The Complete Guide to What We Do
A financial consultant near me is someone who can advise you on various aspects of finance. A financial consultant is a generic term for professionals that help companies increase shareholder value. They advise on matters like M&A and corporate strategy. Some financial consultants also operate in the realm of personal finance and refer to themselves as financial consultants. “Financial consultant” in personal finance is a term that is often loosely used to define anyone who helps clients with their financial goals. Finance professionals who help high net worth and ultra-high net worth clients are referred to as wealth managers. By the way, if you are someone who has $10 million or more in investible liquid assets, then we recommend you to download this guide on choosing the best financial advisor. Our guide on choosing the right financial advisor can help you understand how investors with over $10 million in liquid assets can benefit from a qualified wealth manager. Click here to download it today.
Whether to work with a financial planner, a financial consultant, or a wealth manager is a personal decision. A financial planner will usually focus on specific financial goals while a wealth manager will handle all aspects of a wealthy individual’s (or family’s) finances. This includes investments, retirement, philanthropy, etc. For example, Pillar Wealth Management is a niche firm that caters to individuals and families with $5 million to $500 million in liquid assets. The firm handles everything related to its client’s finances. Click here to book a free consultation session and find out more about our services.
In this guide, we will explore the question “how do I find a financial consultant?” We will answer the question “what does a financial consultant do?” We will then look atwhat is the difference between a financial consultant and financial advisor. And finally, we will discuss the topic “Is financial consultant a good job?” and explore what it takes to be successful in the financial advisory industry.Let’s get started right away.
Table of Contents
How Do I Find A Financial Consultant?
If you have been researching financial advisors and wealth managers that you can work with, then one question must have surely occurred to you – How do I find a financial consultant? You must have wondered whether it is a good idea to work with a financial consultant near me or whether you should opt for a big brand-name wealth management firm. There are plenty of wealth management firms catering to high net worth individuals. Pillar Wealth Management is a boutique firm that provides highly customized services to clients who have $5 million to $500 million in liquid investible assets.
Before we get into offering you tips on finding the best wealth advisor for your needs, we would like to point out one thing. We recommend that you check out this short guide on critical shifts needed to maximize portfolio performance for investors with $5 million to $500 million in liquid assets. The guide has some important questions that you need to think about before you choose a financial advisor or consultant. Once you go through the guide, you will have a better idea of what to look for in a wealth manager.
One of the least used resources when it comes to finding a top financial consultant is your own personal network. Yes, who you know matters! What matters, even more, is what the people in your circle know. Ask relatives, friends, and work colleagues about any good financial advisors that they know of. If your contact is a high net worth or ultra-high net worth individual, then chances are that he/she may be working with an experienced professional for money-related decisions. However, if this doesn’t work out for you, then we suggest reading our guide on how to find a financial advisor for investors with $5 million to $500 million in liquid assets. You can also schedule a free consultation with Pillar Wealth Management to explore what it has to offer.
How Else Can I Find A Financial Consultant Near Me
Besides leaning on your personal network, you can do your own research. A simple search online will give you a few options. You can either search for wealth managers in your area, your city, your state, or look at some of the larger national firms. Note that there will be a significant difference in the way the services a delivered by a large firm vs a niche firm. Some high net worth and ultra-high net worth individuals prefer a more personalized approach. Ultimately what matters is the trust between the client and the wealth manager.
Once you find a few promising options online, you can visit the websites of each firm and explore the list of services offered. If taxation is something you want help with, then make sure that the wealth management firm is an expert when it comes to taxes. If retirement planning or philanthropy is what you are looking for, then look for wealth management firms that list those services on their website. Wealth management is a broad service and it involves all aspects of your finances. So, you should be able to find someone who is experienced in your priority areas. By the way, you can read all about wealth management services in this book called The Ultimate Guide to Choosing the Best Financial Advisor: For Investors With $5 Million to $500 Million in Liquid Assets.
Once you shortlist a handful of candidates, it is a good idea to speak directly to the wealth manager. Start interacting with the manager and schedule a one-on-one meeting. The meeting can be a phone/video call or an in-person meeting. An in-person meeting is the best if it can happen. This one-on-one interaction allows you to ask questions and evaluate the personality of the wealth manager.
What does a financial consultant do?
A financial advisor near me, who works with wealthy individuals, is generally referred to as a wealth manager. So, to answer the question “what does a financial consultant do?”, we will focus on financial advisory services for affluent individuals and families.
A wealth manager pretty much looks at all financial decisions in the realm of personal finance. Whether it is retirement planning, philanthropy, succession planning, estate planning, portfolio management, taxation, or lifestyle planning, a good wealth manager has it covered. You may be wondering that all of these areas may be a lot to deal with. A good wealth management firm will have the necessary knowledge and skill in-house to manage all these areas. If some specific area isn’t covered, then a good wealth management firm will have the ability to bring in outside expertise for that specific area.
The goal of covering multiple financial areas is more holistic and insightful decision-making. The wealth manager will evaluate the impact of every decision on all the areas of the client’s life. You can read more about wealth management services in this complimentary guide on choosing the best financial advisor for individuals and families with $5 million to $500 million in investible liquid assets.
Once a wealth plan has been made and implemented, a good wealth manager will regularly re-visit the plan. The reason for continuous updates is the fact that nothing in the world that we live in is permanent. The markets change, industries change, our lives change, and sometimes our goals change as well. A wealth manager has to adapt to all of these changes and keep his/her clients on track to achieve their financial goals. To learn more about how this works, click here to read our guide on how a wealth manager strategically improves portfolio performance among other things. You can also get in touch with Hutch Ashoo to know what a day in the life of a wealth manager looks like.
What is the difference between a financial consultant and financial advisor?
A financial consultant is a term used to refer to a professional who works on financial matters for either corporates or individuals. A financial consultant in the corporate world is someone who works on corporate finance, mergers and acquisitions, or specific areas in finance. Sometimes the financial consultant will work on figuring out how to finance a project. Financial consultants can work either on a contract basis or as a full-time employee.
A financial consultant near me in the personal finance world is a professional who works with individuals and families. The job of a consultant can either be to plan out income and expenses, help the client with investments, taxation, retirement, or any other issue. The term financial consultant for personal issues can encompass many things or it can mean having a narrow scope. A wealth manager can also be considered as a financial consultant – one for the affluent clientele.
A financial advisor is usually a term used to refer to a professional that helps individuals with their finances. It is a broad term that includes financial planners, investment managers, wealth managers, and anyone who helps people with issues related to personal finance. There may be some overlap between a financial consultant and a financial advisor.
Regardless of the differences between a financial consultant and a financial advisor, what matters most is whether the professional that you are considering is the right fit for your needs. Once you introspect and figure out what areas in your financial life you need help with, you try to look for professionals that offer services in those areas. If you have over $10 million in liquid assets, then our guide on how to find a financial advisor can help you out here.
Start a conversation with Pillar Wealth Management to know more about the different terms used to describe financial advisors and consultants. Click here to arrange a free consultation session with us.
Is financial consultant a good job?
To answer the question “is financial consultant a good job”, we first need to explore what makes a good financial consultant. A top financial consultant near me is someone who connects financial decisions to client goals. To do so, the consultant has to be able to communicate with the client and understand the client’s goals, fears, motivations, and lifestyle. This requires a strong emotional quotient and a passion for exploring the personal details of an individual or a family.
A top financial consultant should also be able to think holistically and incorporate multiple data points into a single decision. Every significant financial decision can have a major impact on a family’s future financial security, succession plans, inheritance, taxes, retirement, etc. The stakes are even higher when millions of dollars are involved. A good wealth manager has to be able to work with multiple people, take in inputs from diverse sources, and then synthesize it all to come to a decision. You can reach out to Hutch Ashoo from Pillar Wealth Management to discuss what skills and expertise he thinks are necessary to become a successful wealth manager.
A financial consultant or a successful wealth manager should also be able to keep an eye on the investment costs. Investment returns are important. However, each investment also creates a cost for the client. This cost can be in the form of capital gains taxes, brokerage charges, fund expense ratios, etc. Most portfolio managers tend to focus only on the gross returns when crafting their investment strategies. However, the costs are ultimately borne by the client. You can read more on this topic in this guide on improving portfolio performance for investors with $5 million to $500 million in liquid investible assets.
If you want to go even deeper, we also recommend ordering a free hardcover copy of our book, The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies For Families Worth $25 Million To $500 Million.
A Couple of Points About Pillar Wealth Management
You have noticed that we have mentioned Pillar Wealth Management in this guide a few times. What makes the firm so unique? Firstly, Pillar Wealth Management is a niche firm focused on offering customized white-glove wealth management services. Similar to a top financial consultant, it treats every client’s portfolio in a unique way. It even stress-tests every portfolio every 90 days for 1,000 random scenarios based on 100 years of historical market data to see how the portfolios hold up.
Pillar Wealth Management is able to offer customized services because it keeps its size to an optimum level. The firm is not hesitant to turn away new business in order to stay true to its philosophy. In fact, Pillar Wealth Management is taking only 17 new clients this year. The guiding philosophy of the firm is financial serenity. You can contact us to know more about this philosophy and how it has helped clients over the years. We also recommend reading our guide on the 5 critical shifts that influence portfolio performance and help achieve financial serenity.
Hutch Ashoo and Christopher Snyder are the expert founders of independent, fee-only, and fiduciary wealth management firm Pillar Wealth Management. If you would like to speak with them or simply ask any questions about how custom and trusted wealth management advice is offered to highnet worth individuals with $5 million to $500 million in investible assets, then feel free to start a conversation. Click here to schedule a free consultation and talk to Pillar Wealth Management today.