Top Financial Advisor Companies for the Wealthy – PillarWM
A financial advisor company can play a significant role in managing your assets and wealth. It is extremely critical for high net worth and ultra-high net worth individuals and families to hire and work with the best financial advisor firms. So, if you want to get more information on how to hire a financial advisor and find the top financial advisor companies, we strongly suggest you start by reading our ultimate guide for investors with more than $10 million in liquid assets. Doing so can give you a holistic understanding of financial advisory’s essential elements and how you can benefit from working with a financial advisor.
At Pillar Wealth Management, we offer exclusive financial advisory and wealth management services to individuals and families with $5 million to $500 million in liquid wealth. Our team has a combined experience of over sixty years. We can provide tailored financial advisory services to better manage your financial situation and help you live the life you always dreamed of. Speak to one of our financial advisors and find out the strategies we use to help you attain financial serenity.
Continue reading as we provide in-depth answers to frequently asked questions, such as how much money do I need to hire financial advisor companies, how do I hire financial advisor companies, and much more.
Table of Contents
How Much Money Do I Need to Hire the Top Financial Advisor Companies?
Hiring the top financial advisory firm comes at a price. If you are planning to work with a financial advisor company, the primary thing you need to consider is your liquid net worth. To get the answer to the question, “how much money do I need to hire financial advisor companies?” you can carry out evaluate the pros and cons and assess if it’s worth working with a financial advisor to handle your wealth.
Financial advisor companies offer a wide variety of services. If you need assistance with tax management, you don’t really have to factor in the value of wealth and assets you own. Nevertheless, if you want to work with a financial advisor company that has expertise in wealth management, you need to properly weigh out the costs and benefits.
Usually, a majority of wealth management work with families and individuals who have a net worth that lies somewhere between $1 million and $5 million. Therefore, if you fall in this category, we highly suggest you hire a financial advisor company to avail the financial planning services they offer.
At Pillar Wealth Management, we exclusively cater to clients who have liquid wealth worth at least $5 million. Our range of financial and investment advisory services isdeveloped to help the affluent accomplish their wealth and retirement planning objectives. We have expertise in offering the following financial services:
• Retirement planning
• Asset allocation analysis
• Insurance planning
• Risk management
• Investment management
• Tax minimization
• Estate planning
Don’t forget to read our book, The Art of Protecting Ultra-High Net-worth Portfolios and Estates – Strategies For Families Worth $25 Million To $500 Million and get more information on how a financial advisor company can help manage, secure, and grow your wealth.
How Do I Hire Financial Advisor Companies?
Hiring a financial advisor company is very similar to recruiting a CFO for your organization. You must use a structured process to identify a firm with whom you can work with and rely on for many years in the future.
So, if you are struggling to get the answer to the question, how do I hire financial advisor companies? here is a list of steps you should stick to. If you need in-depth information regarding the subject, you can go through our handy guide here and learn how to select the top financial advisor.
Step #1 – Get Information Regarding the Various Types of Financial Advisor Companies
Some financial advisor companies provide investment management services but not financial planning services, whereas others offer financial planning but don’t offer investment management assistance. Some have proficiency in retirement income planning focused on those close to retirements, whereas others focus on wealth preservation for individuals who will not be retiring for another 15 to 20 years.
To get the best financial advisor company for your financial circumstances, you should have a clear idea about what type of financial advice you need and what services a potential firm offers. Here is a briefsummary of three main kinds of services.
• Financial Planning Firms go way beyond your investments. It emphasizes the various aspects of your financial life, such as what kind of insurance you require and the amount of wealth you need to save.
• Investment Advisory Firms focus more on investment management decisions such as how much wealth to invest in which type of investment. Keep in mind there’s no such thing as the best investment. Rather, intelligent investing is all about asset allocation, driven by your goals. Read our special guide for investors with $10 million to know more about this.
• Retirement Income Planning Firms are focused on how you bring together all the elements such as taxes, social security, pensions, investments, retirement date, etc., so they all help you work towards the objective of receiving a steady income in your retirement. Read our useful guide, Improving Portfolio Performance and learn the investment strategies you can use to make your retirement dreams come true.
Step #2 – Seek Firms that Have Qualified Professionals
When searching for a prospective financial advisor firm, a good place to start would be by learning about the certifications, qualifications, and licenses of the professionals working there. Financial advisory is a vast subject and has several specializations. Thus, you need to know if the financial advisor at a firmhas the required qualifications to offer the best advice based on your financial situation.
There are several courses and certifications available to become a professional financial advisor. Some of the accredited certifications include Certified Financial Planner (CFP), Chartered LifeUnderwater (CLU), and Chartered Financial Consultant (ChFC). These certifications are received after completing the course and qualifying for the exam. Professionals who have these certifications also abide by the ethical code as required by the course curriculum.
Step #3 – Understand How Financial Advisors are Compensated
There are several ways financial advisors charge for their services, but the most unbiased and objective financial advisors are fee-only. To hire the top financial company, you need to have a thorough understanding of the different ways a potential financial advisor might be compensated, such as charging an hourly fee, an asset-based fee, or commissions on the products they recommend or sell.
Know the difference between a fee-only financial advisor who works in your best interest and a non-fee-only financial advisor. A financial advisor who doesn’t operate on a fee-only basis may be able to get other kinds of incentives or kickbacks from their employer depending on attaining sales objectives or goals.
At Pillar Wealth Management, we provide financial advisory services on a completely fee-only basis. For more information regarding our compensation structure, schedule a free meeting with one of our team members.
Step #4 – Use Search Engines to Screen for Criteria
Online searches are an excellent way to narrow down the financial advisors with the necessary credentials and appropriate compensation structure in your city. You can use the search tools offered by the Financial Planning Association, Garett Planning Network, etc., to input particular criteria about the kind of financial advisor you are searching for.
Nevertheless, several firms work remotely with their clients as well. Hence, you can choose an advisor based on their expertise instead of their location if you don’t want to meet face-to-face.
Should I Meet with Financial Advisor Companies?
Along with doing your homework, you should also meet the professionals working in a financial advisor company. You can either do this in-person or schedule a virtual meeting with them. Head over to our website to book a free meeting with one of our financial advisors.
Remember that the introductory meeting is a very important stage in the hiring process, so you need to prepare for it effectively. For instance, it is vital you have a comprehensive knowledge of how they conduct their business and make sure you are well-versed about their investment approach and style.
Here is a list of other things you need to prepare for when meeting with potential financial advisor companies.
1. Understand Your Existing Financial Circumstances
Opting to hire a financial advisor company is one of the most major decisions you can take as a wealthy individual or family. The more details you can offer about your current financial circumstances, the better service you can hope to receive.
To get a better understanding of your financial circumstances, list down your assets (stocks, bonds, real estate, cash, gold, etc.) and liabilities (mortgages, debts, loans, etc.) Having a clear image of your assets and liabilities will allow your financial advisor to develop an appropriate financial plan for your needs.
2. Properly Define the Financial Goals You Want to Achieve
Once you have a vivid image of your existing financial situation, you need to list down all the financial objectives you hope to meet. For instance, you might wish to purchase a luxury estate, or spend an enjoyable and comfortable retirement, or establish a charity fund.
A financial advisor can allow you to bring your goals to life, given that you have clarity about them. Before meeting with a financial advisor, you need to ensure you have a set of well-defined financial targets. Then think of all the possible goal-oriented questions a financial advisor can possibly ask you and jot down your responses to them. In our guide here, we discuss the five paradigm shifts needed to enhance your investment performance and turn your financial dreams into a reality.
3. Have Your Financial Paperwork in Order
You may not be able to recall your finances correctly. Thus, it is imperative for you to arrange your financial paperwork prior to your meeting with your shortlisted advisor. Such documents include your latest statements for 401(k), 529 savings plan, investment information, estate documents including your will, tax records, etc.
4. Ask Pertinent Questions
The first meeting is a great chance for you to ask any pertinent questions that you possibly have. Doing so will help you clear away any doubts and determine if the financial professional is skilled enough to fulfill your requirements and needs. Here are a few questions you can ask a financial advisor in your introductory meeting.
1.How Much Experience Do You Have?
You should evaluate an advisor with his capability and expertise in working with long-term financial markets and investment allocations and working experience with other clients. Before you strike a deal with a financial advisor company, you need to get clarity on the questions listed below:
• How long have you been working as a financial advisor?
• How long have you been associated in the financial arena?
Such a comprehensive assessment can help you find a financial advisor company that can meticulously plan and manage your finances and gives better recommendations to help you meet your financial targets.
2.Do You Offer Fiduciary Services?
Fiduciary financial advisory companies such as Pillar Wealth Management ensure that there are no conflicts of interest in managing your investment portfolio. Having a fiduciary advisor makes you confident that they are always prioritizing your goals and needs before undertaking any investment-related decision.
Choosing the top financial advisory company isn’t a task you can easily finish overnight. Rather, you shouldn’t do it overnight. It’s a major decision that can significantly influence your dream to spend a life of financial security and stability. Hence, you should spend time studying all your available options and choose one that best matches your needs.
At Pillar Wealth Management, our financial advisors have vast experience in effectively assisting affluent individuals in living the life of their dreams. So, if you have liquid assets worth $5 million to $500 million, visit our website to sign up for a free consultation and learn how we can help attain your financial goals.
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