investment strategy that seamlessly ties in with your retirement plan.

Therefore, whether it’s traveling around the world, investing in your friend’s business venture, or leaving behind a suitable sum for your children, it will be possible through comprehensive retirement planning. Schedule a free discussion with us to get started on your retirement planning today.

5. Estate Planning

Of course, estate planning is not limited to leaving your heirs a sum of money. In fact, it is much more complicated than that. There are legal issues to be handled, family conflicts to be resolved, and even taxes to be considered.

Again, this is near impossible to do on your own. That’s why a Charles Schwab financial advisor is able to provide estate planning services that address all these issues and ensures that you have a smooth transfer of wealth, with your intended beneficiaries getting the maximum amount of your wealth.

Financial Planning

Besides all these services, a Charles Schwab financial advisor can also help you with financial planning. This is one of the most, if not the most, vital and crucial steps for effective wealth management or any other financial activity.

Financial planning helps you determine why you want to grow your wealth or invest your assets and then maps out how you can do it efficiently. This step heavily relies on your own personal needs and targets in life and consequently provides direction for all your other financial activities and decisions.

Fiduciary Services

Similar to a Charles Schwab financial advisor, many financial advisors are also fiduciaries. Sometimes called registered investment advisors (RIAs), these fiduciary financial advisors are also of great benefit to high-net-worth individuals with $5 million to $500 million in liquid assets.

They follow a strict standard of care whereby they must always be completely honest with their clients. They have to disclose any potential conflicts of interest so that their clients can move forward accordingly. With a fiduciary and financial advisor, you can trust them to make the best decisions according to your best interests.

Holistic Wealth Management

As mentioned earlier, financial advisors, such as a Charles Schwab financial advisor, are focused on holistic wealth management or comprehensive services. If you go to a private bank, for instance, they might only offer your simple investment services without any consideration for its tax implications or cost management.

A Charles Schwab financial advisor or an advisor at Pillar Wealth Management will know that there is more to wealth management than just investing and multiplying your assets. Everything has to be done in a sustainable way to protect your assets, control your costs, and follow an efficient wealth management strategy.

Customized Financial Plans

Unlike some advisors at certain financial institutions, wealth managers and other similar fiduciary financial advisors offer customized financial plans. This is extremely crucial for their clients’ financial success. Some advisors ask only about your risk tolerance or desired returns. However, these are trivial things that don’t really determine your financial solutions.

Instead, they need to be based on more meaningful factors such as what you want to accomplish in life and what are your aspirations and dreams. A Charles Schwab financial advisor can turn those vague goals into actionable steps and strategies for you to follow. Learn about the significance of personalized financial solutions from our comprehensive guide on portfolio performance.

Monitoring and Adjusting Financial Plans

Simply drafting these customized plans is not enough. You also have to keep monitoring your progress according to the plan to evaluate how close or how far you are from meeting all your goals. In addition, you have to adjust your financial plans as your goals shift, as your priorities change, and as other external and internal factors evolve. A Charles Schwab financial advisor will assist you with these tasks.

Otherwise, over time, your financial plan and the strategies based on it will grow ineffective. You can check out our guide on the best financial advisors for affluent individuals with $10 million or more to find out how important it is to adjust your financial plans over time.

Charles Schwab Financial Advisor Fees

When it comes to working with a financial advisor, one important consideration is their fees. Different advisors tend to charge their fees differently, which depends on many factors. However, most commonly, financial advisors tend to charge a fixed percentage of your total assets.

This percentage is typically around 1% of the total assets under management (AUM). However, the fees can also depend on your precise net worth, the type of services you need and even the management style of the advisor. We suggest reading our brilliant guide on portfolio growth to see how management style affects your long-term costs and performance.

Final Thoughts

Be it a Charles Schwab financial advisor or a wealth manager from Pillar Wealth Management, it is imperative for high-net-worth individuals and ultra-high-net-worth families to work with a financial advisor to grow their assets and protect their wealth.

Moreover, they have to find the right financial advisor that is familiar with the type of challenges such affluent individuals face and have the right experience and expertise to face those challenges. A Charles Schwab financial advisor may be the right choice for those individuals. You can learn how to find such an advisor from our fantastic guide on choosing the right financial advisor for high-net-worth individuals and families.

At Pillar Wealth Management, our fiduciary financial advisors only work with wealthy clients that have $5 million to $500 million in liquid assets. We have been working in this industry and offering a range of wealth management services for more than three decades now. Our vast experience and expertise allow our advisors to develop smart and tailored financial strategies for our clients to help them succeed financially. Plan a free chat with our fiduciary advisors today.

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