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Financial Planning Chicago for the Wealthy – PillarWM

Once you have accumulated $5 million or more in liquid investable assets, all it takes to maintain your financial security and independence is a guide that highlights your long and short-term financial objectives. Financial planning Chicago is a crucial process that helps make sure you attain your financial goals and get the highest possible investment performance possible. High net worth and ultra-high net worth individuals usually prefer working with a competent financial planner who can help them understand the complexities and give expert guidance for building and maintaining wealth. To make sure you pick the best financial professional who can effectively grow and preserve your wealth, read our helpful guide for investors worth $10 million or more.

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.

At Pillar Wealth Management, we have helped wealthy individuals, who have investable wealth worth $5 million to $500 million, smartly manage their portfolio. Our financial experts don’t believe in using standardized, cookie-cutter solutions to financial planning Chicago. We will listen to your financial concerns and requirement, learn about your financial goals, and determine the degree of financial security you need. We use customized financial planning and wealth management strategies to help you get the highest possible investment performance. For more details on how we can help you manage your wealth, schedule a free consultation with us.

Let’s discuss what smart financial planning Chicago looks like.

Table of Contents
What is Financial Planning Chicago?
What Are the Six Steps to Financial Planning?
How Much Money Should I Have to Hire A Financial Planner?
Is A Financial Planner Worth the Money?
Last Few Words

What is Financial Planning Chicago?

Before we get into the financial planning technicalities, let’s briefly look at what financial planning is. Simply stated, financial planning is a comprehensive term that includes planning on how you will spend, invest, and use your wealth to achieve economic stability and attain your short and long-term financial targets.

Many high net worth and ultra-high net worth individuals find finance quite tricky to understand, so financial planning bridges the knowledge gap by providing complete support and tools for clients. There are various types of financial planning for wealthy individuals, such as the ones highlighted below:

• Balance sheet optimization

• Cash flow planning

• Investment management

• Risk management

Retirement planning

• Wealth transfer

• Pre and post liquidity planning

At Pillar Wealth Management, we offer various types of financial planning, including the ones mentioned above, to affluent individuals and families. Our objective is not to just sell financial products and services. Rather, we aim to transform your financial life and help you attain financial serenity. Read our hardcover book, The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies for Families Worth $25 Million to $500 Million to learn more about investment and wealth protection strategies that will keep you financially secure.

What Are the Six Steps to Financial Planning?

Financial planning’s primary objective is to help you attain your lifestyle and financial goals through a holistic financial planning process.

Here is a six-step financial planning process outlined by the Financial Planning Standards Board (FPSB). It is an ongoing, comprehensive process that encompasses all aspects of financial planning, including retirement planning, estate planning, and investment planning. Speak to one of our financial experts at Pillar Wealth Management and get more details on the financial planning process we use.

financial planning Chicago

1. Establish Goals and Define the Relationship with Client

The first step to financial planning is establishing a set of goals and defining the planner-client relationship. This creates the groundwork for the financial planning process and gives the financial planner clarity about what you aim to achieve.

Here, your financial planner will ask you open-ended questions about your goals, needs, objectives, dreams, financial strengths and weaknesses, risk tolerance, etc. They will discuss the expectations you have from them, the compensation method, and the terms of the engagement. Along with that, they will clearly define their responsibilities and the services they will provide you.

Once a mutual agreement regarding relationships and goals has been reached, your financial planner will move forward with the process.

2. Collect Relevant Information

To develop a comprehensive financial plan, your financial plannerwill use a structured questioning process to get the relevant qualitative and quantitative information. They will also review the necessary documents such as your tax return statement, 529 and 401(k)savings plan, etc.

Then, they will document this information to visualize the data and offer relevant recommendations.

3. Analyze the Data

In the third step of the financial planning process, your financial planner will analyze and evaluate the information you have shared with them. Doing so will give them an in-depth insight in to the strengths and weaknesses of your current financial situation. They will then compare this analysis with your needs, priorities, and goals.

4. Create A Financial Plan with Suggestions

Based on the evaluation and analysis of your data and requirements, your financial planner will develop a comprehensive financial plan and recommendation to help you meet your goals. In this stage, they will also take your feedback, address any concerns that you may have to ensure that you are fully satisfied with the plan. Your plan will be finalized once the relevant suggestions have been incorporated and the necessary revisions have been made.

5. Executing the Financial Plan

In this stage, your financial planner will implement the recommendations and suggestions outlined in the plan. They will update you regarding the progress of the implementation stage.

Executing a financial plan is quite challenging and requires immense discipline and focus on staying on track.

6. Reviewing the Progress of the Financial Plan

Financial plans should be dynamic and need to evolve with the need of the hour. Thus, you and your financial planner should decide on who will track the progress of your plan towards your goals. It is imperative that your plan and any financial strategies that were executed are reviewed at least every year. This can help ensure that your financial plan stays pertinent and meaningful in light of any changes in your personal or financial circumstances.

How Much Money Should I Have to Hire A Financial Planner?

When you become a part of the millionaire club, you might think when’s the appropriate time for you to hire a financial planner. The simple answer to this seemingly complex question totally depends on your existing net worth. If you type in, “How much money should I have to hire a financial planner?” on Google, you might get results saying that you should have at least $1 million to $5 million.

At Pillar Wealth Management, we offer selective financial planning services to individuals and families with investable wealth between $5 million and $500 million. Unlike other financial firms, we only onboard a limited number of clients every year. This way, we can ensure that we are able to offer top-quality service that our esteemed clients require and deserve.

We don’t believe in offering similar financial plans to our clientele. Instead, we formulate customized investment and financial strategies to help you successfully achieve your financial goals. For more information regarding our financial planning services, click here to book a free consultation session with one of our team members.

Is A Financial Planner Worth the Money?

If you are wondering, is a financial planner worth the money, then do check out some of the benefits you can get by hiring a competent and experienced financial planner.If you’re determined to choose the best financial planner, don’t forget to read our special guide here.

Help You Live A Peaceful Retirement

When you think of your financial future, the first thing that should come to your mind is retirement! Typically, people retire between the ages of 60 and 65, which means they have around 20 to 30 more to live without any active income stream. This means you need to have a solid passive income source to help you live a financially secure life even after you’ve retired.

Living a financially sound retirement is every individual’s dream. Nevertheless, turning that dream into a reality can be pretty complicated, particularly for high net worth and ultra-high net worth individuals. For example, you might want to invest in real estate, travel the world, or establish a charitable foundation after you’ve retired.

Another reason why retirement planning is so complex is that it takes time, and it’s not something you can do when you just a couple of years left to retire. Financial planners focus on offering holistic advice to make sure that you live a financially peaceful life when you retire. The top-rated financial planners will ensure that you have an investment and asset allocation plan that is in line with your broader financial targets.

At Pillar Wealth Management, we can formulate a practical and feasible plan to help you live a stress-free and comfortable retirement. Find out the five critical shifts you need to make to get the highest investment performance that will help you live a hassle-free retirement.

Minimize Your Tax Obligation

Taxes are one of the highest expenses you have to bear as an affluent investor. This is because of the fact that all financial activities you undertake, whether it’s transferring your wealth or investing it, create some tax liability. As a result, these taxes can eat away thousands, or even millions, of your hard-earned dollars each year.

Even though taxes are an expense that you cannot avoid, it doesn’t mean that you can’t control or limit them. This is another reason why financial planning is so beneficial – it allows you to lower your tax bill effectively.

The financial planners account for the tax implication in every financial decision you make and then make decisions to lower that expense. For instance, they can alter your investment plan or suggest moving to states with a lower tax rate. For more details regarding how we minimize taxes, fees, and other costs, read our guide Improving Portfolio Performance.

Combine Active and Passive Investment Management

Active investment management involves buying and selling investments, trying to time the market, and capitalizing on new trends and ‘hot’ buys. Because of all the time and work that goes into this, active investment management can cost you more in terms of fees.

On the other hand, passive investment management can cost you lower fees and can thus help preserve your wealth in the long-run. It involves monitoring data of financial markets and using it to come up with investment-related decisions. Moreover, the long-term capital gains generated from the passive investment technique are also taxed at a rate of 20 percent, which means you get to save on taxes as well! For further details regarding the difference between active and passive investment techniques, read our guide for investors with $10 million or more.

Note that being extremely passive can also be dangerous as it can make you miss out on opportunities for growth or fall into high-risk categories if no adjustments are made. Thus, keeping this in mind, the financial planners at Pillar Wealth Management can devise a plan that creates an optimum balance between active and passive investment management strategies. This way you can enjoy the best of both worlds.

Keeps Your Family Secure

A critical component of financial planning is estate planning, which involves identifying who will inherit your wealth and assets after your death.

Even though estate planning sounds uncomplicated and straightforward, the truth is that it is marred with several complexities. For instance, there are various tax implications that you need to account for and legal problems to work out.

Financial planning can guide you through all of this and make sure that you and your dependents stay financially stable. Due to this reason, financial planning is totally worth your hard-earned money.

Last Few Words

At Pillar Wealth Management, we have been offering financial planning services to high net worth and ultra-high net worth individuals and families for over three decades. Based on our expertise and extensive experience are the best financial planning firm that you can opt for. To chat with one of our financial planners, click here to schedule a no-obligation consultation with us.


To be 100% transparent, we published this page to help filter through the mass influx of prospects, who come to us through our website and referrals, to gain only a handful of the right types of new clients who wish to engage us.

We enjoy working with high net worth and ultra-high net worth investors and families who want what we call financial serenity – the feeling that comes when you know your finances and the lifestyle you desire have been secured for life, and that you don’t have to do any of the work to manage and maintain it because you hired a trusted advisor to take care of everything.

You see, our goal is to only accept 17 new clients this year. Clients who have from $5 million to $500 million in liquid investable assets to entrust us with on a 100% fee basis. No commissions and no products for sale.

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