Financial Advisor Philadelphia: Choosing Wisely – PillarWM

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financial advisor philadelphia

Everyone has financial goals that they wish to achieve by a certain point in their lives. Some of these goals may be difficult to meet without the assistance of a financial advisor. Philadelphia residents with $5 million to $500 million in liquid investment assets can benefit from using advisory services from Pillar Wealth Management. Our wealth managers possess knowledge related to many finance areas. Learn about asset management strategies in our guide for investors with $10 million or more.

What Does a Financial Advisor Do?

The term “financial advisor” refers to a broad set of professionals who practice in the finance industry. They offer clients advice regarding different financial matters and may assist them in creating financial plans. These plans help clients get on-track with meeting their goals.

Many people approach financial advisors when they need advice on trading stocks. Others use their services when they need assistance with creating a retirement plan. However, you may need to visit a specific type of financial advisor Philadelphia to receive each of these services.

Are Wealth Managers Financial Advisors?

Wealth managers are a type of financial advisor. Most financial advisors focus on providing one or two services; however, wealth managers offer their clients a broad set of services. These include:

  • Investment management
  • Asset allocation analysis
  • Retirement planning
  • Wealth transfer
  • Insurance planning
  • Real estate planning

Each of these services may be provided by a separate financial advisor. However, the wealth managers at Pillar Wealth Manager can provide all these services.

Wealth managers deal primarily with clients of high net worth or ultra-high net worth. They understand the unique needs of wealthy individuals and offer to assist them in any financial matter. Prospective clients can sign up for an exclusive free consultation.

When Is the Best Time to Speak With a Financial Advisor

So when should you consult a financial advisor Philadelphia? Individuals with high-powered careers tend to have limited time, so they may need to take out extra time to visit a financial advisor.

Some people consult with these professionals before making a significant investment decision or encounter a financial emergency that needs to be addressed quickly.

If you have never used a financial advisor’s services before, we recommend seeing one as soon as possible. This can be crucial, even if there isn’t an immediate emergency that requires attention. Some reasons why include:

Identifying Problems

Meeting with a financial advisor is similar to getting a medical checkup. Both a financial advisor and a doctor study your health and let you know if there are any problems that should be addressed. A doctor studies your physical health, while a financial advisor studies your financial health.

In either case, both professionals are looking out for your well-being and can help you address problems before they get any worse. We teach clients various ways to protect their wealth in our book The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies For Families Worth $25 Million To $500 Million.

Creating Financial Plans

Another reason to visit a financial advisor Philadelphia sooner rather than later is to get assistance with a financial plan. After meeting with a financial planner or a wealth manager, you can inform them about your short-term or long-term financial goals. They will then study your portfolio and come up with a plan to help you meet these goals.

It’s essential to start on these plans early, as it will give you more time to set them into motion. A rushed financial plan may not take critical details into account, which may end up setting you up for failure.

Understanding Your Options

Seeking advice from a wealth manager may also be viewed as a time-critical matter as they can inform you about the options you have. If you are nearing retirement, you may have limited options for setting up passive income sources. These passive income sources can grow over time and offer a steady stream of cash during your retirement. We discuss strategies for improving your portfolio performance in our special guide.

Performing this task in advance will give you more options to choose from. This will ensure you are able to meet your financial goals before retirement.

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How to Choose a Financial Advisor Philadelphia?

There are many financial advisors spread across Philadelphia. Each of these professionals may tout themselves as the best in the business. However, you will need to do some research and determine which advisor is right for you. Some tips for choosing the right advisor include:

Gathering a List of Advisors

The first step in your search should be to look up all the financial advisors in your area. You can find a large number of advisors using the internet. Alternatively, you can also look up directories containing the contact details for different financial advisors.

You should look for financial advisors that are close by. This will make it easier for you to meet them in person regularly.

Look Up Reviews

After finding the names of various financial advisors in your city, you should look up their ratings online. Most financial advisors maintain some form of online presence in the digital era. However, you should check for reviews or ratings on independent review sites rather than the advisor’s own website.

This is important, as some financial advisors post positive reviews and testimonials on their own website. These reviews could be cherry-picked and may not be an accurate assessment of their actual quality.

Learn About Their Past Clients

When you are looking up reviews for different financial advisors, it may also help to research their past clients. You should locate these clients on professional networks such as LinkedIn and reach out to them. Ask them how their experience has been with their financial advisor Philadelphia and whether they would recommend another better advisor.

This tip will also help you learn about the financial background of these clients. If they have a net worth similar to yours and are satisfied with their current financial advisor Philadelphia, the advisor may be a good fit for you.

Test Their Knowledge

Once you have narrowed down your choice of candidates to four or five advisors, you should try and meet them in-person. During your initial meeting, you should attempt to understand the depth of their knowledge.

If you already know which services you intend to use, you can ask them questions about these services. For example, if you are seeking retirement planning services, you should ask them what strategies you can take to meet your goal of retiring early. Contact our wealth managers and set up a free consultation.

Most financial advisors will try and give a confident answer to any question you throw at them. If you are wondering, “what questions should I ask my financial advisor?” You can thoroughly vet these professionals by asking them the questions given in our special guide.

Can I Talk to Financial Advisors for Free?

The aforementioned in-person meetings may not be possible with all financial advisors. A large percentage of financial advisors charge their clients a fee for their time. They may charge an hourly rate that could be hundreds of dollars.

This may discourage you from thoroughly vetting each possible financial advisor on your list. However, if you wondered, “can I talk to a financial advisor for free?” you will be glad to learn that some financial advisors do not charge for their initial consultation. At Pillar Wealth Management, clients can sign up for a free initial consultation with no hidden charges.

Are Financial Advisors Worth the Cost?

During your search for a financial advisor, you may ask yourself, “is a financial advisor worth it?”. After all, these professionals may charge you an hourly rate for their services, plus an extra fee for any financial plans you request. Along with these costs, you may need to sacrifice some of your precious time to meet your advisor.

Such factors can discourage you from using a financial advisor. However, there are many reasons why their services may be worth it.

Setting the Right Course

You may spend plenty of money in your attempt to reach a certain financial goal. However, you will be unable to meet this goal if you aren’t already on the right track. Spending a bit on financial advice can go a long way, as it will help you align your current path with your financial goals.

Someone You Can Turn To

Many individuals with a high net worth or an ultra-high net worth have built up their wealth themselves. They may be knowledgeable regarding certain wealth-building practices, but they may not be familiar with wealth protection strategies. We discuss safe investment strategies in our guide for investors with $10 million or more.

A financial advisor or a wealth manager is someone you can turn to for advice regarding matters you are unfamiliar with. Their advice can be applied in a variety of situations and can help you set up for a financially secure future.

Carrying Out Difficult Strategies

Everyone is on a quest to grow their wealth as much as possible. Some people have an easier time doing this due to their vast financial knowledge or investment experience. However, other people may need to rely on advanced strategies to catch up.

A financial advisor should be well-acquainted with advanced wealth-building strategies. They can help you implement these strategies in your life and guide you each step of the way. You can learn about some of these portfolio growth strategies in our special guide.

Why Pillar Wealth Management Should Be Your First Choice

You may research many different financial advisors in Chicago. However, you are unlikely to find any financial advisor who can match our wealth managers in terms of knowledge and quality of services. Philadelphia residents seek out our services for the following reasons:

Experience

Experience is what sets a good financial advisor apart from a great one. At Pillar Wealth Management, we have over 60 years of experience serving wealthy investors. Over the decades, we have assisted numerous clients in overcoming the odds and meeting financial goals they never believed were possible.

Specially Tailored Plans

We create personalized plans that fit each client’s needs. We take your unique portfolios into account and ensure the plans we create align with each of your financial goals. Many clients have had success following our advanced strategies in the past.

Fixed Fee

Unlike ordinary financial advisors who charge an hourly fee, our wealth managers charge clients a fixed annual fee. You can reach out to our wealth managers as often as needed without incurring additional charges. This is the level of services you can expect from one of the premier wealth management firms in Philadelphia.

Start making smarter financial decisions with the help of Pillar Wealth Management. Sign up for an exclusive free consultation today.

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