Personal Financial Advisor Near Me: How to Choose – PillarWM

Setting up and working towards your financial goals can be a complicated process. Many individuals with a high net worth or an ultra-high net worth consult with financial advisors to make this process easier. If the main question on your mind is, “how do I find a personal financial advisor near me?”, you should follow the steps outlined in this guide. Individuals with $5 million to $500 in liquid investment assets should consider financial advisory services from Pillar Wealth Management. We discuss some special asset management strategies in our guide for investors with $10 million or more.

What Is Private Wealth Management?

Private wealth management includes a range of financial services and is offered by banks, family offices, and investment firms to their wealthiest customers, that is, high- or ultra-high net worth individuals and families. These services allow the customer to achieve their short- and long-term financial goals, such as increasing and protecting their wealth and ensuring they can maintain their lifestyle during retirement.

Understanding Private Wealth Management

Private wealth management is beneficial for wealthy individuals who have a large range of assets and complex tax situations. Also, these individuals may lack the time or expertise to manage their finances optimally, in particular, regarding the taxes they have to pay every year.

High-net-worth individuals often have complex needs in the areas of estate planning and philanthropy. They can benefit from the advice of a wealth manager to resolve the complexities of transferring their wealth to their beneficiaries as well as their favorite charities.

What is a Wealth Manager?

You may have heard the term “wealth manager” used before. However, few people understand who these professionals are and what they specialize in. A wealth manager is considered a special type of financial advisor that offers a wide variety of services.

At Pillar Wealth Management, our wealth managers offer services, including asset management, portfolio analysis, retirement planning, estate planning, and risk management.

Types of Private Wealth Managers

Private wealth management services are offered by banks, brokerages, investment firms, and independent financial advisors. Private wealth managers may comprise a portion of the advisory team within one of these companies, or they may constitute the entire focus of a firm’s staff.

How Does a Wealth Manager Differ From a Financial Advisor?

• Variety of Services
• Client Net Worth
• Advisor-Client Relationship
• Fee Structure

So what is the difference between a wealth manager and a financial advisor? These professionals are similar in many respects, but they also differ in some key areas.

Variety of Services

As mentioned above, a wealth manager offers a wider variety of services compared to ordinary financial advisors. Most financial advisors help you create financial plans to help you reach your goals. However, a wealth manager will offer additional services that help you towards meeting those goals.

If your goal is to keep building your wealth, a wealth manager can recommend investment strategies to grow your portfolio. We discuss some of these techniques in our portfolio growth strategies guide.

Client Net Worth

One of the most obvious differences between an ordinary financial advisor and a wealth manager is their clients’ average net worth. Most financial advisors take on clients with any net worth. This makes it easy for people with various financial backgrounds to approach them.

By contrast, wealth managers are more selective about the clients they take on. Your average wealth manager caters primarily to individuals with a high net worth or an ultra-high net worth. At Pillar Wealth Management, we take on clients with $5 million to $500 million in liquid investment assets.

This also means wealth managers have more experience in dealing with wealthy clients. Such individuals have special needs and goals that individuals with ordinary net worth are not concerned with. Wealth managers recognize these differences and can apply their knowledge to address them.

Advisor-Client Relationship

People generally reach out to their financial advisors when they need a financial plan or assistance with a certain financial matter. However, these advisors rarely get in touch with their clients themselves. They may reach out a few times a year and check if they are facing any difficulties or hurdles in their plan, but their communication is usually limited to these matters.

Wealth managers maintain regular communications with their clients. They may reach out more often and provide frequent portfolio updates. Clients can also get in touch with wealth managers as frequently as they need to.

This means they can consult them on any financial decision they need to make or when they are seeking investment advice.

Fee Structure

Financial advisors and wealth managers may also differ in terms of their fee structure. A financial advisor may charge clients an hourly rate for their services. Additionally, they may also charge separately for any financial plans the client requests. As a result, the cost of using a personal financial advisor near me will vary depending on the level of services you use and the frequency with which you meet with them.

At Pillar Wealth Management, our wealth managers charge clients a fixed annual fee. This fee is clearly defined before you use our services so that you know exactly how much you will be paying beforehand. This also frees you from worrying about additional charges each time you use our services. You can consult with our wealth managers as often as needed. Get in touch with our wealth managers today.

How Private Wealth Management Works

With their wealthy clients, private wealth managers build close relationships that can last for decades as the clients’ financial plans are implemented and evolve with the changing circumstances in their lives.

The wealth manager creates a financial plan based on the client’s goals and risk tolerance, including an investment strategy that recommends products that align with the financial plan.

The client pays a fee that is based on the value of the assets that are managed by the advisor. The asset portfolio is monitored by the wealth manager to ensure it continues to meet the goals of the client.

The manager may consult with other experts, such as lawyers, accountants, and insurance brokers, to provide a complete financial solution for the client’s needs.

How to Find a Personal Financial Advisor Near Me?

• Find a List of Wealth Managers in Your Area
• Look Up Reviews
• Ask the Right Questions

There are numerous independent wealth managers and wealth management firms to choose from. You may be wondering, “how do I find a good wealth manager?” You can narrow down your choices and choose the right professional for the job using these steps.

Find a List of Wealth Managers in Your Area

You should begin your search by pulling up a list of wealth managers who practice in your area. Search engines such as Google or Bing are great for this purpose. Many wealth managers work for existing wealth management firms. If none of these choices meet your requirements, you can also look into independent wealth managers who aren’t employed by any organizations. Set up a meeting with our wealth managers to learn how we can assist you.

Look Up Reviews

It’s essential to look up reviews and ratings for any wealth manager before using their services. Some wealth managers that tout themselves as the best in the business have poor track records that can’t be spotted by visiting their website. For this reason, you should find reviews from their past clients on independent review sites.

It may also be worth looking into the clients who have written these reviews. If someone speaks highly of a wealth manager’s services, you should check and see if their financial background is similar to yours. This should provide a better picture of your wealth manager’s suitability.

Ask the Right Questions

You can also pick a suitable wealth manager by testing their financial knowledge. Some of this knowledge is gained during their education, while other knowledge is gained only through experience. The latter is more important when choosing a wealth manager. A good wealth manager should be acquainted with different strategies for protecting your wealth. Some of these strategies are discussed in our book The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies For Families Worth $25 Million To $500 Million.

Try to meet with each wealth management in-person. Ask them about the services they offer and how they intend to create a comprehensive financial plan that helps you meet your goals. You can also look up additional questions to ask a financial advisor using our special guide.

The Top 4 Investment Firms

If you are interested in selecting a financial advisor from an investment firm, you might be wondering, “what are the top 5 investment firms”? There are numerous firms out there, so it is difficult to say which ones are in the top five. In our opinion, we believe that the following five firms deserve your attention.

J.P Morgan

J.P Morgan is among the biggest names in investing. They reported a net revenue of $115.63 billion in 2019, which was a record high for the company. Many wealthy individuals have used their services in the past, and they are likely to continue being popular into the future.

Morgan Stanley

Morgan Stanley is another heavyweight in the investment world. Their revenue for 2019 was $40.1 billion. Their total revenues have been increasing at an annual rate of around 8% for the past three years. Their professionals offer advice to over 3.5 million people and possess over $2 trillion in assets.

Goldman Sachs

Goldman Sachs is a leading investment firm that was established over a century ago. Clients will need to invest at least $10 million if they wish to open a wealth management account with the firm.

Pillar Wealth Management

Our firm may not be as large as the firms mentioned above. However, we strive to provide our clients with quality wealth management services that other firms can’t match. Our wealth managers provide each client with the attention they deserve and create personalized plans to meet your goals. Sign up for an exclusive free consultation with our wealth managers today.

Last but not least, we would suggest that the best firm is one where you feel 100% comfortable with the advisor because ultimately that’s truly what matters. You want someone who you can trust 100% and who will always put your best interest first. No company name can make up for what we just said.

Why Choose Pillar Wealth Management?

If you are seeking high net worth wealth management, Pillar Wealth Management should be your go-to choice. We have assisted numerous clients in meeting their financial goals. They choose our services for the following reasons:

Experience

Our wealth managers have over 60 years of experience offering services to wealthy clients across the country. This experience is considered invaluable in the wealth management world. We have aided our clients through difficult times and have helped them safeguard their wealth for a comfortable retirement. We have boosted portfolio performance for countless clients over the years. Some of the advanced strategies we used are discussed in our special guide.

Personalized Plans

Many of the larger investment firms offer their clients generic financial plans that are based on pre-existing templates. Such plans are useful for firms that prioritize quantity over quality. However, these plans may not be suitable for all clients.

At Pillar Wear Management, our wealth managers offer to create personalized plans to help you achieve your goals. We understand that each of our clients possesses unique needs and requires specialized attention to safeguard their wealth. We offer many advanced strategies for wealth protection and growth, and can tailor each plan so they are easy to follow.

Clients can choose how much they would like our wealth managers to be involved with their portfolio. Many of our past clients have asked our managers to take control of their portfolio and to provide performance updates regularly. Other clients prefer to exercise more control over their assets and come to us only for advice. We can adjust our level of involvement based on your needs.

Knowledge

Your portfolio may be vulnerable to many risks across various markets. Our wealth managers possess the knowledge required to identify these risks and help you safeguard yourself from them.

Our vast knowledge is applied across all the services we offer. We understand how a small decision regarding your portfolio can affect your retirement plans or how wealth transfer can impact your estate. These considerations are essential for any wealth manager to understand, as they are part of a comprehensive wealth management strategy. Learn about the importance of asset protection in our guide for investors with $10 million or more.

At the end of the day, each high net worth or ultra-high net worth investor would like to keep their wealth safe and work towards a comfortable retirement. This can be made possible with our expert wealth management services. Sign for an exclusive free consultation at our website.

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