It’s definitely hard to trust someone else with your wealth and when that happens to be $5 million to $500 million in liquid assets, it only gets harder. However, high net worth individuals can’t afford to go on without a financial advisor. A financial advisor New Orleans has experience and expertise at handling large amounts of wealth and diversified assets. As a result, they can grow and preserve your wealth efficiently. But, first, they need to find the right financial advisor New Orleans for themselves. For that, we recommend reading our exclusive guide on finding the right financial advisors for investors worth $10 million or more.
The Art of Protecting Ultra-High Net Worth Portfolios and Estates
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’re wondering what is a good financial advisor? Then you need to meet with the financial advisors at Pillar Wealth Management to get your answer. We have been working with high net worth individuals and families exclusively for more than thirty years. We work purely on a fee-basis, which allows us to focus on our clients’ goals and needs. We provide customized financial solutions according to each clients’ unique financial situation and personal targets.
In this blog, we’ll be revealing some tips for choosing a financial advisor that is right for you, what happens when you meet one, and what the value of a financial advisor is. Let’s start.
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Tips for Choosing the Right Financial Advisor New Orleans
High net worth individuals face many financial risks and unique challenges which is why they require the experienced services of a financial advisor New Orleans. However, if they truly want to benefit from them, they need the right financial advisor. Read our book, The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies for Families Worth $25 million to $500 million, to discover how the right financial advisor can help you.
Here are a few tips for choosing a financial advisor.
Evaluate Your Own Needs
There are not only numerous financial advisors out there but there are also different kinds of financial advisors. Therefore, to see which one is right for you, you need to evaluate your own needs first.
Why do you want a financial advisor?
Do you want one just for handling your investment portfolios? In that case, an investment advisor will be suitable for you. Do you want an advisor to help come up with a financial plan for your wealth? Then you could benefit from a financial planner.
If you want more holistic and comprehensive services, then you need a wealth manager who can handle all your wealth and assets together. Get in touch with wealth managers at Pillar Wealth Management to discuss your financial needs.
Ask the Right Questions
Once you know what you want, you can narrow down your search significantly, but there’s still some work to be done. Next, you need to ask the right questions from the financial advisor. Ask them how long they’ve been working in the industry, as a financial advisor and with high net worth individuals like yourself specifically.
Ask them about their clients and how long they tend to stick with them. Ask them technical questions regarding their money management and asset allocation strategy. This can have a huge impact on your portfolio’s performance. Check out our guide on portfolio performance to learn more about it.
Furthermore, you should also ask questions like how they will ensure that you have a secure retirement and financial success. Such questions are hard to answer but they can tell a lot about an advisor’s abilities and commitment. Read our guide on choosing the best financial advisors for investors worth $10 million or more to learn what else you can ask financial advisors.
Consider Their Compensation Method
As we mentioned, there are different kinds of financial advisors with different compensation terms as well. There are advisors like brokers who often charge commission. However, the problem with such advisors is that you often have a conflict of interest which leads the advisor to suggest products and securities that aren’t necessarily the best for you. Therefore, you should stick to advisors that charge a fixed percentage. Schedule a chat with our advisors who work on a 100% fee-only basis.
Do a Background Check
You should also do a background check on the financial advisors you are considering. This check can tell if they have all the required certifications and licenses and whether they are authorized to provide the services they are offering.
Moreover, you can also find out if they are fiduciaries or not. A fiduciary financial advisor is quite crucial and you can learn why by reading our exclusive guide on the best financial advisor for families worth $5 million to $500 million.
What Happens When You Meet with a Financial Advisor?
If you manage to find the right financial advisor New Orleans, your advisor will probably spend a while to understand your personal goals and needs first. They will ask about your financial situation and your short and long-term financial goals as well as other goals in life. Based on that, they will assess your needs and then come up with a rough financial plan.
Over time, as you keep meeting them, they will develop the right strategies and portfolios that best fulfill your goals. If you find that your advisor is not asking or doing these things, you can always get a second opinion. Learn why that’s important from our handy guide on portfolio growth strategies.
If you’re still wondering, “what is the value of a financial advisor?”there really isn’t any straight answer to it. When you have the right financial advisor, they won’t just build your wealth and protect your assets. They will help you secure your future and attain financial serenity and that’s not something you can put a number on.
Pillar Wealth Management is a 100% fee-only wealth management firm. We offer various financial services including investment management, insurance planning, tax optimization and more. We strongly believe in helping each client meet their financial goals in life and that’s why we offer customized financial solutions based on extensive research, in-depth knowledge and smart asset allocation strategies. Schedule a meeting with our advisors today.
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