How to Find Wealth Manager in San Jose
As you narrow your search for the best San Jose wealth management firm that fits your needs, the easiest first criteria is to find one that specializes in serving investors with your net worth. Pillar Wealth Management exclusively services high and ultra-high net worth families and individuals with $5 million to $500 million in liquid assets. If that’s you, a good next step is to get The Ultimate Guide to Choosing the Best Financial Advisor, and use it to narrow your search even more.
The guide will help you find a wealth management firm you can trust to help manage your financial life as an affluent San Jose resident.
What follows is everything that you should know about finding wealth management near you from Pillar Wealth Management, LLC.
Table of Contents
Table of Contents
A quick note before we dive into financial planning in 95113 and other zip codes in your area. If you are searching for a financial advisor in San Jose and you need help managing assets worth between $5 million and $500 million, contact us.
Sign up for your free consultation with Pillar Wealth Management today. You will speak directly with company co-founders Hutch Ashoo and Chris Snyder. Our firm helps manage wealth for multi-millionaire clients that have a unique set of investing needs.
Things to consider while searching for financial advisors in San Jose
It is no secret that San Jose is one of the best places to live in California, if not the nation. However, with this prosperity comes several unique challenges. Because of a high average annual salary, a low unemployment rate, and an amazing quality of life rating, San Jose is also one of most expensive places to live.
Additionally, high income leads to a distinct set of financial challenges, especially for multi-millionaires. Not every wealth management firm in San Jose will understand how to help people that are in your specific financial situation.
They might offer services catered to people who are middle class, instead of the affluent, and fail to meet all your needs.
Therefore, it is important for you to search for the right financial consultant near you, who can grasp your money management needs.
To find out how a financial advisor in 95113 operates, and what to do if you need an advisor that is able to work with affluent clientele, get a free copy of our comprehensive guide that will help you find the perfect advisor, The Ultimate Guide to Choosing the Best Financial Advisor: For Investors with $5 Million to $500 Million in Liquid Assets.
It discusses the risk of selecting the wrong investment advisor, while explaining how to find a wealth manager that preserves and protects your hard-earned wealth.
Should you manage your money yourself ?
Like with all things in life, when it comes to managing your wealth, you have options. The first option is to manage your finances and investments by yourself.
Although this would be the least expensive option, it will also be the most challenging. People that are serious about growing or maintaining their wealth usually get help from an advisor.
Most affluent individuals opt against self-managing their investments because it requires extensive knowledge of financial planning, not to mention lots of time.
It would mean that you must understand investment options, accounting, tax planning, estate planning, and that you develop a variety of other fiscal management skills.
You also need to make some essential shifts in your thinking and understanding of investment performance and how to optimize it. We have detailed this process in this free guide, Improving Portfolio Performance: The Shifts Multi-Millionaires Must Make to Achieve Financial Security and Serenity.
If you want to live a life that is enhanced by your wealth, instead of entirely focused on it, there is a better way than to do it alone. The proper financial advisor can help you build generational wealth.Talk to one of Pillar’s co-founders today.
Having someone else manage wealth for you – differences and similarities between financial advisors in San Jose
There are several financial solutions that you will uncover as you search for a financial consultant in 95113. The most basic investment portfolio management is done by robo-investors.
Is robo-investing the best option for you? It might not offer the best solution for you as a high net-worth individual.
A robo-advisor is not an actual person that is put in charge of helping you meet your financial goals. Instead, you put assets into an investing account, and computer algorithms decide the best places to invest your money to achieve your financial goals.
Robo-advisor investing is an appropriate solution if you have a simple financial life. However, multi-millionaires usually need a wide variety of services that factor in several complex financial needs.
Therefore, it probably will not work for the affluent investor. Plus, it is more of a challenge to find anactual financial advisor whenever you have questions about the way your account is being managed by the robo-advisor.
It will be a lot more convenient for you to work with a real person, if, for instance, you have a question about inheritance or tax minimization strategies. In most cases, a robo-advisor cannot answer the questions you have about both investing and non-investing related financial matters.
The financial planner.
The role of a financial planner in San Jose is to help you develop a strong financial plan. This plan will guide your saving, spending, and investing for several years or longer.
Even though it is good to have a financial plan, there are several shortcomings you will experience if you choose to work with a company that offers financial planning near you.
First, financial planners give general financial advice. They might not know about specific investments and securities that you need.
Second, most financial planners cannot help you purchase the investments you need. Instead, you will need to work with a stockbroker to purchase the stocks, bonds, or other securities outlined in your plan.
Working with multiple people, often in different companies, can make working with a financial consultant in the 95113 zip code more complex than it should be.
Discover how Pillar Wealth Management LLC. can help you manage $5 million to $500 million in liquid assets. Our company co-founders are currently offering free online consultations. Register for your no-obligation consultation today.
The investment broker.
The next type of financial advisor you can work with is known as an investment broker, or stockbroker. These are the people that you turn to when you want to purchase certain investments.
Essentially, they are paid on commission whenever you decide to purchase stocks, bonds, or securities through them. However, unlike financial planners, they are unlikely to make you a long-term financial plan.
Additionally, they can refer products that might not offer the best returns out of all the options you have, but that benefit them, because most brokers do not act as fiduciaries.
Therefore, the next time you search for a financial advisor near you, understand the exact type of professional you are looking to working with.
If you want more comprehensive services, especially as a high net-worth individual, you will likely prefer to work with a San Jose wealth management company over an investment broker. If you have $10+ million to invest, this is a great place to start.
San Jose Wealth Management.
If you need holistic financial planning in San Jose, working with a wealth manager in San Jose will likely be your best option. A wealth manager plays the role of a financial planner and an investment broker.
They not only help you plan a financial strategy and manage your investment portfolio on your behalf, but they also assist with complex financial matters as well.
Your wealth management advisor is available to manage your wealth, reduce your tax liability, and assist you with estate planning. It is a lot easier to work with a professional who understands the needs of affluent clientele, and that is also able to manage even the most complex financial situations. But that is not the only reason to work with a wealth advisor.
If you want to go in-depth, the best way to uncover all the ways a wealth manager helps you achieve all your financial goals and desired lifestyle outcomes is to read our book, The Art of Protecting Ultra-High Net Worth Portfolios and Estates: Strategies for Families worth $25 Million to $500 Million.
We will send a copy directly to your home if you would like to learn more about protecting your wealth for future generations.
Why work with a wealth management company?
One of the main reasons to work with a wealth management company is because of their fiduciary duty to their clients. For a business owner to create a wealth management company in San Jose, they must first become a Registered Investment Advisor (RIA).
Fiduciary duty means that the advisor must work in the best interests of their clients, above all else. It is a powerful distinction.
The RIA designation is only given after passing a comprehensive financial management exam and then registering with the state the firm will operate in, or with the U.S. Securities and Exchange Commission, depending on how much wealth they’re managing for their clients.
Once a company registers as an RIA, they must follow SEC guidelines. One such guideline is that RIAs must perform in their client’s best interests.
Financial planners and stockbrokers do not have the same requirement to register their activities with the state or federal government, and therefore do not have the same fiduciary obligations to you.
This means that stockbrokers and other financial advisors can suggest financial products that are not necessarily in your best interest to purchase. This can possibly result in a conflict of interest between you and your financial advisor. By working with a wealth manager instead, these conflicts will not arise.
Fiduciary vs Non-Fiduciary Wealth Management
For example, you can speak to your stockbroker and tell her that you would like to invest in mutual funds to help meet your retirement goals. She can suggest a specific mutual fund for you to invest in, even if it is not one that is best to meet your financial goals. It might have higher fees or commissions that benefit her, but that do little good for you.
This applies even if you could make a greater return with another financial product.
When you are not working with an advisor that has a fiduciary duty, it is easier to make decisions that are not in your best interest.
Do not let these conflicts arise. Instead, learn how to choose the right advisor by reading our resource, The Ultimate Guide to Choosing the Best Financial Advisor: For Investors with $5 Million to $500 Million in Liquid Assets.
Most often your wealth manager will actively manage your investment portfolio and make purchases and sales of investments and securities on your behalf.
As a fiduciary, they will keep track of every transaction they make for you and explain why it is in your best interest. Plus, wealth managers often receive a percentage of your investments under management. Thus, growing or maintaining your wealth is in both of your best interests.
Do you need a wealth manager that can help you prepare for the future? If you’re looking to manage $5 million to $500 million in liquid assets, schedule your free consultation now.
You will have a meeting with Pillar Wealth Management LLC. co-founders Hutch Ashoo and Chris Snyder and discuss your financial needs.
Should I work with a financial advisor near me?
One common question you might be wondering is whether you need to work with a financial planner in your local area. That all depends on how much you value face-to-face communication. Even if your advisor is not close by, it is still possible to conduct video conferencing and converse on the phone or by email.
By considering companies outside of your local area, you will expand the number of financial managers you can work with.
In conclusion, there are several types of financial planners available in San Jose, so it is crucial to understand which one will work best for you. If you are a high net-worth individual, consider all your options based on your current and future needs.
Are you interested in finding an advisor that can help you meet your financial needs? Consider working with Pillar Wealth Management if you have $5 million to $500 million to invest. You can learn more about our services by scheduling a no-obligation consultation call with company co-founders Hutch Ashoo and Chris Snyder.
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