6 Lessons for Ultra-High Net Worth Investors – the WeWork FallouShould I Get a Financial Advisor? PillarWM
Making big financial decisions isn’t easy. You may have plenty of experience investing but it is impossible to possess perfect knowledge of every market. So you may be wondering, “should I get a financial advisor”?
The vast majority of investors can benefit from using a financial advisor’s services. These professionals possess knowledge in a wide variety of areas and can offer advice to help you achieve your financial goals.
Learn more about high net worth investment management and financial planning by requesting a free copy of our book 7 Secrets To High Net Worth Investment Management, Estate, Tax and Financial Planning For Families With Liquid Investable Portfolios Between $5 Million and $500 Million.
STRATEGIES FOR FAMILIES WORTH $5 MILLION TO $500 MILLION
7 Secrets To High Net Worth Investment Management, Estate, Tax and Financial Planning
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.
What is a Financial Advisor?
If you have never hired a financial advisor before, you may be wondering who they are and what they do. As their name implies, a financial advisor is a professional who offers financial advice in various areas. You can learn more about financial advisory services by speaking with one of our wealth managers.
Clients turn to financial advisors for assistance with various tasks such as:
• Understanding Your Finances
• Assistance with Your Investments
• Planning for Retirement
• Insurance Planning
• Tax Planning
Should I Get a Financial Advisor?
The services mentioned above are invaluable for any investor. Let’s examine each one in greater detail.
Understanding Your Finances
As an investor, you may own a wide variety of assets in different places. This means you are likely to have multiple income sources. Keeping track of each of these can be tricky to do on your own, especially when you have other wealth-building or wealth protection tasks to focus on
A financial advisor can help you better understand your finances so that you can plan for the future. This service is essential for any investor that wishes to achieve their financial goals.
Assistance with Your Investments
As an investor, you may already be familiar with many of the ins and outs of investing. However, you may be interested in taking your portfolio in a different direction at some point. A financial advisor can help guide you in this area so that you can achieve your portfolio goals. You can learn about some great portfolio expansion strategies by reading our special guide.
Planning for Retirement
Many investors work hard for decades, hoping to settle down for a comfortable retirement. However, this is only possible with the right planning. A financial advisor can help you plan your dream retirement and offer guidance on taking the right approach.
They may recommend special investments to help you generate passive income to fund your retirement lifestyle. The advisor may also offer strategies to improve your portfolio performance to boost your savings before retirement. You can learn about some excellent ways to improve your portfolio performance by reading our special guide.
You may spend many years building up your savings for the future. However, unexpected events and emergencies can threaten these savings and leave you with far less than you intended.
Emergency surgery or a vehicle accident can permanently change your life and leave a massive hole in your savings if you do not have the right type of insurance. A financial advisor can help you find an insurance plan that fits with your needs and keeps you and your loved ones covered in the event of an emergency.
If you have been investing for a while, you may already be aware of the high taxes that investors must pay. However, the truth is that you may be paying more taxes than you need to. A financial advisor can help make your portfolio more tax-efficient so that you legally pay fewer taxes. You can learn more about tax planning services by speaking with one of our wealth managers.
How Much Money Do You Need to Hire a Financial Advisor?
So how much money do you need to hire a financial advisor? This may be your primary question if you have never sought out financial advisory services before. The truth is that financial advisors take on clients with a minimum net worth or asset value. For example, at Pillar Wealth Management, we offer services for clients interested in investing between $5 million and $500 million.
Financial advisors often charge clients an annual fee based on a percentage of their asset worth. This is typically around 1%.
Is a Financial Advisor Worth It?
After learning about financial advisor fees, you may be wondering, “should I hire a financial advisor”? The answer in most cases is yes. As we have discussed, a financial advisor can offer assistance in a wide variety of areas.
If you want to build your wealth and protect it for the future, a financial advisor would be one of the best professionals to reach out to for assistance.
Where Can I Find the Right Financial Advisor?
Investors that are seeking a qualified financial advisor should be able to find many options in their city. These professionals may operate independently, or they may work for a particular organization. However, choosing the right financial advisor can be a complicated task if you are unfamiliar with these professionals and their services. Please connect with our wealth managers to learn how we can help you.
You may be wondering, “How do I find a good financial advisor?” You can use these steps to identify the right person for the job.
Consult Your Network
If you are an investor, it is likely many people in your network are already using financial advisors. This means you may be able to find a reliable and trustworthy advisor simply by asking around.
When using this approach, you should ensure that the individuals you ask have a net worth or financial goals similar to your own. This should help you match with a suitable advisor who understands your needs. You can connect with one of our wealth managers by setting up a free meeting.
The vast majority of financial advisors maintain an online presence in the digital era. They have websites for their services and maintain professional pages on sites such as Linked In. You can find dozens, if not more financial advisors who offer services in your area by performing a quick Google search.
Alternatively, you can look up financial advisors in a bank or investment office’s directory. This approach can help you find multiple advisors that offer similar services.
Finding financial advisors is easy. The difficult part is sifting through them to find the best possible one. Once you have created a list of around ten financial advisors, it would help if you looked up reviews for each one. After all, many financial advisors will claim to be the “best” in the business. However, their past clients may tell you otherwise.
You can find reviews for different financial advisors on independent review sites. It is vital to avoid reading reviews and testimonials from the advisor’s own website as they may be cherry-picked. When reading reviews, you should look for any mention of the advisor’s reachability or reliability. An advisor that is difficult to reach simply isn’t worth it, no matter how knowledgeable they may be.
Speak with the Advisor
Your next step should be to contact the advisor and speak with them directly. You can have a brief conversation with them over the phone, but it may be better to meet with them in person and sit down for a proper discussion of their services.
When speaking with the advisor, you should tell them about your financial background and portfolio. Mention your current financial needs and what you hope to achieve in the future. The advisor will then tell you about their services and how they can assist you with your financial goals. You can also ask the advisor some of the questions we mentioned in our guide to choosing a financial advisor.
The aforementioned steps should help you find the right financial advisor for your needs. However, you should always read their terms and conditions before hiring them. The right financial advisor can add great value to your investment career, so it is worth putting in the effort to find the best candidate.
Is a Wealth Manager Better than a Financial Advisor?
You may come across many wealth managers on your search for the perfect financial advisor. Wealth managers stand out from ordinary financial advisors because they take on only clients that have a high net worth or an ultra-high net worth. This means they are familiar with the various problems that such individuals face and understand which solutions to offer.
Wealth managers also offer a wider range of services compared to ordinary financial advisors. They services such as:
• Investment management
• Portfolio analysis
• Retirement planning
• Estate Planning
• Insurance Planning
• Tax Planning
If you require assistance in a variety of financial areas, it may be better to go with a wealth manager than an ordinary financial advisor. You can learn about some of the investment management practices wealth managers follow by requesting a free copy of our book 7 Secrets To High Net Worth Investment Management, Estate, Tax and Financial Planning For Families With Liquid Investable Portfolios Between $5 Million and $500 Million.
Why Choose Pillar Wealth Management
If you are interested in using a wealth manager’s services, you can’t go wrong by choosing Pillar Wealth Management. We have assisted numerous investors across the country with meeting their financial goals. They return to us for their wealth management needs for the following reasons.
With over six decades of experience, our wealth managers are well equipped to assist you with your needs. We have helped plenty of clients overcome financial difficulties and achieve their goals.
Our experience adds to our vast wealth management knowledge, and we strive to improve our services with each passing year.
We charge our clients a fixed annual fee based on a set percentage of their asset value. Our pricing structure is transparent because we do not want our clients to be hit with hidden charges that they were not previously aware of.
This pricing structure also lets you use our wealth manager’s services as often as needed without worrying about extra costs.
One of the best reasons to use our wealth management services is personalization. We understand that each of our clients is unique and requires tailored solutions for their problems. For this reason, we personalized plans for each one.
Start managing your wealth more effectively and work towards a better future with Pillar Wealth Management. Please contact us for a complimentary introductory meeting with our wealth managers.
To be 100% transparent, we published this page to help filter through the mass influx of prospects, who come to us through our website and referrals, to gain only a handful of the right types of new clients who wish to engage us.
We enjoy working with high net worth and ultra-high net worth investors and families who want what we call financial serenity – the feeling that comes when you know your finances and the lifestyle you desire have been secured for life, and that you don’t have to do any of the work to manage and maintain it because you hired a trusted advisor to take care of everything.
You see, our goal is to only accept 17 new clients this year. Clients who have from $5 million to $500 million in liquid investable assets to entrust us with on a 100% fee basis. No commissions and no products for sale.
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