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Is My Financial Advisor Doing a Good Job? – PillarWM

Managing your wealth becomes more critical as your net worth growth is on an upwards trend. With so much at stake, you may have hired a professional expert to manage your finances. However, you need to frequently ask yourself, “Is my financial advisor doing a good job”? The advisor you trust your hard-earned money with, should be reliable and capable of understanding the essential aspects of wealth management. Our free guide for investors with $10+ million in liquid assets can get you started on finding the right advisor for yourself.

is schwab a fiduciary

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.

A team of fiduciary financial experts can make all the difference in your wealth’s sufficient growth and the allocation of your assets. At Pillar Wealth Management, our team has decades of experience in wealth management for individuals with $5 million to $500 million in liquid investment assets. Get in touch with us to get started on creating an efficient and customized financial plan.

Table of Contents
High Net Worth Financial Advisors
Finding the Best Financial Advisor
Is My Financial Advisor Doing a Good Job?
Financial Advisors Are Worth It

High Net Worth Financial Advisors

Not everyone has the knack for financial management. Now and then, there will come a situation where you will need the advice of an expert who knows the ropes of all financial aspects. The more wealth you have, the more complex your finances become. That’s where a high net worth financial advisor steps in.

Before you go and hire one, you may want to understand, “How are high net worth financial advisors different from traditional advisors?” In a nutshell, they cater to the specific needs of individuals with numerous high-value assets. They have the precise skills and relevant experience to invest and manage your portfolio, manage your taxes, plan your retirement and enhance and secure your wealth.

The services a financial advisor offers will differ concerning their certification, level of expertise, experience, institutional commitments and client base. The best thing about high-net financial advisors is that they typically offer a full array of services to improve your financial life. A holistic financial plan is tailor-made for you to meet your goals.

That being said, many advisors specialize in certain areas more than others. For this purpose, it would help if you know exactly which services you are looking for. Do you want to increase your wealth? Do you want to protect your assets? In this case, a wealth manager or investment manager is right for you. If you’re looking to secure a financial future for your family, a certified financial planner may be who you’re looking for. As a wealthy family with a net worth of over $10 million, you can’t be too careful in selecting your advisor. Our Ultimate Guide is exclusively for you!

Is my financial advisor doing a good job

Which Financial Advisor Should You Hire?

If you’ve already hired a financial advisor who you think is not up to the mark, you be wondering, “Is my financial advisor doing a good job?” and “Do I need to change my financial advisor?”

It’s possible that your advisor isn’t suited for the service you had in mind when you hired them. They may not be specialists in that field or may lack in certifications. The service you require may be the expertise of another kind of financial advisor. Here are a few examples of financial advisors for high net worth investors.

Investment Brokers

Brokers primarily focus on which securities to purchase and sell as investments on behalf of their clients. They earn a commission on each successful venture. They have unparalleled knowledge of the market trend and investment vehicles, but there is a drawback. Since they do not follow a fiduciary standard of care, there might be conflicts of interest in your dealings with them.

Investment Advisors

Like investment brokers, investment advisors also focus on investing your assets in the appropriate vehicles. However, the key difference is that they merely provide you with advice on your investments, and upon occasion, can help with the transactions themselves. Their service is usually fee-based, which eliminates any conflicts of interest. You can also approach an investment advisor for guidance on improving your portfolio performance. Our Performance Guide can give you more information in regards to this.

Wealth Managers

Arguably the most suitable advisors for high net worth and ultra-high net worth people, wealth managers take a holistic approach to your financial life. They offer an array of services that affluent people are most concerned with. These include investment management, estate planning, tax mitigation, risk management and retirement planning. Their specialization allows them to guide you in protecting your assets and using them wisely. Our book, The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies for Families Worth $25 million to $500 million, is designed to help wealthy families safeguard their financial future.

Certified Financial Planners (CFP)

Certified Financial Planners (CFP) legally abide by a fiduciary standard of care and get certified after rigorous training. They uphold a high ethical standard to provide financial services such as budgeting or debt consolidation.While they do not specialize in all financial services, they have enough knowledge to advise you with a comprehensive financial plan.

Finding the Best Financial Advisor

If you’ve decided you need assistance in managing your finances, your next question may be, “How do I find the best financial advisor who will do a great job?”

Once you know which service and, consequently, which financial advisor you are looking for, you can move onto identifying their qualifications. Evaluating the competency of your advisor is crucial to be certain that you made the right choice.

There are many aspects to be considered if you want the best advisor to suit your financial needs. We talk about these in great detail in our Ultimate Guide. To help you, we have highlighted some of the most important ones here.

Risk Management Skills

An advisor’s risk minimization tactics are the defining characteristics of their capability and skill. Making investment plans and creating portfolios that increase your gains is an easy task. Our guide can tell you all about the best ways to maximize your growth. Balancing it with strategies that reduce loss due to systemic or non-systemic risks is the real challenge. Some losses are inevitable in systemic risks, but the right plan and strategies can help you minimize the effects it has on your wealth.

The right financial advisor will identify hidden costs and charges that can slowly eat away at your wealth. They combine this information to strategize a plan to eliminate unnecessary costs. Additionally, they can analyze your risk appetite and cautiously advise you against any decision that can have disastrous effects.

Knowledge and Experience

Capitalizing on market trends requires extensive knowledge of the market and the finance industry. The best financial advisors will be experienced in using tools and techniques to handle your assets and manage your wealth efficiently. What’s more important is to see whether they can cater to clients with a high or ultra-high net worth.

Looking at their client history, track record, and client satisfaction will help you determine whether they possess the abilities you need in your financial advisor. An intelligent advisor will understand your financial needs more accurately and will use their knowledge-base to identify the best options for you.

Certifications and Accreditations

Credentials go a long way in proving that the financial advisor you have chosen is qualified for the job. Their certifications and accreditations directly reflect their experience, knowledge and skills. Certain services require more training, for example, chartered financial consultants. Having licenses for services such as investment management can also be a requirement of the state. Seeking advice from a certified professional will also give you more confidence in their ability to manage your wealth.

Is My Financial Advisor Doing a Good Job?

If you need to ask yourself, “Is my financial advisor doing a great job?” chances are they’re not. You may feel that they don’t understand your goals or how to meet them. If you doubt their competency in investing or handling your assets, it may be time to consider a new financial advisor. When searching for another advisor, you want to make sure that you don’t make the same mistake twice. Our wealth managers are experts in advising affluent individuals. Book a meeting to see for yourself!

However, if you’re still on the fence about your financial advisor, you can ask yourself a few simple questions. By the end, your answers will either confirm your doubt or restore your faith in your advisor.

Do They Offer A Fiduciary or Suitability Standard of Care?

The difference between a fiduciary financial advisor and a non-fiduciary advisor is the standard of care they follow. A fiducial duty implies that they are legally bound to uphold an ethical standard to meet your best interests.

A suitability standard of care strives to meet your goals and respect your wishes, but the advisors are prone to look out for their own or their firm’s interests before you. This can create conflicts of interest.

If your financial advisor follows a fiduciary standard of care, your wealth is in safe hands. They will be dedicated to your financial growth and security.

Do They Help You Secure Your Assets?

Does your financial advisor allocate your assets consistently to maintain a healthy portfolio?

Diversification itself is not enough to reduce risk. Investments in optimized and consistent vehicles such as bonds and equities can help you overcome the consequences of systemic risk as well.

If your financial advisor has ample knowledge of the market, they will be aware of the performance and relations between assets. This should lead them to advise you to invest in a way to control your losses. If one market declines, the other should allow your assets to retain their value.

A quick way to answer the question, “Is my financial advisor doing a good job?” is by analyzing how they allocate your assets and whether they advise you against high-risk investments.

Do They Monitor and Control Your Portfolio Performance?

Any financial planner or financial advisor can create a portfolio and financial plan to follow for the rest of your life. This one-time service does not account for all the changes that come with market volatility, policies and life circumstances.

Good financial advisors will study your portfolio regularly and identify its strengths and weaknesses. They will periodically check in to make sure that it aligns with your goals and adjust it accordingly. Portfolio stress tests can help predict your performance in unforeseen circumstances.

Adapting to life changes is crucial to maintain a healthy financial life. Your wealth may increase, there may be a recession or you may get married. Each circumstance will require different adjustments to your portfolio and financial plan.

Do They Have A Personalized Plan for Your Goals?

The goals of high net worth and ultra-high net worth people are usually more ambitious and focused. Financial advisors should take enough time to understand them and ensure that each aspect of their plan contributes to achieving your goals.

An efficient financial plan should be tailor-made to fit your needs and help you reach your objectives. Our wealth managers offer fully customized financial advice to high earners. Click here to schedule a call with one of our experts.

Personal wealth management can become emotional for you with legacy planning, retirement and insurance policies coming into play. That is why your financial advisor should objectively make the best decisions for you in these matters.

Financial Advisors Are Worth It

Researching and thoroughly analyzing your options before hiring a financial advisor will inevitably lead to one best suited for you. Working with the right financial advisor will erase any doubt in your mind of “Is my financial advisor doing a good job?”

Millions of dollars in assets can become tricky to manage on your own. Professional advice can streamline this process and ensure your financial success. Furthermore, you get the chance to relax when you know that your finances and future plans are well taken care of.

Pillar Wealth Management has a team of financial experts ready to meet your highest expectations. Our dedicated wealth managers are skilled in advising investors with $5 million to $500 million in liquid assets to develop a customized financial plan. Contact us to get started on your journey to financial success.

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