Financial Fiduciary Near Me: Hiring an Advisor –PillarWM
High net worth and ultra-high net worth individuals often seek counsel for financial planning and wealth management. Your first instinct might be to go with an advisor who has a good reputation and extensive experience. However, what’s more important is that you are able to trust that advisor with your wealth. That is why we recommend that you search for a financial fiduciary near me. Our “Ultimate Guide to Choosing the Best Financial Advisor for Families worth $5 Million to $500 Million” can tell you everything you need to know about hiring an ultra-high net worth financial advisor. It also answers your questions such as, “How can I know my financial advisor is right for me?” and “How does a fiduciary get paid?”
STRATEGIES FOR FAMILIES WORTH $5 MILLION TO $500 MILLION
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.
Pillar Wealth Management offers fee-only, fiduciary wealth management advisory services to clients with 5 million to 500 million in liquid investable assets. Our financial experts can walk you through making well-informed decisions to guard your financial future. We are well-versed in the unique monetary needs of wealthy families, and we are mindful of various changes in legislation, investment opportunities, and economic downturns as we draft your financial plan. Get in touch with our team to discuss more on your wealth management at your first meeting.
What is a Financial Fiduciary?
A financial fiduciary is a financial advisor who is certified and has a license. They abide by a fiduciary duty, which means that they are legally required to act in their client’s best interests. For wealthy clients, they are a safe option as there is little risk of any conflict of interest arising. In the case that there is any unforeseen conflict of interest, a fiduciary advisor is legally required to inform you of it.
They are highly trained professionals who have the necessary training and experience to be experts in their field of interest. They have a responsibility to protect your wealth; otherwise, they are liable to face civil or criminal penalties.
When looking for a financial fiduciary near me, you might be wondering how you can differentiate between a fiduciary and a non-fiduciary advisor. We will discuss more on that in a later section. First, we will talk about examples of financial fiduciaries.
Certified Financial Planner
A certified financial planner or CFP is a licensed financial advisor who has undergone rigorous training and educational requirements to become certified. They are required to uphold high ethical standards and are committed to serving their client’s best interests.
Many certified financial planners are specialized in certain aspects, such as retirement planning, tax planning, estate planning, legacy planning, or debt management. The CFP Board ensures that the advisors abide by the highest standard of care, and their license must be renewed every two years. If you’re looking for a financial planner that you can trust, make sure it’s a certified financial planner!
Registered Investment Advisors
Investment advisors have access to your assets, which makes it crucial that you choose the right person for the job. Registered investment advisors are monitored by the SEC or state securities regulators to uphold a fiduciary standard.
Investment advisors aim to achieve the lowest cost while offering the most efficient execution of investment choices. Their skills and knowledge equip them to use strategies that are designed to optimize your portfolio. We discuss some of these strategies in our guide, 5 Critical Shifts For Maximizing Portfolio Growth Strategies – For Families Worth $5 Million To $500 Millions.
Most wealth managers abide by a fiduciary standard of care. They have relevant experience working with affluent clients and can anticipate the financial needs of high net worth and ultra-high net worth investors.
Wealth management covers an array of financial management services, including financial planning and investment management. In addition to these, many wealth managers are experts in estate planning, tax planning, debt consolidation, legacy planning, retirement planning, portfolio optimization, wealth protection, risk management, and more. This expertise, paired with the reliability of their fiduciary status, makes them one of the best options for wealthy investors. Schedule your first free consultation with one of our expert wealth managers.
What is Meant by a Fiduciary Standard of Care?
Financial fiduciaries abide by a fiduciary standard of care, which is a duty mandated by state and common law. It applies when an investor entrusts an advisor to exercise knowledge and discretion on their behalf. Any proven negligence in this duty can be prone to civil and criminal consequences upheld by the court. However, factual evidence is necessary to prove that the fiduciary had malicious intent towards their client. It is possible that the advisor may have been acting in the client’s favor when making an investment decision, but other influences could have caused great losses.
The duty of care, the duty of loyalty, and the duty of obedienceare fiduciary responsibilities dictated by law. A fiduciary must ensure that their practice follows each of these responsibilities. Their client’s benefit must take priority over their own. Therefore, advisors are barred from trading or investing in assets that could generate a higher commission for themselves or their financial institution.
The SEC (Securities Exchange Commission) and FINRA (Financial Industry Regulatory Authority) monitor the work of fiduciaries to ensure that the appropriate standards are upheld. In the case of investment advisors, you can check the SEC’s website for your advisor. If they are a fiduciary advisor, their information will be disclosed in Form ADV Part 2A.
This is a good practice to adopt whenever you search for a financial advisor. The SEC website displays the advisor’s or firm’s credentials and licenses. If you can’t find any information on either, it is safe to say they’re not the most reliable choice for you.
Are Financial Planners and Fiduciaries the Same?
With so many terms out there, it is understandable to get confused between a financial advisor, a fiduciary, and a financial planner. Hence, you might be wondering, “What is the difference between a financial planner and a fiduciary?”
Fiduciary financial advisors can have financial planning services, but not every financial planner is necessarily a fiduciary. To be a fiduciary means holding a fiduciary standard of care. Not all financial advisors or financial planners are certified for that.
A financial planner’s task is to create a comprehensive plan to help their clients achieve their goals. Often, a financial planner can specialize in different aspects such as investment management, retirement planning, or debt management. If they are not certified, they are not legally obligated to act in your best interest.
On the other hand, a fiduciary is more reliable for wealthy clients since you have the assurance that they are bound by law to not take advantage of you. As an affluent client, you are likely aware of the risks that come with your financial standing. Our book,The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies for Families Worth $25 Million To $500 Million, talks more on this topic.
Most wealth managers are fiduciaries who know how to appropriately manage high-value assets. Our wealth managers can give you unbiased financial advice to help you achieve financial freedom.Learn more about our wealth management services by contacting our team.
When Should You Consult a Fiduciary?
As an investor, you are continuously looking for opportunities to grow your wealth while safeguarding your assets. You want to make sure that you have enough money to live a luxurious life even after your retirement. This means that you need to generate more income from your investments in the present while securing your financial future.
If you’re looking to enhance your wealth to secure your future or pursue a new business opportunity, you’ll need professional advice on where to invest your money.If you want to make sure you’re ready for retirementor if you want to prepare a will to transfer your wealth to your inheritors, a fiduciary can help you. In a nutshell, financial advice from a fiduciary can help you prepare for your future.
Changes in tax laws, the risk to return ratios, legislation,and interest rates can be hard to keep up with. Fiduciaries can summarize this information for you and help you allocate your assets. They can monitor your funds, evaluate your growth rates, and manage your investment risk.
Financial fiduciaries have your best interests at heart. This means that they will advise you on investments that improve your portfolio’s performance. We discuss more on this in our guide, Improving Portfolio Performance: The Shifts Multi-Millionaires Must Make to Achieve Financial Security and Serenity.
Finding a Financial Fiduciary Near Me
Before you go looking for a financial fiduciary near me, you need to identify which monetary aspects you need help with. This is because their payment structure will differ according to that.
For example, if you want a financial planner to draft a financial plan, they could charge you a one-time fee of $1500 to $5000. Investment advisors typically charge you 1% of the assets under management. Wealth managers have a similar payment structure. Their rates can change depending on their money management style, as well as how high your net worth is. Often financial advisors reduce their rates as your net worth increases.
You might be wondering, “How does a fiduciary get paid?” Fiduciaries are fee-only or fee-based financial advisors, typically charging an annual rate of 1% of assets under management for an account with a million dollars. Keep in mind that these rates are variable, so make it a point of note to inquire about your advisor’s fee structure in your first consultation.
We understand the importance of making the right decision when it comes to trusting your finances to another person. To help you, we have written our Ultimate Guide to Choosing the Best Financial Advisor for Families worth $5 Million to $500 Million. It will help you identify the qualities and traits you should be looking for in your financial advisor. Moreover, it discusses different payment structures that financial advisors might follow and which one you should opt for.
Working with Pillar Wealth Management
With an ultra-high net worth of over 10 million dollars, it is reasonable to be cautious about hiring a financial advisor. Our“Ultimate Guide to Choosing the Best Financial Advisor for Families worth $5 Million to $500 Million” can help you make sure that you make the best decision for yourself.
Many investors prefer working with a financial fiduciary near me because they prefer the aspect of being able to meet their advisor in person. However, you should not limit your options based on this factor alone. Your wealth needs to be trusted to the right individual for the job. This means working with a fiduciary who has the relevant experience, background, credentials, and track record.
Pillar Wealth Management is an independent, white-glove, fee-only fiduciary wealth management firm. Our team of wealth managers provides tailored and specialized financial advisory services to clients with 5 million to 500 million in liquid investable assets. Our extensive experience allows us to efficiently help affluent investors build their wealth, safeguard their assets, and achieve their financial objectives.You can call us to schedule your first consultation.
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