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Financial Planning for High Networth Individuals – PillarWM

The elite class has specific and unique financial requirements and needs when it comes to managing their immense fortune. The hard work you put in to amassing that kind of wealth means that you want to secure it in the best way possible.

Having multiple high-value assets can become overwhelming to juggle and overlook, especially if you’re a high net worth or ultra-high net worth investor. Fortunately for you, there are professional experts who specialize in giving you financial advice and managing your wealth.

When it comes to financial planning for high networth individuals, finding the right advisor is essential. Our guide can help families with $10+ million in investable assets find the right financial advisor to manage their funds.

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.

Many affluent families turn to wealth management companies for their financial planning. They know that the expertise and level of personalization provided by wealth managers are unparalleled. Wealth managers at Pillar Wealth Management provide this service for families with $5 million to $500 million investable liquid assets. Our fee-only registered advisory firm can give you fully custom financial advisory services. Contact us to get started.

Table of Contents
High Net Worth Financial Planning
Is Financial Planning for High Networth Individuals Necessary?
When Should You Seek a Financial Planner?
Finding the Best Financial Planning Services for Wealthy Individuals
Wealth Management or Financial Planning?
Takeaway Points

High Net Worth Financial Planning

Financial planning covers a broad range of services that come under managing your money. It is a comprehensive approach to evaluate your strategic goals, objectives and economic status. Financial planners collect this information to formulate a plan that will protect and predict your future income, sustain your wealth through retirement, and allocate your assets for your wealth enhancement.

Short-term and long-term goals ultimately define your financial plan. Paying off debts or student loans, estate planning, or even saving for retirement requires you to plan ahead. Financial planning for high networth individuals gets a little trickier because they usually tend to have more ambitious goals and numerous assets to take into account. This makes it all the more important for them to seek professional advice.If you already have a financial advisor and are unsure about their capabilities, read our guide to learn how to find the best advisor.

Certified Financial Planners (CFP) have to meet extensive training and qualification requirements to practice any financial advisory service. This makes them well-equipped to provide you with strategies and solutions to suit your monetary lifestyle.In addition to certified financial planners, financial planning firms often employ chartered financial consultants (CHFC) or registered investment advisors (RIA). An alternative option is robo-advisors, which is an automated investment management service. However, they cannot understand the complexity of your finances as well as financial planners can.

Financial planning services can include assistance in the following aspects:

– Refining cash flow

– Planning for family education

– Wealth enhancement

– Financial security

– Investment and risk management

Tax management

– Planning for retirement

– Estate or legacy planning

– Philanthropic ventures

Is Financial Planning for High Networth Individuals Necessary?

If you are used to handling your own accounts and assets, you may be wondering, “Why do high net worth individual need financial planning?” Seeking advice in planning out your financial future can give you insight into issues or circumstances that you may not have considered before.

Financial planners create a unique plan for your financial profile. They consider your goals, investment portfolio, your age of retirement, your lifestyle, your liabilities and your net worth. A person with a high or ultra-high net worth is more at risk for a number of reasons.

Managing Your Expenses

Spending habits are crucial to financial management. As a wealthy individual, you may be less concerned about this, but knowing how much you spend on a monthly basis can help you understand whether you’re on the right track to meet your goals. A financial planner can help you discover unnecessary expenses or hidden costs that can lead to future budgetary constraints. Watching your expenditure habits can help you save money to re-invest for the long-run.

financial planning for high networth individuals

Tax Planning

More wealth means that you will fall into a higher tax bracket or be eligible for capital gains tax. These unforeseen inconveniences can slowly chip away at your funds. A financial plan can help you combat this by implementing appropriate strategies. Our book, The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies for Families Worth $25 Million To $500 Million, discusses more about how you can build enduring wealth for your family and how to secure it.Financial planners are well-versed in tax laws and have practice in mitigating capital gains taxes and gift and estate taxes for wealthy individuals.


A strong investment portfolio is going to determine your financial status and future. It takes more than just learning about stocks and bonds to make the right investment choice. Your portfolio needs to be balanced to incorporate your risk level, timeframe and objectives. You can read about five crucial steps you can take to maximize your portfolio growth in our guide.Financial planners have the relevant expertise to make the right call for your investments. Furthermore, they are aware of various tools and strategies that can help you maximize rewards and minimize risks.

Retirement Planning

No matter how immense you think your wealth is, you cannot be sure that it will be enough to sustain your high standard of living after you retire. Increasing interest rates, inflation, changing policies can affect your savings, and you may find yourself having to cut back on your expenses to live out your golden years. A good financial plan can prevent this from happening. Experts can help you invest in assets or insurances that can plan out a bullet-proof retirement for you. Not only can you continue to live your best life, but you can also fulfill your lifelong dreams of starting a new business venture or going on a world tour, etc.If you want to understand more about retirement income planning, you can chat with one of our wealth managers.

Legacy Planning

Wealth transfer is a part of your financial life that can become messy if not handled right. Conflicts of interest, disgruntled relatives, mismanagement can result in your hard-earned money being wasted in the wrong hands. A financial plan for your inheritors will ensure that everything is carried out as per your wishes even when you’re gone. Your financial planner can help you decide how you want your wealth to be distributed or invested.

When Should You Seek a Financial Planner?

Incase you’re still wondering, “Should I find financial planning for high networth individuals?” you can ask yourself the following questions to understand your current situation better.

– Do you have enough savings to support your family’s future aspirations?

– Are you financially on track to retire at the age you want to?

– Are you financially stable enough to be able to support unexpected medical expenses for yourself or your loved ones?

– Do you think your portfolio is performing as well as it can?

– Are you aware of the risks that come with your investments or market fluctuations?

– How confident are you that you can meet your and your family’s economic goals and needs?

– Are you able to support the causes or charities you want to?

– Is your investment plan strong enough to withstand any financial drawback?

– Do you have a plan to distribute your wealth effectively and fairly?

By now, you must know at what point should a high networth individual get financial planning.If you find yourself doubtful about your current advisor’s ability to handle your finances, read our Ultimate Guide.It is designed specially to help ultra-high net worth families find the best financial advisors.

Finding the Best Financial Planning Services for Wealthy Individuals

Now that we have discussed the importance of financial planning for high networth individuals, you may want to know how to find a financial planner. So, let’s discuss what are financial planning services for high networth individuals and how to choose the best one.

Private banks and brokers provide financial planning services too, but you should not settle for standardized, cookie-cutter solutions. Your aim should be to look for a financial planning firm that works to align your plan with your unique goals. They must have the knowledge and expertise of the financial world and should monitor market trends to search for the best opportunities. Their extensive and thorough research is what will set them apart from others.

The financial planning services you work with should be qualified and have the necessary certifications to prove their training. Certified Financial Planners are your safest best as it is mandatory for them to pass stringent requirements in order to get their license. Fiduciary advisors give you financial security as they have a legal obligation to act in your best interest and not take advantage of your wealth.

Online databases such as the Financial Planning Standards Board (FPSB) can help you search through the best financial planners and identify their services, track record, skills and qualifications. You can arrange consultations with your shortlisted candidates to see if they are suitable to meet your values and aspirations.

Once you have hired the best financial planner you could find, you will gain confidence in their ability to overlook your assets. Our wealth managers are experts in providing fully custom financial plans to wealthy clients. Schedule a meeting with our team if you’d like a free consultation.

Wealth Management or Financial Planning?

Affluent investors often find wealth management to be more suitable for their economic status and specific requirements. This is because wealth managers cater specifically to clients with millions of dollars in liquid assets. Therefore, they are aware of the complexity, hurdles, risks, and complications that come with a very large sum of money.

In addition to financial planning, wealth managers provide a holistic approach to your money management. They can help you improve your portfolio performance by using various tools and strategies. We talk in detail about these in our Performance Guide.Moreover, they can optimize your balance sheet, plan your cash flow, provide liquidity management and alternative investment strategies, and more.

Entrusting your money with others is hard enough. Hiring individual investment managers, financial planners, retirement planners, or brokers can make life stressful. A wealth manager can assist you with all these aspects and keep your privacy at the same time. You can rest assured that your life earnings are in professional, secure and experienced hands.

Takeaway Points

It is crucial to treat your wealth with the attention it deserves. You don’t want to compromise on growing your fortune and securing your family’s economic future. Planning out your financial future can become emotionally overwhelming and, at times, burdensome. That is why professional financial planning for high networth individuals is the right choice. An expert can guide you and direct you towards actions that align with your goals and values. Their knowledge and experience give them insight into the financial needs of affluent families; therefore, they can advise you to manage and protect your money accordingly.

With a combined experience of over 60 years in managing the wealth of families with $5 million to $500 million in liquid assets, Pillar Wealth Management is the right choice for you. Our fee-only financial planners can advise you on various monetary aspects. Book a meeting with us if you would like to discuss your current financial situation and specific goals for you and your family.

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