Top Financial Firm for High Net Worth Individuals – PillarWM
Wealthy individuals who have investable assets worth millions are in a pretty risky financial situation. While they do own huge amounts of wealth, they also face the risk of losing all of it if they fail to take up proper wealth protection and investment steps. Most affluent individuals don’t have the skills, expertise, and even the time needed to manage their wealth soundly. That’s why they need assistance from a top financial firm. Such institutions have experienced and knowledgeable professionals working for them who can curate the right strategies to help high net worth individuals achieve all their financial objectives and attain financial serenity. If you are looking to entrust liquid assets worth $5 million or more you should request a copy of 7 Secrets to High-Net-Worth Investment Management, Estate, Tax, and Financial Planning.
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.
You can also schedule a free consultation with the competent financial professionals at Pillar Wealth Management. We are an independent, white-glove wealth management firm that provides fee-only financial services to individuals and families with liquid assets ranging from $5 million to $500 million. Our primary objective is to develop a strong professional relationship with our clients and create customized financial plans that best fit their personal requirements.
Table of Contents
What Is A Financial Firm?
A financial firm is a company involved in the business of dealing with monetary and financial transactions such as loans, deposits, currency exchange, and investments. Financial firms encompass a wide range of business operations within the financial services sector, such as insurance companies, trust companies, brokerage firms, investment dealers, wealth management companies, private banks, etc.
Do I Need to Hire A Financial Firm?
Many affluent individuals feel uncertain when it comes to hiring a financial firm. One major concern that they have regarding such institutions is, do I need to hire a financial firm? They believe that using such firms is needless because all the information they require to make the right financial choices is available on Google.
If you are also caught up in a similar dilemma, you need to ask yourself the following questions to ascertain if you should hire a financial firm.
• Do I have detailed information about the various investment options present in the market?
• Do I enjoy learning about financial matters and look up specific assets?
• Do I have a strong understanding of the numerous financial tools?
• Do I have the time required to monitor, assess, and carry out frequent changes to my investment portfolio?
If you answered yes to any of the above questions, you might need to hire a financial firm. However, suppose you did say yes, you can still be in danger of making fear-driven or irrational mistakes when it comes to managing your finances.
In fact, here are some situations when it becomes essential for you to hire a top financial firm to enhance your financial circumstances.
1. You Are Not Sure About Where to Invest Your Wealth
Bonds and stocks are usually the most common places for investors to invest their wealth. This isn’t because of any particular reason but mainly because they don’t have knowledge of other profitable investment opportunities.
If you have concentrated your wealth in bonds and stocks, you need a financial firm that can guide you about the other investment options you can use to increase your wealth. For example, real estate, private equity, collectibles (gold, classic luxury cars, artworks, etc.) are all investments that create high returns.
Availing the services of a financial firm will allow you to make the right investment decisions that will help you receive the maximum possible returns. Depending on your time horizons, risk threshold, financial circumstances, and goals, our team will devise strategies to make sure you get the desired returns. If you have liquid assets ranging from $5 million to $500 million and wish to invest them optimally, make sure to request a copy of 7 Secrets to High-Net-Worth Investment Management, Estate, Tax, and Financial Planning.
Hence, if you don’t have the time and resources to keep yourself updated with the ever-changing market movements, you should hire our team and let them take care of this task for you. Read our guide, Improving Portfolio Performance, to learn how we help you transform a good investment performance into an excellent one.
2. You Wish to Effectively Safeguard Your Wealth
There’s no one better than you who knows how much time, effort, and resources it takes to accumulate millions worth of assets. Thus, you will naturally want to take all possible steps to ensure that the wealth you have built stays safe and secure. There are countless stories of high net worth or ultra-high net worth individuals who suddenly found themselves bankrupt because of some unpredictable market shift or because they developed a chronic health condition that they had never thought of.
This is where you need to hire a financial firm for the risk management services they offer. The professionals at such a firm will ensure that you have appropriate investment diversification and asset allocation strategies to safeguard your wealth from volatile market conditions. Additionally, they will also help you sign up for the most apt insurance plan to keep you financially secure if something happens to your health. For more information on risk management and why it’s important, sign up for a free copy of our hardcover book, The Art of Protecting Ultra-High-Net-Worth Portfolios and Estates – Strategies for Families, Worth $25 million to $500 million.
3. You Wish to Plan for Tax Efficiency
Perhaps the only disadvantage of generating lucrative returns on investment is the taxes that come with it. Investment gains and taxes go hand in hand, hence, there’s really no way you can avoid them. However, there are plenty of strategies you can use to lower these tax bills.
A crucial service provided by financial firms is tax management which plays a huge role in preserving and maintaining your wealth. Our experts will go through your existing financial circumstances to curate the most tax-efficient plan that will help you accomplish your financial targets. For example, we can apprise you about the government’s various tax incentives of certain investment categories to lower your tax obligation.
A credible financial firm will help you plan for tax efficiency at each stage of your financial life. They can suggest wise moves to save on taxes now and plenty of years from now. For instance, one thing our team will recommend is to make a prudent shift in your investment ideology. Read our guide to find out the other critical shifts we recommend you make to improve your investment performance.
How Much Money Do You Need To Hire A Financial Firm?
Working with the top financial firm comes at a cost. Thus, if you wish to hire a financial firm, you should start by calculating your liquid net worth. If you want the answer to how much money do you need to hire a financial firm, you can enlist the benefits and limitations of using a financial firm.
Financial firms provide a wide variety of investment and financial tools to improve your financial circumstances. If you want to make your investment portfolio tax-efficient, you might not need to think of the value of assets you possess. Alternatively, if you want comprehensive wealth management plans, you should meticulously consider the advantages and disadvantages.
It is quite common for financial firms to have an account minimum of $250,000, $500,000, or even millions. However, there are some firms that have smaller account minimums like $25,000 or no minimum at all.
At Pillar Wealth Management, we solely cater to clients who have liquid assets ranging from $5 million to $500 million. Our services are developed to assist high net worth and ultra-high net worth clients in accomplishing their retirement, investment, and wealth planning goals. Here is a list of the financial services we offer:
• Cash Flow Planning
• Balance Sheet Optimization
• Retirement income Planning
• Wealth Transfer
• Pre and Post Liquidity Planning
• Risk Management
• Estate Planning
• Insurance Planning
• Tax Planning
Is It Worth Paying A Financial Firm?
Hiring a financial firm typically costs you around 1 percent of your assets under management. Thus, if your assets under management amount to $10 million, you will have to pay $100,000, which is no small amount. The question that subsequently comes to mind then is it worth paying a financial firm?
Well, there is no black and white answer to this question. While some firms are highly experienced in managing people’s financial issues, others are amateurs in the industry and hence are not worth your hard-earned money.
Here are some factors that you should look for to determine if a firm is actually worth your money.
1. Expert Guidance
Financial firms offer a lot more than just experience and expertise. For instance, if you require wealth management services, you can work with the top wealth management firm as they are specialists in these fields.
More importantly, they don’t simply have expertise in offering these services but are also adept at managing the unique challenges faced by their high net worth and ultra-high net worth clients. This way, they can provide highly productive solutions that are focused on your specific requirements.
2. Personalized Financial Plans
An important aspect you need to look for is whether financial firms offer personalized financial plans, as these play an immense role in your financial success.
For instance, at Pillar Wealth Management, our team will have multiple detailed discussions with you to find out where you want to be in life. This can either be a specific financial target that you wish to accomplish or any other personal life goal. Based on the details you provide, we will formulate personalized financial plans to help you attain all your objectives. Register for a free consultation with one of our financial experts and get started with your personalized financial plans today!
How to Choose the Top Financial Firm?
Working with the wrong financial firm can land you in a lot of trouble. You could be faced with exorbitant costs and taxes, risky assets, and much more.
Such a firm can lead you to an unsure retirement where you have to sacrifice your dreams or tone down your lifestyle. But then how do you find the top financial firm? Here’s how –
1. Check Online Reviews and Testimonial
One way to assess the skills of a financial firm is by going through their reviews. You can see what other clients have to say about them and the services they offer.
If you have any family members or friends who have already worked with them, you can ask for their personal feedback.
2. Determine Their Standard of Care
Most financial firms either come under the suitability category or the fiduciary category. When you are searching for a credible financial firm, you should opt for a fiduciary. These firms are held to a much more stringent standard of care where they have to prioritize your best interests instead of their own.
3. Ask Many Questions
A preliminary meeting with a firm is an excellent idea as it allows you to put forth any questions you might have. However, you need to ensure you ask the right questions. For instance, you can ask them about the services they provide, their payment structure, investment approach, client base, etc.
Contact Pillar Wealth Management
The team at Pillar Wealth Management can help you become financially secure through a wide range of services, data-backed suggestions, and complete commitment and dedication. We work closely with all our affluent clients to learn about their needs and devise the best solutions for them. Book a free consultation session with our fiduciary financial advisors today.
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