Ultra-High Net Worth Financial Planning

The lives of ultra-high net worth individuals may appear wildly different from those of ordinary net worth. Such individuals indeed have access to investments and resources that most others can only dream of. However, it’s not uncommon for them to have trouble with ultra-high net worth financial planning. Such planning tends to be quite risky given the high stakes involved. As a result, many ultra-high net worth individuals turn to professionals for assistance with planning. At Pillar Wealth Management, we specialize in providing wealth management solutions, such as financial planning, for individuals with between $5 million and $500 million in liquid investment assets. Learn about some of our premier financial planning strategies by requesting a free copy of our new book, 7 Secrets To High Net Worth Investment Management, Estate, Tax and Financial Planning.

STRATEGIES FOR FAMILIES WORTH $5 MILLION TO $500 MILLION

 

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.

What is Financial Planning and Analysis?

Ultra-high net worth individuals often build their wealth with the help of meticulous financial planning. However, you may be wondering, “What is financial planning and analysis?” in terms of a financial advisor or wealth manager’s services. Please speak with one of our specialist wealth managers to learn about our approach to financial planning.

Professional financial planning services typically entail both analysis and planning components. The financial professional may approach this in a number of ways. However, they typically begin with studying your finances and assets. The advisor or wealth manager takes note of key details about your income, types of assets in your portfolio, and your financial goals.

The advisor or wealth manager then constructs a financial plan that puts you on a path to achieving your financial goals from your current position. A good advisor will generally tailor this plan so that it is easy to follow and manage.

The right professional can help you execute complex financial strategies, even if you do not possess in-depth knowledge of finance. The advisor or wealth manager may also make alterations to the financial plan in the event of changes to your financial status. Investors with $5 million or more can learn about some of the financial planning strategies we implement at Pillar Wealth Management by reading our specialized guide.

Why is Financial Planning Important for Ultra-High Net Worth Families?

You may be wondering, “Why is financial planning important to ultra-high net worth families?” This is a common question that many ultra-high net worth individuals ask themselves. After all, what is the point of seeking out financial planning services if you have gotten this far without using them?

The truth is that everyone needs financial planning services at some point. This includes wealthy individuals who have studied business or finance.

Hiring a specialist financial planner or a wealth manager allows you to benefit from the knowledge they possess. These professionals can also identify risks or vulnerabilities in your finances and create strategies to avoid them or mitigate the potential damage they may cause.

Types of Ultra-High Net Worth Financial Planning Services

A financial advisor or wealth manager may offer any number of financial planning services, which include:

  • Retirement Planning
  • Estate Planning
  • Insurance Planning
  • Tax Planning

Let’s examine each of these planning types in greater detail.

Retirement Planning

The term “retirement planning” can seem self-explanatory. However, investors may not be aware of everything that retirement planning entails. When you meet with a professional who offers retirement planning services, for the first time, they will likely ask you about your age, income, and retirement goals.

The advisor or wealth manager will then attempt to forecast your retirement needs. This could include the retirement income needed to maintain your current lifestyle, as well as the minimum savings you will need by the time you reach retirement age.

The professional will then craft a strategy or strategies to help you safeguard your wealth and achieve your dream retirement. For example, they may advise you to start budgeting to boost your savings. The advisor or wealth manager may help you break down your expenses and determine which ones are unnecessary and should be devoted to savings instead.

The advisor or wealth manager may also recommend adding certain assets to your portfolio. Such assets are usually stable low-return assets that will serve as a good source of passive income for your retirement.

Estate Planning

Estate planning is another vital form of financial planning from which ultra-high net worth individuals can benefit. One might assume the term “estate planning” refers to planning real estate purchases. However, it actually refers to the act of planning wealth transfer following an individual’s passing.

An estate plan is necessary if you intend to transfer your wealth to your children or dependents following your passing or in case of incapacity. Many ultra-high net worth individuals fail to realize the vital importance of this service.

Passing away or becoming incapacitated without having created a proper will is likely to result in serious problems for your family and dependents. In this case, it is the courts that will decide how your wealth is to be distributed, resulting in costly legal fees and delays. In addition to this, there is no telling how your wealth will be distributed. Some of your dependents may receive a smaller share of wealth than you intended, while others may receive a much larger share.

Ultra-high net worth individuals should consider creating a comprehensive estate plan with the help of a professional if they want their wealth distribution wishes to be respected. Investors with $5 million or more can learn more about the importance of estate planning by reading our special guide.

It is always best to start planning for retirement as soon as possible.

Insurance Planning

Insurance planning is another vital service that ultra-high net worth individuals can benefit from. This form of UHNW financial planning helps safeguard your family and wealth in the event of an unexpected emergency.

For example, if you, or any of your dependents, are in a near-fatal accident and require emergency surgery, you may be forced to fund this medical procedure out-of-pocket. Ultra-high net worth individuals may be able to bear the cost of million-dollar emergency surgeries. However, such events will put a significant dent in their savings.

You can keep your wealth protected in such circumstances with the right insurance. However, insurance planning offers protection in other areas such as assets. An insurance planner can study your portfolio and recommend specialized insurance plans that fit the needs of ultra-high net worth individuals. This ensures that you remain safe if something unexpected happens to your assets. Please set up a meeting with one of our experienced wealth managers to learn more about our insurance planning services.

Tax Planning

Tax planning is an often-underused form of financial planning. This is considered odd because the vast majority of ultra-high net worth individuals could benefit from tax planning.

So, what are tax planning services? Simply, they are services that can be used to reduce your tax burden. Another way to look at tax planning services is that they help you optimize your finances and portfolio to ensure that you do not pay any taxes that aren’t absolutely necessary.

When you meet a financial advisor or wealth manager for tax planning services, they will study your finances and portfolio to get an understanding of the different ways in which you are taxed. They will then devise strategies to help you save on taxes. This may include restructuring your portfolio with less taxable assets.

The advisor or wealth manager may also recommend that you change your state of residence to lower your tax burden. In either case, the end strategy is to become more tax-efficient without compromising on income. The right advisor or wealth manager can help you maintain great portfolio performance and save on taxes. Learn about our portfolio performance improvement strategies by reading our special performance guide

Why Choose a Wealth Manager Over a Financial Advisor?

If you are looking to hire a qualified professional to help you with ultra-high net worth financial planning, you can’t go wrong by choosing a wealth manager. These professionals typically offer a wider range of services than ordinary financial advisors.

For example, a simple financial advisor may offer only retirement planning or estate planning services. A wealth manager will usually offer retirement planning services in addition to estate planning, insurance planning, and tax planning services. You can learn about our various financial planning strategies by reading our special guide.

Wealth managers can help you plan your finances in different areas. They can devise strategies that offer benefits that spill over to other life areas. For example, a wealth manager may help you restructure your portfolio to save on taxes while also helping you with assets that provide passive income during retirement. Such strategies ensure you are in a prime position for your wealth to grow and remain protected. Please speak with one of our specialist wealth managers to learn how they stand out from ordinary financial advisors.

Wealth managers also differ from ordinary financial advisors due to their clients’ net worth. A financial advisor may offer services for clients of any net worth. Wealth managers typically restrict their services to only high net worth and ultra-high net worth individuals. This means they possess more experience helping wealthy individuals and are equipped with the knowledge needed to plan financial strategies.

Why Choose Pillar Wealth Management?

Prospective ultra-high net worth individuals seeking a wealth manager to help them with financial planning can reach out to Pillar Wealth Management for assistance. We offer services for clients with $5 million to $500 million in liquid investment assets. Our clients trust us to plan their future for the following reasons.

Our Experience

Experience is a wealth manager’s greatest asset. These professionals spent many years planning for their clients and helping them along their wealth-building journey. They get to see the results of the strategies and learn to fine-tune their approach over time.

At Pillar Wealth Management, our experts have over six decades of combined industry experience. This experience was gained by assisting clients through highs and lows and providing guidance wherever it was necessary.

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Our Personalized Approach to Planning

At Pillar Wealth Management, we believe the best way to plan for the future is to understand the present. When you sign up with us, our expert managers take the time to study your finances, portfolio, and future goals carefully. They then apply their expert knowledge and devise strategies that help you get to where you need to be. This personalized approach is more effective than the generalized one-size-fits-all solutions that other advisors offer.

Our Reachability

We understand the frustrations associated with advisors and wealth managers who are always too busy to take time out for their clients. This is why our wealth managers always ensure they are available. You can contact our experts through different methods and reach out to them for advice on time-critical matters. At Pillar Wealth Management, we prioritize your needs over everything else. Please contact us and set up your complimentary first meeting with our wealth managers and get started with smarter ultra-high net worth financial planning.

Authors

To be 100% transparent, we published this page to help filter through the mass influx of prospects, who come to us through our website and referrals, to gain only a handful of the right types of new clients who wish to engage us.

We enjoy working with high net worth and ultra-high net worth investors and families who want what we call financial serenity – the feeling that comes when you know your finances and the lifestyle you desire have been secured for life, and that you don’t have to do any of the work to manage and maintain it because you hired a trusted advisor to take care of everything.

You see, our goal is to only accept 17 new clients this year. Clients who have from $5 million to $500 million in liquid investable assets to entrust us with on a 100% fee basis. No commissions and no products for sale.

More from authors.

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