Fidelity Wealth Management: Is It A Safe Company? PillarWM

High net worth and ultra-high net worth individuals should work with the top investment, financial, and wealth management firms. One such firm that you might have heard of is Fidelity Wealth Management. It is a quite massive wealth management practice with a total of $3.3 trillion in assets under management and also offers mutual funds for its clients. If you have more than $5 million in liquid investable assets, you should request our comprehensive book, 7 Secrets to High Net Worth Investment Management, Estate, Tax, and Financial Planning, authored particularly for individuals worth $5 million to $500 million in investable wealth.

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.

When it comes to wealth management firms, Pillar Wealth Management holds its ground as one of the most competent wealth management companies. We offer comprehensive wealth management services to affluent clients with a liquid net worth ranging from $5 million to $500 million. Our skilled and experienced wealth advisors have assisted countless high net worth and ultra-high net worth individuals for over three decades. If you want to sit down and have a meeting with us, schedule your day and time with us now!

What Is Fidelity Wealth Management?

Fidelity Wealth Management is an investment and wealth management firm that commercially provides non-discretionary financial planning and discretionary investment management through its portfolio advisory services and wealth management programs.

Largely popular for its mutual funds, Fidelity provides a vast range of services, including life insurance, retirement planning, brokerage services, portfolio guidance, and investment management.

The following are included in Fidelity Wealth Management’s services.

1. Dedicated Financial Advisor

Your advisor will hold meetings with you to learn more about you and find out what’s important to you. Together, you will work on a tailored wealth management plan designed to safeguard and build your wealth.

2. Holistic Planning

Fidelity Wealth Management can help you build a customized plan around your complete financial situation, covering areas such as retirement, health care, estate planning, and taxes.

3. Personalized Investment Management

The professionals at the firm can manage your investment portfolio to secure and build your wealth. This entails factoring in your feelings and preferences regarding risk, with ongoing monitoring and rebalancing. If you want to learn some effective portfolio strategies to manage your wealth, read our in-depth guide, Improving Portfolio Performance.

4. Tax-Smart Investing Strategies

If you’re worried about the impact of taxes on your investments, Fidelity can apply a number of tax-smart investing strategies to manage portfolios throughout the year designed to help you retain more of your existing wealth.

Pillar Wealth Management, with its founders Hutch Ashoo and Christopher Snyder, also provide these services. Existing Fidelity account holders may be interested in Pillar Wealth Management because we use Fidelity accounts to custody our clients’ money. This means that your accounts at Fidelity are not affected if you choose to work with Pillar Wealth management’s wealth advisors. Another benefit is that you can avoid IRA to IRA transfer costs and ACAT transfers.

Is Fidelity A Safe Company To Invest In? 

A common concern that people have when investing their wealth is whether the company is safe. To be fair, this concern is quite valid as entrusting a financial services firm with millions of dollars is not an easy task.

When it comes to Fidelity, the company was founded in 1946. It is currently regulated by top-ranking authorities like the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC). Since Fidelity has a long track record and is regulated by top-ranking financial authorities, it is considered to be a safe company to invest in.

How Much Does A Wealth Management Company Charge?   

The general ballpark figure for most wealth management firms is approximately 1% of the total assets under management. For instance, the gross advisory fee for Fidelity Wealth Management is 0.50% to 1.50%, whereas the gross advisory fee for Fidelity Private Wealth management is 0.20%–1.04%.

Hence, the wealth management company’s fee is rarely a reason to pick one company over another. Nevertheless, remember that this is only applicable for a private fee-only wealth management company.

Alternatively, a fee-based wealth management company might also earn commission by selling various financial products such as mutual funds, insurance, annuities, and equity packages. The same also applies to financial advisory firms, financial planning firms, investment advisory firms, and investment management firms. They can either be fee-only or fee-based. It’s a major difference.

Additionally, certain wealth management companies only charge commissions. They might claim that they don’t really charge anything. However, that’s not true. A wealth management company that says they don’t charge any fees is most likely making money from commissions. If you wish to invest $5 million or above, you should request a free copy of our new book, 7 Secrets to High Net Worth Investment Management, Estate, Tax, and Financial Planning, and find out why you should stay away from commission-based financial firms.

Pillar Wealth Management works on a fee-only basis, with a sliding scale that depends on the client’s total assets under management. Schedule a meeting with us to know more about our fee structure.

fidelity wealth management

Is Wealth Management Worth the Fee?

As mentioned earlier, the average fee for wealth management firms is 1% of the total assets under management annually for an account of $1 million or higher. Thus, if you own assets worth $5 million, your fee can easily exceed $50,000. This is certainly not a small amount, and incurring such an expense each year can significantly impact your wealth.

All of this might lead you to wonder if wealth management is really worth the money. The answer is yes! There are various benefits of using wealth management services. For example, by following the advice of a wealth manager, you can build your wealth.

Here are some additional reasons proving that wealth management is absolutely worth the fee.

1. Helps You with Your Financial Goals

This is certainly the biggest advantage of using wealth management services. It directs all your wealth-related efforts and ensures you stay on track to accomplishing your financial objectives.

A dedicated wealth advisor will invest countless hours to fully comprehend your personal circumstances, life ambitions, and wealth goals. Once they have all the information they need, they will use their skills and knowledge to develop a matching strategy. Request a free copy of 7 Secrets to High Net Worth Investment Management, Estate, Tax, and Financial Planning to discover the strategies we use to help our valued clients accomplish their wealth goals.

Along with developing your financial plan, wealth managers will even review your progress regularly  and adjust the plan to account for any changes in market movements, shifts in your goals, and amendments to your personal circumstances.

2. Plan for A Stress-Free Retirement

Everyone dreams of spending a financially stable retirement. Sadly, very few people are actually able to turn this dream into a reality. In fact, this task is all the more challenging for wealthy individuals who typically have a set of ambitious goals like launching a new business, traveling across the world, or making real estate investments.

The truth is retirement planning isn’t something that can be done just a couple of years before retirement. Rather, it requires several years of intensive planning. The goal of wealth management is to focus on offering holistic advice to make sure you stay financially strong throughout retirement.

At Pillar Wealth Management, we can create a pragmatic, viable plan that will allow you to enjoy a stress-free, comfortable retirement. Get in touch with us today and start planning for a worry-free retirement.

3. Minimize Your Tax Burden

Every financial transaction you make, whether it’s transferring wealth, investments, or an estate, leads to some tax obligation. Consequently, you can lose plenty of money each year.

While taxes are definitely something you cannot avoid, there are strategies for reducing them lawfully. This is another reason why wealth management is worth the fee – it helps to successfully lower your tax payments.

Wealth managers and financial advisors factor in the tax obligation of each financial decision and then take the relevant steps to cut down that expense. For example, they might recommend some changes to your investment strategy or suggest you relocate to a tax-free state like Washington or Florida!

Keep in mind that the US has a progressive tax system, which means the more money you have, the more tax you have to pay. Hence, as an affluent individual with $10 million or more worth of liquid wealth, you might have to deal with an unreasonably high tax bill. To discover some effective and proven strategies to minimize this bill, you should request a free copy of our book, 7 Secrets To High Net Worth Investment Management, Estate, Tax, and Financial Planning.

4. Eliminate Financial and Non-Financial Risks

Amassing millions worth of liquid wealth is no easy feat. You may have put many years into building your wealth empire. Thus, to safeguard your assets and wealth, you need to take the appropriate steps.

Again, a wealth management company can play a great role and facilitate you through their risk management services. The professionals at these institutions strive to ensure your investments are correctly diversified and your assets are aptly allocated to safeguard your wealth from sudden market shifts. In addition, wealth advisors can help you get the most suitable insurance plan to protect your financial well-being in case you develop a chronic health problem.

At Pillar Wealth Management, we will help you figure out how much risk you can take to live the life of freedom you desire, never stressing about your finances. In our book, The Art of Protecting Ultra-High Net-worth Portfolios and Estates – Strategies For Families Worth $25 Million To $500 Million, we highlight the importance of wealth protection and discuss some useful strategies.

Who Are The Best Financial Advisors?

If you have made up your mind to take advantage of the services of a financial advisor, you might wonder which one is best suited to your needs. You have to make sure you choose the right one for your requirements so that you can achieve your targets. To help you, here are some factors to which you need to pay attention when determining which advisor to work with.

1. Experience

The first and foremost thing you need to look at when deciding on a financial advisor is the years of experience they have. Unfortunately, many affluent individuals fail to understand the importance of working with an experienced financial advisor.

Ideally, you should choose a firm that has been in the industry for at least a few decades. At Pillar Wealth Management, our wealth managers have 62 years of combined experience in helping affluent clients.

2. Track Record

Along with experience, the track record of a financial advisor also plays a huge role in distinguishing an ordinary firm from the best one. If you think about it, there’s no point hiring a financial advisor who has a history of failing their clients.

Make sure study actual client reviews and testimonials of financial advisors. This will help you understand the drawbacks and advantages of using a particular financial advisor. Hence, you can decide whether or not a firm is suited to your needs.

3. Fiduciary

Another important factor to consider when deciding on a financial advisor is if they provide fiduciary financial services. Provision of fiduciary services means the financial advisor will ensure that all the steps and decisions are taken for your benefit and help you achieve your goals. In fact, fiduciary financial advisors are legally obligated to eliminate any possible conflict of interest.

A Few Last Words

Identifying and choosing the best wealth management firm is a task that requires a lot of effort and time. It certainly isn’t something you can do without doing comprehensive research.

At Pillar Wealth Management, we provide fiduciary wealth management services to prioritize your needs and ensure you achieve your wealth and financial goals. Set up a free consultation with one of our competent wealth managers to see how we can assist you!

Authors

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.

More from authors.

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