Financial Planning Help For Affluent Families

When you employ financial planning helpor wealth management companies, your first step is to establish your goals. By analyzing your current situation, future goals, and other related factors, expert financial planners no longer just assign an arbitrary return goal to your portfolio. Rather, your goals are now about your priorities, lifestyle, legacy, pursuits, and so on.

Financial planning help can be found with various kinds of financial advisors. While some advisors will only conduct financial planning and leave the execution to you, others will offer a complete service that includes financial planning and management. To get a better understanding of which type of financial advisor is best for you, have a look at our ultimate guide.

Table of Contents
What Is Financial Planning Help? What Investors Need Help With Financial Planning? Financial Planning, What Should I Know? Conclusion

What Investors Need Help With Financial Planning?

Financial planning help may not be suitable for every individual. While creating a financial plan is beneficial for everyone, not all investors require the help of a professional planner to do so.

Some investors can manage to make a workable financial plan by using resources from the internet and spending some time on introspection. This way, they can avoid paying fees to a financial planner or advisor and save their money.

For the average investor, this route may work if they do not have much to deal with and have the time to focus on their finances. However, things are a lot different for wealthy individuals, and they usually do require the help of a professional financial planner to make sure that they get everything right.

A simple technique to find out whether you need financial planning help is to answer the following questions:

– Are you a high or ultra-high net worth person with at least $1 million?

– Do you feel like you don’t have enough time or energy to manage your wealth successfully?

– Are you going through a significant life event? Examples include retirement, estate sale, business exit, etc.

– Are you worried that you don’t have enough expertise to make the right investments?

If the answer to any of these questions is “yes”, then it’s obvious you need financial planning help.

We feel it’s also important to mention that ultra-high net worth financial planning is often a bit different from the services provided to other investors. Ultra-high net worth financial planning services should only be availed from the most experienced professionals in the industry who have prior experience of collaborating with people of that caliber. The 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,will help you get the best from your advisors.

Financial Planning, What Should I Know?

Just knowing the definition of financial planning isn’t enough. To be a knowledgeable investor, you need to know what services you should expect from a financial planner and have the ability to recognize the optimal financial advisor for yourself.

High and ultra-high net worth financial planning is usually best done by wealth managers. Wealth managers are entities that provide exclusive investment management, financial planning, and financial management services to wealthy families. Since they work with a very specific set of clientele, their skills and knowledge are optimized for individuals of your caliber.

At Pillar Wealth Management, we have decades of experience in managing the wealth of investors with $5 million to $500 million. We’ve had a lot of success in using our customized approach to financial planning and management to help individuals achieve their goals. Do you need help with financial planning? Book a chat with our fiduciary managers today.

Though there are many services provided by financial planners, this section will aim to shed light on some of the most important ones you might need. Make sure that your financial advisor can help you with:

– Cash Flow Planning

– Estate Planning

– Risk Management

– Retirement Planning

– Portfolio Management

– Tax Planning

Let’s explore them in more detail. 

Cash Flow Planning

Cash is both our most useful asset and our biggest vulnerability. When used well, cash can allow you to smartly and quickly capitalize on new investment opportunities or help you pay any debts before they pile up. Cash is also the main asset that facilitates our lifestyle and allows us to live the way we want.

However, poorly managed cash could lead to major losses and leave you in a dire situation within a moment. Careful management of cash requires expert financial planning help, especially for people who have a lot of it. The more assets you have, the more difficult it is to manage your cash optimally.

Cash flow planning services give investors a wider perspective of their dealings. You’ll be able to find a complete overview of where your cash goes and how it’s used. By understanding all this information, your advisor is able to cut down any avoidable costs and improve your portfolio performance. If you’re interested, our guide on portfolio performance is a great way to understand how you can improve your investment performance.

At Pillar Wealth Management, we make cash flow planning a priority for clients. We want to make sure that you’re able to have enough cash in your pocket to achieve financial security. When creating your cash flow plan, we look at your:

– Income

– Expenses

– Assets

– Liabilities

– Investment portfolio

Estate Planning

When you’re getting financial planning help, estate planning should be one of the services on your agenda. Though it is something almost all of us need, investors often delay discussing their wealth transfer or inheritance plans. This could be detrimental and leave your family in a difficult position later on during hard times.

An estate plan can help you plan for a wealth transfer while you’re alive and any inheritance that needs to be allocated once you pass. Whether you’re looking to transfer some of your wealth now or planning for an inheritance, you need expert financial planning help to get the process right. It’s extremely difficult to get it right by yourself, especially as a high or ultra-high net worth person.

Inheritance or wealth transfer often gets slapped with various inheritance taxes unless it is planned properly. Plus, there can sometimes be legal issues too that can delay the transfer process and cause an avoidable nuisance to your family.

Pillar Wealth Management’s estate planning is discussed further in our guide for families who own over $10 million.In our guide, you can also find relevant strategies to get started on the right track.

Risk Management

Risks are an undisputed part of investment. When you step into the market and look to make returns from your money, there will always be a risk or threat attached to it. Risk, in this case, refers to the probability of you losing some or all of your money on that investment.

That said, there can be a big difference between the risks associated with one investment as opposed to another. For example, while real estate is usually a very risky area to invest in, US Treasury bills are famous for having almost zero risks. So why doesn’t everyone just invest in Treasury bills? That’s because returns are often proportional to the risk posed by an asset. Even though Treasury bills are less risky than real estate, they also provide a much lower potential return.

Other than that, there are 6 kinds of risks identified by The Financial Industry Regulatory Authority (FINRA). These are:

– Market risk

– Currency risk

– Political risk

– Business risk

– Concentration risk

– Liquidity risk

In order to meet your goals effectively, you should be able to get an optimum balance of risks and returns. This means minimizing your risks for the returns you need to achieve your goals. Getting financial planning help almost becomes a necessity for affluent investors who want to manage their risks effectively.

Pillar Wealth Management has created 5 essential shifts that we help our investors make in an effort to help them maximize investment performance. All of them are geared towards helping you reduce your risks and improve your performance. Read the guide to find moreinfo onfinancial planning help for high net worth investors.

Retirement Planning

Retirement is both an exciting yet anxious time. While we’re happy to be free from our obligations and to have the opportunity to enjoy our life, we’re cautious of the fact that our wealth is now our only source of income. There’s always the worry that our wealth and investments may not be able to support the lifestyle we want. Plus, many investors also feel that managing their wealth takes up too much of their time and energy.

Pillar Wealth Management retirement financial planning help is geared towards:

– Protecting your wealth.

– Growing your wealth.

– Earning sufficient income to get financial security.

We specialize in creating retirement plans that comprehensively tackle all three of these goals. You don’t ever have to worry about a thing. By creating a consistent asset allocation strategy and monitoring your investments, our advisors are able to mitigate your risks and give you peace of mind.

Ready to enjoy a stress-free retirement?Get started now by booking a free chat with us today.

Portfolio Management

Portfolio management capabilities are a must for financial planning. Investments account for the bulk of your financial planning, and a competent portfolio manager can help you maintain a near-perfect balance of investments.

At Pillar Wealth Management, your goals are our goals. As a company that upholds the highest fiduciary standards, we pride ourselves on the fact that we customize all our solutions for each client. Our financial planning help for high net worth investors caters to all the unique needs an investor could have.

Using sophisticated tools, we rebalance your investments to match your goals. We constantly monitor your investments to make sure that they always remain on target to achieve your goals.

Tax Planning

Tax management has become more important today than ever before. Since high net worth and ultra-high net worth families are taxed the highest, they really can’t afford to be paying any taxes they could otherwise avoid.

Not only do these extra taxes erode your gains and all the work you’ve done on your portfolio, but they can also cause losses on your wealth. If you don’t have proper financial planning help to manage your taxes, your losses could quickly spiral out of control.

We’ve been visited by numerous investors who’ve lost thousands and hundreds of thousands to taxes due to poor management. Pillar Wealth Management manages your expenditures, incomes, etc., to mitigate taxes. We also use expert tax loss cultivation processes to balance the gains and losses in your portfolio.

Conclusion

Financial planning help seems to be an essential service for many affluent investors. We can conclude this article with the following points.

– Financial planners help investors create financial plans geared toward achieving their goals.

– Most investors with over $5 million will require the services of a financial planner or wealth manager.

– Financial planning involves a full range of different financial services, like tax management, risk management, retirement planning, etc.

Are you someone with $5 million to $500 million? Do you need help with financial planning? Pillar Wealth Management can help you out. Get your first session booked with us today for free.

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