Financial Firms: Are They Worth It?

When you were still young and only had $10,000 in your account, it was probably okay to manage your wealth all on your own. However, as you tend to grow older and as your financial situation changes to that of an ultra-high-net-worth individual, you can no longer afford to manage your wealth yourself. You might lack the time or skills to properly sustain your wealth and protect your assets from market forces. Therefore, in such a situation, what you need to do is partner with the best financial firms. This can be tricky, and you might even feel hesitant. That’s why we’ve come up with this critical guide on choosing the right financial advisor for high-net-worth investors with $10 million or more in liquid assets.



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.

Alternatively, when searching for some of the best financial firms, you can contact Pillar Wealth Management. We are a private and independent wealth management firm that provides fiduciary and 100% fee-based wealth management services. Our wealth managers and advisors hold more than six decades of combined experience which allows us to formulate smart and diverse portfolios, secure retirement plans, ensure the smooth transfer of wealth, and much more.

In this blog, we’ll be discussing whether you need to work with financial firms, their different types and whether it’s worth it to hire one. Let’s dive in.

Do I Need a Financial Firm?

Handing over the decision-making and management of $5 million to $500 million worth of liquid assets to someone else can be scary. You will probably have a lot of apprehensions at first. But, the truth is that as a high-net-worth individual, you can’t control and manage your wealth all on your own.

You might not know about the proper strategies to diversify your portfolio, formulate an effective retirement plan, control your taxes, etc. All this puts your financial future at risk and can prevent you from enjoying the kind of life you desire.

This is where financial firms come in. They carry much more expertise, training, and experience to help you meet all your financial goals so that you can attain true financial serenity. Here are some of the services financial firms offer which are crucial for the financial success of high and ultra-high-net-worth individuals.

Financial Firms

Investment Management

Investment management is by far the most crucial aspect of all your wealth management. It is the foundation of your wealth and is somehow connected to all other aspects and financial activities.

Your retirement plans are funded through your investment activities. Your tax expenses are directly fueled by your investments and type of investments. Your portfolio can determine how much risk you are facing and accordingly what kind of risk management strategies you require. And so on.

Therefore, if nothing else, this is one area where you need the best of the best handling your assets and growing your wealth sustainably, and financial firms are the ones to do it. If you’re worried about your investments, check out our brilliant guide on portfolio performance to discover new strategies to improve your investment strategy.

Retirement Planning

If investment management is the most important tool in your financial plan, your retirement is the ultimate goal. Everyone hopes to achieve their retirement goals as quickly as possible so that they can live the life they aspire to without any financial worries or troubles.

However, this is easier said than done. Between the 30 or 40 years left till your retirement, you have to follow different investment and saving strategies according to which stage you are at. Only the best financial advisors at the best financial firms can help formulate the right strategies for you according to your specific retirement goals.

Risk Management

Risk management is another major part of wealth management. What would be the point of collecting all your wealth if you suddenly lose all of it due to market volatility or a messy divorce, or even a chronic illness?

That’s why you need to invest as much time and effort in protecting your wealth as you do in growing that wealth. Consequently, financial firms can help protect your portfolios through the right diversification and asset allocation strategies.

They can help include elaborate insurance plans that protect your wealth in cases of a sudden illness. Learn how you can protect your wealth by 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.

Estate Planning

As an affluent individual with $5 million to $500 million in liquid assets, it’s probably not enough for you to attain financial security and serenity for yourself. You probably want your heirs and loved ones to live comfortably after you as well.

Therefore, financial firms ensure that you are able to transfer your wealth to your intended beneficiaries in the most efficient way possible. This way, you can avoid legal disputes, family conflicts, and large tax bills on your wealth transfer. Besides that, if you have any philanthropic plans as part of your legacy, financial firms can help execute those as well.

Tax Optimization

Taxes are a big concern for high-net-worth individuals. If they are not careful, they can end up losing tens or even hundreds of millions of dollars every year. This usually happens when you are not working the right financial firm or are relying on the wrong money management styles, which we’ll discuss more in a bit.

The right financial firms can help leverage different tax optimization strategies to minimize your tax bill and allow you to retain the maximum amount of your wealth. At Pillar Wealth Management, our financial advisors are highly skilled and experienced in a number of financial services, including tax planning and optimization. Start a free chat with our advisors today.

Comprehensive Financial Planning

Most importantly, financial firms can help you with holistic and comprehensive financial planning. This is quite important. A comprehensive financial plan takes into account every factor that affects your financial health as well as your personal life. It is directly based on your short and long-term financial goals and life aspirations.

Furthermore, it is not something that is made once and then forgotten. Your financial advisor will constantly be monitoring your progress and adjusting the financial plan as your goals or priorities in life evolve. This plan will help give direction to all your financial activities.

We suggest reading our crucial guide on finding the right financial advisor to learn how they can help investors worth $10 million or more with their financial planning.

What are the Types of Financial Firms?

As just described, there are numerous facets of wealth management. There’s investment management as well as financial planning, and much more. Consequently, there are numerous types of financial firms as well that can cater to a specific aspect of wealth management or handle several of them at once.

For instance, investment firms can focus on investment and portfolio management, while private banks can focus on banking services while also providing some other financial services. Here are some of the different types of financial firms out there.

  • Private Banks

• Investment Banks and Companies

• Wealth Management Firms

• CPA Firms

• Brokerage Firms

• Insurance Companies

• Mortgage Companies

Is It Worth Hire a Financial Firm?

Now you already know that it is worth hiring a financial firm because of all the services we’ve explained above. Moreover, you also know about the different types of financial firms you can work with. So, the question now shouldn’t be whether it’s worth hiring a financial firm. Rather, it should be which financial firm should I choose?

Big banks and investment companies can seem tempting with their promises and claims of high returns. However, that’s all you’re going to get there. What you actually need is financial serenity and not just high returns that end up costing you a lot more in the long term.

So, here are a few reasons why you need to avoid big financial firms like discount brokers and private banks and instead work with an independent wealth management firm like Pillar Wealth Management. You can also read our eye-opening guide on choosing financial advisors for a detailed explanation on how to choose the right advisor for yourself.


There are several things to consider here. When you go to these big financial institutions, they are not always experts at all the primary as well as ancillary services they are offering.

For instance, at private banks, they might be experts in banking services, but they lack the same expertise in investment and tax planning services. Similarly, at certain investment houses, you might be paired with inexperienced advisors who have just started working in the industry and don’t know much about the market.


Another major drawback you will have to face is the lack of personalization at such organizations. They typically offer a cookie-cutter experience with fixed investment packages or other pre-made financial solutions that are based on their own risks and returns instead of your goals.

At Pillar Wealth Management, we work closely with each client to fully understand their needs and goals in life and formulate customized solutions accordingly. Schedule a free conversation with our wealth managers to discuss your personalized financial solutions.

Fiduciary Duty

Big institutions also don’t offer fiduciary duty. Advisors at such firms are not often registered investment advisors (RIA) that are held to the fiduciary standard. This means they are not necessarily looking out for your best interests and may be prioritizing their own or the institutions’ needs over yours.

Conflict of Interest

Certain financial firms such as brokerage firms also face conflicts of interest. This is mainly because they work on a commission-based payment model. As a result, they push forward products and commodities that earn them better commissions rather than those that better fulfill your goals and targets.

Management Style

These large financial institutions also tend to focus heavily on active management styles, which might bring high returns in the short run but result in high tax bills and incur other expenses. Ideally, you should have a balance between active and passive money management to keep reaping high returns from your investments but also control your taxes and other expenses. Learn more about why this distinction matters by reading our handy guide on portfolio growth strategies.

Choosing the Right Financial Firms

The trickiest part is yet to come. Now that you are convinced that financial firms are necessary and furthermore, you need to work with wealth management firms specifically, it is time to choose a wealth management firm for yourself.

This is one of the most crucial decisions you will make in your life that will not only affect you but your heirs as well. Therefore, you have to extra careful. Evaluate some of these factors before you decide to work with a particular firm.

• Credentials

• Track Record

• Experience

• Standard of Care

• Clientele

• Services

• Customization

Pillar Wealth Management is among the top and best private wealth management firms. We exclusively serve affluent clients with $5 million to $500 million in liquid assets, and our advisors only take on a small number of clients every year so that we can provide each client with our complete focus and dedication. Our firm holds more than several decades of experience, allowing us to provide smart, effective, and personalized financial solutions that help our clients attain financial success and security. Schedule a no-obligation chat with Pillar Wealth Management today.


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.

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