Most affluent individuals with more than $10 million in investable wealth are busy searching ‘fiduciary financial planner near me’ on the internet. Should you be doing the same? Well, if you want to create a financial legacy and preserve a significant amount of your wealth for future generations, then yes! Partnering with a qualified and experienced professional is crucial for creating an effective financial plan that puts you on the fast track to achieving your goals. High net worth fiduciary financial planners possess the knowledge and expertise required to overcome the complex financial challenges and risks faced by the wealthy. Don’t forget to read our exclusive guide that our experts have put together to help you make a well-informed decision when choosing a fiduciary financial planner.
At Pillar Wealth Management, you can find the right expert for your individual needs. Our team of financial planners is equipped with the best tools, techniques, and approaches needed to help individuals with $5 million to $500 million in liquid assetslay the groundwork for a financially secure future. We will discuss your current financial situation, needs, and goals to determine the most effective action plan. You can rest assured that all the advice, guidance, and support you get from us will be 100% customized to address your concerns and solve your problems.Interested in a quick conversation with one of our high net worth fiduciary financial advisors? Let’s chat!
Before we dive into the benefits of working with a professional, let’s discuss the definition of a fiduciary financial planner.
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.
Table of Contents
Definition ofa Fiduciary Financial Planner
If you go out searching for a financial planner, you’ll find that these professionals can be divided into two categories: fiduciary and non-fiduciary. You must understand the difference between the two before choosing an expert for your financial planning needs.
Fiduciary financial planners are licensed withthe United States Securities and Exchange Commission (SEC) or a state regulator.In legal terms, a fiduciary is someone who takes the responsibility of delivering their services with utmost honesty and integrity.
Fiduciary financial planners are legally obligated to act in their clients’ best interests. They represent you objectively and recommend and sell financial products without personal benefits.
Non-fiduciary professionals usually earn commissions on the products they sell. While they do ensure that the products they recommend align with the clients’ needs, they do not have a legal obligation to put their interests first.
What to Expect from a Fiduciary Financial Planner Service
You can expect a fiduciary financial planner service tohelp you manage your finances without any biases. Working with a fiduciary financial planner is the best bet if you want to trust a professional with your personal finances and do not know how all of it works.When you partner with a fiduciary financial planner service, you set yourself up for smart, objective advice.
No matter how complex or simple your financial situation is and how attainable or far-fetched your goals may seem, you’re always better off with a fiduciary financial planner. You can rely on these experts’ knowledge, expertise, and intuition to make the right financial decisions on your behalf.
The best high net worth fiduciary financial plannerswill prioritize your financial security alongside portfolio performance. They know how important it is to preserve your wealth and protect your assets so that your upcoming generations may live with little to no financial worries. Once you realize the importance of balancing financial security with performance, you will be able to find the right expert for your needs. As a high net worth or ultra high net worth individual, you must also make five other critical shifts to increase your chances of achieving the financial serenity you desire. Read all about these shifts in our helpful guide here.
Types of Fiduciary Financial Planners
A financial planner may fall under one of the following fiduciary standards.
§ SEC Fiduciaries
Financial planners under this category are registered with the SEC or their state. Some of these professionals may receive commissions for their services from financial firms but they must disclose all the details to their clients.
That being said, the services of these professionals are limited to investment planning only.
§ DoL Fiduciaries
DoL fiduciaries solely apply to retirement planning. It prohibits some transactions that may not be in the best interest of clients and requires additional disclosures. So, the financial planners under this category may receive commissions for selling financial products but they will have to face strict regulatory scrutiny.
§ Voluntary Fiduciary Standards
Created by organizations that strive to improve the quality of services offered to clients, these standards are made up of voluntary certifications and oathsto remove conflicts of interest. That being said, financial planners under this category may voluntarily choose to adhere to these standards, as there are no legal consequences for those who don’t. However, some organizations do require financial planners to sign an agreement with their clients. This allows the clients to sue them if they breach their fiduciary duty.
For example, certified financial planners are required to abide by the CFP® Board’s Code of Ethics and Practice Standards. They must act in the best interest of their clients while advising on any material element of financial planning.
Interested in learning more about the different types of fiduciary financial planners and how they work? Feel free to get in touch with our team.
Top Qualities of the Best High Net Worth Fiduciary Financial Planners
A fiduciary financial planner who is right for you will put your needs and satisfaction above everything else. You must know what to look for when searching for a fiduciary financial planner near me.
Before you begin your search, make sure you read our exclusive guide on finding the right financial advisor for high net worth and ultra high net worth individuals.
Below are the top qualities of the best high net worth fiduciary financial planners.
1. They Look Out for Your Best Interest
Following the fiduciary standard, your financial planner must be willing to make the right decisions for you, even if does not bring them any profit.For them, their job goes beyond just recommending suitable financial products based on your specific financial situation. They help you explore all opportunities and weigh your options to ensure you make the best decision.
Even if you are unsure which financial product will suit your needs best, your fiduciary financial planner will serve as your guide to determine what you really want.Reach out to our experts today to discuss your current financial situation and determine where you want to be in the future.
2. They Offer a Transparent Cost Structure
Before you choose to work with an expert, you must inquire about their fee structure. Find out if they will be earning solely through you or any financial firms for convincing you to invest in certain financial products.
A good fiduciary financial planner will never lie about or hide their cost structure from you. They will always be honest and transparent about how they get paid. Ideally, they should not receive compensation from big financial firms. This ensures that there will be no conflict of interest.
3. They Offer Ongoing Support
The best thing about working with a financial planner near me is that they continue to offer support and guidance even after they have prepared an effective financial plan for you. They go the extra mile to keep you motivated so that you stay on track and achieve your financial goals in the most efficient way possible.
Without determination and commitment, you can never achieve financial serenity even if you have the best financial plan in place. Your fiduciary financial planner will help you deal with the sudden market shiftsand ensure that you do not run after portfolio performance. They will focus on creating smart investment strategies that guarantee maximum wealth preservation. Read about the importance of choosing the right strategy in our book, The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies For Families Worth $25 Million To $500 Million.
4. They Align Your Financial Plan with Your Needs
High net worth fiduciary financial plannersunderstand that each client has a unique financial situation, challenges, risks, and goals.The best experts take out the time to listen to your needs and expectations and create a financial plan tailored accordingly. Not only this, but they will explain how every little detail fits together to bring you closer to your goals.
Your fiduciary financial planner will use their knowledge and skills to optimize your portfolio, minimize your costs and risks, and maximize your profits. A well-optimized portfolio is critical for long-term wealth preservation. You can find everything about high net worth portfolio optimization in our guide here.
5. They Ensure a Clear, Seamless Process
When you look for a fiduciary financial planner near me, you would want to hire someone who gives clear details upfront. The best experts always talk about the relationship, the products and services they offer, and their charges during the initial consultation. They will tell you everything you need to know before making the decision.
If you feel a professional is not invested in your welfare, they may not be the right expert for you.It’s always better to consult with a few financial planners and compare their approach to high net worth financial planning before hiring one.
The ideal fiduciary financial planner service will be happy to walk you through the entire process and answer all your questions along the way. To book a no-cost, no-obligation consultation with our expert, contact us right away!
Find the Best Fiduciary Financial Planner Near Me with Pillar Wealth Management
Ready to partner with a fiduciary financial planner and start your journey towards long-term financial serenity?Access our detailed guide here to learn more about the attributes that all the best financial planners have in common.
You can trust Pillar Wealth Management for top-notch fiduciary financial planner service like so many affluent individuals do. Our experts have combinedly been working with high net worth and ultra high net worth individuals who possess liquid assets worth $5 million to $500 million for more than 60 years.
It’s time to stop searching for the best fiduciary financial planner near me and call us to schedule an initial consultation with the best-in-class experts. It is free and you won’t be obligated to work with us, which means you have nothing to lose!
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