$10 Million Net Worth Lifestyle Protection – PillarWM
All investors enjoy certain benefits thanks to their wealth. However, someone with a $10 million net worth lifestyle will also face numerous challenges regarding wealth protection. These challenges can be difficult to overcome on your own. If you are an investor with $10 million to $500 million in liquid investment assets, you can discover a lot about what you should ask for and deserve from our comprehensive and in-depth book about high net worth investment management, estate, tax and financial planning, written specifically for those looking to invest $10 million or more.
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.
Table of Contents
$10 Million Net Worth Lifestyle Challenges
Investors with a 10 million net worth can enjoy a comfortable lifestyle that offers numerous wealth-building advantages. However, the truth is that these investors still face many of the problems that other individuals with a higher or lower net worth experience. Please speak with our wealth managers to learn more about the challenges of a 10 million net worth lifestyle.
Some of these challenges include:
Expanding Your Portfolio
Wealthy investors that are on a quest to grow their portfolio and wealth should familiarize themselves with the various investment risks out there. Taking on new assets can be a useful strategy when you are attempting to diversify your portfolio. However, this approach also introduces new risks.
Investing in an unfamiliar market can spell disaster and jeopardize your portfolio if you aren’t careful. You can learn about some safe strategies for expanding your portfolio in our special guide.
Protecting Your Wealth
If you have spent many decades building your net worth, you should take steps to protect your wealth. It can be easy to assume that someone with a 10 million dollar net worth won’t have to worry about losing their wealth. However, a market crash or an unexpected medical emergency could leave you with far less wealth than before.
Investors that wish to maintain their current lifestyle should prioritize wealth protection for this reason. We discuss the importance of wealth protection in our book The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies For Families Worth $25 Million To $500 Million.
Optimizing Your Portfolio
Every investor should strive to create an efficient portfolio that offers them their desired returns. This isn’t always easy, as certain investments may hold back your portfolio from achieving its true potential. The good news is that there are many ways to make your portfolio more efficient and improve its performance. You can learn about some of these specialized portfolio performance improvement strategies in our guide.
Achieving a Comfortable Retirement
Anyone that has worked hard in their career should look forward to a comfortable retirement. Having a 10 million net worth at retirement can certainly give you a leg-up in this area. However, your savings may deplete relatively quickly if you do not have good retirement income sources.
Many investors work around such issues by investing in stable assets whose profits offer passive income in retirement. If you require assistance with choosing such assets, please get in touch with our wealth managers.
Passing On Your Wealth
Someone with a $10 million net worth should be concerned about how their wealth will be distributed following their passing. This large sum of money and assets can make your family’s and beneficiaries’ lives much easier, so you should ensure it is passed onto them correctly.
If you do not have a suitable will in place, the state may decide to distribute your wealth according to its own practices. This may result in your wealth being distributed in a manner you did not intend. This process is also riddled with delays and legal costs, both of which can be a headache for your children and beneficiaries.
Managing Your Taxes
Millionaires pay some of the highest taxes in the country. Many of these taxes are considered part and parcel of owning multiple assets. However, too few investors realize that they can reduce the amount of taxes they legally owe by restructuring their portfolio.
This is a practice that many famous billionaires have perfected over the years. You can also make your portfolio more tax-efficient with the help of an investment advisor or a wealth manager. Learn about tax-efficient investment practices in our guide for investors with $10 million or more.
Is a $10 Million Net Worth Enough?
You may be wondering, “is a net worth of 10 million a lot?”. The answer to this question may vary or change depending on who you ask. The median net worth of U.S households is around $120,000, so this makes a $10 million net worth far above average. But what net worth is considered wealthy?
A better question may be, “can you live off 10 million dollars?”. You can certainly live a comfortable lifestyle if you own $10 million. However, you will still have to deal with the challenges mentioned above.
Why Investors With $10 Million Should Use a Wealth Manager
All investors can benefit from using a wealth manager’s services. These professionals offer a wide variety of services related to managing your wealth and helping it grow. It may help to learn about each of these services if you wish to safeguard your wealth into the future. Please speak with our wealth managers to learn how their services can benefit you.
These services include:
• Portfolio analysis
• Asset management
• Retirement planning
• Estate planning
• Insurance planning
A wealth manager can analyze your portfolio and identify any risks that may be present. In addition to this, they can also spot inefficiencies that may be holding your portfolio back. They can then offer advice or create plans to help you optimize your portfolio and achieve the returns you desire.
Wealth managers can also offer to manage your assets. They can carry out buying, selling, and trading activities on your behalf. This asset management service allows you to focus on other wealth-building activities while your wealth manager helps you achieve your investment goals.
Wealth managers can also help you with retirement planning. They are familiar with the many retirement challenges you will face. They can then help you with budgeting or making investments to help you achieve your dream retirement. These professionals offer an otherwise invaluable service that can benefit you many decades into the future.
As mentioned earlier, all investors should decide how they wish to distribute their wealth after their passing. A wealth manager or an estate planner can help you create a comprehensive will that outlines your preferred distribution strategy. They can also help you choose charities or other groups to distribute your wealth to.
In some cases, they may recommend setting up a trust that ensures your children’s education costs are covered following your passing. This makes a wealth manager’s services especially useful for wealth protection following your passing.
Wealthy individuals may struggle to pay for high medical bills out of pocket. Some emergency surgeries can cost millions of dollars and leave you with far less wealth than before. A wealth manager can help you avoid such problems by recommending different health insurance plans to keep you and your family covered.
A wealth manager will be familiar with various health insurance plans and can inform you about the most suitable ones for your long-term needs.
Why Choose a Wealth Manager Over a Financial Advisor?
Wealthy investors typically choose wealth managers over ordinary financial advisors. The reason for this lies in the differences between the two. Let’s examine these differences and why a wealth manager may be better suited to handle the needs of someone with a net worth of $10 million.
Number of Services
Ordinary financial advisors can offer advice on financial planning and meeting some of your financial goals. However, their expertise is limited in certain areas. On the other hand, wealth managers offer a wide range of services and possess expertise in additional areas.
Wealth building and protection can be a comprehensive process that requires effort in multiple areas. This means a wealth manager can be much more valuable than an ordinary financial advisor depending on the type of services you seek. If you are interested in finding a good financial advisor, you can ask them some of the questions we discuss in our guide to choosing a financial advisor.
Client Net Worth
Another key area where wealth managers differ from ordinary financial advisors is in their clients’ net worth. Ordinary financial advisors may offer their services to clients of any net worth. This could be young graduates who are interested in making their first investments or seasoned investors that wish to alter their portfolio.
Wealth managers stand out because they offer their services to only clients with a high net worth or an ultra-high net worth. For example, at Pillar Wealth Management, we take on clients with $5 million to $500 million in liquid investment assets. This means a wealth manager is more likely to be familiar with the special needs and concerns of wealthy individuals.
Wealth managers also stand out from other financial advisors because of their fee structure. These professionals charge their clients a fixed fee based on their asset value. This fee can seem high, especially if your assets are worth millions. However, this fee structure enables you to use a wealth manager’s services frequently as you would like to, and without worrying about extra charges.
This is in contrast to ordinary financial advisors who may charge you an hourly rate or a flat fee for their services. If you need to use financial advisory services on an ongoing basis, it is much better to go with a wealth manager.
Why Choose Pillar Wealth Management
Wealthy investors across the country reach out to our wealth managers for wealth management services. Our clients consider us to be one of the top wealth management firms in the nation for a variety of reasons.
Each of our wealth managers possesses expertise in a variety of financial areas and can help you achieve your future financial goal. We also strive to maintain regular communications with each of our clients. After all, we understand how crucial it can be to get in touch with your wealth manager on short notice, especially when you need assistance with a time-critical decision.
Our wealth managers also strive to provide each client with personalized plans and services. This customized approach allows us to help you meet your needs better. If you would like to get started with better wealth management, please set up an appointment with our wealth managers free of charge.
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