Financial Planner Chicago for Affluent Families – PillarWM
So, you’re a resident of Chicago and have a net worth in millions. As a high net worth or an ultra-high net worth individual, you must have definitely thought about how you can secure and build your wealth. For that, you simply need to hire the top financial planner Chicago. But how do you go about finding a trustworthy and knowledgeable professional? The federal or state government doesn’t regulate financial planners, so anyone can start offering these services. Thus, it’s extremely important that you search rigorously and ask the right questions. Read our comprehensive guide for investors worth $10 million or more and learn how you can hire the best financial professional, including the questions you need to ask!
STRATEGIES FOR FAMILIES WORTH $5 MILLION TO $500 MILLION
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.
At Pillar Wealth Management, we facilitate affluent individuals and families, who have liquid wealth worth between $5 million and $500 million, make wise financial choices. We do this by understanding your financial concerns, getting detailed information about your financial objectives, and learn the degree of financial security you want. This helps us in developing tailored investment and financial plans that can help you reach financial serenity. Want to start your journey of becoming financially secure? Click here to sign up for a no-obligation consultation with one of our financial advisors!
Table of Contents
What Does A Financial Planner at Chicago Do?
You might have come across the term financial planner at some point in your life. However, if you want an elaborate answer to what does a financial planner at Chicago do, continue reading ahead!
Simply stated, a financial planner is a knowledgeable and qualified professional who assists wealthy families and individuals in achieving their short and long-term financial targets.
Financial planners in Chicago fulfill their role by having a meeting with their clients to get information regarding the financial objectives they wish to accomplish, their time horizons, and risk tolerance. After they get comprehensive information, they start determining a group of suitable investments for them.
Apart from that, financial planners even formulate plans to assist their clients in attaining their financial goals by apportioning their wealth into numerous investments to create a steady income stream. Overall, financial planners provide a range of investment and financial-related services to their clients, such as those highlighted below.
• Cash Flow Planning
• Risk Management
• Retirement Income Planning
• Wealth Transfer
Cash Flow Planning
An extremely vital service offered by financial planners is cash flow planning. Efficient management of your cash allows you to ensure that you stay on route to attain your financial objectives, such as repaying your mortgage, purchasing a holiday home, and spending a peaceful and comfortable retirement. It’s also important because it ensures you have sufficient funds for emergencies to cope with unforeseen expenses, such as long-term disability or illness.
At Pillar Wealth Management, our financial planners offer cash flow planning services so that you have adequate wealth and assets at every stage in your life. We identify where you’re getting your wealth from and how you’re using it. In addition, we review your financial situation in terms of assets and liabilities to determine possible areas for enhancing cash flow and optimizing resources. Availing our scrupulous cash flow planning services, you can make intelligent decisions regarding your money, foresee and possible cash problem, and correct it before it occurs.
Accumulating millions worth of assets is no ordinary feat. The truth is it might have taken you several years to build your wealth to such a level. Thus, to make sure that your hard-earned wealth stays safe from risks, you need to undertake a set of suitable steps to safeguard it.
To help you out in this area, financial planners offer comprehensive risk management services. These professionals will appropriately diversify your investment portfolio and correctly allocate your assets to ensure that your wealth is secured against volatile market conditions. Along with that, they will help you get the most suitable insurance plan to keep you and your family financially secure in case something unexpected happens to your health.
Like other high net worth and ultra-high net worth individuals, you might wish to transfer a percentage of your wealth and assets to your family members once you reach a certain age. You might believe that the process will be very simple and straightforward and won’t require much effort on your part. Unfortunately, the truth is that the process of transferring wealth is marred with numerous challenges and families who try to undertake it on their own often encounter several problems. For example, many affluent families end up paying high taxes, which eats up a major chunk of their wealth. In our hard-cover book, The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies for Families Worth $25 Million to $500 Million, we take a detailed look at wealth transfer and its associated challenges.
To help ultra-high net worth individuals like yourself, many financial planners specialize in providing wealth transfer services. They use a mix of several financial planning instruments, including trusts, life insurance, wills, etc. At Pillar Wealth Management, we are adept at helping our clients with wealth transfer, where we develop a comprehensive transference and inheritance plan to ensure your wealth reaches the right individuals or organization in a tax-efficient manner.
Retirement Income Planning
Retirement income planning is the process of calculating your retirement income goals and the necessary actions and steps needed to achieve those goals. It encompasses forecasting expenses, determining the requisite after-tax returns, identifying time horizons, determining risk tolerance, and conducting estate planning.
Keep in mind that retirement income planning starts way before you retire. However, there isn’t any standardized approach that can be applied to all affluent individuals. For example, you might wish to spend a worry-free retirement in your country home, whereas other wealthy individuals might wish to travel the globe after they retire.
At Pillar Wealth Management, our financial planners devise the best retirement income plans that will factor in your savings, expenses, existing health condition, etc. Our comprehensive retirement income plan ensures that all your primary expenses are effectively covered and gives you room for growth to meet your long-term needs and legacy goals. Our retirement income plans are highly flexible, so you can modify your plan if needed. We highly recommend you go through our handy guide and learn about the paradigm shifts you need to make to maximize your investment performance.
How Can A Financial Planner Chicago Help You?
Now that you have a comprehensive insight into who a financial planner is and the kind of services they offer, you might be searching for an answer to the question – how can a financial planner help you? After all, you can get all the services discussed above from various experts across the industry.
While this argument is certainly valid, you need to know that financial planners have the skills, knowledge, and expertise needed to guide you through complex financial processes. Here is a complete detail into how a financial planner in Chicago can help you out.
They Help You Achieve Your Financial Goals
How much money do you need to spend a comfortable retirement? What should you do if you started investing a little late? Do you need to alter your investment portfolio when you’re older?
Getting the answers to these questions might be very difficult for you, but they’re a piece of cake for a financial planner. They know how to do all the relevant calculations and help you stay on track in saving for retirement, and make sure that your assets are correctly diversified and allocated. Read our guide for investors with $10 million and learn why smart investment is all about wisely allocating your assets, driven by your financial objectives.
Financial Planners Can Do More than Invest Your Money
Financial planners can definitely help you optimally invest your wealth and get the maximum possible investment performance. But the good news is that they can do more than that and can help you in various other financial areas:
• Rebalance your investment portfolio. Your investment portfolio probably includes a number of investments such as mutual funds, stocks, bonds, etc. However, as you get closer to retirement, you may want to add or remove a specific investment. In such cases, a financial planner can give you advice regarding how and when you should make the changes.
• Tax Planning.Do you know about the tax laws that apply to your financial situation? Are you aware of the highest-taxed investments? A financial planner can answer all such questions. They know which particular investments have the most significant impact on your taxes, when these taxes have to be paid, and other relevant information. Want to know how our financial planners can help you lower your tax burden? Visit our website and schedule a free meeting with one of our team members.
Create a Balance Between Active and Passive Investment Approaches
Active investment management includes acquiring and selling investments, capitalizing on ‘hot’ buys and new trends, and aiming to time the market. Because of all the time and work that goes into active investment management, it can result in significantly higher management fees.
On the contrary, passive investment management encompasses tracking data of several financial markets and using it to make investment-related decisions. Overall, passive investment management results in lower management fees and can help preserve your wealth in the long-term. For more information about the difference between passive and active investment approaches, read our handy guide – Improving Portfolio Performance.
What Is the Procedure to Hire A Financial Planner in Chicago?
If you are sure that you want to hire a financial planner, you might be thinking, what is the procedure to hire a financial planner in Chicago. To guide you through this seemingly daunting task, here is a list of steps you need to follow to pick the best financial expert for yourself. If you need more comprehensive information regarding the subject, go through our handy guide on selecting the best financial advisor.
Step #1 – Ask Your Friends and Family Members for Recommendations
If you’re searching for a competent financial planner, you might want to start by browsing through names on the internet. However, doing so will only yield names but won’t give you much information regarding the professional’s experience and track record. Thus, a good place to start is by asking your friends, family members, and colleagues for recommendations. List down at least five names and then search them up on Google to get in touch with them.
Step #2 – Check the Background of Your Shortlisted Financial Planner
When researching the financial planner, you need to specifically look at their qualifications and the services they offer. Certain financial planners will be listed on the CFP website or the Financial Planning Standards Board (FPSB) website.
If you cannot locate your potential financial planner there, you can search them up on LinkedIn and scrutinize their educational qualifications, experience levels, etc. Any books, articles, or blogs that they have published also adds to their credibility.
Step #3 – Hold a Meeting with Them
Meeting with a financial planner is extremely necessary as it allows you to learn more about their personality. You can either meet them in-person or online. Use this meeting to ask them questions regarding financial planning. Some questions you can ask include
• How often will we meet?
• What is the payment structure going to look like?
• How long have you been working in the industry?
The Bottom line
At Pillar Wealth Management, we offer fiduciary financial planning services to help you successfully meet your long and short-term goals. With us by your side, you can become financially secure and never have to worry about your finances. Schedule an absolutely free meeting with our competent financial planners and learn how we can enhance your financial situation.
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