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Financial Planning and Wealth Management – PillarWM

Immense wealth comes through years of hard work and dedication. High net worth and ultra high net worth individuals need a comprehensive plan to allocate and safeguard their assets. That’s where financial planning and wealth management comes in. If your family has over $10 million in liquid investment assets, you would greatly benefit from professional financial advice. Our exclusive guide tells you all you need to know.

7 Secrets minified

7 Secrets To High Net Worth Investment Management, Estate, Tax and Financial Planning

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.

Managing finances does not come easy to everyone, and when you have millions of dollars in assets, you cannot afford to be irresponsible. Financial experts at Pillar Wealth Management cater to well-off individuals with $5 million to $500 million in liquid assets. A free consultation with one of our wealth managers can guide you in the right direction for your financial goals.

Table of Contents
What is Financial Planning and Wealth Management?
Who Needs Financial Planning and Wealth Management?
When to Seek Financial Planners
When to Seek Wealth Managers
What They Offer
Last Words

What is Financial Planning and Wealth Management?

Each person has their priorities, needs, concerns, and financial obstacles. Going along with just any financial plan is not enough, especially when you have ambitious goals for your wealth. Customized financial planning and wealth management is based on exceeding your wealth and lifestyle goals and making sure you have ample funds to fall back on.

Financial planning is the comprehensive evaluation of an individual’s strategic goals, objectives and financial state, and using this information to predict future income, withdrawal plans and asset values.

Wealth management covers a broad range of financial aspects, including financial planning. However, it is only suitable for investors with a high or ultra high net worth. The associated financial advisors, i.e., wealth managers, are trained as such to manage large sums of money and optimize its growth.

You may be wondering, “Why do you need financial planning and wealth management, and what is the difference?” Similarities exist between the two, but before you decide on whether you should approach a financial planner or a wealth manager, it is important to understand your financial state and the key differences.

Financial Planning

Certified financial planners (CFP) are professionals who give you financial advice after analyzing your current financial status. They can design a personalized plan for you to cover your retirement, insurance and investment goals. They can help you combat financial challenges and inform you of the most valuable investments. They can assist with budgeting, planning and managing your assets, as well as transitions of funds after marriage, divorce or other life situations.

Based on your goals, visiting a financial planner can be a one-time ordeal, where they set you off with a customized financial plan. If you are considering approaching a certified financial planner, be sure to ask the right questions. The answers will not only help you understand whether they’re the right advisor for you but will give an insight into their knowledge and skill-set. Our guide helps families with over $10 million in liquid assets choose the best financial advisor for them.

Wealth Management

A more professionalized and institutionalized method for money management, wealth management specialized in maximizing cash flow and minimizing risk. This makes it highly suitable and attractive to high earners who want a personalized, tailor-made experience for their financial management.

Wealth managers are skilled in analyzing your financial life to gather information on your history of assets, liabilities, purchase value and market value. A diverse investment portfolio is then drafted to optimize your economic growth. Our free guide offers insights on how you can improve your portfolio performance. They allocate your assets in a manner that will protect your entire portfolio from fluctuations, inflation, interest rates and other risk factors.

Your investment objectives and financial goals become your wealth manager’s priority. They can help you safeguard your current assets, earn more wealth in a short period of time or help you maintain a steady active income. Most wealth managers follow a fiduciary sense of duty, which legally ensures that your needs and best interests will be put first. Have a chat with one of our wealth managers to learn more about how wealth management can transform your life.

financial planning and wealth management

Who Needs Financial Planning and Wealth Management?

Financial planning and wealth management gives you individualized analysis based on the lifestyle you desire. A fully customized plan is what will ensure your financial success and security. If your investment portfolio needs optimization, and you want to improve your investment performance, a person well-versed in this field can talk you through it. You can read more about this in our guide. Balancing your capital growth with risk management requires the expertise of a trustworthy financial planner or wealth manager.

Anytime you think that you need professional help with your financial life is when you should seek financial planning and wealth management. People with high or ultra high net worth are usually busy and don’t have the time to get acquainted with all the financial jargon and instruments. With professional advice, you can save hours of stress and confusion and trust that your wealth is in good hands. They understand the complexities that come with tracking large numbers of assets and investments. Their experience makes them qualified to assess potential liabilities and overcome them.

Furthermore, if you or your family are planning significant future investments such as setting up a college fund or purchasing real estate, emotional pressure can cloud your judgment. An unbiased advisor can save you that stress and give you a plan that benefits you and your family the most.

When to Seek Financial Planners

Financial planners cater to people of almost all financial backgrounds. They specialize in giving financial advice to help you maintain a steady income and make investments to gain return for your retirement or future plans. For a complete step by step on how to choose the best financial advisor, please read our guide.

If you want a professional’s advice on how to manage your money, then a financial planner can help organize your budget. They can inform you of the options available to you for insurances, retirement plans and investments. However, they do not necessarily have the experience or credentials to deal with clients with high net worth.

Financial planners are experts in navigating investments, tax liabilities, retirement and estate planning, and other financial expenses such as buying a car or a dream vacation. They are aware of the ins and outs of the investing and finance world. Having a practiced professional overlooking these influential areas of your life can be refreshing and reassuring.

When to Seek Wealth Managers

Individuals of high net worth or ultra high net worth benefit more from seeking financial advice from wealth managers. This is because they specialize in the financial matters of an affluent clientele. They can ascertain your needs to formulate strategies that give you lucrative results with respect to your goals.

Wealth managers cover your financial needs in a more comprehensive and hands-on manner than traditional financial advisors. They are aware of the market fluctuations and investments with a potentially higher return than risk. They study your liabilities, student loans, business debts and home equities in great detail and restructure your debt and tax plan to boost your cash flow. Additionally, they take on the task of monitoring and adjusting your investment portfolio.

A great amount of wealth needs nourishment and protection. A wealth manager can provide both. They know which strategies can allow your wealth enhancement in your passive income and can guide you to secure your active income. Whether you want to learn more about insurance policies and inheritance planning, or you want to manage your taxes, a wealth manager is the right advisor for the job. If you’d like one of our wealth managers to help you with various financial aspects, schedule a free consultation.

What They Offer

Money is one of the biggest stressors in a person’s life. Once you have accumulated enough wealth to call yourself financially comfortable, your next wish is to make sure it stays that way.

Financial planning and wealth management gives you peace of mind when experts are in charge of your financial life. There is no better assurance than knowing that your wealth is in the best of hands.

Here are some of the ways that financial planning and wealth management services can assist you.

  • Investing

Financial planners and wealth managers study your investment portfolio in great depth to analyze your financial patterns and risk tolerance. They pair this information with their own knowledge of the market and investment strategies to help you allocate your assets accordingly.

Depending on your goals, they can optimize your portfolio is such a way that gives your maximum returns in a short time or steady profits for a longer-term.

  • Budgeting

Examining your expenses, active income, gains from investments, and future plans is crucial to having a healthy financial life.

Experts can help you cut down unnecessary expenses and suggest insurance policies that will not threaten your savings in the future due to life circumstances. They can direct you towards managing your wealth and allocating it to different areas, such as retirement, family planning and more.

Additionally, they can help you pay off or reduce any outstanding debts you may have, giving you more flexibility in your budget.

  • Retirement

The most crucial financial plan for your future is also the most mismanaged and unprepared for. It is necessary to be certain that your wealth would be able to sustain your standard of living after your retirement.

Financial planners can provide you with options for your retirement plan. Wealth managers can help high earners plan out their finances to support them comfortably long into their golden years.

  • Taxes

Regular review of your income, expenses and tax liabilities is well-handled by financial planners and wealth managers. As high net worth and ultra high net worth investors, you may want to minimize your taxes. A wealth manager can assist you in that through legal means.

  • Income and Asset Protection

Legal protection over your income and assets requires professional advice to avoid lawsuits and financial ruin. Unpredictable circumstances can be potential threats to your wealth, and having a contingency plan to counter them is imperative.

We discuss more about financial security in our book: The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies For Families Worth $25 Million To $500 Million.

  • Legacy and Estate Planning

The transference of wealth to future generations needs lawful division of assets, which comply with the latest laws and policies. Wealth managers specialize in this field, by analyzing each family member’s respective costs, needs and expense patterns.

Financial planning can help you keep track of your estates and draft efficient plans to see that they are distributed according to your wishes.

Last Words

Financial planning and wealth management for high net worth families is fundamental to maintaining their financial status and living standard. With multiple high value assets in various investment vehicles, it can become challenging to keep track of where your wealth is going. Seeking advice from experts shows you the big picture so that you can make the right decisions to work towards your goals. It ensures that your riches are secure and will remain secure in the hands of your inheritors.

Wealth managers at Pillar Wealth Management have given financial advice to clients with $5 million to $500 million in liquid investments for years. We have the experience, the knowledge, and the skill-set you are looking for. Book a meeting with us today to begin your journey to financial serenity.

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