Recommended Financial Advisors for the Ultra-High Net Worth
For ultra-high net worth individuals with $5 million to $500 million in liquid assets, involving others in their financial planning and decision-making process can feel like a big risk. After all, no one knows your assets better than yourself, so only you can make the best decisions for it, right? Well, that is correct to some extent, but it is also true that you lack the right skills and expertise or even time to manage your assets efficiently. Therefore, you run an even bigger risk which could potentially even leave you with unfortunate consequences. That’s why investors worth $5 million or more looking to invest and grow their wealth need to work with financial advisors and not just any financial advisors. They need the best recommended financial advisors, and such wealthy individuals can learn why they are so important by requesting a copy of our published in-depth book, we as independent unbiased wealth managers for over 30 years put together, titled7 Secrets to High-Net-Worth Investment Management, Estate, Tax, and Financial Planning.
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.
At Pillar Wealth Management, our expert financial advisors are constantly striving to help you attain this financial success and security. We provide a range of financial advisory, financial planning, and investment management services for holistic wealth management. We believe in helping each client accomplish their own personal goals and dreams, and to that end, we offer personalized financial services to best cater to our client’s needs. We have been working in this field and offering services to high or ultra-high-net-worth clients specifically for several decades now. Book a free discussion with our recommended financial advisors at Pillar Wealth Management today.
In this blog, we’ll be going over why high-net-worth individuals and families need the best recommended financial advisors and how they can choose the right one. Let’s get started.
Table of Contents
Why Are Recommended Financial Advisors So Important for the Financial Success of the Wealthy?
Judging from their name alone, it might seem like all financial advisors do is advise you on your financial decisions, such as to invest in that, don’t invest in that, save this much, spend that much money, etc.
However, in reality, a financial advisor does much more and can actually be responsible for your financial success and security. They carefully analyze your personal circumstances and financial health. They discuss and understand your short and long-term financial goals and aspirations.
They take into account the challenges you face and concerns you may have. Then, they start evaluating different options that can help you meet your goals. They help you choose the right assets to invest in and then keep a close eye on their progress and performance.
They make sure you are prepared for any possibility so that you never find yourself near bankruptcy. They help secure your future as well as that of your children and loved ones. They can help leverage market opportunities and grow your assets sustainably.
They can help free up your time so that you can pursue other priorities in life without any worry. Without financial advisors, all this can be pretty much impossible. Arrange a quick meeting with Pillar Wealth Management to learn how else a financial advisor can help you.
How Do I Choose a Good Financial Advisor?
All that sounds great but to actually avail all those benefits, you need to find a good financial advisor for yourself first. Working with the wrong advisor can cause you a lot of trouble. You could find yourself drowning in excessive taxes and costs, struggling to figure out which assets are best, unable to protect your wealth, and much more.
Such an advisor could lead you towards an uncertain retirement where you have to sacrifice your dreams or live a different kind of life than you had imagined. So, then how does one find a good financial advisor? Here’s how.
Check Their Credentials
One of the first things you need to do is check the credentials of the recommended financial advisors. This is a good way to efficiently filter out the good financial advisors from the not-so-good ones. You need to see and make sure they have all the necessary credentials and licenses.
This will help ensure that the financial advisor has gone through adequate training to acquire the necessary skills. Moreover, it will also help you make sure that the financial advisor is licensed to provide the specific services they are offering.
For instance, when going for any investment management services, you should make sure your advisor is a registered investment advisor (RIA). Besides that, as you conduct a background check to see all their credentials, you can also check if they have had any lawsuits or cases against them that you need to be aware of.
Consider Their Experience
Experience matters a lot for financial advisors. Sure, they will learn some things through their training and certifications. However, there are some crucial skills and expertise that only come with years of experience.
Think about it. Would you rather hand over your portfolio worth $500 million to an advisor with two years of experience in the field or an advisor who has been at it for more than 20 years? Besides that, you also check how experienced they are in dealing with your kind of individuals specifically. High-net-worth individuals require financial advisors of an entirely different caliber.
Look at the Services They Offer
You need to go through the services they are offering. This will require you to first evaluate your own needs and determine what kind of services you require accordingly. If you only need a financial advisor to look over your investments, an investment advisor will do, and they just need to be offering investment and portfolio management.
If you need help with your financial planning, you will need a financial planner. If you need holistic wealth management, you will be best suited for a wealth manager. Then you can check whether they offer all the services you need or not. Read our comprehensive guide on portfolio performance to learn why it’s so important for your needs to align with the services.
Check Their Standard of Care
When it comes to partnering with a financial advisor, the first thought that most people have is how do you know if a financial advisor is legit? Well, this is where the standard of care comes in. Most financial advisors either fall under the fiduciary category or the suitability category.
When you are looking for a good and legit financial advisor, you need to stick with the fiduciaries. Such advisors are held to a much stricter standard of care where they must always prioritize your best interests over their own.
They can’t have any conflicts of interest, and they must disclose all relevant information to you always. Learn why else a fiduciary advisor is so important for the growth and protection of your wealth from our book, The Art of Protecting Ultra-High-Net-Worth Portfolios and Estates – Strategies for Families Worth $25 million to $500 million.
Look at Reviews and Testimonials
Another way to evaluate the skills and service of a financial advisor is through their reviews and testimonials. You can check what their other clients are saying about them and their services. This can give you a real picture of what to expect from them.
If you have any close friends or family who have worked with them directly, you can even ask for their personal reviews. You shouldn’t focus on how many clients a financial advisor has, but rather how many clients they retain and what those clients are saying about them.
Consider Their Understanding of Costs
The financial advisor’s understanding of costs will reveal a lot about their skills, intentions, and ultimately what role they can play in your financial success or failure. The taxes you pay on your assets and investments and the fee you pay your advisor will not be the only costs you will have to bear.
Instead, there will be numerous other costs and expenses that will be draining your wealth. If your advisor doesn’t tell you about these costs or worse, if they don’t know about it themselves, this could land you in a lot of trouble. You could end up throwing away millions and millions of dollars every year, and this will only take you further away from your goals.
Therefore, make sure the advisor has an excellent understanding of these costs and an even greater plan to control them. Request a copy of our book on investment management, tax planning and more to read about some of the costs your advisor may or may not tell you about.
Ask the Right Questions
A meeting with your advisor beforehand is also a great idea as it lets you ask any questions you may have and clear away doubts. However, you have to ask the right questions. Now, you might be wondering, what questions should I ask my financial advisor?
These include some easy ones as well as some hard questions. For instance, some simple questions include asking what services they offer, whether they are a fiduciary, what clients they usually work with, etc.
However, there will also be some tough questions like how do they plan to help you achieve your life goals and dreams. Set up a discussion with us today to get all your questions answered about wealth management and more.
Check Their Money Management Style
You should also check their money management style as it can greatly affect your portfolio performance and, consequently, your financial health. Many financial advisors tend to lean towards active money management, which involves timing the market and going after the trending products.
While this brings in high returns, it also carries high risks and incurs many costs. That’s why you need to adopt a mix of active and passive money management, which balances the returns with the costs for better long-term performance.
You can learn more about these management styles and their impact on your financial position in the long run from our handy guide about portfolio growth strategies.
Finding the best recommended financial advisors is certainly not easy. You can’t just look them up online and pick the one that seems most suitable. Rather, you will have to spend a lot of time and effort in evaluating your own needs and then searching for the most appropriate advisors. You might have to hold several meetings where you can ask questions directly.
Similarly, you will have to filter out the right advisors from the wrong advisors using various measures. However, if you do manage to find the right financial advisor, it’ll be smooth sailing from there. You won’t have to worry about any financial trouble as your financial advisor will be handling it all. It will be up to you how involved you want to be in the process.
Your advisor will keep you updated with the progress with monthly or quarterly reports. They will continue working with you for the rest of your life or perhaps even after that.Affluent individuals looking to invest their $5+ million worth of assets can request a copy of our book for expert advice on financial planning to attain financial success.
At Pillar Wealth Management, high-net-worth families and ultra-high-net-worth individuals can find fiduciary and fee-only financial advisors to help them with their unique needs and complex challenges. Our advisors are experienced in a number of services, including investment management, tax optimization, retirement planning, estate, and legacy planning, debt management, accounting, and much more. We strongly believe in helping each client meet all their goals in life, and so, we help them develop personalized financial solutions that specifically cater to their best interests. Get started on your wealth management needs by booking a no-obligation consultation with Pillar Wealth Management today.
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