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Professional Financial Services

Do you have concerns about managing your investments or achieving your financial goals? If you do, you are not alone and might require professional services. Some of the popular questions about financial planning and investments include how to diversify an investment portfolio, how to protect wealth, and how to manage it appropriately to achieve financial goals.

If you also have these questions, who do you turn to for advice? Professional financial services can help. As a high net worth individual with an investment portfolio of over 10 million this guide is very helpful, it is vital that you understand the kind of financial services available and how to take advantage of them.

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.

This article, prepared by Pillar Wealth Management LLC, explains what financial services are, the professionals that provide them, and why you should work with them. Pillar Wealth Management LLC is a wealth management company that caters to high net worth and ultra-high net worth individuals with assets between $5 million and $500 million. If you like to know more about protecting your wealth, you can schedule a no-obligation consultation call with the co-founders of pillar Wealth Management LLC, Chris Snyder, and Hutch Ashoo.

Importance and Components of the Financial Services Sector

The financial services sector consists of businesses such as banks, investment firms, lending institutions, realtors, insurance companies, brokerages, and accounting firms. These businesses provide banking, investment, tax, and other financial services, utilizing a variety of infrastructure and tools to deliver these services.

The Importance of the financial services sector

The Department of Treasury is the risk management agency for the financial services sector, which is considered a critical infrastructure sector.  Governments oversee the provision of many financial services because of the economic importance of these services and the need for trust between service providers and consumers.

Financial services allow individuals and organizations to execute financial transactions in banking, investment, real estate, and insurance, among others.

Financial services allow money to be put to productive use. Instead of hoarding their money, consumers give their savings to intermediaries to invest in what might be the next great technology or in a mortgage on a house. Intermediation can be complicated, so most countries have regulations that protect borrowers and lenders and preserve the trust that is the basis for all financial services.

Banks and other financial service providers

Banks and other financial service providers accept deposits and repayable funds and make loans. They acquire funds to lend or invest with the goal of making a profit.

These providers administer payment systems, making it possible to transfer funds from payers to recipients and facilitate transactions and account settlement through credit and debit cards, bank drafts such as checks, and electronic funds transfer.

These service providers help companies and individuals buy and sell securities, foreign exchange, and derivatives. They may issue securities, helping companies raise funds by selling shares or issuing bonds.

These providers offer advice and invest funds on behalf of clients, who pay for their expertise.

Insurance and related services

Direct insurers pool the premiums from consumers who seek to cover a risk. The insurer makes payments to those who experience a covered personal or business-related event, such as an automobile accident.

Reinsurers are companies or wealthy individuals who agree to cover some of the risks assumed by a direct insurer.

Insurance intermediaries, such as agencies and brokers, match up those seeking to pay to cover a risk with those willing to assume the risk.

Tax and accounting services

Accounting services focus on financial data and preparing financial statements. Tax accounting is a specialty within accounting.

Accounting services cover the comprehensive recording of the financial transactions of an organization, followed by analyzing and reporting these transactions. Other accounting services include management accounting, auditing, cost containment, and information systems.

Tax accounting includes tax return preparation; a tax accountant is also able to analyze the financial efficiency of the enterprise and recommend ways to reduce the taxes it has to pay.

Why you need professional financial services

Why you need professional financial services

  • It is easier
  • It is safer

One of the first questions that come to mind when considering professional financial services is whether you will need them. Financial advice covers various aspects of your financial and investment life. From estate planning to tax planning, insurance investment, and other financial topics, the job of a professional financial service provider is to help you navigate these complex topics to achieve your financial goals.

Here are a few reasons why you need them.

It is easier

Hiring an advisor to provide professional financial services makes the job of managing and increasing your wealth much easier. As a wealthy individual, your financial needs can be complex, and require different services versus an average person. Managing your wealth effectively requires skill in multiple fields such as insurance, tax planning, estate planning, investments, and so many others. Handling your generational wealth personally will require that you be skilled in all these fields. Unfortunately, you would need to devote an extraordinary amount of time to become competent in all these skills to manage your wealth. It is often easier and more efficient to hire a skilled professional in all these fields, rather than managing a portfolio by yourself.

It is safer

When it comes to protecting your wealth, professional financial services can be very beneficial. There are many rules and laws that you would need to know and abide by as a high-net-worth or ultra-high-net-worth individual with $5 million to $500 million in liquid assets. Unfortunately, you might not know all these laws, and unwittingly break them, which can put you in legal trouble.

Therefore, the need for professional financial services is pertinent. Financial professionals, especially wealth advisors, have the training and experience to help you protect your wealth and stay on the right side of the law. For example, if you are not knowledgeable about tax planning, you might make mistakes when filing taxes and become guilty of tax evasion, albeit unknowingly.

If you employ a planner who provides professional financial services, chances are you will not be caught in the situation. Employing a professional can make your finances and investments portfolio safer. Suppose you would like more information about protecting your wealth and your investment portfolio. In that case, you should get the free hardcover book from Pillar Wealth Management LLC titled The Art of Protecting Ultra-High Net Worth Portfolios and Estates: Strategies for Families Worth $25 Million to $500 Million today – we specially created this guide for you, the high-net-worth individual with $5 million to $500 million in liquid assets.

Professional Financial Services

Are professional financial services more reliable?

When you hire someone who provides professional financial services, you can rest assured that your finances will receive the best possible treatment. As an affluent individual with a considerable investment portfolio, it is vital that you know that your investments are managed by a professional with your best interests in mind. Thankfully, there’s such a thing as a Registered Investment Advisor (RIA).

Once the RIA is registered, their company must follow certain guidelines. The most important one for clients is known as a fiduciary duty. Fiduciary duty is the responsibility of the RIA and your wealth advisor to act within your best interest, instead of their own. Wealth advisors often manage the complete investment portfolios of their clients and are often in charge of multi-million dollar investing accounts. Because of this responsibility, an advisor needs to act within their client’s best interests whenever buying, selling, or suggesting a financial product.

When selecting a financial advisor, you should make sure that the professional financial services provider is bound by fiduciary duty – specifically professionals such as wealth managers and advisors.

These are professionals that are specifically trained and experienced in managing the wealth of high-net-worth and ultra-high-net-worth individuals, including those who have investment portfolios that are larger than $10 million. A wealth adviser carries out the functions of the financial planner and an investment broker, in addition to multiple other services.

If you would like more information about selecting the best possible financial advisor for your unique investment and financial needs, you should get a copy of our free guide The Ultimate Guide to Choosing the Best Financial adviser: For Investors with $5 Million to $500 Million in Liquid Assets. The guide, developed by the team at pillar Wealth Management LLC, will explain the steps behind selecting the right financial advisor.

Are financial advisors worth it?

In case you are wondering if it is necessary to hire a professional financial advisor, you must first consider the alternatives. How else can you manage your investment portfolio, if you don’t use a professional financial services provider, such as a financial advisor?

The first and most obvious way is to manage your investments personally. While this is the cheapest course of action, it will also be the most challenging. When you manage your wealth and investments by yourself, you will not need to pay any advisory fees to a financial adviser. However, most high net-worth individuals often choose not to manage their investments by themselves, because it requires extensive knowledge of financial planning.

Should you manage your assets personally?

Should you manage your assets personally?

For you to manage your wealth and investments personally, it would mean that you must understand investment options, accounting, tax planning, estate planning, and that you develop a variety of other fiscal management skills. In other words, with a lot of time and effort, you can become an expert in professional financial services.

However, if you want to live a life that is enhanced by your wealth, instead of entirely focused on it, there are better ways than to do it alone. A good financial advisor has training and expertise in all the fields mentioned above, which means that you can expect professional advice on various areas of your financial life when you work with them.

Professional financial services are worth it for high-income individuals and families because they have unique and special needs. Many people do not realize this, but multi-millionaires and very wealthy individuals can have goals much larger and throughout several generations, not something a normal individual will think about. This is another reason why you should not try managing your wealth by yourself as a wealthy individual, as most of the free advice out there is meant for general use cases, which you do not fall into.

For information on how to manage your wealth that is specialized to high net-worth individuals, schedule a free, non-obligatory consultation call with the co-founders of pillar Wealth Management LLC, Chris Snyder, and Hutch Ashoo. They provide you with all the information they can on managing wealth.

4 Essential Elements of Professional Financial Services

  1. Create a Plan
  2. Build a Profile
  3. Streamline Your Goals
  4. Manage Your Investments

By now, you should be convinced that you need professional financial services to manage your investment portfolio properly. In case you’re wondering what exactly professional financial services are, such as wealth management or financial planning, the below will share a few things you can expect.

1. Create a Plan

If you’re going to experience success in your investments, then you need a financial plan. Utilizing professional financial services will give you access to creating a solid financial plan. For starters, they would help you take your goals for the future and expand on them to create a comprehensive wealth management plan. While this might sound simple, the process is much more complex than that. This is especially true when it comes to managing the assets of extremely wealthy individuals, as the plan could involve several factors.

One such factor is the time frame of the goals. Some goals need to be achieved in the short-term, while others are far off in the future. When your financial advisor is aware of these goals, they can plan and help you bring them to reality.

2. Build a Profile

To assist you in achieving your goals, the professional financial services provider will likely have you complete a survey. The purpose of this survey is to find out your current financial situation, give the advisor a clear picture of your goals, discover your investment objectives as well as a risk profile. Your risk profile is what helps your financial advice order to determine how your assets should be invested to best match your goals.

Your risk profile will usually depend on your goals and the stage of life you are in. Are you looking to improve your investment performance? Our team at Pillar Wealth Management, LLC., created this resource for affluent clients, titled Improving Portfolio Performance: The Shifts Multi-Millionaires Must Make to Achieve Financial Security and Serenity. It is an excellent resource for those who would like to learn what other multi-millionaires are currently doing to grow and maintain their wealth.

3. Streamline Your Goals

Another thing that your financial services provider will do for you is to help you streamline your goals by determining how realistic they are. The financial advisor uses various tools such as the capital needs analysis to determine if you have the necessary resources to achieve your goals.

After this, the advisor may then provide you with an investment policy statement plan. This document will showcase how exactly the financial service provider plans to invest your assets to achieve the goals that have been set. This investment plan will be followed both in the long and the short-term. For more information on how to streamline your goals so that they can be achieved, you can schedule a free consultation call with the co-founders of pillar Wealth Management LLC, Chris Snyder, and Hutch Ashoo, they will help you analyze your goals and come up with strategies to achieve them

4. Manage Your Investments

Once you approve the investment plan, the financial service provider then goes to work to build your portfolio. As time goes on, your financial advisor will keep you informed on how your investment is performing. You can hold annual or quarterly reviews with your financial advisor, or as needed. These review sessions should allow you to discuss the changes that may need to be made to your investment portfolio or strategy in order to ensure that your goals are achieved. These review sessions can be held in person, via videoconferencing, or over the phone.

Creating the Financial Plan with Pillar Wealth Management for your Ultra-High Net Worth Assets

If you need help to create a financial plan for your unique situation or a wealth management firm with over 30 years of financial management experience to help manage your considerable assets, consider working with Pillar Wealth Management, LLC. Our co-founders, Hutch Ashoo and Chris Snyder offer no-obligation consultations for affluent individuals who need wealth management services. Schedule your consultation with our wealth management company today

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