Top Financial Advisor Firms: How to Find Them?
You haven’t experienced true financial serenity till you’ve worked with the top financial advisor firms. Whether it’s managing your investment portfolios or minimizing your tax liabilities, a financial advisor can help you. However, when you are a high net worth or ultra-high net worth individual with $5 million to $500 million in liquid assets, you can’t just trust anyone to make decisions regarding your wealth. That’s why you need the top financial advisor firms. These advisors know exactly how to get the best results to achieve your goals and targets. If you have liquid assets worth $10 million or more, you might be interested to know what else the right financial advisor can do for you by reading this exclusive guide.
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.
Pillar Wealth Management has an expert and experienced team of fiduciary financial advisors. We have been working with high net worth clients for the past thirty years and gearing them for financial success. Equipped with in-depth knowledge about the industry and using more than 100 years of market data and research, we craft customized financial plans and solutions for our high net worth clients to provide true financial security and serenity. We help our clients grow their wealth and protect their assets using our broad range of financial and advisory services.
In this blog, we’ll be discussing why you need the top financial advisor firms, how to pick the best financial advisor for yourself, and finally, the top ten investment companies. Let’s get started.
Table of Contents
Why Do You Need the Top Financial Advisor Firms?
There are loads of benefits to working with a financial advisor, financial and otherwise. As a high net worth individual with $5 million to $500 million in liquid assets, if you have been managing your wealth on your own, you might have faced some struggles. You might have found it difficult to align your plans with your ultimate goals, or you might have found yourself constantly paying taxes.
Perhaps you chose a certain product or security to invest in but saw no change in your net worth. Or maybe you were doing everything right but just don’t have the time anymore as your wealth grows and its management becomes more complex. Whatever the case may be, the solution to your problem lies in the best financial advisor. Here’s why you need one.
Customized Financial Planning
Depending on the type of financial advisor you choose, they can provide you with a range of services for comprehensive wealth management and financial planning. Rather than focusing on just one aspect of your wealth, such as your retirement or insurance plan, a financial advisor can look at everything holistically and come up with a detailed financial plan.
More importantly, they can develop a customized financial plan that specifically aligns with your goals. These advisors understand your needs and financial situation and know exactly what steps to take to help fulfill your needs. Otherwise, all that performance is meaningless, and you can learn why by reading our extensive guide on how to improve the performance of your portfolio.
Managing your investment portfolio is one of the trickiest parts of wealth management. Not only is it hard to choose exactly where to invest, but it’s also difficult to choose the investments which best align with your goals, preferences, risk tolerance, etc.
That’s why you need a financial advisor on board. They can help you see the benefits and drawbacks of different securities, so it’s easier for you to decide. Using smart asset allocation strategies, and based on more than 100 years of market data, they can recommend products and help you capitalize on profitable opportunities.
Just because you have $100 million in your account does not mean that you are invincible from any potential disaster or accident. Many ultra-high net worth individuals and families have lost some part of their wealth or gone entirely bankrupt just because they didn’t prepare beforehand. So, how do you protect your wealth and assets? Just ask your financial advisor.
Through proper risk management strategies and comprehensive insurance plans, your financial advisor can ensure that you won’t lose all your wealth if you face any unforeseen circumstances such as market volatility or a sudden critical illness. For more insights on how to protect your wealth, get your free hardcover copy of our book, The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies for Families Worth $25 million to $500 million.
We all have endless dreams and wishes for retirement. As a high net worth individual, you might have some goals of your own. You might want to travel the world or start a charity or maybe desire a certain lifestyle. But how do you really make that possible? How much should you invest right now? How much can you afford to spend so as to meet all your retirement goals?
The younger you are, the easier it is to save and plan for retirement. But, what if you’re already in your 40s, 50s60s or above? Does that mean there’s no hope for you? Well, without the top financial advisor firms, maybe not. A financial advisor can help you figure out all these things and help you achieve all those goals. Depending on how old you are, the state of your finances, the market conditions, and other factors, your advisor can come up with the right retirement plan for you.
A financial advisor can help you not only till you reach retirement but also after you’re gone. The transfer of wealth to your heirs after your death can be a messy affair. There can be conflicts within your family, legal complications, massive tax liabilities, and whatnot.
If you don’t want those kinds of problems for your loved ones after you, it’s best that you get in touch with a financial advisor. They can help you navigate that whole estate planning process and ensure that your wealth goes to your intended beneficiaries and that too, with minimum tax expense possible.
Your estate plan is not the only place you’ll have to worry about taxes. In fact, every financial decision you make will have some tax implications. So, while you can’t avoid taxes altogether, that doesn’t mean you can’t take steps to reduce your tax liabilities. How is that possible? By relying on a financial advisor. They know exactly which financial decisions to make, which will result in low taxes or can even cultivate your tax losses.
How to Pick the Right Financial Advisor?
You might be thinking that you’ll type, “How do I find a reputable financial advisor?” in any search engine and just go with the first one that pops up. And if it doesn’t work out, you can just switch to another one. Well, we hate to be the bearer of bad news, but working with the wrong financial advisor or constantly switching between them will only cause you more trouble. Now, after reading this, you might be thinking,“Then how do I pick a financial advisor?”
Well, here’s how. You can also go through our guide on how to choose the best advisor for investors worth $10 million or more.
Choose the Right Institution
There are various types of financial advisors at various financial institutions. There are investment managers, brokers, financial planners, wealth managers and several more. You can find some at private banks, investment houses, wealth management firms, etc. Therefore, the first thing you need to do is choose the right financial institution to find the right financial advisor.
The problem with these big institutions, like banks and investment houses, is that you’re just a number to them, and ultimately, they’re working for their own profits and shareholders. You’re better off with a private or independent wealth management firm with a wealth management advisor that actually works for you. Pillar Wealth Management is a 100% fee-only white-glove wealth management firm. Start chatting with our advisors to discuss your needs and personalized financial solutions.
Understand Fiduciary Vs. Suitability Standard
One way to ensure that your financial advisor works for you and not for their own interests is to see what standard they hold themselves to. There are two standards— the fiduciary standard and the suitability standard. The suitability standard means that your advisor is only obligated to recommend decisions or suggest products that are suitable for you.
They don’t necessarily have to be the best. In comparison, fiduciary financial advisors are working purely in your best interests. This means they only recommend what works best in your favor and always disclose any important information that could affect your decision.
Check How They Are Compensated
You should also check how they are compensated as that’s often one of the reasons why a conflict of interest arises. There are three main ways financial advisors are compensated:
Fee-based compensation is a mix of a flat fee and commission both, while the other two are self-explanatory. Commission-only advisors charge commission, and fee-only advisors charge a fee. The conflict usually arises when it comes to commission as advisors tend to start pushing products that benefit them more. So, when you’re wondering, “how do I pick a financial advisor?” choose the one that’s a fiduciary and only charge a simple fee on their services. Get in touch with our fiduciary advisors to learn about our fee structure and more.
Ask Them About the Costs
Your advisor’s fee is not the only cost you’ll have to bear. Financial decisions come with a host of expenses, and if your advisor is the right one for you, they will tell you all about these costs. They include simple taxes, taxes on capital gains, transaction charges, internal expenses, margin interest, and a lot more.
Only when your advisor actually knows his way around wealth management and is interested in helping you, he will tell you about all these costs as well as his plans to reduce them. If he doesn’t, then that’s a big warning sign. You can read about more such signsby going through our exclusive guide for investors with $5 million to $500 million in liquid assets looking for a financial advisor.
Who are the Top 10 Investment Companies?
If you’re currently struggling with your investment portfolios and are thinking, “where can I find the best financial advisor for me?”the answer might seem to lie in the top 10 investment companies. However, as mentioned earlier, even with these big companies, you will get the same cookie-cutter experience that they offer to every other client.
If you really want the best investment advice, you’re better off with an independent wealth management firm. You can check their reputation, credentials, experience, and the other things we’ve mentioned to ensure that you choose the top financial advisor firms. If you’re really having trouble with your investment portfolio, you can also check out this handy guide, which details the shifts you must make to maximize the growth of your portfolios. Additionally, if you don’t have the time for that, you can always reach out to one of our advisors with your queries.
Who you choose as your financial advisor will be one of the most important decisions of your life. Unlike any other person, your financial advisor will be working for you even after your death. Therefore, just like you think twice before buying a house or choosing where to settle, you should really think long and hard before choosing a financial advisor for yourself. Thankfully, this blog on the top financial advisor firms should point you in the right direction.
Pillar Wealth Management provides fiduciary wealth management services to high net worth and ultra-high net worth individuals. Our team of wealth management advisors holds a combined experience of more than sixty years in providing financial and advisory services to affluent clients. Our extensive experience, as well as various services, including investment management, risk management, and more, allow us to create tailored financial solutions to help our clients attain financial success, security and serenity. Click here to book a consultation to discuss your own wealth management and advisory needs.
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