Financial Planner Companies to Manage Wealth: PillarWM
There are several advantages of working with financial planner companies, particularly if you are a millionaire with at least $5 million worth of liquid assets. For instance, the professionals at financial planner companies have in-depth information and vast experience in handling the finances of high net worth people and families. They are highly knowledgeable about the intricacies of the various financial markets and keep a close check on the constantly evolving market trends to immediately capitalize on any lucrative opportunity. If you want to avail such benefits, make sure to read our insightful guide to learn how you can choose the best high net worth financial planner company for yourself.
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.
If you are searching for an experienced and reliable financial planner company, you should definitely consider Pillar Wealth Management. Our team of financial experts works with individuals and families who own liquid investable assets ranging from $5 million to $500 million. So, if you want to get unbiased financial advice you can trust, click here to schedule a meeting with our co-founders.
Table of Contents
What Are Financial Planner Companies?
Belonging to the group of high net worth individuals, you probably have already heard the phrase financial planner companies. However, you might not be too confident about what these firms actually do.
In plain words, financial planner companies are institutions that assist their clients in establishing financial objectives and then curate an action plan to achieve those objectives effectively. The financial planners working in a financial planner company are trained professionals who help their clients by analyzing budgets, insurance plans, investments, and various other financial products.
Several high net worth and ultra-high net worth individuals find finance quite complicated to grasp. Hence financial planner companies bridge the knowledge gap by providing a variety of tools for clients. The top financial planner companies don’t just sell financial and investment products and services. Rather, they transform people’s lives and help them become financially stable. Schedule a free meeting with one of our team members and get more information on how we can help you reach financial stability.
How Much Money Do I Need to Hire Financial Planner Companies?
Working with the best financial planner companies comes at a price. Hence, if you desire to work with a financial planner company,you should start by considering your liquid net worth. To get the right answer to, “how much money do I need to hire financial planner companies?” you can list the drawbacks and benefits of using a financial planner company.
Financial planner companies offer a wide range of financial and investment tools to enhance your financial situation. If you require assistance with tax management, you may not need to factor in the worth of assets you own. On the other hand, if you require holistic wealth management solutions, you should carefully think over the advantages and disadvantages.
Generally, the majority of financial planner companies serve individuals and families with liquid wealth anywhere between $1 million to $5 million. So, if your liquid wealth lies in this range, you can use a financial planner company.
At Pillar Wealth Management, we exclusively work with individuals who have liquid assets between $5 million to $500 million. Our financial planning services are designed to help the affluent achieve their wealth planning and retirement income goals. Here are some of the financial planning services we offer:
• Asset allocation analysis
• Estate planning
• Insurance planning
• Investment management
• Portfolio management
• Retirement planning
• Risk management
• Tax planning
For further details on how working with a financial professional can help protect and build your wealth, make sure to read our insightful book, The Art of Protecting Ultra-High Net-worth Portfolios and Estates – Strategies For Families Worth $25 Million To $500 Million.
How Do I Find Financial Planner Companies?
Once you have carried out the cost-benefit analysis, you might be thinking, “how do I find financial planner companies?”. Finding financial planner companies and then selecting the right one can be quite a challenge. Hence, we suggest using the following steps in your search. You can even read our comprehensive guide on how to choose the best financial institution if you want more details on the topic.
Step #1 – Get Some Names
The right place to start your search for financial planner companies offering services in your areas is the internet. You should be able to find several companies from a simple Google search. We suggest you create a list of five potential companies before you narrow down your options from there.
Another excellent starting point is using the search tools provided by the major industry associates. The National Association of Personal Financial Advisors provides the Find an Advisor tool, where you can search companies that can effectively serve your financial requirements.
On the other hand, you might have a network full of other professionals that are currently using financial planning services. You should get in touch with these professionals and ask them if they would recommend their existing financial planner company. This technique can be beneficial if the individual you ask has a somewhat similar financial standing or the same financial targets as you.
Step #2 – Choose Firms with the Appropriate Credentials
Each credential does not hold the same weight. Certain organizations develop credentials that can be easily obtained by paying a fee so that sales personnel can acquire them and create the feeling of being a professional.
Ideally, the professionals working in a financial planner firm should have legitimate credentials, such as their PFS or CFP designation. Credentials that are obtained after passing an exam signal expertise in the area.
Step #3 –Research the Company’s Background
Before hiring a financial planner company, conduct comprehensive research to make sure that you are trusting the right firm to manage your finances. Fortunately, the financial industry has made this process relatively easy for people by making the backgrounds of financial planner companies available online.
You can look up financial planner companies on BrokerCheck, which is a platform where you can check how long a firm has been part of the industry. In addition, you can even see if the firms have had any consumer complaints or regulatory issues filed against them.
Suppose the professionals in a firm are a CFP. In such a case, the CFP organization offers a search tool that you can use to validate their position and see if they have a history of disciplinary action or bankruptcy.
Should I Meet with Financial Planner Companies?
If the biggest question on your mind is, should I meet with financial planner companies, then the answer to that is yes! Besides doing your homework, you should also meet the professionals at financial planner companies before you start working with them.
Remember that this is someone from who you will receive financial guidance and will likely work for multiple years down the line. Hence, it’s vital that you have a proper grip on how they conduct their business and make sure you are familiar with their approach and style. If you want to meet with the experts at Pillar Wealth Management, simply click here and choose an appointment time that suits you best.
Given the importance of this meeting, it is imperative that you appropriately prepare for it. Here are some tips that will gear you up for your first meeting with your potential financial planner company.
1 – Review Your Present Financial Circumstances
The more in-depth information you provide about your existing financial circumstances, the better financial recommendations you can hope to get.
To get a comprehensive overview of your financial situation, list down your assets and liabilities. A clear representation of how much you have and how much you owe will allow your financial planner company to create a fitting solution for you.
2 – List Down Your Long and Short-Term Financial Goals
The next tip is to list down your financial goals. Being a high net worth or an ultra-high net worth individual, you probably have numerous goals, such as buying a house, investing in a business, etc.
Financial planner companies facilitate you as you turn your dreams into a reality, but you need to have complete clarity about them. Prior to your meeting with a financial planner company, make sure you have a set of clear and well-defined goals. It would help if you also thought of the goal-related question your financial planner company can possibly ask you and jot down how you will answer them. For instance, one question you might be asked is, when do you want to achieve those goals. In this guide here, we elaborate on the changes you need to make to enhance investment results and successfully reach your financial objectives.
3 – Get Your Financial Documents in Order
It’s nearly impossible to remember all your finances to the T. Thus, before your meeting with a financial planner company, you should get your financial documents in order. Ideally, you should bring one statement from each account (savings, retirement, investment). Along with that, you should also have documents for your estate planning and tax records.
4 – Don’t Forget to Questions
Last but not least, give words to your queries and doubts and note them down. Prepare lots and lots of questions – don’t worry about being too annoying or pushy. This is a crucial decision, and any good financial planner company will welcome the questions. Here are some critical questions you can ask from your company:
1. Do You Offer Fiduciary Financial Planning Services?
A fiduciary financial institution such as Pillar Wealth Management ensures that there is no conflict of interest when managing your assets. With a fiduciary company, you can stay assured that your needs and goals will always be prioritized when undertaking any investment-related decision. Read our guide, Improving Portfolio Performance, to find out what our exclusive and expert financial services include.
2. Do You Use an Active or Passive Investment Approach?
Active investment management encompasses buying and disposing investments, leveraging ‘hot’ buys, and trying to beat the market. The time and effort that is required by active investment management results in a significantly increased management fee.
On the other hand, passive investment management includes monitoring data of numerous financial markets and analyzing it to undertake sound investment decisions. All in all, passive investment management leads to a much less management fee and can even help to secure your wealth in the long run. For further details regarding the difference between the two investment approaches, read our ultimate guide for investors with $10 million and more.
3. How Do You Make Money?
Another important thing you should be aware of is how the financial planner company makes money and the costs you can possibly incur if you hire them. Here are the three most common ways in which a financial planner company makes money.
• Commissions: Financial planner companies such as insurance agents and brokers sell investment products, such as insurance, mutual funds, and annuities, and get a commission on their sale. Bear in mind that the appeal of commission can impact the suggestions these companies give you.
• Fee-Based: Financial planner companies working on a fee-based structure provide financial recommendations for a fixed fee and also have a permit to sell investments for a commission.
• Fee-Only: Financial planner companies working on a fee-only basis usually charge one percent of the assets they manage or a flat fee. These companies don’t get a commission from the sale of financial products and usually offer comprehensive financial plans.
Last Few Words
If you don’t feel comfortable managing your assets independently, you should contact a financial planner company. Given their expertise, expertise, skills, and knowledge, a financial planner company can effectively manage your assets and grow your wealth.
Pillar Wealth Management is a private, fee-only institution that offers financial planning services as well. We are committed to offering the best services to the wealthy individuals who come our way. Head over to our website to contact our financial experts and get started with your financial planning today.
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