If you’re a wealthy individual, you might be aware of the numerous benefits a Financial Planner offers. For instance, they can create customized plans for you, strike a balance between active and passive investment approaches, help you make data-backed decisions, etc. In this article, we’ll discuss why you need to hire a Financial Planner and answer a very popular question – how to find a Financial Planner near me?You can also learn how to choose the best Financial Planner for yourself by reading this guide here.
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.
Our Financial Planners at Pillar Wealth Management offer numerous Financial Plannery services, including balance sheet optimization, cash flow planning, and retirement planning to clients who have liquid assets ranging from $5 million to $500 million. To learn more about how we can increase your wealth, schedule a free consultation with our advisors.
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Financial Planner, Do You Need One?
A Financial Planner is an expert who offers a range of financial products and services to their clients. Good Financial Planners usually work by discussing your financial objectives with you and develop a strategy to help you attain them.
But the question that arises is that do you need a Financial Planner? Suppose you want to set up a charity foundation or wish to plan for retirement, or even want to launch your new business venture. In such cases, you can hire a Financial Planner to guide you and help you make the right decisions.
Moreover, a Financial Planner can even play a significant role in reducing your financial stress. Before we move ahead, we suggest you read The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies for Families Worth $25 Million to $500 Million. This is our free book written by our team, where we discuss the importance of hiring a Financial Planner.
We have also outlined some situations below where you need to avail the services of a Financial Planner.
You Have A Very Risky Investment Portfolio
Many affluent individuals choose to invest their wealth in different financial markets. If you also do this, you should be aware of the risks associated with this practice. For example, market trends can change suddenly and negate all your long-term profits. Thus, if your investment portfolio comprises investments in different markets, you do need the services of a Financial Planner who will help you lower your investment risk.
At Pillar Wealth Management, our Financial Planners are skilled at formulating plans that will reduce the risks your investments face from such abrupt and sudden market movements. We will also comprehensively analyze your investment portfolio and let you know which investments are most risky and how you can mitigate the risk.
You Don’t Know About the Various Investment Opportunities.
Many high net worth and ultra-high net worth investors only invest their money in bonds and stocks. This isn’t because of any personal preference but mainly because they don’t know much about the other available investment opportunities.
If your assets are also limited to bonds and stocks, you need to hire a Financial Planner who can guide you about the various investment options available to grow your wealth. For example, alternative investment categories such as collectibles (gold, paintings, etc.), real estate, hedge funds, and private equity are all lucrative investment choices.
Having a Financial Planner on your side will allow you to leverage the numerous investment options available to grow and maximize your wealth. Our experienced Financial Planners at Pillar Wealth Management will thoroughly evaluate your asset portfolio. Based on your financial goals and situation, level of wealth, time horizons, and risk tolerance, we will develop plans to help you receive the highest possible investment returns.
So, if you don’t have the time and resources to keep yourself abreast of the continuously changing market trends, you should hire our Financial Planners and let them take care of this task! If you want more information on how you can turn a good performance into an excellent performance, read our guide, Improving Portfolio Performance.
Your Tax Bills Are Soaring
Perhaps the only disadvantage of making profits on investments is the tax bills that accompany it. Taxes are an inevitable part of investments, but the good thing is that a well-planned and comprehensive tax plan can help you effectively lower your tax liability.
Tax management plays a significant part in preserving and building your wealth. Our Financial Planners will study your current financial situation to create the best tax strategy that will help you accomplish your financial goals. For example, we can guide you on the different tax incentives that your government offers on some specific investments, which can lower your tax obligation.
Hence, by meticulously evaluating your assets and liabilities, we can offer numerous tax-saving strategies to cut down on the amount of taxes you need to pay.
You’re Worried for Your Retirement
Saving for retirement is one of the most important financial goals you will have in your life. A Financial Planner will ensure that a thorough retirement plan is incorporated into your financial plan. A retirement plan is primarily based on your post-retirement life’s financial goals and includes strategies on how you will accomplish them.
If you work with a Financial Planner, you’ll be at peace that once you retire, you will have enough money to live a comfortable retirement without worrying that you’ll fall short of funds. In fact, whatever aspirations you have for your retirement, Financial Planners will help you bring them to life.
Plus, if you have set some new post-retirement financial goals, we will properly calculate your future cash flows and suggest ways to attain them.Read this guide to know more about the critical shifts you need to make to turn your retirement goals into reality.
Are High Net Worth Financial Planner Firms Worth It?
If you look up Financial Planners on the internet, a common question that you’ll come across will be, “Are high net worth Financial Planner firms worth it?” If you’re also thinking the same, then read this list of benefits that Financial Planner firms can offer you.
Knowledge and Expertise
If you’re a high net worth individual, you might be too busy in your personal and professional life to learn about the numerous financial markets and their risk and return details. Thus, a Financial Planner who can advise them about the ever-changing market movements and investment decisions is extremely helpful.
Financial Planners have extensive expertise in handling the assets and portfolios of individuals who have liquid assets worth $5 million and more. They have a vast knowledge of the various investment and financial products available and will keep track of the dynamic market trends to promptly leverage any profitable opportunity.
Plus, high net worth investors also don’t have historical market data, which is crucial in devising financial plans. On the contrary, competent Financial Planners such as those at our firm have loads of data that they use to make an ideal plan for the clients. In fact, we have financial data going back to 1925, which we analyze before giving financial advice to our valued clients. Click here to speak to our expert Financial Planners and learn how you can grow your wealth tax-efficiently.
Uniquely Tailored Financial Plans
Another reason why Financial Planners are worth it is that they offer uniquely tailored financial plans instead of other financial firms like investment houses and private banks. So, if you want financial solutions that are solely designed in accordance with your interests and goals, you should definitely go for a Financial Planner. As mentioned earlier in this article, a Financial Planner will completely learn about your goals and develop financial plans that align with your unique financial circumstances.
At Pillar Wealth Management, our Financial Planners are entirely devoted to assisting our clients reach financial serenity. Hence, we are incredibly proud of the tailored financial and investment plans we create to help our high net worth clients move close to live the life of their dreams.
How to Find AFinancial Planner Near Me?
If you feel that you do need a Financial Planner, you might be contemplating how to find a Financial Planner near me. If that’s precisely what you’re thinking, then you don’t need to worry anymore because we have listed down the steps you need to follow to find the best Financial Planner to fulfill your financial requirements. You can also go through The Ultimate Guide to Choosing the Best Financial Planner to learn how you can select the best Financial Planner.
Step #1 – Note Down A Few Names
The best way to proceed when looking for a Financial Planner is to ask your friends, family members, and colleagues for recommendations. Wealthy people from your circle might have previously worked with a few Financial Planners that they can recommend to you.
Step #2 – Do A Full Background Check
Before choosing a Financial Planner, you need to conduct a comprehensive background check. You can do this by going through directories such as the Financial Planning Standards Board (FPSB) and the National Association of Personal Financial Planners (NAPFA).
You can also look up your shortlisted Financial Planners on LinkedIn and explore their educational and professional qualifications, work experience, etc. Any guides or books that they have written also boosts credibility.
Step #3 – Prepare for A Meeting
Preparing a Financial Planner doesn’t just include researching them but also includes evaluating your own financial situation. So, if you’re wondering what you need to prepare before you hire a Financial Planner near me, then here are some things you need to document before your actual meeting.
- Your financial circumstances, including your assets and liabilities
- Your current and expected income and expenses
- Your financial goals and aspirations
- Financial documents such as statements for 529 savings plan, 401(k), information regarding your investment portfolios, estate documents including wills, life insurance, and tax records.
Step #4 – Speak to Them Personally
Once you have completed all the above steps, you need to speak to the Financial Planner you have picked directly. This will give you more insights into their personality and help you decide if you want to continue working with them.
You should also use this opportunity to put forth your queries regarding Financial Plannery. Some of the questions you can ask include:
- What services do you provide?
- Are you experienced in working with wealthy individuals?
- How do you make money?
- What Financial Plannery approach do you use?
Who Are the Best Financial Planners?
Today there are hundreds of Financial Planners willing to offer you Financial Planning services. But who are the best Financial Planners among these? Here are a few characteristics of the best Financial Planners.
Active and Passive Investment Approach
An active investment approach is where Financial Planners make regular transactions, invest in hot buys, and trending products. While an active investment approach is essential for producing short-term profits, it is accompanied by higher taxes and management fees.
On the other hand, a passive investment approach is a long-term solution to maximize wealth. It involves monitoring financial markets’ indexes and working closely with data. Plus, passive investment management generally comes with a lower management fee.
At Pillar Wealth Management, our Financial Planners are adept at creating the right balance between active and passive investment management approaches. This will help you accomplish your financial goals while minimizing the management fees you have to pay. To learn more about how our Financial Planners strike a balance between active and passive investment approaches, book a meeting with us!
The best Financial Planners offer fiduciary services, which implied that they are fully dedicated to helping you attain your financial targets. In fact, the SEC licenses fiduciary Financial Planners to always work in your best interests. Moreover, fiduciary Financial Planners have a legal obligation to eliminate any possible conflict of interest.
At Pillar Wealth Management, we are a 100 percent fee-only fiduciary firm. With our Financial Planners onboard, you can stay assured that your wealth is safe with us.
Our Financial Planners are highly dedicated to build your wealth and help you leave a meaningful legacy behind. With our personalized, fiduciary services, you can efficiently accomplish your financial targets. For more details on how you can benefit from our Financial Plannery services, schedule a free meeting with our team!
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