Top Financial Advisors Near Me

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It is a challenging task to manage large amounts of wealth, especially with only a moderate level of financial literacy. Most people are not skilled enough to grapple with complicated issues like taxes, portfolio diversification, investing strategies, risk assessment, dividend earning, and retirement income planning.

It is only practical to acquire qualified financial assistance to help you profitably manage your wealth and build a strong financial position in the long-run.

If you are wondering who are the top financial advisors? What top financial advisors do? How to check the top-rated financial advisors near you? How much top financial advisor cost? And how to find the right advisor for you?

Then, this is a guide to help you understand the job and need of financial advisors. It will answer all questions from their charging system to finding top-rated financial advisors near you. Mind you, not all top financial advisors are the same.

For instance, we at Pillar Wealth Management, LLC specialize in helping families with between $5 million to $500 million investable liquid assets. Others top financial advisors may cater to lower minimums. What you need to find is a top financial advisor that caters to folks of your financial caliber.

Understanding Financial Advisors

A financial advisor is a professional with strong financial knowledge and expertise. They offer guidance and advice to clients so that they can conveniently make decisions around personal finances and investments.

The top financial advisors are experienced enough to provide different services like wealth management, asset management, investment management, portfolio management, estate planning, tax planning, acquiring or selling a business, and retirement planning.

All financial advisory firms have to get a license to carry out businesses with high-net-worth investors and corporate clients. They make financial decisions and execute imperative strategies on behalf of potential clients. Financial advisors at large money management firms may, or may not be a good fit for  High-Net-Worth and Ultra-High Net Worth Investors & Families.

Roles of Top Financial Advisors

Since the top financial advisors are specialists in the field, they can perform several tasks like;

  • Financial Planning
  • Investment Selection & Management
  • Risk Management
  • Tax Planning
  • Retirement Planning
  • Real Estate Planning
  • Legacy Planning
  • Debt Management
  • Business Planning

Do Ultra-High Net Worth Families Need Financial Advisors?

If you are thinking about what top financial advisors do and how they can benefit high-net-worth investors? Then, you must know that ultra-high net worth (UHNW) clients hire dedicated financial advisors and qualified wealth managers to meet their long-term financial goals in the shortest period.

If you are a high-net-worth individual who is looking to hire a financial advisor to manage you portfolio of  investments, assets, and real estate properties, then you should opt for only a top-rated financial advisor. A reliable advisor is a well-educated, credentialed, and financial professional who can serve your financial interests in the best possible manner.

Financial advisors can assist potential investors in many ways. Read the below:

Manage Money Better

Ultra-high net worth families need the support of financial advisors because of their level of expertise. They are field experts and understand more about managing money and investing than most investors. They can guide potential investors to make better choices so that they can earn high returns in both the short-run and long-run.

Separate Emotions from Decision-Making

Financial markets have no place for emotions. An experienced financial advisor helps high-net-worth investors stay on track so they can make decisions that are not backed by emotions. Financial advisors guide clients to buy on market lows and sell on market highs. They direct potential investors to benefit from the sudden dips of financial markets.

Wealth Management Beverly HillsDevise Best Strategies

Financial advisors devise appropriate strategies for ultra-wealthy clients so that they can positively improve their finances. They run a market analysis to understand investments best suited for their investors.

Handle Interaction between Investments & Taxes

Top financial advisors offer great assistance when it comes to investment management and tax issues. It is difficult for investors to understand everything about tax laws. They can introduce alternative investment options, such as hedge funds and venture capital, to earn tax-adjusted returns.

Financial advisors can open up the world of investment that is based on the tax ecosystem so that big players can employ effective investment strategies to maximize after-tax returns.

Adjust Financial Plan

Financial advisors thoroughly direct clients to deal with changing life circumstances. They can help modify strategies and adjust financial plans to cope up with changing needs, market fluctuations, and current economic conditions.

Focus on Actions

It is vital to take active steps to make the most out of the assets. Since most investors are too occupied and uncertain about what necessary actions to take, they should work with financial advisors to smoothly handle all the investment strategies. They will make sure that all resources are being deployed in the best possible way.

The Real Cost of Top Financial Advisors

Top financial advisors are a real need for affluent investors and wealthy families. If you are wondering how much top financial advisor cost? Then, you need to carefully review this section.

Generally speaking, top-rated financial advisors desire to charge rational fees as they work hard to successfully drive investment portfolios of their ultra-high net worth investors. They aim to earn rewards in exchange for their valuable services.

Typically, the fee is around 1% annually, but with some firms like Pillar Wealth Management, LLC where we cater to clients with a minimum of 45 million and up to $500 million, our fees are discounted once at $10 million.

Some financial advisors equally opt for an annual fee or even an hourly consultation fee. However, for some of the best in this niche, they typically charge a fee of 1% of assets that they are managing.

Furthermore, ultra-wealthy clients have to pay less for quality financial advice because they are obtaining valued and promising services to grow their assets against fees charged. Top financial advisors offer personalized services and unique financial plans to their clients for an annual fee of 0.3% of assets.

Breaking Down Financial Advisor Fee Structures

In 2020, financial advisors are charging a flat fee of $1500 to $2500 for the one-time full-fledged financial plan. Typically, there are five ways financial advisors charge for their investment advisory services: fixed fees, hourly charges, commissions, percentage of assets under management, and performance-based fees.

 

Average Financial Advisor Fees

Fee TypeAverage Cost
% of Assets Under Management1% to 2% per year
Fixed Fees$1000 to $3000
Hourly Fees$100 to $675 per hour

 

Finding the Top Financial Advisor Near Me

If you are wondering, “how to check the top-rated financial advisors near me?” Or, “how to find the right advisor?” You must first speak to your high-net-worth friends to independently pick an expert wealth management company. People share personal experiences that can substantially benefit you in more than one way. You can also search online to pin down a few top financial advisors near your local area. Reputable websites are an excellent place to start. You can check on their performance ratings to learn more about each advisory firm.

 

Here are five steps to choose the best financial advisor to serve the increasingly complex needs of high-net-worth & ultra-high net worth individuals.

1. Determine Type of Advisor

First and foremost, you need to identify the specialist financial advisor that can work be best for helping you with your needs. You can determine different types of financial advisors based on how they get paid.

Up next, you can shortlist a financial advisor depending on how much help you need: asset management, financial planning, investment strategies, and hourly consultation. When it comes to managing massive wealth and portfolios, you should look for a qualified and appropriate fit financial advisor.

2. Select a Fiduciary

Find a fiduciary to well-serve your investment interests. It is recommended to pick a financial advisor that perfectly meets this standard. A fiduciary advisor is ethically, morally, and legally required to do what is in the best interest of clients.

3. Consider the Five Core Areas

In addition to the fiduciary factor, ULTRA-HIGH NET WORTH clients need to consider all the five core areas to make the most of their wealth and diversify portfolios in the best possible manner.

The core areas are income planning, investment planning, tax planning, health care planning, and estate/legacy planning. It is imperative that a financial advisor offer written plans so that investors can ensure stable income, handle the matter of inflation on time, cover rising health care costs, pay for taxes, and cater to program & policy changes made by the government.

4. Look for Reputable Credentials

High-net worth investors need to look for financial advisors that are CFP (Certified Financial Planners), CFA (Certified Financial Analysts), and CPA (Certified Public Accountants). Potential investors can also look for financial planners or advisors who are PFS (Personal Finance Specialists).

It should also be checked if a particular financial advisor is a member of NAPFA (National Association of Personal Financial Advisors), which is a financial planning trade organization established in 1983.

Check on the records to verify credentials by looking at backend records and history of financial advisors with the Financial Industry Regulatory Authority (FINRA), the Security and Exchange Commission (SEC), and the CFP Board. This will help ensure whether the advisor is offering legitimate services.

5. Cost for Services

The costs for payments and services are an essential factor to consider. The fees for advisory services depend on particular needs of clients. Financial advisors are suggested to provide expected costs for their services. ULTRA-HIGH NET WORTH investors can also enquire with advisory firms whether the price will be based on a flat annual percentage, an advisor’s hourly rates, or a percentage in the form of commission.

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Why You Need To Start Searching For Top Financial Advisors Near Me

When you don’t feel confident in your investment choices, you need unbiased third-party opinions to help you make, keep, and grow your wealth. You need to start caring for your investments to mitigate potential risks. Look at the following points to help you identify the signs when you need to partner with a financial advisor:

1. You Desire to Hit Maximum Investment Opportunities

Understandably, investing your money in a financial market, business idea, or piece of real estate can be an excellent opportunity to gain maximum benefits in the future. Unfortunately, hitting opportunities without proper analysis can result in severe financial losses. Therefore, hiring a financial analyst is imperative to help you achieve high returns on low-risk investment opportunities.

2. You Have Specific Financial Goals

An advisor can well-serve the specific financial goals you have for the long-run. It is thought-provoking to make the most out of your investments. But with professional support, you can receive market insights on how to make the right investment decisions so that you can earn high returns in the future.

3. You Failed to Employ a Disciplined Process

Hunches don’t work in the financial world. If you have repetitively failed to choose and stick to appropriate investment strategies, then it’s time to hire a financial advisor with extensive investment experience. This way, you can potentially save your wealth from market rumors.

4. You Need to Balance Your Investment Portfolio

If you feel reluctant to make productive moves or cannot execute effective risk management strategies, the chances are high that you end up selling well-performing assets. You can ruin your entire investment portfolio. However, an experienced financial advisor can help you avoid rebalancing a portfolio.

5. You Need to Cope with Changes in the Market

The financial market is a highly volatile place. You need to learn the art of dealing with market tops and bottoms. A financial advisor can guide you to maintain the value of your portfolio during the ups and downs of the market. With professional assistance, you can take advantage of adverse market conditions. An advisor helps you pull the trigger so that you can ‘buy low, sell high.’

6. You Aren’t on the Same Page with Your Current Advisors

Hire a qualified advisor if you are facing constant financial tensions. If you have drastically different investment strategies as compared with your current advisors, it’s a sign that you start working with anew investment advisor to gain clarity and employ a productive strategy.

7. You Want to Start Saving for Retirement

It is brainy on your end to start saving for your retirement from an early age. A top-rated financial advisor not only invests your money but also sits down with you to tailor an investment portfolio that will help you reach your retirement goals. Your advisor understands that investments grow over time. Theyenables you to figure out ways to earn maximum returns so that you can build the retirement income portfolio.

8. You Have Insurance Concerns

You should turn to a financial expert if you have trouble selecting the right insurance policy. Insurance policies for ultra-high net worth consumers are often hard to understand. Your decision can make a huge difference when it is backed by the opinions of an advisor who holds substantial knowledge and financial literacy.

You can decide on coverage that matches your demands. This is another area where a fiduciary and fee-only financial advisor will offer unbiased advice since they cannot and will not collect any commissions from insurance policies.

top financial advisors near me

Pillar’s Private wealth management offers custom, sophisticated and trusted financial advice to high net worth and ultra-high net worth investors with between $5 million and $500 million of investable assets. Our expert founders understand the complex paradigm of investing and planning and can provide you with the advice you seek.

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