Financial Advisor Toledo for High Net Worth – PillarWM
As an ultra-high net worth individual, you might have managed to amass millions worth of liquid investable assets through your business or other financial activities. Nevertheless, securing all that wealth or even growing it further is a completely different story. It’s a task that mandates a comprehensive understanding of market forces, several years of experience, knowledge of tax laws, and a lot more. For a full and in-depth analysis in a 70+ page book specifically written for high net worth investors looking to invest $5 million or more you can request your copy for free here.
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.
The vast majority of affluent individuals lack such knowledge and experience, and even if they don’t, they just don’t have the time needed to put it to effective use. That’s precisely why they work with a financial advisor Toledo, who has the skills, experience, and knowledge to assist wealthy individuals to attain their financial goals. We recommend you read our ultimate guide for investors worth $10 million or higher, where we discuss why it’s crucial for wealthy families and individuals to work with a financial advisor.
If you are searching for a financial advisor Toledo, you definitely need to consult Pillar Wealth Management. Our independent firm has been helping individuals with $5 million to $500 million in liquid investable assets for over thirty years. We offer a wide variety of wealth management, financial planning, and advisory services to ensure our clients can attain all their financial goals and become financially secure. Our financial professionals curate highly tailored financial strategies that are perfectly in line with our client’s long and short-term objectives. Thus, if you are searching for a financial advisor in Toledo, arrange a free consultation with Pillar Wealth Management today!
Table of Contents
What Does A Financial Advisor Toledo Do?
Many people believe that financial advisors only offer you advice on how to make financial decisions. While this is certainly true, it doesn’t give a complete picture of what these professionals do.
In a nutshell, financial advisors help you make the appropriate financial choices that allow you to attain your financial goals. In addition, they ensure that your assets and wealth are effectively safeguarded from market risks and other financially threatening situations. We highly recommend you read our free hardcover book, The Art of Protecting Ultra-High Net Worth Portfolios and Estates: Strategies for Families worth $25 Million to $500 Million, where we discuss some valuable wealth protection strategies.
Financial advisors help you keep your costs and expenses to a minimum so that you can retain as much wealth as possible. However, the most important thing that a financial advisor Toledo does is that they help you reach true financial serenity, so you never to worry about your financial circumstances.
Financial advisors generally offer the following services to help you accomplish all your financial goals:
• Investment management
• Portfolio management
• Retirement income planning
• Risk management
• Tax management and planning
• Estate and legacy planning
Why Should You Hire A Financial Advisor?
Thanks to modern technology, there are hundreds and thousands of tools that you can use to manage your own assets and wealth. You can open a retirement account or invest in a brokerage account using your smartphone, and you can choose from pre-prepared investment portfolios depending on your time horizon and risk tolerance. And yes, a lot of these tools and apps are quite cheap or even free.
With a plethora of financial tools at your fingertips, why should you hire a financial advisor anyway?
The truth is that technology can only take you so far. You can use an app to purchase an ETF or a stock, but your device won’t sit down to discuss your financial goals and dreams. The most popular investment app doesn’t have any idea regarding your tax situation, neither can it offer insights into laws and government actions that can impact your tax liability.
Here are some reasons why you should work with an experienced and competent financial advisor.
1. Invest with A Target in Mind
A financial advisor can help you develop a long-term financial strategy with saving benchmarks and short-term targets built-in. Your advisor can even evaluate your expenditures to determine if you need to change anything to achieve your goals.
Working with a financial advisor will allow you to have a particular goal to aim for each month and each year. On the contrary, if you don’t work with a financial advisor, you can easily end up going short for your retirement requirement and not realizing it until it’s too late.
2. Leverage Investment Opportunities
Investing your wealth in a novel idea, project, real estate can be an excellent strategy to not just preserve your wealth but also increase it in the future. However, you need to keep in mind that investing is quite a risky task that can cause you to suffer significant losses.
Hiring a professional advisor can equip you with the knowledge you require to make the best choices regarding your investment funds. Your advisor will tell you which options you need to avoid and which investment opportunities will get you the highest possible returns in the long run. Want to know more about how you can maximize your investment performance? Read our handy guide to learn the five essential shifts you need to make!
3. Plan for Tax Efficiency
Planning for investment goes way beyond simply investing in bonds and stocks and hoping for the best. There are several things you can do that could help you save significant sums of money on your tax bill. Keep in mind that the best strategies involve doing a lot more than just maxing out tax-advantaged retirement accounts.
A competent financial advisor can allow you to plan for tax efficiency in every stage of your financial life. They can recommend intelligent moves to save on taxes now and several years from now. To find out more about the tax-saving strategies we use at Pillar Wealth Management, read our guide, Improving Portfolio Performance.
4. Overcome Insurance-Related Concerns
An additional reason to hire a financial advisor is to get help in choosing the appropriate insurance policy.
Life insurance policies can be quite overwhelming and may contain fine print that you may not notice. However, when you have a financial advisor going through all the legal terminology and jargon for you, it can make a considerable difference to your success with choosing the coverage that aligns with the requirements of your life.
Can You Trust Financial Advisors?
A common question regarding financial advisors is can you trust financial advisors? This is a very pertinent question because there are plenty of bad eggs in the current landscape of financial professionals. And if you hire a fraudulent advisor, you could potentially lose a lot of your hard-earned wealth to fees and expose yourself to more risk than you can afford to take.
Fortunately, there are several financial advisors out there who know what it means to work with honesty. Here are some things you should doto determine if your financial advisor is actually trustworthy.
1. Learn Core Values
Find out your financial advisor’s core values. An honest professional should be able to narrate their values to you. If a financial advisor tries to sell you a financial product that generates a commission irrespective of how well it matches your needs, this individuals’ values are probably not in line with yours.
A financial advisor who believes in cultivating a long-term relationship with you can be regarded as credible and trustworthy.
2. Develop A Complete Understanding of the Payment Plan
Financial advisors can earn money in several different ways. For instance, they can earn a commission on the investments they sell, or they can charge a fee that’s calculated as a percentage of assets under management. In addition, there are financial advisors who combine these two approaches.
Ideally, you should work with fee-only financial advisors as these professionals don’t earn a commission from the sale of financial or investment products and generally offer holistic financial plans. Additionally, commission-based advisors are often tempted to push certain investments (that may not be in your best interests) over others because they offer higher commissions.
At Pillar Wealth Management, we are a 100 percent fee-only firm, and hence you can stay assured that we won’t make any recommendations to you to fulfill our personal interests. To speak to our financial advisors, head over to our website to book a free meeting.
3. Determine Your Financial Advisors Willingness to Educate You
Some financial advisors like to use buzzwords and financial jargon, sometimes to come across as professionals and sometimes to show off. While those individuals may very well be experts, it doesn’t make them credible and trustworthy.
You need to see if your advisor takes the required time to explain, patiently and methodically, their financial recommendations. A credible financial advisor won’t simply try to sell you a mutual fund or stock. Rather, they will discuss your options in great detail and encourage you to know more about what each one encompasses.
A major red flag is if you don’t fully understand your investments, particularly if your financial advisors aren’t willing or able to explain them when asked. In our ultimate guide to choosing the best financial advisor, we elaborate on some additional warning signs that you need to watch out for.
How Do I Know If My Financial Advisor Is Doing A Good Job?
In today’s world, it can be quite challenging for high net worth and ultra-high net worth individuals who are presently working with a financial advisor to determine if they have hired the right financial professional. There can be several gray areas and nuances in this field, but we wanted to give our sincere opinion on this popular question – how do I know if my financial advisor is doing a good job?
Here are some things you need to do to determine if your financial advisor is performing the way they’re supposed to.
1. The Advisor Take Time to Learn About Your Values and Goals
Values and goals keep you motivated in the long run and drive your decision-making. If a financial advisor is suggesting things that don’t align with your values, you should speak up and give the professional a chance to get a better understanding of who you are and what’s important to you.
2. The Advisor is A Fiduciary
You need to know if your financial advisor is a fiduciary. Fiduciary financial advisors take on legal liability for the suggestions they offer. They prioritize your interests instead of their own or their employers because the law requires them to do so. They only make money by charging a fee from their clients and hence, offer objective advice.
Financial advisors who aren’t fiduciaries typically prioritize their own interests instead of yours and usually earn additional money from third parties such as insurance and mutual fund companies.
3. The Advisor Balances Active and Passive Investment Approaches
The investment approach a financial advisor uses says a lot about their performance. Usually, many advisors focus more on active investment management, which encompasses buying and selling various assets within a year. Even though active investment management can generate higher returns, it can also result in increased risks, high transaction fees, and taxes.
Alternatively, financial advisors who use a passive investment approach aim to curate portfolios based on the market index and focus more on generating long-term gains with reduced risks. This results in a reduced tax obligation and lower management fees. To find out more about the contrasts between the two investment approaches, read our ultimate guide for investors with $10 million or more.
At Pillar Wealth Management, our advisors know to balance active and passive investment approaches so you can enjoy the highest possible returns with the lowest possible costs.
Enlist Pillar Wealth Management
The financial advisors at Pillar Wealth Management can help you attain financial serenity through a wide variety of services, data-backed recommendations, and complete dedication and commitment. We work closely with all our high net worth and ultra-high net worth clients to learn about their needs and devise the best solutions for them. Register for a free meeting with our fiduciary financial advisors today.
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