Strategies For Families Worth $25 Million To $500 Million
The Art of Protecting Ultra-High Net Worth Portfolios and Estates
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.
There are numerous types of financial advisors operating in the industry. However, not all of them are suitable for high net worth and ultra-high net worth individuals and families. People who own $5 million to $500 million in liquid assets have complex financial requirements that call for complex financial plans. This isn’t possible with any type of financial planner. So, rather than searching just any random financial planner, you need to search for a fee only certified financial planner near me. Read our insightful guide and learn how you can choose a financial advisor that will help you attain your financial goals.
Financial planners at Pillar Wealth Management have more than three decades of experience working in this industry with high net worth and ultra-high net worth clients. We strive to provide fee-only financial planning services to our clients and ensure that we always prioritize your best interests. To get in touch with our team, click here and schedule a free consultation.
Table of Contents
What Is A Fee-Only Certified Financial Planner?
The world of financial planning involves some very confusing terminology including, “fee-only financial planner,” “certified financial planner,” “fiduciary financial planner,” etc. In this section, we’ll take an in-depth look at what is a fee-only certified financial planner.
If a financial advisor or financial planner is fee-only, it means that they receive compensation only from the fees their clients pay them for their services. In simple terms, fee-only financial planners do not earn commissions for advising their clients to invest or buy particular financial or investment products. The best thing about a fee-only structure is that it minimizes any potential conflict of interest. At Pillar Wealth Management, we offer 100 percent fee-only financial planning services to wealthy individuals who own liquid assets equivalent to $5 million and more. To get in touch with our team, click here and book a free consultation.
On the other hand, a certified financial planner, also known as CFP, is an individual who has obtained a formal designation from the Certified Financial Planner Board of Standards, Inc. Certified financial planners help their clients in numerous areas of financial management such as investment planning, insurance planning, tax management, wealth transfer, retirement income planning, etc. You can order a 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, and learn more about the importance of working with a financial advisor.
In conclusion, a fee-only certified financial planner is one who has a formal designation from the Certified Financial Board of Standards, Inc and only charges a fee from their clients in exchange for their services. The common element between a fee-only financial planner and a certified financial planner is that they have a fiduciary responsibility, which means that they have to make decisions that prioritize their client’s best interests.
Why High Net Worth Investors Should Hire A Fee Only Certified Financial Planner?
There are numerous financial planners working in the industry. For instance, there are fee-based financial planners, commission-based financial planners, non-certified financial planners, etc. So, the question that remains is “why high net worth investors should hire a fee-only certified financial planner and not any other financial planner?” Well, if the same question has been bothering you, then make sure you check out the following points that discuss why you need to hire a fee-only certified financial planner.
The best part of working with a fee-only certified financial planner is knowing that they will work in your best interests. Fee-only certified financial planners are there to help grow your wealth and not their own, as they don’t depend on what they sell to you to earn money. They have to work as a fiduciary, which obligates them to always work in your best interests.
Range of Services
Fee-only certified financial planners typically offer a wider range of services to help their clients attain their financial goals. On the contrary, commission-based, non-certified financial planners tend to restrict their services to products that can help them earn the highest amount of money. Some common services provided by fee-only certified financial planners include:
– Investment Management
– Retirement Income Planning
– Cash Flow Planning
Many affluent families generally invest a large percentage of their wealth in bonds and stocks. This isn’t because of any personal preference but only due to the fact that these people don’t have a lot of information regarding other profitable investment opportunities.
If your assets are also in the form of bonds and stocks, you should hire a fee-only certified financial planner who can guide you about the best investment options available to grow your wealth. For instance, collectibles (classic luxury cars, gold, artwork, etc.), real estate, hedge funds, and private equity are all high-return investments.
Working with a fee-only certified financial planner will help you learn about where you need to invest your wealth to get the maximum gains. Our qualified, fee-only financial planners at Pillar Wealth Management will thoroughly evaluate your portfolio. Based on your financial objectives, current economic circumstances, time horizons, and risk aversiveness, we will develop plans to make sure you receive your desired level of returns.
So, suppose you lack the time, resources, knowledge, and skill to stay abreast with the ever-changing market movement. In that case, you should hire a fee-only certified financial advisor who can give you unbiased investment advice. In our guide, Improving Portfolio Performance, you can learn about how to create an investment portfolio that best fits your performance and life goals.
Retirement Income Planning
Retirement income planning is inarguably one of the most important services offered by a high net worth fee-only certified financial planner. A fee-only certified financial planner will ensure that a well-thought-out retirement plan is incorporated into your overall financial plan. Such a retirement plan will include the financial goals you want to achieve post-retirement and the steps you need to take to reach them.
With a fee-only certified financial planner working with you, you can be assured that you’ll have access to an adequate income stream even after you retire to live a worry-free and peaceful retirement. Plus, if you have any new post-retirement financial objectives, such as purchasing a luxury yacht, we will systematically work out your future cash flows and suggest ways in which you can attain them. Read our free guide here and learn about the five shifts you need to make to translate your retirement goals into reality.
Cash Flow Planning
Proper handling of your wealth and asset will allow you to ensure you are triumphant in attaining your financial goals and ultimately reach financial serenity. Another reason why cash flow planning is important is that it will enable you to set up and maintain an emergency fund. This way, you won’t get into trouble if any unaccounted expenses pop up.
At Pillar Wealth Management, our financial planners are highly skilled at curating cash flow management plans. We will identify your income sources and assess how you’re spending your money, along with calculating your liabilities and assets, to determine how your cash flow can be optimized. Using our fee-only services, you can make intelligent decisions regarding your assets and wealth, foresee any future cash-flow problem, and take steps to get past it.
Is A Fee Only Certified Financial Planner Right for Me?
Are you still confused about hiring a financial planner and are thinking, “is a fee-only certified financial planner right for me?” Here’s a list of benefits that you can get by working with a fee-only certified financial planner.
Knowledge, Skills, and Expertise
Fee-only certified financial planners are highly skilled in managing the finances of wealthy clients who have liquid investable assets worth $5 million and higher. They have in-depth knowledge of the various investment and financial products available and closely track the market trends to immediately capitalize on any profitable opportunity.
Plus, you may not even have access to historical economic data, which is extremely essential in formulating financial strategies. On the other hand, our fee-only financial planners at Pillar Wealth Management have rich financial data that dates back nearly a century. We use insights from this data to prepare financial plans that will help you accomplish your financial goals.
Tailored Financial Solutions
Another reason why fee-only certified financial planners are right for you is that these financial planners offer tailored financial solutions, unlike other major financial institutions. So, if you want financial strategies that are specially designed with your goals and interests in mind, a fee-only certified financial planner is right for you.
At Pillar Wealth Management, we take pride in the tailored financial plans we provide to our valued clientele. In fact, this year, we took only seventeen new clients so that we could build unique financial plans for each one. Click here to speak to one of our financial planners and start working on your own tailored financial strategy.
How Do I Find A Fee Only Certified Financial Planner Near Me?
If you’re now convinced to hire a financial planner, you might be wondering, “how do I find a fee-only certified financial planner?”Well, the process to find a financial planner is quite simple and straightforward – all you have to do is follow the guidelines written below. You can also read our free guide here and learn how you can choose the best financial planner for yourself.
When the time comes to find a financial advisor or a financial planner, the best place to start is to ask your close friends, family members, and colleagues. It’s extremely essential that you ask people whose financial circumstances are similar to yours. That way, they can refer to a fee-only certified financial planner suitable for you.
After you have narrowed down your list of potential financial planners, you need to do extensive research and identify which one suits your needs in the best way. One way to research your shortlisted financial planner is to look them up on LinkedIn and go through their profile. Any guides, books, or blogs that the financial planner has written also adds to their credibility.
Nevertheless, you should try and set up a preliminary meeting with a few financial planners before you sign any kind of contract. Financial planners usually don’t charge anything for this. You should use this opportunity to put forward key questions related to financial planning. You can ask them about their educational qualification, experience in the industry, clientele, specialty, services provided, and anything else you feel is relevant. We highly recommend you read our guide for investors with $10 million and more to find additional questions that you can ask a financial planner.
Remember that financial planning is an extremely personal process that encompasses all aspects of your life. Thus, you need to be able to fully trust the person you work with. If you feel that something’s not up to the mark, you shouldn’t hesitate to find another one.
Last Few Words
Good financial planners can be the difference between increasing your wealth sustainably for many decades and losing all your wealth before you even hit retirement. So, make sure you use the services of a reliable and trustworthy fee-only certified financial planner. You can click here to arrange a free consultation session with us, and one of our team members will be in touch with you!
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